Authorizing the execution of a contract for the purchase of certain disposition parcels inthe Urban Renewal Central Downtown Project

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-3- (b) Applicable statutes of the Federal Government and applicable statutes, orders, rules and regula- tions of the State of Indiana; and (c) Land use, building and other special restrictions set forth in the Urban Renewal Plan, as approved. Sec. 3. Time and Place for Delivery of Deed. The Agency shall deliver the Deed and possession of the Parcels to the City on such take-down date as the parties hereto may agree in writing within three months after the successful sale of revenue bonds for each proposed parking structure set out in the Urban Renewal Plan. Provided, that if the Agency is unable to tender conveyance of any Parcel, or deliver possession thereof, in the manner and condition provided in this Agreement on the agreed take-down date for such Parcel, the take-down date for such Parcel shall be postponed to and shall become a date mutually agreeable to the Agency and the City not more than six months from the agreed take-down date for such Parcel. Conveyance shall be made at the principal office of the Agency and the City. shall accept such conveyance and pay to the Agency at such time and place the Parcel Price applicable to the Parcel or Parcels then conveyed, as set forth in Schedule B. Sec. 4. Proration of Current Taxes. The current real estate taxes, if any, on any Parcel which are a lien on the date of delivery of the Deed to 'the City shall be prorated between the Agency and the City as of the date of the delivery of the Deed. If the amount of the current taxes on the Parcel then being conveyed is not ascertainable on such date, the proration between the Agency and the City shall be on the basis of the amount of the most recently ascertainable taxes on such Parcel. Sec. 5. Recordation of Deed. The City shall promptly re- cord each Deed in the Office of the Recorder of St. Joseph County, Indiana, at its own expense. Sec. 6. Title Insurance. At the time the Deed and possession of any Parcel are delivered to the City, the Agency shall also deliver to the City, at no expense to the City, an owner' s policy of title insurance in an amount equal to the Parcel Price applicable to the Parcel then being conveyed, issued by a responsible title insurance company authorized to do business in the State of Indiana and guaranteeing good and merchantable fee simple title in the City subject to the terms, covenants and conditions of this Agreement and to those reservations, encumbrances and exceptions hereinabove set forth.