Agreement to Terminate and Release Real Property Interests - FREG and Wharf Partners LLC

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Cross references: Instrument Nos.: AGREEMENT TO TERMINATE AND RELEASE REAL PROPERTY INTERESTS This Agreement to Terminate and Release Real Property Interests ("Agreement") is entered into effective as of 12:01 A.M. on , 2019 (the "Effective Date"), by and between the City of South Bend, Indiana, by and through its Board of Public Works, Board of Park Commissioners, and Department of Redevelopment, by and through its governing body, the South Bend Redevelopment Commission (collectively the "City"), FREG Stephenson Mill Associates, LLC, a Colorado limited liability company ("FREG"), and Wharf Partners, LLC, an Indiana limited liability company ("Wharf Partners"). WHEREAS, the City owns real property in South Bend, Indiana known as Lot 1 of the Seitz Park Minor Subdivision (the "City Parcel"); WHEREAS, Wharf Partners owns real property in South Bend, Indiana adjacent to the City Parcel known as Lots 1-3 of the Cascade Minor Subdivision (the "Wharf Partners Parcels"); WHEREAS, FREG owns real property in South Bend, Indiana known as Lot 1 of the Opelika Minor Subdivision and Lot 2 of the Seitz Park Minor Subdivision (the "FREG Parcels"); WHEREAS, the City Parcel, Wharf Partners Parcels, and FREG Parcels are each burdened by easements for access and parking or are otherwise encumbered by real property interests or rights and these encumbrances benefit one or more of the other parties to this Agreement; WHEREAS, as part of the development of the City Parcel and Wharf Partners Parcel, the parties agree to release, terminate and quitclaim unto the applicable parcel owner all currently existing easements (other than as set forth in the recorded Seitz Park Minor Subdivision and the Shared Easement Agreement [as defined below]) and encumbrances they have over such applicable parcels identified in this Agreement and thereafter create a new easement for ingress and egress only on a portion of the City Parcel in a separate recorded Shared Perpetual, Non -Exclusive Ingress, Egress and Utility Easement Agreement (the "Shared Easement Agreement"). NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City, FREG, and Wharf Partners agree as follows: 1. Except as set forth in the recorded Seitz Park Minor Subdivision, the Shared Easement Agreement and any agreements entered into by Wharf Partners and the City after the Effective Date, Wharf Partners does herby release, terminate and quitclaim unto the City all of its right, title and interest in and to the City Parcel which it received by written instrument or otherwise. Wharf Partners does hereby release, terminate and quitclaim unto FREG all right, title and interest in and to the FREG Parcels which it received by written instrument or otherwise.