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HomeMy WebLinkAboutOrd 2554 02/04/1975 ORDINANCE NO. ,< S.5 9 AN ORDINANCE PROVIDING FOR THE PURCHASE OF 33- 35 SOUTH MAIN STREET, AND 15 EAST BUSSE AVENUE, MOUNT PROSPECT, ILLINOIS WHEREAS, the corporate authorities of the Village of Mount Prospect have determined that it is in the best interests of the Village of Mount Prospect to enter into a certain contract to purchase real estate for the acquisition of the following described property in Mount Prospect, Cook County, Illinois: PARCEL ONE The West Ninety-Six (96) feet of the South Thirty-Two (32) feet of Lot Thirteen in Block four (4) in Busse and Wille's Resubdivision in Mt. Prospect in the West bali, (1/2).' bf Section. 12 ,:_Townshi.Fu~l .NonhFRange-d1 ,:Eas1:-=D'f ~e_ Third, " : Principai-Meridian, -CoolcCount:y-~=U1inois-;~- PARCEL 'IWO Lot Twelve (12), (except the East Fifty (50) feet thereof) in Block four (4) in Busse and Wille's Resubdivision in Mount Prospect in the West balf (1/2) of Secti(in;J.2',~Townshi..IL1U -North,-~Bange, 11 ,.~Eas:....t of :the ThfrtL :PIi.m:ipa.l:;Merid.i.aI4::.-:;; . Cook'€ount}r; Illin6is.~ - .. which .property :is commonly-known .as: - 33-35 South,:Main-Street.. MountProspect; illi- nois" :together with- the~ following . property presently located thereon: A single floor brick building, together with adjacent parking lot at the northeast corner of Main Street and Busse Avenue: and WHEREAS, the corporate authorities of the Village of Mount Prospect have determined that it is in the best interests of the Village-of Mount Prospect to enter into a certain contract to purchase real estate for the acquisition of the following described property in Mount Prospect, Cook County, Illinois: Lots One (1) ,. Four (4), Five (5), and Six (6) (except the West 8.5 feet thereof) in Block Thirteen (13), in Busse and Wille's Resubdivision in Mount Prospect in the West Half (!) of Section 12, Township 41 North, Range 11, East of the Third Principal Meridian, in Cook County, Illinois, which property is commonly known as: 15 East Busse Avenue, Mount Prospect, Illi- nois , together with the following property presently located thereon: Two (2) story brick office building with basement;' and - WHEREAS, the owners of the said real property have agreed to sign said contracts, attached hereto and hereby made a part hereof as Exhibit I and Exhibit II; and WHEREAS, the said contracts provide for a total cumulative consideration of Eight Hundred Thirteen Thousand and no/100 ($813,000.00) Dollars, Five Hundred and no/100 ($500.00) Dollars to be paid in earnest money at the execution of each such contract, with the remainder to be paid at closing; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have heretofore on November 19, 1974, passed and approved Ordinance No. 2541, "provid- ing for borrowing money and issuing bonds of the Village of Mount Prospect, Cook County, Illinois, to the amount of $4,000,000 for the purpose of paying the cost of aC- quiring land and constructing and equipping a new public library building thereon and purchasing an existing building for use as the Village's administrative offices, and providing for the levy and collection of a direct annual tax for the payment of the principal and interest of said bonds"; under the terms of which bond ordinance it was determined that the purchase price called for in Exhibit I and Exhibit II hereof would be paid from the proceeds of the aforesaid bond issue; and WHEREAS, such acquisition is authorized under the statutes of the State of Illinois made and provided, as well as other applicable ordinances of the Village of Mount Prospect; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect believe it to be in the best interests of the citizens of the Village of Mount Prospect that this land acquisition be made. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF .' , TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, SECTION ONE: That Exhibit I hereof, being that cO,ntract to pur~hase real estat;:~_ , d between the Village of Mount Prospect, a muniCIpal corporation, and Moun,t h ;~ct State Bank, an Illinois corporation, of even date hereof, be and the same IS ere- by approved, SECTION TWO: That Exhibit II hereof, being that contract to pu:rchase real esta;::;. and b"'tween the Village of Mount Prospect, a municipal corporation it and ~o:n~d the pect S"'afe Deposit Corporation, an Illinois corporation, of even date ereo, e same is hereby approved. , d t ' and the SECTION THREE: That the Village President ~s hereby authorIze 0 SIgn, Village Clerk is hereby authorized to attest SaId contracts. SECTION FOUR: That this Ordinance shall be in full force, and effect from and after its passage, approval, and publication in the manner prOVIded by law. AYES: ? NAYS: I PASSED and APPROVED this ~ '''day of ~~AIIJ't4y, 1975. ~ . ~~LfZ ~ Village President ATTEST: 4JI/~ Village Clerk -2- @ .' CHICA_~O TITLE INSURANCE COMPANY. ILU!'tOIS. P'qRM .. Real Estate S~le, Contract 1. Village of Motmt Prospect, a municipal corporation (Purchaser) apeettsUKbuc at a ~ricefU ~O. 00 '. on the terms set forth herein, the following described real estate in V1.llag 0 Mount ospect, Cook County. Illinois: See legal description attached hereto as Exhibit "A" and hereby made a part hereof, which realty is hereinafter referred to as the "subject property". EXlllBIT "A" PARCEL ONE !he West Ninety-S~ (96) feet of. the South Thirty-Two . (32) feet of Lot Thirteen m Block four (4) ~ Busse and WJ.11e's Resubdivision in Mt. Prospect in the West ~ ~1/2) of. S~ctJ.on 12, Township 41 North, Range 11 East of the Third Prmc1pal ~1er1dian, Cook County, Illinois. ' PARCEL ThU Lot Twelve SI2): (except.~e.Eas~ Fifty (50) feet thereof) in Block four (4) in Buss~ and lhl1e s ~subdiVJ.SJ.on m Mount Prospect in the West half (1/2) of Sect10n 12, T~~l? 41 North, Range 11, Bas 1:. of the Third Principal Meridian Cook County, Il1moJ.s. ' .. ~oii~~:;;~-~' .. . "-'~h~nE;rG~:~~:l~T,::~:;=~ :::::,a:rth:~r:.~U; Chicago Title & Tr::u.t Campany~provided title is shown to be good or is accepted by the purchaser. 7, The earnest money sbaJI be belcl by for the mutual benefit of the putieL 8. Seller warrants that Seller, its "'Ilatiaian.. or agents of SeDer .. If it. ".".ti.i...... h.ve received no notices from any city, viIlaF or other goyemmental authority of zoning, buDding, iue or health code violations in respect to the real estate that have not been heretofore corrected, 9, A duplicate original of this contract. duly executed by the Seller and his spouse, if any. shaD be delivered to the Purchaser within 10 days from the date bereof, otherwise, at the Purchaser's option. this contract shaD become nuD and void and the earnest money shall be refunded to the Purchaser, This coatract is subject to the Ccmditionl and Stipulations let forth on the back paae hereof, which Conditions and Stipulations are made a part of this contract. Seller: Berger, Newmark and Fenche1 c/o Julius H. Shapiro, Esq. 10 South La Salle Street By: Chicago, Illinois 60603 IEDIR I EXHIBIT' "B" . . Furniture and equipment included in the sale to the Village of Mount Prospect, Illinois of personal property by Mount Prospect State Bank which items are located at 15 East Busse Avenue or 33-35 South Main Street, Mount Prospect, Illinois. ITEM QUANTITY Carpeting All Draperies, rods and supporting fixtures All Water softening system Complete Police Alann System Complete Steel shelving All Water coolers Three (3) Smokers with stands Eight (8) Teller counterwork and related equipment All Vault door One (1) Stove One (1) Refrigerator One (1) Cafeteria cabinetry All Desks Eighty-five (85) Desk chairs Eighty-five (85) Guest chairs One Hundred Four (104) Miscellaneous chairs Twenty-One (21) Conference room table One (1) Confer~icc room chairs Eight (8) Cafeteria tables Seven (7) Cafeteria chairs Twenty-six (26) Recepltion area chairs Seven (7) Benches Three (3) Couches Two (2) Miscellaneous tables Seven (7) Free standing cabinets with shelf and drawer space Seven (7) Miscellaneous cabinets Five (5) Data Center carpeting All Data Center police alann system Complete Data Center raised floor (computer room) Complete Outdoor standard signs as follows: Two (2) A. Complete sign as presently located and existing at the Northeast comer of the building. B. Complete sign as presently located and existing at the Southeast comer of the building - - containing time and temperature. Village of Mount Prospect, a nnmicipal corporation Mltmt Prospect State Bank,., an Illinois Corporation 1~ ~; By: EXHIBIT "C''- CONDITIONS AND STIPULATIONS 1. Seller will deliver or cause to be delivered to Purchaser or Purchaser's Agent not less than (5) days prior to the time of c~os~, the plat~s) of :urvey, a Title Commitment for an Owner's Title Insurance Po11cy 1SSUed by Chicago T1tle Insurance Company in an amount of $ 86,000 (premium cost to be paid half by Seller and half by Purchaser), covering the subject property herein in its entirety and a copy of Owner's Duplicate Torrens Certificate of Title covering Parcel 2 of the subj ect property, both the Title Commitment and the Torrens Certificate showing title in the Seller subject only to (a) the general exceptions contained in the policy, and/or Torrens Certificate of Title, (b ) title exceptions set forth hereinabove, and ( c) title exceptions pertaining to liens or enamlbrances of a definite or ascertainable amount which may be removed by the payment of money at the time of closing, and which the Seller may so remove at that time by using ftmds to be paid upon delivery of the deed or deeds (all of which are herein referred to as the "pennitted exceptions"). The Title Commitment and Certificate of Torrens funrished herein in cormection with the perfonnance of this contract shall be conclusive evidence of good title as therein shown as to all matters insured by the policy. Seller shall also furnish Purchaser an Affidavit of Title in customary fonn covering the date of closing subject to the items contained herein and to any other items to which the title insurer extends its insurance to cover. . 2. If the plates) of survey, Title Commitment, or Torrens Certificate of Title dis- close any unpermitted exceptions ldlich affect the merchantability of the title herein, then Seller shall have thirty (30) days frOJIl the date of the delivery thereof to bave the ex- ceptions removed from the Title Commitment, and/or to correct any such survey defects, or to have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions or survey defect, and, in such event, the time of closing shall be thirty-five (35) days after delivery of the Title Commitment, or the time expressly speci~ fied in Paragraph No. 5 on the front page hereof, whichever is later. If Seller fails to have the exceptions removed or fails to correct any survey defects, or in the alternative" to obtain the camni.tment of title insurance specified above as to such exceptions or sur- vey defects within the specified time, Purchaser may tenninate this contract or may elect, upon notice to Seller within ten (10) days after the expiration of the thirty (30) clay period, to take title as it then exists with the right to deduct frOJIl the purchase price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so elect, this contract shall become null and void without further action (other than Purchaser I notice of tennination to Seller) of the parties and all earnest monies held by the Seller shall be returned to the Purchaser. 3. Fuels, prepaid service contracts, general taxes, and other similar items shall be adjusted ratably as of the time of closing. If the ammmt of the current general taxes is not then ascertainable, the adjustment thereof shall be on the basis of the amount of the most recent ascertainable taxes. All prorations are final tmless otherwise provided here- in. Seller sball pay the amount of any stamp tax imposed by law on the transfer of the title, and shall furnish a completed Real Estate Transfer Declaration signed by the Seller or the Seller's Agent in the fonn required pursuant to the Real Estate Transfer Tax Act of the State of Illinois. 4. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinc shall be applicable to this contract. 5. If this contract is tenninated without Purchaser's fault, the earnest money shall be returned to the Purchaser, but if the tennination is caused by the Purchaser's fau! t then at the option of the Seller and upon notice to the Purchaser, the earnest money s~ll be forfeited to the Seller, to be retained by the Seller as liquidated damages. 6. Time is of the essence of this contract. 7. Any payments herein required to be made at the time of closing shall be by certi- fied check or cashier's check, payable to Seller. 8. All notices herein required shall be in writing and shall be served on the partie~ at the addresses following their signatures. The mailing of a notice by registered or cer1 fied mail, retmn receipt requested, shall be sufficient service. 9. The time of closing shall be May 1, 1975, at the office of Chicago Title InsuranCE Company, but if construction of the n~ ~ank building at the southwest corner of Maple Stn and Busse Avenue, Mount Prospect, Illmo15, has not been completed at the time set for clo~ ing herein, or if Seller has not received a Certificate of Occupancy for said new bank fa( lity, or if FDIC or the Commissioner of Banking of the State of Illinois has not authorize< and given pennission to Seller to move into said new banking facility, then the date of closing shall be extended to a date five (5) days subsequent to the date tbat all approvals and/ or completions specified in this Paragraph No. 9 herein bave been granted and/or accomplished; provided, of course, the terms and conditions contained in Paragraph No. 2 hereinabove have been met and complied with. If the items specified in this. Paragraph No.9 bave been granted and/or accampl;.ished prior to date of closing, then upon five (5) day notice from either party to this contract to the other party to this contract, this transaction shall close, again provided the conditions and terms set forth in Paragraph No. ~ hereinabove bave been met and complied with. 10. The closing of the real estate transaction herein contemplated is contingent upon the contemporaneous closing of that certain real estate contract of even date herewith between the Purchaser and the Mount Prospect Safe Deposit Corporation, an Illinois Corporation, which certain real estate .contract provides for the conveyance to the Purchaser of the property commonly known as 15 East Busse Avenue, Mount Prospect, Illinois. Should said certain real estate contract not close contemporaneously with the closing of the real estate transaction contanplated herein, then this real estate transaction herein contemplated sball not be constuIlated and the distribution of earnest money shall be governed by the tenns of Paragraph No. 5 hereinabove. 11. Within ten (10) days after the signing of this contract, the parties hereto shall furnish each to the other a certified copy of resolutions and/or ordinance passed and approved by their respective boards authorizing the entry into this contract and the completion of the transaction contemplated and specified herein. 12. The parties hereto agree to furnish whatever reasonable documents are required by the Recorder of Deeds of Cook County, Illinois, and/or the Registrar of Titles of Cook County, Illinois, to record and register the deeds pertaining to this transaction. 13. All stmlS payable by the Village of Mount Prospect under the terms of this contract sba1l be paid solely from the proceeds of that certain bond issue authorized by Ordinance No. 2541, passed and approved by the President and Board of Trustees of the Village of Mount Prospect on Novanber 19, 1974, "providing for borrowing money and issuing bonds of the Village of Mount Prospect, Cook County, Illinois, to the amount of $4,000,000 for the purpose of paying the cost of acquiring land and constructing and equipping a new public library building thereon and purch3siilg an existing building for use as the Village's administrative offices, and providing for the levy and collection of a direct annual tax for the payment of the principal and interest of said bonds." 14. At closing, the parties hereto will execute and deliver duplicate original copies of the lease in the form attached hereto and hereby made a part hereof as Exhibit "D' which lease will be dated as of the date of closing on this _ contract. PURCHASER: SELLER: Mount Prospect State Bank, an ::mOiS corporati~ _U . @J2 - Village of Motmt Prospect, a nnmicipal corporation Attest: ~~ ~e~~#fL/~ Secretary- - EXHIBIT "D" LEASE' In consideration of the mutual covenants and agreements herein stated, the Village of Mount Prospect, a municipal corporation, (hereinafter referred to as "Lessor") hereby leases to Mount. Prospect State Bank, an Illinois Corporation, (hereinafter referred to as "Lessee") and Lessee hereby leases from Lessor solely for the purpose of maintaining a sign upon an area of land 10' x 3' located at the northeast corner of Main and Busse, Mount Prospect, Illinois which area or part thereof (hereinafter referred to as "Premises") is now occupied by a sign advertising Mount Prospect State Bank for a term beginning with , 1975, and ending January 31, 1978. ,.- ".~- 1. Lessee shall pay Lessor as rent for the Premises the sum of $1.00 (One Dollar) per month in advance, until termination of this lease, at the office of the Lessors Treasurer at 15 E. Busse Avenue, Mount Prospect, Illinois or such other address as Lessor may here- after designate in writing. 2. Lessee bas examined and knows the condition of the Premises and has received the same in good order and repair, and acknowledges that no representations 'as to the condition and repair thereof have been made by Lessor, or his agent, prior to or at the execution of this lease that are not herein expressed; and will keep the Premises in a clean and health- ful condition. At the termination of this lease or any extension thereof, Lessee shall remove any signs located upon the Premises. - --3. Lessee -will maintain liability and property damage insurance----on-anys-ignexisting ---'. or that may be hereafter placed upon the Premises. In addition, Lessee will not permit any mechanic's lien or liens to be placed upon the Premises or improvement thereon during the term hereof, and in case of the filing of any such lien Lessee will promptly pay same. 4. Lessee coveruh->J.ts and. agrees tbat he will protect and save and keep the Lessor for- ever hannless and il1.denmified against and from any penalty or damages or charges imposed for any violation ,of.any laws or ordinances, whether occasioned by the neglect of Lessee or those holding.'uYt,h:'.,Y.Lessee,and that Lessee will at all times protect, indemnify and save and keep bannl-ess the Lessor against and from any and aIr-loss , -co$t;:..::-damage:or --- expense, arising out of or from any accident or other occurrence on or about the Premises, causing injury to any person or property whomsoever or whatsoever and will protect, indemnify and save and keep harmless the Lessor against and from any and all claims -and----- against and from any and all loss, cost, damage or expense, arising out of or from any accident or other occurrence on or about the Premises, causing injury to any person or property whomsoever or whatsoever and will protect, indemnify and save and keep bannless the Lessor against and from any and all claims and against and from any and all loss, cost damage or expense arising out of any failure of Lessee in any respect to comply with and perform all the requirements and provisions hereof. 5. Lessee will allow Lessor free access to the Premises for the purpose of examining or exhibiting the same. Lessor hereby agrees that Lessee shall have access over Lessor's adj acent property at any time !in order that Lessee shall have sufficient access to the Premises, and in order that Lessee sball be able to maintain, remove, erect or replace any existing sign or future sign upon the Premises. 6. Lessee will, at the termination of this lease by lapse of time or otherwise, yield up immediate possession to Lessor but Lessee sbal~have sixty (60). ~s to remove any_s~gDS from the Premises; and failing so to do, will pay thereafter as liquidated damages, for the whole time such possession is withheld, the sum of seventy-five dollars ($75.00) per day; but the provisions of this clause shall not be held as a waiver by Lessor of any right of re-entry as hereinafter set forth; nor sball the receipt of said rent or any part thereof, or any other act in apparent affirmance of tenancy, operate as a waiver of the right to forfeit this lease and the term hereby granted for the period still unexpired, for a breach of any of the covenants herein. 7. In case the Premises sball be rendered untenantable by fire, or other casualty, Lessee may, at his option, terminate this .l_eas~, or repair the Premises within sixty (60) - days, and failing so to do, or upon the destruction of said Premises by fire or other casualty, the tenn hereby created shall cease and detenDine. 8. (a) Taxes. Lessee further agrees that it will, as additional rent, pay the general real estate taxes, and Lessor agrees to pay all special assessments. Real estate taxes applicable to the year Lessee takes possession and to the year of termination shall be prorated between Lessor and Lessee on the basis of number of days of occupancy by Lessee during applicable tax period to total number of days covered by such tax period. (b) Payment of Taxes. Lessor shall, during the tenn of this lease or any extension thereof, upon receipt of the tax bills, notify Lessee of the amount due thereon for each installment, and Lessee shall pay to Lessor wi thin ten (10) days prior to the due date of each installment the amount of such installment. (c) Right to Contest Taxes, etc. It is agreed that the Lessee, upon giving written notice thereof to the Lessor, shall not be required to pay, discharge or remove any tax, assessment, tax title or any judgment or lien against the demised premises which may be the obligation of the Lessee under the terms of this lease, or against the Lessee's interest therein or any part thereof, so long as the Lessee shall in good faith and with diligence at its own expense contest the same or the validity thereof by appropriate legal proceedings and that pending any such legal proceedings the Lessor shall not have the right to pay, remove or discharge the taxes, assessments, tax lien, tax title, mechanic's lien or judgment thereby contested. Such delay of the Lessee in paying the same until final determination of such disputed matter shall not be deemed a default in the condition of this lease, provided that upon the demand of the Lessor the Lessee shall furnish security satisfactory to the Lessor against any loss or damage on account thereof, which security shall in no event be greater than the unpaid amount of that portion of the real estate taxes which the Lessee is required to pay by the terms hereof, plus an amount equal to the penal ties and interest which may accrue thereon during the period of contest. If any contest of an assessment or tax is undertaken after the time limit when the particular assessment or tax is due, or once UJ'l.dertaken such contest does extend beyond. the time when such assessment under protest or tax is due, the Lessee shall procure a stay of all proceedings to enforce collection thereof. . . In the event the Lessee do:s contest any assessment or tax, the Lessee agrees that wl.thm ten (Iv) days after the fmal detennination of such contest if the determina- tion be adverse to the Lessee, the Lessee will pay the amount involved together with all penalties, fines, interest, costs and other expenses that ~ be accrued as a result of su~ contes~., Th: Lessor agrees. at the request of the Lessee, when necessary and appro- prl.ate, to Jom Wl.th the Lessee m any such contest, and the Lessor agrees to sign execute, and deliver such papers and instruments as may be necessary to properly c~ntest any as~essment or tax that may ~e levied against the said demised premises. All proceeds resultIng from any such proceeding by Lessee shall accrue solely to its .accomrt~- (d) In the event there is no tax division of the Premises from adj acent properties, Lessee shall not pay a tax greater than that equal to 1% (One per cent) of the entire tax on the Premises including the Premises - - all of which property and the subj ect Premises being in the ownership of the Lessor. (e) Lessee agrees to pay all utility bills that may be charged against it for use of any signs upon the Premises. 9. After January 31, 1978, this lease shall automatically be renewed on a month to month basis. After January 31, 1978, this lease will terminate upon fifteen (15) days written notice of either party hereto to the other party subject to the terms and condition contained in Paragraph 6 hereinabove. day of IKWITNESS WHEREOF, the parties hereto have set their hands and seals this , ,F.KtJ Jtt/fft2...~- , 1975. ( ~a:: Village of Mount Prospect, a municipal corporation ~ By: & age esl. ent - / Mount Prospect State Bank, an Illinois Corporation By: A'ITEST: A1TEST: Secretary Village Clerk @ . . . CHICAGO TITLK 'NSURANCIZ COMPANY. ILUNOIS- FORM .. Real Estate Sale Contract 1. Village of Mount PrOspect, a municipal corporation (Pun:hascr) apees to purchase at a price of S 6Rn, nnn nn on the terms set forth herein. the following descnbed real estate in the Villa~e of Mount Prospect. Cook County, Illinois: Lots One (1), Four (4), Five (5), Six (6 ) (except the West 8.5 feet thereof) in Block Thirteen (13), in Busse and Wille's Resubdivision in Mount Prospect in the West half (1/2) of Section 12, Township 41 North, Range 11, East of the Third Principal Meridian, Cook County, Illinois. commonly known as 15 East Busse Ave., Mount Prospect, Illinois . together with the following property located thereon. Central Air-Conditioning System including complete water cooling tower, all overhead .1ights now located on the side of the bank building. 2. Mount Prospect Safe Deposit Corporation (Seller) agrees to sell the real estate and the property described above, if any, at the price and terms set forth herein, and to conveyor cause to be conveyed to PurcJwer or nominee title thereto by a recordable l.tmr-r~nty deed, with release of homestead rights, if any, and a proper bill of sale, subject only to: (a) covenants, conditions and restrictions of record; (b) pri\lllte, public and utility easements and roads and highways. if any; ~ ~g;~.tll~ ) geneml taxes for the year 19']4 and subsequent years including taxes which may accrue by reason of new or additional improvements during the year(s) 1974 ; and to 3. Pun:haser has paid S 500.00 as earnest money to bellPpIi~on the p~c~ price, and agrees to par.or satisfy the balance oC -- the purchase price. plus or minus prontions, at the time oC closing as follows: (stri1ce IIlnguoge and subptUtZgrllphs not flPpliCllble) (a) The payment oU 679 , 500. 00 .. Seller, at his own expense. apees to fumish Pmcltaser a current plat of swvey of the above real estate made. and so certified by the surveyor as haYinI ~ ..... in eompliance with the IllinOis Land Survey Standards, and showing all improvements located upon the , subject property as well as any easements of record, if any. . s. The ~~~,gp~{!t~ be on ~t;bt~~~5 ~OI\.,~f~~iCanY.J.9J..~l1iPlrc:Jl ~e is~xtended.bY reaJC)1'~!-ParagrllPh90fthe CondiG~ns 8ii'ct~pMation~e~r mm opera lYe fwJ?~ever ~te ~te~u~~~seque~ mutually agreed otherwise, at the office of r.hi (:q,gO Ti tIe & Tnl.c;t Co - provided title is shown to be good or is accepted by the purchaser. 6, ~. The parties hereto represent toeaCh-othet' that there-was not a real ec:::'ta'te hroker involved in thic::: transa(:tion, and hence no broker's comnission shall be paid by any party hereto. 7. 1be earnest money shan be held by Seller for the mutual benefit of the parties. 8. SeDer warrants that Seller, iN "IHllililllill or agents of SeDer BI BC its "IHlli,iui.. have received no notices from any city, village or other governmental authority of zoning, building, fire or health code violations in respect to the real estate that have not been heretofore corrected. 9, A duplicate original of this contract, duly executed by the Seller and his spouse, if any, shall be delivered to the Purchaser within 10 days from the date hereof, otherwise, at the Pu.chaser's option, this conbct shall become null and void and the earnest money shall be reCunded to the Pun:haser, TIIis contract is subject to the Conditions and Stipulations set forth on the back page hereof. which Conditions and Stipulations are made a part of this ~. 2-L/-7S- Dated By: Address: c/o Jo1m J. Zinunennann, Village Attorney 112 East Northwest Highway Mount Prospect, Illinois 60056 Purchaser: Village of Mount Prospect, a nnmicipal co oration ~ 7/ ~ sener:.M.oun. ..t prospe..c. t ~Sit :22 . By:~;rJ!Jt. n ~ ;b /; ~/ ~ I A'ITESP': . :Z~~ r ~p~~r~ Secretary , Berger, Newmark and Fenchel c/o Julius H. Shapiro, Esq. 10 South La Salle Street Chicago, Illinois 60603 all II: EXHIBIT "A" CONDITIONS AND STIPUlATIONS 1. Seller will deliver or cause to be delivered to Purchaser or Purchaser's Agent, not less than five (5) days prior to the time of closing, the plates) of survey, a Title Conmitment for an Owner's Title Insurap.ce Policy issued by Chicago Title Insurance Company in an amount of $680,000.00. (premitun cost to be paid half by Seller and balf by Purchaser), covering the subject property herein as well as a copy of Owner's Duplicate Torrens Certificate of Title covering the subj ect property, both the Title Commitment and the Torrens Certificate showing title in the Seller subject only to (a) the general exceptions contained in the policy, and/or Torrens Certificate of Title, (b) title exceptions set forth hereinabmve, and (c) title exceptions pertaining to lienS or encumbrances of a definite or ascertainable amount which may be removed by the payment of money at the time of closing, and which the Seller may so remove at that time by using the ftmds to be paid upon delivery of the deed or deeds (all of which are herein referred to as the "permitted exceptions"). The Title 'Commitment and Certificate of Torrens Title furnished herein in cormection with the perfonnance of this contract sball be conclusive evidence of good. title as therein shown as to all matters insured by the policy. Seller shall also furnish Purchaser an Affidavit of Title in customary fonn covering the date of closing subject to the items contained herein and to any other items to which the title insurer extends its insurance to cover. 2. If the p1at(s) of survey, Title Commitment, or Torrens Certificate of Title dis- close any unpennitt~ exceptions ~ich affect the merchantability of the title herein, thE Seller shall have thirty (30) days from the date of the delivery thereof to bave the ex- ceptions removed from the Title Commitment, and/or to correct any such survey defects or to have the ti~le insurer commit to insure. against loss or damage that may be occasi~ned by, such 7Xceptl.01lS0r survey de~ect, and, m such event, the time of closing sball be tJ:irtf-fl.ve (35) days after dell.very of the Title Conmitment, or the time expressly speci,- fl.ed m Paragraph No. 5 on the front page hereof, whichever is later. If Seller fails to bave th7 excepti~ removed 0:: fai~s to correct any survey defects, or in the alternative, to obtam the. c~tment of. t~tle ~urance specified above as to such exceptions or sur- vey defects Wl.thm the specl.fl.ed tIme, Purchaser may tenninate this contract or may elect upoX; notice to Se~ler witJ:in ten (1~) day~ after tJ:e expiration of the thirty (30) day , . P7rl.od., to take t1tle as l.t th~. exl.Sts Wl.th the rl.ght to deduct from the purchase price 1J.ens or encumbrances of a def:uute or ascertainable amount. If Purchaser does not so elect, this contract shall-become -null and void without further action (other than Purchase! notice of termination to Seller) of the parties and all earnest monies held by the Seller shall be returned- to the Purchaser. . 3. Fuels, prepaid service contracts, general taxes, and other similar items shall be adjusted ratably as of the time of closing. If the amoWlt of the current general taxes is not then ascertainable, the adjustment thereof shall 'be'on 'the-'basis of the amotmt of the most recent ascertainable taxes. All prorations are final tmless otherwise provided here- in. Seller shall pay the amotmt of any stamp tax imposed by law on the transfer of the title, and shall furnish a completed Real Estate Transfer Declaration signed by the Seller or the Seller's Agent in the fonn required pursuant to the Real Estate Transfer Tax Act of the State of Illinois. 4. The provisions of the Unifonn Vendor and Purchaser Risk Act of the State of 1llinc shall beiapplicable to this contract. 5. If this contract is tenninated without Purchaser's fault, the earnest money shall be returned to the Purchaser, but if the tennination is caused by the Purchaser's fault, then at the option of the Seller and upon notice to the Purchaser, the earnest money sball be forfeited to the Seller, to be retained by the Seller as liquidated damages. 6. Time is of the essence of this contract. 7. Any payments herein required to be made at the time of closing shall be by certi- fied check or cashier's check, payable to Seller. 8. All notices herein required shall be in writing and shall be served on the partie~ at the addresses following their signatures. The mailing of a notice by registered or cer1 fied mail, return receipt requested, shall be sufficient service. 9. The time of closing shall be May 1, 1975, at the office of Chicago Title Insuranc€ Company, but if construction of the new bank building at the southwest corner of Maple Str€ and Busse Avenue, Mcnmt Prospect, Illinois, has not been completed at the time set for clm ing herein, or if Seller has not received a Certificate of Occupancy for said new bank fac 1ity, or if FDIC or the Commissioner of Banking of the State of Illinois has not authorize< / and given permission to Seller to move into said new banking facility , then the date of closing shall be extended to a date five (5) days subsequent to the date that all approval~ and/ or completions specified in this Paragraph No. 9 herein have been granted and/or accom. plished; provided, of course, the terms and conditions contained in Paragraph No. 2 herein' above have been met and complied with. If the items specified in this Paragraph No. 9 haV4 been granted and/or accomplished ,prior to date of. closing, then upon five (5) day notice from either party to this contract to the other party to this contract, this transaction sball close, again provided the conditions and terms set forth in Paragraph' No. 2 herein- above bave been met and complied with. 10. The closing of the real estate transaction herein contemplated is contingent upon the contemporaneous closing of that certain real estate contract of even date here- with between the Purchaser and the Monnt Prospect State Bank, an Illinois Corporation, which certain real estate contract provides for the conveyance to the Purchaser of the property cOTIDIlonly known as 33- 35 South Main Street (Data Processing Building) and the northeast corner of Main Street' and Busse Avenue (Data Processing parking lot), Monnt Prospect, Illinois. Should said certain real estate contract not close contemporaneously with the closing of the real estate transaction contemplated herein, then this real estate transaction herein contemplated shall not be constnnated and the distribution of earnest money shall be governed by the terms of Paragraph No. 5 hereinabove. 11. Within ten (10) days after the signing of this contract, the parties hereto shall furnish each to the other a certified copy of resolutions and/or ordinance passed and approved by their respective boards authorizing the entry into this contract and the completion of the transaction contemplated and specified herein. 12. The parties hereto agree to furnish wbatever reasonable documents are required by the Registrar of Titles of Cook County, Illinois, to register the deeds pertaining to this transaction. 13. All sums payable by the Village of Mount Prospect under the terms of this contrac1 shall be paid solely from the proceeds of that certain bond issue authorized by Ordinance No. 2541, passed and approved by the President and Board of Trustees of the Village of Mount Prospect on' November 19, 1974, "providing for borrowing money and issuing bonds of the Village of Mount Prospect, Cook County, Illinois, to the amonnt of $4,000,000 for the purpose of paying the cost of acquiring land and constructing and equipping a new public library building thereon and pUrchasing an existing building for use as the Village I s administrative offices, and providing for the levy and collection of a direct'annual tax for the payment of the principal and interest of said ponds." PURCHASER: SELLER: Village of Monnt Prospect, a municipal corporattion an Attest: