11134-24 Economic Development Loan- Southeast Neighborhood Project ‎(Substitute)‎

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societies, estates, trusts, corporations, public or governmental bodies, other legal entities and natural persons. "Project" means the acquisition and construction, as the case may be, by the Borrower of up to thirty (30) single-family detached homes containing two (2) to four (4) bedrooms of which (i) at least forty percent (40%) of the homes will be sold at a price that is affordable to households earning one hundred twenty percent (120%) or less of the Area Median Income, with an approximate total development cost of Eight Million Eight Hundred Seventy-three Thousand Dollars ($8,873,000), on certain parcels of real property generally located in the Southeast neighborhood in the City. "Redevelopment Commission" means the South Bend Redevelopment Commission. "State" means the State of Indiana. Section 1.3. Interpretation. Any reference herein to the City, to the Common Council, to the Redevelopment Commission, or to any member or officer of the City includes entities or officials succeeding to their respective functions, duties or responsibilities pursuant to or by operation of law or lawfully performing their functions. Any reference to a section or provision of the Constitution of the State or the Act, or to a section, provision or chapter of the Indiana Code or to any statute of the United States of America, includes that section, provision or chapter or statute as amended, modified, revised, supplemented or superseded from time to time; provided, that no amendment, modification, revision, supplement or superseding section, provision or chapter or statute shall be applicable solely by reason of this provision, if it constitutes in any way an impairment of the rights or obligations of the City or the Borrower under this Agreement. Unless the context indicates otherwise, words importing the singular number include the plural number, and vice versa; the terms "hereof", "hereby", "herein", "hereto", "hereunder" and similar terms refer to this Agreement; and the term "hereafter" means after, and the term "heretofore" means before, the date of the Loan. Words of any gender include the correlative words of the other genders, unless the sense indicates otherwise. The Form of Promissory Note, attached hereto as Exhibit A, is by reference made a part hereof. Section 1.4. Captions and Headings. The captions and headings in this Agreement are solely for convenience of reference and in no way define, limit or describe the scope or intent of any Articles, Sections, subsections, paragraphs, subparagraphs or clauses hereof. ARTICLE II. REPRESENTATIONS; LOAN TO THE COMPANY Section 2.1. Representations of the City. The City represents and warrants that: (a) The City is a municipal corporation organized and existing under the laws of the State. Under the provisions of the Act, the City is authorized to enter into the transactions 4