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6. BUYER shall be responsible for all accrued and unpaid general real estate taxes against the <br /> Property, if any. <br /> 7. Prior to settlement, the BUYER shall execute a quit claim deed signed by the BUYER, <br /> transferring the Property in question, to the City to be held by the City and recorded if, and only if, the BUYER <br /> fails to bring the Property up to standard of city codes and ordinances by July 1, 2009. If the BUYER complies <br /> by the date set forth herein, the SELLER agrees to return the quit claim to the BUYER. BUYER shall <br /> demonstrate to SELLER the ability to finance the rehabilitation of structures on the Property to city code. <br /> Financial ability shall be demonstrated in the form of a guaranteed bank loan, credit line or letter of credit from <br /> a recognized financial institution, cash reserves andlor other programs deemed sufficient by the City of <br /> Decatur. The BUYER agrees to rent and maintain the Property for a minimum of five years. <br /> 8. At settlement, SELLER shall deliver to BUYER a quit claim deed, conveying and relinquishing <br /> SELLER'S entire interest in the Property, in such form and together with such documentation as shall be <br /> required for recording said deed. BUYER agrees to pay the cost of recording with the Recorder of Deeds any <br /> documents necessary to complete transfer of ownership, including lien releases. <br /> 9. SELLER shall be under no obligation to conduct an environmental site audit to complete this <br /> transaction, and to the fullest extent permitted by law, BUYER shall indemnify and hold the SELLER harmless <br /> from any and all claims alleging environmental defects on the Property. <br /> 10. Notice given or required under this contract must be given in one of the following forms: <br /> (i) Personally; <br /> (ii) By certified mail, return receipt requested, properly addressed and all charges prepaid; or, <br /> (iii) By express delivery with charges prepaid and addressed to the appropriate party at the address <br /> set forth below. <br /> Notices shall be deemed to have been received on the date of personal service or the 3�d day following date <br /> postmarked. Notice shall be served upon or addressed to the parties as follows: <br /> TO SELLER: <br /> Greg Crowe, Assistant City Manager <br /> Economic and Urban Development <br /> One Gary K. Anderson Plaza <br /> Decatur, IL 62523 <br /> TO BUYER: <br /> Bryan A. Kite <br /> 2196 N. Main Street <br /> Decatur, IL 62526 <br />