30-2021 - Sale of 1451 St. Charles

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REAL ESTATE PURCHASE AGREEMENT OFFER; ACCEPTANCE. The City of Lakewood ("SELLER"), whose address is 12650 DETROIT AVE, LAKEWOOD, OH 44107 hereby offers and agrees to sell and NEIGHBORHOOD DRUMMER, an Ohio for -profit corporation, ("BUYER"), whose address is 13369 Madison Avenue, Lakewood, OH 44107, Lakewood, OH 441072, hereby agrees to buy the property described below. 2. THE PROPERTY. The "Property" shall consist of the parcel of real estate known as the following: • 1451 St. Charles Avenue, Lakewood, Ohio 44107 (permanent parcel number 314-04-029) • Further described in Exhibit B, attached. The Property contains multiple structures, and includes all easements and appurtenant rights, and all improvements now situated thereon, in their present condition. 3. PURCHASE PRICE. The Purchase Price shall be One dollar ($1.00) (the "Purchase Price"), to be paid as follows: _ $1.00 escrow A. SELLER makes norepresentations or warranties whatsoever concerning the physical or environmental condition of the Property, and except as otherwise set forth herein. BUYER agrees to accept the Property in as -is condition. BUYER affirmatively warrants and represents that it has had the opportunity to fully inspect the Property, and is acquiring the Property solely based thereon and not due to any representation, promise, communication, act or omission to act by SELLER, its agents, attorneys, B. BUYER acknowledges that SELLER is'a municipal government, and thus, in some cases, is the last resort for abandoned or,distressed,properties most of which have been acquired directly through foreclosure or from third parties, banks, lenders (or their respective agents) and/or government sponsored enterprises including government itself. Therefore, SELLER has not lived in and in many cases does not know of the history of the properties'. it acquires and resells. Hence, to the fullest extent permitted under Ohio law, BUYER waives any property disclosure requirement otherwise afforded by the common law or statutes of Ohio. 5. DAMAGE. Seller shall bear the risk of loss until title transfer. If any portion of the Property is damaged or destroyed prior to Closing, Seller shall promptly notify Buyer of such damage and of the amount of insurance proceeds payable, if any. Buyer shall have the option, to be exercised by notice to Seller not later than 15 days after notice from Seller, to: (a) complete the transaction and receive a credit at Closing equal to the insurance proceeds (if any), or (b) terminate this Agreement. SELLER Initials Page 1 of 4 BUYER Initials —