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HomeMy WebLinkAboutCarmel Garage Development Co. - PAC Elevators, Fire Protection, Pumps - $3,550,000/20100 INSTALLMENT PURCHASE CONTRACT (Elevators, Fire Protection, and Pumps) This Installment Purchase Contract (Elevators, Fire Protection, and Pumps) (the "Contract "), by and between Carmel Garage Development Company, LLC (the "Developer "), and The City of Carmel Redevelopment Commission ( "CRC "), is executed this 28`' day of January, 2010. 1. Definitions. Capitalized terms used in this Contract shall have the meanings ascribed to such terms in this Section. Administrative Payment shall mean a quarterly payment from CRC to Developer in an amount equal to: (a) .0025; multiplied by (b) the Loan Balance as of the due date of such payment; and divided by (c) 4; which payment is intended to defray the administrative costs that will be incurred by Developer in connection with the PAC Equipment Loan or the Replacement Loan, as applicable. Agency shall mean any applicable: (a) governmental agency, board, commission, or department; or (b) other judicial, administrative, or regulatory body. Aggregate Applied Amounts shall mean, at any given time, the aggregate amount of that portion of the Installment Payments that, by the terms of this Contract and the Loan Documents, is required to be applied to amortize the Loan Balance over the Amortization Period (or the remainder, thereof, in the case of the exercise of the Extension Option or the closing of the Replacement Loan). Aggregate PAC Equipment Costs shall mean the sum of: (a) the PAC Equipment Costs; (b) the Lender Fees for the PAC Equipment Loan; and (c) the Loan Costs for the PAC Equipment Loan. Amortization Period shall mean a period of 20 years, commencing on the first day of Payment Period 2. Books and Records shall mean all of the books and records pertaining to the acquisition and installation of the PAC Equipment in accordance with this Contract and the PAC Equipment Acquisition Agreement. Change Order shall mean a change order executed by the Executive Director (or by another designee of CRC if the Executive Director is unable or unavailable to execute such change order) and Developer finalizing the inclusion into the PAC Equipment Specifications of a change that has been: (a) proposed in a Change Order Request; and (b) deemed to have been approved (or actually approved) by Developer. Change Order Request shall mean a written request by CRC for a change to the PAC Equipment Specifications. City shall mean the City of Carmel, Indiana. City Agency shall mean an agency, board, commission, department, or instrumentality of the City. Claims shall mean claims, judgments, liabilities, losses, costs, and expenses (including, without limitation, reasonable attorneys' fees). Closing Payment shall mean an amount equal to: (a) the Loan Balance as of the expiration of Payment Period 2; plus (b) interest thereon that has: (1) accrued at the Loan Rate; and (ii) not been paid prior to the expiration of Payment Period 2 (stated alternatively, interest that has accrued, but not been paid, as part of the Installment Payments). Collateral Assignment shall mean the Original Collateral Assignment, as amended by the Collateral Assignment Amendment. O 0 Lender Fees shall mean regular (non- default) lender fees, costs, and expenses actually incurred and paid by Developer under the Loan Documents, including, without limitation and if applicable: (a) the fees incurred in connection with the exercise of the Extension Option; and (b) the Fixed Rate Fees. To the extent that fees, costs, and expenses are included in Lender Fees, such fees, costs, and expenses shall not be included in Loan Costs. Loan shall mean the PAC Equipment Loan or the Replacement Loan, as applicable_ Loan Agreement shall mean the Original Loan Agreement, as amended by the Loan Agreement Amendment. Loan Agreement Amendment shall mean an amendment to the Original Loan Agreement in the form reasonably agreed to by the parties. Loan Balance shall mean that portion of the outstanding principal balance of the PAC Equipment Loan disbursed to pay: (a) Lender Fees with respect to the PAC Equipment Loan; (b) Loan Costs with respect to the PAC Equipment Loan; and (c) PAC Equipment Costs. If the Replacement Loan is obtained, then, from and after the dosing with respect to the Replacement Loan, the Loan Balance shall mean that portion of the outstanding principal balance of the Replacement Loan disbursed to pay: (a) the Unamortized Balance; (b) Lender Fees with respect to the Replacement Loan; and (c) Loan Costs with respect to the Replacement Loan, The Loan Balance shall be reduced by: (a) any Partial Prepayments that have been made by CRC to Developer, even if the Lender has not yet applied any such Partial Prepayments to reduce the outstanding principal balance of the Loan; and (b) the Aggregate Applied Amounts. Loan Costs shall mean the actual, out -of- pocket costs incurred by Developer to close the PAC Equipment Loan and /or the Replacement Loan. To the extent that costs are included in Loan Costs, such costs shall not be included in Lender Fees. Loan Document Amendments shall mean the Collateral Assignment Amendment, the Loan Agreement Amendment, the Replacement Note, and any other documents executed in connection with the amendment of the Original Loan Documents. Loan Documents shall mean, as applicable, the PAC Equipment Loan Documents or the Replacement Loan Documents. Loan Rate shall mean the per annum regular (non - default) rate of interest accruing on the Loan Balance under the Loan Documents. Offset/Addition Amount shall mean the amount by which a projected Installment Payment set forth in a Projection Notice either exceeded or fell short of the amount of the Installment Payment to which Developer actually was entitled for the quarter with respect to which such Projection Notice applied. Offset/Addition Notice shall mean a written notice: (a) stating that the projected amount of an Installment Payment set forth in a specified Projection Notice either exceeded or fell short of the amount of the Installment Payment to which Developer actually was entitled for the quarter with respect to which such Projection Notice applied; and (b) setting forth the Offset/Addition Amount. Original Collateral Assignment shall mean that certain Collateral Assignment, Lock Box, and Security Agreement (Detention and Foundation) executed by and among Developer, CRC, and Regions Bank and dated August 14, 2009. 012610;0957;12;lnstallment Contract - Elevator Fire Pump.v2.wpd -3- Original Installment Contract shall mean that certain installment Purchase Contract (Detention and Foundation) executed by and between CRC and Developer and dated August 14, 2009, which Installment Purchase Contract is superseded and replaced by this Contract. Original Loan Agreement shall mean that certain Loan Agreement (Detention and Foundation) executed by and between Developer and Regions Bank and dated August 14, 2009. Original Loan Documents shall mean the Original Collateral Assignment, the Original Loan Agreement, the Original Note, and any other documents executed in connection with the foregoing. Original Note shall mean that certain Promissory Note (Detention and Foundation) executed by Developer in favor of Regions Bank and dated August 14, 2009. Original Tri Party Agreement shall mean that certain Tri -Party Agreement (Detention and Foundation) executed by and among Developer, CRC, and Regions Bank and dated August 14, 2009. PAC shall mean a world -class concert hall located on that certain real estate depicted on Exhibit A. PAC Equipment shall mean an estimated $3,550,000.00 of: (a) passenger and /or freight elevators, lifts, doors, elevator shafts, motors, cables, and related equipment; (b) fire protection sprinklers and related equipment; and (c) pumps, plumbing fixtures, HVAC equipment, and related equipment; to be used in the operation of the PAC. The PAC Equipment is described in the PAC Equipment Specifications. PAC Equipment Acquisition Agreement shall mean an agreement entered into by Developer and the Supplier, which agreement shall: (a) be consistentwith the PAC Equipment Schedule and the PAC Equipment Specifications (reflecting any Change Orders); (b) reflect the obligation of Developer to obtain the Warranties; and (c) be subject to the reasonable approval of CRC. PAC Equipment Closing Date shall mean the date of the closing with respect to the transfer of the PAC Equipment. If such closing has not occurred at such time as Payment Period 2 expires, then the PAC Equipment Closing Date shall be the date on which Payment Period 2 expires. PAC Equipment Costs shall mean the actual, out -of- pocket costs incurred by Developer to acquire and install (or cause the installation of) the PAC Equipment in accordance with this Contract and the PAC Equipment Acquisition Agreement. PAC Equipment Lender shall mean Regions Bank. PAC Equipment Loan shall mean the loan initially evidenced by the Original Loan Documents, the terms and conditions of which are being amended by the Loan Document Amendments. The proceeds of the PAC Equipment Loan shall be used to finance the Aggregate PAC Equipment Costs. PAC Equipment Loan Closing shall mean the closing with respect to the PAC Equipment Loan. PAC Equipment Loan Closing Date shall mean the date of the PAC Equipment Loan Closing. PAC Equipment Loan Documents shall mean the Original Loan Documents, as amended by the Loan Document Amendments. PAC Equipment Specifications shall mean the specifications for: (a) the PAC Equipment, including specific identification and /or descriptions of the PAC Equipment; and (b) the warranties from manufacturers, 012610:0957:L2:Installment Contract - Elevator Fire Punip.v2.wpd -4- • 0 • a fabricators, and suppliers to be obtained in connection with the acquisition and installation of the PAC Equipment, which warranties shall: (1) run in favor of CRC; and (ii) constitute the Warranties. The PAC Equipment Specifications are attached hereto as Exhibit C. PAC Equipment Schedule shall mean the schedule forthe acquisition and installation of the PAC Equipment, which schedule is attached hereto as Exhibit B. Partial Prepayment shall mean a payment of a portion of the outstanding principal balance of the Loan, which payment is made by CRC in addition to an Installment Payment. Payment Due Date shall mean each April 7, July 7, October 7, and January 7 during Payment Period 1 and Payment Period 2. Payment Period 1 shall mean the period: (a) that began on August 14, 2009, which was the date on which the Original Loan Documents and the Original Tri -Party Agreement were executed; and (b) ending on January 7, 2011. Payment Period 1 Installments shall mean quarterly installment payments for the purchase of the PAC Equipment, the amount of which shall be equal to: (a) the: (i) Loan Rate; multiplied by (ii) the Loan Balance; and multiplied by (iii) 1/4; plus (b) the Administrative Payment for the applicable quarter. Payment Period 2 shall mean the period: (a) beginning on January 8, 2011; and (b) ending on the maturity date of the PAC Equipment Loan, as the same may be extended by the exercise of the Extension Option; provided that, if Developer obtains the Replacement Loan, then Payment Period 2 shall end on the maturity date of the final Replacement Loan. Payment Period 2 Installments shall mean quarterly installment payments for the purchase of the PAC Equipment, the amount of which shall be equal to: (a) an amount that will amortize the Loan Balance over the Amortization Period (or the remainder thereof, in the case of the exercise of the Extension Option or the closing of the Replacement Loan) at the Loan Rate; plus (b) the Administrative Payment for the applicable quarter. Projection Notice shall mean a written notice setting forth Developer's reasonable projection of the amount of the next due Installment Payment. Purchase Price shall mean the sum of: (a) all Installment Payments; plus (b) the Closing Payment. Replacement Lender shall mean the financial institution making the Replacement Loan. Replacement Loan shall mean a financing (or a series of financings) comprised of a loan (or a series of loans) to Developer, the proceeds of which shall be used to refinance the Unamortized Balance, which loan (or series of loans) shall provide for: (a) a term that does not extend beyond the expiration of the Amortization Period; (b) interest at a rate accepted by CRC; (c) amortization of the Unamortized Balance over the remainder of the Amortization Period at the Loan Rate; and (d) quarterly payments that change if and when the Loan Rate changes, subject to the exercise of the Fixed Rate Option. Replacement Loan Documents shall mean the documents evidencing and securing the Replacement Loan. Replacement Note shall mean a Replacement Promissory Note (Elevator, Fire Protection, and Pumps) to be executed by Developer in favor of Regions Bank, which Replacement Promissory Note will supersede and replace the Original Note. 012610;0957 :12;Inslaliment Contract - Elevator Fire Pump.v2.wpd -5- Replacement Tri -Party Agreement shall mean an agreement by and among CRC. Developer, and the Replacement Lender replacing the Tri -Party Agreement, which agreement shall contain terms and conditions substantially similar to the Tri -Party Agreement, modified as necessary to reflect the Replacement Loan. Supplier shall mean the entity from which Developer will acquire the PAC Equipment. Surviving Supplier Obligations shall mean obligations of the Supplier under the PAC Equipment Acquisition Agreement (other than the obligations specified in the Warranties) that survive the acquisition and installation by Developer of the PAC Equipment Transfer shall mean: (a) any sale, transfer, conveyance, assignment, pledge, or other disposition of, or any encumbrance upon, the PAC Equipment or any interest therein; or (b) any granting of a security interest in the PAC Equipment. Tri -Party Agreement shall mean the Original Tri -Party Agreement, as amended by the Tri -Party Agreement Amendment. Tri -Party Agreement Amendment shall mean an amendment to the Original Tri -Party Agreement in the form reasonably agreed to by the parties. Unamortized Balance shall mean the amount of the Loan Balance on the maturity date of the PAC Equipment Loan, as the same may be extended by the exercise of the Extension Option; provided that. in the case of a Replacement Loan obtained after the maturity of a prior Replacement Loan, the Unamortized Balance shall be mean the amount of the Loan Balance on the maturity of such prior Replacement Loan: Warranties shall mean the warranties specified in the PAC Equipment Specifications to be obtained in connection with the acquisition and installation of the PAC Equipment, which warranties shall run in favor of CRC. 2. General Obligations. (a) PAC Equipment Loan and Acquisition. Subject to the terms and conditions of this Contract: (1) Developer shall: (A) close the PAC Equipment Loan, including executing and delivering the Loan Document Amendments; (B) after the PAC Equipment Loan Closing: (1) acquire the PAC Equipment and the Warranties in accordance with the PAC Equipment. Acquisition Agreement; and (2) install (or cause the installation of) the PAC Equipment; (C) if applicable, close the Replacement Loan, including executing and delivering the Replacement Loan Documents; and (0) satisfy its obligations under the Loan Documents; and (ii) the proceeds of the PAC Equipment Loan shall be used only to finance the Aggregate PAC Equipment Costs; provided that, if Developer obtains the Replacement Loan, then the proceeds of the Replacement Loan may be used to refinance the Unamortized Balance. 012610;0957.L2.lnstallment Contract - Elevator Fire Pump.v2.wpo -6- • • D (b) Fixed Rate Option. Upon receipt of written request by CRC, Developer shall exercise the Fixed Rate Option; provided that, Developer shall not exercise the Fixed Rate Option unless requested by CRC. (c) PAC Equipment Transfer. Subject to the terms and conditions of this Contract: (i) Developer shall transfer to CRC; and (ii) CRC shall purchase from Developer; title to the PAC Equipment for the Purchase Price; provided that, if CRC exercises the Full Prepayment Option, then, in lieu of the Purchase Price, CRC shall pay the Full Prepayment Price. 3. Loan Closing. The PAC Equipment Loan Closing Date shall be established mutually by CRC and Developer. The PAC Equipment Loan Closing shall take place at the office of the PAC Equipment Lender, or at such other place as CRC and Developer mutually agree. 4. Loan Closing Documents. At the PAC Equipment Loan Closing, CRC and/or Developer, as applicable, shall execute and deliver the following documents: (a) the Loan Document Amendments; (b) the Tri -Party Agreement Amendment; (c) copies of such resolutions, consents, authorizations, and other evidence as CRC or Developer, as applicable, or the PAC Equipment Lender reasonably may request to establish that: (1) the persons executing and delivering this Contract and the foregoing documents are empowered and authorized by all necessary action of CRC or Developer, as applicable; and (11) the: (A) execution and delivery of this Contract and the foregoing documents; and (8) performance by CRC or Developer, as applicable, hereunder and under such documents; have been authorized by CRC or Developer, as applicable; and (d) such other customary documents and instruments as CRC or Developer, as applicable, or the PAC Equipment Lender reasonably may request in connection with the PAC Equipment Loan Closing. 5. Conditions of Performance. (a) Developer Conditions. The obligations of Developer with respect to proceeding with the PAC Equipment Loan Closing shall be subject to the satisfaction, or waiver in writing, of the following: (i) Developer, exercising commercially reasonable discretion, shall have approved the Loan Document Amendments and the Tri -Party Agreement Amendment; (ii) there shall be no breach of this Contract by CRC that CRC has failed to cure within the Cure Period; and (iii) all of the representations and warranties set forth in Subsection 6(a) shall be true and accurate in all respects. (b) CRC Conditions. The obligations of CRC with respect to proceeding with the PAC Equipment Loan Closing and the payment of the Purchase Price shall be subject to satisfaction, or waiver in writing, of the following: 012610 :0957;L2;Installment Contrecf.ElevatOr Fire Pump.v2.wpd -7- (1) CRC, exercising commercially reasonable discretion, shall have approved the Loan Document Amendments and the Tri -Party Agreement Amendment; (ii) there shaft be no breach of this Contract by Developer that Developer has failed to cure within the Cure Period; and (iii) all of the representations and warranties set forth in Subsection 6(b) shall be true and accurate in all respects. 6. Representations. (a) CRC. CRC represents and warrants to Developer that: (i) CRC shall not enter into any contracts or undertakings that would limit, conflict with, or constitute a breach of this Contract, the Tri -Party Agreement, or the Collateral Assignment; (ii) CRC is a public body organized and existing under the laws of the State of Indiana; (iii) CRC has the power to: (A) enter into this Contract, the Tri -Party Agreement, and the Collateral Assignment; and (B) perform its obligations hereunder and under the Tri -Party Agreement and the Collateral Assignment; (iv) CRC has been authorized by proper action to: (A) execute and deliver this Contract, the Tri -Party Agreement Amendment, and the Collateral Assignment Amendment; and (8) perform its obligations hereunder and under the Tri -Party Agreement and the Collateral Assignment; and (v) this Contract, the Tri -Party Agreement, and the Collateral Assignment are the legal, valid, and binding obligations of CRC. (b) Developer. Developer represents and warrants to CRC that: (i) Developer shall not enter into any contracts or undertakings that would limit, conflict with, or constitute a breach of this Contract, the Tri -Party Agreement, or the Loan Documents; (ii) Developer is a limited liability company organized and existing under the laws of the State of Indiana; (iil) Developer has the power to: (A) enter into this Contract, the Tri -Party Agreement Amendment, and the Loan Document Amendments; and (B) to perform its obligations hereunder and under the Tri -Party Agreement and the Loan Documents; (iv) Developer has been authorized by proper action to: (A) execute and deliver this Contract, the Tri -Party Agreement Amendment, and the Loan Document Amendments; and (B) perform its obligations hereunder and under the Tri -Party Agreement and the Loan Documents; (v) this Contract, the Tri -Party Agreement, and the Loan Documents are the legal, valid, and binding obligations of Developer; (vi) upon acquisition thereof pursuant to the PAC Equipment Acquisition Agreement, Developer shall: (A) be, and continue to be, the lawful owner of the PAC Equipment; and (B) have, and continue to have, good and marketable title to the PAC Equipment, free and clear of all liens, claims, security interests, encumbrances, and restrictions, except for this Contract; and (vii) no financing statement covering all or any portion of the PAC Equipment is on file in any public office. 7. Change Orders. If CRC desires to make a change to the PAC Equipment Specifications, then CRC shall submit a Change Order Request to Developer, which Change Order Request shall state: (a) whether implementing the Change Order Request would increase, decrease, or have no effect on the PAC Equipment Costs; and (b) that, if implementing the Change Order Request would increase the PAC Equipment Costs, then CRC shall pay the amount of such increase. So long as CRC agrees to pay any increase in the PAC Equipment Costs that results from the proposed change, the Change Order Request shall be deemed to be approved by Developer. if a Change Order Request is deemed to be approved by Developer, then a Change Order shall be executed. Notwithstanding the foregoing, Change Orders may be made only: (a) to the extent 012810;0952;L2:Installment Contract•E1evator Fire Pump.v2.wpd -8- • • A D 0 permitted by, and in accordance with, the PAC Equipment Acquisition Agreement; and (b) with respect to items of PAC Equipment, title of which has not been transferred to Developer. 8. Acquisition of PAC Equipment. (a) Acquisition Agreement. Developer shall: (i) enter into the PAC Equipment Acquisition Agreement; (ii) comply with all of its obligations under the PAC Equipment Acquisition Agreement; (iii) keep the PAC Equipment Acquisition Agreement in full force and effect, without any default by Developer thereunder; (iv) not amend or modify the PAC Equipment Acquisition Agreement, except with the prior consent of CRC; provided that, without the prior consent of CRC, Developer may make minor, non - substantive amendments or modifications of or to the PAC Equipment Acquisition Agreement; and (v) enforce the terms and conditions of the PAC Equipment Acquisition Agreement against the Supplier (including that, to the extent that there are Surviving Supplier Obligations, Developer shall enforce the terms and conditions of the PAC Equipment Acquisition Agreement with respect thereto); provided that, if Developer incurs actual, reasonable, out -of -- pocket expenses in connection with such enforcement, then, upon receipt of reasonable documentation evidencing such expenses, and in the ordinary course of CRC's business, CRC shall reimburse Developer for'such expenses. If there are Surviving Supplier Obligations, then, at such time as Developer has acquired the title to all of the PAC Equipment, Developer shall collaterally assign the PAC Equipment Acquisition Agreement to CRC. (b) Acquisition. Developer shall: (1) acquire title to, and install (or cause the installation of), all of the PAC Equipment in accordance with the PAC Equipment Acquisition Agreement, the PAC Equipment Schedule, and the PAC Equipment Specifications (reflecting any Change Orders); and (ii) obtain (and deliver to CRC) all of the Warranties; provided that, if, for any reason, the Warranties by their terms do not run in favor of CRC, then, in addition to delivering the Warranties to CRC, Developer shall assign the Warranties to CRC. If the Aggregate PAC Equipment Costs exceed the proceeds of the PAC Equipment Loan, then, upon receipt of reasonable documentation evidencing such excess, and in the ordinary course of CRC's business, CRC shall pay to Developer the amount of such excess. (c) Inspection. At such time as Developer has acquired and installed (or caused the installation of) the PAC Equipment and obtained (and delivered to CRC) the Warranties, CRC shall check the PAC Equipment and the Warranties against the PAC Equipment Specifications. If CRC determines that the PAC Equipment and /or the Warranties do not conform to the PAC Equipment Specifications (reflecting any Change Orders), then: (1) CRC shall provide to Developer written notice thereof; and (11) Developer shall address the non- conformity directly with the manufacturer, fabricator, and /or supplier, as applicable; provided that, if Developer incurs actual, reasonable, out -of- pocket expenses in connection with addressing the non - conformity, then, upon receipt of reasonable documentation evidencing such expenses, and in the ordinary course of CRC's business, CRC shall reimburse Developer for such expenses. (d) Statement. At such time that CRC confirms that the PAC Equipment and the Warranties conform to the PAC Equipment Specifications (reflecting any Change Orders), CRC shall execute a statement in favor of Developer stating that Developer has: (i) acquired and installed (or caused the installation of) the PAC Equipment, and obtained (and delivered to CRC) the Warranties, in accordance with the PAC Equipment Specifications (reflecting any Change Orders); and (ii) no further obligations with respect to the PAC Equipment and the Warranties (including that CRC shall be responsible for pursuing any claims under the Warranties). 012610;0457;L2 ;installment Contract - Elevator Fire Pump.v2.wpd -9- (e) Sole Warranties. CRC acknowledges that: (I) Developer is not making any independent warranties with respect to the manufacture, fabrication, and /or supply of the PAC Equipment; and (ii) although Developer is responsible for obtaining the Warranties, Developer is not responsible or liable for. (A) enforcing the Warranties; or (B) a failure by any manufacturer, fabricator, and /or supplier, as applicable, to honor the Warranties. 9. Acquisition of PAC Equipment- Payment. (a) Payment Period 1. (i) Developer acknowledges that, under the Original Installment Contract, which is being superseded and replaced by this Contract, CRC is current in its payments of the "Payment Period 1 Installments ", as defined in the Original Installment Contract. From and after the date hereof, such payments shall continue uninterrupted hereunder as the Payment Period 1 Installments so that, beginning on the next occurring Payment Due Date and continuing throughout the remainder of Payment Period 1, CRC shall pay the Payment Period 1 Installments to Developer. Upon receipt thereof, Developer timely shall make the next payment due to the Lender pursuant to the Loan Documents; provided that, if a Payment Period 1 Installment Payment is delayed, then Developer shall make the payment due to the Lender promptly upon receipt of payment by CRC. (ii) The Payment Period 1 Installments shall be: (A) in the amount determined pursuant to Subsection 9(a)(iii); (B) paid in arrears, on or before each Payment Due Date; and (C) subject to adjustment pursuant to Subsection 9(c). (iii) Because the amount of the Payment Period 1 Installments to which Developer is entitled may fluctuate due to: (A) changes in the Loan Rate; and /or (B) increases or decreases in the Loan Balance; within the period between the first and fifth business days of each March, June, September, and December during Payment Period 1, Developer shall deliver to CRC a Projection Notice. The amount set forth in the Projection Notice shall be: (A) based on Developer's reasonable projection of: (1) the interest payment on the Loan (using the same method of calculation as the Lender); and (2) the Administrative Payment; for the next quarter; and (B) the amount of the Payment Period 1 Installment due and payable by CRC on or before the next occurring Payment Due Date. (b) Payment Period 2. (i) During Payment Period 2, CRC shall pay the Payment Period 2 Installments to Developer. Upon receipt thereof, Developer timely shall make the next payment due to the Lender pursuant to the Loan Documents; provided that, if a Payment Period 2 Installment is delayed, then Developer shall make the payment due to the Lender promptly upon receipt of payment by CRC . (ii) The Payment Period 2 Installments shall be: (A) in the amount determined pursuant to Subsection 9(b)(iii); (8) paid in arrears, on or before 012610,0957.t.2.tnstattment CantraU•Etevator Fire Pump.v2.wpd -10- • • O D each Payment Due Date; and (C) subject to adjustment pursuant to Subsection 9(c). (iii) Because the Payment Period 2 installments to which Developer is entitled may fluctuate due to: (A) changes in the Loan Rate; and /or (B) decreases in the Loan Balance; on the first day of Payment Period 2, and within the period between the first and fifth business days of each March, June, September, and December during Payment Period 2, Developer shall deliver to CRC a Projection Notice. The amount set forth in the Projection Notice shall be: (A) based on Developer's reasonable projection of: (1) the principal and interest payment on the Loan (using the same method of calculation as the Lender); and (2) the Administrative Payment; for the next quarter, and (B) the amount of the Payment Period 2 Installment due and payable by CRC on or before the next occurring Payment Due Date. (c) Adjustment. If the projected amount set forth in a Projection Notice was more or less than the actual amount to which Developer was entitled on the Payment Due Date with respect to which such Projection Notice applied; then, with the next Projection Notice, Developer shall deliver to CRC an Offset/Addition Notice. Notwithstanding the terms and conditions of Subsection 9(a)(iii) or 9(b)(iii), as applicable, on or before the next occurring Payment Due Date, CRC shall pay to Developer the amount set forth in the current Projection Notice, adjusted by the amount of the Offset/Addition Amount, as set forth in the Offset/Addition Notice. (d) Partial Prepayment. CRC may make a Partial Prepayment at any time; provided that, if a Partial Prepayment is made more than 90 days before the maturity date of the Loan, then, in connection with such Partial Prepayment, CRC shall be obligated to pay any prepayment premium or penalty required by the Loan Documents. If CRC makes a Partial Prepayment, then Developer promptly shall pay the amount of such Partial Prepayment to the Lender for application against the Loan Balance. (e) Closing Payment. Subject to the exercise by CRC of the Full Prepayment Option, on the date on which Payment Period 2 expires, CRC shall pay the Closing Payment to Developer. Promptly thereafter, Developer shall pay the Closing Payment to the Lender, thereby paying off the Loan in full. 10. Acquisition of PAC Equipment- Prepayment. (a) Payment Period 1. CRC may exercise the Full Prepayment Option, to be effective at any time during Payment Period 1, by delivery of the Full Prepayment Notice. Within ten days after receipt by Developer of the Full Prepayment Notice, CRC and Developer, each acting reasonably, shall agree on the Full Prepayment Closing Date. (b) Payment Period 2. CRC may exercise the Full Prepayment Option, to be effective at any time during Payment Period 2, by delivery of the Full Prepayment Notice. Notwithstanding the foregoing, if there is a Replacement Loan, then, to the extent that the Replacement Loan Documents prohibit the exercise of the Full Prepayment Option, CRC shall not have the right to exercise the Full Prepayment Option so long as such prohibition is in effect; provided that, regardless of any such prohibition in the Replacement Loan Documents, CRC shall have the right to exercise the Full Prepayment Option during the 90 days immediately preceding the expiration of Payment Period 2. Within ten days after receipt O12670.0957L2 :Installment Contract - Elevator Fire Pump.v2.wpa by Developer of the Full Prepayment Notice, CRC and Developer, each acting reasonably, shall agree on the Full Prepayment Closing Date; provided that, if the Full Prepayment Notice is delivered more than 90 days prior to the expiration of Payment Period 2, then the Full Prepayment Closing Date shall not occur for at least 30 days after delivery of the Full Prepayment Notice. (c) Full Prepayment Price. If CRC properly exercises the Full Prepayment Option, then, in lieu of the remainder of the Purchase Price, CRC shall pay the Full Prepayment Price. Promptly thereafter, Developer shall pay the Full Prepayment Price to the Lender, thereby paying off the Loan in full. 11. PAC Equipment Closing. On the PAC Equipment Closing Date, Developer shall transfer to CRC title to the PAC Equipment. In connection with such transfer: (a) CRC shall pay either the Closing Payment or the Full Prepayment Price, as applicable; and (b) Developer shall deliver to CRC a fully executed bill of sale with full warranties of title transferring the PAC Equipment to CRC free of all liens, security interests, and equipment leaseholds, which bill of sale shall be in a form agreed to by the parties in the exercise of their reasonable discretion. 12. Options. (a) Fixed Rate. So long as: (i) there is no continuing Event of Default by CRC hereunder; (ii) CRC has not: (A) defaulted under the Tri -Party Agreement or the Collateral Assignment beyond applicable cure periods; or (B) taken any other action; the result of which is that Developer no longer has the right to exercise the Fixed Rate Option; and (iii) the Fixed Rate Option remains available under the Loan Documents; Developer, upon receipt of written request and otherwise in accordance with the Loan Documents, shall exercise the Fixed Rate Option. (b) Extension. So long as: (i) there is no continuing Event of Default by CRC hereunder; (ii) CRC has not: (A) defaulted under the Tri -Party Agreement or the Collateral Assignment beyond applicable cure periods; or (B) taken any other action; the result of which is that Developer no longer has the right to exercise the Extension Option; and (ili) the Extension Option remains available under the Loan Documents; Developer, upon receipt of written request and otherwise in accordance with the Loan Documents, shall exercise the Extension Option. (c) Replacement Loan. So long as there is no continuing Event of Default by CRC hereunder, at the request of CRC, Developer shall exercise commercially reasonable, good faith efforts to obtain the Replacement Loan. Developer shall be deemed to have satisfied its obligation to exercise commercially reasonable, good faith efforts to obtain the Replacement Loan if Developer: (i) retains a qualified finance professional to aid Developer in obtaining the Replacement Loan; (ii) cooperates in good faith with the efforts of such finance professional; (iii) cooperates in good faith with the efforts of CRC in connection with obtaining the Replacement Loan; and (iv) provides to CRC monthly reports with respect to the progress made in obtaining the Replacement Loan; provided that, if it appears that the Replacement Loan cannot be obtained, then such reports shall set forth . any alternate re- financings for the PAC Equipment Loan that Developer or its finance professional has identified as possible substitutions for the Replacement Loan. If Developer obtains the Replacement Loan, then: (1) at the closing with respect thereto: (A) Developer and the Replacement Lender shall execute the Replacement Loan Documents; and (B) CRC, Developer, and the Replacement Lender shall execute the Replacement Tri -Party 012610;09573.2;Installment Contract- Elevator Fae Pump.v2 wpd -12- • • • 0 D m Agreement; and (11) if Developer (as opposed to CRC) obtained the Replacement Loan, CRC shall pay to Developer a fee in the amount of 1% of the Unamortized Balance. 13. Affirmative Obligations. Developer acknowledges and agrees that, at all times, Developer shall comply with the covenants and agreements set forth in this Section. (a) Developer shall comply with all Laws in: (1) the conduct of its business and other operations; and (11) the performance of its obligations under the PAC Equipment Acquisition Agreement, this Contract, and the Loan Documents. (b) Developer shall keep in full force and effect, without any violations by Developer, any and all filings or registrations with any Agency necessary in connection with: (i) the performance by Developer of its obligations under the Loan Documents; (ii) the acquisition of the PAC Equipment in accordance with this Contract and the PAC Equipment Acquisition Agreement; or (iii) the sale of the PAC Equipment to CRC in accordance with this Contract. (c) If any proceeding, inquiry, or investigation is pending or threatened against Developer or any property of Developer, an adverse decision with respect to which would materially and adversely affect: (1) the business, operations, or financial condition of Developer; (ii) the acquisition of the PAC Equipment in accordance with this Contract and the PAC Equipment Acquisition Agreement; and/or (iii) the sale of the PAC Equipment to CRC in accordance with this Contract; then Developer shall: (i) notify CRC immediately in writing; (ii) prepare and submit to CRC for its reasonable approval a written plan for addressing and /or responding to such proceeding, inquiry, or investigation; and (iii) address and/or respond to such proceeding, inquiry, or investigation in accordance with the plan approved by CRC. (d) At all times, Developer shall: (1) keep the PAC Equipment free from any and all liens, claims, security interests, encumbrances, and restrictions, except for this Contract; and (ii) defend the PAC Equipment against the claims and demands of others. (e) Developer shall keep and maintain true, correct, accurate, and complete Books and Records. All Books and Records shall be kept and maintained in accordance with generally accepted accounting principles consistently applied. (f) CRC and its attorneys, accountants, representatives, architects, engineers, and consultants at all reasonable times shall have: (1) free access to, and rights of inspection of, the Books and Records; and (ii) the right to audit, make extracts from, and receive from Developer originals or accurate copies of, the Books and Records. 14. Negative Covenants. Developer acknowledges and agrees that, at all times, Developer shall comply with the covenants and agreements set forth in this Section. (a) Except as approved by CRC: (i) there shall be no Transfer by Developer; and (ii) Developer shall not cause or permit any Transfer. The execution by CRC of the Collateral Assignment Amendment shall not be deemed to be a consent by CRC to any Transfer. (b) Developer shall not: (1) file any financing statement covering all or any portion of the PAC Equipment in any public office, except financing statements in favor of the Lender; or (11) cause or permit any such financing statement to be filed. 012610 :0957 :L2 :Installment Contract - Elevator Fire Pump.v2.wpd -13- (c) Developer shall not: (1) change its name; (ii) merge into, or consolidate with, any other entity, or otherwise reorganize; (iii) permit any change in the members of Developer or the percentage of ownership in Developer, if the effect of such change is that Developer no longer is controlled by, or under common control with, REI Real Estate Services, LLC; or (iv) fail to promptly notify CRC in writing of any change in the members of Developer or the percentage of ownership in Developer. (d) Developer shall not: (i) amend, modify, or restate the articles of organization or operating agreement of Developer; (ii) cause or permit any such amendment, modification, or restatement; or (iii) be dissolved, wound up, or converted to another type of entity, or have its existence as a limited liability company terminated. (e) Developer shall not: (1) sell, convey, or transfer to any person any interest in Developer; (ii) otherwise encumber, pledge, or assign any interest in Developer; (iii) grant any security interest in any interest in Developer; or (iv) cause or permit any such sale, conveyance, transfer, encumbrance, pledge, assignment, or grant of security interest. (f) Developer shall not make or permit to be made any material change in the character of its business as currently conducted. 15. Liens /Encumbrances. Neither Developer nor CRC shall suffer or cause the filing of any mechanic's, supplier's, or similar lien against the PAC Equipment, or any part thereof. If any mechanic's, supplier's, or similar lien is filed against the PAC Equipment, or any part thereof, for work claimed to have been done for, or materials claimed to have been furnished to, either Developer or CRC, then Developer or CRC, respectively, shall cause such mechanic's, supplier's, or similar lien to be discharged of record within 30 days after notice of the filing by bonding, or as provided or required by law. Nothing in this Contract shall be deemed or construed to: (a) constitute consent to, or request of, the performance of any work for, or the furnishing of any materials to, either party; or (b) give either party the right or authority to contract for, authorize, or permit the performance of any work, or the furnishing of any materials; to the extent that the foregoing would permit the attachment of a mechanic's, supplier's, or similar lien to the other party's interest in the PAC Equipment. 16. Preservation. If Developer fails to: (a) make any payment under the Loan Documents or the Tri -Party Agreement when due; or (b) timely observe or perform any obligation to be observed or performed by it pursuant to the Loan Documents or the Tri -Party Agreement; then: (a) CRC, at its option, but without: (i) any duty or obligation to do so; or (ii) any waiver or release of any default by Developer; may make any such payment or observe or perform any such obligation as necessary or appropriate to protect or defend: (1) the PAC Equipment Acquisition Agreement and /or the rights of Developer thereunder; and /or (ii) the PAC Equipment and /or the interest of Developer therein; and (b) Developer shall pay, upon receipt of written demand, all reasonable costs and expenses incurred by CRC in connection with making any such payment or observing or performing any such obligation (including, without limitation, reasonable attorneys' fees). 17. Events of Default. Each of the following shall be deemed to be an "Event of Default" by Developer or CRC, as applicable: (a) CRC's failure to pay any Installment Payment when due; provided that, in the case of the first two such failures in any given 12 month period, such failure shall not constitute an Event of Default unless such failure continues for five business days after Developer delivers written notice thereof to CRC. (b) Developer's failure to comply with the terms and conditions of the Loan Documents; provided that, if such failure is due to CRC's failure to pay any Installment Payment or the 012610:0957 :L2:Installment Contract-Elevator Fire Purnp.v2.wpd -14- • • O 0 D Closing Payment when due, then such failure shall not be an Event of Default unless and until the failure by Developer continues for a period of five business days after CRC pays to Developer the delinquent Installment Payment or Closing Payment, together with any late fees for which the Loan Documents provide. If Developer's failure to comply with the terms and conditions of the Loan Documents is due to CRC's failure to satisfy its obligations under the Tri -Party Agreement or the Replacement Tri -Party Agreement, then such failure by Developer shall not be an Event of Default. (c) Developer's failure to comply with the terms and conditions of the PAC Equipment Acquisition Agreement, and the continuance of such failure beyond any applicable cure period specified in the PAC Equipment Acquisition Agreement; provided that, if no cure period is specified, then such failure shall not constitute an Event of Default unless such failure continues for 15 days. (d) the failure of Developer or CRC to observe or perform any term or condition of this Contract to be observed or performed by Developer or CRC, respectively: (1) with respect to the obligation to pay money (other than payment by CRC of an Installment Payment), if such failure is not cured within ten days after such payment is due; and (ii) with respect to any other obligation, if such failure is not cured within the Cure Period. (e) Any: (i) Transfer by Developer, except as expressly permitted in this Contract or any of the Loan Documents; or (ii) breach or violation of any covenant or agreement set forth in Subsection 9(b), 9(c), 9(d), or 9(f) of the Loan Agreement. (f) An assignment or delegation by either party of any of its rights or obligations hereunder, except as permitted by Section 20. (g) The liquidation or the sale, transfer, conveyance, assignment, pledge, or other disposition of substantially all of the assets of CRC or Developer. (h) CRC or Developer: (i) institutes or consents to any proceedings: (A) in insolvency or bankruptcy; (8) for the adjustment, liquidation, extension or composition, or arrangement of debts; or (C) for any other relief; under any Law with respect to the relief or reorganization of debtors; (ii) is adjudicated a bankrupt, files an answer admitting bankruptcy or insolvency, or in any manner is adjudged insolvent; (iii) makes an assignment for the benefit of creditors; or (iv) admits in writing an inability to pay debts as they become due. (i) Any proceeding: (i) in insolvency or bankruptcy; (ii) for the adjustment, liquidation, extension or composition, or arrangement of debts; or (iii) for any other relief; under any Law with respect to the relief or reorganization of debtors is instituted against CRC or Developer, and such proceeding is not discharged or dismissed within 60 days. (j) Any portion of the PAC Equipment, or any substantial portion of the other property or assets of CRC or Developer, is placed in the hands of any receiver, trustee, or other officer or representative of any court, and such receiver, trustee, or other officer or representative is not discharged or dismissed within 60 days, or CRC or Developer consents, agrees, or acquiesces to the appointment of any such receiver, trustee, or other officer or representative. (k) Any lienholder or creditor shall initiate an action to enforce or foreclose a lien or security interest on all or any portion of the PAC Equipment, whether such security interest or lien is superior, equal, or junior to the security interest or lien held therein by the Lender. 012610;0957;L2;Instailment Contract - Elevator Fire Pump.v2.wptl -15- (l) The making or filing of any levy or execution on, or any seizure, attachment, or garnishment of, any portion of the PAC Equipment or the interest of Developer therein. 18. Remedies. (a) Remedies. If there is an Event of Default, then the non - defaulting party, without further notice or demand, shall have the right to exercise any rights and remedies available to it at law or in equity. The rights and remedies available to the non - defaulting party shall include, without limitation, the following: (i) if the defaulting party has failed to perform any of its obligations under this Contract, enjoining the failure or specifically enforcing the performance of such obligation; (ii) if the defaulting party has failed to perform any of its obligations under this Contract (other than the obligation to pay any amounts due to the non - defaulting party), performing the obligation that the defaulting party has failed to perform; provided that the performance by the non - defaulting party of such obligation shall not be construed to be a waiver of the Event of Default; and (iii) if CRC is the defaulting party, then Developer may accelerate payment of the Full Prepayment Price, which would have the same effect as if CRC had exercised the Full Prepayment Option; provided that the Full Prepayment Closing Date shall occur on a date designated by Developer. (b) No Waiver. Neither: (i) a waiver by either party of an Event of Default; nor (ii) an exercise by either party of any right or remedy with respect to an Event of Default; shall be deemed either to: (1) constitute a waiver of any subsequent Event of Default; (ii) release or relieve the other party from performing any of its obligations under this Contract; or (iii) constitute an amendment or modification of this Contract. If Developer accepts any Installment Payments during the continuance of an Event of Default by CRC, then such acceptance shall not be construed as a waiver of: (i) such Event of Default; or (11) any right or remedy of Developer with respect to such Event of Default. The rights and remedies hereunder are cumulative, and no: (1) right or remedy shall be deemed to be, or construed as, exclusive of any other right or remedy hereunder, at law, or in equity; or (ii) failure to exercise any right or remedy shall operate to prevent the subsequent exercise of such right or remedy. (c) Damages. The non - defaulting party may recover from the defaulting party all damages that the non - defaulting party incurs: (i) by reason of any Event of Default by the defaulting party; and /or (ii) in connection with exercising its rights and remedies with respect to any Event of Default; together with interest thereon at the Default Rate. All such amounts shall be due and payable by the defaulting party immediately upon receipt of written demand from the other party, and the obligation of the defaulting party to pay such amounts shall survive the acquisition by CRC of the PAC Equipment. 19. Notice. Any notice required or permitted to be given by either party to this Contract shall be in writing, and shall be deemed to have been given when: (a) delivered in person to the other party; (b) sent by facsimile, with electronic confirmation of receipt; or (c) sent by national overnight delivery service, with confirmation of receipt, addressed as follows: to Developer at 11711 North Pennsylvania Street, Suite 200, Carmel, Indiana 012610 :0957;L2:Installment Contract - Elevator Fire Pump.v2.wpd -16- • • 0 46032, Attn: Jeffrey Sporleder, Facsimile:317- 573 -6055; and to CRC at City of Carmel, Indiana, One Civic Square, Carmel, Indiana 46032, Facsimile: 317 - 844 -3498, Attn: Les Olds, with a copy to: Karl P. Haas, Esq., Wallack Somers & Haas, PC, One Indiana Square, Suite 1500, Indianapolis, Indiana 46204, Facsimile: 317 - 231 -9900. Either party may change its address for notice from time to time by delivering notice to the other party as provided above. All Installment Payments shall be delivered to Developer at the address set forth in, or specified in accordance with, this Section. 20, Assignment. CRC shall not: (a) assign this Contract or any interest herein; or (b) delegate any duty or obligation hereunder; except as permitted by the Tri -Party Agreement or the Replacement Tri -Party Agreement, as applicable. Notwithstanding any assignment as permitted by the Tri -Party Agreement or the Replacement Tri -Party Agreement, as applicable: (a) CRC shall remain fully liable to perform all of its obligations under this Contract; and (b) a consent by Developer to any assignment shall not release CRC from such performance; provided that, if, in the case of an assignment to a City Agency as permitted by the Tri - Party Agreement or the Replacement Tri -Party Agreement, as applicable, the obligations of CRC hereunder become general obligations of the City, then CRC shall be released from performance of any obligations that first arise after the date of such assignment. Any transfer of this Contract by operation of law (including, without limitation, a transfer as a result of merger, consolidation, or liquidation of CRC) shall constitute an assignment for purposes of this Contract. Developer shall not: (a) assign this Contract or any interestherein; or (b) delegate any duty or obligation hereunder; except as permitted by the Tri -Party Agreement or the Replacement Tri -Party Agreement, as applicable; provided that, notwithstanding any assignment: (a) Developer shall remain fully liable to perform all of its obligations under this Contract; and (b) a consent by CRC to any assignment shall not release Developer from such performance. 21. Mutual Indemnification. Each of CRC and Developer shall indemnify and hold harmless Developer and CRC, respectively, from and against any and all Claims arising from, or connected with: (a) the negligence or wilful misconduct of: (1) CRC or Developer, respectively; or (ii) any party acting by, under, through, or on behalf of CRC or Developer, respectively; and/or (b) the: (i) breach by CRC or Developer, respectively, of any term or condition of this Contract, the Tri -Party Agreement, or the Replacement Tri -Party Agreement; and (ii) the resulting exercise by Developer or CRC of its rights and remedies with respect to such default. 22. Miscellaneous. (a) Prior Agreements. Except in the case of the Tri -Party Agreement, all prior representations and agreements by or between Developer and CRC with respect to the obligations set forth in this Contract are merged into, and expressed in, this Contract. This Contract shall not be amended, modified, or supplemented, except: (i) by a written agreement executed by both Developer and CRC; and (11) as permitted by the Tri -Party Agreement or the Replacement Tri -Party Agreement, as applicable. This Contract may be executed in separate counterparts, each of which shall be an original, but all of which together shall constitute a single instrument. (b) Construction. This Contract shall be construed in accordance with the laws of the State of Indiana . The captions of this Contract are for convenience only and do not in any way limit or alter the terms and conditions of this Contract. The invalidity or unenforceability of any term or condition of this Contract shall not affect the other terms and conditions, and this Contract shall be construed in all respects as if such invalid or unenforceable term or condition had not been contained herein. All exhibits referenced herein are attached hereto and incorporated herein by reference. (c) Successors. Subject to the terms and conditions of Section 20, this Contract, and all of the terms and conditions hereof, shall: (i) inure to the benefit of; and (ii) be binding upon; the respective heirs, executors, administrators, successors, and assigns of Developer 012610;0957;12:Installment Contract- Elevator Fire Pump.v2.wpd -17- and CRC. All indemnities set forth in this Contract shall survive the acquisition by CRC of the PAC Equipment. (d) Authority. Each person executing this Contract represents and warrants that: (i) he or she has been authorized to execute and deliver this Contract by the entity for which he or she is signing; and (ii) this Contract is the valid and binding agreement of such entity, enforceable in accordance with its terms. (e) Suits. All proceedings arising in connection with this Contract shall be tried and litigated only in the state courts in Hamilton County, Indiana, or the federal courts with venue that includes Hamilton County, Indiana. Developer waives, to the extent permitted under applicable law: (1) the right to a trial by jury; and (ii) any right Developer may have to: (A) assert the doctrine of "forum non conveniens "; or (B) object to venue. (f) Time Periods. All references in this Contract to periods of days shall be construed to refer to calendar, not business, days, unless business days are specified. Notwithstanding anything to the contrary set forth herein, if either party is delayed in, or prevented from observing or performing any of its obligations hereunder, or satisfying any term or condition hereunder, in any case as the result of: (1) an act or omission of the other party; or (ii) any other cause that is not within the reasonable control of such party (including, without limitation, inclement weather, the unavailability of materials, equipment, services or labor, and utility or energy shortages or acts or omissions of public utility providers); then: (1) observation, performance, or satisfaction shall be excused for the period of such delay or prevention; and (ii) the dates, and other deadlines for observation, performance, and satisfaction shall be extended for the same period. IN WITNESS WHEREOF, Developer and CRC have executed this Contract on the day and year set forth above. 012610,0957;L2anstaitment Contract - Elevator Fire Pump.v2 `"Pd -18- CARMEL GARAGE DEVELOPMENT COMPANY, LLC By: REI Real Estate Services, LLC, sole Member THE CITY OF RE II EVV • PMENT CO Bv: ice` CARMEL SION Ronald E. Carter, President • • D Index to Exhibits Exhibit A Depiction of PAC Site Exhibit B PAC Equipment Schedule Exhibit C PAC Equipment Specifications Exhibit D Terms and conditions for Fixed Rate Option Exhibit E Terms and conditions for Extension Option 012610,0957j 2 :Installment Con Tact- Elevator Fve Pump.v2 wpd Site Plan 4ift,i‘oit k 0 D 0 D D D EXHIBITS B & C Page 1 PARCEL 7A Regional Performing Arts Center Installment Purchase Contract Elevators, Fire Protection, and Pumps General Piping, Inc. Pumps, Plumbing, and HVAC Project Manual #25310 - CSO Architects, #05150 - L'Acquis Engineering Package #4 - Materials as outlined in sections: 22- 11 -23, 27- 13 -29, 22- 31 -02, 22- 33 -02, 22- 34 -00, 22- 34 -02, 22 -80 -00 Description of Materials: Item No. Description of Work Scheduled Value 63 Sewage Ejector/Triplex Pumps - L $ 26,640.00 64 Sewage Ejector /Triplex Pumps - M $ 167,273.00 66 Domestic Pumps - L $ 4,440.00 67 Domestic Pumps - M $ 27,066.00 103 Plumbing Fixtures - L $ 54,840.00 104 Plumbing Fixtures - M $ 111,082.00 106 Water Heater - L $ 4,080.00 107 Water Heater - M $ 62,669.00 137 HVAC Pumps - L $ 6,120.00 138 HVAC Pumps - M $ 28,061.00 142 HVAC Equipment $ 120,532.00 212 Storm Water Control Panel $ 30,693.00 Total General Piping $ 643,496.00 0 EXHIBITS B & C Page 2 PARCEL 7A Regional Performing Arts Center Installment Purchase Contract Elevators, Fire Protection, and Pumps WR Dunkin Elevators, Lifts & Doors Project Manual #25310 - CSO Architects, #05150 - L'Acquis Engineering Package #3 - Materials as outlined in sections: 08- 11 -00, 08- 14 -00, 08- 14 -33, 08- 34 -73, 08- 71 -04, 14- 21 -00, 14- 24 -13, 14- 42 -16, 08 -42 -33 Description of Materials Item No. Description of Work Scheduled Value 8110 steel doors and frames - M $ 73,000.00 8111 steel doors and frames - L $ 33,000.00 8140 flush wood doors - M $ 39,000.00 8141 flush wood doors - L $ 15,000.00 8143 stile and rail wood doors - M $ 127,000.00 8144 stile and rail wood doors - L $ 34,000.00 8347 sound control doors and windows - M $ 352,000.00 8348 sound control doors and windows - L $ 50,000.00 8355 over coiling doors - M $ 20,750.00 8356 over coiling doors - L $ 2,850.00 8410 aluminum framed entraces /storefronts - M $ 176,000.00 8411 aluminum framed entraces /storefronts - L $ 69,700.00 8413 interior aluminum doors and frames - M $ 17,000.00 8414 interior aluminum doors and frames - L $ 6,000.00 8423 revolving door entrances - M $ 69,000.00 8424 revolving door entrances - L $ 9,500.00 14210 electric traction elevators - engineering $ 157,200.00 14211 electric traction elevators - material /equipment $ 452,000.00 14212 electric traction elevators - L $ 186,000.00 14241 hydraulic elevator - engineering $ 69,500.00 14242 hydraulic elevator - material /equipment $ 183,000.00 14243 hydraulic elevator - L $ 63,000.00 14421 wheelchair lift - material /equipment $ 48,000.00 14422 wheelchair lift - permits $ 2,200.00 14423 wheelchair lift - L $ 14,000.00 Total WR Dunkin $ 2,268,700.00 0 xL.s39 s3ti•C ? PARCEL 7 t Regional Performing Arts Center Installment Purchase Contract Simplex - Grinnel Fire Protection Systems Project Manual #25310 - CSO Architects, #05150 - L'Acquis Engineering Package #4 - Materials as outlined in sections: 21- 12 -00, 21- 13 -00, 21 -30 -00 Description of Materials Included in this work are the vertical water standpipes throughout the building and the series of fire houses mounted in cabinets. Also included are the fire extinguishers mounted in cabinets. Included are the sprinkler system piping, control panels, monitoring devices and the necessary fire pumps to assure adequate water pressure in the building. Exhibits B & C Page 4 The PAC Equipment will be acquired in accordance with the contracts entered into by and between CRC and (a) General Piping, Inc.; (b) WR Dunkin; and (c) Simplex - Grinnel; each of which has been assigned to Developer. • • D Exhibit D Terms and conditions of Fixed Rate Option The terms and conditions of this Exhibit match those in the corresponding Exhibit to the Master Loan .Program Agreement. Accordingly, all capitalized terms used but not defined in this Exhibit shall have the meanings ascribed to such terms in the Master Loan Program Agreement. For purposes of this Exhibit, Developer constitutes a Qualified Developer, and the PAC Equipment Loan constitutes a Developer Loan. CRC may exercise the Fixed Rate Option by delivery of written notice to Lender prior to the applicable Advance Date; provided that Lender acknowledges that CRC has exercised the Fixed Rate Option with respect to the Advance Amount to be deposited on the first Advance Date. Notwithstanding anything in this Agreement or any Developer Loan Documents to the contrary: (a) on the first Advance Date; and (b) on the second Advance Date, if CRC has exercised the Fixed Rate Option with respect to the Advance Amount to be deposited on the second Advance Date; CRC shall execute a Hedge Agreement (as defined below) in a notional amount equal to the amount of the applicable Advance Amount, which Hedge Agreement shall provide for an interest rate swap for the purpose of hedging the Qualified Developers' exposure to fluctuations in interest rates applicable to Developer Loans. For purposes of this Exhibit, "Hedge Agreement" shall mean: (a) an agreement (including terms and conditions incorporated by reference therein and all schedules thereto and confirmations thereof) in any notional principal amount (which notional amount may reduce periodically under the agreement) from time to time and at any time executed and delivered by CRC and Lender that provides for an interest rate, currency, equity, credit or commodity swap, cap, floor or collar, sport or foreign exchange transaction, cross - currency rate swap, currency option, any combination thereof, or option with respect to any of the foregoing or any similar transactions, for the purpose of hedging the Qualified Developers' exposure to fluctuations in interest rates, exchange rates, currency, stock, portfolio or loan valuations or commodity prices (including any such or similar agreement or transaction entered into by Lender in connection with any other agreement or transaction between CRC and Lender); and (b) a master agreement for any of the foregoing agreements referenced in (a); together with all supplements." The parties acknowledge that the Fixed Rate Option has been exercised with respect to the PAC Equipment Loan Exhibit E Terms and conditions of Extension Option The terms and conditions of this Exhibit match those in the corresponding Exhibit to the Master Loan Program Agreement. Accordingly, all capitalized terms used but not defined in this Exhibit shall have the meanings ascribed to such terms in the Master Loan Program Agreement. For purposes of this Exhibit, Developer constitutes a Qualified Developer, and the PAC Equipment Loan constitutes a Developer Loan. Not later than one hundred twenty (120) days prior to the end of the term of any Developer Loan, CRC and the applicable Qualified Developer may request an extension of the term of such Developer Loan. Lender shall review and consider such request for an extension in accordance with Lender's then - applicable underwriting standards, and will notify the CRC and such Qualified Developer whether such extension shall be granted not later than sixty (60) days prior to the end of the current term of the Developer Loan. to •