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<br />1 <br />SECOND AMENDMENT TO DEVELOPMENT AGREEMENT <br />THIS SECOND AMENDMENT TO DEVELOPMENT AGREEMENT (this “Second <br />Amendment”) is made on September 12, 2024, by and between the South Bend Redevelopment <br />Commission, the governing body of the City of South Bend Department of Redevelopment (the <br />“Commission”), and The Bakery Group LLC (the “Developer”) (each a “Party,” and collectively <br />the “Parties”). <br /> <br />RECITALS <br /> <br />A. The Commission and the Developer entered into a Development Agreement dated <br />effective August 12, 2021, and amended once on June 9, 2022 (the “Development Agreement”), <br />pertaining to certain local public improvements ("LPI") to renovate, rehabilitate, and activate the <br />Developer Property, which is located in the River West Development Area (the "Project"). <br />B. Since the Effective Date, Developer has made continued investments into the <br />Developer Property to complete the Project and has provided documentation and other updates to <br />the Commission to demonstrate significant portions of the Project have been completed to date. <br />C. The Developer has informed the Commission that, due to several delays in the <br />delivery of materials necessary to complete the Project, including the materials to complete the <br />Commission’s Local Public Improvements, the Project will not be completed prior to the current <br />Mandatory Project Completion Date. <br />D. The Developer has provided information regarding the portions of the Project that <br />remain in progress, and believes that the Project can be fully completed within the next eighteen <br />(18) months. <br />E. The Commission believes that the Developer completing the Project as described <br />in the Agreement is in the best interests of the health, safety, and welfare of the City and its <br />residents. <br />NOW, THEREFORE, in consideration of the mutual promises and obligations stated in the <br />Agreement and this Second Amendment, the adequacy of which is hereby acknowledged, the <br />Parties agree as follows: <br />1. The phrase “thirty-six (36) months” shall be deleted from Section 4.5 and replaced <br />with the phrase “fifty-four (54) months.” <br />2. The Developer hereby expressly reaffirms its obligations under the Development <br />Agreement, and, unless expressly modified by this Second Amendment, the terms and provisions <br />of the Development Agreement remain in full force and effect. <br />3. Capitalized terms used in this Second Amendment will have the meanings set forth <br />in the Development Agreement unless otherwise stated herein. <br />4. The recitals set forth above are hereby incorporated into the operative provisions of <br />this Second Amendment.