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CONTRACT FOR SALE OF LAND FOR PRIVATE DEVELOPMENT THIS AGREEMENT, made on /~~-~-~'-~~- ~ 2010, between the South Bend Redevelopment Commission (the "Commission"), established under the Redevelopment of Cities and Towns Act of 1953, as amended, being Ind. Code 36-7-14-1, et seq. (the "Act"), and having its office at 1200 County-City Building, South Bend, Indiana, and East Bank South Bend Development, LLC, a limited liability corporation organized under the laws of the State of Indiana (the "Developer"),having its principal place of business at 603 Manchester Drive, South Bend, Indiana, 46615. WHEREAS, to further the objectives of the Act: 1. The Commission has investigated areas within the corporate boundaries of the City of South Bend and has prepared and approved the South Bend Central Development Area Plan (the "Plan"), to redevelop the area known as the South Bend Central Development Area. Copies of the Plan and amendments thereto, have been recorded in the St. Joseph County Recorder's Office. 2. The Developer has offered to purchase and develop the property described in Exhibit A (the "Property") according to the Plan and this agreement ("Contract") and the Commission is willing to sell the property. 3. The Commission believes that developing the Property according to the Contract is in the best interest of the health, safety and welfare of the City and its residents and complies with the public purposes and provisions of the Act and applicable federal, state and local laws under which the development has been undertaken. NOW, THEREFORE, in consideration of the mutual promises and obligations in this Contract, the parties agree as follows: SECTION I. SALE, PURCHASE PRICE. Subject to all of the terms of this Contract, the Commission agrees to sell and the Developer agrees to purchase the Property. The amount of the Purchase Price is Ten Thousand Dollars ($10,000) payable in full at closing. As further consideration, the Developer will not apply for any tax abatements for the Property. SECTION II. CONVEYANCE OF PROPERTY. A. Form of Deed. Subject to the terms of this Contract, the Commission shall convey to the Developer title to the Property by warranty deed (the "Deed"). In addition to the other conditions, covenants and restrictions in this Contract, such conveyance and title shall be subject to: Building and use restrictions in the Plan (and its covenants) and this Contract.