HomeMy WebLinkAbout5A2 First Amendment to Real Estate Purchase Agreement Advantix RDC
Redevelopment Commission Agenda Item
DATE: 7/21/23
FROM: Joseph Molnar
SUBJECT: First Amendment Purchase Agreement
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST: First Amendment of the Advantix Purchase Agreement to fix scrivener error
Specifics: On July 13th 2023, the RDC approved a Purchase Agreement with Advantix
Development Corporation for land at Lincolnway West and Marion for the development of
affordable housing. The Agreement contained a scrivener’s error indicating the wrong contact
information for notices and communications. This First Amendment substitutes the correct
contact information.
City Staff recommends approval of the First Amendment.
INTERNAL USE ONLY: Project Code: _______________________________________________;
Total Amount new/change (inc/dec) in budget: _______________; Break down:
Costs: Engineering Amt: ______________________; Other Prof Serv Amt_________________;
Acquisition of Land/Bldg (circle one) Amt: ___________; Street Const Amt ________________;
Building Imp Amt_________; Sewers Amt_________; Other (specify) Amt: ________________
___________________________________________. Going to BPW for Contracting? Y/N
Is this item ready to encumber now? ____ Existing PO#__________ Inc/Dec $_____________
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
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FIRST Amendment to REAL ESTATE PURCHASE AGREEMENT
This FIRST AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT (this
“Amendment”) is made and entered into to be effective as of the 27th day of July, 2023, by and
between South Bend Redevelopment Commission (“Seller”), as Seller, and Advantix
Development Corporation, an Indiana non-profit corporation, with its registered address being 500
SE 10th Street, Evansville, Indiana (“Buyer”), as Buyer (each a “Party” and collectively, the
“Parties”).
RECITALS
A. Seller and Buyer entered into that certain Real Estate Purchase Agreement, dated
effective as of July 13, 2023 (the “Agreement”), for the purchase and sale of certain real property
located in the in St. Joseph County, City of South Bend, State of Indiana as more particularly
described in Exhibit A of the Agreement (the “Real Estate”). All capitalized terms used but not
otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.
B. Seller and Buyer now desire to amend the Agreement in order to provide for an
extension of the Closing date thereunder and to address certain other matters, all as set forth
hereunder.
AGREEMENT
NOW, THEREFORE, in consideration of these premises, and the mutual covenants and
promises contained herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Buyer and Seller hereby agree as follows:
1. Recitals. The recitals set forth above, including each and every recital contained
therein, are incorporated into and made a part of this Amendment as though fully set
forth herein.
2. Amendments. The Agreement is hereby amended as follows:
a) Section 12 (A.): the text following the words “To Buyer” shall be deleted in its
entirety and replaced with the following:
Advantix Development Corporation
Attn: Tim Martin
500 SE 10th Street
Evansville, Indiana 47713
3. Entire Agreement; Conflict. Except as otherwise stated herein, all other terms,
conditions and agreements contained in the Agreement remain unmodified and in full force and
effect. The Parties hereby expressly reaffirm their respective obligations under the Agreement, and
unless expressly modified by this First Amendment, the terms and provisions of the Agreement
remain in full force and effect. To the extent a conflict exists between the terms of this Amendment
and the Agreement, the terms of this Amendment shall control.
4. Capitalized Terms. Capitalized Terms used in this First Amendment will have
the same meanings set forth in the Agreement, except as otherwise stated herein.
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5. Counterparts; Electronic or Facsimile Transmission. This Amendment may be
executed in counterparts which, when combined, shall constitute one instrument. The electronic
or facsimile transmission of a signed counterpart of this Amendment shall be binding upon the
party whose signature is contained on the transmitted copy.
[Signature Page Follows.]
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IN WITNESS WHEREOF, Buyer and Seller have executed this First Amendment to Real
Estate Purchase Agreement to be effective as of the date set forth above.
“BUYER”:
Advantix Development Corporation,
an Indiana non-profit corporation
By:
Timothy L. Martin, its sole member
“SELLER”:
South Bend Redevelopment Commission
By:
Marcia I. Jones, President
Attest:
Vivian Sallie, Secretary