6.C.(4) Resolution No. 2503 - Laserfiche WebLink

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CONTRACT FOR PURCHASE AND SALE This CONTRACT OF PURCHASE AND SALE (hereinafter "Contract"), dated this day of September, 2008, between DEISTER, L.L.C. an Indiana Limited Liability Company, ("Seller"); and the SOUTH BEND REDEVELOPMENT COMMISSION (the '`Purchaser"), the governing body of the Department of Redevelopment of the City of South Bend, Indiana, existing and operating under the provisions of Indiana Code ~ 36-7-14, as amended; WITNESSETH THAT: WHEREAS Seller owns certain real property in the Airport Economic Development Area within the corporate limits of the South I3cnd, Indiana, which real property is more particularly described at Exhibit A and together with (i) all servitudes, easements, appurtenances and hereditaments appertaining thereto, and (ii) all improvements, structures, landscaping, and appurtenances situated thereon shall be referred to herein as the '`Property"; and WIIEREAS, Seller is willing to sell the Property to Purchaser, and Purchaser is willing to purchase the Property from Seller upon the terms and conditions hereinafter set forth; NOW, THEREFORE, in consideration of the mutual covenants contained in this Contract and for other good and valuable consideration, the receipt and sufficiency of which hereby is acknowledged, the parties hereby agree as follows: Definitions. 'The following Terms used in this Contract shall have the following meanings: A. "Closing" shalt mean the consummation of the purchase and sale of the Property in accordance with the terms of this Contract upon completion of all conditions precedent herein required, which shall occur on or before thirty (30) days after all approvals required by Indiana law are obtained from the Purchaser B. '`Purchase Price" shall mean the sum of Thirty-nine Thousand and 00/100 Dollars ($39,000.00), which shall comprise the Purchase Price for the Property. C. "Title Company" shall mean Meridian Title Corporation, an AL"fA-approved title insurance company reasonably acceptable to Purchaser, which ultimately will issue a Title Commitment relating to the Property. D. '`Title Commitment" shall mean the commitment issued by a "l~itle Company, in which the Title Company commits itself to issue to Purchaser an Owner's Policy of Title Insurance upon demand, in the amount of the Purchase Price, setting forth the state of the title to the Property and subject only to those "permitted exceptions" described in Section 4 of this Contract