The Indy City Market has a great history and has been a city landmark since 1821. Today I learned something that I bet not many people know.
There is a term in real estate called “Fee Simple Determinable”. It describes one way you can hold real estate. In this type of estate, you are bound by ownership of the land to do a particular thing with it. The former owner (or his heirs) may take the property back if you do not meet the requirement.
In the case of the land that the City Market sits on, it is REQUIRED that the property ALWAYS house a farmers market. Isn’t that cool? If someone buys the property and decides to tear down City Market and build a bank instead, the land would revert to the heirs of the owner who set this rule in 1821.
On the other hand, there is the term “Fee Simple subject to a Condition Subsequent”. In this case, the real estate has a certain thing that you can NOT do with the property, a limitation. When it is sold, the former owner is able to take it back from you if you break the requirement.
It is said that when St. Francis Hospital and Health Centers sell land, it comes with a rule: You are NOT allowed to build an establishment on the land that sells alcohol. You can build a neighborhood, for example, but not a liquor store. If you do, they get the land back.
Your title company is responsible for checking on this sort of thing to be sure you are in the clear on this sort of issue.