Award Bid - Sale of City Property for 142 N. Chicago & 722 N LaPorte Ave. - Victor Lopez

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AGREEMENT TO BUY AND SELL REAL ESTATE This Agreement to Buy and Sell Real Estate ("Agreement") is dated effective the 26th day of November 2019 and made by and between Victor Lopez, of 1110 Lincoln Way West, South Bend, Indiana 46616 ("Buyer") and the City of South Bend, Indiana (the "City"), acting by and through its Board of Public Works ("Seller") (each a "Party" and together the "Parties"). RECITALS A. Pursuant to Indiana Code Sec. 36-1-11-5, Seller is selling certain properties in the City commonly known as 722 N. LaPorte Avenue ("LaPorte Property") and 142 N. Chicago Street ("Chicago Property" and, together with the LaPorte Property, the "Property"), both of which are more particularly described on Exhibit A. B. Buyer owns property that abuts the LaPorte Property to the south and property that abuts the Chicago Property to the south. C. The Property was advertised for sale on October 11, 2019 and October 18, 2019, and bids were opened on November 12, 2019. D. The Seller's bids were accepted by the Seller at its regular meeting held on November 26, 2019. E. In partial payment of the purchase price for the Property and pursuant to Indiana Code Sec. 36-1-11-7, the Buyer and Seller have agreed to the Buyer's transfer to the Seller of certain property in the City commonly known as 517 Allen Street ("Allen Property"), which is more particularly described on Exhibit B. F. The City owns property that abuts the Allen Property to the north. G. The Parties desire to memorialize the terms of the property exchange as set forth herein. THEREFORE, in consideration of the mutual covenants and promises in this Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, Buyer and Seller agree as follows: 1. PURCHASE AND SALE OBLIGATION Seller agrees to sell the Property to the Buyer and Buyer agrees to sell to Seller the Allen Property upon the terms and conditions set forth herein. All the terms and conditions of this Agreement will be effective and binding upon the Parties and their successors and assigns at the time the Agreement is fully signed by Buyer and Seller (the "Contract Date").