5A1 Option Agreement (4124 Old Cleveland Rd.) - Signed

Home Browse Search

' OPTION TO PURCHASE AGREEMENT THIS EXCLUSIVE OPTION TO PURCHASE AGREEMENT (the "Option Agreement") is made on the 23rd. day of January, 2025 (the Effective Date) and entered into by and between the South Bend Redevelopment Commission, governing body of the South Bend Department of Redevelopment ("Commission"), and Adrian and Briana Long, each an individual (together, Adrian and Briana are referred to as the "Owners") (the Commission and the Owners are each sometimes referred to herein as a "Party" or collectively as the "Parties"). PRELIMINARY STATEMENT Owners are the owner of certain real estate, as more particularly described in Exhibit A to this Option Agreement (the "Real Estate"). The Commission is the owner of certain other real estate, as more particularly described in Exhibit B (the "Commission Property"). The Commission Property and the Real Estate are located in close proximity to one another. The Commission intends to eventually use the Commission Property for the construction of a new low barrier intake center facility serving the City of South Bend (the "Intended Use"). In the event the Commission proceeds with its Intended Use for the Commission Property, Owners agrees to sell the Real Estate to the Commission, upon the tenns and conditions hereinafter set forth. In consideration of the mutual promises contained in this Option Agreement, the Parties agree to the following: AGREEMENT 1.Exclusive Option to Purchase. The Owners hereby grant the Commission the exclusive option to purchase the Real Estate, subject to the terms and conditions set forth herein (the "Option"). The Option must be exercised by Commission, if at all, no later than the expiration of the Option Period, which is herein defined as five (5) years from the Effective Date (the "Option Period"). The Owners understand and agree that by entering into this Option, the Owners may not sell or assign the Real Estate to another buyer during the Option Period. As consideration for this Option, the Commission will pay the Owners the sum of Twenty Five Thousand Dollars ($25,000.00) (the "Option Payment") within thirty (30) days of the Effective Date. 2.Exercise or'bption: Trigger. The Commission may not exercise the Option until St. Joseph County Building Department Building Permits are obtained for the purpose of constructing the Intended Use (the Option Trigger"). Once the Option Trigger occurs, the Commission may exercise the Option by giving notice to the Owners in writing during the Option Period in the manner provided for the giving of notices in Section 10 of this Option Agreement. 3.Purchase Price. In the event the Option is exercised, subject to the Commission first obtaining two independent appraisals in accordance with Ind. Code § 3 6-7-14, the Commission shall purchase from Owners and Owners shall sell to the Commission, the Real Estate for the purchase price of Three Hundred Seventy Four Thousand Dollars ($374,000.00) (the "Purchase Price").