1992-10-02 Resolution 69 - Laserfiche WebLink

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(p) "Redevelo merit Land" shall mean approximately 81 acres of real property situated in St. Joseph County, Indiana, in an area commonly known as the Airport Economic Development Area. (q) "Surplus" shall mean the annual balance remaining at the end 'of each fiscal year after all. Blackthorn Expenses, including but not limited to those identified at Exhibit "C," hereto, relating to the operation and maintenance of Blackthorn, and including all semi-annual lease payments and reserves accumulated for future lease payments, as identified at Exhibit "D," hereto, are .deducted from all Blackthorn Revenues, including, but not limited to those revenues identified at Exhibit "E," based on a to fiscal year. 3. TITLE TO AIRPORT LAND. (a) State of Title to be Conveyed. At the Closing, Airport shall convey to Redevelopment, its nominees, successors or assigns, by general Warranty Deed, good and merchantable and insurable. fee simple title with the possibility of reverter, as pr©vided herein, to the Airport Land free from all liens, encumbrances., restrictions, rights-of-way and other matters, excepting only the "permitted exceptions" described as follows.: (1) the lien of general real estate taxes not yet due and payable; (ii) liens or encumbrances of a definite or ascertainable amount and which will be paid and.. discharged in full by or far Airport at or prior to the'Closing; (iii) zoning ordinances and easements of record, if any, which have been approved by Redevelopment. and which do not. prevent or materially interfere with Redevelopment's intended use of the Airport Land; and (iv) liens, encumbrances. and restrictions of record as shown on the Title Commitment issued by the Abstract & Title Corporation. on , 1992 under Cammitment No. 96979)-66, that are approved and accepted by Redevelopment. (b) Title Insurance Commitment and Policy. Redevelopment shall procure the Title Commitment, at no expense to the Airport. At the Closing, a Policy of Title Insurance or an endorsement to the Title Commitment shall be issued to Redevelopment insuring Redevelopment`s fee simple interest in the Airport Land, as of the date of Closing, in the state required by Section 4(a) above., with all general exceptions deleted, and subject only to the "permitted exceptions". Redevelopment shall pay for all charges and. costs of such Title Insurance Policy. (c) Objections to State of Title. If title to the Airport Land is not in the state required. by Section 5(a) above, Redevelopment shall give written notice to Airport within fifteen (15) business days after its receipt of the Commitment, specifying its objection(s) to the state of title tv the Airport Land. Airport shall thereupon have a period of ten (10) days in which it shall. use reasonable efforts to remedy the objection(s) or to induce the Title Company to issue an endorsement to the Title Commitment reasonably satisfactory to Redevelopment insuring over or removing such objection(s). If Redevelopment's objections to the state of title to • the Premisesuch fu~thermperiodbasARedevelopment mayh innitsos ley period, or -4-