HomeMy WebLinkAbout5A2 Fifth Amendment to Real Estate Purchase Agreement (410 W Waynt Street)
FIFTH AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
This Fifth Amendment to Real Estate Purchase Agreement (“Fifth Amendment”) is made
effective as of September 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, a Third Amendment to Real Estate Purchase Agreement, dated
January 9, 2020, and a Fourth Amendment to Real Estate Purchase Agreement, dated
effective July 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 Fifth Amendment and the REPA and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Pa rties 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 March 31,
2021 (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 March 31, 2022 (the “Project Completion Date”).
3. Unless expressly modified by this Fifth Amendment, the terms and provisions of
the REPA remain in full force and effect.
2
4.Capitalized terms used in this Fifth Amendment will have the meanings set forth
in the REPA unless otherwise stated herein.
IN WITNESS WHEREOF, the undersigned have executed this Fifth 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: November 23, 2020
410 W. WAYNE STREET, LLC
Signed:
_______________________________________
Printed:
_______________________________________
Its: ____________________________________
Date:___________________________________
President
11/17/20