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06-14-11 Packet
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3. CREG's Commitments. <br />a. Approved Plat for Adams Road Estate. CREG will complete Adams <br />Road Estates in accordance with the terms and specifications of the <br />subdivision plat that has been approved and recorded, and shall make <br />no changes without prior written approval. <br />h. Acknowledgment of Limited Access to Olive Road. CREG understands <br />and acknowledges that the Olive Road Extension is intended to be a <br />limited access roadway with public street intersections only. No one - <br />user driveways are permitted to be connected to the roadway, <br />excepting that the City will support the granting of one opening along <br />the entire frontage of Olive Road to be located approximately half -way <br />between the entire frontage, or will permit West Maple Way in <br />Westwood Knolls to eventually connect in lieu of said opening, <br />subject to approval by the Area Plan Commission or other entity <br />having authority over such actions. <br />c. Removal of CREG'S Personal Property. On or before Closing, CREG <br />shall have removed, at no expense to the City, all equipment, personal <br />property, and other items of any kind or nature from the Property. <br />4. Exceptions to Title. <br />a. CREG warrants that it owns fee simple insurable title the Property, <br />subject only to the following exceptions <br />1. The lien of general real estate taxes not yet due and <br />payable, and <br />2. Liens or encumbrances of a definite or ascertainable <br />amount and which will be paid and discharged in full by or <br />for the Commission at or prior to the Closing, and <br />Zoning ordinances, and <br />4. Easements of record, liens, encumbrances, and restrictions <br />of record as shown on the Title Commitment. <br />5. Remedies Upon Default. If CREG or the City breaches or defaults under <br />any of the terms of this Agreement, the rights of the party not in default shall be limited <br />to the right to recover costs and expenses incurred in the performance of the Agreement <br />to the time of breach, including the right to compel specific performance of this <br />Agreement. This Agreement shall not constitute a waiver of the City's rights to acquire <br />the Property by condemnation pursuant to Indiana law. <br />F: \•. «\Agreement Related to Olive Road Exension FINAL 110517.doc <br />
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