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. <br /> ' ' � ; .•' . , -2- <br /> 3. Partnership will demolish the existing building on the <br /> premises and build a new building thereon suitable for use by the Illinois <br /> Degartm�nt of Public Aid. <br /> 4. Partnership agrees that the new building will be used by the <br /> Illinois Degartment of Public Aid for a period of not less than five (5�) <br /> yesrs. <br /> 5. In the event the option is exercised, City agrees to convey <br /> said premises to Partnership and to furnish an Owner's Title Insurance <br /> Policy insuring agai.nst defects in merchantability of title for $100,000.00. <br /> Title will be subject to coal and mineral rights if now reserved or conveyed <br /> of record and to all easements and building and use restrictions now of <br /> record. <br /> 6. Partnership shall be entitled to possession upon exercising <br /> said option and paying an a,dditional $99,500.00 to City. <br /> 7. In the event City now pays any taxes on said premises, City <br /> shall give Partnership credit for City's pro rata share of taxes for the <br /> year of settlement. <br /> 8. City and Partnership agree that Partnership is purchasing <br /> said Premises nc3S 1S°. <br /> 9. City and Partnership agree that the option must be exercised <br /> in writing. <br /> IN WITNE'�SS WEIEREOF, the parties hereto have executed this <br /> instrument this ���day of September, 1990. <br /> CITY OF DECATUR, a Municipal <br /> corpor tion, , <br /> $Y- <br /> �� C � �-� . <br /> � �� <br /> �D STftEE'r PARTI�RSH�P. <br /> �---�— '�- <br /> i , <br /> gy;C�' /,ti�.,�, i,-,i'6----C <br /> tner <br />