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of the Premises as it deems appropriate. The Optionee is authorized to make such other investigations with respect to the zoning and use of the Premises as it deems appropriate. 6. Delivery of Notice. All notices provided for herein, if not delivered in person, shall be sent by United States certified mail, return receipt requested, to the Optionee at Department of Community and Economic Development, Suite 1200, County -City Building, 227 W. Jefferson Blvd., South Bend, Indiana 46601 and to City Attorney, Suite 1400, County -City Building, 227 W. Jefferson Blvd., South Bend, Indiana 46601 and to the Owner at 520 Crescent Avenue, South Bend, IN 46617. Each party may designate a new address for the receipt of notices by written notice given to the other party. 7. Renewal of Option. The Optionee may renew the terms of this Option Agreement on or prior to December 15, 2012, and each year thereafter until and including December 15, 2014. To extend the term of this Option Agreement for an additional year, the Optionee shall pay to the Owner on the date of renewal, subject to the notice requirements stated above, an additional payment of $138,125.00 (the "Renewal Option Amount ") for each one year extension of this Option Agreement. If the Option is exercised, all Renewal Option Amounts paid to the Owner shall also be applied to and be considered a part of the Purchase Price. St. Vincent de Paul Society of St. Joseph County, Inc., OWNER Redevelopment Commission of the City of South Bend, IN, OPTIONEE W: \1 B &C \LAWOFFICE \STVINCNT \Real Estate \OPTION.AGMT.11.26.1 Ldoc -2-