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South Bend Redevelopment Commission <br />Special Meeting - October 22, 1997 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />Mr. Faccenda asked how long the <br />purchaser is requesting the right to <br />cancel. Mrs. Kolata responded that they <br />want that option until the real estate <br />closing. The purchaser originally <br />proposed to execute the Contract by <br />November 15, 1997, and close by <br />November 30, 1997. The purchaser <br />currently proposes to execute the <br />contract and close on the property <br />simultaneously. The purchaser requests <br />to be provided with title insurance and <br />must be satisfied with any soil tests that <br />are conducted. The purchaser will need <br />to obtain the necessary permits in order <br />to commence mass excavation work on <br />the property by December 1, 1997. <br />There may be a couple of variances that <br />need to be obtained and the filing <br />deadline for the November Board of <br />Zoning Appeals meeting is October 29, <br />1997. <br />The purchaser gave an indemnification <br />that indemnifies the seller and holds the <br />seller harmless for claims for damage to <br />the property during the purchaser's soil <br />testing and inspection of the property <br />prior to closing. <br />The purchaser requests that the seller <br />undertake site preparations on behalf of <br />the purchaser; or, requires access to the <br />property to do site work prior to closing. <br />The purchaser requests that the seller <br />H:\HOME \CPHIPPS \WPDATA \COMMSN\ 102297.MIN -3- <br />