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EQUIPMENT LEASE AGREEMENT THIS EQUIPMENT LEASE AGREEMENT (this "Lease") is made as of the as day of V , 2014, by and between the SOUTH BEND REDEVELOPMEN F COMMISSION ("Lessor"), organized and existing under Indiana Code 36-7-14, and NORRES NORTH AMERICA INC., a Delaware corporation with permission to operate in Indiana("Lessee"). RECITALS A. Lessor, the governing body of the City of South Bend, Indiana, Redevelopment District and the City of South Bend, Indiana, Department of Redevelopment, exists and operates under the provisions of Indiana Code Section 36-7-14, as amended from time to time (the "Act"). B. Lessor desires to foster redevelopment and economic development within the City of South Bend, Indiana (the "City"). C. Lessee is a leading German producer of technical hoses, hose systems and system accessories. Lessee desires to expand its presence in the North American market and is in need of a production facility and centralized warehouse to furnish the North American market (the "South Bend Production Facility and Warehouse"). D. The proposed improvements by Lessee would include substantial capital expenditures, as well as employment opportunities associated with the South Bend Production Facility and Warehouse (the "Project") E. In order to more fully develop the Project and expand its applications, Lessee requires the Equipment (as defined below), to be used in connection with the South Bend Production Facility and Warehouse F. The Project proposed by Lessee would include substantial maintenance and capital expenditures and activities, as well as installation of incremental on-site projects to improve and stabilize the operations of the South Bend Production Facility and Warehouse. G. Lessor owns the Equipment (as defined below) described on the attached Schedule A. H. As a material inducement for Lessor to enter into this Lease upon the terms provided herein, and in connection with that certain Economic Development Agreement dated 414 �v` , 2014, by and between Lessor and Lessee (the "Agreement"), ee has agreed to complete the Project in the total amount of $1,866,000.00 referenced in the Agreement and to create the number of jobs of the types and wage ranges also referenced in the Agreement, upon the terms and subject to the conditions set forth herein and in the Agreement.