R2006-178 AUTHORIZING EXCHANGE OF REAL ESTATE

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13. The Cit shall have at its o tion a 90 ninet da due dili ence Y , p , � Y) Y J period in which to conduct reasonable investigation of the premises at 331-335 North Water Street for the purpose of evaluating environmental, health or public safety liabilities, property boundaries or encroachments and to assess the cost of demolition of the premises. Meurlot shall permit the City and/or its agents to enter the premises during the due diligence period for the purpose of survey and evaluation. The City reserves the right to cancel this agreement during the due diligence period where environmental or other liabilities may be present that financially or legally restrict the demolition of the improvements, including sub- grade foundations and utilities. 14. The Seller shall retain salvage rights to the premises and its contents for a period of 180 days after closing, however, all salvage activities shall be completed no later than June 1, 2007. All salvage activities shall occur at the discretion of the City as to the time and place and the seller shall obtain and furnish the City with appropriate indemnification approved by the Risk Manager for said salvage operations. 15. If either the City or Meurlot brings an action against the other with respect to this Agreement, the prevailing party shall be entitled to recover its reasonable attorney fees, costs and expenses. 16. The date of this Agreement is the latest date of signing by any party. Each person signing this Agreement is a party or the duly authorized agent of a party to this Agreement with full authority to bind the party to the terms and conditions of this Agreement on behalf of said party. This Agreement shall be binding on the successors or assigns of either party. � THE CITY OF DECATUR ILLINOIS CINDY DEADRICK as dul , , Y authorized Agent for Karl Meurlot By: Its e/ Date: - Date: lD-/3-o� 3