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6B1
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12-12-13
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1/13/2014 12:24:34 PM
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9. Title Insurance. At the Closing, the Title Company will deliver to the Company <br />an Owner's Policy of Title Insurance reasonable acceptable to Company with such endorsements <br />as Company may designate insuring Company's interest in the Property, subject only to <br />Permitted Exemptions, which policy shall be issued by the Title Company with liability in the <br />amount of the Purchase Price (the "Title Policy "). The cost of issuance and all costs of all <br />endorsements of the Title Policy in the amount of the purchase price will be paid by Commission <br />at Closing. The Commission will sign and deliver to the Title Company and the Company a <br />vendor's affidavit in customary form and such other documents as the Title Company may <br />request to transfer title to the Property and cause the Title Company to issue the Title Policy or <br />any endorsements. <br />10. Property Taxes. The Commission will be responsible for payment of any <br />property taxes and assessments with respect to any period prior to the Closing Date and any <br />unpaid taxes for such periods will be paid by the Commission at the Closing, or Company shall <br />be given a credit from the Purchase Price for any unpaid taxes. Following the Closing date, <br />Company shall be responsible for any taxes. The Closing Statement shall reflect any property <br />tax prorations based upon the most current available tax rates. <br />11. Commission Obligations at Closing. At Closing, other than each Party's <br />respective attorney's fees, the Commission shall pay: (i) all closing expenses and fees, and (ii) <br />provide the Company a credit against the purchase price of Fifty -Two Thousand and 00 /100 <br />Dollars ($52,000.00) representing all costs of owning and maintaining the property prior to <br />Company's full occupancy, which shall be evidenced by a Closing Statement prepared by the <br />Title Company and signed by the parties hereto or their respective representatives at closing. <br />12 Brokerage. The parties each represent that no real estate commissions are due and <br />owing to any person with respect to the transactions described in this Agreement, except for <br />amounts to be paid by the Commission to Grubb & Ellis Cressy & Everett Company. The <br />Company and the Commission each agrees to indemnify and hold the other harmless against any <br />such fees or commissions to which it has agreed or which arises due to its actions. <br />13. Electrical Service. At the Closing, he City of South Bend, Indiana by and through <br />its Board of Public Works will execute and deliver to the Company an Easement with respect to <br />the electric substation in the form set forth at Exhibit "G " <br />14. Closing Date and Deliverables. The Closing shall be held at a mutually agreed <br />upon location and time (the "Closing ") on January 2, 2014, or such other date as the Company <br />and the Commission may mutually agree (the "Closing Date "). At Closing: <br />(a) Commission shall deliver to the Company the duly executed and <br />acknowledged Limited Warranty Deed conveying the Property to <br />Company as provided in Section 4 and the Easement, duly executed and <br />acknowledged by the Board, as provided in Section 13. <br />(b) Company shall deliver to the Commission: (i) the Note in payment of the <br />Purchase Price, together with the Letter of Credit; and (ii) a Certificate of <br />Existence of the Company issued by the Indiana Secretary of State's <br />3 <br />
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