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HomeMy WebLinkAboutOrd 4996 02/16/1999 ORDINANCE NO. 4996 AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A REAL ESTATE PURCHASE AGREEMENT TO ACQUIRE PROPERTY IN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS 201 SOUTH MAIN STREET Passed and approved by the President and Board of Trustees the 16th day of February, 1999 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 17th day of February, 1999. VVL 2/11/99 ORDINANCE NO. 4996 AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A REAL ESTATE PURCHASE AGREEMENT TO ACQUIRE PROPERTY IN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS 201 South Main Street WHEREAS, the Board of Trustees of the Village of Mount Prospect has determined that it is in the best interest of the Village to enter into an Agreement to purchase real estate located at 201 South Main Street, for municipal purposes, a copy of which Agreement is attached hereto and hereby made a part hereof as Exhibit "A"; and WHEREAS, the Board of Trustees of the Village of Mount Prospect has determined that the purchase of the subject property is attendant to the overall redevelopment efforts of the Central Business District. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the Village President and Village Clerk are hereby authorized to execute the Real Estate Purchase Agreement for property commonly known as 201 South Main Street, Mount Prospect, Illinois, a copy of said Agreement is attached hereto as Exhibit "A", the Board of Trustees having determined that the Agreement is in the best interests of the Village of Mount Prospect. SECTION TWO: That the Village President, Village Trustees, Village Clerk, Village Attorney, officers and employees of the Village are hereby empowered to perform any act necessary to implement, carry out, or give effect to the terms of the Agreement to purchase real estate, which is attached hereto as Exhibit "A". SECTION THREE: That this Ordinance shall be in full force and effect upon its passage, approval and publication in pamphlet form in the manner provided by law. AYES: Clowes, Hoefert, Lohrstorfer, Nocchi, Wilks NAYS: None ABSENT: Farley PASSED and APPROVED this 16th day of February , i999. Timothy J. Corcora~i~l/~ Pro Tem Velm~A/. Lowe, Village Clerk Page 2 of 2 201 S. Main Street, White Hen LEGAL DESCRIPTION: Lot "A" in Manos Consolidation of Lots 2 and 3 in Block 1 in Meier's Addition to Mount Prospect in the Northwest ¼ of Section 12, Township 41 North, Range 11 East of the Third Principal Meridian, in Cook County, Illinois except that part taken for widening of Prospect Avenue. PERMANENT INDEX NUMBER: 08-12-120-029 REAL ESTATE SALE CONTRACT VILLAGE OF MOUNT PROSPECT ("Purchaser") agrees to purchase at a price of Four Hundred and Seventy Five Thousand and no/100 Dollars ($475,000.00) the premises legaily described on Exhibit A attached hereto and commonly known as 201 S. Main Street, Mt. Prospect, Illinois and WHITE HEN PANTRY, INC., a Delaware corporation ("Seller") agrees to sell said premises at said price. Upon the execution and delivery hereof, Purchaser has paid to Seller $50,000.00 as earnest money to be applied on the purchase price. The parties further agree as follows: (1) Seller shall cause to be conveyed to Purchaser, or its nominee, good title to said premises by Warranty Deed with release of homestead rights, if any, subject only to: (a) current general real estate taxes not past due, (b) ail covenants, conditions and restrictions of record, and (d) private, public and utility easements, and roads and highways, if any. (2) This sale is expressly contingent upon the following condition precedent, which must be either satisfied or waived in whole or part by Purchaser within forty (40)) days from the date hereof: (a) Purchaser may obtain and review at its own expense, a written Environmental inspection report regarding the environmental condition of the property. Purchaser shall have the right to enter onto the property, upon providing prior notice to Seller, to perform any such tests it deems necessary. Purchaser shall be obligated however, to repair any damage caused by such testing and shall use its best efforts to minimize any disruption in Seller's business. If such report reveals levels of hazardous substances that exceeds the standards acceptable to the Illinois Environmental Protection Agency, Purchaser shall have the right to terminate this Contract by providing notice of such termination to Seller along with a copy of such report. (b) If within said forty (40) day contingency period Purchaser notifies Seller in writing of its failure to satisfy this contingency as set forth herein, this agreement shall become null and void and the earnest money shall be returned to Purchaser and the parties shall have no further liability of any kind to each other. If no such written notice is provided during this period, then this contingency shall be deemed waived by Purchaser. (3) The date of closing shall occur on or before ten (10) business days after the Purchaser's contingencies set forth in paragraph (2) hereof have been either satisfied or waived by Purchaser, unless mutually agreed upon between the parties, but in no event later than April 1, 1999. Seller may terminate this Contract and retain the earnest money if the failure to close is due to a default of Purchaser. (4) Real Estate taxes shall be prorated as of the date of closing at the rate of 110% of the most recent ascertainable taxes. Final meter readings for all utilities will be made on the date of closing. (5) Seller shall deliver to Purchaser a commitment for title insurance from Chicago Title Insurance Company in the amount of the purchase price showing title to said premises in Purchaser, subject only to the matters to which this sale is subject, and to the usual objections contained in owners policies issued by said Company. If the commitment discloses any defects in title, Seller shall, upon tendering same to Purchaser or its agent, have thirty (30) days from the date which such commitment bears within which to cure such defects and to fumish such commitment showing such defects cured or removed. If such defects in title be not cured within said thirty (30) days, Purchaser may terminate said contract or may, at its election, take the title as it then is (with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount), upon giving to Seller or its agent notice of such election and tendering performance on its part, and in default of such notice of election or tender of performance within ten (10) days after written notice to Purchaser or its agent of the inability of Seller to cure such defects said contract thereupon shall, without further action by either party, become null and void. (6) Complete and exclusive actual possession of said premises (free of all tenancies or occupants) shall be delivered to Purchaser on the date of closing. (7) It is agreed behveen the parties hereto that the premises being sold is a building and real property only and that no items of personal property are included in this sale. The premises is being sold in an "as is" condition and Seller makes no representations or warranties as to the condition of the premises or its suitability for any particular purpose. (8) Seller states that no notice fi:om any city, village or other governmental authority for a building code violation for the structure located on the premises prior to the date hereof has been issued or received by Seller. (9) The panics hereto acknowledge that this sale is subject to the acquisition by the Illinois Department of Transportation of a total of 0.012 acres at the comer of the premises for street widening purposes. At closing, Seller shall assign to Purchaser its rights to and claims for any just compensation to be paid for the property taken or damages to the remainder by reason of the pending acquisition of the 0.012 acres by the Illinois Department of Transportation. (10) Purchaser warrants that it will not enter into, record or permit the recording of any Mortgage or Tmst Deed with respect to said Premises prior to closing and said warranty shall survive the execution and delivery of the deed. In the event the 2 commitment for title insurance referred to in Paragraph (5) discloses that Purchaser has entered into, recorded or permitted the recording of such a Mortgage or Trust Deed, Seller may, in addition to any other remedies available at law or equity for breach of contract, terminate this contract by notice to Purchaser. (11) Seller shall continue to insure the premises against fire, property and casualty loss until the date of closing. (12) The parties hereto warrant that no broker has been instrumental in procuring the transaction contemplated hereby, and either party through whom a broker may claim a commission or fee agrees to indemnify and hold the other party harmless against any such fee, commission, or claim thereof. (13) Notices and demands required or permitted to be given hereunder shall be given by registered or certified mail addressed to Seller at 660 Industrial Drive, Elmhurst, Illinois 60126, Attention: Beth Sprecher Brooks, or to Purchaser at 100 South Emerson Street, Mt. Prospect, IL 60056 Attn.: Mr. William J. Cooney, Jr., Director of Community Development, or at such other address as either party shall designate by written notice to the other. Notices and demands shall be deemed to have been given when mailed. (14) Time is of the essence of this Contract. Should Purchaser fail to perform this Contract, then at the option of Seller and upon written notice to Purchaser, the earnest money shall be forfeited by Purchaser as liquidated damages and this Contract shall thereupon become null and void. Purchaser or Seller shall pay all reasonable attorneys' fees and costs incurred by the prevailing party in enforcing the terms and provisions of this Contract, including forfeiture or specific performance, or in defending any proceeding to which Purchaser or Seller is made a party as a result of the acts or omissions of the other party. (15) Seller and Purchaser acknowledge that this transaction and the purchase price have been negotiated under threat of condemnation and subsequent to Purchaser's notice of its intent to acquire said premises by eminent domain or otherwise. (16) See attached. Dated this /,7~ day of,~(~'o,o~-~.- ,1999. VILLAGE OF MOUNT PROSPECT/~ WHITE HEN PANTRY, 1NC. ~ - / President ' Vice President PURCHASER SELLER Mtprospect. 1/14/99 (16) Tb~ere shall be no personal liability of Vffia&e officials and Villai~e employees with ~espect to any of the terms, covelaants, conditicrfts, and provisions of th/s LEGAL DESCRIPTION 201 South Main Street Mount Prospect, Illinois Lot "A" in Manos Consolidation of Lots 2 and 3 in block 1 in Meier's Addition to Mount Prospect in the North West ¼ of Section 12, Township 41 North, Range 11 East of the Third Principal Meridian, in Cook County, Illinois except that part taken for widening of Prospect Avenue. P.I.N. 08-12-120-029 EXHIBIT A