R2002-217 AUTHORIZING EXECUTION OF AGREEMENT

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with the Recorder of Deeds the Special Warranty Deed and other related and necessary documents. (b) At Settlement, the CITY shall pay Five Thousand Dollars ($5,000.00) to the BOARD, and shall pay the remainder of the purchase price to the BOARD within ninety (90) days of receiving a written demand for the final payment from the BOARD, said remainder not to be paid prior to July 1, 2005. (c) At Settlement, the BOARD and the CITY shall execute a lease for that portion of the Premises described therein in substantially the form set out in Exhibit B hereto. The BOARD may remain in possession of said portion of the Premises in accordance with the terms of said lease. Except as provided in said lease, the CITY shall be entitled to full possession of the Premises on the date of Settlement. 6. Except for the application of the provisions of paragraph 4 above with regard to the environmental assessment, the CITY is buying the subject Premises in an "as is" condition. The CITY specifically agrees that it has not relied upon any representation or warranties of the BOARD, its employees, or agents in making this Agreement or closing on the sale. 7. The CITY agrees that if a portion of the Premises is conveyed, leased or is under some form of contract committing the use or possession of that portion of said Premises to Target Corporation, or its assignee, prior to March 1, 2004, then it shall not, for so long as a Target store is operating on said Premises, cause or permit the subject Premises to be in, or part of a tax increment financing (TIF) district or enterprise zone, or similar classification that will cause or allow said Premises to be subject to a real estate levy and tax in a manner different than other real properties which are not part of said special real property classification. Said agreement shalf specifically survive the closing between the parties. 8. The BOARD represents, warrants and agrees to, and with, the CITY as follows: (a) That it is, and on the date of Settlement will be, a body politic duly organized and existing and in good standing under the laws of the State of Illinois, and it has the power and authority to enter into this Agreement and to consummate the transaction contemplated herein. (b) That it has taken, or will take by the date of Settlement, all necessary legal action to authorize the execution, delivery and performance of its part of this Agreement, and the performance hereof by it will not be in contravention of law or any contract or agreement to which it is a party or subject. (c) That it has, or will have on the date of Settlement, good and merchantable title to the Premises, and such title on the date of Settlement will be unencumbered, or proper provisions will have been made for payment and release of any existing encumbrances. (d) That there is not now any litigation, suit or regulatory agency proceeding pending, or to its knowledge threatened, which might adversely affect its right or ability to execute this Agreement, or its title to, right to, possession of, or right to use the Premises, or which might interfere with the sale and purchase contemplated hereby, and it will promptly notify the CITY in writing if any litigation, suit or regulatory agency proceeding shall be