6. E (3) Main and Western Disposition parcel

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this notice shall be known as the "Effective Date." It is understood and agreed that tune is of essence as to the payment of the purchase price under this provision. If the Company does not exercise the terms of this Option by the ending date as specified above, then the right and option set forth herein shall immediately terminate. 2. Subject to the Company exercising this Option, the City and the Company hereby agree that the City shall sell and the Company shall buy the Property upon the following terms and conditions. The City fully agrees and acknowledges that the consideration given by the Company constitutes legal, adequate, and valuable consideration for the purposes of this Agreement. 3. The ``Commencement Date' shall be the date that the last of the parties to this Agreement signs and executes below. The obligations of the Parties under this Purchase Option Agreement begin on the Commencement Date. The "Effective Date" is the date that the City receives notice from the Company that the Company is exercising its Option under this Agreement. 4. Subject to the Company exercising this Option, the City hereby agrees to sell the Property to the Company for Ten Thousand and 00/100 Dollars ($10,000.00) (the ``Purchase Price"). The obligations of the Company to close this transaction are subject to the Company having given Notice to Purchase. 5. The City and the Company shall close the transaction at Meridian Title Company, South Bend, Indiana 46601 (the "Title Company'') on a date (the "Closing Date") that is no later than thirty (30) days of the date the Company gives its Notice to Purchase or on such date and time or at such place as mutually agreed upon by the parties. At closing, the City shall provide a title policy from the Title Company insuring title to the Property to the Company in the amount of the Purchase Price. Other than the costs associated with the title policy or each party's respective attorney's fees, the parties shall bear those closing costs normally associated with a seller or buyer as applicable, which shall be evidenced by a Closing Statement prepared by the Title Company and signed by the parties hereto or their respective representatives at closing. The Company shall be responsible for recording costs. The parties each represent that no real estate commissions are due and owing to any party with respect to this transaction. 6. At closing, the City shall deliver to the Company a duly executed quit claim deed in the form attached hereto as Exhibit B providing for the conveyance of the Property free and clear of all liens, mortgages and encumbrances. If necessary, the sale proceeds shall be applied to satisfy any mortgages, encumbrances, or 2