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PURCHASE AGREEMENT <br />This Purchase Agreement ("Agreement"), entered into this at day of August, <br />2018, by and between the Civil City of South Bend, Indiana, by and through its <br />contracting body, the Board of Public Works ("Seller") and Robert M. Vernon, 1059 <br />LaSalle Court, South Bend, IN 46616, in his/her individual capacity. ("Buyer") (Each a <br />"Party" and together the "Parties"). <br />WITNESSETH: <br />WHEREAS, I.C. 36-1-11 establishes the procedure for the sale and rental of real <br />property owned by the City of South Bend; and <br />WHEREAS, the Board of Public Works (hereinafter referred to as the "Board") is <br />empowered to carry out the provisions of said statute; and <br />WHEREAS, the Board has determined that: <br />1. The highest and best use of certain real property owned by the City is by sale to <br />an abutting property owner; <br />2. The cost to the public of maintaining said real property owned by the City equals <br />or exceeds the established fair market value of said property; <br />3. It is economically unjustifiable to sell real property owned by the City in <br />accordance with the procedures set forth in I.C. 36-1-11-4, the <br />A. Seller has custody of and may maintain and dispose of all real property <br />owned by the City of South Bend, Indiana (the "City") pursuant to IC. 36-1-11 ("Act"). <br />B. SeIler owns certain real property located in South Bend, Indiana, and more <br />particularly described in attached Exhibit A (the "Property"). <br />C. Pursuant to the Act, Seller requested to advertise the sale of the Property <br />on July 24th, 2018. <br />D. Pursuant to the Act and its advertisement on July 24th, 2018, Seller <br />opened bids for the purchase of the Property at a public hearing on August 14th, 2018 <br />E. Buyer was the highest and most responsive bid. <br />F. Seller desires to sell the Property to Buyer on the terms stated in this <br />Agreement. <br />THEREFORE, in consideration of the mutual covenants and promises in this <br />Agreement and other good and valuable consideration, the receipt of which is hereby <br />acknowledged, Buyer and Seller agree as follows: <br />1 <br />