6. E (3) Main and Western Disposition parcel

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taxes due and owing remaining on the Property as of the Closing Date. Any taxes accrued on the Property prior to closing shall be paid by the City at closing. 7. The City shall continue to own and use the Property until the Closing Date and hereby covenants that the City will not alter the condition of the Property, except as herein specifically allowed. 8. The Company intends to develop the Property as a site for a drug store operated by a national chain within two (2) years from the Date of Closing. If the Company fails to so use the Property, the Company shall transfer ownership of the Property to the City upon the City's demand so to do. 9. The City has provided a copy of the "no further action letter'" issued by the Indiana Department of Environmental Management (attached hereto as Exhibit C). The Company accepts the Property in its "as is/where is" condition. 10. The City acknowledges that the Company has conducted their own due diligence and acknowledges that the Purchase Price is fair and reasonable and waives any right that they may have to an appraisal or to contest or challenge the validity of compensation received under this Purchase Option Agreement. 11. All notices or other communications which are required or permitted under the terms of this Agreement shall be sufficient if delivered personally, by registered or certified mail, return receipt requested, or by generally recognized, prepaid, overnight air courier services, to the address and individual set forth below. All such notices to either party shall be deemed to have been provided (a) when delivered, if delivered personally, (b) three (3) days after mailed, if sent by registered or certified mail, or (c) the next business day, if sent by generally recognized, prepaid, overnight air courier services. City: Don Inks 12th Floor, County-City Building 227 W. Jefferson Blvd. South Bend, Indiana 46601 With a Copy to: City Attorney 14th Floor, County-City Building 227 W. Jefferson Blvd. South Bend, Indiana 46601 Company: Main at Western Ventures, LLC 3