06/10/74 Board of Public Works Minutes

Home Browse Search

REGULAR MEETING JUNE 10, 1974 3. Landmark agrees to furnish the City an owners preliminary policy of title insurance agreeing to insure title to such real estate subject only to restrictions and easements of record, and customary items with respect to which such. commitments are issued in the amount of One Hundred Sixty - Three Thousand Dollars ($163,000.00) within nineth (90) days prior to the closing of this transaction. In the event the policy shall not show good and insurable title as aforementioned, Landmark shall have a reasonable length of time to correct the title. 4. At the time of closing, Landmark will execute and deliver its warranty deed conveying said real estate to the City. 5. This sale shall be closed within ten (10) days from the date of approval by the appropriate Board of the State of Indiana of the appropriation ordinance enacted by the Common Council of the City appropriating the funds herein provided for to be paid by the City to Landmark. 6. The City shall have the right of possession of said real estate on the day following the date of closing. 7. The City hereby grants to Landmark an option to purchase the part of said real estate not used for construction of the Michigan -Main Street connector, the description of said real estate being attached hereto, made a part hereof and marked Exhibit A. This option shall be exercised by Landmark by delivering or mailing a written notice of its intention to exercise this option to the City on or before thirty (30) days prior to the expiration of one (1) year from the date of approval of this Agreement by the Common Council of the City of South Bend. Upon the exercise of this option, the sale price of said real estate shall be based upon the square footage of said real estate and shall be Four Dollars and Ninety Cents ($4.90) per square foot, said square footage in said real estate to be computed by the Engineering Department of the City of South Bend. The City shall furnish at its expense title insurance insuring title to said real estate subject only to restrictions and easements of record and customary items with respect to which such commitments are made issued in the amount of said option purchase price and shall convey said real estate by warranty deed. The closing shall take place not later than sixty (60) days after notice of exercise of the option by Landmark. 8. The City shall have the right of demolition of the frame building at any time after the closing of this sale. The City agrees not to demolish the brick building located on the north side of said real estate until after the expiration of the option of Landmark. In the event Landmark exercises its option to purchase, the parties agree that the frame building shall be demolished within seventy-five (75) days of the receipt of the notice of intent of Landmark to exercise its option. The City shall bear that proportion of the cost of demolition of that part of the frame building located on its property and Landmark shall bear the proportion of the cost for that part of the building located on the property the subject of the option. At the time of the closing of this sale the City agrees to place fire and extended coverage insurance on the brick building in an amount to be determined by the City's insurance carrier and Landmark agrees to reimburse the City for the cost of such insurance. In the event of loss to said building and recovery of proceeds thereof by the City, the City agrees that if within the period for exercise of said option, the same shall be exercised by Landmark, then said insurance proceeds shall be assigned, transferred or paid to Landmark, and if said option should not be exercised said proceeds shall be the property of the City.