HomeMy WebLinkAbout5A7 Assignment and Assumption of Real Estate Option Agreement Heading for Home LLCASSIGNMENT AND ASSUMPTION
OF
REAL ESTATE OPTION AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION OF REAL ESTATE OPTION
AGREEMENT (this "Assignment and Assumption ") dated as of August 22, 2016, is entered
into by and between Swing- Batter - Swing, LLC, an Indiana limited liability company
( "Assignor "), and Heading for Home LLC, a Delaware limited liability company ( "Assignee ").
RECITALS
A. Reference is hereby made to that certain Real Estate Option Agreement dated July
30, 2015, by and between Assignor and the South Bend Redevelopment Commission
( "Commission ") (the "Option Agreement ") in connection with the option to purchase the
Property, as that term is defined in the Option Agreement. All initially- capitalized terms not
otherwise defined herein shall have the meanings set forth in the Option Agreement unless the
context clearly indicates otherwise.
B. Assignor desires to assign to Assignee, all of Assignor's right, title, interests, and
obligations as option holder in, to and under the Option Agreement with respect to the Property,
and Assignee desires to accept the assignment thereof and assume Assignor's right, title,
interests, and obligations thereunder.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:
AGREEMENT
1. Assignment and Assumption.
1.1 Assignment. Assignor hereby transfers, assigns and conveys, without
recourse, representation or warranty, express or implied, all of Assignor's rights, interests,
liabilities and obligations in and to the Property, and all of Assignor's rights, interests, liabilities
and obligations under the Option Agreement to acquire same to Assignee. Assignee hereby
assumes all such rights, interests, liabilities and obligations, and joins in all representations,
warranties, releases, and indemnities, of Assignor under the Option Agreement relating to such
Property and the Option Agreement assigned to it above. Assignee agrees that its option to
acquire the Property pursuant to the Option Agreement shall be subject to all terms and
conditions thereof. Commencing as of the date hereof, Commission shall have the right to deal
exclusively with Assignee with respect to the Option Agreement.
1.2 Assumption. Assignee hereby assumes all of the terms and provisions
under the Option Agreement, and all of Assignor's obligations under the Option Agreement
arising after the date hereof and agrees fully and faithfully to pay, perform and discharge, as and
when payment, performance and discharge are due, all of Assignor's obligations under the
Option Agreement arising after the date hereof.
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1.3 Successors and Assijzns. This Assignment and Assumption shall be
binding on and inure to the benefit of Assignor and Assignee and their respective heirs,
executors, administrators, successors in interest and permitted assigns.
1.4. Consent. This Assignment shall be subject to the consent of the
Commission.
1.5. Representation. Assignor represents and warrants that the Assignee is
controlled by Andrew Berlin.
IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment and
Assumption of Real Estate Option Agreement as of the day and year first above written.
ASSIGNOR:
Swing -Batt Swing, LLC r,
By:
ASSIGNEE:
Heading f Iome LLC
•
By: - - -- ® --
The undersigned hereby consents to this Assignment.
COMMISSION:
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT
Marcia I. Jones, President
ATTEST:
Donald E. Inks, Secretary
2
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