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EXHIBIT "B" <br />RESOLUTION NO. 1036 <br />ecember 23, 1991 <br />Jon R. Hunt <br />Executive Director <br />Department of Economic Development <br />City of South Send <br />1200 County City Building <br />South Bend, Indiana 46601 <br />re: Purchase of the Avanti Property from N.A.B. Realty Co. <br />Dear Hr. Hunt, <br />Many thanks for your courtesy and time spent with Geoff Newman and Fred <br />Baer these past few weeks discussing the purchase of the Avanti property <br />by the City's Redevelopment Commission. Contained herein is our offer <br />to sell which we deem to be [air. <br />We will sell the property to the City for a purchase price of <br />$240,000.00. <br />ANN <br />We offer to place $45,000.00 of the purchase price in escrow for a <br />period of two years from the date of closing. [he escrowed funds may be <br />called upon by the City to pay for the costs of clean-up of <br />environmental contamination which may be determined to exist on the <br />property site. Any unused portion of the escrowed funds are to be <br />released to the sellers at the end of the two year period. If <br />environmental clean-up costs exceed the escrowed amount then the City <br />shall assume the excess. <br />Sale is to be subject to the City assuming property taxes payable for <br />1990-91 and 1991'92 and also subject to easements of record. <br />The City will pay for the cost of the Title Insurance Policy. <br />The undersigned hereby con[irms the above proposalv agrees to be bound <br />by the terms thereof, and to execute such documents as may be ,equired <br />A�}o conclude this transaction. <br />%W <br />c ane yours, <br />uerman — <br />Owner of 10% interest <br />