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<br />2 <br /> <br />WITH COPY TO: Legal Department <br /> City of South Bend <br />215 S. Dr. Martin Luther King Jr., Blvd., Suite 600 <br /> South Bend, IN 46601 <br /> <br />b) Section 11.D shall be deleted in its entirety and replaced with the following <br />text: <br />D. Remedies Upon Default. In the event Buyer fails to <br />complete the Property Improvements or comply with Section 11.B <br />above, or to satisfactorily prove such performance in accordance with <br />Section 11.A above for all or a portion of the Property, then, in addition <br />to pursuing any other remedies available at law or in equity, either of <br />the following remedies for to the portion of the Property that remains <br />undeveloped (the “Undeveloped Parcel”) may be pursued: <br />(i) Automatic Reversion. Seller may re-enter and take <br />possession of the Undeveloped Parcel and terminate and revest <br />in Seller the estate conveyed to Buyer at Closing and all of <br />Buyer’s rights and interests in the Undeveloped Parcels without <br />offset or compensation for the value of any improvements made <br />by Buyer; or <br />(ii) Alternative Voluntary Reconveyance Option. Upon <br />Seller’s request, Buyer shall execute and deliver to Seller a <br />special warranty deed, without receipt of additional <br />consideration, reconveying all of Buyer’s right, title, and interest <br />in the Undeveloped Parcel to Seller, free and clear of all liens, <br />encumbrances, title defects, and exceptions. The special <br />warranty deed shall be substantially in the form attached as <br />Exhibit E and shall be recorded promptly upon execution. <br />Buyer shall pay all costs of recordation. Upon recordation of the <br />special warranty claim deed, the Parties shall release each other <br />from any further obligations related to the Undeveloped Parcel; <br />however, Seller’s acceptance of a special warranty deed for the <br />Undeveloped Parcel shall not constitute a waiver of any other <br />rights or remedies available to Seller under this Agreement or <br />applicable law. <br />The Parties acknowledge that Seller’s conveyance of the Property to <br />Buyer at Closing was made on a condition subsequent, and Seller retains <br />its reversionary interest each parcel comprising of the Property until the <br />issuance of the Certificate of Completion pursuant to Section 11.C. <br />c) A new Exhibit E shall be added in the form attached hereto.