Purchase Agreement - Bruce Majeski - 914 21st Street

Home Browse Search

PURCHASE AGREEMENT THIS AGREEMENT, entered into this day of IUOJ M , 2017, by and between, Bruce D. Maieski, 914 21" St., South Bend, Indiana 46615, hereinafter referred to as the "Seller," and the City of South Bend, acting by and through its Board of Public Works (`Board"), a municipal corporation of the State of Indiana, hereinafter referred to as the "City." WITNESSETH: WHEREAS, IC 32-24-1 establishes the procedures for the acquisition of property to be condemned by the City; and WHEREAS, the Board is empowered to carry out the provisions of said statute; and WHEREAS, the City has determined that the acquisition of 914 21" St. ("Property") is in the best interest of the City and its future public safety needs; and WHEREAS, consistent with the statutory requirements of IC 32-24-1, the Board conducted two (2) appraisals of the Property and submitted an offer equal to the average of those appraisals in the amount of Sixty Thousand Dollars ($60,000.00); and WHEREAS, the Seller rejected the City's offer and countered with an offer of Eighty Thousand Dollars ($80,000.00); and WHEREAS, the Board, upon the determination that the additional Twenty Thousand Dollars ($20,000.00) countered by Seller was justified due to the uniqueness of the Property and the avoidance of litigation expenses associated with a potential condemnation action, accepts Seller's offer of Eighty Thousand Dollars ($80,000.00); and NOW, THEREFORE, it is agreed by and between the parties hereto, and for and in consideration of the promises and the mutual covenants herein contained, as follows: The City agrees to buy the Property located in St. Joseph County, Indiana: Key No.: 018-6027-0747 for the sum of $80,000.00 ("purchase price"). 2. The City agrees to pay the purchase price to Seller and to pay all closing and title commitment costs at the time of closing. Seller may remain in possession of the Property for ninety (90) days after closing. 3. Seller agrees to remove any and all liens which may exist on the Property at or prior to closing, including prorated real estate taxes up to the date of closing.