Purchase Agreement - City Owned Property 616-618 Sherman Avenue - Clinton and Sundra Gilkie

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PURCHASE AGREEMENT This Purchase Agreement ("Agreement"), entered into this ai rday of April, 2018, by and between the Civil City of South Bend, Indiana, by and through its contracting body, the Board of Public Works ("Seller") and Clinton and Sundra Gilkie, 614 Sherman Street, South Bend, IN 46616, in his/her individual capacity. (`Buyer") (Each a "Party" and together the "Parties"). WITNESSETH: WHEREAS, I.C. 36-1-11 establishes the procedure for the sale and rental of real property owned by the City of South Bend; and WHEREAS, the Board of Public Works (hereinafter referred to as the `Board") is empowered to carry out the provisions of said statute; and WHEREAS, the Board has determined that: 1. The highest and best use of certain real property owned by the City is by sale to an abutting property owner; 2. The cost to the public of maintaining said real property owned by the City equals or exceeds the established fair market value of said property; 3. It is economically unjustifiable to sell real property owned by the City in accordance with the procedures set forth in I.C. 36-1-11-4, the A. Seller has custody of and may maintain and dispose of all real property owned by the City of South Bend, Indiana (the "City") pursuant to IC. 36-1-11 ("Act"). B. Seller owns certain real property located in South Bend, Indiana, and more particularly described in attached Exhibit A (the "Property"). C. Pursuant to the Act, Seller requested to advertise the sale of the Property on March 28, 2017. D. Pursuant to the Act and its advertisement on March 28, 2017, Seller opened bids for the purchase of the Property at a public hearing on April 25, 2017. E. Buyer was the highest and most responsive bid. F. Seller desires to sell the Property to Buyer on the terms stated in this Agreement. THEREFORE, in consideration of the mutual covenants and promises in this Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, Buyers and Seller agree as follows: