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Hook : 375� Page : 103 <br /> 1. The execution of binding purchase contracts between Municipality and <br /> owners of the properties located across North Water Street with street addresses of <br /> 301 through 363, both inclusive, North Water Street, Decatur Illinois, as legally <br /> described on Exhibit C hereto. <br /> 2. Performance of Municipality's Deliveries as reguired in Section 1.C3, G and <br /> Sections 8.2 through 8.6; <br /> 3. The satisfaction of Municipality's obligations and the accuracy and fulfillment of <br /> the Municipality's warranties and representations described in Sections 1 G, 1 H, <br /> and 1J herein; <br /> 4. The existence of a current signed written lease agreement between Developer and <br /> its anchor tenant to lease space in the building to be constructed on the Premises <br /> with terms acceptable to Developer and satisfaction of all required contingencies <br /> by the timeframes set forth therein (unless waived); and <br /> 5. Developer's receipt of financing in order to acquire and complete all anticipated <br /> construction on the building from a lender of Developer's choice, in an amount <br /> no less than Nine Million Three Hundred Thousand Dollars and No Cents <br /> ($9,300,000.00), at an interest rate of no greater than Seven and one-quarter <br /> percent(7.25%). <br /> G. TITLE EVIDENCE AND TITLE 1NSURANCE. <br /> 1. Within ten(10) days after the execution of this Agreement, Municipaliry shall <br /> deliver to Developer a Commitment to Issue Title Insurance (the <br /> "Commitment"). The Commitment shall undertake to insure fee simple and <br /> marketable title in Developer, in the amount of Nine Million Three Hundred <br /> Thousand Dollars and No Cents($9,300,000.00), or such other amount as <br /> requested by Developer, on delivery and recordation of the deed specified in this <br /> Agreement. Developer shall pay all costs and expenses incurred in securing the <br /> Commitment. Developer shall select the title insurance company issuing the <br /> Commitment and shall ensure that the title insurance company selected will <br /> allow the municipality to comply with the terms of this paragraph. <br /> 2. In the event the Commitment shall reflect Title Defects or other conditions <br /> not acceptable to Developer ("Title Defects"), then, upon written <br /> notification of such defects or conditions to Municipality, the Municipality <br /> rnay immediately and diligently proceed to cure san�e at Municipality's <br /> costs within thirty (30) days after Developer's notice to Municipality. <br /> Cure or removal of defects by payment of money and delivery of release <br /> at Closing is aceeptable. If, after the exercise of all reasonable diligence, <br /> Municipality is unable or unwilling to clear the Title Defects of the <br /> Premises within the stated period, then Developer may accept the Title <br /> Defects in its then condition, or Developer may terminate this Agreement <br /> whereupon both parties shall be released from further performance <br /> hereunder and the earnest money deposit shall be returned to Developer. <br /> RDLLC 20060926 vl 5 <br />