Bill No. 84-23 TIF-EDC Forgivable Loan

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"Note Counsel"means Ice Miller LLP or another a nationally recognized firm of municipal bond attorneys acceptable to the City and the Borrower. "Project" means the construction of site work and infrastructure improvements needed to serve the redevelopment and development of: (i) a four-story building containing at least sixty- five thousand (65,000) square feet which will include the incorporation of the historic masonry features preserved by the Commission; and (ii) a minimum of sixty (60) total apartment units of which no fewer than twenty-three (23) apartment units will be exclusively available for tenants at fifty percent(50%) or lower of the area median income ("AMI") and no fewer than an additional twenty-three(23)apartment units will be exclusively available for tenants at eighty percent(80%) or lower of AMI on certain real estate acquired by the Borrower with an overall investment of approximately $13,700,000 ("Development"), on certain real estate acquired by the Borrower as set forth on Exhibit B attached hereto, together with all necessary appurtenances, related improvements and equipment, all in or physically connected to the Area. "Project Costs" with respect to the Project shall mean any and all costs permitted by the Act including,but not limited to: (i) the"Note Issuance Costs,"namely the reasonable third-party costs,fees and expenses incurred or to be incurred by the City in connection with the Loan,the reasonable fees of disbursements of the City's municipal advisor, application fees and expenses, publication costs,the filing and recording fees in connection with any necessary filings or recordings or to perfect the lien thereof,the out-of-pocket costs of the City,the reasonable fees and disbursements of Counsel to the City, the reasonable fees and expenses of Note Counsel, the costs of preparing or printing the Series 2023 Note and the documentation supporting the Loan, the costs of reproducing documents and any other costs of a similar nature reasonably incurred; (ii) design costs and other expenses directly related to the construction and equipping of the Project; (iii) the cost of insurance of all kinds that may be required or necessary in connection with the construction or equipping of the Project; (iv) all costs and expenses which Borrower shall be required to pay, under the terms of any contract or contracts (including the architectural and engineering, development, and legal services with respect thereto), for the construction of the Project; and (v) any sums required to reimburse the Borrower for advances made subsequent to the date the Series 2023 Note is funded for any of the above items or for any other costs previously incurred and for work done by Borrower which are properly chargeable to the Project. "Redevelopment Commission" means the South Bend Redevelopment Commission. "Series 2023 Note" means the Series 2023 Note of the Borrower in the aggregate maturity amount of$2,300,000 in substantially the form attached hereto as Exhibit A which will be issued 4 4865-5920-9350.2