Common use of Certain Property Clause in Contracts

Certain Property. Notwithstanding any other provision hereof, Buyer and Sellers acknowledge that Buyer has not yet completed its due diligence investigation with respect to the title, survey and environmental issues relating to the real property (i) owned by Target located at 806 – ▇▇▇ ▇. ▇▇▇ ▇▇▇▇▇▇ (Parcel Number 0016-0-00200), 810 – ▇▇▇ ▇. ▇▇▇ ▇▇▇▇▇▇ (Parcel Number 0016-0-00250) and ▇▇▇ ▇. ▇▇▇ ▇▇▇▇▇▇ (Parcel Number 0016-0-00200) (collectively, the “▇▇▇▇▇▇▇ Hide Parcels”) and (ii) owned by Port St. Louis Condominium, LLC located at 801 and 807 N. ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Boulevard (Parcel Numbers ▇▇▇▇-▇▇-▇▇▇▇ and 0016-00-0650) (collectively, the “Port St. Louis Parcels”). Accordingly, at any time prior to fifteen (15) days before the Closing Date, Buyer may notify Parent by one or more written notices that Buyer does not elect to include either or both of the ▇▇▇▇▇▇▇ Hide Parcels and the Port St. Louis Parcels as part of the acquisitions by Buyer hereunder on the Closing Date. In the event that Buyer elects not to include the ▇▇▇▇▇▇▇ Hide Parcels as Purchased Assets, Target shall transfer title to the ▇▇▇▇▇▇▇ Hide Parcels to another Person (other than one of the Companies) on or before the Closing Date such that Target no longer holds title to the ▇▇▇▇▇▇▇ Hide Parcels on the Closing Date, and the ▇▇▇▇▇▇▇ Hide Parcels shall be excluded from the Real Property defined herein for all purposes of this Agreement. In the event that Buyer elects not to include the Port St. Louis Parcels as Purchased Assets, Parent shall not cause Port St. Louis Condominium, LLC to convey the Port St. Louis Parcels to any of the Companies prior to the Closing Date, Buyer shall not acquire any interest therein and the Port St. Louis Parcels shall be excluded from the Real Property defined herein for all purposes of this Agreement. However, if Buyer does not notify Seller within the time period set forth above that it does not elect to include the Port St. Louis Parcels in the acquisitions by Buyer hereunder, Parent shall cause Port St. Louis Condominium, LLC to convey all of its Property located at 801 and 807 N. ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Boulevard (Parcel Numbers ▇▇▇▇-▇▇-▇▇▇▇ and 0016-00-0650) to RE prior to the Closing Date by special warranty deed and shall obtain an endorsement to its Owner’s Title Insurance Policy issued by Land American Title Insurance Company reflecting RE as the owner, and the Port St. Louis Parcels shall constitute owned Real Property, as of the date of recording of such special warranty deed, for all purposes of this Agreement.