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

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Two Hundred Fifty Nine Thousand Two Hundred Fifty Dollars ($259,250.00) as determined by the average of the certified real estate appraisals, prepared for the Grantor, and upon which the parties rely. This Agreement and the Grantee's acceptance of and the recording of a document of transfer shall constitute the Grantee's acceptance of the Real Estate. 2. Taxes on the Real Estate for the year 2009, payable in 2010, shall be prorated and the Grantee shall be liable for all real estate taxes and other assessments against the Real Estate commencing on the Date of Transfer. The Grantor and the Grantee acknowledge that the Real Estate has been tax-exempt until the Date of Transfer. The parties believe that the Real Estate will remain tax-exempt following the Date of Transfer; however, the parties do not rely on this status as a basis for the agreement herein. The Grantor shall pay, on or before the Date of Transfer, all assessments against said the Real Estate which shall become a lien thereon after the date of this Agreement and prior to the Date of Transfer. 3. The Grantor represents and warrants that it has good and merchantable title to all of said described Real Estate in fee simple, free and clear of all liens and encumbrances but subject to current taxes and zoning regulations. On the Date of Transfer, the Grantor agrees to execute and deliver to the Grantee a good and sufficient quit claim deed conveying said Real Estate, in fee simple, free and clear of all liens and encumbrances but subject to current taxes and zoning regulations, and all such other documents necessary to convey the Real Estate to the Grantee under applicable law. The Parties acknowledge that the Grantor may transfer the Real Estate to another entity of the City of South Bend for purposes of transferring the Real Estate to the Grantee and that a quit claim deed from such entity to the Grantee shall be sufficient to satisfy the Grantor's obligation to transfer the Real Estate to the Grantee. Within a reasonable period of time prior to the Date of Transfer, the Grantor shall provide the Grantee with a title insurance commitment for the Real Estate in the amount of $259,250.00. 2