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04-24-14 Redevelopment Commission Meeting
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NOW, THEREFORE, in consideration of the mutual covenants and agreements herein <br /> contained,the parties hereto enter into the following Second Amendment: <br /> Section I. Effect of this Second Amendment. This Second Amendment shall not <br /> change, modify, amend or revise the terms, conditions and provisions of the Environmental <br /> Agreement, the terms, conditions and provisions of which are hereby incorporated herein by <br /> reference, except as expressly provided herein and agreed upon by the parties hereto. The <br /> Parties each hereby confirm and ratify, except as modified by this Second Amendment, all of the <br /> terms, conditions and provisions of the Environmental Agreement. <br /> Section 2. Definitions. Defined terms which are used in this Second-Amendment <br /> shall have the meaning as set forth in the Environmental Agreement, unless otherwise expressly <br /> specified herein or the context expressly provides otherwise. <br /> Section 3. Addition of SB 84 as a Party. The Parties hereby agree that Studebaker <br /> Building 84, LLC, is added as a Party to the Environmental Agreement upon the Effective Date. <br /> The Parties agree that for purposes of the Environmental Agreement, SB 84 shall be (i)jointly <br /> and severally liable for all obligations of USP and(ii) shall be jointly and severally entitled to all <br /> the rights and interests of USP, as those obligations, rights and interests are set forth in the <br /> Environmental Agreement. For all purposes all references to "Union Station" in the <br /> Environmental Agreement shall, upon the Effective Date, mean USP and SB 84, whether such <br /> obligations, rights or interests arose prior to, or arise subsequent to,the Effective Date. <br /> Section 4. Amendment to Environmental Agreement. <br /> (a) Deletion of Recital: The fourth (4111) recital in the Environmental <br /> Agreement dated October 22, 2012, is hereby deleted in its entirety. <br /> (b) Paragraph 7. Remediation. is hereby amended to read in its entirety as <br /> follows: <br /> "7. Remediation. (a) Subject to the terms of this Agreement, the Board <br /> agrees to promptly perform the environmental investigations and corrective actions necessary <br /> to remediate the Hazardous Materials at the Property preexisting the date of Closing as <br /> defined in the Purchase Agreement (including, but not limited to, the Existing Environmental <br /> Conditions) to the extent required by the IDEM and any other governmental authorities with <br /> jurisdiction over the Hazardous Materials and contamination at the Property to <br /> commercial/industrial standards (the "Remediation"). The Parties agree that the Board will <br /> undertake a study to ascertain whether it is reasonably feasible to remediate to residential <br /> standards. The Board shall have sufficient time, but no more than eighteen (18) months from <br /> the Closing Date, unless otherwise agreed in writing between Union Station and the Board,in <br /> which to determine whether remediating to residential standards will result in an incremental <br /> cost of more than $250,000 over the cost to remediate to commercial/industrial standards <br /> under Indiana law. The Board agrees that it shall have an obligation to remediate to <br /> residential standards if such incremental cost over and above the cost to remediate to <br /> commercial/industrial standards is $250,000 or less, but shall have no obligation to remediate <br /> 2 <br />
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