6B(8) Contract for Sale of Land with Oliver Park Partners

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CONTRACT FOR PURCHASE AND SALE This CONTRACT OF PURCHASE AND SALE (hereinafter "Agreement "), dated this day of , 2011, between OLIVER PLOW PARTNERS, LP (the "Company ") and the SOUTH BEND REDEVELOPMENT COMMISSION (the "Commission "), the governing body of the Department of Redevelopment of the City of South Bend, Indiana, existing and operating under the provisions of Indiana Code § 36 -7 -14, as amended; WITNESSETH: 1. The Commission is the owner of record of land in the Oliver Industrial Park with the legal description as follows: See Exhibit "A" Consisting of 4.64 acres, more or less (the "Property "). The Commission has completed the disposition process under Indiana Code § 36 -7 -14- 22 and desires to sell the Property to the Company under the terms and conditions set forth herein pursuant to Indiana Code § 36- 7- 14- 22(h). 2. The Commission shall convey the Property to the Company in exchange for cash in the amount of Twenty -two Thousand and 00 /100 Dollars ($22,000.00), and subject to the conditions contained in paragraph 6 of the Agreement (the "Purchase Price "). 3. The Commission hereby represents it is not aware of any easements or encumbrances other than those of record. At Closing, the Commission shall convey the Property to the Company by quitclaim deed in the form set forth at Exhibit `B" subject to the following: (a) ' Applicable zoning laws and regulations; (b) All easements, conditions, reservations, leases, licenses, access agreements and restrictions as may appear of record, be apparent by an inspection of the Property, or of which the Company has actual or constructive knowledge; and (c) Subject to the obligation of Grantee to convey back to Grantor the real estate pursuant to the terms of paragraph 6(c) of the Contract for the Purchase of Real Estate executed by Grantor and Grantee. As a government entity, the Commission is exempt from taxation under Indiana law, and therefore, no taxes should have accrued against the Property while the Commission is the owner of the Property. The Company agrees to accept the Property under the above - described circumstances and subject to the above - described restrictions and encumbrance provided that the