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ADDENDUM TO <br />CONTRACT FOR SALE OF LAND <br />FOR PRIVATE DEVELOPMENT <br />THIS ADDENDUM, made on , 2010, between the South Bend <br />Redevelopment Commission (the "Commission "), established under the Redevelopment <br />of Cities and Towns Act of 1953, as amended, being Ind. Code 36- 7 -14 -1, et seq. (the <br />"Act "), and having its office at 1200 County -City Building, South Bend, Indiana, and <br />East Bank South Bend Development, LLC, a limited liability corporation organized <br />under the laws of the State of Indiana (the "Developer "), having its principal place of <br />business at 603 Manchester Drive, South Bend, Indiana, 46615. <br />WHEREAS, the Commission and the Developer entered into a "Contract for Sale <br />of Land for Private Development" (the "Contract "), and <br />WHEREAS, the Contract provided for the sale from the Commission to the <br />Developer of certain real estate indentified in the Contract and provided for the <br />development standards of the real estate by the Developer, and <br />WHEREAS, the Contract provided that the Developer pay Ten Thousand Dollars <br />($10,000.00) to the Commission for the purchase of the real estate, and <br />WHEREAS, the Commission desires to construct a retaining wall to aid in the <br />development of the real estate and the surrounding area, with an estimated cost of <br />construction in excess of Ten Thousand Dollars ($10,000.00), and <br />WHEREAS, the Developer is willing to undertake the construction of the <br />retaining wall conforming to the specifications of the Commission in exchange for a <br />reduction of the purchase price provided for in the Contract, and <br />WHEREAS, the Commission and the Developer desire to enter into this <br />Addendum to effect the parties' desires. <br />NOW, THEREFORE, in consideration of the mutual promises and obligations <br />in this Addendum, the parties agree to amend the Contract as follows: <br />1. The Developer agrees to undertake the construction of a retaining wall to <br />aid in the development of the real estate and the surrounding area, which will be <br />constructed at the Developer's expense and pursuant to the specifications contained in <br />Exhibit "A" attached hereto. <br />2. The Purchase Price provided for in the Contract shall be reduced to One <br />Dollar ($1.00). <br />3. All other terms and conditions contained in the Contract shall remain in <br />full force and effect. <br />1 <br />