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PURCHASE AGREEMENT <br />THIS AGREEMENT, entered into this VC,' day of <br />1994, by and between Peter Hauser, hereinafter <br />referred to as the "Buyer," and the Civil City of South Bend, a <br />municipal corporation of the State of Indiana, hereinafter <br />referred to as the "City." <br />WITNESSETH: <br />WHEREAS, I.C. 36--1-11 establishes procedures for the sale <br />and rental of real property owned by the City of South Bend; and <br />WHEREAS, the Board of Public Works is empowered to carry out <br />the provisions of said statute; and <br />WHEREAS, the Board has determined that: <br />1. The highest and best use of certain real property owned <br />by the City is by sale to an abutting landowner; <br />2. The cost to the public of maintaining said real property <br />owned by the City equals or exceeds the established fair market <br />value of said real property; <br />3. It is economically unjustifiable to sell said real <br />property owned by the City in accordance with the procedures set <br />forth in I.C. 36-1-11-4. <br />WHEREAS, the Board has determined that the assessed value of <br />said real property is less than TWO THOUSAND DOLLARS ($2,000.00); <br />and <br />WHEREAS, the Board appointed a licensed independent <br />appraiser who appraised the particular real property; and <br />WHEREAS, based upon the appraisal submitted, the Board has <br />established an offering price for the property, and published <br />notice of its intention to sell said property at said price; and <br />WHEREAS, pursuant to I.C. 36-1-11-5, the Board is empowered <br />to negotiate and sell said real property to the abutting <br />landowner who submits the highest offer for said real property; <br />and <br />WHEREAS, the offer of the Buyer in the amount of Fifty <br />Dollars ($50.00), was offered and accepted as the best offer for <br />said property. <br />NOW, THEREFORE, it is agreed by and between the parties <br />hereto, and for and in consideration of the promises and the <br />mutual covenants herein contained, as follows: <br />1. The City agrees to sell and Buyer agrees to buy the <br />following property located in St. Joseph County, Indiana: <br />Lot Numbered One Hundred Five (105) as shown <br />on Hartman and Miller's Plat, an Addition to <br />the City of South Bend, and more commonly <br />known as 1118 Burns Street, <br />for the sum of $50.00. <br />2. Buyer agrees to pay the purchase price and recording fee <br />in full at the time of closing. <br />3. Buyer agrees to pay all title and abstract costs <br />involved in said transaction which it shall desire or request. <br />4. Buyer further agrees to repair the sidewalk in front of ' <br />