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1 � <br /> SECOND AMENDMENT TO PROJECT DEVELOPMENT AGREEMENT <br /> THIS Second Amendment to Project Development Agreement <br /> entered into as of this 1st day of September, 2002 , between <br /> Independence County, Arkansas (the "County") and the City of <br /> Batesville, Arkansas (the "City" ) ; <br /> WITNESSETH: <br /> WHEREAS, the County and the City have entered into a <br /> Project Development Agreement dated November 23 , 1985, as amended <br /> by the Amendment to Project Development Agreement dated May, 1997 <br /> (the "Original Agreement" ) , a copy of which is attached hereto as <br /> Exhibit A, pertaining to the development and financing, by the <br /> County, of hydroelectric power facilities to be located at Lock and <br /> Dam No. 1 in the White River ( "Project 111 ) and leasing to the <br /> County the lands described in Exhibit B hereto, together with <br /> certain buildings and fixtures described in the Original Agreement; <br /> and <br /> WHEREAS, it is appropriate that the Original Agreement be <br /> amended and, as amended, confirmed in order to assure that the <br /> development and financing of Project 1 may proceed; <br /> • NOW, THEREFORE, in consideration of the mutual covenants <br /> and benefits herein exchanged and exchanged in the Original <br /> Agreement and in consideration of the development and financing of <br /> Project 1, and other good and valuable consideration, the receipt, <br /> adequacy and sufficiency of which are hereby acknowledged, the <br /> County and the City agree as follows : <br /> Section 1 . The Original Agreement, as amended hereby, is <br /> hereby confirmed and continued and the lease of the properties <br /> described in Exhibit A, together with the buildings and fixtures <br /> described and identified in and leased pursuant to the Original <br /> Agreement , is hereby confirmed and continued. <br /> The County and the City agree that in the event that it <br /> is necessary that the Original Agreement be acknowledged, in order <br /> that it be recorded or for other purposes, the Original Agreement <br /> will be renewed and acknowledged as necessary. <br /> Section 2 . Section 7 of the Original Agreement is hereby <br /> amended by adding at the conclusion thereof the following: <br /> "Notwithstanding the preceding sentence, the City <br /> recognizes that it is expected that the County shall assign its <br /> leasehold estate created hereunder to the holders of bonds to be <br /> issued by the County for the purpose of financing the development <br /> ® of Project 1 or a trustee acting on behalf of such bondholders or <br /> that the County shall mortgage its leasehold estate to such <br /> parties . The right of the County to assign or mortgage its <br /> leasehold estate is hereby confirmed. Further, it is recognized <br />