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Any and all other covenants, restrictions, easements and reservations of record. B. Time and Place of Closing on Sale of the Propert y. Subject to the terms and conditions of this Contract, the Commission shall deliver the Deed and possession of the Property to the Developer when the conditions precedent to closing enumerated in Subsection F of this SECTION II have been met, or earlier if the parties mutually agree in writing. Conveyance shall be made at the downtown South Bend offices of Meridian Title at a time and place mutually agreed upon by the Commission and Developer. Fees for closing services provided by the title company shall be borne by the Developer. The Developer shall accept the conveyance and pay the Purchase Price to the Commission at that time and place. C. Apportionment of Current Taxes. The Commission shall bear the portion of the current taxes (if any) on the Property, which are a lien on the date of delivery of the Deed to the Developer. D. Recordation of Deed. The Commission shall promptly record the Deed at the St. Joseph County Recorder's Office and shall pay the costs for recording the Deed. E. Title Insurance. The Commission shall furnish the Developer a title insurance policy that insures the Developer's title in a sum equal to the Market Value of Forty -Five Thousand Dollars ($45,000.00) and subject only to those items provided for in the Contract. F. Conditions Precedent to Closing. Prior to and as conditions precedent to closing: 1. Developer shall submit to the Commission evidence satisfactory to the Commission of binding commitments for financing the Project. SECTION III. NATURE OF IMPROVEMENTS; TIME FOR COMMENCEMENT; AND COMPLETION; PHASING OF PROJECT AND LIQUIDATED DAMAGES. A. Nature of Improvements. The construction of improvements on the Property (the "Project ") shall be substantially of the same size, scope and nature as that specified in the Development Plan and as proposed by the Developer to the Commission for disposition and development of the Property. The Commission has relied upon all representations, descriptions, discussions, drawings and other representations by the Developer of the Project. Those matters are incorporated into this Contract by reference as well as the Final Site Plan and Development Specifications of the Project, as approved by the Commission pursuant to Section IV(A). B. Time for Commencement and Construction. This Project shall begin as soon as possible following closing as defined in Section II and shall qualify for the award of a certificate of occupancy of the completion of the Development Plan from the Building Commissioner of the City of South Bend, Indiana, within twelve (12) months after execution of this Contract. 2