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<br /> <br />FIRST AMENDMENT TO <br />DEVELOPMENT AGREEMENT <br /> <br />This FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this “First <br />Amendment”) is made and entered into to be effective as of May 22, 2025, by and between the <br />City of South Bend, Department of Redevelopment, acting by and through its governing body, the <br />South Bend Redevelopment Commission (“Commission”), and the Monreaux LLC, an Indiana <br />limited liability company with offices at 1335 Pyle Avenue, South Bend, Indiana 46615, and Delta <br />Ventures Ltd. (collectively, the “Developer”). <br /> <br /> <br />RECITALS <br /> <br />A. The Commission and Developer entered into that certain Development Agreement, <br />dated effective as of November 20, 2023, (the “Agreement”) for development of certain real <br />property located in St. Joseph County, City of South Bend, State of Indiana as more particularly <br />described in Exhibit A of the Agreement (the “Property”). All capitalized terms used but not <br />otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. <br /> <br />B. Certain circumstances have changed since the execution of the Development <br />Agreement and the Commission desires to amend the Development Agreement to increase the <br />Funding Amount and Private Investment, and to recognize certain other changes in the Project. <br /> <br />C. The Commission and the Developer now desire to amend the Agreement as set <br />forth herein. <br /> <br />AGREEMENT <br /> <br />NOW, THEREFORE, in consideration of these premises, and the mutual covenants and <br />promises contained herein and other good and valuable consideration, the receipt and sufficiency <br />of which are hereby acknowledged, the Developer and the Commission hereby agree as follows: <br /> <br />1. Recitals. The recitals set forth above, including each and every recital contained <br />therein, are incorporated into and made a part of this First Amendment as though fully set forth <br />herein. <br /> <br />2. Amendments. The Agreement is hereby amended as follows: <br /> <br />a. In the tenth paragraph of the Recitals, the text “sixty (60) residential units with <br />no fewer than forty-six (46)” shall be deleted and replaced with the text “fifty- <br />seven (57) residential units with no fewer than forty-five (45)” with the <br />remainder of the paragraph unchanged. <br />b. In Section 1.2, the text “Two Million Three Hundred Thousand Dollars <br />($2,300,000.00)” shall be deleted and replaced with the following: “Three <br />Million Three Hundred Thousand Dollars ($3,300,000.00).”