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The Owner hereby agrees to sell the Property, more particularly described in Exhibit A, <br />to the City for Three Hundred and Forty-Seven Thousand Dollars ($347,000.00) (the <br />"Purchase Price~~). subject to the following terms: <br />(a) The City and the Owner shall close the transaction in two separate actions <br />described as follows: <br />(i) on a date (the "Closing Date #1") that is within the calendar year <br />of 2009, the City and the Owner will close this transaction at <br />Meridian Title Company, South Bend, Indiana 46601 (the "Title <br />Company"). The City will pay the Owner a closing fee of One <br />Hundred Fifty Thousand Dollars ($150,000.00) and the relocation <br />fee of Seven Thousand Dollars ($7,000.00). After closing, the City <br />will become title holder to the property and the Owner will become <br />an at-will tenant on the property until the closing <br />(ii) on March 31, 2010 (the "Closing Date #2•'). Meridian Title <br />Company. South Bend. Indiana 46601 (the "Title Company`) will <br />release the remaining One Hundred Ninety Thousand Dollars <br />($190,000.00) to the Owner. At the time of payment, the transfer <br />of the property will between parties will be completed. <br />(b) The Owner shall continue to own and use the Property until the Closing <br />Date and hereby covenants that she will not alter the condition of the <br />Property. Additionally, the Owner may not release any substances, <br />hazardous or otherwise on or near the Property, or accumulate any other <br />materials, goods, refuse or debris on or near the Property. The Owner <br />further may not salvage or remove any fixtures or systems from the <br />Property, unless specifically authorized by the City in writing. If the <br />Owner takes any action in violation of this subsection (b), at closing the <br />City may withhold a portion of the Purchase Price to pay for any repairs or <br />clean up necessary to restore the Property to its condition as of the date of <br />this Agreement. The Owner shall be entitled to remain in possession and <br />to remove all of his personal property and appliances in an orderly manner <br />