05/30/73 Board of Public Works Special Meeting Minutes

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SPECIAL MEETING MAY 30, 1973 AGREEMENT This Agreement entered into this 29th day of May, 1973, by and between Armand Murat, Jr. and Dorothy Murat, hereinafter referred to as Sellers, and the Civil City of South Bend, a municipal corporation of the State of Indiana, hereinafter referred to as Buyer, WITNESSETH: WHEREAS, the Sellers are owners of real estate of which the hereinafter described parcel is a part and the acquisition of which parcel is required by the Civil City of South Bend for certain improvements to be made to the West side of Hickory Road in South Bend, Indiana; and WHEREAS, the real estate of which the hereinafter described parcel is a part, is presently being leased by the Sellers to various tenants under recorded leases; and WHEREAS, the parties hereto have agreed to the terms of sale of the hereinafter described real estate and have agreed that the Buyer should have an immediate right of entry upon said real estate at the time of the execution of this Agreement. NOW, THEREFORE, it is agreed by and between the parties hereto and for and in consideration of the premises and the mutual covenants herein contained, as follows: 1. The Sellers agree to sell and the Buyer agrees to buy the following described real estate located in St. Joseph County, State of Indiana: Commencing at the South East Corner of Section 5, Twp. 37 North, Range 3 East; thence due North along the East line of said Section 5, a distance of 553 feet; thence due West 20 feet to the true place of beginning; thence due North along a line 20 feet West of and -parallel to said East line of Section 5, a distance of 150 feet; thence due West 20 feet; thence due South along a line 40 feet West of and parallel to said East line of Section 5, a distance of 150 feet; thence due East a distance of 20 feet to the true place of beginning, containing 3000 square feet of .06887 acres, all in the South East 4 of the South East 4 of Section 5, Twp. 37 North, Range 3 East, Portage Twp., St. Joseph County, Indiana. In accordance with the terms and conditions herein set forth. 2. The purchase price of said real estate shall be the sum of Eight Thousand, Two Hundred and Fifth ($8,250.00) Dollars. This amount shall be paid at the time of closing. 3. The Sellers represent and warrant that they have a merchantable fee simple title to said above described real estate subject only to the lien of current taxes and to the rights of the tenants in possession of said real estate. The Sellers further agree and warrant that they will at the time of the preparation of the title insurance policy on said real estate, furnish a good and sufficient release of all interest of any and all tenants of the Sellers in said real estate. 4. The Sellers agree to obtain, and the Buyer agrees to pay the cost thereof, a binder of title insurance in an amount equal to the purchase price. Such binder shall insure title in the Sellers and shall contain a covenant to insure such title in the Buyer upon appropriate conveyance. The Buyer shall, after receiving such binder, examine it and certify to the Sellers any defect in title. The Sellers shall have reasonable time to correct such defect and deliver to the Buyer any corrective material. Such defects in title shall be corrected at the expense of the Sellers. 5. It is agreed by and between the parties that state and/or federal funds are involved in the purchase of this real estate and that some delay may be occasioned after the execution of this Agreement in securing said funds for the closing of this sale. The Buyer repre- sents that such funds should be available within forty-five (45) days of the execution of this Agreement and closing shall take place as soon as such funds are available. At closing the Sellers agree to deliver to the Buyer a Warranty Deed conveying said real estate in accordance