#2948- Deed; QUIT-CLAIM DEED From City of South Bend to American Home Dreams, Commonly known as 313 and 317 Broadway - Part 3

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BOARD OF PUBLIC WORKS NUR -OFFICE MEMO DATE October 13, 1982 TO: Carolyn Pfotenhauer FROM: Barbara Byers r-•,� RE: Sale of City -Owned property to Town Tower I4otel Corporation As you are aware, the Board of Public Works approved a Purchase Agreement with the Town Tower Motel Corporation on August 30, 1982, for the purchase of residual properties resulting from the construc- tion of the Michigan -Main Connector. This was the culmination of several years of negotiations with the Town Tower dating back as early as 1978. The two conditions of the purchase, being the rezoning of the property to "commercial" and the vacation of portions of two alleys adjoining the property, have been met. In accordance with Paragraph 3 of the Purchase Agreement (a copy ,� of which is enclosed), the city must furnish title insur an. We I are in the process of obtaining the insurance at this timecand hope to receive same within a two or three-week Period. Also, before the closing date can be set, according to the Lease Ve Agreement with the Michigan -Marion Street Joint nture (see page 2 f_ oenclosed agreement), we must give 90 days' written notice of our intent to terminate the lease. The Michigan -Marion Street Joint Venture presently leases one of the parcels to be sold to Town Tower. The 90 days' notice could not have been given at the time of execution of the Purchase Agreement because the vacation and rezoning pro- ceedings which are a condition of the agreement were just concluded. 6 Would you please prepare whatever notice will be required to advise the Michigan -Marion Street Joint Venture of our intent t the lease. o terminate Would you please prepare the necessary Warr anty J_�I real estate to the Town Tower Motel Corporation andd conveying the executed by the Mayor and City Clerk. Since this purave the volves deed a rather Large sum of movey, ($29,502.00) is to be paid inacash nd natthirthedtimetOf cclosinS, price feel more comfortable if the closing was held in the Legal I would Department. It would appear that the closing date would be sometime in January, 1983. In addition to the preparation of the Warrant Deed, will we need to require Town Tower to execute some sort of mortgage for the balance of the purchase Qrice whC_�wil over a three-year peri.o-d?flso, Dave Wells has su e aid C Power of Attorney be requested for Ron Olson as agentsfor thetTo wn / To rior to closing. If you need further information regarding the above, please call .