5A4 Second Amendment to Development Agreement (The Monreaux) - TABLED

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6 Improvements to the amount which may be funded with the Funding Amount. In no event will the Commission be required to spend more than the Funding Amount in connection with the Local Public Improvements.” m) In Section 6.1, the last sentence shall be deleted in its entirety and replaced with the following text: “In the event that the Developer fails (a) to complete the Project by the Mandatory Project Completion Date, or (b) to expend the full amount of the Private Investment by the Mandatory Project Completion Date, Developer will be considered in default, and the Developer will be required to repay (i) all Funding Amounts received in accordance with the terms of the Loan Agreement; and (ii) One Hundred Fifty Percent (150%) of the portion of the Funding Amount expended by the Commission for costs associated with the the Local Public Improvements procured by the Board of Works to purchase exterior siding materials for certain architectural improvements to the Project, as of the date of the Commission’s demand, as agreed upon monetary damages sustained by the Commission, the City, and citizens of South Bend for the Commission’s direct investment into the Project, the negative impact upon the Commission’s ability to develop other projects in South Bend, and expenses of City employees supporting the Project, including, redevelopment staff, engineering staff, and legal department staff. Notwithstanding the foregoing, the Commission hereby agrees to simultaneously provide notice of any default to the investor member of The Monreaux LLC, Cinnaire Fund for Housing Limited Partnership 41, a Delaware limited partnership, its successors and/or assigns (the “Investor”) at its current corporate headquarters using the procedures set forth in Section 8.8 (“Notices and Demands”). The Investor shall have the right, but not the obligation, to cure any default on behalf of the Developer and shall have an additional thirty (30) days after the Developer's cure period to cure such default. The Commission agrees to accept any such performance or payment tendered by the Investor on behalf of Developer as if it had been performed or tendered by the Developer.” n) Section 8.8 is hereby revised to include the following notice parties: Investor: Cinnaire Fund for Housing Limited Partnership 41 c/o Cinnaire 41, Inc. 1118 S. Washington Ave. Lansing, MI 48910