Agreement to Terminate and Release Real Property Interests - FREG Central High Associates

Home Browse Search

Cross references: Instrument Nos. AGREEMENT TO TERMINATE AND RELEASE REAL PROPERTY INTERESTS This Agreement to Terminate and Release Deal Property Into°ests ("Agreement") is entered into effective as of 12:CI1 A.M„ o�n 1QR� ��, 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"), and FREG Central High Associates, LLC, a Colorado limited liability company ("FREG"). WHEREAS, the City owns real property in South Bend, Indiana known as Lot Number Two (2) of the Recorded Plat of Central High Associates Minor Subdivision recorded as Document No. 9408747 in the records of the St. Joseph County, Indiana Recorder's office and being more particularly described on Exhibit A attached hereto (the "City Parcel"); WHEREAS, FREG owns real property in South Bend, Indiana known as Lot Number One (1) of the Recorded Plat of Central High Associates Minor Subdivision recorded as Document No. 9408747 in the records of the St. Joseph County, Indiana Recorder's office and being more particularly described on It xhibit B attached hereto (the "FREG Parcel"); WHEREAS, the City Parcel is burdened by easements for access and parking or is otherwise encumbered by real property interests or rights and these encumbrances benefit FREG; WHEREAS, the City is concurrently conveying all right, title and interest in and to the City Parcel to FREG, and the City agrees to release, terminate and quitclaim unto FREG, all currently existing easements and encumbrances it has over the City Parcel. NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and FREG, agree as follows: The City does herby release, terminate and quitclaim unto FREG all of its right, title and interest in and to the City Parcel which it received by written instrument or otherwise. Without limiting the release, termination and termination set forth herein, the parties agree that the easement specifically identified on Exhibit C attached hereto shall be of no further force or effect and the parties hereby release each other from any and all liabilities, claims, and obligations arising out of or in connection with any such easements. 2. Each party shall, at no additional cost to the other parties, cooperate with the other and its authorized representatives with regard to any reasonable requests made subsequent to execution of this Agreement to correct any clerical errors contained in this Agreement and to provide any and all additional documentation deemed necessary to effectuate the transaction contemplated by this Agreement. Each party further agrees that the term "cooperate," as used in this