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<br />• execution, acknowledgment and delivery of this Agreement have, in all respects, been duly
<br />authorized by the Authority in the manner provided and required by law; now therefore,
<br />SOUTH BEND REDEVELOPMENT AUTHORITY, in consideration of the
<br />premises and the acceptance of such Bonds by the holders thereof, and the sum of One Dollar ($1)
<br />in hand paid by the Trustee, receipt of which is hereby acknowledged, and especially in order to
<br />secure the punctual payment of the principal of, premium, if any, and interest on the Bonds to be
<br />issued and at any time outstanding hereunder as the same shall become due, according to the tenor
<br />hereof and thereof, and the faithful performance of all the covenants and agreements contained in
<br />said Bonds and in this Agreement, and in performance of the authority of every kind and nature
<br />which said Authority has or may have, has executed and delivered this Agreement and has pledged
<br />and assigned and by these presents does hereby pledge and assign unto Norwest Bank Indiana, N.A.,
<br />as Trustee and to its successors in said trust and to its assigns, the Lease and the Pledged Funds (as
<br />hereinafter defined) subject to the provisions of this Agreement requiring or permitting the
<br />application thereof for the purposes and on the terms set forth in this Agreement.
<br />The pledge herein made is and shall be subject to the provisions of this Agreement
<br />for the equal and proportionate benefit, security and protection of all holders of the Bonds issued or
<br />to be issued under and secured by this Agreement, without preference, priority or distinction as to
<br />lien or otherwise by reason of the date of maturity thereof, or for any other reason whatsoever,
<br />subject to the provisions of this Agreement.
<br />• PROVIDED, HOWEVER, that if the Authority, its successors or its assigns, shall
<br />well and truly pay, or cause to be paid, the principal of the Bonds and the premium, if any, and the
<br />interest due or to become due thereon, at the times and in the manner as set forth in said Bonds in
<br />accordance with the terms hereof, and shall well and truly keep, perform and observe all covenants
<br />and conditions pursuant to the terms of this Agreement to be kept, performed and observed by the
<br />Authority, and shall pay to the Trustee all sums of money due, or to become due to it, in accordance
<br />with the terms and provisions hereof, then this Agreement and the rights hereby granted shall cease,
<br />determine and be void, but otherwise, this Agreement shall remain in full force and effect.
<br />All Bonds issued and secured hereunder aze to be issued, authenticated and delivered,
<br />and all property hereby pledged is to be dealt with and disposed of under, upon and subject to the
<br />terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as hereinafter
<br />expressed; and the Authority has agreed and covenanted, and does hereby agree and covenant, with
<br />the Trustee and with the respective owners, from time to time, of the said Bonds or any part thereof,
<br />as follows:
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