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1 <br /> <br />REAL ESTATE PURCHASE <br />AGREEMENT <br />This Real Estate Purchase Agreement (this “Agreement”) is made on June 11, 2026 (the <br />“Contract Date”), by and between the City of South Bend, Indiana, Department of Redevelopment, <br />acting by and through its governing body, the South Bend Redevelopment Commission (“Seller”) <br />and Greater Lowell Holdings LLC, an Indiana Limited Liability Company, with a principal <br />mailing address of P.O. Box 148, South Bend, Indiana 46624-0148 (“Buyer”) (each a “Party” and <br />together the “Parties”). <br />RECITALS <br />A. Seller exists and operates pursuant to the Redevelopment of Cities and Towns <br />Act of 1953, as amended, being Ind. Code 36-7-14 (the “Act”). <br />B. In furtherance of its purposes under the Act, Seller owns one (1) parcel of real <br />property located in South Bend, Indiana (the “City”), commonly known as 126 N. Niles Avenue, <br />and more particularly described in attached Exhibit A (the “Property”). <br />C. Pursuant to the Act, Seller adopted its Resolution No. 3399 on August 24, 2017, <br />whereby Seller established a total offering price of Sixty-Four Thousand Four Hundred Dollars <br />($64,400.00) for the Property. <br />D. Pursuant to the Act, on August 24, 2017, Seller authorized the publication, on <br />September 1, 2017, and September 8, 2017, respectively, of a notice of its intent to sell the Property <br />and its desire to receive bids for said Property on or before September 28, 2017, at 9:00 A.M. <br />E. On September 28, 2017, at 9:00 A.M., Seller received four (4) bids for the <br />Property and each of the bids were opened and read aloud during the Commission’s public <br />meeting commencing at 9:30 A.M. <br />F. Pursuant to the Act, Seller adopted its Resolution No. 3418 on October 26, 2017, <br />whereby upon recommendation of the City of South Bend’s Department of Community <br />Investment and Seller’s examination of the bids, Seller rejected all bids. <br />G. Buyer subsequently expressed interest in purchasing the Property for purposes <br />of redeveloping the Property into a new retail use. <br />H. Having complied with the disposition procedures set forth in Section 22 of the <br />Act, Seller is authorized under subsection (h) thereof to dispose of the Property without further <br />publication or bidding, and Seller now desires to sell the Property to Buyer on the terms stated in <br />this Agreement. <br />THEREFORE, in consideration of the mutual covenants and promises in this Agreement <br />and other good and valuable consideration, the receipt of which is hereby acknowledged, Buyer <br />and Seller agree as follows: