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Indenture • THE FOLLOWING IS A SUORT~TO BE A COMPREHENSIVE DESCRIPT ON AND IS QUALIFIED THIS SUMMARY DOES NOT PURP IN ITS ENTIRETY BY REFERENCE TO THE INDENTURE. [TO BE PROVIDED] LEASE THE FOLLOWING IS A SUMMARY OF CERTAIN PROVISIONS CONTAINED IN THE LEASE. THIS SUMMARY DOES NOT PURPORT TO BE A COMPREHENSIVE DESCRIPTION AND IS QUALIFIED IN TTS ENTIRETY BY REFERENCE TO THE LEASE. General In the Lease, the Authority leases to the Commission, as lessee (the "Lessee") two different facilities, the Project, and an existing civic, convention and exhibition center known as the Century Center Complex. Only the .lease rentals payable with respect to the Hall of .Fame Portion of the facilities (such real property and improvements are referred to herein as the "Leased Premises") constitute Pledged Funds under the Indenture. The description of the Lease herein refers only to such Leased Premises. Lease rentals are payable from special ad valorem property taxes to be levied on all taxable property m the Redevelopment District, which is coterminous with the geographical boundaries of the City. The Commission is obligated by statute, and has covenanted by resolution, to make the annual tax levy to pay the lease rentals to the extent other funds of the Commission set aside for such purpose are insufficient to pay the lease rentals. The • Commission intends to pay such lease rentals from certain revenues received from the operation of the Project and surplus tax increment revenues received from the South Bend Central Development Area, to the extent such revenues are available. The amount of such revenues which are set aside as of each July 31 to pay lease rentals under the Lease during July of the following year and January of the next following year, the amount held in the Reserve Fund not otherwise obligated to pay debt service on the Bonds, and certain other funds of the Authority on hand and available to pay debt service on the Bonds (including capitalized interest) or for which the Commission receives credit against the lease rentals which are due, will reduce the amount of taxes levied each year to pay those lease rentals. The effect of this procedure is that property tax revenues on hand or to be levied, other revenues of the Commission on hand, and the unobligated amounts held in the Reserve Fund and such other funds. of Authority are scheduled to be sufficient as of each July 31 to allow the Commission to pay the next three lease rental payments under the Lease. The property tax levy to pay the lease rentals is not subject to Indiana budgetary limitations. The levy is reviewable by the other bodies, including the State Board of Tax Commissioners, vested by Indiana law with the authority to ascertain that the levy is sufficient, together with other available amounts, to make the lease rental payments, in the same manner that general obligation bond levies are subject to review. By resolution, the Commission has established a special account into which taxes so levied are to be deposited, and has pledged such account for the purpose of paying the lease rentals. In the event of delayed billing; collection, or distribution of property taxes, sufficient funds may not be available to the Commission to make lease rental payments when due. Term The term of the Lease is twenty-four (24) years, beginning on the day the Leased Premises are complete and ready for use. • C-1