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incorporated into this Contract by reference as well as the Development Plan approved by the Commission pursuant to Section IV(A). B. Time for Commencement and Construction. The Project shall begin as soon as possible following Closing as defined in Section II and shall qualify for the award of a certificate of completion of the Development Plan from the Redevelopment Commission of the City of South Bend, Indiana, within twenty four(24)months after execution of this Contract. 1 C. Value of Property. Developer understands and acknowledges that in offering the Property for sale,the Commission obtained two(2)independent appraisals as required by I.C.36-7- 14 and determined that the fair market value for the Property is Ninety Seven Thousand Five Hundred Dollars ($97,500.00) (the"Market Value"). g Notwithstanding the foregoing, the Parties understand and agree that in the event that the Developer(i)fails to complete construction of the Proj ect on or before twenty four(24)months from the date of execution of this Contract, or (ii) the Developer defaults in its obligations under this Contract and fails to cure such default as provided in this Contract before the issuance of a Certificate of Completion as described in SECTION V, below, then the Developer shall pay as liquidated damages to the Commission the Market Value described above without any reduction, offset, or recoupment. The payment of liquidated damages under this Subsection C shall be in g addition to any other remedies and shall not waive any other right or remedy under this Contract or other laws. D. Access to Property. The Commission hereby grants to Developer a revocable,non possessory license to use,solely for pedestrian and vehicular ingress and egress to the Property,the area that is thirty (30) feet long by thirty (30) feet wide in the southwest corner of Lot 2 of the Ardmore Trail Minor Subdivision,recorded on October 28,2014,as document number 1426953 in the office of the St.Joseph County Recorder(the"License Area"). The License Area is depicted in Exhibit C hereto. Developer shall not erect permanent structures or improvements, including but not limited to buildings or fences, on, over, or beneath the License Area. At all times, Developer shall maintain the License Area in the same condition that exists at the time of Closing. The Commission may revoke the license granted in this paragraph only upon giving reasonable,written notice to Developer in the manner provided in SECTION XI.F. below. SECTION IV. TIME FOR CERTAIN OTHER ACTIONS. A. Time for Submitting Plans for Design Development Review. Prior to Closing, the Commission may request, and Developer will provide, further information in connection with the Development Plan. Any further information requested and approved by the Commission as a supplement to the Development Plan shall be recorded as an addendum to this Contract. The Development Plan and any addenda or amendments thereto will serve the Commission in its determination that the Developer has completed the Project and is entitled to the Certificate of Completion as provided in Section V. 3