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PURCHASE AGREEMENT <br />TS AGREEMENT, entered into this j r day of _ , I92G it' and <br />HI <br />between Richard James, hereinafter referred to as the "Buyer," and the Civil City of South Bend, a <br />municipal corporation of the state of Indiana, hereinafter referred to as the "City." <br />WITNESSETH: <br />WHEREAS, I.C. 36-1-11 establishes the procedures for the sale and rental of real property <br />owned by the City of South Bend; and <br />WHEREAS, the Board of Public Works (hereinafter referred to as the Board") is empowered <br />to carry out 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 by the City is by sale to an <br />abutting landowner; <br />2. The cost to the public of maintaining said real property owned by the City equals or <br />exceeds the estimated fair market value of said real property; <br />3. It is economically unjustifiable to sell real property owned by the City in accordance <br />with the procedures set forth in I.C. 36-1-11-4. <br />WHEREAS, the Board has determined that the assessed value of said real property is less <br />than Two Thousand Dollars ($2,000.00); and <br />WHEREAS, the Board published notice of its intention to sell said property; and <br />WHEREAS, pursuant to I.C. 36-1-11-5, the Board is empowered to negotiate and sell said <br />real property to the abutting landowner who submits the highest offer for said real property; and <br />WHEREAS, the Buyer made an offer to purchase the property in the amount of Fifty Dollars <br />($50.00), this offer being the only offer received; and <br />WHEREAS, the City accepted an offer of Buyer in the amount of Fifty Dollars ($50.00). <br />NOW, THEREFORE, it is agreed by and between the parties hereto, and for and in <br />consideration of the promises and the mutual covenants herein contained, as follows: <br />1. The City agrees to sell and Buyer agrees to buy the following property located in St. <br />Joseph County, Indiana; <br />Key Number 18-4004-0138 <br />841 South Grant Street <br />for the sum of $50.00. <br />2. Buyer agrees to pay the purchase price, recording fee, and advertising costs in full at <br />the time of closing. <br />3. Buyer agrees to pay all title and abstract costs involved in said transaction which it <br />shall desire or request. <br />4. The conveyance of the aforementioned real property is made so long as the lot is not <br />used for a building site for purposes of a new, single-family construction site. <br />