5A2 Agreement to Release Easement (JC Hart) - Signed

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1 AGREEMENT TO RELEASE EASEMENT THIS AGREEMENT TO RELEASE EASEMENT (this “Agreement”) is made and entered into effective as of (the “Effective Date”), by and between J.C. Hart Company, Inc., an Indiana corporation (“Developer”) and the City of South Bend, Department of Redevelopment, acting by and through its governing body, the South Bend Redevelopment Commission (“Commission”) (each, a “Party,” and collectively, the “Parties”). BACKGROUND A. Developer and Commission are parties to a certain Economic Development Agreement dated January 9, 2025, as amended (the “Development Agreement”), which sets forth various rights and obligations related to development of the Project Site for the Project (as defined in the Development Agreement, as may be amended from time to time). Terms used but not otherwise defined herein are as defined in the Development Agreement. B. The Commission owns certain property located to the south of the Project Site, commonly known as 501 E Monroe, 501 E. Monroe, 404 Columbia, 350 Columbia, and 348 Columbia in South Bend (the “Commission Property”) and through such ownership is the beneficiary of a certain non-exclusive easement over the Project Site for pedestrian and vehicular ingress and egress to and from Wayne Street/Jefferson Boulevard (the “Easement”). C. The Development Agreement contemplates the creation of certain Plans and Specifications for the Project, which will include details regarding the construction of a new road and sidewalks through the Project Site. D. It is the intent of the Parties that the Plans and Specifications for the Project will include the Developer’s commitment to dedicate any necessary rights-of-way on the Project Site in order to allow for the development of public street and public utilities to serve the site and connect to neighboring properties. E. In order for the Developer to proceed with its Project, it must first obtain a release of the Easement from the Commission, in the form attached hereto as Exhibit 1. F. The Parties now desire to enter into this Agreement to memorialize that the Commission’s execution of the Release of Easement is being done in exchange for the Developer’s commitment to dedicate necessary rights-of-way on the Project Site that will enable the development of a public street and public utilities to serve the site and connect to the neighboring properties, including the Commission’s Property. NOW, THEREFORE, in consideration of the background above, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Commission and Developer agree as follows: 1. Background Provisions. The background provisions above are incorporated into the body of this Agreement as if fully set forth herein and made a part hereof.