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HomeMy WebLinkAboutOrd 3867 11/04/1987ORDINANCE NO. 3867 AN ORDINANCE APPROVING FIRST AMENDMENT TO REAL ESTATE PURCHSE AGREEMENT FOR PROPERTY GENERALLY LOCATED AT THE SOUTHWEST CORNER OF ELM AND EVERGREEN, MOUNT PROSPECT PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 4th DAY OF November , 1987. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 5th day of November , 1987. RDINANCE NO. 3867 AN ORDINANCE APPROVING FIRST AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT FOR PROPERTY GENERALLY LOCATED AT THE SOUTHWEST CORNER OF ELM AND EVERGREEN~ MOUNT PROSPECT~ ILLINOIS WHEREAS, the Village of Mount Prospect did adopt the Village of Mount Prospect District No. 1 Tax Increment Redevelopment Project and Plan on August 20, 1985; and WHEREAS, pursuant to Village of Mount Prospect Ordinance No. 3755, the Village has executed a certain Real Estate Purchase and Development Agreement for property generally located at the Southwest Corner of Elm and Evergreen in the Redevelopment Project Area; and WHEREAS, the Village of Mount Prospect has received a proposed First Amendment to said Agreement ("First Amendment"), a copy of which is attached hereto and 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: The Board of Trustees of the Village of Mount Prospect find that it is in the best interests of the Village of MDunt Prospect to enter into the First Amendment attached hereto as Exhibit "A". SECTION TWO: The Village President and Village Clerk are hereby directed and authorized to execute the First Amendment (Exhibit "A" attached hereto) and the Village staff, its agents and attorneys are hereby authorized and directed to take all necessary action to fully implement all the terms, conditions and covenants of the First kmendment (Exhibit "A" attached hereto). SECTION THREE: This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form in the manner provided by law. AYES: Farley, Floros, Murauskis, Van Geem, Wattenberg NAYS: None ABSENT:Arthur PASSED and APPROVED this 4th day of November, 1987. ATTEST: Village Clerk villag~ President FIRST AMENDMENT TO REAL ESTATE PURCHASE AND DEVELOPMENT AGREEMENT BETWEEN MOUNT PROSPECT STATE BANK, AS TRUSTEE UNDER TRUST AGREEMENT DATED MAY 1, 1984 AND KNOWN AS TRUST NO. 1404 AND HAROLD F. BUSSE, AS TRUSTEE UNDER TRUST AGREEMENT DATED APRIL 4, 1974 AND KNOWN AS TRUST NO. 1 (SELLERS) AND VILLAGE OF MOUNT PROSPECT (BUYER) DATED MARCH 3, 1987 CONTRACT) WHEREAS, Sellers and Buyer desire to amend their above-mentioned Contract as 19. POSSESSION Sellers shall have the follows: right to remain in possession of the Acquisition Parcel through November 30, 1987. On December 1, 1987, 12:00 A.M., Purchaser shall have the absolute right to possession of the Acquisition Parcel. Sellers shall pay Purchaser, at Closing, the sum of Two Thousand Dollars ($2,000.00) rent for the period November 2, 1987 - November 30, 1987. In the event Sellers fail to deliver full and complete possession of the Acquisition Parcel to Purchaser on December 1, 1987, 12:00 A.M., Sellers shall pay Purchaser Twenty Thousand Dollars ($20,000.00) rent per month for each month of fraction thereof that Sellers wrongfully remain in possession of the Acquisition Parcel commencing on December 1, 1987, 12:00 A.M. and thereafter, and Sellers shall have the right to not make the Final Payments hereunder and/or to deduct any part of said rent of Twenty Thousand Dollars ($20,000,00) from the Final Payments hereunder. 20. If this Amendment conflicts with any terms of the ontract, this Amendment shall control. FIRST UNITED TRUST COMPANY, Trustee under Trust Agreement dated July 2, 1987 and known Trust No. 1779 By VILLAGE OF MOUNT PROSPECT a municipal corporation By ATTEST: Village Clerk DATED: DATED: FIRST AMENDMENT TO REAL ESTATE PURCHASE AND DEVELOPMENT AGREEMENT BETWEEN MOUNT PROSPECT STATE BANK, AS TRUSTEE UNDER TRUST AGREEMENT DATED MAY 1, 1984 AND KNOWN AS TRUST NO. 1404 AND HAROLD F. BUSSE, AS TRUSTEE UNDER TRUST AGREEMENT DATED APRIL 4, 1974 AND KNOWN AS TRUST NO. 1 (SELLERS) AND VILLAGE OF MOUNT PROSPECT (BUYER) DATED MARCH 3, 1987 (CONTRACT) WHEREAS, above-mentioned Contract as 19. POSSESSION Sellers shall have the Sellers and Buyer desire to amend their follows: right to remain in possession of the Acquisition Parcel through November 30, 1987. On December 1, 1987, 12:00 A.M., Purchaser shall have the absolute right to possession of the Acquisition Parcel. Sellers shall pay Purchaser, at Closing, the sum of Two Thousand Dollars ($2,000.00) rent for the period November 2, 1987 November 30, 1987. In the event Sellers fail to deliver full and complete possession of the Acquisition Parcel to Purchaser on December 1, 1987, 12:00 A.M., Sellers shall pay Purchaser Twenty Thousand Dollars ($20,000.00) rent per month for each month o~ fraction thereof that Sellers wrongfully remain in possession of the Acquisition Parcel commencing on December 1, 1987, 12:00 A.M. and thereafter, and Sellers shall have the right to not make the Final Payments hereunder and/or to deduct any part of said rent of Twenty Thousand Dollars ($20,000,00) from the Final Payments hereunder. 20. If this Amendment conflicts with any terms of the ontract, this Amendment shall control. FIRST UNITED TRUST COMPANY, Trustee under Trust Agreement dated July 2, 1987 and known Trust No. 1779 VILLAGE OF MOUNT PROSPECT a municipal corporation By By ATTEST: Village Clerk DATED: DATED: