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Addendum to Purchase Agreement <br />Between the City and American Home Dreams, Inc. <br />THIS ADDENDUM, entered into as of the loth day of March, <br />1997, between the City of South Bend and American Home Dreams, <br />Inc., <br />WITNESSETH: <br />In consideration of the mutual covenants herein contained, <br />it is agreed that the purchase agreement entered into herewith <br />shall be amended as follows: <br />1. section I shall be amended to read as follows: <br />SECTION I. SALE, PURCHASE PRICE. <br />Subject to all of the terms of the Agreement, the City <br />agrees to sell and the Developer agrees to purchase the Property <br />for One Thousand Nine Hundred Dollars ($1,900.00) (Purchase <br />Price), to be paid in cash or by certified check when the deed <br />conveying the property is delivered. <br />The parties hereby acknowledge that AHD, Inc., is awaiting a <br />501(C)(3) determination letter from the Internal Revenue Service, <br />and that approval, once received, will be retroactive to the date <br />that AHD, Inc. initially filed for recognition of its exempt <br />status. The parties further acknowledge that the provisions of <br />I.C. 36-1-11 relating to the transfer of city -owned property do <br />not apply to transfers made to nonprofit corporations exempt from <br />federal income taxation under Section 501 of the Internal Revenue <br />Code. Accordingly, the parties hereby agree that the City will <br />refund the purchase price paid at such time that AHD, Inc., <br />receives the aforementioned determination letter. <br />IN WITNESS WHEREOF, the undersigned have caused this <br />addendum to be executed for and on their behalf on the day and <br />year first written. <br />