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HomeMy WebLinkAboutOrd 3594 12/17/1985 RDINANCE NO. 3594 AN ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 17th DAY OF December ,1985 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 18th day of December ,1985. RDINANCE NO. 3594 ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT WHEREAS, the Village of Mount Prospect has adopted the Village of Mount Prospect District No. 1 Tax Increment Redevelopment Proiect and Plan on August 20, 1985. WHEREAS, the Village 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 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 hereby finds 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 Mayor and Village Clerk are hereby directed and authorized to execute Exhibit A on behalf of the Village of Mount Prospect. The Village staff, agents and attorneys are hereby authorized and directed to take ali necessary action to fully implement all the terms, conditions and covenants of Exhibit A. 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: Arthur, Farley, Murauskis, Van Geem NAYES: None ABSENT: Floros, Wattenberg PASSED and APPROVED this 17th day of December ~ 1985. ATTEST: Village t~esident 'Village' Cl~rk REAL ESTATE PURCHASE AGREEMmNT This Agreement made and entered into this day of December, 1985, by and between Schimming Oil Company, Mr. Jack Legg and Bank and Trust Company of Arlington Heights, a corpora- tion of Illinois, as Trustee under Trust Agreement dated April 3, 1978 and known as Trust No. 1725, and not personally (here- inafter referred to as "Sellers") and the Village of Mount Prospect, a municipal corporation (hereinafter referred to as "Purchaser"); NOW THEREFORE, in consideration of the mutual covenants ~hereinafter set forth, ~iC is agreed as follows: 1. PREMISES Sellers are the owners of Real Estate more fully ~escribed in Exhibit A which is attached hereto and made a part hereof (hereinafter referred to as "~ubject Premises"). 2. SALE Sellers agree to sell and Purchaser agrees to purchase the Subject Premises consisting of feet and improvements thereon, for and conditions, and subject to the contained. 3. PURCHASE PRICE The purchase price for the approximately 18,547 square the price, upon the t~rmS contingencies hereinafter Subject Premises shall be Two Hundred Fifty Thousand Dollars ($250,000.000). 4. PAYMENT OF PURCHASE PRICE AND CLOSING Within five (5) days of the execution of this Agreement, the parties shall establish an escrow with Chicago Title Insurance Company,-=~ described zn paragraph 6, and within said time Purchase~ shall deposit Fifty Thousand Dollars ($50,000.00) the by certified check payable to the escrowee into the escrow as earnest money. The earnest money shall be placed in an interest bearing account with accrued interst payable to the Purchaser. .The balance of the purchase price shall be payable at the closing on December 30, 1985, by certified check. In the event this transaction does not close at the fault of the Sellers, the earnest money and accrued interest shall be returned to the Purchaser. 5. CONVEYANCE Sellers shall convey to the Purchaser or its nominee fee simple title to the Subject Premises by Trustees Deed in a form mutually satisfactory to the Purchaser and Chicago Title Insurance Company, whzch, will insure the title, consistent with the terms of this Agreement. At closing such title shall be free ~{~d clea~lof all encumbrances whatsoever, except those hereinafter permztted, ~and such title shall vest in the Purchaser upon deliver~ of the deed on December 30, 1985, ~and thereafter immediately be recorded in accordance with the escrow agreement hereinafter described. 6. ESCROW This transaction shall be closed through a deed and money escrow with Chicago Title and Trust Company, at their offices in Chicago, Illinois, in accordance with the proposed escrow agreement attached hereto and made a part hereof as Exhibit B. Such escrow agreement shall include a provision for payment of the purchase price plus or minus prorations and liens of an ascertainable amount to the Sellers upon deposit of a deed, assignment of leases attached hereto as Exhibit C 2 or memorandum specified in parag?&ph 9, assignment of security deposins, clearance of title in accordance with the title condition~ of this Agreement and written aunhorization from the attorneys for the Purchaser. The attorneys for the Sellers and Purchaser are authorized to execute the escrow agreement, any amendments thereto, and all directions or communications thereto. The escrow shall be opened within five (5) days after execution of this Agreement by all parties. Ail payments required hereunder, the delivery of the deed and all transactions contemplated by this Agreement shall be made through the escrow, provided however, that the terms of the escrow agreement shall not supersede the terms or the provisions of this Agreement. The cost of the escrow shall be equally divided by the Sellers and Purchaser. cost of any money l~nder's escrow shall be paid for the Purchaser. 7. PERMITTED EXCEPTIONS AND CONDITION OF TITLE The term "permitted exceptions" as used herein and in the escrow agreement to be established between the parties hereto shall include the following: (1) real estate taxes for the year 1985 and subsequent years, (2) easements for public utilities, and (3) leases attached hereto and m~de a part hereof as Exhibit C. Any mortgage or trust deed encum- The ~ bering the Subject Premises shall not be considered a permitted to be delivered to not less than five (5) closing, a commitment for exception hereunder. Sellers shall deliver or cause Purchaser or Purchaser's attorneys, days prior to the date of the first an owner's title insurance policy issued by Chicago Title and' hereof, only to If the permitted exceptions, additional closing to are unable Trust Com~ _~{y in the" _,ount of the purchase pr~e, evidencing title to. the real estate on or after the date of execution showing title to be vested in the Sellers and subject the permitted exceptions defined herein. such evidence of title discloses defects other than Sellers shall have fifteen (15) days from the date originally scheduled for such cure such defects and notify Purchaser. If Sellers to cure such defects, Purchaser may, at its election, terminate this contract or may accept title to t-he Subject Premises as it then exists (with the right to deduct from the purchase price liens or encumbrances of a definite or ascertain- able amount) by notifying Sellers and tendering performance. If Purchaser terminates this Agreement as provided in ~his return earnest money and accrued interest to Purchaser, paragraph, then Sellers shall pay all escrow charges and\the parties will have no further liability to each other. Sellers shall also furnish Purchaser at closing an affidavit of title covering the date of closing and showing title to be vested in the Sellers subject only to permitted exceptions as defined herein, and unpermitted exceptions or defects in title, if any,. as described by the survey, as to which the title insurer commits to extend insurance. Any charge by Chicago Title Insurance Company for extending coverage which regard to such defects described by the survey shall be the sole responsibility of the Seller. 8. TAXES Sellers agree to pay all general real estate taxes, special assessments and special taxes due or to become due for the Subject Premises up to the date of the closing. G~neral ~ ' ~ . , estat~ xes for 1985 shall be ~ ~ ~as of said date on the basis of 105% 6{'~5~ most recent ascertainable taxes,, and the parties agree to reprorate the 1985 taxes levied upon issuance of the actual tax bill. Any leasehold taxes levied for the period after the closing up to the date full and complete possession of the Subject Premises is delivered by the Sellers shall be the 's°le responsibility of the Sellers. 9. RENTS POSSESSION Sellers shall have the right to remain in possession of the SubjeCt Premises until June 1, 1986, and at the option of the Purchaser, may remain thereafter on a month to month tenancy basis, which either Sellers or Purchaser may terminate upon written 30 day notice of termination. While the Sellers remain upon the Subject Premises after closing, rent shall be paid to the Purchaser at the rate of $500.00 per month payab%e upon the first day of each mOnth commencing on January 1, 1986. If the above specified rent is not received by the 10th day of the month for any month or part thereof when the Sellers occupy the premises, Purchaser shall have the right to demand possession of the Subject Premises in writing, and Sellers shall thereafter vacate on or before the last day of the month for which such rent was due. Ail rent shall be remitted to the Village of Mount Prospect (attn: Village Manager) at its offices at 100 South Emerson Street, Mount Prospect, Illinois 60056. Sell'ers shall not have the right to assign the tenancy herein created. The Sellers warrant that the leases attached as Exhibit C are the'only such written leases in effect on the date of execution of this Agreement by the Sellers. The Sellers agree to. amend the leases attached as Exhibit C to reflect a termination date of May 31, 1986, without an option to renew or hold-over. If the tenants, which are in possession of the Subject Premises on the date of execution of this Agreement, do not have written leases with the Sellers, Sellers shall prepare a memorandum concerning each such tenant which reflects the type of tenancy in force, the monthly rent, portion of the Subject Premises occupied, and services provided by the Sellers as Lessor, which memorandum shall be executed by each such tenant and presen~e~ to the Purchaser prior to or at closing. 10. SURVEY Sellers, at their own expense, agree to furnish Purchaser at the closing a current plat of survey of the Subject Premises showing the location of all improvements and easements within the'respective lot lines of the Subject Premises, made and so certified by the surveyor to the Village of Mount Prospect and Chicago Title Insurance Company, as having been made in com- pliance with the Illinois Land Survey Standards. 11. INSURANCE Sellers shall completely indemnify and hold harmless Pur- chaser from any and all liability, cost, expense, claims of damages related to or occasioned by possession of that portion of the Subject Premises occupied by Sellers, or any party claiming by,' through or under Sellers, after December 30, 1985 other than that caused by Purchaser or its agents. At the closing, and at any time thereafter while Sellers retain possession of that portion of the Subject Premises occupied by Sellers, upon written demand of the Purchaser, the Sellers shall provide Purchaser with a copy of the general public liability insurance policy or policies, covering the__~<~\~ Subject Premises, in an amount not less than One Million Dollars ($1,000.000.00) for an accident involving injury or death to one person, Two Million Dollars ($2,000.000.00) for an accident involving injury or death to two or more persons, and Two Hundred Fifty Thousand ($250 000.00) for property damages ("Liability Insurance"). The Purchaser and the officials, agents and employees of the Village of Mount Prospec~'~'~ shall be included in such policy-or policies as additional in sureds, and payment or pr emiums for su ch policy or policies.~.~~ shall be the sQte responsibility of the Sellers, up to and including the date full possession of that portion of the Subject Premises occupied by Sellers is delivered by the Sellers. 12. EMINENT DOMAIN Sellers and Purchaser acknowledge that this Agreement is being intered into in lieu of Eminent Domain, and further acknowledge that the Purchaser has the power to acquire the Subject PremiSes by Eminent Domain proceedings, pursuant to the Village of Mount Prospect District No. 1 Tax Increment Redevelopment Plan and Redevelopment Project. 13. MAINTENANCE AND REPAIR Purchaser shall have no obligation to maintain, r~pair or provide any services of any kind to the Sellers or those claiming by~ through or under the Sellers, during such time' as the Seilers of ~those claiming by, through or under the Sellers remain in possession of the Subject Premises after December 30, 1985. 14. BILL OF SALE Sellers agree to sell the Subject Premises, together with all improvements and fixtures, if any, including but not limited to: all central heating, plumbing and electrical systems and equipment; the hot water heater; central cooling, 8 humidifying and filtering equipment, fixed carpeting; built- in kitchen appliances, equipment and cabinets; water softener; ~existing storm and screen windows and doors; attached shutters, shelving systems; roof or attic T.V. antenna; all planted vegetation; garage door openers and car units; and the addition- al items of personal property lised in Exhibit D which is attached hereto and made a part hereofl Ail the foregoing items shall be left on the premises, are included in the sale price and shall be transfered to the Purchaser by a Bill of Sale at the Closing December 30, 1985. 15. DEFAULTS, REMEDIES AND TERMINATION A. Defaults General Failure or delay by either part~ to perform any term or provision of this ~greement within the time specified herein shall const£tute, a default under this Agreement. The party who so fails or delays must, within thirty (30) days of written notice of the existence of such default, immediately co~,,,~ence 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 waiver of any default, nor If, after thirty (30) such notice shall not constitute a shall it change the time of default. days written notice, the party in 9 default shall have not cured the default, then the nondefaulting party'shall have the right, but not the obligation, to perform any defaulted act and 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 experessly provided in this Agreement, 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 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 ~ights 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 Agreement. In the event either party shall institute legal action because of breach of any agreement or obligation contained in this Agreement on the part of either party to be kept or per- formed, and a breach shall be esta61ished, the prevailing party shall be entitled to recover all expenses incurred therefor including reasonable attorneys'fees. C. Applicable Law 10 The laws of the State of Illinois shall govern the interpretation and enforcement of this Agreement. D. Rights and Remedies are Cumulative Except as otherwise expressly stated in this Agreement, the rights 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. 16. GENERAL PROVISIONS A. Notices, Demands and Communications Formal written notices, demands, correspondence and communications between the Sellers and Purchaser shall %e sufficiently given if dispatched by registered or Certified mail, postage p~epaid, return receipt requested to the following p~rties on behalf of the Sellers and Purchaser: Sellers: Purchaser: Thomas T. Burke Burke and Ryan 33 North Dearborn Street Suite 402 Chicago, Illinois 60602 B. Nonliability of Village Offiaials and Employees No member, official or employee of the Village of Mount Prospect shall be personally liable to the Sellers in the event of any default or breach by the Village of Mount Prospect or for any amount which may become due to the Sellers or any obligatio~ under the C. Approvals terms of this Agreement. Wherever to approve any lease, document or other matter shall not be unreasonably withheld. D.. Real Estate Commissions Neither the Sellers nor the Purchaser shall be liable for any real estate cor~missions, brokerage fees or finder's fees by reason of this Agreement. E. Time Time is of the essence of this Agreement. F. Entire Agreement and Waivers This Agreement is executed in two (2) each of which is deemed to be an original. includes pages and exhibits attached which constitute the entire understanding and agreement of the parties. This Agreement integrates all of the te~ms and conditions mentioned herein or incidental hereto, and supersedes all 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 Agreement must be in writing and signed by the appropriate authorities of the Purchaser and the Sellers. G. Partial Invalidity If any portion of this agreement shall be held or deemed to be invalid or in violation of any law, such portion shall be deemed to be excised herefrom and the invalidity thereof shall not affect any of the other portions contained this Agreement requires the Sellers or Purchaser such approval duplicate originals, This Agreement herein wh{ch portions H. Amendment This agreement may be remain in full force amended an~ffec t. in writing by munual shall inure hereto and their respective heirs, legatees and successors tO agreement of the Sellers and Purchaser. I. Binding Contract This Agreement shall be binding upon and the benefi[ of the parties executors, administrators, in interest. 17. SURVIVAL The Warantees and cqvenants contained in shall not merge with the delivery of the deed to the Purchaser, but will formance by all parties. 18. ASSIGNMENT this Agreement from the Sellers survive thereafter until full per- The Se~le~s acknowledge that it is immaterial and irrelevant to them whether the Purchaser assigns title to the Subject Premises concurrent with the closing of this sale, and hereby consent to the Purchaser, or any of its assigns to be the source of funds for this tran~action. Notwithstanding the above, the Purchaser shall remain liable to the Sellers for performance of the terms and conditions contained in this Agreement. IN WITNESS WHEREOF, the parties hereto have hereunto set t~eir respective hands and seals in duplicate, the day and year first above written. SELLERS: · Bank and Trust Company of Arlington Heights as Trustee under Trust Agreement dated 4-3-78 and known as Trust No. 1725 PURCHASER: Village of Mount Prospect By By Mayor SCHIMMING OIL CO~PANY By TITLE ATTEST: Village Clerk JACK LEGG XHIBIT A Lot 1 in Resubdivision of Block 10 in Busse and Wi!lie's Resubdivision in Mount Prospe6t in the West 1/2 of Section 12, Township 41 North, Range 11 East of the Third Principal Meridian, in Cook County, Illinois (except that part of said Lot 1 bounded and described as follows: Beginning at the South East corner of said Lot 1; thence on an assumed bearing of North along the East line of said Lot 1, a distance of 9.26 feet to a point; thence North 58 degrees 15 minutes 45 seconds West 75.57 feet; thence North 44 degrees 48 minutes 21 seconds West 27.46-feet; thence North 53 degrees 45 minutes 07 seconds West 105.30 feet to a.~point on a 955.40 feet radius curve, the center of circle of said curve,"~ears North 44 degrees 12 minutes 52 seconds from said point; thence Southeasterly along said curve 213.77 feet, central anglel2 degrees 49 minutes 11 seconds to the point of beginning). :0_ Ap~tc~tio~ Escrow' Number TO: CHICAGO TITLE AND TRUST COMPANY, ESC [ .(~u.lt CliimJ ORd In Trust rom ~ '..., ~nv,¥1~g . r'l lxemlI4S GN~.rlINd in ~l~g~. TIeR I~ur~.~pan~ , ,' , ~ " " "~.~q':~b ,.~ ... 2. o..~i ply.off I~ttIrt lurvi¥ of Pint ~t A~l~v .Biff of ~ll ~$~t ~.¢:;"' ,' ,,., ~:,/ ,"' ,.,......, ..... ...,. ', PURCHASER'S DEPOSIT$ WiTH THE ESC OW TRU · ~4 ~, ..,, . ~.l ~. ~ ~.':~, , ~..~ ,~ L i.,~ ~ ~., i.~ · .. .... , k ttll~ .... -.. ........ ' . '*,.'(~,~t~,~i~:ll~,~ ' '. , ~.~ '~1~,~'~" '.. · Oi~t ~l , t ~ billed .?.~ In ~e event ~1 E~O~I II dlr~c~d to p~y all lille a~ e~row chlrgli, 1~ lot ~ny lla~n 11 unable to pay iii or .'. p~n =l ~ ~gel Il d~n,~ ~n ~ ,Unpa d ~rg~ ~!11 N .~l ~e~lblltty.oI ~e p~ ~r~ln dl~ec~ng ~ -' DEFAULT PSOVI$10~$ {~pll~l~ onl? If ~e~l ~t ~ii;~ ~'~ ~.~ 0 ~:~ ;, ~ lC, ''~ .... ; ,' 't ~ In the event III e~ow ~ull d~ll~ ~Vl not ~en r<~lved herein ~ or ~torl , you ~ .; ~e ~feby au~rlz~ and dlr¢~,d to continue to ~maly with ~e e~ow ~ust ~u~lon~ until you have re~lved ~:',' . ~tmn de~ fr~ ~y ~ harlto for the return of ~ e~ow ~uat de~dU m~e b~ uld ~ny. U~n re~ipt .~., ~h de~, y~ ~e hereby au~orlzed and dlre~ed to return to ~e p~y ~kl~ ~ de~ ~e ,~ow ~ust -' . ~ de~u ~e b~ ~ld ~y ~l~t ~ce to an? o~r ~ny a~ ,deliver ~e ~lnt~ e~ow ~t de~n to ~ ~3 ~: ~ In ~ event ~ ~ller'~ E~ow Trot de.sits have not ~en r~elv,d ~reln on or ~l~e ;;'~ ' ~ M ~e event ~ ~r~r'~ E~ow Trust depostt~ have ~t ~n re~lved ~reln on or ~lore ~:?. ~¢n M el~r went y~t hereby ~t~rlz~ I~ dlrlct~ to contl~, to.~m~ly wl~ the E$~ow Trust Instr~tlonl ~ i~ until y~ ~ve t~rV~ I written de~ f~om any pl~y heret~ tot ~l learn ol ~ E~ow Trust de~iu made b? .' ~ld ~. U~n {~lat ol lu~ dema~, you are dlre~ed to notl~.~l p~y ~re~ ~o ~1 failed to make hl$ ~'f; de~u by ~nllbd ~11 at ~e a~r,~$ ~eln shown ~at y~ have t~lv~ ~ d~, ~ ~e ~y who hu ;..~: tail~ to ~ke'hll de~lu ~11 have days a~er ~e date of your ~nlfl~ let~r ~ln whi~ to ~ke hl~ de.eiB. ,'. It ~e de~u Ire ~t ~e wl~ln uld ~day ~rlod. you Ire dlre~ed to ~ply wl~ ~ ~ a~ ~llver t~ .':; tq~lnl~ ~s u to ~ re--lye de~sitor ~ereof, arovtd~ howevir. ~t ~ ~ e~nt ~ ~t~r t$i1~ ~ ~ :~ .~. hi, de~t~ u II.mid. ~en u~n the wrtttan dem~ ol ~e ~ller for ~e ~eturn ol hb ~lu u olD,mid, you are ?..=.:. dir~ to ~u~ a~ ~y fr~ ~e eun.t money d,~slt ~e real eerie ~lulon ~ ~e a~nt of $ ,, ;'.'re a~ ~y ~ ~1~ gl ~ lar~st ~my de~dt ~ the o~er of the ~ller. In ~l event ~ ~ller 1si15 to make hl~ ~'; de~l~ I$ af~euld, than u~ ~e wrl~en dema~ of ~l purer tot ~e return ol hll ~lu u alore~id, ~e ,; · ay~~ldlr~dlu~lrdanydem~dlor~eret~natde tu., .... ..: .-. . :, , · ~ ~ ~.~,1 .~. ~,.. i, .... '*t ~ .... .,.~ ~'1.,I,,~/1 ' ~ ~.' ~..~ .... ~ .. . ~ ..... , 'd'.RECONVEY~CE AND $T~DARD PROVISION$ ""' ''~ ~:7'}?' ~ ~' ;"::~;~'" ' "' ;,.l' Reconveys.; {11 In ~e event Ch cago T t e Insurance ~mpmny II not prepared to Isle Its O~¢r'l and/or Mortgage ~r' P~O~ , .Title Iniuran~ Policies M provided herein or you ~e not pre~ ~ ~cute the di~bur~mtnl and '~.,;, · , · other In~lructlo~ cont~med h~retn on or ~fore --,, , you ~e h,reby aulhorlzed '1,~...'" """ ~" a~ dir~t,d ~ continue to comply wl~ the E~row Truit Instructions until t~ ~e~ipl ota written · ~ ~ t' ' ~ dsma~ tr~ any party hereto for the return of E~ow Trust De~slII m~e by laid party. Upon .~ , ~e~ipt of ~u~ I demand, you Ir~ hereby luthorizH Ind di~s~ed to return ta ~e party making · .4. demand ~he Escrow T~st Deposits made by ~uch pang without notice to Iny other parW I~ to deliver ;";: (Sulk* * to * If.~ t~ re~Ining E~row Trust Dsposiu to the ~1, order ol ~ r~ve ~mrs, thereof; *provided , -~{ ~t ~pi~}; ho~vlr that ~fore r,turning t~ lure of $ . ~ na the (r..: .. : . ~ ,. t~reof y~u ~ ~row Trust. haVl Inyour pos~xs]on theT~st Dl~de~r ~d~ n to~ther w~th all · ~./...'. : "~ ':~ d of ~e orl~t~l not. and interest couponl de.rind t~rein and ~ ~ers~e a~ ~d.a ',',.,. *', .... ' ' · : t,e~ thll ~f~l returning any E~ro~Trust De~slu on t~ o~er or ~ of ~ ~hmr or hl~ rep~_ '.;i,?~ "~ '~' (::'U , heren de~d a~ ~at you havl recorded"laid Qu~ ~.tm dl~l~ i~r~ -~ , ,,~.~ .. ' ~.i ~:~ ~plny has m~e I lalar dat~ lille laar~ co~rlng ~e da~ of record ol laid Qu t ~Im d.d. and :~;:? ,'~' I ...:,;. ~*~a Tide In~ra~? ~o~pan~ tl pre(e?d ?.l.u, iu O~,r's Title Insura~e Pdl~ In usual form .:-., .. .." ... :~ m ~ a~unt ~lat~ hereto ~nsutmg t~ utln ol ~ grantee In utd ~11 Claim de~ of r~nveyan~ free , ~, e~ cl~ar of ac~ done or iuffer~ by or lud~men~ against the granlon In ~ald ~uil Claim deed; and ;;;., {S~lke * to · II. provided *luther that you, Il Escrow Ttust~. h~ ~n~l ~ ~il ~ ~ a~ ~ pr nc pa hotel ~:i;, ~t~l~el- and Intlrsll coupons ~erein descried ~ ~r~ ~Ireb ~ · , ...... .,..,,,. ...., __~ ~ ........ . Y ~l y~ ~vl obM~ I relem -~ De~ll? ~7,.,~:.: (2l ,If ,~ E~Qw Trult Ag~lemenl dlrectl you to ~n~Inul ~ c~py wi~ n~uctofll foil wln :.~rT~ .'.-~ ~" lxp~ratlon of I tl~ limit for mak ng I d~t unll d~ I r~ o g ; t. "ql ~ l.l' ~ ~';i~ ,~ other Iv~ from ~ DiOr Pi~7, · ~ ....... w ~ ~ovld~d h(riln the deposit m~y ~ ~dl ~ P d It ~v ~ ~N t ..... ~., .~ · ~. , , al*mind I.d the dwflult will ~ curid by ~ld dipo~it.. .... ,' · . :' DIpOIlll--'." ~, 3 ~ ( } Depo~i~ m~i pumulnt to ~e~ lnltructlonl may ~ Inve~tad on ~hall of ~y pady or partle~ her~. ."' ',,Inw~nLi i... ~':-.. to: Provld~d, this lay dl~,ction to E~crow Trull. for lu~ nv~s~nt ~11 ~ IXpre~,d In wnt' 'n lad ' · ,. ;.','. ,.,-""', ~'. L con,lin l~ con~nt of Ill other p~mlel to th I i~row ~ ~ m~-,. ~--~ ........ '";. ~"." ':. ' ':.f['c.' estao,med In connection therewith. Escrow ~ui~l w ~ r ~ u -. · . .'-.. :,.?::l. · I~ pr~urfl ~ f,e ~dul~t for Inves~nt.[14l~.,i~r;?. ",~,~ti 9~r.~'~,..~:t,'..:,.:.. · ~.: ~ g · ~':l.;~: . ..' ~ ~ ~ ...... ~ '-~,'.~ ~-,' .... : ·  " When ~I~ Title I~r~m ~Y Ii gre~ared to luul lU r,gular fo~ of 0w~n tl~.~ ~i~ WITH OR ', WITHOUT Exten~d ~v,ra~ av,r Generel Exmptlo~l 1, 2' 3, 4 e~ 5 In ~ a~unt ef S ' tuble~ "to the usual a~, ¢~d t~ ~ Ixcegt om cont*~d ~erd~rl~rlgg ~ fide u~ gr~e~J ~ Bulldl~ II~, ~lldl~ m or °~u~ lesUI~I~, cove~nU, ~d c~fl~ ol · ... %1....."Yh ...,~? ~ .~., .".'.", ;' ,,,, ~:,~Fp.l.;,..~, ~ ~, ,....,~,.., [.~.-' ...., ,=~ .4 . .... ...~. Q Fray wail ~l~u &.lgrll~n~,(ll. any). [re~rded.u d~u~t(s)].. ., . :~ rlTLEOK ,' ;t ~N ,, ~ -,,.,.. .. ~-I Exolptlonlsl · . .'... ,... ~'. ., ~ ~lg~u o( ~en~,~i~Ing S~t~nu ~1[ anyl. gt~n.~ ~WO~,~c~l~ ~r~. i' ' .i ~F,;' '{~?''1 ~'1;' '~' :',~, .~. . . '. ?,:~.,,'~:? ': ~ Em~nu !~ ~wlrl. wl~t, dra nlgl, and publlo.~UII.Uel ~ ~own oq plat~ol ~: ': roadl ~d hlghwlyl. ' .,, ,:. ~ Wo~t~ y~ ue ~l~r~ ~ ~ly ~1~ ~e fermi of ~ mo~y II~lrl el~ow trust Imtr~t~nl. : ;"f ~ ~'/' ~ mevM~ y~ ~9 ~, ~vl~ In wrt[~g by buyer'l ~d,~ller'l re~e~n~tlYet ~ to,~ ~unt gl ~read :', , ~'~. ,~' .:~,[~' ~i~l~t~.ti':~'~.,b..* .... ":~.,~s[ ,f':~l~~ .,.",cs, IL ~ ~'~;~I,'.?'V~' ",. ,' q , ' . , ~,,~.,.j,,~., .. ,. ,:,, .4WL~',~,..H,~*~',..;g'.t ;,~,~=~[,~..~ ,v , '... :s :;'. ~'~ '1 ~ P~Y pforatlonl to ~1 ordlr of purchaser I~1 pur~ase~ twa and e~row fruit ~lrgai : '~ · '~-, '.L , -.~d ~. '~:~:',' .t . . ~::: .; ~ · .. - t,~' ~ ~ Pay $ , ~ affrays f~s t~ :. ..... . .' . ,. 'il~':~:'~r.l~t~ilv~,~..SF.m;~'~.: :,~ ?,,,,;;:'[ }6,; . , ~. ~' ~" ",' ~',' ~'-~', '~ ~;~'t; ~':~4 ~(~'"dF · ~, ~- ;"~ ' '~ ' - '~t"* '~'~'"':' duty to Invnt or r~lnvesl nny d~lu ~t ~nv ~m~ h~ld by It hernnd~r: ~. ~r. xhat Es~ow ' ;, -~. ' I... *~'~...t ~' T~m~ ~y ~lngl, ~ d~i~ with o~r d~ltl or with I~ ~n fo~ In t~ ~n~r ~rovld~ for Inter,It or ~rn~gl d~rived ~r~by. If any. Provided. hoover, nO~ing br~ln ~all diminish .: ,, ,', ~ *. In t~ event the Escrow Truntte I$ requested to ~vllt de~sltl h.r~under. Chicago Title a~ T~u~t ' * '.:.',~ ~env I~ not ~ ~ held te~n~lble for any Iou of principal or In~te~t which may ~ In.fred '. ,, . ~ *. re~lt of making ~e Investments or redeeming said investment for t~ ~po~i of ~]s l~row ' ' Defile '~.' ~;: (4J No claim of I default th~ll ~ v~lid If the pa~ making time h hi. If In default, unleu ~[d delauit , . ',~. I~ ~u~d by a lallurl of ~e other par~ t~ take ~ome sction requir~ by ~e escrow trust. ~., Busme~.'t: ,.t. ~., (Si Wherever under ~e ~r~ ~nd prowtlont ot this E~row Trust agreement the time for ~dormanc~ ' '. ' ..... For ~ ~v~ ~r~ ~ndm~n~ to ~; ~;r;w Trmt ~re;~nt ~11 ~ ~ndd;~;d ~ ~; . · . 4.,:, ... i' ~.'~'*~ ~ ...:,..'~ L,~i:,..,~r, ., *: ~ ' · , ,, . ~ , .,,:,;,~;,~, . . .~... I . ~...~ , , .~ . , + ' ' - .* ~'*:',';' :.'~ . ' *.*, '~"*~:~ ;~t*'- t' 'L ~ '* ~.-' · .., , · ,*,.; , , '; ' ,,.,. ~.,',. '. '. f..~,4 ~- . *~*,. ~... ...... ,~ ..~.-,., ~ ~, . ., ,. ,~..~. *.., .; ~ .~ .,. ~ ,[ . · * ' z .... ~.'~?=;.-... '-~,*,',~ · ..... ~ ,.*'l.r ~*"i '..," ; ', * * ~ ' ,.~' ..,;,; 4~' ~?',~& /,t,.,'..~..~, '.*~'L ,,' ;.'**~..,t.~~',:~. ; J*. -. ' ;*~ *"2. ' " '~''~l':+* '..* ., · ~' '."* ~1',~*; .... ., ,, , ~ED= ~I~GOTITLE~D~RUSTGOMP~Y. ESCROWTRU~T~ r' ,','~'}' :. - ' '~. .. ., ,~: ~.~, ~,.~.y~..~[l.~?~a:[ ,1~ · ~., p, ui ,~,,~...., ~.,~'t,. ~ :~ rjr-*,< .... . = · · '~, ~-y.xh:. ~a~;~;,~ ~ ~,~ ,,~.'~ ;.",~':'~.,:.~ ~j~.R,,~t'" ~'.t,~,.z; , * · '~'"; ~ , , .* · ~ · .. ~. ': t:=..,. .'*.~,L~;i~.:.: ' ."t' ' ':'* RIDER TO REAL ESTATE PURCHASE AGREEMENT BETWEEN VILLAGE OF MOUNT PROSPECT (PURCHASER) AND $CHIMMING OIL COMPANY, JACK LEGG, AND BANK AND TRUST cOMPANY OF ARLINGTON HEIGHTS, AS TRUSTEE~ UNDER.TRUSTEE AGREEMENT DATED APRIL 3, 1978 AND KNOWN AS TRUST NO. 1752 (SEL'LERS). Sellers and purchaser hereby amend the Real Estate Purchase Agreement between the parties by simultaneously executing this Rider with the Real Estate Purchase Agreement. I. The first two lines of paragraph 9 are deleted and in their place the following is inserted: "Seller shall have the right to remain in possession o( that portion of 'the subject premises now occupied by Schimming Oil un,ii June I, 1986 and at the option..." 2. At the end of paragraph 9, the following is added: "All rents from apy tenants in possession of the sublect premises shall be paid to purchaser/for the period 'commencing aftei' the closing." ' 3. At the end of paragraph I1, the following is added: "After the closing, the only insurance sellers will provide for purchaser will be insurance as described in this paragraph for the service station portion of the subject premises." #. Seller shall have the right to remove all of the equipment and fixtures from the service station portion of the subject premises within l# days of sellers' timely vacation of the subject premises. If sellers fail to remove all equipment and fixtures within said period, they shall automatically and without any action of any sort belong to purchaser. Purchaser shall have the right to immediately destroy or sell any equipment or fixtures from the service station not removed within 1# days from sellers' timely vacation. ~. The time for closing shall be January I0, 1986 subject to the other terms of the Real Estate Purchase Agreement.