No. 0846 approving modifications to and execution of a lease between the SBRA and the SBRC for the St. Joseph/Wayne parking facility and other related matters

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AGREEMENT FOR SALE AND PURCHASE OF REAL PROPERTY THIS AGREEMENT is made and entered into on June 17, 1988, by and between the South Bend Redevelopment Commission (the "Seller ") and the South Bend Redevelopment Authority (the "Purchaser "). WHEREAS, the Seller has executed a Lease with the Purchaser providing for the acquisition by Lease /Purchase by the Seller from the Purchaser of a Parking Facility to be known as the St. Joseph /Wayne Parking Facility (the "Parking Facility "); and WHEREAS, IC 36 -7- 14.5 -18 provides that the Commission may sell to the Authority land upon which a local public improvement is to be constructed, for such amount as it determines to be in the best interest of the Commission, which amount may be paid from the proceeds of bonds of the Authority; and WHEREAS, the State Board of Tax Commissioners has issued its Order of Approval of the Lease pursuant to IC 6 -1.1- 18.5 -8 and 36- 1 -10 -13 and 14; and WHEREAS, the Seller desires to sell this real property to the Purchaser and the Purchaser desires to purchase this real property for the purposes of the Lease; NOW THEREFORE, in consideration of the mutual promises and obligations in this Agreement, the parties agree as follows: 1. Sale, Purchase Price. Subject to all of the terms of this Agreement, the Seller agrees to sell and the Purchaser agrees to purchase the following described real property located in the City of South Bend, St. Joseph County, State of Indiana (the "Property "): A part of the Northwest Quarter of Section 12, Township 37 North, Range 2 East'of the Second Principal Meridian, Portage Township, City of South Bend, Indiana, being a part of Lots Fifty (50), and Fifty -one (51) and Fifty -two (52) of the Original Plat of South Bend, Indiana more particularly described as follows: Beginning at the intersection of the Westerly right -of -way line of St. Joseph Street (85 foot right -of -way) with the North right -of -way line of Wayne Street (82.5 foot right -of- way), thence South 89038'12" West (bearing assumed) along the North right -of -way line of Wayne Street 148.84 feet; thence North 00027'00" West, 186.00 feet; thence North 89039'34" East, 165.61 feet; thence Southwesterly 186.99 feet along a segment of a curve to the right having -1-