Redevelopment Commission Agenda & Packet 09.11.25

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7 chooses not to pay any such excess costs, above the Additional Funding Amount, of equipping, purchasing, and delivering, or causing to be purchased and delivered, exterior siding or other materials supporting the Project and any other Local Public Improvements supported by the Additional Funding, the Commission may reduce the scope of the materials or services comprising the Local Public Improvements procured by the Board of Works to the amount which may be funded with the Additional Funding Amount. In no event will the Commission be required to spend more than the Funding Amount or Additional Funding Amount in connection with the Local Public Improvements. o) 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 Additional Funding Amount expended by the Commission for costs associated with the the Local Public Improvements procured by the Board of Works to equip, purchase, and deliver, or cause to purchased and delivered, the Project with materials and/or services for certain architectural and other improvements to the Project and any other Local Public Improvements supported by the Additional Funding Amount described in Exhibit C, 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