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No. 2369 approving a counter offer from and a contract of purchase and sale with Key S.B. LLC and other related matters
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No. 2369 approving a counter offer from and a contract of purchase and sale with Key S.B. LLC and other related matters
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8/12/2009 12:20:46 PM
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8/12/2009 12:17:43 PM
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v <br />C, <br />CONTRACT OF PURCHASE AND SALE <br />This CONTRACT OF PURCHASE AND SALE (hereinafter "Agreement"), dated this <br />17th day of August, 2007, between KEY S.B., L.L.C., a Michigan limited liability company (the <br />"Company") and the SOUTH BEND REDEVELOPMENT COMMISSION (the <br />"Commission"), the governing body of the Department of Redevelopment of the City of South <br />Bend, Indiana, existing and operating under the provisions of Indiana Code § 36-7-14, as <br />amended (the "Act") with its principal office located at 227 W. Jefferson Boulevard, Suite 1200, <br />South Bend, Indiana 46601; <br />WITNESSETH: <br />I. In accordance with the Act and all other applicable law, the Commission desires <br />to acquire, and the Company desires to sell, the property commonly known as the above ground <br />portion of the plaza portion of 202 South Michigan Street, South Bend, Indiana, and more <br />particularly described at Exhibit A (the "Property"). <br />• 2. On March 16, 2007, the Commission and Company entered into a Memorandum <br />of Understanding (the "MOU") which is attached and incorporated hereto as Appendix I. Under <br />the MOU, the parties agreed that the Property would be improved with additional improvements <br />to increase the quality of green space in the downtown area. In lieu of the Commission's <br />obligations under the MOU, the Company has commenced approximately $200,000 to $240,000 <br />of improvements to the Property, which are scheduled to be completed prior to closing and <br />which increase the value of the Property. The improvements are as more particularly described <br />at Appendix II (the "Improvements"). <br />3. The Company hereby represents and warrants that it is the owner of the Property <br />and it is not aware of any easements or encumbrances other than those of record. The purchase <br />price shall be Four Hundred Thousand 00/100 Dollars ($400,000.00) (the "Sale Proceeds'. At <br />Closing, the Company shall convey the Property to the Commission by a limited warranty deed <br />in the form set forth at Exhibit B subject to the following: <br />(a) applicable zoning or use laws and regulations; <br />• <br />
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