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FIRST AMENDMENT TO <br />DEVELOPMENT AGREEMENT <br />This FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this “First <br />Amendment”) is made and entered into to be effective as of May 22, 2025, by and between South <br />Bend Redevelopment Commission (“Commission”), and River Walk L.L.C., an Indiana limited <br />liability company (“Developer”). <br />RECITALS <br />A.The Commission and Developer entered into that certain Development Agreement, <br />dated effective as of August 22, 2024, ( the “Agreement”) for development of certain real property <br />located in St. Joseph County, City of South Bend, State of Indiana as more particularly described <br />in Exhibit A of the Agreement (the “Property”). All capitalized terms used but not otherwise <br />defined herein shall have the meanings ascribed to such terms in the Agreement. <br />B.The Property poses unique challenges that threaten its development and successful <br />completion of the Project, as defined in the Agreement. <br />C.The Commission affirms its belief that accomplishing the Project as is in the best <br />interests of the health, safety, and welfare of the City and its residents. <br />D.The Commission and the Developer now desire to amend the Agreement to reflect <br />increases to the Funding Amount and Private Investment amount. <br />AGREEMENT <br />NOW, THEREFORE, in consideration of these premises, and the mutual covenants and <br />promises contained herein and other good and valuable consideration, the receipt and sufficiency <br />of which are hereby acknowledged, the Developer and the Commission hereby agree as follows: <br />1.Recitals. The recitals set forth above, including each and every recital contained <br />therein, are incorporated into and made a part of this First Amendment as though fully <br />set forth herein. <br />2.Amendments. The Agreement is hereby amended as follows: <br />a)In Section 1.3, the text “Five Hundred Thousand Dollars ($500,000.00)” shall <br />be deleted and replaced with the following: “One Million Two Hundred Fifty <br />Thousand Dollars ($1,250,000.00).” <br />b)In Section 1.4 the text “Ten Million Dollars ($10,000,000.00)” shall be deleted <br />and replaced with the following: “Fourteen Million Dollars ($14,000,000.00).”