HomeMy WebLinkAbout5A1 Fourth Amendment to Real Estate Purchase Agreement (410 W Wayne)FOURTH AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
This Fourth Amendment to Real Estate Purchase Agreement (“Fourth
Amendment”) is made effective as of July 9, 2020 (the “Effective Date”) by the City
of South Bend, Indiana, Department of Redevelopment, acting by and through its
governing body, the South Bend Redevelopment Commission (the “Seller”) and 410 W.
Wayne Street, LLC (“Buyer” and collectively with the Seller, the “Parties”). Each of
the Parties may be referred to in this Amendment as a “Party.”
Recitals
A.The Parties entered into a Real Estate Purchase Agreement, dated August 25,
2016, as the same was amended by a First Amendment to Real Estate Purchase
Agreement, dated October 27, 2016, a Second Amendment to Real Estate
Purchase Agreement, dated December 15, 2016, and a Third Amendment to
Real Estate Purchase Agreement, dated January 9, 2020 (collectively, the
“REPA”), in which the Seller agreed to sell and the Buyer agreed to purchase
and develop certain real property located at 331 W. Wayne St., South Bend,
Indiana (the “Property”).
B.The Parties desire to modify certain portions of the REPA.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and
promises contained in this Fourth Amendment and the REPA and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the Parties
agree as follows:
1. Section 12.A.v. of the REPA entitled "Commencement of Development"
shall be deleted in its entirety and replaced with the following:
v.Commencement of Development. Buyer shall use its good
faith effort to commence construction at the Property no later
than September 9, 2020 (the “Project Commencement Date”).
2. Section 12.A.vi. of the REPA entitled "Completion of Development" shall
be deleted in its entirety and replaced with the following:
vi. Completion of Development. Buyer shall complete the
improvements to the Property, which are referred to in
Section 12.A.i., of the REPA, no later than September 30, 2021
(the “Project Completion Date”).
3. Unless expressly modified by this Fourth Amendment, the terms and
provisions of the REPA remain in full force and effect.
4. Capitalized terms used in this Fourth Amendment will have the meanings
set forth in the REPA unless otherwise stated herein.
IN WITNESS WHEREOF, the undersigned have executed this Fourth Amendment
as of the date set forth after their signatures.
SOUTH BEND REDEVELOPMENT COMMISSION
By:
Marcia I. Jones, President
ATTEST:
Quentin M. Phillips, Secretary
Date: July 23, 2020
410 W. WAYNE STREET, LLC
Signed:
_______________________________________
Printed:
_______________________________________
Its: ____________________________________
Date:___________________________________
2
President
7/21/20