6.B.(3) Option Contract with LaSalle Housing Partners

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OPTION CONTRACT fI IIS OP~110N CON~LRACT is made on September 8, 2008 (the "Execution Date"), by CITY OF SOU"FIf BEND. DEPAR~LMENT 01' KI:DLVELOPMEN7~, AC~L[NG BY AND "hHROUGH 'CHE SOUTH BEND REDEVELOPMEis]T COMMISSION (the "Seller") and LASALLIi 1{OUSING PAR"I~'ERS. L. P., an Indiana Limited Partnership ("LaSalle" or the "Purchaser"), LASALLE HOUSING CORPOIZAI'ION, an Indiana Corporation. General Partner of LaSalle. Seller and Purchaser agree: L Grant of Option. Seller grants to Purchaser an option to purchase, subject to the Perms and conditions stated in this Contract. the real property (the "Property") legally described on Exhibit A. The property includes (i) any buildings, structures, and improvements located on the land: (ii) all trees and shrubs located on the land; (iii) all rights of v<ay or use, easements, and other rights benefiting or appurtenant to the land; (ie) any strips or gores of land relating to the land; and (~~) all right, title, and interest of the Seller to any land lying in the bed of any street. alley or road (open or proposed) abutting the land. 2. Option Period: Fee: Extension. The option is granted by Seller to Purchaser Ior an initial period terminating on the same day of the sixth (6th) month following the Execution Date ("Initial Option"). Purchaser shall pay a iee of Two "l~housand Five 1lundred Dollars (52.00) to Seller for the Initial Option. Seller, at its absolute discretion, may permit additional options of three (3) mouths each upon payment by Purchaser of One Dollar ($1.00) as consideration for a rene~o~al of the ]nitial Option or any subsequent renewal options (collectively referred to as `'Rene~a~al Option"). ~. Disposition of Option Fee. Seller may retain the option fee whether or not the option is exercised: provided that if the option is exercised and the transaction closed, the entire option fee paid shall be applied as a credit to Purchaser against the purchase price. 4. Purchase Price. So long as the conditions of paragraph 9 are met to the satisfaction of Seller. the purchase price for the Property ~~ill be One Dollar ($1.00). The pw-chase price shall be paid at closing. ~. 7~itlc. At closing, Scllcr shall conve~~ to Purchaser good title to the Property by ~i-arranty deed. subject only to current lases not past due. 6. "Lases. "Lo the extent anv real estate taxes are due, they shall be apportioned between the parties at the closing in the following manner: (a) All general real property taxes (including any interest and penalties and anv amounts necessary to redeem the Property Iiom anv tax sales) levied upon or becoming due and parable on the Property prior to the llate of Closing shall be paid b~~ Seller, or Purchaser shall receive a credit on the purchase price in the amount of any such unpaid ~~cncral real property taxes. General real property