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 V. FORGIVENESS Section 5.1. Loan Forgiveness. To the extent that the TIF Revenues, IDD Revenues and/or the Taxpayer Direct Payments are sufficient to pay the Loan Payments when due through final maturity of the Bonds and the Company performs and observes all obligations under this Agreement throughout the term of the Bonds, the Loan will be deemed to be forgiven on the Maturity Date; otherwise, notwithstanding anything contained herein, the Company remains obligated to make such payments as required by Section 3.2(a) hereof. (End of Article V) Filed in Clerk's Office JAN 2 1 2026 Bianca Tirade City Clerk, South Bend, IN - 13 -