6.B.(3) Option Contract with LaSalle Housing Partners

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(b) That Purchaser obtain assurances from the title insurance company that it will, upon purchaser obtaining title to the Property, insure good title to the Property in Purchaser, subject onl}~ to the matters set forth in Paragraph 6 of the Contract and insure ov~cr any gaps between the property and any adjacent property owned or to be acquired by Purchaser. (c) All requirements under Indiana law shall have been complied with by Seller in order to authorize the purchase price contemplated under this Option Contract. Purchaser may waive any of the conditions in whole or in part. Purchaser may cancel this Contract by notice in ~~~riting to Seller at any time prior to closing for the reason that an_v condition has not been satisfied or wain-cd. 9. Seller Conditions. The obligations of the Seller herein are subject to the f~~llowing conditions (the "Seller Conditions~~): (a) All representations and ~earranties made by Purchaser in this Contract arc true as of the date of Closing: (b) All requirements under Indiana law shall have been complied with by Purchaser in order to authorize the purchase price contemplated under this Option Contract:. and (c) Purchaser shall provide to the satisfaction of Commission a ~~~ritten commitment to incest a minimum of ~1'cn Million Dollars ($10.000.000) in the Project consistent with the project nan~ative attached hereto and made a part hereof as Exhibit B. Seller may waive any of the conditions in «-hole or in part. Seller may cancel this Contract by notice in writing to Pw~chascr at anv time prior to Closing for the reason that any condition has not been satisfied or waived. 10. Am~exation andLonin~: Seller's Land. During the option term, Purchaser may institute the necessary procedures to rezone the property and/or obtain special use permit(s) so that the Property may be used Cor the residential subdivision desired by Purchaser. Seller agrees to cooperate fully with Purchaser and join in or file any applications or petitions if the relevant governmental authority shall so require. l 1. Title Insurance. Vv'ithin thirty (30) days after the Execution Date, Seller shall deliver to Purchaser a commitment for an owner's title insurance policy (AL~hA form I3), dated after the Execution Date, from Lawyer's Title Insurance Corporation or other title insurance company satislactorv to Seller (the "title insurance company"), in the amount of the purchase price. with the Schedule I3 Genera] Exceptions deleted or endorsed over, if such deletion or endorsement is obtainable in the State of Indiana fi~om the title insurance company, and showing. good title to the Property in Seller_ subject onl~~ to the matters described in Paragraph 6 in the Contract. The title conuniuncnt shall be conclusive evidence of good title as therein sho~a~n as to all matters insured b}' the policti•, subject onl~~ to exceptions as therein stated. if the commitment discloses any other exceptions, Seller shall ha~~e thirty (30} days ]i~om the date ~~~hich such