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HomeMy WebLinkAbout5A3 Sixth Amendment to Real Estate Purchase Agreement (Bear Brew, LLC.) SIXTH AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT This Sixth Amendment to Real Estate Purchase Agreement (“Sixth Amendment”) is made effec=ve as of March 31, 2022 (the “Effec=ve Date”) by the City of South Bend, Indiana, Department of Redevelopment, ac=ng by and through its governing body, the South Bend Redevelopment Commission (the “Seller”) and Bear Brew LLC (“Buyer” and collec=vely with the Seller, the “Par=es”). Each of the Par=es may be referred to in this Amendment as a “Party.” Recitals A.The Par=es 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, a Fourth Amendment to Real Estate Purchase Agreement, dated effec=ve July 9, 2020, a FiWh Amendment to Real Estate Purchase Agreement, dated effec=ve September 20, 2020 (collec=vely, 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 Par=es again desire to modify certain por=ons of the REPA. NOW, THEREFORE, in considera=on of the foregoing and the mutual covenants and promises contained in this Sixth Amendment and the REPA and for other good and valuable considera=on, the receipt of which is hereby acknowledged, the Par=es agree as follows: 1. Sec=on 12.A.v. of the REPA en=tled "Commencement of Development" shall be deleted in its en=rety and replaced with the following: v. Commencement of Development. Buyer shall commence construc=on at the Property no later than September 1, 2022 (the “Project Commencement Date”). Buyer shall also complete a rough-in inspec=on with the Building Department prior to February 1, 2023 (the “Project Rough-In Inspec=on Date”). If the Project Commencement Date or Project Rough-In Inspec=on dates are not met then the Buyer shall immediately execute the Warranty Deed a`ached as Exhibit D and return the Property to the Seller, without any right to compensa=on from Seller. Buyer shall remain liable for any property taxes and assessments due and owing on the Property on and prior to the transfer date. 2. Sec=on 12.A.vi. of the REPA en=tled "Comple=on of Development" shall be deleted in its en=rety and replaced with the following: vi. Comple/on of Development. Buyer shall complete the improvements to the Property, which are referred to in Sec=on 12.A.i. of the REPA, as evidenced by the issuance of a Cer=ficate of Occupancy, no later than September 1, 2023 (the “Project Comple=on Date”). 3. Sec=on 12.C. of the REPA en=tled “Reversion” shall be revised to delete the phrase “12.A.v.” from the 5th line thereof. 4. Unless expressly modified by this Sixth Amendment, the terms and provisions of the REPA remain in full force and effect. 5. Capitalized terms used in this Sixth Amendment will have the meanings set forth in the REPA unless otherwise stated herein. IN WITNESS WHEREOF, the undersigned have executed this Sixth Amendment as of the date set forth aWer their signatures. SOUTH BEND REDEVELOPMENT COMMISSION By: Marcia I. Jones, President ATTEST: Tory Warner, Secretary Date: May ____, 2022 BEAR BREW LLC : _______________________________________ : ____Christopher Gerard_____________ It:______Sole Owner_______________________ Date:___________07/02/2022________________ EXHIBIT D Warranty Deed AUDITOR’S RECORD TRANSFER NO.__________ TAXING UNIT___________ DATE __________________ KEY NO. 018-3012-044003 WARRANTY DEED THIS INDENTURE WITNESSETH, that Bear Brew LLC, an Indiana limited liability company, with an address of 12804 Sandy Ct., Granger, Indiana 46530 (the “Grantor”) CONVEYS AND WARRANTS to the City of South Bend, Department of Redevelopment, by and through its governing body, the South Bend Redevelopment Commission, 1400 S. County-City Building, 227 W. Jefferson Boulevard, South Bend, Indiana (the “Grantee”), for and in consideration of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the real estate located in St. Joseph County, Indiana and more particularly described as Lot A as shown on the plat of Vail’s Subdivision (First Replat), recorded on October 4, 2013, as Document No. 1330638 in the Office of the Recorder of St. Joseph County, Indiana. Parcel Key No. 018-3012-044003 Commonly Known as 331 W. Wayne St., South Bend, IN (the “Property”). The Grantor hereby conveys the Property to the Grantee free and clear of all leases or licenses; subject to real property taxes and assessments accruing after the date of conveyance; subject to all easements, covenants, conditions, restrictions, and other matters of record; subject to rights of way for roads and such matters as would be disclosed by an accurate survey and inspection of the Property. The undersigned person executing this deed on behalf of the Grantor represents and certifies that he is a duly authorized representative of the Grantor and has been fully empowered, by proper action of the governing body of the Grantor, to execute and deliver this deed, that the Grantor has full corporate capacity to convey the real estate described herein, and that all necessary action for the making of such conveyance has been taken and done. Signature Page Follows GRANTOR: BEAR BREW LLC By: Chris Gerard, Member STATE OF INDIANA ) ) SS: ST. JOSEPH COUNTY ) Before me, the undersigned, a Notary Public, in and for said County and State, personally appeared Chris Gerard, known to me to be a Member of Bear Brew LLC and acknowledged the execution of the foregoing Warranty Deed being authorized so to do. IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal on the _____ day of September 2022. ____________________________________ ____________________, Notary Public Resident of ________________, Indiana Commission expires: _______________ I affirm, under the penalties for perjury, that I have taken reasonable care to redact each Social Security number in this document, unless required by law. ______________________________________ This instrument was prepared by Sandra L. Kennedy, Corporation Counsel, County-City Building, 227 W Jefferson Blvd., Ste. 1200S, South Bend, IN 46601.