31-26 Ordinance Authorizing Payments in Lieu of Taxes for Western Avenue I, LLC

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Section 5. General Provisions. Section 5.1. Conditions Precedent to Agreement. Notwithstanding any other provision herein, this Agreement shall be conditioned upon: (a) the Owner having legal title to the Property; and (b) the Owner executing and recording the Extended Use Agreement providing for a term of at least fifteen(15)years. Section 5.2. Captions; Incorporation and Exhibit. The captions and headings of various Sections and Exhibits referenced herein are for convenience only and are not to be considered as defining or limiting in any way the scope or intent of the provisions hereof. Notwithstanding the foregoing, each of the Recitals and the Exhibits referenced herein are incorporated and expressly made a part hereof Section 5.3. Entire Agreement. This PILOT Agreement constitutes the entire agreement of the Parties with respect to the subject matter contained herein, and all prior discussions, negotiations,and document drafts are merged herein. Section 5.4. Notices. Any notice, demand, request, or other communication which any Party hereto may be required or may desire to give hereunder shall be in writing, addressed as follows and shall be deemed to have been properly given if hand delivered (effective upon delivery), if sent by reputable overnight courier, charges prepaid (effective the business day following delivery to such courier): If to Owner: Western Avenue I, LLC c/o The Michaels Development Company 2 Cooper Street, 14th Floor Camden, NJ 08102 Attn: Mark Morgan With a copy to: Applegate&Thorne-Thomsen, P.C. 425 South Financial Place, Suite 1900 Chicago, Illinois 60605 Attnl Bennett P. Applegate, Jr. With a copy to: [TO BE CONFIRMED] If to City: City of South Bend, Indiana South Bend City Hall 215 S. Dr. Martin Luther King Jr. Blvd., Suite 500 South Bend, Indiana 46601 Attn: Executive Director, South Bend Department of Community Investment 5