11.25.24 RDC Full Packet - Laserfiche WebLink

Home Browse Search

30 MEMORANDUM OF OPTION AGREEMENT This Memorandum of Option Agreement (this “Memorandum”) is entered into as of the 25 day of November, 2024 (the “Effective Date”), by and between South Bend Redevelopment Commission, governing body of the Department of Redevelopment of the City of South Bend, Indiana (the “Commission”), and REVS DEVELOPMENT LLC, an Doemstic Limited Liability Company, with offices at 56085 Chapel Lane, South Bend, IN, 46619 (the “Developer”) (the Commission and the Developer are each sometimes referred to herein as a "Party" or collectively as the "Parties"). WITNESSETH WHEREAS, the Developer is the owner of that certain real estate situated in the City of South Bend, County of St. Joseph and State of Indiana, comprising six (6) parcels which are more particularly described on Exhibit 1, attached hereto and made a part hereof as if fully rewritten herein (the “Property”); and WHEREAS, as of the date hereof, the Commission and the Developer entered into an Option Agreement (the “Agreement”) whereby the Developer granted the Commission an exclusive option (the “Option”) to purchase the Property (the “Option Property”) upon terms and conditions more particularly set forth in the Agreement, and pursuant to the terms of a certain Development Agreement between the Parties dated November 25 2024 (the “Development Agreement”); and WHEREAS, the parties are desirous of placing their interests therein as a matter of record. NOW, THEREFORE, in consideration of the mutual covenants herein contained and the parties intending to be legally bound thereby, the parties hereto hereby agree as follows: 1. The term of the Option commenced upon the Effective Date and shall continue until the Developer completes the Project by the Mandatory Completion Date set forth in Section 4.5 of the Development Agreement and expends the full amount of Private Investment as defined in Section 1.3 of the Development Agreement for the Project by the end of the Mandatory Completion Date, which must be evidenced by a Certificate of Completion, unless earlier terminated pursuant to terms set forth in the Agreement. 2. This Memorandum may be executed in any number of counterparts, each of which counterpart, when so executed and delivered, shall be an original, but all such counterparts when taken together shall constitute but one and the same Memorandum.