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3 <br />c) In Section 4.5, the second and third sentences, specifically containing the <br />following text, shall be deleted: <br />“The Developer hereby agrees to commence substantial elements of <br />Phase II of the Project by no later than June 30, 2021 (the "Phase II <br />Commencement Deadline"). The Developer hereby agrees to reach <br />substantial completion of the entirety of the Project, inclusive of <br />Phase I and Parts 1 and 2 of Phase II, in accordance with the Project <br />Plan attached hereto as Exhibit Band the plans and specifications <br />submitted to the Commission pursuant to Section 4.8 of this <br />Agreement, by September 31, 2023 (the “Project Completion <br />Deadline”).” <br />and replaced with the following: <br />“The Developer hereby agrees to commence substantial elements of <br />Phase II of the Project by no later than June 30, 2026 (the “Phase II <br />Commencement Deadline”). The Developer hereby agrees to reach <br />substantial completion of the entirety of the Project, inclusive of <br />Phase I and Parts 1 and 2 of Phase II, in accordance with the Project <br />Plan attached hereto as Exhibit B and the plans and specifications <br />submitted to the Commission pursuant to Section 4.8 of this <br />Agreement, by June 30, 2029 (the “Project Completion Deadline”). <br />d) The entirety of Section 5.2(b)(i) shall be deleted and replaced with the <br />following: <br />5.2(b)(i) The South Bend Common Council, upon the <br />Commission’s favorable recommendation, has granted the <br />Developer a real property tax abatement with respect to only the <br />commercial elements of Phase II of the Project. <br />e) The entirety of Section 5.3 shall be deleted and replaced with the following: <br />5.3 Funding Amount Closing. Notwithstanding <br />anything contained herein to the contrary, once the Commission has <br />expended or obligated, through its own contracts or contracts <br />entered into on its behalf by the Board of Works serving as its agent, <br />at least Nine Million and Six Hundred Eighty-Seven Thousand <br />Dollars ($9,687,000). The Commission will not be required to <br />expend any further portion of the Funding Amount or otherwise <br />complete any further Local Public Improvements. The Parties <br />mutually acknowledge and agree that, in such circumstances, the <br />Commission's obligation to expend the Funding Amount will be <br />fully satisfied and discharged without the necessity of expending the <br />entire sum of Nine Million Seven Hundred Thirty-Seven Thousand <br />Dollars ($9,737,000.00).