R2013-104 AUTHORIZING REAL ESTATE CONTRACT FOR PROPERTY

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Buyer shall pay all title examination fees or other expenses charged by the Title Company for the purpose of issuing such title commitment. 7. Seller's Closing Obligations. At the closing, (a) Seller shall deliver to Buyer or to such person or corporation as Buyer may nominate a special warranty deed, conveying the Property in feelsimple, subject to 2013 real estate taxes and assessments and subsequent years, not yet due and payable, all easements, agreements, restrictions and other matters of record. Such deed shall also include provisions (i) requiring Buyer to begin construction on the Property in accordance with Buyer's approved plans within one hundred eighty (180) days after closing, (ii) to diligently pursue such construction until completion, (iii) to open for business as a retail furniture store under the name "Ashley Furniture" on the Property by one (1) year after closing (subject to force majeure delays), (iv)that if Buyer fails to so open for business on the Property by one (1) year after closing (subject to force majeure delays), then Buyer shall promptly convey the Property back to Seller with a return of the purchase proceeds paid to Seller less the real estate broker's commission being paid as described in Paragraph 11 below, and (v) to assume certain maintenance, repait and replacement obligations of Seller of one of the pylon signs and the main shopping center driveway within the shopping center where the Property is located. (b) Seller shall cause to be paid in full and released of!record all deeds of trust, mortgages, liens and encumbrances which are liens on the Property. (c) Seller shall execute, acknowledge and deliver to Boyer such affidavits, resolutions and other documents which the Title Company shall reasonably require in order to issue the Title Policy for Buyer and to omit from such Title Policy all exceptions for judgments, bankruptcy, mechanic liens, zoning, survey and similar items. 5