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• $700,000 per person and $~.0 Million per occurrence and (ii) for <br />property damage in a sum not of less than $200,000.00; and <br />=I. Developer shall grant to the Commission, or its designee, an <br />easement on and across the Plaza Property provided for use and <br />access by the general public; and <br />~. Developer shall have the right to purchase the Plaza Property at the <br />end of the lease term for the sum of One and 00/100 Dollar <br />($1.00). <br />E. In consideration of the Commission's agreement to provide 60 parking <br />spaces within the Wayne Street Parking Garage by December, 2007, or as otherwise <br />agreed, as parking for one of Developer's key tenants, Developer agrees to provide the <br />Commission with evidence of a lease agreement with Baker & Daniels. L.L.P. Developer <br />acknowledges and agrees that the Commission's commitment to identify an estimated <br />four (4) additional parking spaces per year through calendar year 201 I based upon the <br />law firm's projected growth. Developer acknowledges and agrees that the Commission's <br />commitment to provide parking is intended to be coterminous with the fifteen (l~) year <br />term of the lease between the Developer and Baker & Daniels. L.L.P. <br />F. Developer acknowledges the Commission's commitment ro endorse and <br />• support Developer's request for tax abatement in an amount and duration established and <br />governed by Indiana law and City ordinance. Developer understands that the granting <br />and/or app,wal of tax abatement requests referenced herein are under the exclusive <br />authority of the Commission and the South Bend Common Council and require <br />independent approval by same with such action taken at a public meeting in accordance <br />with Indiana law. <br />IV. MISCELLANEOUS. <br />A. Commission and Developer agree to work together to develop a plan for <br />site development and construction on the Plaza Property that is acceptable to both parties <br />and is consistent with the City's design guidelines for the South Bend Central <br />Development Area. This will include planning for the required access agreements <br />r.~cessary to accomplish the Project. <br />B. This transaction shall not proceed beyond execution of this non-binding <br />MOU in the event that: (i) the Commission and Developer determine that the Project as <br />described herein is not feasible; or (ii) Developer does not enter into a separate lease <br />agreement with Baker & Daniels, L.L.P. for a period of not less than fifteen (15) years; or <br />(iii) as otherwise mutually agreed by the parties. The parties understand and agree that <br />time is of the essence in this transaction and that this non-binding MOU shall serve as the <br />• basis for a definitive Development Agreement, the negotiation of which is intended to . <br />commence upon the execution of this MOU. The parties agree to take all reasonable <br />5 <br />H:.WPData\Projects\SBCDA\Key Bank Project\MOU - KeyBankProject_V2_070313.doc <br />