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purchase and sale contemplated by this Agreement as part of a tax deferred, like -kind <br />exchange under Section 1031 of the Internal Revenue Code of 1986, as amended; <br />provided, however, that in connection therewith, the non - requesting party shall not be <br />required to: (a) incur any additional costs or expenses; (b) take legal title to additional <br />real property (i.e., the requesting parties' "replacement property" or "relinquished <br />property "); or (c) agree to delay the Closing. However, should both parties wish to <br />complete a tax - deferred exchange, the parties will each incur their own additional <br />expenses related to their exchange and shall split any common costs which will benefit <br />both parties by such a division. <br />23. EFFECTIVE DATE. "Effective Date" shall mean the date upon which this <br />Agreement is accepted by the party to whom the offer is made. Acceptance shall be <br />deemed to have been made on the date the fully executed Agreement is received by the <br />party first executing the Agreement. <br />24. NOTICES. All notices, requests, demands or other communications hereunder shall <br />be in writing and deemed given (a) when delivered personally or (b) on the day said <br />communication is deposited in the U.S. mail, by registered or certified mail, return <br />receipt requested, postage prepaid, or (c) on the next business day after notice is sent by <br />facsimile or (d) on the day said communication is deposited with a nationally <br />recognized overnight courier service, addressed and /or sent by facsimile, as the case <br />may be, as follows: <br />If to Seller: <br />Donald E. Inks, Director <br />Department of Redevelopment <br />City of South Bend, Indiana <br />1200 City- County Building <br />227 W. Jefferson Blvd. <br />South Bend, Indiana 46601 <br />With copy to: <br />Charles Leone, Esq. <br />City Attorney <br />City of South Bend, Indiana <br />1400 City- County Building <br />227 W. Jefferson Blvd. <br />South Bend, IN 46601 <br />If to Purchaser: <br />MAVCON PROPERTIES, LLC <br />9110 Portage Road <br />Portage, MI 49002 <br />Attn: James Dally <br />Fax No.: 269 - 381 -4225 <br />The parties executed this Commercial Purchase Agreement as of the date set forth below. <br />PURCHASER: <br />11 <br />