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<br />th <br />Easement: Buyer shall grant to Seller a 5-foot easement on the Property along the 8 Avenue street <br />frontage which will be retained indefinitely for future right-of-way improvements. <br /> <br />Additional Easement: On or before closing, Buyer shall grant to Seller a 5-foot easement on the Shedd <br />property (Tax Lot 1100) located across High Street east of the Property, which will be retained <br />indefinitely (even in the event of transfer of ownership) for future right-of-way improvements. <br /> <br />Parking. Prior to Closing, Buyer and Seller shall reach an agreement regarding the management of <br />parking as an interim use of the Property, with the intent to allow general public access to parking <br />supply not being fully utilized by Shedd operations. <br /> <br />Condition of Title: Seller shall deliver the Property to Buyer with clear title free of any and all <br />encumbrances and exceptions except those as may have been approved by Buyer in its sole discretion. <br />Seller, at Seller’s cost, shall provide Buyer with standard form of owner’s policy of title insurance in the <br />face amount of the Purchase Price insuring clear title in Buyer’s name subject only to approved <br />exceptions. <br /> <br />Condition of the Property at Closing: Buyer is purchasing the Property as is in its current condition. <br />Buyer’s expectations concerning the Property are to be based solely on the basis of Buyer’s own <br />inspection and investigation of the Property. <br />First Right of Refusal: Prior to Shedd’s development of the Property, Seller shall hold a first right of <br />refusal. In the event that Buyer receives an offer to purchase the Property at any time following the sale, <br />Seller shall have the right to purchase the property under the same terms and conditions as the offer, or <br />decline and allow the other buyer to move forward and complete the purchase. <br /> <br /> S:\CMO\2013 Council Agendas\M130528\S1305286.doc <br />