5B2 3rd Amendment to Development Agreement (GLC) - Fully Executed

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1 THIRD AMENDMENT TO DEVELOPMENT AGREEMENT This THIRD AMENDMENT TO DEVELOPMENT AGREEMENT (this “Third Amendment”) is made and entered into to be effective as of March 26, 2026 (the “Effective Date”), 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 Great Lakes Capital Development, LLC, an Indiana Limited Liability Company, with offices at 7410 Aspect Drive, Suite 100, Granger, IN 46530 (the "Developer") (each, a "Party," and collectively, the "Parties"). RECITALS A.The Parties entered into that certain Development Agreement dated effective March 28, 2024, as amended by a First Amendment to Development Agreement dated August 22, 2024 and a Second Amendment to Development Agreement dated effective September 25, 2025 (collectively the “Development Agreement”), pertaining to certain local public improvements to renovate, rehabilitate, and activate the Project Property. B.Section 3.1(a) of the Development Agreement established that the Parties would cooperate in good faith to prepare, evaluate, and agree on a planning schedule regarding various aspects of the Project and established a Mutual Project Diligence period of twenty-four (24) months. C.The Parties continue to engage in Mutual Project Diligence and believe that extending the Mutual Project Diligence period to twenty-six (26) months is necessary and in the best interests of both Parties due to unforeseen circumstances. D.The Parties 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 Third Amendment as though fully set forth herein. 2.Amendment. The Development Agreement is hereby amended as follows: In Section 3.1(a), the second sentence, which states: “The Mutual Project Diligence shall be completed no later than twenty-four (24) months from the Effective Date.” shall be deleted in its entirety and replaced with the following: Docusign Envelope ID: CE710938-94B8-81AD-81D5-EC1448FE6086