Transfer Agreement - 715-727 Harrison – Habitat for Humanity

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2 (c) the Organization is currently exempt from federal income taxation as stated in the Internal Revenue Service letter dated April 13, 2018, attached hereto as Exhibit C. 2.Transfer of Property. The City desires to convey the Property to the Organization for and in consideration of One Dollar ($1.00), and the Organization desires to accept the Property, and any and all improvements located on the Property, subject to the terms and conditions of this Agreement. 3.Use of Property. The Organization agrees to use the Property only for purposes consistent with and permissible under its Articles and Section 501(c)(3) of the Internal Revenue Code and for no other purpose. 4. Closing. The City will convey title to the Property to the Organization by quit claim deed in substantially the form attached hereto as Exhibit D, on or before June 30, 2023 (the “Closing”). The Board of Public Works (the “Board”) hereby authorizes and instructs Elizabeth Maradik, President of the Board and Theresa Heffner, Clerk of the Board to execute and deliver the deed to the Organization. At the Organization’s option, the City will record the deed at the City’s expense, and the Board authorizes and instructs Joseph Molnar of the City’s Department of Community Investment to do so. 5. Post Closing Obligations. The Parties agree that the purpose of the transfer of the Property is for the eventual construction of affordable infill housing. In order to maximize the use of the Property, within twelve (12) months of Closing, the Organization shall coordinate a Lot Line Adjustment with the City of South Bend and the Near Northwest Neighborhood, Inc., which shall establish six (6) buildable residential parcels.. The Organization agrees it will execute and submit any and all forms and documents required for the approval of the Lot Line Adjustment. The Organization must return excess property to the City within one hundred and twenty (120) days of finalizing the Lot Line Adjustment. If any of the foregoing requirements and timeframes under this Section 5 are not adhered to, the Organization shall be in default under this Agreement. 6. City Design Review. The Organization agrees to Provide the design, plans, and specifications for the Post Closing Obligations consistent with City standards for the review and comment by the City's Planning Director or their designee, who, in their sole discretion, may request revisions or amendments to be made to the same. 7. Remedies Upon Default. In the event that the Organization fails to satisfactorily execute the Post Closing Obligations, or satisfactorily to prove such performance, the City shall have the right to re-enter and take possession of the Property and to terminate and revest in the City the estate conveyed to the Organization at Closing and all of the Organization’s rights and interests in the Property without offset or compensation for the value of any improvements made by the Organization.