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• Decatur—06G0023 c8 -final <br /> ' 10/19/O5, 10/20/05,10/21/O5, 10/24/O5, ll/11/O5, 12/20/O5, i/31/06 <br /> For Seller— <br /> City of Decatur,IL <br /> One Gary K. Anderson Plaza <br /> Decatur, IL 62523-1196 <br /> ATTN: Dane Bragg,Assistant City Manager <br /> Fax# 217-424-2862 <br /> Phone#217-424-2727 <br /> Permitted Exceptions: Title exceptions and matters disclosed by the Title Commitment and accepted by <br /> Buyer under the terms of this Agreement following Buyer's review in accordance with Section 4.d. <br /> Purchase Price: $400,000.00 to be paid by Buyer for the Property under the terms of this Agreement. <br /> Property: Land in Decatur,Macon County, State of Illinois described in Exhibit"A-1", shown on Exhibit <br /> "A-2",containing approximately 40,946 square feet and all improvements, appurtenances and rights pertaining to <br /> the land, including,but not limited to the Easements. <br /> Rider: Addendum with additional provisions attached to and being part of this Agreement. <br /> Seller's Initial Work: Any site work,planning, approvals and other matters described in Rider-Part A.to <br /> be completed by Seller to Buyer's reasonable satisfaction. <br /> Seller's Post-Closing Work: Any work described in Rider-Part C.to be completed by Seller. <br /> Seller's Pre-Closing Work: Any work described in Rider-Part B to be completed by Seller before <br /> Closing. <br /> Title Commitment: The Title Company's commitment to issue the Title Policy to Buyer at Closing. <br /> Title Company: Chicago Title Insurance Co.,through its company owned office formerly known as <br /> Decatur Title Insurance Co., 145 S. Water Street,Decatur, IL 62523. <br /> Title Policy: The Owner's Title Insurance Policy to be issued by the Title Company on behalf of a <br /> nationally recognized title insurance underwriter chosen by Buyer, insuring Buyer's title to the Property in the <br /> amount of the Purchase Price, without ALTA pre-printed exceptions and subject only to Permitted Exceptions. <br /> 2. Purchase Price.The Purchase Price will be payable at Closing. Buyer will receive a credit against the <br /> Purchase Price equal to the Deposit. The balance of the Purchase Price will be adjusted by settlement prorations <br /> and other sums to be paid or received by Seller as described in this Agreement. The adjusted balance of the <br /> Purchase Price will be wired to Escrow Agent's account for payment to Seller on recordation of the Deed and <br /> fulfillment of all conditions to issuing the Title Policy. , <br /> 3. Deposit.Within 5 business days after the Effective Date, Buyer will deliver$10,000 of the Deposit into ' <br /> escrow with Escrow Agent.The Deposit will be held by Escrow Agent in an interest-bearing account until � <br /> Closing and then applied to the Purchase Price. However, if this Agreement is cancelled in accordance with its <br /> terms prior to Closing,the Deposit will be immediately returned to Buyer. <br /> 4. Due Dili�ence Period. <br /> a. Corporate Approval.During the Due Diligence Period,Buyer,or its employees,agents, invitees, <br /> consultants and/or contractors,will seek corporate approval of this transaction and conduct all tests, studies and <br /> investigations that Buyer deems appropriate to determine if the Property is suitable for the Contemplated Use, <br /> including but not limited to confirming that it will be able to obtain a liquor license for the Premises,upon <br /> 2 <br />