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PURCHASE AGREEMENT <br />THIS GREEMENT, ntered into day of <br />U , 1996, by and between Tommy <br />James, Lisa Sconi%rs,-ana Gregory Mitchem, hereinafter referred to <br />as the "Buyers," and the Civil City of South Bend, a municipal <br />corporation of the State of Indiana, hereinafter referred to as the <br />"City." <br />WITNESSETH: <br />WHEREAS, I.C. 36-1-11 establishes the 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 (hereinaf er referred to as <br />the "Board") is empowered to carry out the provisions of said <br />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 real property <br />owned by the City in accordance with the procedures set forth in <br />T.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); and <br />WHEREAS, pursuant to I.C. 36-1-11-5, the Board is empowered to <br />negotiate and sell said real property to the abutting landowner who <br />submits the highest offer for said real property; and <br />WHEREAS, the offer of the Buyers in the amount of One Hundred <br />Dollars ($150.00) 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 mutual <br />covenants herein contained, as follows: <br />1. The City agrees to sell and Buyers agree to buy the <br />following property located in St. Joseph County, Indiana: <br />Key Number: 18-7042-1661 <br />E. 33' W. 41' Lot 14 Dubails 1st Addition. <br />More commonly known as 215 East Dayton Street, <br />South Bend. <br />for the sum of $150.00. <br />2. Buyers agree to pay the purchase price and recording fee <br />in full at the time of closing. <br />3. Buyers agree to pay all title and abstract costs involved <br />in said transaction which it shall desire or request. <br />4. At the time to closing and after a submission of a <br />receipt for the total purchase price has been submitted by the <br />Controller to the Board of Public Works, the Board shall cause a <br />