Amending Ordinance 4990-68 Zoning Souteast Corner of Thomas & Walnut Streets

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PURCHASE AGREEMENT THIS AGREEMENT entered into this Y61'-day of , 1975, by and between Mr. Richard L. Kennedy, hereinafter referred to as Buyer, and the Civil City of South Bend, a municipal corpora- tion of the State of Indiana, hereinafter referred to as City. WITNESSETH: WHEREAS, the City acting through its Board of Public Works legally advertised notice of sale of hereinafter described real estate on June 6, 1975, and June 13, 1975; and WHEREAS, the bid of Buyer was in accordance with the provi- sions of the Municipal Code of the City of South Bend, Chapter 30A, which establishes procedures for the disposition of real property owned by the City; and WHEREAS, said bid was made with the proposed use to be that of conducting an electrical construction and repair business; and WHEREAS, bid offer, and acceptance were made in view of the proposed commercial purpose, which property is not now so zoned;, and WHEREAS, Buyer desires to pursue all necessary action for said ,rezoning; and WHEREAS, the bid of Buyer in the amount of $8,310.00, was accepted as the highest and best bid for said property. NOW, THEREFORE, it is agreed by and between the parties hereto, and for and in consideration of the premises and the mutual cove- nants herein contained, as follows: 1. City agrees to sell and Buyer agrees to buy Lot Number Forty -eight (48) in the Commissioner's Subdivision of Bank Out Lots numbered Eighty -Five (85) and Eighty -Six (86) of the second plat of "Out Lots of the Town, now the City of South Bend, platted by the State Bank of Indiana," and more commonly known as Fire Station No. 4, South Bend, Indiana for the sum of Eight Thousand Three Hundred and Ten Dollars ($6,310.00). 2. Buyer agrees to pay the purchase price in full, or in the alternative agrees to the credit terms of payments not to extend over a period of more than three (3) years, payable in equal quar- terly installments with interest at the rate of eight (8) per cent per annum, first payment to be made at closing. 3. Buyer agrees to diligently pursue to its conclusion the rezoning of said property to C- Commercial use and to pay the costs thereof, and the City agrees to execute its consent as owner to said rezoning. 4. Buyer agrees to pay any title insurance or abstract costs involved in said transaction which he may desire or request. 5. Buyer agrees to execute and deliver a promissory note and mortgage at closing, if said property is purchased on credit. 6. At the time of closing and after a submission of a receipt for the total purchase price (and interest) has been submitted by the Controller to the Board of Public Works, the Board shall cause a Quit -Claim Deed to be prepared, which deed shall be signed by the Mayor and attested to by the City Clerk with the Seal of the City affixed.