Bill No. 84-23 TIF-EDC Forgivable Loan

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ARTICLE IV. EVENTS OF DEFAULT AND REMEDIES THEREFOR Section 4.1. Events of Default. (a) The occurrence and continuance of any of the following events shall constitute an "event of default" hereunder: (i) Failure of the Borrower to achieve and maintain the covenant set forth in Section 2.2(j)hereof; and (ii) Failure of the Borrower to observe and perform any other covenant, condition or provision of this Agreement for a period of ninety (90) days after written notice,specifying such failure and requesting that it be remedied, given to the Borrower by the City, unless (i) the nature of the default is such that it cannot be remedied within the ninety(90) day period, (ii)the Borrower institutes corrective action within the ninety (90) rsuch action thedefault is day period and (iii) the Borrower diligently pursues act o until de a remedied. (b) Subject to the further provisions of this Article IV, during the occurrence and continuance of any event of default hereunder,the City or Borrower,as the case may be,shall have the rights and remedies hereinafter set forth in addition to any other remedies herein or by law provided: (i) Acceleration. Solely if an event of default under Section 5.1(a)(i) of this Loan Agreement has occurred and is continuing, the City shall, by written notice to the Borrower, declare the principal of the Series 2023 Note due and payable, and upon any such declaration, the principal of the Series 2023 Note shall become and be immediately due and payable. The Borrower hereby acknowledges its obligation to repay upon default of Section 2.2(i)as set forth herein. This representation constitutes an agreement between the City and the Borrower that enhances or otherwise further secures the Series 2023 Note pursuant to IC 36-7-25-6 and shall be treated in the same manner as property taxes for real property owned by the Borrower or its affiliates, successors and assigns by merger or acquisition, for purposes of IC 6-1.1-22-13. (ii) Right to Bring Suit, Etc. The City, with or without entry, personally or by attorney,may proceed to protect and enforce its rights by a suit or suits in equity or at law, whether for damages or for the specific performance of any covenant or agreement contained in the Series 2021 Note or this Loan Agreement, or in aid of the execution of any power herein granted,or for the enforcement of any other appropriate legal or equitable remedy, as the City shall deem most effectual to protect and enforce any of its rights or duties hereunder; provided, however that all reasonable costs incurred by the City under this Article shall be paid to the City by the Borrower on demand. In the event of default by the City,the Borrower may proceed to protect and enforce its rights by a suit for the specific performance or any covenant or agreement contained in this Loan Agreement. 11 4865-5920-9350.2