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• IRREVOCABLE ESCROW DEPOSIT AGREEMENT <br />This Irrevocable Escrow Deposit Agreement, is dated as of November 1, 1998, , by <br />and between the South Bend Redevelopment Authority (the "Authority"), Norwest Bank Indiana, <br />N.A., Fort Wayne, Indiana, a national banking association organized under the laws of the United <br />States of America, as escrow trustee (the "Escrow Trustee.":), and as trustee (the "Prior Trustee") <br />under that certain Trust Agreement dated as of September 1, 1992, between the Authority and the <br />Prior Trustee (the "Prior Trust Agreement"). <br />PRIOR RECITALS <br />Section 1. Pursuant to Resolution No. 64, adopted by the Authority on September <br />10,1992 (the "Prior Resolution"), the Authority has heretofore issued its South Bend Redevelopment <br />Authority Lease Rental Revenue Bonds (Blackthorn Golf Course Project) dated October 1,1992 (the <br />"Prior Bonds"), in the amount of Five Million Six Hundred Eighty Thousand and 00/100 Dollars <br />($5,680,000.00), now outstanding in the principal amount of Five Million Six Hundred Eighty <br />Thousand and 00/100 Dollars ($5,680,000.00), maturing annually on March 1 in the years 1999 to <br />2013 inclusive, and subject to redemption prior to maturity at the option of the Authority on the <br />terms and conditions set forth in the Prior Resolution and in the Prior Trust Agreement. <br />Section 2. Pursuant to Resolution No. 130 adopted by the Authority on October <br />19, 1998, (the "Refunding Bond Resolution"), the Authority has authorized the issuance and sale of - <br />its refunding revenue bonds designated the "South Bend Redevelopment Authority Lease Rental <br />Revenue Refunding Bonds of 1998 (Blackthorn Golf Course Project)" in an aggregate principal <br />• <br />:ODMA\PCDOCS\SBDOCS 1\24205\2 <br />