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HomeMy WebLinkAboutRes 26-63 06/25/1963 f ..., RESOLUTION;<' b - (.:- ..:) A RESOLUTION AUTHORIZING THE VILLAGE PRESIDENT AND VILLAGE CLERK TO EXECUTE AN ESCROW AGREEMENT WITH THE CHICAGO TITLE AND TRUST CO~~ANY AS ESCROWEE AND THE COOK COUNTY WATER CORPORATION. WHEREAS, there are certain liens and memorials filed against the property owned by Cook County Water Company WHEREAS, it is to the best interest of the Village that an escrow agreement be entered into so as to safeguard its rights. NOW, THEREFORE, BE IT RESuLVED by the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois Section 1. That the President and Village Clerk are and are hereby authorized to enter into and sign an escrow agreement with the Chicago Title and Trust Company, escrowee, and the Cook County Water Corporation, copy of which is attached hereto. Section 2. This resolution shall be in full force and effect from and after its passage and approval according to law. PASSED and APPROVED this ~day of June, 1963 \ Ie <iii. 'J . \ \i ~>- Go t5:-k.J,.d\;~~ President ..::-~" ATTEST: ~ (0.W~~ Vi lage Clerk June _' 1963 Escrow No. Chicago Title and Trust Company III West Washington Street Chicago 2, Illinois Gentlemen: The undersigned, Cook County Water Corporation (formerly by name Hatlen Heights Sewer & Water Co., Inc.), an Illinois corporation (hereinafter called the "Companytt), will, concurrently with the sale by the Company and the purchase by the Village of Mount Prospect, an Illinois municipal corporation (hereinafter called the "village") of that certain parcel of real property (hereinafter called the "Premises") described as follows: Lot Twelve (12) Block Two (2) in Hatlen Heights, Unit No. One, a Subdivision in the South Half (~) of the Northeast Quarter (i) of Section 10, To~mship 41 North, Range 11, East of the Third Principal Meridian, according to Plat thereof registered in the Office of the Registrar of Titles of Cook County, Illinois, on August 17, 1~55, as Document Number 161 4665. deposit the sum of $30,000.00 with Chicago Title and Trust Company, as escrowee (hereinafter called the "Escrowee"), such sum to be held by the Escrowee, as escrowee, under the following terms and conditions: 1. At any time before July 1, 1968, the Escrowee shall pay any part or all of the funds then remaining in the escrow account~ after first deducting therefrom all fees payable to the Escrowee in connection with the escrow, to such party or parties as shall be designated by the joint order of the Company and the Village. 2. On (a) July 1, 1968, or (b) receipt by the escrowee or the written opinion of counsel for the Village to the effect that a final judgment has been rendered by a court of competent juris- diction refusing to remove the two memorials (hereinafter called the "Memorials") described in Exhibit A hereto from the Certificate of Title to the Premises, or (c) receipt by the escrowee of the written opinion of counsel for the village to the effect that a final judgment has been entered foreclosing the lien set forth in the memorials, whichever event shall first occur, the Escrowee shall pay the entire balance remaining in the escrow account, after first deducting therefrom all fees payable to the Escrowee in connection with the escrow, to the Village, and the Village shall thereupon have the right to use the funds in any manner the Village shall deem fit in order to effect the removal of the Memorials from the Certificate of Title to the Premises, paying any overplus to the Company. MemOJ.l11L... L. VLU ~h~ v~L.t,1r1ca Ll::! uf 'fi i , ~ . ':&ELthe rrenlis8S, pa.,y Ing any overplus to- thQ CAll'If>J!luY-; 3. In the event that prior to the happening of AN Y ....['-1 LL~tf event described in paragraph 2 above, the Escrowee shall receive the written opin- ion of counsel for the Village to the effect that the Memorials have been removed from the Certificate of Title to the Premises, then, in that event, the Escrowee shall pay the entire balance remaining in the escrow account, after deducting therefrom all fees payable to the Escrowee in connection with the escrow, to the Company. 4. The Village agrees to cooperate with the Company in any suit or other proceeding brought to effect the removal of the Memor- ials from the Certificate of Title to the Premises, and the Company agrees to pay all reasonable costs, expenses and counsel fees incurred by the Village in connection with all such suits and other proceedings. 5. The rights and duties of either party hereto may be assigned and the assignee of such party shall thereupon have all the rights and duties of his assignor to the same ex- tent and in the same manner as if such assignee had originally been named a party hereto. In the event of the assignment of the rights and duties hereunder by the Village, all opinions herein required to be delivered by counsel for the Village shall instead be delivered by counsel for the assignee. No such assignment shall be effective as to the Escrowee until written notice thereof has been delivered to the Escrowee. 6. Unless the Escrowee shall have received prior written instructions from the Village to the contrary, upon written instructions from the Company, the Escrowee shall from time to time purchase with any part or all of the funds deposited in the escrow account direct obligations of the United states of America maturing not later than July 1, 1968, and upon written instructions from the Village the Escrowee shall sell any part or all of such obligations. All interest received by the Escrowee in connection with such obligations shall, upon the written request of the Company, be paid to the Com- pany. -2- 7. All fees payable in connection with this escrow shall be paid by the Company. 8. It is understood and agreed that: (a) No liability shall attach to Escrowee by reason of any act done or omitted to be done in the exercise of good faith; and (b) Escrowee shall be protected in and shall not be liable for any action taken by Escrowee upon any paper, writing or document believed by Escrowee to be genuine and to have been signed by the proper party or parties. COOK COUNTY WATER CORPORATION By Its ATTEST: Its VILLAGE OF MOUNT PROSPECT ATTEST: By ~~~ s.pres den Its Clerk The undersigned hereby accepts the foregoing Uscrow ~greement and agrees to be bound by the terms and pro- visions therein set forth. CHICAGO TITLE AND TRUST COMPANY, as Escrowee By Its -3- ~ EXHIBIT A 1. Lis Pendens Notice Aristo Calabrese and Louis Karagiannes, d/b/a City and Suburban Sewerage Contractors vs. Hatlen Heights Sewer & Water Co., Inc., Hatlen Construction Co., Inc., and Edmund J. Kucharski, Registrar of Titles. Entered in the Superior Court of Cook County, Gen. No. 58 S 3384, dated Feb. 27, 1958. 2. Certified copy of Decree entered in the Super- ior Court of Cook County, Case No. 58 S 3384 entitled "Aristo Calabrese, et ale vs. Hatlen Heights Sewer & Water Co., Inc., et al., order- ing, adjudging and decreeing that foregoing premises be and they are impressed with a Mechanic's Lien in the amount of $18,903.26 together with Interest, in favor of Aristo Calabrese and Louis Karagiannes, d/b/a City and Suburban Sewerage Contractors. For particulars see Document of October 26, 1962.