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Mastic Corporation ("Purchaser" ) has agreed to acquire <br /> the Property from Seller, to continue to operate the facility <br /> as an office building subject to the approval of and appro- <br /> priate official action by the Issuer and the Issuer ' s Economic <br /> Development Commission, and to assume Seller ' s obligations with <br /> respect to the Bond; and <br /> To improve and promote job opportunities and commer- <br /> cial diversification within and near South Bend, Indiana, said <br /> assignment should be approved; and <br /> Valley American Bank and Trust Company as Trustee and <br /> as owner of the Bonds has consented to the proposed transfer <br /> and assignment of the Bonds; and <br /> By Resolution dated October 4, 1985, the South Bend <br /> Economic Development Commission approved said assignment and <br /> assumption; and <br /> To induce Purchaser and Seller to consummate the <br /> assignment and to evidence its consent thereto, the South Bend <br /> Common Council desires to adopt this resolution; and <br /> It is apparent that the assignment will increase and <br /> preserve job opportunities and business diversification in and <br /> near South Bend, Indiana, resulting in a benefit to the welfare <br /> of the public in South Bend, Indiana. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL <br /> OF THE CITY OF SOUTH BEND THAT: <br /> Section 1 . The South Bend Common Council approves the <br /> assignment from Seller to Purchaser and Purchaser ' s assumption <br /> of all Seller ' s obligations with respect to the Bonds . <br /> -2- <br />