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