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6C 2
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06-14-11 Packet
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6C 2
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11/1/2012 2:27:12 PM
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6/10/2011 12:43:56 PM
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5. TRANSACTION STRUCTURE. Purchaser and Seller agree to cooperate in good <br />faith in establishing a transaction structure suitable to facilitate a New Market Tax <br />Credits transaction, and /or any other financial or tax incentive structures that may be <br />required to capture the necessary financial and tax incentives for the anticipated <br />redevelopment of the Property. <br />6. LOCAL INCENTIVES. Seller agrees to assist Purchaser in applying for all available <br />financial and /or tax incentives necessary to fill the financial gap in the proposed <br />redevelopment. <br />7. PRORATIONS AT CLOSING. All taxes and assessments, including but not limited <br />to any and all special assessments, even if payable in installments after closing, which <br />have become a lien upon the land, whether recorded or unrecorded, at the date of this <br />agreement shall be paid by the Seller. Current taxes, if any, shall be prorated and <br />adjusted upon information obtained from the Tax Assessor or Tax Collector's office. <br />8. RISK OF LOSS. If the property is destroyed or materially damaged between the date <br />hereof and the closing, and Seller is unable or unwilling to restore it to its previous <br />condition prior to closing, Purchaser will have the option of canceling this Agreement <br />and receive back the earnest money, or accepting the property in its then condition. If <br />Purchaser elects to accept the property in its damaged condition, such acceptance shall <br />be "AS IS" and Seller shall have no further responsibility with respect to the condition <br />of the property. <br />9. CLOSING FEES. Any closing fees charged for services rendered by a bank or escrow <br />company shall be paid by the Seller except where the payment of same shall be <br />prohibited by law, in which case, such fee shall be paid by the Purchaser. Seller's <br />attorney fees, all conveyance taxes and /or transfer taxes, if any, imposed by the County <br />of St. Joseph, State of Indiana, or any other governmental authority, in respect to the <br />sale or transfer of the Property to Purchaser shall be paid by Seller not later than <br />closing. <br />10. CONDITIONS PRECEDENT. Purchaser's obligations under this Agreement are <br />conditioned upon the satisfaction of each of the following conditions: <br />(i) Purchaser's satisfaction as to the condition of the Property after inspection <br />during the Inspection Period, including, but not limited to, the availability of <br />storm, sewer, and all public utilities. <br />(ii) Purchaser's satisfaction with zoning restrictions. <br />(iii) Purchaser's receipt of site development plan approval. <br />(iv) Purchaser's satisfaction as to the condition of title to the Property. <br />2 <br />
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