Seller’s Donation. As part of the consideration herein, the Sellers shall give to Purchaser a donation of One Million and 00/100 ($1,000,000.00) payable in cash or by immediately available wired funds within seven (7) years after closing for Purchaser’s discretionary use of developing a new cultural arts center and related arts programming within the City of Dublin. To meet the wishes and requirements of the Trust, the City of Dublin will illustrate that programming offered by the facility will include a component that provides free or reduced fee cultural arts offerings to youth within the community. Additionally, the Seller shall have the naming rights within the new facility to the extent allowable by City code.
Seller’s Donation. In furtherance of Buyer’s expansion, renovation, and improvement of the Main Branch of the Public Library located at 000 Xxxxx Xxxx Xxxxxx, Xxxxx Bend, Indiana, as described more particularly in the Memorandum (the “Buyer’s Project”), and in accordance with Ind. Code Section 36-7-14-12.2(a)(3), the Seller has agreed to waive the remaining amount of the Purchase Price that is due to Seller in the amount of One Hundred Ten Thousand Six Hundred Sixty-Six Dollars ($110,666.00).
Seller’s Donation. The remainder of the Purchase Price shall be donated by Seller to Buyer, and therefore, that portion of the Purchase Price shall be credited to Buyer at Closing. It is understood that Seller intends for the donation to qualify as a tax-exempt contribution to a charitable entity. In recognition of the charitable gift from Seller, the Buyer will provide information and assistance as necessary for completion of the applicable portions of Department of Treasury Form 8283, Noncash Charitable Contributions, or other documentation as may be required. However, the parties agree that this transaction is not contingent upon Seller’s receipt of charitable tax treatment for the donation and, except for its commitment to cooperate with Seller, Buyer undertakes no liability or obligation with regard to the tax status of said donation, and Seller agrees to indemnify and hold Buyer harmless from any and all claims, damages, and costs and expenses (including attorneys fees) arising out of the tax treatment of such donation.
