14-20 Cedar Glen Bond Ordinance Addendums

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within the time frames needed to pay the Unpaid Project Costs and the sums owing under the Loan when such costs and amounts become due and payable. "Indebtedness" shall mean all obligations and liabilities of Borrower to pay money to any Person (including without limitation all debts, claims and indebtedness) whether primary, secondary, direct, contingent, fixed or payable, heretofore, now and/or from time to time hereafter owing, due or payable, however evidenced, created, incurred, acquired or owing and however arising, whether under written or oral agreement, operation of law, or otherwise. Indebtedness includes, without limiting the generality of the foregoing, (a)obligations or liabilities of any Person secured by any lien, claim, encumbrance, or security interest upon property owned by Borrower even though Borrower has not assumed or become liable for the payment therefore; and(b)obligations or liabilities created or arising under any lease of real or personal property or conditional sale or other title retention agreement with respect to property used and/or acquired by Borrower, even though the rights and remedies of the lessor, seller and/or lender thereunder are limited to repossession of such property. "Interest Reserve Amount" shall mean a principal portion of the Loan equal to the amount allocated in the Development Budget for the payment of the monthly installments of accrued interest payable under the terms of the Note. MBI shall have the sole and absolute right to increase or reduce the Interest Reserve Amount at any time and from time to time. "Issuer" shall mean the City of South Bend,Indiana. "Limited Partner"shall mean "Limited Partner's Equity" shall mean the total amount of equity contributions Limited Partner shall pay to Borrower to acquire its limited partnership interest in Borrower, which total shall be in the amount set forth in the Development Budget, as such amount may be adjusted in accordance with the Partnership Agreement. "Limited Partner's Initial Equity Payment" shall mean the initial payment by the Limited Partner of a portion of the Limited Partner Equity in the amount of not less than that set forth in the Development Budget. "Limited Partner's Second Equity Payment" shall mean the second payment by the Limited Partner of a portion of the Limited Partner Equity in the amount set forth in the Development Budget, as such amount may be adjusted in accordance with the Partnership Agreement. "Limited Partner's Third Equity Payment" shall mean the third payment by the Limited Partner of a portion of the Limited Partner Equity in the amount set forth in the Development Budget, as such amount may be adjusted in accordance with the Partnership Agreement. "Loan" shall mean the construction loan to be made by Issuer to Borrower pursuant to the terms of this Agreement in a principal amount of Three Million Eighty-One Thousand Seven Hundred Thirty- Two and 00/100 Dollars($3,081,732.00)as such loan may be from time to time amended or modified. "Loan Document" and "Loan Documents" shall mean individually and collectively, this Agreement, the Note, Collateral Assignment of Equity Payments, Collateral Assignment of Partnership Interest, each Draw Request and all other documents evidencing, securing or entered into in connection with the Loan or the Bonds as such documents and agreements may be modified or amended from time to time and/or any documents and agreements which replace or restate such documents and agreements. The Loan Documents and the terms and conditions thereof are hereby incorporated by reference and made a part of this Agreement. Page 7