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1 <br />REAL ESTATE PURCHASE AGREEMENT <br /> <br />This Real Estate Purchase Agreement (“Agreement”) is made and entered into on <br />March 12, 2024 (the “Contract Date”), by and between Mr. Donald R. Kelly Jr. (“Seller”), <br />and the City of South Bend, Indiana, by and through its Board of Public Works (“Buyer” or <br />the “Board”) (each a “Party” and together the “Parties”). <br /> <br />RECITALS <br /> <br />A. The Board has custody of and may maintain all real property owned by the <br />City of South Bend, Indiana (the “City”) pursuant to I.C. 36-9-6-3. <br /> <br />B. The City, acting by and through the Board, may purchase land or structures <br />in accordance with the requirements of Ind. Code § 36-1-10.5 (the “Purchase Statute”). <br /> <br />C. The Board desires to purchase from Seller certain real property located at <br />1150 E. Mishawaka Ave., South Bend, Indiana, and more particularly described in attached <br />Exhibit A (the “Property”). <br /> <br />D. The Property is subject to a certain Contract for Conditional Sale of Real <br />Estate (Land Contract) dated February 28, 2006 (the “Land Contract”) with Daniel Sedam <br />(“Land Contract Holder”), attached hereto as Exhibit B, and the Land Contract Holder <br />consents to this Agreement between Buyer and Seller. <br /> <br />E. Seller desires to sell the Property to the Board on the terms and conditions <br />stated in this Agreement. <br /> <br />THEREFORE, in consideration of the mutual covenants and promises in this <br />Agreement and other good and valuable consideration, the receipt and sufficiency of which <br />are hereby acknowledged, Buyer and Seller agree as follows: <br /> <br />1. SALE OF PROPERTY AND PURCHASE PRICE <br />Subject to the terms and conditions of this Agreement, Seller agrees to sell, convey, assign, <br />and transfer to Buyer the Property at Closing (defined below). The purchase price for the <br />Property shall be Two Hundred and Seventy-Five Thousand Dollars ($275,000.00) (the <br />"Purchase Price"), payable by Buyer to Seller at the Closing as described in Section 11. <br />2. BUYER'S DUE DILIGENCE <br />A. Investigation. Seller acknowledges that Buyer's determination to purchase <br />the Property requires a process of investigation (Buyer’s “Due Diligence”) into various <br />matters. Therefore, Buyer’s obligation to complete the purchase of the Property is <br />conditioned upon the satisfactory completion, in Buyer’s discretion, of Buyer’s Due <br />Diligence, including, without limitation, Buyer’s examination, at Buyer’s sole expense, <br />of zoning and land use matters, environmental matters, real property title matters, and the