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4. Exercise. The Option shall be deemed duly exercised only if on or before the expiration of the Option Period Buyer has given Seller written notice of the election of Buyer to exercise the Option. Notice shall be given in accordance with Paragraph 16 below. Upon Buyer's exercise of the Option, Buyer shall be deemed to have agreed to purchase and Seller shall have agreed to sell the Real Estate for the Purchase Price upon and subject to the terms and conditions hereinafter set forth. 5. Condition. The City of South Bend agrees to cooperate with the St. Joseph Public Library in its anticipated expansion of facilities. (a) This Option Agreement is contingent upon the commencement of the Library's anticipated facilities expansion project before or upon the Expiration Date, and the transfer of title and this Agreement is specifically intended therefore. The Seller reserves the right to rescind this Agreement if this condition is not met by the Buyer as of the Expiration Date. (b) The Library acknowledges that Downtown South Bend (DTSB) and the Redevelopment Commission have a contractual arrangement for DTSB to use a portion of the Real Estate for parking and to collect any and all fees related thereto. 6. Closing. If the Option is exercised and all conditions precedent to closing have been met, the closing of the purchase and sale of the Real Estate (the "Closing ") shall occur at a place and on a date (the "Closing Date ") to be mutually agreed upon by the parties, but in any event, no later than thirty (30) days after Buyer's notice of the exercise of the Option as provided above. Seller shall deliver to Buyer its Warranty Deed to the Real Estate (the "Deed ") and the other documents specified in Paragraph 11 below. Seller and Buyer agree that each party shall execute and deliver at Closing all such papers and documents as may be legally necessary to carry out the terms and provisions of this Agreement. Buyer shall accept the conveyance and pay the Purchase Price to the Seller. Fees for closing services provided by the title company shall be home by the Buyer. 7. Buyer's Approvals. Seller acknowledges that Buyer intends to expand its Library facilities (the "Project "). During the Approvals Period, Buyer shall evaluate the Real Estate and all other matters relating to this Agreement, including without limitation, the physical condition of the Real Estate, the financial feasibility of the Project, appropriate environmental and zoning requirements for development and other matters concerning the Project and, if Buyer determines that development of the Project is feasible, shall attempt to obtain all governmental approvals required for development of the Real Estate. If Buyer, in its sole option, judgment and discretion, for any reasons whatsoever, determines that the Project is not feasible, Buyer, on or before the expiration of the Approvals Period, shall give written notice to Seller that Buyer is terminating this Agreement, whereupon this Agreement shall terminate and Buyer and Seller shall have no further obligations with respect to this Agreement. During the Approvals Period, Buyer shall evaluate the Real Estate and the feasibility of the Real Estate, including determination that: