HomeMy WebLinkAboutOrd 4073 07/05/1989ORDINANCE NO. 4075
AN ORDINANCE APPROVING AND AUTHORIZING THE
EXECUTION OF A REAL ESTATE PURCHASE AGREEMENT
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the ~th day of July , 1989
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
~th day of July , 1989.
caf
ORDINANCE NO. 4073
AN ORDINANCE APPROVING AND AUTHORIZING THE
EXECUTION OF A REAL ESTATE PURCHASE AGREEMENT
WHEREAS, the Board of Trustees of the Village of Mount Prospect
have determined that, pursuant to the Amended Tax Increment
Redevelopment Project and Redevelopment Plan, it is in the best
interest of the health, safety and welfare of the Village of Mount
Prospect that the Village enter into a certain Real Estate Purchase
Agreement, a copy of which is attached hereto and hereby made a
part hereof as Exhibit "A".
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
which is attached hereto as Exhibit "A", the Board of Trustees
having determined that the Agreement is, pursuant to the Amended
Tax Increment Redevelopment Project and Redevelopment Plan, in the
best interests of the Village of Mount Prospect.
SECTION TWO: That the acts of the President Trustees, Village
Clerk, officers, attorneys and employees of the Village necessary
to implement, carry out, or give effect to the terms of the Real
Estate Purchase Agreement, which is attached hereto as Exhibit "A",
are hereby authorized.
SECTION THREE: That this Ordinance shall be in full force and
effect from and after its passage, approval and publication in
pamphlet form as provided by law.
AYES: Buss-e, Corcoran~ Floroa~ Van Gee~? ~.~.ttenS~rg'
NAYS: None
ABSENT: Arthur
PASSED and APPROVED this 5th day of ~uly,
, 1989.
ATTEST:
Carol A. Fields
Village Clerk
JUN ~0
'89 15:$~ FROM BURKE AND RYAN PAGE.00~
Real Estate Sale Contra6.
VILLA_~..E OF MOUNT PROSPECT,,.,
q~e. to purchu~ ~t, price or $ 3,00;000'00
Cook
[lflegal de~cription I~ not tncluded et ttrne of cxecu~on. ,
~ to m~ert th~fter }
co~o~y~o~u ~5-31 South Mai~ ~treet, Mount Prospect, Illinois .
~tha~p~o~telot~don~of ,, per surve~ ,togeth~twlththefo~o~onalpro~typ~nt]y]~tedth~reon.
{s~ tte~ not ~plt~ble; ts) $to~ and ~n doon ~d ~dom; (b) a~, (c) outd~r tde~:ioa antenna, ti) mil t~wall. ~llway and
~. (e) ~dow ~d~ ~d ~d~ a,d mp~ ~tur~. (0 ~netta, blinds. ~) electnc, pl~b~g and o~e¢ atta~ed f=mres as ~:talled.
~t~r~f~n~(0 t~d~rato~s): ~), ~ng~(s), (k) ~r~ga d~r o~ner w:th ~ t~s~tten.(l)
~ts;(m)tnd~rand ~td~r(lou~)~utte~,~ $elle~ shall have ~he ~igh~ ~o ~ova the air '
condttionins/h~atiag uni~ ~o~ ~he ~op o~'the building si~a~ad on the praises.
Mo~t Prospect State Bank, Trustee under Trust N~er ~286
~ to ~ ~e ~ ~ and ~ pm~, ~ ~Y, dm~ a~ at ~t pti~ and t~ms Mt for~ berlin, and to convey or mu~ to b0 ~yed to
,~[[of~e.~b~ o~ to ~-n~, -. ............. ........ · _-_---- : .......................... . .....
See attached Rider.
Co) Thc acccptanc~ of the ~tle to thc mai estate by Putcha~r sub/~ct to a mortgage ~trust deed) of record securing a lPrlnctp~ch thc
~chasgt [do~$] [does no~] e~ec ~o a~ume) ~r~ling $ ~ ~ ~armg Inlc~cst at I~ ~ a ~ar and t~
~eW t~le e~o~: P~c~cu~ SUCh gommft~nl within thc time spccl~cd herein and so not:fic~ belier thereof within that brae,
th~ ~~.~;~eS, money ,h.,. rcturKd lo Putcha~r. provided that If Scl,ct at h,s opbon.wsthm, hkc pcr,~ of
The Umc of clo~lng mall be
Purchase
the ~ount ~t fo~ ~ the broker
· $c~k:r a~n~s to dehY~r po~,On ?f ~ Kal estate in thc ~mc con~tmn ~ it ,s at t~ da~ o[ th:s contract, ordmaw wc&r and tear excepted
Rider attached hereto"and Rider~and x
D.,~ duly 5, 1989 _~
V~age of M~oun~Pro~t (ad4m,,) 100. South Emerson~}~ .
~_._ ~. ~ (Add..) ~ 1228 ,Cgn~ae]d, Pa~k R~dgel IL 69068
/ % S~s~ ~9_bggi~!~r~ea~ofo~. Prosp~qt
~ ~~,~,~ "~. ~m.~ ~ 1228 Canf~eld~ Park Ridger IL 6006e
JUN 80 ~8~· 15~
FROM
BURKE AND RYAN PAGE.003
GONDITIONS AND ~flPULATION8
. /Torrens Certificate yf Title or a
I Seller sh~ll d¢lwe~ or ~u.~ to be dchwc,":d to Pu~chase~ or ~v'ulm-'a~"~ ~ Meat .?.,~,9,~J~-"~bnn 5 dnys PriOr to t~e U me of closing, Ikt tie ~ommRment f0 f ~n
OWner's titk ~ur~ ~l~ ms~ ~ ~e C~EO ~e ~ C~m ~e ~nt or the.~r~a ~l~, ~v~hflS thle to the t~] es~te on or
~ef ~e ~te her~f, ~w~ ~Ge ~ the ~t~ed ~ ~~) ~e general qx~ptlo~ ~n~ined in the ~h~ unl~ the real es~te ~
~ ~ w~ ~e ~ll~ m~ ~ ~ ~ by ~ ~ f~ to ~ ~ u~n ~e de, every ~ the d~d (all of w~ nrc ~rem refeff~ to ns ~he
~t~d ex~ptm~). ~l~t ~n~ e~e~ of S~ttle ~ thereto Shown ~ to all matte~ ~ured ~ t~ ~h~, ~b~
o~y ~ ~c ~tto~ as t~m s~t~ ~ller ~ s~l f~h ~r~ ~ ~t of htle ~ ~stoma~ f~m ~vefi~ the ~te of c~inS ~d ~owlng
~ ~ ~r ~b~ on~ to ~ ~t~ eg~tmm ~ fo~o~ i~ (b) ~ (c) and un~rmRt~ ex~pttoas, If a~, ~ to w~ch the retie [ns~rer ~m.
C~rtificate of T.{~le or a
the ~
~p~s m~v~, ~ ~-- --------~the ~, to o~ ~o~t~nt-- for ~Oe ~ ~ n~ ~ to ~ ~t~m
~ ~
4 Th~ provt.~s of thc Uniform Vendor an4 purcha~r Risk Act of ~ State of Ilhnozs shall be appbcablc to ~zs contract.
Purc. ha~r's fault, then ~t the opuon o , nest money shah ~c forfeited to the Seller and appb~ ~st to
5 · '- At the electron of S~llcr or Pure. haKe upon notJ~c to the other patty eot, leu than $ days prior to t~ time of closing, this sale ~11 ~ cloud throu~
an c~row wtth ~,c~o Title and T~st C~pany, m a~or~an~ wsth the ~neml p~ofls of the usual form or ~ed lad Money E~w A~ment
~efl in u~ by ~c~o Title a~ T~st Company. with such ~c~l prov~Jo~3 In.reed m thc e~tow a~ccmcnt iS may ~ r~utted to ConForm with this
m~e thigh the e~tow'a~ ~ ~n~a~t ~d the ~cst money shah ~ depo~ted ~ the ~c~ow The cos~ o~ thc c~fow
6 · Ts'ne ts of the essence of th~ contract
as set forth below.*
AU not,cas hcrcm ~qU~ed f.~alJ ~ in wrllm~ and th~ be ~cd On ....
8. At closing, Seller shall deliver to Purchaser an updated spotted survey
of the premises, certified to the Purchaser by a certified licensed
Surveyor, having all corners staked and showing all improvements existil
as of the contract date, and all ~asements and b~ilding lines of record
*Notices:
TO SELLER~
Mr. William D. Vedral
Turtle, Vedral & ~
Collins, P.C.
701 Lake Street
~ui~e 600
De~ Plaines, IL 60016
TO PURCHASER:
North Dearborn Street
Suite 402
Chicago, Illinois 60602
JUN 80 '89
FROM BURKE AND RYAH ~
PAGE. 004
RIDER TO REAL ESTATE SALE CONTRACT
DATED , 1989 BETWEEN THE VILLAGE OF
MOUNT PROSPECT (PURCHASER) AND
MOUNT PROSPECT STATE BANK, AS TRUSTEE UNDER
TRUST NUMBER 286 (SELLER)
7. The Purchase
prorations, as follows:
a.
b.
C.
d.
Price shall be paid,
$285,000.00 at Closing:
plus or minus
$5,000.00 on AugUst 31, 1990;
$5,000.00 on August 31, 1991;
$5,000.00 on August 31, 1992;
The parties acknowledge that this Real Estate Contract
is being entered into in lieu and under threat of Purchaser's
filing of eminent domain proceedings to acquire the Subject
Property.
9.
A.
DEFAULTS, RFJW~.~I.ES..AND TERMINATIpN
Defaults - General
Failure or delay by either party to perform any term or
provision of this Contract within the time specified herein shall
constitute a default u~der this Contract. The party who so fails
or delays must, within thirty (30) days of written notlce of the
existence of s~ch default, immediately co~ence to cure, correct,
or remedy s~ch failure or delay, and shall complete such cure,
correction or remedy with diligence.
The party claiming such default shall give written notice of
the alleged default to the party alleged,to be in default,
specifying the default complained of by the injured party.
Failure or delay in giving such notice shall not constitute a
waiver of any default, nor shall it change the tlme of default.
If, after thirty (30) days written notice, the party
PAGE. 005
default shall have not cured the default, then the nondefaulting
party shall have the right, but not the obligation, to perform
any defaulted act. In the event of such performance, the
defaulting party shall be obligated on demand to reimburse the
nondefaulting party for all costs and expenditures incurred with
respect to such performance.
Rxcept as otherwise expressly provided in this Contract, any
failure or delay by either party in asserting any of its rights
or remedies as to any default or alleged default shall not
operate as a waiver of any such default or of any rights or
remedie~ it may have as a result of such default, nor shall it
deprive either such party of its right to institute and maintain
any actions or proceeding which it may deem ne6essary to ~rotect,
assert or enforce any such rights or remedies.
B. Institution of Legal Actions
In addition to any other rights or remedies available at law
or eq~lity either party may institute legal action to cure,
correct or remedy any default, to recover damages for any
default, or to obtain any ether remedy consistent with the
purpose of this Contract.
In the event either party shall institute legal action
because of breach of any agreement or obligation contained ~n
this Contract on the part of either party to be kept or
performed, and a breach shall be established, the prevailing
party shall be entitled to recover all expenses in~rred therefor
including reasonable attorneys' fees.
C. Applicable Law
Tho laws of the State of Illinois shall govern the
PAGE.OOG
interpretation and enforcement of this Contract.
D. Rights and Remedies are Cumulative
Except as otherwise expressly stated in this Contract, the
r~ghts and remedies of the part~es are cumulative, and the
exercise by either party of one or more of such rights or
remedies shall not preclude the exercise by it, at the sa~e time
or different times, of any other rights or remedies for the same
default or any other default by the other party.
10. GENERAL PROVISIONS
A. Nonliability of Village officials and Employees
No member, official or employee of the Village of Mount
Prospect shall be personally liable to Seller or its
beneficiaries in the event of any default or breach by the
Village of Mount Pros~ct or for any a~o~nt which may become due
to Seller or its b~neficiaries under the terms of th~s Contract.
~. Approvals
Wherever this Contract requires Seller or its beneficiaries
or ~urchaser to approve any document or other matter, such
approval shall not be unreasonably withheld.
C. Real Estate Co~issions
Neither Seller nor its beneficiaries nor Purchaser shall be
liable for any real estate co~issions, brokerage fees or
finder's fees by reason of this contract.
D. Entire Contract and Waivers
This Contract includes pages and exhibit~ attached which
constitute the entire understanding an~ agreement of the parties.
Th~s Contract integrates all of the terms and conditions
mentioned herein or incidental hereto, and supersedes all
JUN S0-'89
FROM BURKE AND RYAN ~'~
PAGE. 00'7
negotiations and previous agreements between the parties with
respect to all or any part of the subject matter hereof.
All waivers of any of the provisions of this Contract must
be in writing and signed by Purchaser and Seller.
E. Partial Invalidity
If any port,on of this Contract shall be held or deemed to
be invalid or in violation of any law, such portion shall be
deemed to be exlsed herefrom and the invalidity thereof shall not
affect any of the other portions contained herein which portions
remain in full force and effect.
F. Amendment
This Contract may be amended in writing by mutual agreement
of Seller and Purchaser.
G. Bind/ng Contract
Thzs Contract shall be binding upon and shall inure to the
benefit of the parties hereto and their respective executors,
administrators, heirs, legatees and successors in interest.
11. ~URVIVAL
The warrantees and covenants contained in this Agreement
shall not merge with the delivery of the deed from Seller to
Purchaser, but will survive thereafter until full performance by
· 3UN 50 '89
FROM BURKE AND RYAN ~
PAGE 008
all parties.
IN WITNESS WHEREOF, the parties hereto have here%u~to set
their respective hands and ~eals in duplicate, the day and year
first above written.
SELLER:
UN $0 '89 15.3Z FROM BURKE AND RYAN PAGE.002
- -Real Estate Sale Contrac?
VILLA_G.E.. OF MOUNT PROSPECT,,,. a municipal corpora.t.ion
q~,e~ ro purch~ et e pnc~ or $ 3,00~ O00;OO on the terms set forth hcr~. the foUowz.~ descnb,~d red errata
Cook Co~. Illlnob-
jif legs! description ~r not Included at ttrne of execunon, , l~
authomed to tn~ert thtr~a/ttr )
commonlyk~own~ 25-31 South Mai~ Streets Mount Prospectr Illinois .... end
w3thappro~m3atelotdhneflsloAsof ' per surveyx _. ,togeth~withihefollowt~gp~rsonalpro!~rtypre~ntlylo~at~dthereon
{strike ~term not appl.~ble] ts) s~orm an/screen doors and windows, (b) awning, (c) outdoo~ tde.rision ~ntenna, (d} well to-waiL hallway and stair
carpeaag, (e) wmdow shades and dtapen~ a~d supp~rtlng Extu~, 09 ~nctien blmds. (g) electric, plta, nbin8 and other attached fixturse ae installed.
.th) vfa..t~r_softene!L.(0 r~_f. fttgaratot(s), (j). , nn&e(s). (k) ~rege door opener wzth transrraltcr~.(l) radiator
co~n.(m) t.door,ad outdoor (louvat~d)~huttert.~l( Seller shall have the right to remora the air . ·
condttioning/h,~ating unit from ~.the top of'the building situated on the premises.
a Mount Prospect State Bank, Trustee under Trust Number #286 ..... (s~u.)
(Insert mmaeJ o[$11ownert tnd t~ elr r~tpe ctt~e ~poutes]
agrees to ~ the teal estm~ and th~ Inol~tY. if ILny, dmcrlb~d above at the pri~ and terms .~t forth hetH~, and to conY¢y ot caus~ to bu ¢~yed to
Puta~u~r ot nomiaee title thoro (tt~/~,ain~ao~b¥ a ~ord~blo Trus te~$ ' ............ ~ .'---..
d~d, ........................ ~ .... a pro,er
,il lot salo. svb,,ect o to ........................ t -""-J - ~.' ;'~' .... ~ubllc and utility eas~rn~ntl and road~ and highways, ir ant .~
a~. (il ......... - ....................................
See attached Rider.
Co) Thc acceptance of the title to the r~al estate by Puftheser sub/ecl to a mortgage tlrusl deed) of record secutln~; e gtln¢lp~ch the
l~rcheaer Idoerl [does ,oil egree to es~ume) agSreptmg $ heatrol: Inlercst at thc~...[~ld-nff~-- r. · year and
~ort&Me or trust deed on the I~al estate'~s. ~th tntc;e$~ not lo exceed
_ ... _ . _ __ .. ..__ ._ ___ _ __.. .__
-' ................ :. ~'": ---;'2---J ......... .;'-'='" '-i ............ ' ..... "- -° -'"" '-"~' ...... ·
-~ i:"k::~:::: i: ..... :'::L "n~ sub~ucnlly mutually agreed otbc~lsC, at the Offi~ of Purchaser3? nee~w~y or
~:~d~ b~ b ~ow~ to ~ ~ or Is .cccpt~ by Purcha~r
the ~ount zt for~ m the b~ker's bstiM cofltta[t or$s foaow$' , , ~ ~,~
from ~e date ~bw, othtm~, at the void ~d thc earnest money shag ~ /efundcd to th
Rider attached hereto'and Rider and .... -- -,
July,~,, 1989
;. Pr~ct
100 South kmerson
1228 Can, field, Park R~dg,e,__ IL 60_068
1228 Canfield; Park Rid~e~ IL 60068
JUN 80 'B9
FROM BURKE AND RYAN
GONDITION~ AND STIPULATIONS
PAGE. 003
I Se~e~aha~d~hv~r~r~auset~bed~hvcrndt~Put~ha~er~Put~ha~e~ent~n~9AA~than~day~p~ft~thet~m~e~s~r~a~a~mmltmeot~ran
owner's fl~ ~ ~l~ ~d ~ ~8o ~fle ~ ~m ~e ~unt O~ the ~r~ ~l~. coverln~ ~ to th~ f~ es~te on or
· x~onS ~r~ to ~e~ or tu~um~~ or ~mbte amount wh~ ~y ~ temov~ by the payment of money at ~e h~e of clos-
~ ~ ~ ~ SeH~ m~ ~ t~t ~ by ~ f~ tO ~ u~n ~e dchv~ry ~ the ~d (all of w~ irc ~re~n referred to as the
~t~d tx~p~), Th~ent ~1 ~ ~n~ve ~ of ~ u~m ~ t~tem ~own ~ to all matte~
~y ~ ~o ~o~ as ~e~m ~ ~ller ~ s~ fu~h ~r~ ~ ~t of l,Oe ~ mstomsty f~m ~v~r{~ ~e ~te of c~ ~d ~owins
mi~ to ~d ~t~ m ~e ~ ~d m ~s~ 2 ~low
Certxficate of T~le or a
~om ~e~m~t ~ to ~ the ~ ~= ~t ~ ~ ~ ox ~ ~t ~y ~ o~nM ~ s~ ~p~ ~, ~ ~h ~t,
~ ~e ~ ~, ~ ~y ~te ~ ~n~ or ~ ek~ u~n ~b~ to S~er ~m lO daft ~t~ ~e ~p~fi~ of the
4 The psovme~s of the gnxform Vandor and Puncher P.z~k Act of the State of Ilhnols shall be apphcable to this contzac~
fault, then at the opbon 0f ~e 5euer anu ,~t~,, m~L... :; :'..; ,.?--t.,+... the c~rnest money shah be forfeited to the Seller and appbed first to
an e~:row wtth Ch~ca&o Title and Trust Company. in acco~ance wllh the ~eral p~lflon; of the usual form of ~ed arid Money E~w A~ement
~en m usc by ~c~o Title and Trust Comp~fly. with such 3~cml provt~Jon~ in,tied in the e~tow a~ccmcnt a~ may ~ requ~ed to conform w~th ebb
contract Upon ~e c~lzon ef such an c~tow. Inythms bC~m to the contr~ flotwlthstandmg, payment of purchase pn~ and dchvcry of dee4 shah ~
m~e ~m~h ~e e~z~'a~ ~b ~n~a~t and the e~c;t money ~aU ~ deported ~ the ~row The cost of thc c~zow shall ~ ,~ -T,~t~:,
:::-:...:.::..;::~:::~.-: ;::::;::~_~..;~::?:=;.h~:~./ paid by the electing pax
6 · T'm~e L~ of ~ et~n ee of tht~ contract
m
All nobces betctn ~q'ul~l ,.hall be in as Set forth below. *
§ettlement PsoeedureS, Act nf,l~?4 In t:~. ,~,~* ~-_: ;.;|,., *~``.r~`mi~a~tt~maKea~p~p*natedtsc~o~ewbenaake4~uc~faHu~sha~bec~n~dc~cda
8. At closing, Seller shall deliver to Purchaser an updated spotted survey
of the premises, certified to the Purchaser by a certified licensed
Surveyor, having all corners staked and showing all improvements existi~
as of the contract date, and all ~asements and building lines of record
TO SELLERz
t
~r. Wzlliam D. Vedral
Tuttle, Vedral &
Collins, P.C.
701 Lake Street
Suite 600
Des Plaines, IL 60016
TO PURCHASER=
r. Barry A. Springer
3 North Dearborn Street
Suite 402
Chicago, Illinois 60602
· J~N ~0
PAGE.004
RIDER TO REAL ESTATE SALE CONTRACT
DATED , 1989 BETWEEN THE VILLAGE OF
MOUNT PROSPECT (PURCHASER) AND
MOUNT PROSPECT STATE BANK, AS TRUSTEE UNDER
TRUST NUMBER 286 (SELLER)
prorations, as follows:
a. $285,000.00 at Closing;
b. $5,000.00 on August 31,
c. $5,000.00 on August 31,
d. $5,000.00 on August 31,
8.
The Purchase Price shall be paid, plus or minus
1990;
1991;
1992;
pEFAUL~S., REMEDIE$...AND ~ZI~NAZIp~
Defaults - General
Failure or delay by either party to perform any ter~ or
provision of this Contract within the ti~e specified herein shall
constitute a default under this Contract. The party who so fails
or delays must, within thirty (30) days of written notlce of the
existence of such default, immediately commence to cure, correct,
or remedy such failure or delay, and shall complete such cure,
correction or remedy with diligence.
The party claiming such default shall give written notice of
the alleged default to the party alleged to be in default,
specifying the default complained of by the injured party.
Failure or delay in giving such notice shall not constitute a
waiver of any default, nor shall it change the time of default.
Property.
9.
A.
The parties acknowledge that this Real Estate Contract
is being entered into in lieu and under threat of Purchaser's
filing of ~mlnent domain proceedings to acquire the Subject
30 '89 ~ ~ FROM BUWKE AND RYAN
If, after thirty (30) dayz written notice,
P~b~.~b
the party in
default shall have not cured the default, then the nondefaulting
party shall have the right, but not the obllgatlon, to perform
any defaulted act. In the event of such performance, the
defaulting party shall be obligated on demand to reimburse the
nondefaulting party for all costs and expenditures incurred with
respect to such performance.
Except as otherwise expressly provided in this Contract, any
failure or delay by either party in asserting any of ltz rights
or remedies am to any default or alleged default shall not
operate as a waiver of any such default or of any rights or
remedies mt may have as a result of s~ch default, nor shall it
deprive either such party of its right to institute and maintaln
any actions or proceeding which it may deem necessary t6 protect,
assert or enforce any such rights or remedies.
B. Inmtitution of Legal Actions
In addition to any ether rights or remedies available at law
or equity either party may institute legal action to cure,
correct or remedy any default, to recover damages for any
default, or to obtain any other remedy consistent with the
purpose of this Contract.
In the event either party shall lnstitute legal action
because of breach of any agreement or obligation contained in
this contract on the part of either party to be kept or
performed, and a breach shall be established, the prevailing
par~y shall be entitled to recover all expenses incurred therefor
including reasonable attorneys' fees.
C. Applicable Law
Th~ laws of the State of Illinois shall govern the
PAGE 00G
interpretation and enforcement of this Contract.
D. Rights and Remedies are Cumulative
Except as otherwise expressly stated in this Contract, the
r&ghts and remedies of the parties are cumulative, and the
exercise by either party of one or more of such rights or
remedies shall not preclude the exercise by it, at the same time
or different times, of any other rights or remedies for the same
default or any other default by the other party.
10. GENERAL.~ROVISIONS
A. Nonliabll~ty of Vlllage Officials and Employees
No member, official or employee of the Village of Mount
Prospect shall be personally liable to Seller or its
beneficiaries in the event of any default or breach by The
V~llage of Mount Prospect or for any amount which may become due
to Seller or its beneficiaries under the terms of this Contract.
B. Approvals
Wherever this Contract reg~ires Seller or its beneficzaries
or Purchaser to approve any document or other matter, such
approval shall not be unreasonably withheld.
C. Real Estate C~m~issions
Neither Seller nor its beneficiar~es nor Purchaser shall be
liable for any real estate commissions, brokerage fees or
finder's fees by reason of this Contract.
D. Entire Contract and Waivers
This Contract lncludes pages and exhibits attached which
constitute the entire understanding and agreement of the parties.
Th~s Contract integrates all of the terms and conditions
mentioned herein or incidental hereto, and supersedes all
PAGE 007
negotzations and previous agreements between the parties with
respect to all or any part of the subject matter hereof.
Ail waivers of any of the provisions of this Contract must
be in writing and signed by Purchaser and Seller.
E. Partial Invalidity
if any portion of this Contract shall be held or dee~ed to
be invalid or in violation of any law, such portion shall be
deemed to be exzsed herefrom and the invalidity thereof shall not
affect any of the other portions contained herein which portions
remain in full force and effect.
F. Amendment
This Contract may be amended in writing by mutual agreement
of Seller and Purchaser.
G. Binding contract
This Contract shall be binding upon and shall inure to the
benefit of the parties hereto and their respective executors,
administrators, heirs, legatees and successors in interest.
11 · $.URVIVAL
The warrantees and covenants contained in this Agreement
shall not merge with the delivery of the deed from Seller to
Purchaser, but will s~rvive thereafter until full performance by
ROM BURKE AND RYAN
PAGEo008
all parties.
IN WITNESS WHEREOF, the parties hereto have hereunto set
their respective hands and seals in duplicate, the day and year
first above written.
PURCHASER:
t/ { '/
Village -Clerk
-
UN 80 ~89
15 88 FROM BURKE AND RYAN PAGE.008
OReal Estate Sale Contra[,,'
___ vILLAGE OF MOUNT PROSPECT, a municipal corporation
Cook ~.
#flega! de=cnptton I= not tn¢luded at time of executton ....
authorized to m~ert thz~after
co~o~y~ownu 2~-31 South Main. Street, Mount Prospect, Illlno~ .... and
~th appto~te lot dimendons of p~ ~ su rve~ , topth~r w~th th~ following ~onal pro~rty gr~ntJy ]~ated thereon
{~ items not ~ph~ble] (a) StO~ and ~en ~oo~ md w~do~, (b) a~, (:) outdoor telethon antenna, (d) wall to wall, ~llway and star
~et~, (e) window ~des ~d
~xs,(m) md~raad ouldoot(lou~d)~utten,~ Seller shall have t~e rxght to r~ov. the air
condkioning/hgating unit from the top of the buildhg s~atud on the premises.
:'Mount Prospect State ~ank/ ~ruztee under Trust N~er ~286
{Inert na~ of all
~es to ~ ~e ~ ~ and ~ pto~ty, g ~y, d~=,~ a~ at ~e ~t~ and terms ~t fot~ herein, and lo convey or mu~ to bo c~yed to
~ ct no~ a~ ~to (~by a ~r~ble Trus te~$ '. .... d~d, ~ a groper
See attached Rider.
Co) Thc acceptance of the btle to thc teal estate bl Patcha~f sub. ct to a mortgage titus! daccl) of record securing a pnnctpal (whzch thc
~utcha~et Idoesl [does not} a~ec to assume) ag~rept~n& S bearing Interest at the -- % a year and th~
~'~:~(-'-k::5:::: f:~ld:~:L "nlc~ ~ub~ucnlly mutually agreed olherwlsc, at thc o~ce of ~ ~ or
180th da~ after Closing..
· ~[~hve{po~on to Purch~cr on or bcfo~ the
Rider attached hereto'and Rider.an~,
July 5, 1989
~lage of~un~r~t __ .... 100~outh Emerson~
~ Presl~C~ F ~ / viii:ge clerk'_ -
-/~~~/ (Aflmfl 2 1228 Ca~Oeld, Park Ridge! ~L.69068
~sley. G.~e~, Sole benef~ar]es of.~%. Prospect .
~ an rust No.
Sc~r~~-~~ (Adam,) 1228 Canheld~ Park Ridge~ IL 60068
JUN 30 '89 15~.~ FROM BURKE AND RYAN ~ PAGE 003
~ONDITION$ AND STIPULATIONS
~..~Torrens Ce.r, tificate yf Title or a
~er'~ tt~ ~e~ ~1~ ~ueA ~ ~ C~ ~e ~ C~m ~e ~ovnt or the.~r~e ~t~. cov~r~ OOe to th~ r~l esot, on or
ex~ons~min~ t~ b~ or en~~ ~i~ble smoun~ ~h ms~ ~ remov~ by Ih. ~ymeo~ of money si ~e hme of clos-
~ ~ ~ ~e ~11~ m~ ~I ~t ~e by ~ ~ f~ to ~ ~ u~ ~e dchvery ~the d~d (all ofw~ arc ~rem referred to as the
~t~d ex~ptm~), ~C~s~ent s~[[ ~ ~nd~ve ~ of~ tttl~ ~ th. rem shown ~ to all matters ~
o~y W ~c ~ptio~ as ~e~m s~t~ ~11~ ~ s~ll furm~ ~r~ ~ ~t Of hOe m ~slomnry [~m ~vert~ the ~te of c~ms ~d ~owms
u~ ~ Seller ~b~ on~ ~ ~ ~r~d ex~tm~ in fo~o~ i~ms (b) ~ (c) and ~rmltted ex~pt~0~, If a~. as to w~ch the ti0. insult ~m-
~o=rens Certif. ic&te of T~le or a
, ~e ~e of ~ ~ ~ ~ ~s ~t~ de~ ~.~ ~ ~ ~ p~zph ~ on the f~nt,p~
S~ ~s ~ ~ ~ ~ph~s ~, ~ ~ the ~, to ob~ ~w~t~nt for bile ~ ~
~ ~e ~ ~. ~ ~ ~t* ~ ~ ox ~ e~, ~n ~ to ~er ~ 10 days
..'v:m_._m_-:_.: _--~_~-: _~--'-I: =.~'--:':-..=~ T:-'---i--:. _=-.:er and oth~ utthty ch~gee, fuels, p~eps,d ~ervtce nun:moO, general t~es,
~ if ~ny, s. nd othe~ st,nt~, Items ~ be sd, paled tstthly aa of the time of dosmL if the amount of the cnn'eot genend taxe~ is not
the ndjustment th~eof shall be on the b~ms of the amount of the most recent ~uOeriau~ble t~xes
.......--- L-f ~ -----r '~ ;-..r'--=-' ', =- "- ::": 'aW :--- '"'-.- _tit:.::' -' t°"~ .... ':ii: "' , ::_' shall fu~mlgl a eomplete~ {reel Estate Trtnsfer Dechrnuon
by the Sell~r or the 8ell,:r's ~e~t or meet other cequf~ment$ se established bx ~ny local ordinance with t~,~d to a U'ansfc: or
4 Thc prov~s~ns of thc Uniform Vendor and pu~chn~er Rnk Act of the State of Ilhnom *.hah he epphcablc to th~s contract
first to
' At the electzoo of Scllex or P~r~.ha~r upon flotlcc to the other p~ty not less than $ da~$ print to t~ hme of dosing, this szle ~:11 ~ cloud through
an e~mw with ~o Ti:lc and Trust C~panx, m a~ordan~ with the ~nersl p~lflofls of the us~l form of ~cd and Money E~row A~cment
then m usc by 0~,~o ~tlc and Trust Company. w~sh ~ch 3~cml prov~{o~3 }n~fled {n thc e~.row a~ccmcnl si mny ~ requued to on.form wflh this
contract Upon thc creation of s~ch an c~row, nnylhm{ hcrcm lo the cimt~ notwithmtandm{, payment of ~rchasc pn~
m~e ~h ~e e~tow'~ ~ ~on~act and the ~st money ~aH ~ deported ~ the ~tow The cost of
~:: .... C.::..;:~,J.=_~ ;::::/:,;_~..;~:~/:=:;;~...~':.~ paid by the electing
k
6 · Time is of the essence of thts contract
as set forth below.*
/
~ r~haH be con~dcr~
8. A~ ~1osln~, Sell.= shall d~1ive: ~o Purchaser an updated spo~ed su~vey
ol ~he p=~tses, ce=tilted ~o ~he Pu=chase= by a ce=~1find 1lc.need
Su=veyor, havin9 all co=nets s~aked and showln~ all improvements
~s of ~he con~=ac~ da~e, and all easemen~ and buildln9 1ine~ of =.cord
*Notices:
TO SELLER: '
Mr. William D. Ved~al
Turtle, Vedral & .
Collins, P.C.
701 Lake Street
Suite §00
Deg Plaineg, IL 60016
TO PURCHASER:
Mr. Barry A. Springer
33 North Dearborn Street
Suite 402
Chicago, Illinois 60602
JUN
PROM BURKE AND RYAN
PAGE. 004
RIDER TO REAL ESTATE SALE COB~ACT
DATED , 1989 BETWEF~NTHE VILLAGE OF
MOUNT PROSPECT (PURCHASER) AND
MOUNT PROSPECT STATE BANK, AS TRUSTEE UNDER
TRUST NUMBER 286 (SELLF~R)
7. The Purchase Price shall be paid, plus or minus
prorations, as follows:
a. $285,000.00 at Closing;
b. $5,000.00 on AugUst 31, 1990;
c. $5,000.00 on August 31, 1991;
d. $5,000.00 on August 31, 1992;
8. The parties acknowledge that this Real Estate Contract
is being entered into in lieu and under threat of Purchaser's
filing of eminent domain proceedings to acquzre the Subject
Property.
9.
A.
DEFAULTS., REMEDIE$...~ TERMINAT.IQN
Defaults - General
Failure or delay by either party to p~rform any term or
provision of this Contract within the time specified herein shall
constitute a default under this Contract. The party who so fails
or delays must, within thirty (30} days of written notice of the
existence of such default, immediately commence to cure, correct,
or remedy such failure or delay, and shall complete such cure,
correction or remedy with diligence.
The party claiming such default shall give written notice of
the alleged default to the party alleged to be in default,
specifying the default complaine~ of by the injured party.
Failure or delay in gzving such notice shall not constitute a
waiver of any default, nor shall it change the time of default.
JUN 30 '89 ~5. FROM BURKE AND RYAM 0
PAGE. 005
If, after thirty (30) days written notice, the party in
default shall have not cured the default, then the nondefaulting
party shall have the right, but not the obligation, to perform
any defaulted act. In the event of such performance, the
defaulting party shall be obllgated on demand to reimburse the
nondefaulting party for all costs and expenditures incurred with
respect to such performance.
~xcept as otherwise expressly provided in this Contract, any
failure or delay by elther party in asserting any of its rights
or remedies as to 'any default or alleged default shall not
operate as a waiver of any such default or of any rights or
remedies it may have as a result of such default, nor shall it
deprive either such party of its right to institute and maintain
any actions or proceeding which it may deem necessary to protect,
assert or enforce any such rights or remedies.
B. Institution of Legal Actions
In addition to any other rights or remedies available at law
or ec/u/ty either party may institute legal action to c~re,
correct or remedy any default, to recover damages for any
default, or to obtain any other remedy consistent with the
purpose of this Contract.
In the event either party shall instltute legal action
because of breach of any agreement or obligation contained in
this contract on the part of either party to be kept or
performed, and a breach shall b~ established, the prevailing
party shall be entitled to recover all expenses incurred therefor
including reasonable attorneys' fee~.
C. Applicable Law
The laws Of the State of Illinois shall govern the
FROM BU~ H~D RYAN
PAGE.006
interpretation and enforcement of this Contract.
D. Rights and Remedies are Cumulative
Except as otherwise expressly stated in this Contract, the
rights and remedies of the parties are cumulative, and the
exercise by either party of one er more of such rights or
remedies shall not preclude the exercise by it, at the same time
or dxfferent txmes, of any other rights or remedies for the same
default or any other default by the other party.
10. GENERAL ~OVISIONS
A. Nonliability of Village Officials and Employees
No member, official or employee of the Village of Mount
Prospect shall be personally liable to Seller or its
beneficiaries in the event of any default or breach by the
Village of Mount Prospect or for any amount which may become due
to Seller or its beneficiaries under the terms of thxs Contract.
B. Approvals
Wherever this Contract requires Seller or its beneficiaries
or Purchaser to approve any document or other matter, such
approval shall not be unreasonably withheld.
C. Real Estate Commissions
Neither Seller nor its beneficiaries nor Purchaser shall be
liable for any real estate co~issions, brokerage fees or
finder's fees by reason of this contract.
D. Entire Contract and Waivers
This Contract includes pages and exhibits attached which
constitute the entire understanding and agreement of the parties.
This Contract integrates all of the terms and conditions
mentioned herein or incidental hereto, and supersedes all
.JUN 50 '89~B FROM BURKE AND RYAN
PAGE 00?
negotiations and previoue agreements between the ~arties w~th
respect to all or any part of the eubject matter hereof.
Ail waivers of any of the provisions of this Contract must
be in writing and signed by Purchaser and Seller.
E. Partial Invalidity
If any portion of this Contract shall be held or deemed to
be invalid or in violation of any law, such portion shall be
deemed to be exised herefrom and the invalidity thereof shall not
affect any of the other portions contained herein which portions
remain in full force and effect.
F. A~endment
This Contraot may be amended in writing by mutual agreement
of Seller and Purchaser.
G. Binding contract
This Contract shall be binding upon and shall inure to the
benefit of the parties hereto and their respective executors,
administrators, heirs, legatees and successors in interest.
11. SURVIVAL
The warrantees and covenants contained in this Agreement
shall not merge with the delivery of the deed from Seller to
Purchaser, but will s~rvive thereafter until full performance by
UN 80~'89 ~ ~G FROM BURKE AND RYAN [ ~ PAGE.008
all parties.
IN WITNESS WHEREOF, the parties hereto have h~reu~to set
their respective hands and seals in duplicate, the day and year
first above written.
Village -Clerk
E
L
V
E
R
Y
THIS INDENTURE, made this .. 12th day of July , 19 89 , between
FIRST UNITED TRUST COMPANY (as Successor Trustee to FOUNT PROSPECT STATE BANK ),
a corporation of Ilhnms, as Trustee under the prov,slons of a deed or deeds ,n trust, duly recorded and
dehvered to smd company ~n pursuance of a trust agreement dated the 20th day of Dec~mbor,
19 72 , and known as Trust Number...286 . 1 , party of the first part, and ~
FOUNT PROSPECT, a Municipal corporation, 00 S. ~rson, Mount Pro_sp~ct. IL 60056
party of the second part ~
7 ?SETH, that smd party of the first part, in consideration of the sum of Ten and 00/100
00) ........................................ dollars, and other gond and valuable
cons~deranons m hand prod, does hereby grant, sell and convey unto smd party nf the second part,
the following described real estate m the County of Cook and State oflllmms, to-w~t
Parcel 1:
Lot 13 (except the South 65 feet thereof) in Block 4 in Busse and
Wllle's Resubd~vlslon of Mount Prospect in the West 1/2 of Section
12, Township 41 North, Range 11 East of the Third Principal
Meridian, according to the Plat thereof recorded M~9~ch 31, 1906 as
Document Number 3839591 in Cook County, Illinois.
Also
Parcel 2:
The North 33 feet of the South 65 Feet of Lot 13 ~n Block 4 in
Busse and Wllle's Resubd~vlslon of Mount Prospect in the West 1/2
of Section 12, Township 41 North, Range 11 East of the Third
Principal M~rldian, in Cook County, Illinois.
Perf~anent Index Number: 08-12-103-017 and 0~-12-103-014
TO HAVE AND TO HOLD the same unto said panyof the second par~ fi)rever
FIRST UNITED TRUST COMPANY As Trustee as aforesmd,
STATE OF ILLINOIS,
COUNTY OF COOK SS
~Burke & Ryan
33 N. Dearborn Street
Suite 402
N'%ME
Chicago, Illinois. 60603
STREET
( ITY
INSTRU( TIONS
This instrument was prepared by i N. Oreene,
Trust Officer, First United Trust Company, 111
East Busse Avenue, Nount Prospect, Illinois 6OOfi~
OR
RE( ORDER S OFFICE BOX '% UMBFR