HomeMy WebLinkAboutOrd 3729 12/16/1986ORDINANCE NO. 3729
AN ORDINANCE APPROVING REAL ESTATE PURCHASE
AGREEMENT FOR PROPERTY COMMONLY KNOWN AS
114 SOUTH ELM STREET, MOUNT PROSPECT, ILLINOIS
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 16th DAY OF December , 1986.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
17th day of December , 1986.
N ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT
FOR PROPERTY COMMONLY KNOWN AS
114 SOUTH ELM STREET, 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, the Village of Mount Prospect has received a proposed
contract for the purchase of certain property within the
Redevelopment Project Area which property was designated for
acquisition, a copy of the proposed contract 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: The Board of Trustees of the Village of Mount
Prospect find that it is in the best interests of the Village of
Mount Prospect to enter into the contract attached hereto as
Exhibit "A".
SECTION TWO: The Village President and Village Clerk are
hereby directed and authorized to execute the contract (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 contract (Exhibit "A" attached hereto).
SECTION THREE: This Ordinance shall be in full
effect from and after its passage, approval and
pamphlet form in the manner provided by law.
force and
publication in
AYES: Arthur, Farley,Murauskis, Van Geem, Wattenber§
NAYS: None
ABSENT: Fl0r0$
PASSED and APPROVED this 16th day of December , 1986.
ATTEST:
Village Clerk
/-']esl Estate Sa e Conf:rsc .
VILL^GE,, OF MOUN? ?RO$?ECT, a mun±c±pal corporat±on
(Purchaser)
39,500.00
Cook County, Ininols:
Lot 16 in Busse's Subdivision of Lot "A" in Block 11 in Busse and Wille's Resubdivision
in Mo~t Prospect in the West 1/2 Section 12, Township 41 North, Range 11 East of the
Third Principal Meridian, lying North of the Railroad in Cook Count-y, Illinois.
{If legal descr~tion ~ not bzcIuded at time of execu~on,
authorized to insert thereafter.}
commonly known as 1~-4 South Elm (vacant lot), Mount ProsDect, Illinois , and
with approximate lot dimensions of 5 0 x 15 7
[strike items not applicable] (a) storm and screen doors ~~ _c . . . ~ . ~ntenn_a; (d) wall-to-wall, hallway and stair
carpeting; (e) window shad~c, plumbing and other attached fixtures as installed;
(h) ~arage door opener with transmitters;O) radiator
2. VERA BARRETT (SegeO
(Insert names of all owners and their respective spouses}
agrees to ~ell the real estate and the property, ii' any, described above at the price and terms set forth herein, and to convey or muse to be conveyed to
Purchas~ or nominee title thereto (in joint tenancy) by a recordable Wa--"'~anty deed, with release of homestead rights, a.~: 7:cpe: ~-"_!
~_f o~'% subject only to: (a) czv:~.;:.~, cc:;.f.P.~an~ a=~ :.*:tr!c~=.';: :f ::C::fl; ~) priva:e, public and utility easements and ro~tds and highways, if any; (c)
pa:%' w:~ rigt'*~_~'~ _~-__m~+', :e ..... . . '*'~,, e";oti"g !e~e~ ~e'~ ie---de% (e) .... . _;'~ +_ ............... _ '~ ~': ....................... . . ........ o ..~, ....... r.~,~','"-"' ,-,'~' --, ....
:cmT!eten_; (h.; ......... i:--':: ~--~ -7--:'-~ '-'-'", :: --y; (i) general taxes for the year 1986
appUed on the purchase price, and agrees to pay or satisfy the balance of the purchase price, plus or minus prorations, at the time of closing~s-fOTlows:
(strike xubparagTaph not applicable]
(a) The payment of $
(b) The acceptance of the title to the real estate by Purchaser subject to a mortgage (trust deed) ~ng a principal indebtedness (which the
Purchaser [does] [does not] agree to assume) aggregating $ ~-'l~"~ng interest at the rate of__ % a year. and the
payment
of
which
the
difference
between thc amount duc~ indchtedness ~t the time of closing and thc balance of thc
purchase price, urchaqer~thin
4. Thb contract is subject to the condition that ? days a firm commltment for a loan to be secured by a
mortgage or trust deed on the real estate in the a~.~.q;~'Uof $ . : or !uch lesser sum as Purchaser accepts, with interest not to exceed
-- % a year to be amo~on apd ~r~ice.chaxges .for such loan not to exceed __%. If, after making
every reasonable eff~' n th_e time specified herein and so notified Seller thereof within that time,
this cont~turned to Pure_has. f; provided that if Seller. at his option, within a like period of
t~° ~esr~t.-- ,.--~l:*-~.Purch~se~bat Seller. will accept a purchase money mortgage
3.The time of closing shaU be on , cr 29 day: :tier ~e!!:e thc!
~p:r_?_'ve {'vh!ch:v:.- d--%* !: !:!-~:~', unless subsequently mutually agreed otherwise, at the office of Chic~_.o '~i~le
............ ~.~ ........ , if a~y, provided title is shown to be good or is accepted by Purchaser.
at closing.
5. Seller agrees to deliver possession of the real estate in the same condition as it is at the date of this cdntract, ordinary wear and tear excepted.
from the date below, otherwise, at the Purchaser's ~..t~mG,--L~--~-4,~i ~hah become null and void and the earnest money sha~] be [efunded to the
This 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
contract.
Dated
Se~r (Address)
*Form normally used for sale of resiJendal property of four or fewer units.
//-...
CONDITIOES AND STIPULATIONS
a Torrens Certificate or
1. Seller shall deliver or cause to be delivered to Purchaser or Purchaser's agent, not less than 5 days prior to thc time o f closingtq, a title commitment for an
owner's title insurance policy issued by the Chicago Title Insurance Company in the amount ~f the purchase price, c~-,-ering title to the real estate on or
after the date hereof, showing title in the intended grantor subject only to (a} the general exceptions contained in ,.he policy unless the real estate is
improved with a single family dwelling or an apartment building of four or fewer residential units, (b) the title excep=ions set forth above, 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 clos-
ing and which the Seller may so remove at that time by using the funds to be paid upon the delivery of the deed (all of which are herein referre~l to as the
permitted exceptions). The title commitment shall be conclusive evidence of good title as therein shown as to all mat,.ers insured by the policy, subject
only to the exceptions as therein stated. Seller also shall furnish Purchaser an affidavit of title in customary form covering the date of closing and showing
title in Seller subject only to the permitted exceptions in foregoing items (b) and (c) and unpermitted exceptions, if an.v, as to which the title insurer com-
mits to extend insurance in the manner specified in paragraph 2 below. The parties acknowlegde that since the
property is in Torrens, the purchaser will pay for any title insurance
charges.
2. If the title commitment d/scloses unperm/tted exceptions, Seller shall have 30 days fxom the date of del/vary thereof to have the exception~ removed
from the commitment or to have the title insute~ commit to insure against loss or damage that may be occagoned by such exceptions, and, in such event,
the time of closing shal~ be 35 days after delivery of the commitment or the time specified/n paragraph $ on the front page hereof, whicheve~ is later. If
Seller fats to have the exceptions removed, or in the alternative, to obts~n the commitment for rifle insurance Sl:~'ifled above as to such cxceptlons
within the speci~ed time, Purchaser may terminate this contract or may elect, upon notice to Seller within l0 days a~ter the expiration of the 30-day
period, to take title as it then is with the ~ht to deduct f/om the p~chase price l/ens or encumbrances of a definite or ascertainable amount. If Purchaser
does not so elect, this contract shall become null and void w/thout further actions of the part/es.
110%
mcrt~ ~a-bt-~n,si, ff ~y, and o~ si~ items ~ be adj~st~ rashly as of the t~e of do~g. If the amo~t of the eu~ent g~er~ t~ is not
~en ~hie, the adju~m~t thet~f ~a~ ~ on ~e basis o~the amount of the most feint ~r~b~ ~ ~: ~cuni cf ~%' ~::E ~c::
All prorations axe final unless otherwise provided he/ein. Exk, tkug :ca;;; an:~ a~7~g;-,ak:; in;.;~anc; p.2::!c:,, '~ any, :,kaE ~:.n 5c agai~,~;g t~, .~'a: ;.'.at,::. SelleI
-'?-~E ~:;' '-%e :men.-.'. cf c~3' :'.:m~- '.mx :'m~c:_~_~ %3' E:::e '~'~' cn '.he ~an:f:: cf the ;i;!:, ann- shall furnish a completed Real Estate Transfer Decla~ation
signed by the Seller or the Seller's agent in the form required pursuant to the Real Estate Transfer Tax Act of the $%ate of Illinois and shall furnish any
declaration signed by the Seller or the Seller's agent or meet other requgements as established by any local ort~i-,nce with regard to a transf~ or
4. Thc provisions of thc Uniform Vendor'and Purchaser Risk Act of the State of Ill/nots shall be appllcable to this contxact.
6. Time is of the essence of this contract.
attorneys listed below.*
be served on the part,es .................... o .... = The madmg of a n y
registered or certified mail, return receipt requested, shall be sufficient qervice.
Settlement Procedures Act of 1974. In the event thaL~5er p>~' ;hall-Lfil to-m'al~approl~nMe disclosure when asked, such failure shall be considered a
8. At closing, Seller shall deliver to Purchaser a current spotted survey of the premises,
certified to the Purchaser by a certified licensed surveyor, haveing all corners staked
and showing all improvements existing as of the contract date, and all easen~nts and build-
ing lines of record.
*Notices:
TO S~ J.~.:
Wayne A. Adams
570 Northwest HiEhway
Suite 4
Des Plaines, IL 60016
TO PURCHASER:
William E. Ryan
Burke and It.van
33 North Dearborn St.
Suite 402
Chicago, IL 60602
,I ,., 3772 Yl 3/79