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FIRST AMENDMENT TO PROJECT AGREEMENT <br />This First Amendment to Project Agreement (this "First Amendment") is entered into as <br />of September 24, 2024 (the "Effective Date"), by and among FREG South Bend, the City and the <br />University (each as defined below). For valuable consideration, the receipt and adequacy of which <br />are expressly acknowledged, FREG South Bend, the City and the University agree as follows: <br />I.Definition . In this First Amendment the following terms have the meaning given: <br />(a)FREO South Bend: FREG South Bend Holdings, LLC, a Colorado limited <br />liability company. <br />(b)City: The City of South Bend, Indiana, acting by and through its Board of <br />Public Works, its Board of Park Commissioners, and its Redevelopment <br />Commission. <br />(c)University: The University of Notre Dame du Lac. <br />(d)Agreement: The Project Agreement, dated effective as of June 25, 2019, <br />by and among (i) FREG Stephenson Mill Associates, LLC, predecessor-in­ <br />interest to FREG South Bend, (ii) the City and (iii) the University. <br />(e)Property: The real property and improvements, commonly known as <br />Stephenson Mill Apartments, located at 322 E. Colfax, South Bend, <br />Indiana. <br />Any capitalized term used in this First Amendment that is not defined in this First <br />Amendment has the meaning set fo11h for such term in the Agreement, and as used herein, the term <br />"Agreement" shall mean the Agreement as modified by this First Amendment. FREG South Bend, <br />the City and the University may be referenced herein individually as a '·E..ru:!y" and collectively as <br />the "Parties." as context may require. <br />2.Additional Work. <br />(a)The Parties acknowledge that, as of the Effective Date, the Project, is not <br />complete. Pursuant to an agreement between the Uni versity and the City, the City has been paying, <br />and continues to pay. to FREG South Bend $200 per day as the additional consideration required <br />by Section 3)C.3.d) of the Agreement (the "Daily Fee"). From and after the Effective Date, Section <br />3)C.3.d) of the Agreement is amended such that the City shall be solely responsible for the Daily <br />Fee. Notwithstanding anything to the contrary contained in the Agreement, the City shall, at its <br />sole cost and expense, be responsible for the following additional work: (i) the removal of the East <br />Drive and the restoration of the area comprising the East Drive and other surrounding areas to its <br />prior condition including, but not limited to, sidewalks and landscaping; and (ii) the modification <br />and improvements to the west side of the Property, in each case of clause (i) and (ii) as more <br />particularly described on Exhibit A-1 and Exhibit A-2 attached hereto (clauses (i) and (ii) above <br />are collectively referred to herein as the <;Additional Work"). The Parties further acknowledge <br />and agree that any portion of the Additional Work originally required pursuant to the Agr eement <br />to be performed and completed by the University shall now be the sole responsibility of the City.