#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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PLEASE BEAR DOWN AS YOU ARE WRITING ON 6 COPIES Z.—A 9USIME55 Fop. 5, wG 24756 A1P ADoroved by the Multiple Listino Forms Committov South send. IrSdiara One-third of the purchase price, or Twenty-nine Thousand Five Hundred and Two Dollars ($29,502.00) shall be paid in cash at the time of closing the transaction. The remainder of the purchase price shall be paid as follows: one-half ($29,502.00) shall be paid one and a half years from the date of closing; and one-half ($29,502.00) shall be paid three years from the date of closing. No interest shall accumulate or be paid to the Seller on the unpaid balance due wzthzn the rhree-year period. 2. Closing and Possession Date. Purchaser shall have complete possession of the aforementioned real estate on the date of closing. 3. Deed and Proof of Title. At the time of closing, Seller agrees to execute and deliver to Purchaser a general warranty deed conveying the above described real estate free and clear of all liens and encumbrances, and subject to all covenants, restrictions, easements, zoning ordinances and any mortgages of record assumed by the Purchaser herein. 14ithin a reasonable time prior to delivery of a deed, Seller is to furnish Owner's Title Insurance Policy equal to the purchase price insuring merchantable title. Should additional time be required for making or continuing such Title Policy or for correcting defects of title, a reasonable time shall be given. 4. Risk of Loss. At the time of closing;, Seller agrees that the real estate and the improvements thereon shall be in the same condition as they now are, ordinary wear and tear excepted. The risk of loss or damage to the real estate and improvements or a substantial portion thereof by fire or otherwise until delivery of the deed is assumed by the Seller, and, if all or a substantial portion of said property is so destroyed or damaged prior to the execution and delivery of said deed, this Agreement may be rescinded at the election of the Purchaser and this Agreement shall then be null and void. 5. Further Conditions This purchase is subject to the rezoning of the Town Tower Motel Corporation from A-3 Multi --Family to Commercial, and the vacation of a portion of two alleys as shown on Exhibit "A" and legally described as follows.