5A7 First Amendment to Development Agreement (Property Bros.) - Signed

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1 FIRST AMENDMENT TO DEVELOPMENT AGREEMENT This FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this “First Amendment”) is made and entered into to be effective as of December 11, 2025, by and between the City of South Bend, Department of Redevelopment, acting by and through its governing body, the South Bend Redevelopment Commission (the “Commission”), and Property Bros LLC, an Indiana limited liability company with offices at 1251 N. Eddy St, Suite 200, South Bend, IN 46617(the “Developer”). RECITALS A.The Commission and the Developer entered into that certain Development Agreement dated effective June 13, 2024 (collectively the “Development Agreement” or as may be referred to as simply the “Agreement”), for development of certain real property located in St. Joseph County, City of South Bend, State of Indiana. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Development Agreement. B.Concurrently with the execution of the Development Agreement, the Commission entered into a certain Real Estate Purchase Agreement (the “Purchase Agreement”) under which the Commission agreed to sell to Developer certain real property to be included in the Project. C.Certain circumstances have changed since the execution of the Development Agreement and Purchase Agreement, and the Commission and the Developer now collectively desire to amend the Development Agreement to remove one of the parcels of real property from the Project scope, which parcel is expected to be transferred back to the Commission’s ownership through an amendment to the Purchase Agreement, executed concurrently herewith. D.The Commission believes that updating the terms of the Development Agreement to reflect such changes in the best interests of the health, safety, and welfare of the City and its residents. E.The Commission and the Developer now desire to amend the Development Agreement as set forth herein. AGREEMENT NOW, THEREFORE, in consideration of these premises, and the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Developer and the Commission hereby agree as follows: 1. Recitals. The recitals set forth above, including each and every recital contained therein, are incorporated into and made a part of this First Amendment as though fully set forth herein. 2.Amendments. The Development Agreement is hereby amended as follows: