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5. Commission has delivered to Developer, at Commission's cost, a Phase I environmental study of the Property that includes language permitting Developer and/or Developer's lender to rely upon the study. 6. Commission has substantially completed the stormwater and drainage improvements as shown in Exhibit C -1. 7. The Common Council of the City of South Bend shall have approved a five (5) year grant of real property tax abatement for all eligible investments in real property improvements to be undertaken by Developer with respect to the Project. SECTION III. NATURE OF IMPROVEMENTS; TIME FOR COMMENCEMENT; AND COMPLETION; PHASING OF PROJECT AND LIQUIDATED DAMAGES. A. Nature of Improvements. The construction of improvements on the Property (the "Project ") shall be substantially of the same size, scope and nature as that specified in the Site Plan and Development Specifications submitted by Developer to the Commission, and as attached to this Contract as Exhibit B (the "Site Plan") (as such may be amended and revised as described in SECTION IV) at a cost to Developer of no less than $2,900,000.00 (the "Total Project Cost "). B. Time for Commencement and Construction. This Project shall begin as soon as possible following closing, as defined in SECTION II, and shall qualify for the award of a certificate of occupancy from the Building Commissioner of the City of South Bend, Indiana, within thirty -six (36) months after execution of this Contract. C. Local Public Improvements and Funding Amount. The Commission agrees to facilitate the Project in accordance with the powers granted the Commission under the Act by undertaking certain local public improvements on and around the Property, as more particularly described in Exhibit C (the "Local Public Improvements ") in an amount not to exceed $110,000.00 (the "Funding Amount ") no later than December 31, 2016 (the "LPI Completion Date "). D. Liquidated Damages. The Parties understand and agree that in the event Developer (i) fails to complete construction of the Project, on or before thirty -six (36) months from the date of execution of this Contract, or (ii) Developer defaults in its obligations under this Contract and fails to cure such default as provided in this Contract before the issuance of a Certificate of Completion as described in SECTION V, below, then Developer shall pay as liquidated damages to the Commission the Funding Amount described above without any reduction, offset, or recoupment. The payment of liquidated damages under this Subsection C shall be in addition to any other remedies otherwise available to the Commission and shall not waive any other right or remedy under this Contract, but Commission acknowledges Developer is relying upon Commission's promise to dms.us.53213138.03