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WHEREAS, the Parties agree that it is of mutual benefit for the Parties to enter into this Agreement relating to the Project, the Local Public Improvements and certain other matters described herein that will include the commitments of each Party with respect thereto; and NOW, THEREFORE, in consideration of the mutual promises and obligations in this Agreement, the adequacy of which consideration is hereby acknowledged, the Parties agree as follows: SECTION 1. DEFINITIONS. Defined terms are indicated by initial capital letters. Defined terms shall have the meaning set forth herein, whether or not such terms are used before or after the definitions are set forth. The following terms are more specifically defined below: 1.1 Assessed Value. Assessed Value means the market value-in-use of a property, used for property tax assessment purposes as determined by the St. Joseph County Assessor. 1.2 Board of Works. Board of Works means the Board of Public Works of the City of South Bend, a public body granted the power to award contracts for public works pursuant to IC 36-1-12. 1.3 Construction Management Agreement. Construction Management Agreement refers to the agreement described in Section 6.1 of this Agreement. 1.4 Easement. Easement means the grant of easement by Developer to Commission pursuant to Section 3.1 hereof. 1.5 Funding Amount. Funding Amount shall mean an amount not to exceed One Hundred Seventy Five Thousand and no/100 Dollars ($175,000.00) of tax increment finance revenues to be used for paying the costs to construct the Local Public Improvements, including payment of a construction management fee pursuant to the Construction Management Agreement relating to the construction of the Local Public Improvements. 1.6 Hoffman Hotel Property. The Hoffman Hotel Property means the property more particularly described in Exhibit A-1, together with all improvements thereon and all easements,rights, licenses and other interests appurtenant thereto. 1.7 Local Public Improvements. Local Public Improvements means the local public improvements in support of the Project in the Area, including the roof, exterior facade, site work and related improvements, each of which shall be completed as described in this Agreement, all as more particularly described on Exhibit C. 1.8 South Parking Lot Property. South Parking Lot Property means the property immediately adjacent to and south of the Hoffman Hotel Property, as more particularly described in Exhibit A-2, together with all improvements thereon and all easements, rights, licenses and other interests appurtenant thereto. • 120142670.DOCX}