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S 2. Title insurance commitment <br /> • party responsible for providing commitment <br /> • provision for Buyer to review and make objections to commitment <br /> • provision for Seller responding to title objections <br /> • options for parties if title objections not satisfied <br /> F. Subdivision- party to be responsible for obtaining subdivision of the property <br /> G. Definition of minimum improvements <br /> H. Timing of minimum improvements, Buyer to complete <br /> I. Timing of site improvements or public improvements, City/EDA to complete <br /> J. Contingencies <br /> 1. Obtain purchase and construction mortgage <br /> 2. Execution of Developer's Agreement with EDA to provide TIF/other <br /> inducements <br /> K. Seller's warranties <br /> 1. No parties are in possession <br /> 2. Planned development of the property will not violate any private agreement or <br /> law <br /> 3. Property has not been used for generating, transporting, storing, treating or <br /> disposing of hazardous substances <br /> 4. There are no leases, contracts, permits, licenses, surface agreements or other <br /> easements other than those on title commitment <br /> 5. Seller has good and marketable title <br /> 6. There are no judgments, liens, suits, actions . . . pending or threatened against <br /> Seller that would have a material adverse effect on Seller or the property. <br /> 7. There are no aboveground or underground storage tanks <br /> 8. There is no sewage treatment system on the property <br /> 9. Well disclosure <br /> 10. Condition of the property that will be delivered to Buyer (will Seller <br /> demolish/remove structures, grade . . . ) <br /> L. Access/inspection of property <br /> 1. Buyer will be allowed access to inspect property but will repair any damage <br /> resulting from inspection <br /> 2. Buyer will indemnify Seller against mechanics' liens related to inspection <br /> 3. Sale contingent upon inspection <br /> O. Buyer's contingencies <br /> 1. Seller will have met all warranties and representations as of closing date <br /> 2. Buyer will review and approve pre-closing information <br /> 3. Buyer will review and approve title <br /> 4. Buyer will be satisfied with inspection, environmental studies <br /> 5. Condition of the property is acceptable to Buyer (subdivision, grading, <br /> utilities, street . . . ) <br /> P. Documents delivered at closing <br /> 1. Warranty deed <br /> 2. Seller's affidavit <br /> 3. Other <br /> Phi11A 525135.1 Page -3- <br />