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WHEREAS, the parties have agreed upon mutually agreeable terms and conditions <br /> relating to the redevelopment or demolition of the structure located at 1077 W. Grand St, and the <br /> parties wish to reflect their agreement in writing. <br /> NOW, THEREFORE, in consideration of the premises, which are hereby incorporated <br /> hereinafter by reference, and the agreements, covenants and conditions hereinafter set forth, and <br /> for other good and valuable consideration,the receipt of which is hereby acknowledged,the parties <br /> agree as follows; <br /> 1. Incorporation of Recitals. The parties hereby find that all the recitals contained <br /> in the preambles to this Agreement are full, true and correct and do incorporate them into this <br /> Agreement by this reference. <br /> 2. Purchase Price. If the Property is not developed and the Project does not occur, <br /> as the purchase price for Property,District agrees to reimburse and pay the City fifty percent(50%) <br /> of the total costs incurred by the City to demolish the structure located at 1077 West Grand Street, <br /> Decatur, Illinois. Total costs shall include, but not be limited to, actual cost of demolition and <br /> environmental remediation costs. <br /> 3. Condition and Maintenance of Property. District shall continue to maintain <br /> Property, including snowing the grass,removing hazards as necessary, taking all reasonable steps <br /> to maintain the structure's integrity for the future Project re-modelling and re-purposing and <br /> keeping Premises secure until such time as the Property is transferred to the City. <br /> City warrants that, subject to the demolition occurring, it has inspected said Property, and <br /> is acquainted with the condition thereof,and City accepts the same in its present, "As Is"condition <br /> except as set forth above. DISTRICT DISCLAIMS ALL WARRANTIES AS TO CONDITION, <br /> EXPRESS OR IMPLIED, INCLUDING ALL WARRANTIES OF HABITABILITY AND <br /> FITNESS,AND SELL SAID PROPERTY IN "AS IS"CONDITION. <br /> 4. Deed of Conveyance. District shall execute and deliver to City at closing Warranty <br /> Deeds to the Property. <br /> 5. Evidence of Title. (a) Within a reasonable time prior to closing, District shall <br /> provide to City as evidence of title a Commitment for Title Insurance issued by a Title Insurance <br /> Company regularly doing business in Macon County, committing the Company to issue a Policy <br /> of Title Insurance in the usual form, insuring title to Property, subject only to the permissible <br /> exceptions to title set forth below, in the amount of the Purchase Price. <br /> (b) Permissible exceptions to title shall include only the lien of current general <br /> taxes;zoning laws and building ordinances; easements of record,which do not underlie or restrict <br /> the improvements intended by City or unreasonably interfere with the quiet enjoyment of said real <br /> estate; covenants and restrictions of record, which will not be violated by City's intended use of <br /> said real estate, rights of the public,the State of Illinois,the County,the Township and the City in <br /> and to any part of the premises taken, used or dedicated for roads, streets or highways; rights of <br /> any drainage district of which the property is a part to assess the property from time to time; <br /> EXHIBIT A <br />