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• NOW, THEREFORE, in consideration of the mutual promises and obligations in this <br />Contract, the parties agree as follows: <br />SECTION I. SALE OF PROPERTY. <br />Subj ect to all of the terms of this Contract and the Development Agreement, the Commission <br />agrees to sell and the Developer agrees to purchase the Property for the sum of One and 00 /100 <br />Dollars ($1.00) (the "Purchase Price "). <br />SECTION II. CONVEYANCE OF PROPERTY. <br />A. Form of Deed. Subject to the terms of this Contract and the Development Agreement, <br />the Commission shall convey to the Developer title to the Property by quit claim deed in'the form set <br />forth at Exhibit B (the `Deed"). In addition to the other conditions, covenants and restrictions in this <br />Contract and the Development Agreement, such conveyance and title shall be subject to: <br />1. Building and use restrictions in the Plan (and its covenants) and this Contract; <br />2. Applicable building codes and zoning ordinances; and <br />• 3. Any and all other covenants, restrictions, easements and reservations of <br />record. <br />B. Time and Place of Closing on Sale of the Property. Subject to the terms and <br />conditions of this Contract and the Development Agreement, the Commission shall deliver the Deed <br />and possession of the Property to the Developer on August 31, 2006 or earlier if the parties mutually <br />agree in writing. Conveyance shall be made at the offices of City of South Bend Department of <br />Redevelopment or at such other location designated by the Commission. Fees for closing services <br />provided by the title company shall be borne by the Commission. The Developer shall accept the <br />conveyance and pay the Purchase Price to the Commission at that time and place. <br />Prior to closing and as a condition precedent thereto, Developer must provide to the <br />Commission evidence satisfactory to the Commission of a binding commitment by a financial <br />institution for financing of the Project. <br />C. Apportionment of Current Taxes. The Commission shall bear the portion of the <br />current taxes (if any) on the Property which are a lien on the date of delivery of the Deed to the <br />Developer. <br />D. Recordation of Deed. The Commission shall promptly record the Deed in the St. <br />Joseph County Recorder's Office and shall pay the costs for recording the Deed. <br />• <br />