#2836- Deed; QUIT-CLAIM DEED Relase Property to City

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PURCHASE AGRREEMENT THIS AGREEMENT, entered into this 1 day of 10 �'-f' , 2002, by and between, SHARPE REAL ESTATE, LLC hereinafter referred to as the `Buyer," and the Civil City of South Bend, a municipal corporation of the State of Indiana, hereinafter referred to as the City. WITNESSETH: WHEREAS, I. C. 36-1-11 establishes the procedures for the sale and rental of real property owned by the City of South Bend; and WHEREAS, the board of Public Works (hereinafter referred to as the "Board") is empowered to carry out the provisions of said statute; and WHEREAS, the Board has determined that: 1. The highest and best use of certain real property owned by the City is by sale to an abutting landowner; 2. The cost to the public of maintaining said real properties owned by the City equals or exceeds the established fair market value of said real properties; 3. It is economically unjustifiable to sell real property owned by the City in accordance with the procedures set forth in I. C. 3 b-1-11-4. WHEREAS, the Board has determined that the assessed value of said real property is less than TWO THOUSAND DOLLARS ($2,000,00) ; and —� WHEREAS, the Board appointed a licensed independent appraiser who appraised the particular real property; and WHEREAS, based upon the appraisal submitted, the Board has established an offering price for the said properties, and published notice of its intention to sell said property at said price; and WHEREAS, pursuant to I. C. 36-1-11-5, the Board is empowered to negotiate and sell said real property to the abutting landowner who submits the highest offer for said real property; and WHEREAS, the offer of the Buyer in the amount of Five Hundred Ten Dollars ($510.00) was offered and accepted as the best offer for said property. NOW, THEREFORE, it is agreed by and between the parties hereto, and for and in consideration of the promises and the mutual covenants herein contained, as follows: 1. The City agrees to sell and Buyer agrees to buy the following property located in St. Joseph County, Indiana: 1043 Burns Avenue Lot 87 Hartman & Millers Addition Key No. 18-5099-3504 for the sum of $510.00, 2. Buyer agrees to pay the purchase price and recording fee in full at the time of closing. 3. Buyer agrees to pay all title and abstract costs involved in said transaction which it shall desire or request. 4. The convey of the aforementioned real properties is made so long as the lots are not used as a building site for purposed of a new, single -Family construction site.