6.C.(2) Termination Agreement - Laserfiche WebLink

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:~ ~ ~ Z ~ TERMINATION AGREEMENT For and in consideration of the mutual promises and covenants of the parties set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, CITY OF SOUTH BEND, by its Redevelopment Commission, the governing body of the City of South Bend Department of Redevelopment {"Seller") and SOUTH BEND PUBLIC TRANSPORTATION CORPORATION, a municipal corporation existing under the laws of the State of Indiana ("Purchaser"), hereby agree as follows: VdHEREAS, Seller and Purchaser entered into a certain Contract for Purchase and Sale of Real Estate dated December 5, 2005, which agreement was amended by that certain Addendum to Contract for Purchase and Sale ofReal Estate dated December 17, 2407 (collecfively, the "Purchase Agreement") for the purchase and sale of a certain tract of land commonly lmown as the South Bend Stamping Plant described as a part of the Northeast Quarter of Section 14, Townslup 37 North, Range 2 East in the City of South Bend, Indiana, containing 38.23 acres more or less ("Property"), which Property is more particularly described in the Purchase Agreement; and WHEREAS, upon execution of the Purchase Agreement, Purchaser provided Seller with an earnest money deposit in the sum of One Million Dollars ($1,000,000.00) (the "Earnest Money Deposit"); and WHEREAS, Purchaser and Seller have decided not to complete the purchase and sale of the Property and that the Purchase Agreement be terminated and become of no force and effect and that Seller and Purchaser wish to be relieved of their respective obligations to the other as set forth in the Purchase Agreement. NOW THEREFORE, the parties agree as follows: The above recitals are true and correct and are made a part hereof as if set forth verbatim below. 2. The Purchase Agreement, and all rights, benefits and privileges under the Purchase Agreement accruing to both Seller and Purchaser shall terminate as of and immediately upon the execution by both Seller and Purchaser of this Agreement and the return of the Earnest Money Deposit to Purchaser, and upon such events bath Seller and Purchaser shall be relieved of all respective liabilities and obligations under the Purchase Agreement. 3. Despite any provisions in the Purchase Agreement to the contrary, upon termination of the Purchase Agreement, the parties agree that Purchaser shall have no obligation or right to purchase the Property. 4. This Agreement shall be binding on and inure to the benefit ofthe~parties hereto and their heirs, personal representatives, successors and assigns. [SIGNATURE PAGE ATTACHED] -1-