HomeMy WebLinkAboutOrd 3612 02/18/1986ORDINANCE NO. 3612
AN ORDINANCE TO AUTHORIZE THE SALE AT PUBLIC AUCTION
OF CERTAIN SURPLUS VILLAGE OWNED REAL PROPERTY, AND
TO DESIGNATE A CERTIFIED AUCTIONEER AND TO ESTABLISH
CERTAIN CONDITIONS FOR SALE BY AUCTION
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 18th DAY OF February , 1986.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
19t~ day of February ,1986.
ORDINANCE NO. 3612
AN ORDINANCE TO AUTHORIZE THE SALE AT
PUBLIC AUCTION OF CERTAIN SURPLUS VILLAGE
OWNED REAL PROPERTY, AND TO DESIGNATE A
CERTIFIED AUCTIONEER AND TO ESTABLISH
CERTAIN CONDITIONS FOR SALE BY AUCTION
WHEREAS, pursuant to a certain Intergovernmental Agreement between
this Village and Township High School District No. 214, as authorized by Village
Resolution No. 37-$# adopted on 3uly 17, 1984 there was established a certain joint
venture between this Village and the said School District for the construction of a
single family residence on Village owned real estate commonly addressed as One
North Stevenson in the Village of Mount Prospect, Illinois, and legally described as
follows:
Lot l g in Bluett's Fairview Gardens, being a Subdivision
of part of the West half of the East half of the
Southeast quarter and part of the East halt of the West
halt of the Southeast quarter of Section 35, Township 42
North, Range 11 East of the Third Principal Meridian in
Cook County~ Illinois.
WHEREAS, the Subject Property had previously been used as a well site,
but as a result of obtaining Lake Michigan water such well site is no longer
necessary or useful for municipal purposes and the same is surplus property and
subject to disposal; and
WHEREAS, the construction of a single family residence structure on the
Subject Property has been completed by the joint efforts of Village personnel and
students and faculty of Township High School District No. 214; and
WHEREAS, it is the determination of this Board that the best interests
of the Village will be served by placing the Subject Property for sale at public
auction under the terms and conditions as hereinafter set forth.
NOW THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD
OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY,
ILLINOIS:
SECTION ONE: The recitals set forth hereinabove are incorporated
herein as findings of fact by the President and Board of Trustees of the Village of
Mount Prospect.
SECTION TWO: The Subject Property shall be offered for sale to the
highest bidder at public auction, pursuant to the terms and conditions hereinafter
set forth.
SECTION THREE: The following terms and conditions shall be applicable
to the sale o~ the Subject Property at auction:
1. Bidders must be of legal age to enter into a contract.
2. The minimum acceptable bid price shall be established at
St, O0,O00.O0.
3. The successful Bidder shail deposit with the Auctioneer a
certified or cashier's check made payable to the Village of Mount Prospect in the
amount of $5,000 to guarantee the Bidder's execution of a contract and payment o~
earnest money within five (5) business days following acceptance of his or her
successful bid. Said payment shall be applied toward the earnest money deposit
upon the execution of a contract with the Village and if Bidder fails to execute
such contract and deposit the required earnest money balance within the time
specified therefor, said check wili be lorfeited to the Village ot Mount Prospect.
#. The successful Bidder shall enter into a Contract with the
Village upon the terms and conditions as set forth in the form of Real Estate
Contract attached hereto and made a part of this Ordinance by reference. Said
contract shall be executed within five (5) business days following acceptance of the
Bidder's bid and shall include, among other terms and conditions~ the requirements
for an aggregate earnest money deposit in the amount of 10% of the bid price; a
mortgage contingency provision if necessary, not to exceed thirty (30) days from
the date of contract, a provis, ion that available warranties for property or
appliances installed within the dwelling structure will be transferred to the
Bidder-Purchaser but that there shall be no warranty or guarantee regarding the
workmanship or materials involved in the construction of the improvements on the
Subject Property and the further requirement that the Village shall give possession
upon closing and shall deliver a proper warranty deed, affidavit of title, bill of
sale, title insurance policy, certificate of occupancy~ ALTA statements (if required),
and a plat of survey prepared by R. E. Frederick & Associates, as revised through
October 1, 1985.
5. Bidding packages shall be assembled by the Administrative Staff
of the Village for distribution to interested parties prior to the auction, and said
packages shall contain background information on'the construction of the residence
dwelling and the various amenities and items contained therein~ as well as other
information ,deemed necessary by the Administrative Staff to inform interested
parties on bidding procedures.
SECTION FOUR: 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.
PASSED and APPROVED this 18th day of February , 1986.
AYES: Arthur, Farley, Van Geem, Wattenberg
NAYS: None
ABSENT: Floros, Murausk£s
VILLA'~E F~RESIDEN'I*
ATTEST:
CHICAGO TITLE INSURANCE COMPANY - ILUNOIS FORM A-1 *
J/~'t FORM 3772-01
Real Estate Sale Contract R, ,9
IPurchaser)
agrees to 13~rchase at a price of $ or) ti3e terms set forth herein the following described real estate
in HOllnt Prospect. Cook Cou.ty, lllinois:
Lot 18 in Bluett's Fairview Gar, dens, being a subdivision of pare
of the West half of the East half of the Southeast quarter and of
part of the East half of the West half of the Southeast quarter of
~o,~oi.~en~,t~e'~f~ ' ~eridian. in ~ook County, Illinois.
~m~wk~w.~ One North Stevenson. ~{ount Prospect~ Illzno~s ,~d
f~tdke ftem~ ~ applicablel (a) storm and scr~n ~s a.d W~ws: (b) awnifigs: (c} oot~or television a.ten.a: (d) wall-t+wall, hallway, a.d
z Village of Mount Prospect, Illinofs an Illinois municipal corporation,er)
co equal in the aggregate 10% of th~
3. Purch~erh~d$ 5= 000~ 00 (a.~w,,pa~w~h~. 5 busines~ays,..ad~o.alsum~~,~ce
~a)The~ymentof$ ~bP b~]~nca ~ ~P p~ch~e ~Ce ~n a~h nr by certified or
~~ran~s that the 9roDertv__ ~-~ ,~is exempt from ~eneral~_~_~axes ~s of the
r~pon~fi~vt~fcr. 1S sa e is exempt from transfer cax.
.... ~4~ ~t so .................... Th 1
9 SefleregreestopayaDroker'sc~missionto~O o~e, ~o broker is involved in this Contract.
lO. The earnest mo~ey shall ~ held ~y the Village Attorney in an interest bearing escrow accounc~
CONDITIONS AND STIPULATIONS
~ Seller shall deliver or cause to be delivered to Purchaser or Purchasers agent, not less than 5 days prior to the brae of closing, a bile com-
mitment for an owner's title insurance policy issued by the Chicago Title Insurance Comoan~ in the amount of the 3urcnase price. (~(~vering
title to the real estate on or after tee cate hereof showing title in the intended grantor subject only/(o (a) the general exceptions contained in
the COhCy unless the real estate ~s improved with a single family dwelling or an apartment building of four or fewer rasidentiA! units. (b) the
title exceptions set forth ab~. and {c) title exceptions eertaining '~o liens or encumbrances of a definite or ~sc~rtainable ~mount which may
be removed ay'th~ payrne~{ 6f money at the time of closing arid wmcn the Seller may so remove at that [~me ey using the funds to be oaid
uoon tl~e salivary of the deed loll of which are herein referred to as the oerm~tted exceptions) The title commitment shall be conclusive evi-
dence of ~d title ~s therein shown as to ali matters insured by the policy subject only to the exceptions as therein stated. Seller also shall
furnish Purchaser an afhdawt of tdle In customary form covering the date of closing and showing trio m Seller subject only td the permitted
except ohs in foregoing items (b) an~ (c) and unpermitted e~(ceotions, if any as to which the title insurer c?mmits to extend insurance m the
manner spec f ed m paragraph 2 be ow
2 'If' the'tii'ta'commlt~entSd[s~loSes~une~r~'i~d"~e~){io~s Seller shall have 30-days fror~' ti~e date of de,very thereof to have the exceptions
removed from the commRment or ~to have the fl{la nsurer comm~ to insure agans oas or damage the may be cocas oned by such excebtons, and
in such event, the brae o *c ps,rig shal be-35 days after 'delive~"of {he com~t'ment or 'the time specified in baragre~h 5 on the fro~t cage hereof.
whichever 'is later. If Seltar fails to have the exceptions remove~d, or in tee alternative to obtain the commitment for title"~s~;ance speclhed above
as to subh '~;xceptions within the eeecified time Purchaser may terminate th~s contract or may eec, upon notce o Se er wRh~e '¢~) days after the
expiration of the 30-day oenod, to take hte as R then I~s w~t~l the right ~o deduc{ from the ourchase price tens or e~'dumbrances of a defmte or as-
certs nab e amount. ¢ Purchaser does not so e eot. {h s contract sba be~me nu and void w thou further ac ions of {he parties
3. The orows~ons of the On,form Vendor and Purchaser R sk Ac o the State of Illino=s shall be adp ~cable to this contrac
If this contract s t~rminated without Purchaser's fault the earnest roche) shall be returned to the Purchaser but if the termmanon is caused by
the Purchaser's fault, then a~ me option of the Seller and upon notice to the Purchaser the earnest mone~ shall be forfeited to the Seller an(~ a~Dlied
first to the payment of Seller's exoenses and ~-~4~--~a~e~t~ef-b~ok~eomcccssre~ the balance f any. to be retained b~ the Seller as I 2uldated
damages
5. Time is of the essence of this contract.
6. All notices herein required aha I be in writing end she= ce served on the osrhes at the addresses roi owing their signatures. The mailing of a
notice by registered or certified mail *eturn receiot reouested, shall be sufficient service.
7 Purchaser and S~ller hereby agree to make all d~sclosures and do all things necessary to compf~ Wit~l"ih~ applicable provisions of the Real Estate
Settlement Procedures Act of 1974. In the event that either party shall fail to make appropriate disclosures when asked such failure shall be considered
s breach on the cart of said party.
8. Seller shall provide Purchaser with a Plat o-,Survey revised to
~ o~e~r'i~'~1985, prepared, by R.~E. Fred, erick ~nd A'ssociates, Inc.,
~e~i~tered Lan~ Surveyors ..... ~.," -. ~ i/i~,.~.,.. ¢'~. ~ ...... ;:~
° T
DO NOT WRITE IN THIS SPACE.~:' ....
USE SEPARATE S'HEET(s) FOR
ADDITIONAL PROVISIONS,