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0 CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE <br />THIS AGREEMENT is made and entered into by and between CITY OF SOUTH <br />BEND, by its Redevelopment Commission, the governing body of the City of South Bend <br />Department of Redevelopment ( "Seller ") and SOUTH BEND PUBLIC TRANSPORTATION <br />CORPORATION, a municipal corporation existing under the laws of the State of Indiana <br />( "Purchaser "), for and in good consideration of the sum of Ten Dollars ($10.00) and other good <br />and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, <br />the parties hereto agree as follows: <br />L The Property. Seller hereby agrees to sell and Purchaser hereby agrees to <br />purchase, upon the terms and conditions herein set forth, the tract of land, improvements thereon, <br />easements used in connection therewith, property under streets and sidewalks owned by Seller, <br />and appurtenances thereunto belonging, commonly known as the South Bend Stamping Plant <br />described as a part of the Northeast Quarter of Section 14, Township 37 North, Range 2 East in <br />the City of South Bend, Indiana, containing 38.23 acres more or less ( "Property "), which <br />Property is more particularly described in Exhibit A attached hereto and made a part hereof. <br />2. Purchase Price. Seller agrees to pay for the Property at Closing the sum of Four <br />Million Dollars ($4,000,000.00) (the "Purchase Price "). <br />3. Summary of Transaction. Purchaser and Seller are entering into this Agreement <br />for the purchase and sale of the Property which shall close after completion by Seller of <br />substantial site and infrastructure work. Prior to Closing, Seller shall clear existing structures, <br />complete enviromnental remediation, and make such provisions for infrastructure (street way, <br />sewer, water, and utilities) necessary to support Purchaser's future relocation to the site, as more <br />particularly described on attached Exhibit B attached hereto and made a part hereof (the <br />STAMPING PLANT <br />