Agreement - Ivy Tech Community College - Donation of 7 Modular Buildings

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DULAR BUILDING TRANSFER AGREEMENT 1' This Modular Building Transfer Agreement is made on February 02018 (the "Effective Date"), by and between the City of South Bend, acting by and through its Board of Public Works (the "City"), and Ivy Tech Community College (the "College") (each a "Party," and together the "Parties"). RECITALS A. The College owns certain property described as seven (7) re -locatable modular buildings (collectively the "Buildings") that are located on the Ivy Tech Community College South Bend campus, 220 Dean Johnson Boulevard, South Bend, Indiana 46601 (the "Site"), which are further identified in attached Exhibit A. B.. Pursuant to Ind. Code 36-1-10.5-1(b)(1), a transfer of structures to the City for a total price of Twenty -Five Thousand Dollars ($25,000.00) or less is not subject to the acquisition requirements of Ind. Code 36-1-10.5, and the Parties desire to accomplish the conveyance of ownership of the Buildings from the College to the City in accordance with the terms of this Agreement. NOW, THEREFORE, in consideration of the mutual promises set forth and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Transfer; Cooperation. College agrees to transfer, convey, and quitclaim to City all of College's right, title, and interest in and to the Buildings in their "as -is" condition. In exchange for College's conveyance of the Buildings, the City agrees to pay College the sum of One Dollar ($1.00) as the purchase price for the Buildings. The conveyance of the Buildings will be consummated at the time the City takes possession of the Buildings and removes them from their current location on the College's campus located in South Bend, Indiana (the "Site"), in accordance with the terms of Section 5 below. The Parties agree to coordinate with one another in good faith and to take all actions necessary, at the City's sole expense, to document and record with any necessary governmental agency College's conveyance of and the City's acceptance of title to the Buildings. In addition, College will provide to the City all documentation, files, records, and other information in College's possession with respect to the construction, condition, and maintenance of the Buildings. 2. Risk of Loss. All risks of loss with respect to the Buildings shall be deemed transferred to City as of the Effective Date of this Agreement. 3. Cancellation of Agreement; Ins ep ction. This Agreement may be cancelled with or without cause by either Party upon ten (10) days' written notice to the other Party of its desire to terminate. From the Effective Date, College hereby grants the City permission, with reasonable advance notice, to enter upon the Site to inspect the interiors and exteriors of the Buildings. 4. No Liens; Disclaimer of Warranties. College represents and warrants that title to the Buildings will be transferred to the City free and clear of all liens, claims, or encumbrances. Other than the foregoing representation and warranty, College disclaims any express or implied