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6 <br /> <br />C. Closing Costs. Buyer shall pay all of the Title Company’s closing and/or document <br />preparation fees and all recordation costs associated with the transaction contemplated in this <br />Agreement. <br />11. BUYER’S POST-CLOSING DEVELOPMENT OBLIGATIONS <br />A. Property Improvements; Proof of Investment. Within twenty-four (24) months <br />after the Closing Date (the “Mandatory Completion Date”), Buyer will complete improvements to <br />the Property needed to redevelop the Property for Buyer’s Use as set forth herein. Such <br />improvements shall include installing a new roof, new HVAC system, and new doors and <br />windows, and redeveloping the Property to permit occupancy and use consistent with Buyer’s Use <br />(the “Property Improvements”). Promptly upon completing the Property Improvements, Buyer <br />will submit to Seller records reasonably satisfactory to Seller, in Seller’s sole discretion, proving <br />the above-required improvements have been made. Buyer shall also permit Seller (or its designee) <br />to inspect the Property to verify that the Property Improvements have been completed in <br />accordance with this Agreement. The Property Improvements shall be deemed complete upon the <br />issuance of a Certificate of Occupancy for the Property. <br />B. Post-Closing Buyer Property Improvement Commitments. Buyer shall: <br />(i) Commence construction or rehabilitation of the project within twelve (12) <br />months of the Closing Date; <br />(ii) Complete the project and Property Improvements in accordance with <br />Section 11(A) within twenty-four (24) months of the Closing Date and cause a business to <br />commence operation from the Property consistent with Buyer’s Use, and to operate such <br />business for a continuous period of not less than one (1) year thereafter, during which such <br />business shall be open to the public for the sale of goods or services during customary <br />business hours for similar businesses in the area; <br />(iii) In its development of the Property, Buyer shall comply with all applicable <br />federal, state, and local laws, including, but not limited to, the applicable requirements of <br />the City of South Bend Zoning Ordinance, including variances as necessary; <br />(iv) Provide the design, plans, and specifications for Property Improvements <br />consistent with City standards for the review and comment by the City's Planning Director <br />or their designee, who, in their sole discretion, may request revisions or amendments to be <br />made to the same (acceptance of the design and plans by the Planning Director or their <br />designee prior to construction shall be a prerequisite for the issuance of a Certificate of <br />Completion); and <br />(v) Submit to Seller reports on or before June 30 and December 31 of each year <br />from the Closing Date through the completion of the required one (1) year period of <br />business operations described in Section 11.(B)(ii), in the format set forth as Exhibit C, <br />demonstrating Buyer’s good-faith compliance with the terms of this Agreement. The <br />reports shall include the following information and documents: (a) a status report of the <br />construction completed to date, (b) an update on the project schedule, and (c) to the extent <br />applicable, information regarding the operation of a business from the Property.