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

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REAL ESTATE PURCHASE AGREEMENT This Real Estate Purchase Agreement (this “Agreement”) is made and entered into by and between the City of South Bend, Department of Redevelopment, acting by and through its governing body, the South Bend Redevelopment Commission (“Seller”) and South Bend Heritage Foundation, Inc., an Indiana non-profit corporation, with its registered address being 803 Lincoln Way West, South Bend, Indiana 46616 (“the Buyer”) (each a “Party,” and together the “Parties”). RECITALS A.Seller exists and operates pursuant to the Redevelopment of Cities and Towns Act of 1953, as amended, being Ind. Code 36-7-14 (the “Act”). B.In furtherance of its purposes under the Act, Seller owns the real property described in Exhibit A attached hereto and incorporated herein (collectively, the “Property”). C.Pursuant to the Act, Seller adopted its Resolution No. 3640 on May 22, 2025, whereby Seller established a total offering price of Eight Hundred Twenty-Five Thousand Dollars ($825,000.00) (the “Appraised Value”) for certain real estate containing the Property. D.Pursuant to the Act, on May 22, 2025, Seller authorized the publication on May 30, 2025 and June 6, 2025, respectively, of a notice of its intent to sell the certain real estate containing the Property and its desire to receive bids for the Property and other adjacent lots on or before June 12, 2025. E.At its public meeting on June 12, 2025, Seller received zero (0) bids. F.Buyer has the opportunity to apply for low-income housing tax credits and desires to enter into an agreement for the purchase of the Property. G.In accordance with Section 22 of the Act, Seller now desires to sell the Property to Buyer, and Buyer desires to purchase the Property from Seller, on the terms stated in this Agreement. NOW THEREFORE, for and in consideration of the mutual covenants and conditions contained in this Agreement, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller hereby agree as follows: 1.AGREEMENT TO SELL AND PURCHASE; ACCEPTANCE DATE. Seller shall sell the Property to Buyer, and Buyer shall purchase the Property from Seller, pursuant to the covenants, provisions and other terms and conditions contained in this Agreement. The Property shall include certain parcels of land described in Exhibit A and the transferable improvements, fixtures, easements, licenses, permits and all of Seller's other rights, title and interest appurtenant and otherwise relating thereto. The “Acceptance Date” as referenced herein from time to time, shall mean the latest date upon which all parties to this Agreement execute the Agreement and deliver such executed Agreement to all other parties hereto. 2.PURCHASE PRICE; EARNEST MONEY. The purchase price for the Property shall be One Thousand Dollars ($1,000.00) (the “Purchase Price”), payable by Buyer to Seller in cash at the closing described in Section 7 below. Buyer shall submit to Seller earnest money in the amount of One Hundred Dollars ($100.00) (the “Earnest Money”) on or before the