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6B(4)
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09-25-14 Redevelopment Commission Meeting
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6B(4)
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9/24/2014 9:11:04 AM
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OPTION TO PURCHASE AGREEMENT <br /> THIS EXCLUSIVE CONTINGENT OPTION TO PURCHASE AGREEMENT (the <br /> "Option Agreement") is made and entered into by and between the South Bend Redevelopment <br /> Commission, governing body of the South Bend Department of Redevelopment <br /> ("Commission"), and Great Lakes Capital Development LLC, an Indiana limited liability <br /> company ("Developer") (each sometimes being referred to herein as a"Party" or collectively as <br /> the"Parties"). <br /> PRELIMINARY STATEMENT <br /> Commission is the owner of certain real estate, as more particularly described in <br /> Exhibit A to this Option Agreement (the "Real Estate") in the Ignition Park certified technology <br /> park ("Ignition Park"). The Parties have entered into a certain Development Agreement dated as <br /> of March 27, 2014 relating to the sale and development of the Real Estate and certain other <br /> property to be purchased by Developer within Ignition Park (the "Development Agreement"). <br /> Pursuant to the Development Agreement, Commission desires to grant Developer an exclusive <br /> option to purchase the Real Estate and, in the event of exercise of said option, Developer agrees <br /> to purchase the Real Estate from Commission, upon the terms and conditions hereinafter set <br /> forth. Unless otherwise specified herein, all capitalized terms have the meaning set forth in the <br /> Development Agreement. <br /> In consideration of the mutual promises contained in this Option Agreement, the Parties <br /> agree to the following: <br /> AGREEMENT <br /> 1. Exclusive Option to Purchase. The Commission hereby grants Developer the <br /> exclusive option to purchase the Real Estate, subject to the terms and conditions set forth herein <br /> (the"Option"). The Option must be exercised by Developer, if at all, no later than the expiration <br /> of the Option Period,which is herein defined as five (5) years from the date Developer receives a <br /> certificate of occupancy for the First Building Project(as that term is defined in the Development <br /> Agreement(the"Option Period")). Developer agrees to pay the Commission the sum of$11,000 <br /> ($1,000 per acre of Real Estate), upon commencement of the Option Period for all rights granted <br /> herein(the "Option Payment"). <br /> 2. Exercise of Option. Developer may exercise the Option by giving notice to the <br /> Commission in writing during the Option Period in the manner provided for the giving of notices <br /> in Section 10 of this Option Agreement. The Option Payment shall be applied to the purchase <br /> price for the Real Estate. <br /> 3. Purchase Price. In the event of exercise, the Commission shall sell to Developer <br /> and Developer shall purchase from the Commission, the Real Estate for the purchase price of <br /> Twenty Five Thousand Dollars ($25,000.00) per acre for a total purchase price of Two Hundred <br /> Seventy-five Thousand Dollars ($275,000.00) (as may be adjusted based on the actual acreage of <br /> the Real Estate)minus the amount of the Option Payment(the "Purchase Price"). <br />
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