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WHEREAS, the Owner has provided the City with a counteroffer of $320,000.00together <br />with an administrative settlement of $290,000.00 and relocation costs; and <br />WHEREAS, the City desires to accept the Owner's counteroffer and the parties desire to <br />complete the transaction pursuant to the terms and conditions set forth in this Agreement; <br />NOW, THEREFORE, the Parties hereby agree and represent as follows: <br />1. The Owner hereby agrees to sell the Property to the City for Three Hundred <br />Twenty Thousand and 00 /100 Dollars ($320,000.00) together with an <br />administrative settlement of Two Hundred Ninety Thousand and 00 /100 Dollars <br />($290,000.00)(the "Purchase Price ") and relocation costs, subject to the following <br />terms: <br />a. The City and the Owner shall close the transaction involving the parcels <br />located at 802 S. Lafayette and 910 S. Lafayette( "Transaction 1 Parcels ") on <br />or before June 30, 2012 ( "Closing Date 1 ") at Meridian Title Company, South <br />Bend, Indiana 46601 (the "Title Company ") or on such date and time or at <br />such place as mutually agreed upon by the parties. The City will pay to <br />Owner Two Hundred Sixty Thousand and 00 /100 Dollars ($260,000.00) of the <br />Purchase Price on Closing Date 1, together with relocation and <br />reestablishment costs of Fifty Thousand and 00 /100 Dollars ($50,000.00). <br />b. The City and Owner shall close the transaction involving the parcel located at <br />917 S. Lafayette ( "Transaction 2 Parcels ") on or before March 31, 2013 <br />( "Closing Date 2 ") at the Title Company or on such date and time or at such <br />place as mutually agreed upon by the parties. The City will pay an additional <br />Three Hundred Fifty Thousand and 00 /100 Dollars ($350,000.00) to Owner <br />on Closing Date 2. The City will pay the relocation and reestablishment costs <br />of Two Hundred Ninety Thousand and 00 /100 Dollars ($290,000.00) on or <br />before June 30, 2014 at 0% interest. <br />The City shall be entitled to pay any sums due herein on a date earlier than <br />such payment would normally be due without any additional cost or penalty to <br />the City. <br />C. The Owner shall continue to own the relevant portions of the Property until <br />Closing Date 1 and Closing Date 2, respectively, and hereby covenants that <br />the Owner will not alter the condition of the Property, except as herein <br />specifically allowed. The City shall be entitled to possession of the parcels <br />2 <br />