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c Pt C�) DISBURSEMENT AGREEMENT THIS DISBURSEMENT AGREEMENT("Agreement") made and entered into as of the_day of August, 2014 by and between the CITY OF SOUTH BEND REDEVELOPMENT COMMISSION ("Commission") and EQUAL CONSTRUCTION, LLC, an Indiana limited liability company ("Owner"). WHEREAS,the Commission has approved a proposal for the rehabilitation and renovation of the Historic Hoffman Hotel located at 120 West LaSalle Avenue, South Bend, Indiana ("Property") by Owner, including infrastructure improvements, as further set forth in the Development Agreement entered into by and between the South Bend Redevelopment Commission and Hoffman Hotel Apartment Housing Partners, L.P.,("Project"); and WHEREAS, the Commission has authorized the expenditure of the maximum amount of One Hundred Seventy-Five Thousand Dollars ($175,000.00) ("TIF Funds") for the redevelopment of the Property for those purposes permitted in IC 36-7-14-39 and undertaken in connection with the renovation of the Project, pursuant to the Development Agreement, attached hereto as Exhibit A and incorporated herein. Now, therefore, in consideration of the covenants, promises and agreements herein provided, it is hereby mutually agreed: 1. That the Owner has on deposit the TIF Funds in the sum of One Hundred Seventy-Five Thousand Dollars($175,000.00), in lawful money of the United States of America, as an escrow account ("Escrow") held on behalf of the Commission to be used for certain costs of completion of the Project set forth in the Development Agreement("Local Public Improvements"). 2. That the TIF Funds shall only be released or disbursed to Owner in whole or in part upon receipt of, and in the amount set forth in, a written authorization in the form of Exhibit B attached hereto ("Draw Request"), subject to the following: (a) Upon receipt of a Draw Request, and approval by South Bend Redevelopment Staff ("Staff") pursuant to the Development Agreement on behalf of the Commission, the Staff shall, by the end of the next business day following the approval of such Draw Request, authorize transfer, in immediately available funds, the amount requested in each Draw Request as set forth in the Draw Request from the Escrow to the Owner for payment of Local Public Improvements costs. (b) Draw Requests may be for the payment of all reasonable and necessary expenses as set forth in the Development Agreement and Indiana law regarding public bidding and common construction wage. [REMAINDER OF PAGE BLANK]