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RESOLUTION NO. ''~ ~ ~ <br />RESOLUTION APPROVING THE EXECUTION OF A TERMINATION OF <br />ESCROW AGREEMENT BY AND BETWEEN <br />SOUTH BEND REDEVELOPMENT COMMISSION AND <br />ELAINE GENDEL AND MERIDIAN TITLE CORPORTION <br />RELATING TO 505 S. MICHIGAN STREET <br />SOUTH BEND CENTRAL DEVELOPMENT AREA <br />WHEREAS, under the authority granted by Ind. Code § 36-7-14, et seq. and in <br />furtherance of the South Bend Central Development Area Plan ("Plan"), the South Bend <br />Redevelopment Commission ("Commission") determined that it is necessary to acquire <br />unencumbered fee simple interest in certain property located within the area heretofore <br />designated as the South Bend Central Development Area (the "Area") within the City of <br />South Bend, Indiana (the "City"), and which property is located at 505 S. Michigan Street <br />more commonly known as Fat Daddies, ("Property"); and <br />WHEREAS, on December 21, 2007, the Property was transferred by Warranty <br />Deed from Elaine Gendel (``Seller") to the Commission at the offices of Meridian Title <br />Corporation, 202 S. Michigan St, South Bend, Indiana; and <br />WHEREAS, the Commission, Elaine Gendel and Meridian Title Corporation <br />entered into an Escrow Agreement in which One Hundred Fifty Thousand Dollars <br />($150,000.00) was held in an escrow account by Meridian Title Corporation until such <br />time it was determined that all obligations of the Purchase Agreement dated December <br />21, 2007 have been met; and <br />WHEREAS, the Commission determines that all obligations of the Purchase <br />Agreement have been met and desires to release and terminate the Escrow Agreement <br />and authorizes Meridian Title Corporation to release One Hundred I~ fifty Thousand <br />Dollars ($150,000.00) to Seller. <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment <br />Commission that: <br />1. The Commission hereby approves the execution of a Termination of <br />Escrow Agreement By and Between the South Bend Redevelopment Commission and <br />Elaine Gendel and Meridian Title Corporation. <br />2. The Commission authorizes Meridian Title Corporation to release escrow <br />funds in the amount of One Hundred 'thousand Dollars ($150,000.00) to Elaine Gendel <br />and furthers authorizes Meridian Title Corporation to execute any incidental documents <br />necessary to complete the transaction. <br />• <br />