05-26 Ordinance Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respect Thereto in Connection With the Colfax Corner ML, LLC Project

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ARTICLE IV. COMPLETION OF THE PROJECT Acquisition, Construction, Equipping and Improving of Project. It is understood that improvements made for the Project are that of the Company and any contracts made by the Company with respect thereto shall acquire, construct, equip and improve the Project. The Company shall use commercially reasonable efforts to construct the Project with all reasonable dispatch and to complete the Project by no later than the Target Completion Date in accordance with the Development Agreement and shall pay when due all fees, costs and expenses incurred in connection with that acquisition, construction, equipment, and improvement from funds made available therefor. It is further understood that any contracts made by the Company with respect to the Project,whether construction contracts or otherwise,or any work to be done by the Company on the Project are made or done by the Company on its own behalf and not as agent or contractor for the City. Use of Bond Proceeds for Project. The City shall cause to be deposited all proceeds from the sale of the Bonds in the manner specified in Article III of the Indenture, and the City shall cause to be maintained such proceeds and funds in the manner specified in Article IV of the Indenture. Under the Indenture, the Trustee, on behalf of the City, is authorized and will be directed from time to time to make payments from the Project Fund to pay for Project Costs approved by the City, or to reimburse the Company for any Project Costs approved by the City, with any such disbursements to be made in accordance with the terms and conditions of the Indenture, this Agreement, and the Development Agreement. The Company shall submit disbursement requests substantially in the form at Exhibit A of the Indenture to the City, and the City agrees to direct such requisitions to the Trustee as may be necessary to effect payments out of the Project Fund for costs of the Project approved by the City, all in accordance with Section 4.3(a) of the Indenture, this Agreement and any such terms or conditions set forth in the Development Agreement. Any moneys remaining in the Project Fund after completion of the Project shall be transferred and applied in the manner provided in Section 4.3 of the Indenture. The Company hereby acknowledges receipt of a copy of the Indenture. Completion Date. The Company shall notify the City and the Trustee of the Completion Date by a certificate signed by the Designated Representative stating: (a) the date on which the Project is substantially completed, which shall be evidenced by the issuance of a certificate of occupancy by the City,if the City provides such certificates of occupancy, (b) that all other facilities necessary in connection with the Project have been acquired, constructed, equipped and improved, and (c) that the acquisition, construction, equipment and improvement of the Project and those other facilities have been accomplished in such a manner as to conform with all applicable zoning, planning, building, environmental and other similar governmental regulations. Filed in Clerk's Office JAN 2 1 2026 - 11 - Bianca Tirade City Clerk, South Bend, IN