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ENVIRONMENTAL INDEMNITY, ABATEMENT, AND ACCESS AGREEMENT
<br />THIS ENVIRONMENTAL INDEMNITY, ABATEMENT, AND ACCESS
<br />AGREEMENT (the "Agreement") is made and entered into by and between the City of South
<br />Bend, Indiana, acting by and through its Board of Public Works and its Redevelopment
<br />Commission (collectively, "City"), and Studebaker Admin QOZB, LLC, an Indiana limited
<br />liability company ("Developer") (collectively, the "Parties") on the date that the Agreement has
<br />been fully executed below.
<br />WHEREAS, Developer has a Purchase Term Sheet agreement with Studebaker Center,
<br />LLC, the owner of certain improved real estate commonly known as 635 South Main Street in
<br />South Bend, St. Joseph County, Indiana, as more particularly described in Exhibit A attached
<br />hereto (the "Property"); and
<br />WHEREAS, the City desires to see the Property re -activated and the building located on
<br />the Property, commonly known as the Studebaker Administration Building (the "Building"),
<br />redeveloped, while retaining the architectural qualities and its status as a local historic landmark;
<br />and
<br />WHEREAS, the City and Developer are entering into a Development Agreement for the
<br />stabilization and rehabilitation of the Building; and
<br />WHEREAS, in connection with the Development Agreement and as an inducement to
<br />stabilize and develop the Property, Developer desires to enter into this Agreement, wherein the
<br />City (i) causes the identification and abatement of lead and/or asbestos materials that are present
<br />in, on or at the Property or Building, and (ii) cause abatement of all asbestos -containing materials
<br />associated with the Property and Building including removal and disposal in accordance with
<br />federal, state, and local rules and regulations, cause abatement of all lead paint conditions on the
<br />Property including removal and disposal in accordance with federal, state, and local rules and
<br />regulations, and cause any additional investigation or corrective action required to address
<br />contaminants, including but not limited to Hazardous Materials, that have been released onto the
<br />Property to ensure human health and the environment are protected as confirmed or certified in
<br />writing from the Indiana Department of Environmental Management under any applicable State
<br />of Indiana program, and such written confirmation shall include without limitation a `No Further
<br />Action Letter", "Certificate of Completion", or equivalent document and shall cover the Property
<br />and Building, and all investigation or corrective action activities shall be completed in
<br />accordance with all federal, state, and local rules and regulations (collectively, "Abatement");
<br />and
<br />WHEREAS, the Parties wish to memorialize herein the terms and conditions under which
<br />they agree to participate in this Agreement.
<br />NOW, THEREFORE, for good and valuable consideration, the receipt and legal
<br />sufficiency of which is hereby acknowledged, the Parties agree as follows:
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