5A6 Purchase Agreement TRI-Day (South Bend Heritage) - Signed

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1 AUDITOR’S RECORD TRANSFER NO.__________ TAXING UNIT___________ DATE ___________________ KEY NO. _________________ SPECIAL WARRANTY DEED THIS INDENTURE WITNESSETH, that the City of South Bend, Department of Redevelopment, by and through its governing body, the South Bend Redevelopment Commission, 1400 S. County- City Building, 227 W. Jefferson Boulevard, South Bend, Indiana (the “Grantor”) CONVEYS AND SPECIALLY WARRANTS to South Bend Heritage Foundation, Inc., an Indiana non-profit corporation, with its registered address being 803 Lincoln Way West, South Bend, Indiana 46616 (the “Grantee”), for and in consideration of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the following real estate located in St. Joseph County, Indiana (the “Property”): Address: The southern half of the parcel located at 4022 Old Cleveland Road equating to 7.465 acres Parcel Number: The southern half of 025-1010-0380 equating to 7.465 acres State Parcel: The southern half of 71-03-28-100-004.000-009 equating to 7.465 acres Legal Description: The southern half of 14.93 Ac S Side Cleveland Rd Beg 165' W Of Ne Cor Nw Sec 28-38-2e equating to 7.465 acres Grantor, as its sole warranty herein, specially warrants to Grantee, and to Grantee’s successors and assigns, that Grantor will forever defend title to the Property against those claims, and only those claims, of all persons who shall claim title to or assert claims affecting the title to the Property, or any part thereof, under, by or through, or based upon the acts of Grantor, but not otherwise, subject to the all current, non-delinquent real estate taxes and assessments. Grantor and Grantee covenant and agree that Grantor conveys the Property to Grantee subject to the requirement that Grantee, and its successors and assigns, may use the Property solely for (i) income-based, multi-family housing, and market-rate multifamily housing; and (ii) any other use consented to in writing by Grantor, and Grantee shall not discriminate in the lease, rental, use, occupancy, or enjoyment of the Property or any improvements constructed on the Property. This restriction will at all times be subject to any mortgages recorded against the Property, and any foreclosure or deed in lieu of foreclosure with regard to any such mortgage shall automatically without further action terminate this restriction. Pursuant to Section 9 of the Real Estate Purchase Agreement, the Grantor conveys the Property to the Grantee by this deed subject to certain conditions subsequent. In the event that Grantee fails to perform the Property Improvements, or satisfactorily to prove such performance, then in accordance with Section 10 of the Real Estate Purchase Agreement, the Grantor shall have the right to re-enter and take possession of the Property and to terminate and revest in the Grantor the estate conveyed to the Grantee by this deed and all of the Grantee’s rights and interests in the Property without offset or compensation for the value of any improvements to the Property made by the Grantee. The recordation of a Certificate of Completion in accordance with Section 9 of the Real Estate Purchase Agreement will forever release and discharge the Grantor’s reversionary interest stated in this paragraph.