6. E (3) Main and Western Disposition parcel

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PURCHASE OPTION AGREEMENT By and Between South Bend Redevelopment Commission Main at Western Ventures, LLC, an Indiana limited liability company (400 - 428 South Main) February 22, 2011 THIS PURCHASE OPTION AGREEMENT, dated as of the day of February, 2011, is made and entered into between the South Bend Redevelopment Commission, for and on behalf of the City of South Bend, Department of Redevelopment (the "City") and Main at Western Ventures, LLC, an Indiana limited liability company (the "Company"'). WITNESSETH: WHEREAS, the City is the owner of record of land located in the South Bend Central Development Area commonly known as 400 - 428 South Main Street, South Bend, Indiana and more particularly described at Exhibit A (the "Property''); and WHEREAS, the City has completed the disposition process under IC 36-7-14-22 and desires to sell the Property to the Company; and WHEREAS, the Company desires to acquire an option to purchase the Property as set forth herein. NOW, THEREFORE, the Parties hereby agree and represent as follows: 1. The City gives to the Company the exclusive option (the `'Option") to purchase the Property for the price of Ten Thousand Dollars ($10,000.00). In the event that the Company exercises this Option, the Company shall deposit Ten Thousand Dollars ($10,000.00) with Meridian Title Corporation to be held in escrow pending closing (the "Option Deposit"). Option Deposit shall be applied towards the purchase price of the Property. The Company shall have the right to exercise this Option during a period of time beginning at 9:00 a.m. on February 23, 2011, and lasting until 5:00 p.m. on February 29, 2012. The Company shall exercise this Option by giving written notice by certified mail (the "Notice to Purchase") to the City at the address indicated herein below. The date that the City receives