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payments, as identified at Exhibit "C," hereto, are deducted from all <br />Blackthorn Revenues, including, but not limited to those revenues <br />identified at Exhibit "D," based on a to fiscal year. <br />3. TITLE TO AIRPORT LAND <br />(a) State of Title to be Conveyed. At the Closing, Airport <br />shall convey to Redevelopment, its nominees, successors or assigns, <br />by general Warranty Deed, good and merchantable and insurable fee <br />simple title with the possibility of reverter, as provided herein, to <br />the Airport Land free from all liens, encumbrances, restrictions, <br />rights -of -way and other matters, excepting only the "permitted <br />exceptions" described as follows: (1) the lien of general real <br />estate taxes not yet due and payable; (ii) liens or encumbrances of <br />a definite or ascertainable amount and which will be paid and <br />discharged in full by or for Airport at or prior to the Closing; <br />(iii) zoning ordinances and easements of record, if any, which have <br />been approved by Redevelopment and which do not prevent or materially <br />interfere with Redevelopment's intended use of the Airport Land; and <br />(iv) liens, encumbrances and restrictions of record as shown on the <br />Title Commitment issued by the Abstract & Title Corporation on , <br />1992 under Commitment No. 96979J -66, that are approved and accepted <br />by Redevelopment. <br />(b) Title Insurance Commitment and Policy. <br />(i) Redevelopment has procured a preliminary binder of <br />title insurance at its sole expense. Redevelopment is aware of any <br />encumbrances, restrictions, easements, rights -of -way, zoning <br />ordinances, and other matters of record and accepts the Airport Land <br />subject to the same as identified in such preliminary binder. At the <br />Closing, a Policy of Title Insurance or an endorsement to the Title <br />Commitment shall be issued to Redevelopment insuring Redevelopment's <br />fee simple interest in the Airport Land, as of the date of Closing, <br />in the state required by Section 4(a) above, with all general <br />exceptions deleted, and subject only to the "permitted exceptions ". <br />Redevelopment shall pay for all charges and costs of such Title <br />Insurance Policy. <br />(ii) Redevelopment waives such title defects or <br />objections and elects to proceed to acquire the Airport Land without <br />any abatement of the Purchase Price and to take title to the Airport <br />Land subject to such defects or objections. <br />4. RESTRICTIONS UPON USE OF AIRPORT LAND <br />(a) Agreements of Redevelopment. In order to protect and <br />provide for the future expansion, growth and development of the <br />Michiana Regional Airport, which borders the Airport Land, <br />Redevelopment agrees and the Deed shall state that Redevelopment and <br />its successors and assigns shall: <br />1. Devote the Airport Land only to use for the <br />operation of a public golf course, or other recreational use as <br />may be approved by the Airport, in writing. <br />-4- <br />