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3 <br />Downtown South Allocation Area, each designated within the Area, are not pledged to the <br />payment of principal of and interest on the Section 108 Loan. <br />SECTION 5. The President and Secretary of the Commission are hereby authorized to <br />enter into a pledge agreement on behalf of the Commission (the “Pledge Agreement”) providing <br />that the Tax Increment Revenues are pledged as described herein and containing such other terms <br />consistent with this Resolution to evidence the intent of the Commission to secure the Section 108 <br />Loan with the Tax Increment Revenues to the extent CDBG Funds are insufficient to pay the <br />principal of and interest on the Section 108 Loan when due. Any officer of the Commission is <br />hereby authorized to take such further actions and execute on behalf of the Commission such <br />further documents or agreements as any such officer deems necessary or appropriate to effectuate <br />the purposes of this Resolution. <br />SECTION 6. This Resolution shall be in full force and effect after its adoption by the <br />Commission and shall not be repealed or amended in any manner which would serve to adversely <br />affect the pledge of the Tax Increment Revenues contained herein. <br />ADOPTED at a meeting of the South Bend Redevelopment Commission held on August <br />13, 2026, in the City Hall Council Chambers, 3rd Floor, 215 S. Dr. Martin Luther King, Jr., <br />Boulevard, South Bend, Indiana, 46601. <br />SOUTH BEND REDEVELOPMENT <br />COMMISSION <br />By: <br />David Relos, President <br />ATTEST: <br />Eli Wax, Secretary <br />DMS 54482387v2