HomeMy WebLinkAboutNo. 2457 approving the execution of a termination of escrow agreement by and between the South Bend Redevelopment Commission and Elaine Gendel and Meridian Title Corp relating to 505 S. Michigan Street in the South Bend Central Developnment AreaRESOLUTION NO. ''~ ~ ~
RESOLUTION APPROVING THE EXECUTION OF A TERMINATION OF
ESCROW AGREEMENT BY AND BETWEEN
SOUTH BEND REDEVELOPMENT COMMISSION AND
ELAINE GENDEL AND MERIDIAN TITLE CORPORTION
RELATING TO 505 S. MICHIGAN STREET
SOUTH BEND CENTRAL DEVELOPMENT AREA
WHEREAS, under the authority granted by Ind. Code § 36-7-14, et seq. and in
furtherance of the South Bend Central Development Area Plan ("Plan"), the South Bend
Redevelopment Commission ("Commission") determined that it is necessary to acquire
unencumbered fee simple interest in certain property located within the area heretofore
designated as the South Bend Central Development Area (the "Area") within the City of
South Bend, Indiana (the "City"), and which property is located at 505 S. Michigan Street
more commonly known as Fat Daddies, ("Property"); and
WHEREAS, on December 21, 2007, the Property was transferred by Warranty
Deed from Elaine Gendel (``Seller") to the Commission at the offices of Meridian Title
Corporation, 202 S. Michigan St, South Bend, Indiana; and
WHEREAS, the Commission, Elaine Gendel and Meridian Title Corporation
entered into an Escrow Agreement in which One Hundred Fifty Thousand Dollars
($150,000.00) was held in an escrow account by Meridian Title Corporation until such
time it was determined that all obligations of the Purchase Agreement dated December
21, 2007 have been met; and
WHEREAS, the Commission determines that all obligations of the Purchase
Agreement have been met and desires to release and terminate the Escrow Agreement
and authorizes Meridian Title Corporation to release One Hundred I~ fifty Thousand
Dollars ($150,000.00) to Seller.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission that:
1. The Commission hereby approves the execution of a Termination of
Escrow Agreement By and Between the South Bend Redevelopment Commission and
Elaine Gendel and Meridian Title Corporation.
2. The Commission authorizes Meridian Title Corporation to release escrow
funds in the amount of One Hundred 'thousand Dollars ($150,000.00) to Elaine Gendel
and furthers authorizes Meridian Title Corporation to execute any incidental documents
necessary to complete the transaction.
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ADOPTED at the Regular Meeting of the South Bend Redevelopment
Commission held on June 6, 2008, at 227 W. Jefferson Boulevard, Room 1308, South
Bend, Indiana 46601.
ATTEST:
Gregory S. Downes, Secretary
Prime Narne an Tit e
South Bend Redevelopment Commission
t
CITY OF SOUTH BEND,
DEPARTMENT OF RE EVELOPMENT
ignuture
Marcia I. Jones, resident
Prrnle .fame an Til e
South Bend Redevelopment Commission
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