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principal of and premium, if any, and interest on the Bonds, have
<br />been done, taken and performed, and the issuance, execution and
<br />delivery of said Bonds, and the execution, acknowledgment and
<br />delivery of this Agreement have, in all respects, been duly
<br />authorized by the Authority in the manner provided and required
<br />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,
<br />and the sum of One and 00/100 Dollars ($1.00) in hand paid by the
<br />Trustee, receipt of which is hereby acknowledged, and especially
<br />in order to secure the punctual payment of the principal of,
<br />premium, if any, and interest on the Bonds to be issued and at
<br />any time outstanding hereunder as the same shall become due,
<br />according to the tenor hereof and thereof, and the faithful
<br />performance of all the covenants and agreements contained in said
<br />Bonds and in this Agreement, and in performance of the authority
<br />of every kind and nature which said Authority has or may have,
<br />has executed and delivered this Agreement and has pledged and
<br />assigned and by these presents does hereby pledge and assign unto
<br />Society Bank, Indiana, as Trustee and to its successors in said
<br />trust and to its assigns, the Lease (as hereinafter defined) and
<br />the Pledged Funds (as hereinafter defined) subject to the
<br />provisions of this Agreement requiring or permitting the
<br />application thereof for the purposes and on the terms set forth
<br />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
<br />issued or to be issued under and secured by this Agreement,
<br />without preference, priority or distinction as to lien or
<br />otherwise by reason of the date of maturity thereof, or for any
<br />other reason whatsoever, subject to the provisions of this
<br />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
<br />set forth in said Bonds in accordance with the terms hereof, and
<br />shall 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
<br />and be void, but otherwise, this Agreement shall remain in full
<br />force and effect .
<br />All Bonds issued and secured hereunder are to be issued,
<br />E-2
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