HomeMy WebLinkAbout101414 - Termination of Installment Purchase Agreement Secondary Number TwoTERMINATION OF AMENDED AND RESTATED
INSTALLMENT PURCHASE AGREEMENT
Secondary Number Two
This Termination of Amended and Restated Installment Purchase Agreement (Secondary
Number Two) (the "Termination ") executed this /9 day of October, 2014, by and between The City of Carmel
Redevelopment Commission ( "CRC "), and Village Financial, LLC ( "VF "), Witnesses.
Recitals
WHEREAS, CRC and VF have executed that certain Amended and Restated Installment
Purchase Agreement (Secondary Number Two) dated as of October 1, 2013 (the "Replacement SIC "), which
restated, replaced, and superseded in its entirety that certain Installment Purchase Agreement (Secondary
Number Two) executed by and between CRC and VF and dated December 7, 2011;
WHEREAS, CRC and Pedcor Investments, a Limited Liability Company ( "Pedcor
Investments "), have executed that certain Purchase Agreement dated October /y 2014 (the "Shapiro
Purchase Agreement ");
WHEREAS, the purchase price for the property being acquired by Pedcor Investments
pursuant to the Shapiro Purchase Agreement is $2,100,000.00 (the "Purchase Price ");
WHEREAS, pursuant to the Shapiro Purchase Agreement, a portion of the Purchase Price is
to be allocated to pay: (a) first, all interest that has accrued and remains unpaid under the Replacement SIC;
(b) second, the outstanding principal balance of the purchase price payable pursuant to the Replacement SIC;
WHEREAS, the closing contemplated pursuant to the Shapiro Purchase Agreement is
occurring on the date hereof;
WHEREAS, the application of a portion of the Purchase Price to the accrued interest and the
outstanding principal balance of the purchase price payable pursuant to the Replacement SIC reduces the
amount owed under the Replacement SIC to $0.00; and
WHEREAS, CRC and VF desire to terminate the Replacement SIC;
Agreement
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are acknowledged hereby: (a) each of CRC and VF acknowledges that the other party has performed all
obligations required to be performed by it pursuant to the Replacement SIC; and (b) the Replacement SIC
hereby is terminated.
above.
IN WITNESS WHEREOF, the parties have executed this Termination on the date set forth
VILLAGE FINANCIAL, LLC
Printed: 5iler-
Title: SVP
THE C I T Y O F
RED VELAPMENT CO
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C A R M E L
MISSION
By:
William Hammer, Presid
T H E C I T Y O F C A R M E L
REDEVELOPMENT COMMISSION
By:
Printed:
Title:
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T H E C I T Y O F C A R M E L
REDEVELOPMENT COMMISSION
By:
William Hammer, President
T H E C I T Y O F C A R M E L
REDEV EE)LOP ENT C`0MMLSSION
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