Redevelopment Commission Agenda & Packet 01.09.25

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5 “Property Inspection” shall mean surveys, borings, tests, inspections, examinations, studies, and investigations, including, without limitation, environmental assessments. “RDC Direct Costs” shall mean all costs of the Redevelopment Commission to pay annual fees of the Trustee with respect to the Bonds, if any, and any fees or reasonable costs incurred in monitoring the Pledged TIF Revenues in the amount of $2,500 semiannually for the Bonds. “Required Permits” shall mean all permits, licenses, approvals, and consents required by the Laws for construction and use of the Project. “Site Plan” shall mean the site plan attached hereto as Exhibit C. “Survey” shall mean an ALTA survey of the Project Site certified as of a current date by a reputable licensed surveyor, which Survey shall show that the Project Site is suitable for Development of the Project as contemplated in this Agreement. “Taxpayer Agreement” shall mean a Taxpayer Agreement and Consent to Real Property Tax Lien to be executed by and between the Company and the Redevelopment Commission, under which the Company agrees to guarantee a shortfall in the Pledged TIF Revenues relat ive to debt service payments on the Bonds, which guarantee shall constitute a lien on the Project equivalent to a property tax lien granted to the State of Indiana under IC 6 -1.1-22-13, as permitted by IC 36- 7-25-6. “TIF Revenues” means all real property tax proceeds attributable to the assessed valuation with the Allocation Area as of each assessment date in excess of the base assessed value as described in Indiana Code 36-7-14-39(b)(1) received by the Redevelopment Commission less RDC Direct Costs. “Title Commitment” shall mean a title insurance commitment for an owner’s policy of title insurance that: (a) is issued by a title insurer; and (b) commits to insure marketable fee simple title to the Project Site in the name of the Company. “Title Defects” shall mean conditions or defects disclosed in the Title Commitment or the Survey that, in the sole determination of the Company, will interfere with the construction and/or use of the Project, provided that the lien of any mortgage or other security instruments to be released at or before Closing shall not be a Title Defect. “Trust Indenture” means the Trust Indenture, dated as of the first day of the month in which the Bonds are issued, between the City and a trustee to be chosen by the City. ARTICLE II. INTERPRETATION AND RECITALS 2.01 Interpretation. (a) The terms “herein,” “hereto,” “hereunder,” and all terms of similar import shall be deemed to refer to this Agreement as a whole rather than to any Article of, Section of, or Exhibit to this Agreement.