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COMMERCIAL PURCHASE AGREEMENT
<br />The Purchaser, MAVCON PROPERTIES, LLC, a Michigan limited liability company
<br />( "Purchaser "), hereby offers and agrees to purchase, and the Seller, and the SOUTH BEND
<br />REDEVELOPMENT COMMISSION, the governing body of the Department of Redevelopment
<br />of the City of South Bend, Indiana, existing and operating under the provisions of Indiana Code
<br />§ 36 -7 -14, as amended, ( "Seller "), hereby agrees to sell, land situated in the City of South Bend,
<br />St. Joseph County, Indiana, upon the following terms and conditions set forth in this Commercial
<br />Purchase Agreement ( "Agreement "):
<br />PROPERTY DESCRIPTION. The LaSalle Hotel property in downtown South Bend,
<br />together with any and all buildings, structures, rights, easements, attached surface
<br />parking lot, and appurtenances pertaining thereto and any and all improvements, trees,
<br />bushes, landscaping and foliage thereon, as legally described on the attached Exhibit A
<br />(the "Property ").
<br />2. PURCHASE PRICE. PURCHASER shall pay therefore the sum of five thousand
<br />dollars ($5,000.00) (the "Purchase Price ").
<br />3. DEPOSIT. Purchaser shall deposit with Seller, within three (3) days after the Effective
<br />Date, (as defined below) an initial deposit of $2,000.00, which deposit shall be applied
<br />against the Purchase Price at the time of closing. Notwithstanding anything contained
<br />in this Agreement to the contrary, in the event that the Purchaser gives written notice to
<br />Seller on or before expiration of the Inspection Period, as set forth in Paragraph 9
<br />below, expressing intent not to close, Purchaser shall be entitled to a refund of any
<br />sums deposited, and this Agreement shall be deemed null and void and of no further
<br />force and effect. In the event that Purchaser fails to give written notice to Seller on or
<br />before expiration of the Inspection Period, and the Purchaser fails to close within the
<br />time period provided, including any extensions, except to the extent that failure to close
<br />is due to fault of the Seller, (which fault shall include, but shall not be limited to,
<br />defects in the condition of title, Seller's failure to timely perform pursuant to the terms
<br />of this Agreement, or Seller's breach of a representation, warranty or covenant, or any
<br />other default of Seller) any deposited sums paid by Purchaser shall be retained by Seller
<br />as Seller's sole remedy against the Purchaser and is in lieu of the exercise by Seller of
<br />any other legal or equitable rights or remedies all of which Seller hereby waives and
<br />relinquishes, and this Agreement shall be deemed cancelled, null and void and of no
<br />further force or effect.
<br />4. METHOD OF CLOSING. The sale shall be consummated by the delivery of a
<br />Warranty Deed conveying fee simple marketable title with the balance of the purchase
<br />price to be paid in cash or by certified check at the time of closing.
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