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PURCHASE AGREEMENT <br />By and Between <br />South Bend Redevelopment Commission <br />Richard C. Hamilton and Hamilton Body Shop, Inc. <br />May 31, 2012 <br />THIS PURCHASE AGREEMENT, dated as of the day of May, 2012, is made <br />and entered into between the South Bend Redevelopment Commission, for and on behalf of the <br />City of South Bend, Department of Redevelopment (the "City ") and Richard C. Hamilton <br />( "Hamilton ") and Hamilton Body Shop, Inc. ( "Hamilton Body Shop ") (collectively, the <br />"Owner "). <br />RECITALS <br />WHEREAS, the City desires to acquire various parcels of real property, including all <br />improvements thereon, currently owned by Hamilton or Hamilton Body Shop for the <br />redevelopment purposes of the City, which parcels are more particularly identified in the map <br />attached as Exhibit A and titled "Hamilton Body Shop and Towing Properties" and itemized <br />in Exhibit B (the "Property "); and <br />WHEREAS, the Property is within the boundaries of the City, the South Bend <br />Redevelopment District, and Airport Economic Development Area; and <br />WHEREAS, the City has completed its acquisition procedures for the Property and has <br />appropriated funds for the purchase of the Property; and <br />WHEREAS, Hamilton desires to sell to the City that portion of the Property owned by <br />Hamilton (the "Hamilton Properties "); and <br />WHEREAS, Hamilton Body Shop desires to sell to the City that portion of the Property <br />owned by Hamilton Body Shop (the "Hamilton Body Shop Properties "); and <br />WHEREAS, the City has presented the Owner with an initial purchase offer for the <br />average of the two (2) appraisals obtained by the City for the Property, and the Owner rejected <br />said offer; and <br />1 <br />