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PURCHASE AGREEMENT <br />e 19V by and <br />THIS AGREEMENT, entered into this day of er and the <br />between, i�.�w►on 1 o IIM►4e No��_ hereinafter referred to as the Buy <br />Civil City of South Bend, a municipal corporation of the State of Indiana, hereinafter referred to as <br />the "City." <br />WITNES SETH: <br />WHEREAS, I. C. 36-1-1 i establishes the procedures for the sale and rental of real property <br />owned by the City of South Bend; and <br />WIEREAS, the board of Public Works (hereinafter referred to as the `Board") is empowered <br />to carry out the provisions of said statute, a <br />nd <br />wT EREAS, the Board has determined that: <br />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 established 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 1. 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 appointed a licensed independent appraiser who appraised the <br />particular real property; and <br />WHEREAS, based upon the appraisal submitted, the Board has established an offering price <br />for the said property, and published 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 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 offer of the Buyer in the amount of Twenty Dollars ($20.00) was offered and <br />accepted as the best offer for said property. <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 />625 Walnut <br />for the sum of $20,00. <br />2. Buyer agrees to pay the purchase price and recording fee in full at 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 as a building site for purposed of a new, single-family construction site. <br />