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11-14-13
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1/13/2014 12:18:50 PM
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11/12/2013 1:41:19 PM
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(a) based on such environmental tests as Buyer may undertake or cause to be <br />undertaken pursuant to Paragraph 10, the Real Estate does not currently violate, and will <br />not upon completion of the Project violate, applicable environmental, wetland and/or <br />endangered species requirements and no adverse environmental condition exists on the <br />Real Estate; <br />(b) sanitary sewer service may be made available to the Project by the City of South <br />Bend or other provider of such service, and the sewer connection and availability charges <br />levied by such provider (as would affect the Project) shall meet Buyer's cost requirements; <br />(c) water service to the Project adequate to service the Project may be made available <br />at a cost acceptable to Buyer; <br />(d) the Real Estate may be rezoned to permit development of the Project; and <br />(e) such permits, variances and other approvals as are required to allow Buyer to <br />develop, construct and operate the Project in full compliance with all applicable legal <br />requirements may be obtained. <br />8. Seller's Title. <br />(a) Buyer shall procure thirty (30) days prior to the exercise of the Option a commitment <br />for an owner's policy of title insurance (the "Commitment ") issued by Meridian Title Insurance <br />Company or such other title insurance company as may be selected by Buyer (the "Title Insurer ") in <br />which Title Insurer shall agree to insure for the full amount of the Purchase Price fee simple title to <br />the Real Estate in the name of Buyer after delivery of the Deed to Buyer and recordation thereof in the <br />Office of the Recorder of St. Joseph County, Indiana, subject only to such easements, covenants, <br />restrictions, agreements and other instruments affecting title to the Real Estate ( "Title Exceptions ") as <br />are of record. At the Closing, Buyer shall pay the premium for the policy issued pursuant to the <br />Commitment, which policy shall have the Schedule B standard printed exceptions deleted therefrom <br />and shall contain such endorsements as Buyer or its lenders may specify. Buyer shall pay any <br />incremental cost charged for the policy endorsements required by Buyer or its lenders. If Buyer does <br />not exercise this Option and purchase the Real Estate, Buyer shall pay all charges and cancellation <br />fees in connection with the Commitment. <br />(b) If the Commitment reflects that at any time prior to the Closing title to the Real <br />Estate is encumbered by any exception to title other than Title Exceptions ( "Permitted Exceptions ") <br />and any monetary liens which are to be discharged at Closing (any such exception or unacceptable <br />state of fact being referred to herein as a "Title Defect "), then Seller shall, within ten (10) days after is <br />notified in writing by Buyer of the existence of any Title Defect, use commercially reasonable efforts <br />to remove such Title Defect and provide Buyer with reasonable evidence of such removal or <br />reasonable evidence that such Title Defect will be removed on or before the Closing. <br />(c) If Seller, despite its commercially reasonable efforts, is not able to cure any Title <br />Defect within the ten (10) day period specified in subparagraph (b), Buyer's sole remedy shall be to <br />3 <br />
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