6C(1) Agreement with Fire Arts 305 E Colfax

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~ ~ ~ -) PURCHASE AGREEMENT THIS AGREEMENT made and entered into this day of 2009, by and between the City of South Bend, acting by and through its Department of Redevelopment (the "Grantor"), and Fire Arts, Inc., an Indiana non-profit corporation (the "Grantee"). WITNESSETH: WHEREAS, the Grantor holds fee simple title to the real estate described in Exhibit A, attached hereto and made a part hereof (the "Real Estate"); and WHEREAS, the Grantor has allowed the Grantee to use the Real Estate pursuant to that certain "Letter Agreement for Temporary Use of PAC Graphic Building" (the "Letter Agreement") (Exhibit B) dated August 31, 2004; and WHEREAS, the Grantee has been in continuous possession of the Real Estate since execution of the Letter Agreement and has made significant improvements to the Real Estate (Exhibit C) during said period; and WHEREAS, the Grantor now wishes to sell the Real Estate to the Grantee and the Grantee wishes to purchase the Real Estate from the Grantor; and WHEREAS, the Grantor and the Grantee wish to reduce their agreement to writing; NOW THEREFORE, in consideration of the promises and the mutual covenants of the Grantor and the Grantee herein contained, it is mutually agreed as follows: 1. Upon satisfaction of the covenants contained herein, the Grantor agrees to sell to the Grantee, and the Grantee agrees to purchase from the Grantor, for Ten and 00/100 Dollars ($10.00) (the "Purchase Price"), the Real Estate located in St. Joseph County, State of Indiana, commonly known as 305 East Colfax, South Bend, Indiana, and more fully described in Exhibit A attached hereto and incorporated herein by reference. The value of the aforesaid Real Estate is