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AGREEMENT FOR PURCHASE AND SALE OF REAL ESTATE <br />THIS AGREEMENT for Purchase and Sale of Real Estate (hereafter, this Agreement) is <br />made and entered into effective this day of February, 2005, by and among ARTHUR T. FORD <br />and LINETTE L. FORD, and THE CITY OF SOUTH BEND, INDIANA, FOR THE USE AND <br />BENEFIT OF ITS REDEVELOPMENT COMMISSION. <br />WITNESSETH THAT` <br />WHEREAS, Arthur T. Ford and Linette L. Ford, as Husband and Wife are the owners of <br />certain real property and improvements located within the Sample -Ewing Development Area and <br />more commonly known and numbered as 1303 South Michigan Street and Arthur T. Ford, <br />individually, is the owner of certain real property and improvements more commonly known and <br />numbered as 1315 South Michigan Street, 1321 -1323 South Michigan Street, St. Joseph County, <br />Indiana (Arthur T. Ford and Linette L. Ford are hereinafter referenced collectively and individually <br />as "Seller" and the aforementioned real estate is hereinafter referenced collectively as , the <br />"Property "), and <br />WHEREAS, the City of South Bend ( "City ") acting by and through the South Bend <br />Redevelopment Commission ( "Buyer ") may acquire by purchase interests in real property in <br />accordance with the powers granted to redevelopment commissions under IC 36 -7 -14 ( "Act "); and <br />WHEREAS, Seller is willing to sell the Property to Buyer, and Buyer is willing to purchase <br />the Property from Seller upon the terms and conditions hereinafter set forth; <br />WHEREAS, Buyer believes that it will be of public use and benefit to purchase the Property <br />and that such purchase is reasonable and conforms to the Development Plan for the Sample -Ewing <br />Development Area; and <br />WHEREAS, Buyer further believes that the purchase of the Property as described herein is in <br />the best interests of the health, safety and welfare of the City and its residents and complies with the <br />public purposes and provisions of the Act and all other applicable federal, state and local laws under <br />which this transaction is being undertaken and assisted; and <br />NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement <br />and for other good and valuable consideration, the receipt and sufficiency of which hereby is <br />acknowledged, the parties hereby agree as follows: <br />Section 1. Definitions. The following Terms used in this Agreement shall have the <br />following meanings: <br />A. "Closing" shall mean the consummation of the purchase and sale of the <br />Property in accordance with the terms of this Agreement upon completion of <br />all conditions precedent herein required to the reasonable satisfaction of <br />