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MEMORANDUM OF UNDERSTANDING <br />By and Between <br />South Bend Redevelopment Commission <br />and <br />South Bend Heritage Foundation, Inc. <br />RUSHTON APTS. PROJECT <br />THIS MEMORANDUM OF UNDERSTANDING, dated as of the day of October, <br />2011, is made and entered into between the South Bend Redevelopment Commission, for and on <br />behalf of the City of South Bend, Department of Redevelopment (the "Commission ") and South <br />Bend Heritage Foundation, Inc., an Indiana non -profit corporation, ( "SBHF "). <br />RECITALS <br />WHEREAS, Indiana Landmarks is the owner of real property situated in the City of <br />South Bend, St. Joseph County, Indiana, located within the West Washington- Chapin <br />Development Area (the "Area ") and more particularly described in EXHIBIT A (the "Rushton <br />Apts. "); and <br />WHEREAS, Indiana Landmarks desires to transfer the Rushton Apts. to SBHF on the <br />condition that SBHF performs certain improvements to the Rushton Apts. (the "SBHF <br />Improvements "); and <br />WHEREAS, SBHF is willing to accept the Rushton Apts. from Indiana Landmarks on <br />the condition that the Commission perform further improvements to the Rushton Apts. (the <br />"Commission Improvements "); and <br />WHEREAS, the Rushton Apts. are located in the West Washington- Chapin <br />Development Area; and <br />WHEREAS, SBHF is willing to grant an easement to the Commission and the <br />Commission is willing to accept said easement to a portion of the Rushton Apts. from SBHF, in <br />order to complete the Commission Improvements; and <br />WHEREAS, SBHF is willing to complete the SBHF Improvements; and <br />WHEREAS, the Commission Improvements and the SBHF Improvements will be a <br />benefit to the health and welfare of all of the community's residents by rehabilitating a structure <br />which is currently vacant and in a deteriorating state of disrepair. <br />NOW, THEREFORE, the Parties hereby agree and represent as follows: <br />