Real Property Transfer Agreement - Near Northwest Neighborhood Inc - Transfers for Housing Development Projects Contingent on IHCDA Tax Credit Award in Nov 2018

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REAL PROPERTY TRANSFER AGREEMENT This Real Property Transfer Agreement is entered into as of May 8, 2018 (the "Effective Date"), by and between the City of South Bend, acting by and through its Board of Public Works, of 1300 N. County -City Building, 227 W. Jefferson Blvd., South Bend, Indiana 46601 (the "City") and Near Northwest Neighborhood Inc., an Indiana nonprofit corporation, with its registered address being 1007 Portage Avenue, South Bend, Indiana 46616 (the "Organization") (each a "Party," and together the "Parties"). RECITALS A. The City is a municipal corporation existing and operating pursuant to the laws of the State of Indiana. B. The City owns the certain real property described in attached Exhibit A (the "Property"), and the Organization desires to acquire ownership of the Property from the City in furtherance of its efforts to offer affordable housing to low and moderate income residents of the City and, specifically, for use in connection with the construction of an affordable 76-unit multi- family project for residents (the "Project"). The Organization expects to fund the Project in part by obtaining and selling certain tax credits granted to the Organization by the Indiana Housing and Community Development Authority (the "IHCDA") based on the Organization's application to the IHCDA to be submitted on or before the IHCDA's deadline on or about July 30, 2018. C. Pursuant to Ind. Code 36-1-11-1(b)(7), a sale or lease of property by the City to an Indiana non-profit corporation organized for educational, literary, scientific, religious, or charitable puiposes that is exempt from federal income taxation under Section 501 of the Internal Revenue Code is not subject to the disposition requirements of Ind. Code 36-1-11. D. The Organization is an Indiana non-profit corporation and is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code. E. The City, acting by and through the Board of Public Works, has determined that conveying the Property to the Organization under the terns of this Agreement is in the best interests of the residents of the City. NOW, THEREFORE, in consideration of the mutual covenants stated herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and the Organization agree as follows: I . Qualifications of Or anization. The Organization represents and warrants that (a) it is a non-profit corporation organized under the laws of the State of Indiana; (b) the Organization's articles of incorporation dated September 3, 1974, as amended on November 20,