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<br />2 <br /> <br />With a copy to: <br /> <br />South Bend Legal Department <br />Attn: Corporation Counsel <br />City of South Bend <br />1200 S. County-City Building <br />227 W. Jefferson Blvd. <br />South Bend, Indiana 46601 <br /> <br />All the terms and conditions of this Agreement will be effective and binding upon the <br />Parties and their successors and assigns at the time the Agreement is fully signed by <br />Buyer and Seller (the “Contract Date”). <br /> <br />2. PURCHASE PRICE <br /> <br />A. Purchase Price. The purchase price for the Property shall be One Hundred <br />Ninety-Two Thousand Five Hundred Dollars ($192,500) (the “Purchase Price”), payable <br />by Buyer to Seller as described in Section 7 (the “Closing,” the date of which is the <br />“Closing Date”). <br /> <br />B. Earnest Money Deposit. Within five (5) business days after the Contract <br />Date, Buyer will deliver to Seller the sum of Five Thousand Dollars ($5,000.00), which <br />Seller will hold as an earnest money deposit (the “Earnest Money Deposit”). Seller will <br />be responsible for disposing of the Earnest Money Deposit in accordance with the terms <br />of this Agreement. The Earnest Money Deposit shall be credited against the Purchase <br />Price at the Closing or, if no Closing occurs, refunded or forfeited as provided below. <br /> <br /> <br />3. BUYER’S DUE DILIGENCE <br /> <br />A. Investigation. Seller acknowledges that Buyer’s determination to <br />purchase the Property requires a process of investigation (Buyer’s “Due Diligence”) into <br />various matters. Therefore, Buyer’s obligation to complete the purchase of the Property <br />is conditioned upon the satisfactory completion, in Buyer’s discretion, of Buyer’s Due <br />Diligence, including, without limitation, Buyer’s examination, at Buyer’s sole expense, <br />of zoning and land use matters, environmental matters, real property title matters, and the <br />like, as applicable. <br /> <br />B. Authorizations During Due Diligence Period. Seller authorizes Buyer, as <br />of the Contract Date and continuing until the end of the Due Diligence Period (as defined <br />below), to: <br />(i) enter upon the Property or to cause agents to enter upon the <br />Property for purposes of examination; provided, however, that Buyer may not <br />take any action upon the Property which reduces the value thereof without <br />Seller’s express written consent, which shall not be unreasonably delayed or