37-26 Authorizing the City to Fund Its Taxable Economic Development Revenue Note, Series 2026 (Beacon Heights Project) and Approving and Authorizing Other Actions in Respect Thereto (Substitute)

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"Development Agreement"means the Development Agreement, dated _, 2026, by and between the Borrower and the City of South Bend, Department of Redevelopment, acting by and through its governing body, the Redevelopment Commission. "Event of Default"means any of the events described as an Event of Default in Section 6.1 hereof. "Land Use Restriction Agreement" means that certain Land Use Restriction Agreement or similar agreement to be executed by the Borrower, as the same may be amended, restated, supplemented or otherwise modified from time to time,imposing certain income and rent restrictions on the Project pursuant to Section 42 of the Internal Revenue Code of 1986, as amended. "Loan"means the loan by the City to the Borrower pursuant to the terms of this Agreement. "Mandatory Project Completion Date" means December 31, 20_, or as agreed to by the Borrower or the Redevelopment Commission pursuant to Section [3.3] of the Development Agreement. "Maturity Date"means December 31, 20_. "Note" means the Borrower's promissory note in the form attached as Exhibit A hereto, which shall be unsecured. "Notice Address"means: As to the City: City of South Bend Department of Community Investment 215 S. Dr. Martin Luther King, Jr. Blvd., Suite 500 South Bend, IN 46601 Attention: Executive Director With a copy to: South Bend Legal Department 215 S. Dr. Martin Luther King, Jr. Blvd., Suite 600 South Bend, IN 46601 Attn: Corporation Counsel As to the Borrower: Beacon Apartments Preservation LLC 2 Park Avenue, 23rd Floor New York, New York 10016 Attn: Jeffrey Moelis and Adam Hellegers, Esq. Email:jmoelis@lmdp.com and ahellegers@lmdp.com With a copy to: Cohen Liuzzo PLLC 88 Pine Street, Suite 1430 New York, New York 10005 Attn: Anthony Bargnesi, Esq. and Eleor Cohen, Esq. Email: abargnesi@cohenliuzzo.com and 3