5A3 Purchase Agreement (1522-1526 Prairie Ave.) - Fully Executed

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same condition as it existed on the Contract Date, ordinary wear and tear and casualty excepted. (iii) Before the Possession Date, Seller will remove from the Property all personal property, including refuse and trash of any kind. All personal property and fixtures remaining at the Property after the Possession Date will be deemed abandoned by the Seller, and Buyer, in its sole discretion, may choose to exercise possession of and control over any such property. C. Closing Costs. Buyer shall pay all of the Title Company’s closing and/or document preparation fees and all recordation costs associated with the transaction contemplated in this Agreement. 11. BUYER’S POST-CLOSING DEVELOPMENT OBLIGATIONS A. Property Improvements; Proof of Investment. Within Twenty-Four (24) months after the Closing Date (the “Mandatory Completion Date”), the Buyer will expend an amount not less than One Hundred Twenty Thousand Dollars ($120,000.00) on improvements to the Property needed to redevelop the Property for the Buyer’s Use, as set forth herein (the “Minimum Investment”). Such improvements shall include redeveloping the Property into a shop and storage facility for Buyer’s masonry business (the “Property Improvements”). Promptly upon completing the Property Improvements and expending the Minimum Investment, Buyer will submit to Seller records reasonably satisfactory to Seller, in Seller’s sole discretion, proving the above-required expenditures have been made. Buyer shall also permit Seller (or its designee) to inspect the Property to verify the Property Improvements have been completed in accordance with this Agreement. The Property Improvements shall be deemed complete upon the issuance of a Certificate of Occupancy for each structure. B. Post-Closing Buyer Property Improvement Commitments. The Buyer shall: (i) Commence construction of the project within twelve (12) months of the Closing Date; (ii) Complete construction of the project and Property Improvements and fully expend the Minimum Investment within twenty-four (24) months of the Closing Date; (iii) In its development of the Property, Buyer shall comply with all applicable federal, state, and local laws, including, but not limited to, the applicable requirements of the City of South Bend Zoning Ordinance, including variances as necessary; (iv) Provide the design, plans, and specifications for Property Improvements consistent with City standards for the review and comment by the City's Planning Director or their designee, who, in their sole discretion, may request revisions or amendments to be made to the same (acceptance of the design and plans by the Planning Director or their designee prior to construction shall be a prerequisite for the