No. 2416 approving and accepting a counteroffer for the acquisition of property in the South Bend Central Development Area

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Date: November 26. 2007 Listing Broker (Co.): CB Richard Ellis I Bradley By: Brad Toothaker as Limited agent PURCHASE AGREEMENT A. PARTIES: Cleophus (Cleo) Washington ("Seller") agrees to sell and convey to The City of South Bend, Department of Redevelopment, acting by and through the South Bend Redevelopment Commission ("Buyer") and Buyer agrees to buy from Seller the following property for the consideration and subject to the following: B. PROPERTY: The property is commonly known as: 520 West Wayne Street, in Portage Township, St. Joseph County, South Bend Indiana, 46601 including all buildings and permanent improvements and fixhires attached; all privileges, easements and appurtenances pertanling thereto including any right, title and interest of Seller in and to adjacent streets, alleys, rights-of--way, leases, rents, security deposits, licenses and permits with respect to the property, trade name, and wan-anties or guaranties relating to the property being sold, and any personal property specified herein; all of the above referred to as the "Property,'° the legal description of which is attached as Exhibit "A"; subject to exact determination by survey pursuant to Paragraph J. The following items of personal property are INCLUDED in the sale: N/A. All other personal property and the following additional items are EXCLUDED from the sale: N/A. C. PRICE: The purchase price shall be Ninety Six Thousand Dollars ($96,000.00), payable in cash at closing. D. EARNEST MONEY: Buyer submits Five Thousand Dollars ($5,000.00) as Earnest Money to be held by Meridian Title Corporation as Escrow Agent, upon execution of this Agreement by both parties. The Earnest Money shall be applied to the purchase price at closing unless rehrrned to Buyer, released to Seller or otherwise disbursed in accordance with this A~reemeut. The Escrow Agent is not a party to this Agreement and does not assume or have any liability for performance or non-performance of any party. Before the Escrow Agent has any obligation to disburse the Earnest Money in the event of dispute, Escrow Agent has the right to require from all parties a written release of liability of the Escrow Agent, termination of the Agreement and authorization or court order to disburse the Earnest Money. ADDITIONAL PROVISIONS: Closing costs shall be paid by the buyer. Included in this Agreement are the following addenda: (Place an "X" or "N/A" on the appropriate line or lines) n/a Financing Addendum n/a Feasibility Study Addendum n/a Leased Property Addendum n/a Exchange Addendum n/a Zoning/Goverrunental Approval Addendum r~/a Representations & Warranties of Seller Addendum n!a Alternative Dispute Resolution Addendum n/a Lead-Based Paint Disclosure Addendum F. CLOSING: The closing of the sale shall take place at Meridian Title Corporation within fifteen (15) days of the expiration of the Review Period as defined in Paragraph J below or as sooner agreed to by the Seller and Buyer (the "Closing Date") or this Agreement shall ternunate unless the Closing Date is changed in writing by Seller and Buyer, or otherwise extended pursuant to this Agreement. G. POSSESSION: The possession of the Property shall be delivered to Buyer in its present condition, ordinary wear and tear excepted, at C1osn1 . Seller shall maintain the Property, including fixhu-es, equipment and any included personal property until possession is delivered to Buyer. H. REAL ESTATE TAXES: Current Year (Lien Basis in An-ears) Indiana Customary Proration: The taxes assessed for the cun-ent year, due and payable in the year following closing, shall be prorated beriveen Seller and Buyer on a calendar year basis as of the day immediately prior to the Closing Date. All taxes assessed for any prior calendar year and remaining unpaid shall also be paid. L INSURANCE AND RISK OF LOSS: Seller shall maintain replacement cost (if available) or actual cash value "all risk" insurance on the Property through the Closing Date. Sellers insurance shall be canceled as of the Closing Date and Buyer shall provide its own insurance thereafter. Risk of loss by damage or destruction to the Property prior to the closing shall be bonle by Seller. In the event any damage or destruction is not fidly repaired prior to closing, Buyer, at its option, may either temunate this Agreement or elect to close the transaction, in which event Seller's right to all insurance proceeds not yet applied to repair of the damage or destruction shall be assigned in writing by Seller to Buyer at closing. CONDITIONS TO CLOSING: Buyer shall have a Thirty (30) day period ("Review Period") immediately following the date of the Contract Execution ("Effective Date") during which Review Period the Buyer's obligations under this Agreement are conditioned upon satisfaction of each of the following items which are for the Buyer's benefit and may be waived by Buyer at Buyer's sole discretion. Page 1 of 8