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HomeMy WebLinkAboutOrd 3551 08/06/1985 RDINANCE NO. 3551 AN ORDINANCE TO AUTHORIZE THE SALE OF REAL PROPERTY OWNED BY THE VILLAGE OF MOUNT P~OSPECT, ILLINOIS PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 6th DAY OF AUGUST, 1985 Published in pamphlet form by the authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 13th day of August, 1985 796V/7 ORDINANCE NO. 3551 AN ORDINANCE TO AUTHORIZE THE SALE OF REAL PROPERTY OWNED BY THE VILLAGE OF MOUNT PROSPECT, ILLINOIS WHEREAS, there ha~ been submitted to the President and Board of Trustees of this Village a certain Real Estate Sale Contract dated July 10, 1985 by Floyd W. Redeen for the purchase of certain real estate owned by the Village of Mount Prospect, commonly known as 555 Carboy Road, in the Village, as hereinafter described, at a purchase price of $78,500 conditioned upon action by the Villag~ t~o grant a variation for construction of an industrial-type building on the Subject Property, and to the receipt of soil boring test results of the Subject Property satisfactory to the Purchaser (a copy of which Contract is attached hereto and made a part of this Ordinance by reference); and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have secured an independent appraisal of the value of said Property and have determined that the purchase price offered therefore at $78,500 is fair, reasonable and just; and WHEREAS, it is further determined to be in the best interest of the Village of Mount Prospect that said real estate be sold to Floyd W. Redeen in accordance with the Contract and pursuant to the terms and conditions thereof, including payment of a broker's commission by the Village to broker Ralph M. Gerstenfeld in'the amount of 7% of the purchase price, and further subject to certain easements of record along portions of the East and West property lines and the rear property line for utility, storm and sanitary sewer, and storm water detention basin purposes, and further subject to the obligation of the purchaser to establish and maintain a storm water detention basin. 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 above are incorporated herein as findings of fact by the President and Board of Trustees of the Village of Mount Prospect. SECTION TWO: The President and Board of Trustees of the Village of Mount Prospect do hereby approve and accept the Real Estate Sale Contract, dated July 10, 1985 and submitted by Floyd W. Redeen for the purchase of certain Village owned Real Estate described as follows: Lot 6 in Elmhurst-Algonquin Industrial Park No. 2, in the Southeast quarter of Section 27, Township 41 North, Range 11 East of the Third Principal Meridian in Cook County, Illinois. Said real estate shall be conveyed subject to existing easements for utilities, storm and sanitary sewers, and storm water detention basin purposes of record, and further subject to Purchaser's obligation to establish and maintain a storm water detention basin within the 70 foot rear yard easement area established for that purpose. Said property shall be acquired at a purchase price of $78,500, and upon the conditions regarding variation and soil boring tests as set forth in the Contract. SECTION THREE: The Village President and Village Clerk are hereby authorized and directed to execute such Contract on behalf of the Village of Mount Prospect, Illinois and the Village Attorney is ereby authorized to undertake all necessary preparation requirements and to conclude the the Subject Property to Floyd W. Redeen. commitment and document sale of conveyance of SECTION FOUR: Payment by the Village of a broker's commission to Ralph M. Gerstenfeld in the amount of 7% of the purchase price upon completion of the sale transaction, delivery of the deed to the Purchaser and receipt of the purchase price is hereby approved. SECTION FIVE: This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form in the manner provided by law. PASSED and APPROVED this 6th day of August 1985. AYES: Arthur, Farley, NAYS: None ABSENT: None Floros,Murauskis, ATTEST: VILLAGE CLERK Van Geem, Wattenburg -2- Real Estate Sale Contract I. FLOYD W. REDEEN agreestnpurch~atapriceof$ 79,500-00 in Cook (Purchaser) on the terms set forth herein, the following described real estate County, Illinois: commonly know. as 555 Carboy Road. Mt. Prospect. IL ? iq iq _ ~ iq X P q q - ] 5, together with the following property presently located thereon: , and with approximate lot dimensions of SEE ATTACHMENT 2. VII,I,AGE OF MOUNT PROSPECT (Seller) agrees to sell the real estate and the property described above, if any, at the price and terms set forth herein, and to convey or cause to be conveyed to Purchaser or nominee title thereto by a recordablestmpd Warrantydeed, with release of homestead rights, if any, and a proper bill of sale, subject only to: (a) covenants, conditions and restrictions of record; (b) private, public and utility easements and roads and highways, if any; (c) party wall rights and agreement~, if any; (d) existing leases and tenancies (as Hsted in Schedule A attached); (e) special taxes or assessments for improvements not yet completed; (f) installments not due at the date hereof of any special ta~ or assessment for improvements heretofore completed; (g) mortgage or trust deed specified below, if any; (h) general taxes for the year 19 8 4 and subsequent years including taxes which may accrue by reason of new or additional improvements during the year(S) 19 8 S ; and to 3. Purchaser has paid $ 10,000.00 as earnest money to be applied on the purchase price, and agrees to pay or satisfy the balance of the purchase price, plus Or minus prorations, at the time Of clos!ng as follows: (strike language and *ubparagraphs not applicable} (a) The payment ors 68 t 500.00 (b) The payment of $ and the balance payable as follows: 4. Se~er, a~ h~s own expense, agrees io furnish Pu~chase~ ~ cu~en~ plat of su~ey of the abo~e real estate made, and so certified by the su~eyor as havin~ been made, in comp~ance with the l~nois Land Su~ey Standards. 5. The time of closing shall be on Sept. 18 r 1985or on the date, if any, to which such time is extended by reason of paragraph 2 of the Conditions and Stipulations hereafter becoming operative (whichever date is later), unless subsequently mutually agreed otherwise, at the office of or of the mortgage lender, if any, provided title is shown to be good or is accepted by the purchaser. 6. Seller agrees to pay a broker's commission to Ralph M. Gerstenfeld in the amount of 7% of in the amount set forth in the broker's listing contract or as follows: 7. The eaxnest money shall be held by Ralph M. Gerstenfeld S~R. (The Indevco Group) for the mutual benefit of the parties. S. SeLler warrants that Seller, its beneficiaries or agents of Seller or of its beneficiaries have received no notices from any city. village or other governmental authority of zoning, building, fire or health code violations in respect to the real estate that have not been heretofore corrected. 9. A duplicate original of this contract, duty executed by the Seller and his spouse, if any, shall be delivered to the Purchaser within days from the date hereof, otherwise, at the Purchaser's.option, this contract shall become null and void and the earnest money shall be refunded to the Purchaser. purchase price. This contract is subject to the Conditions and Stipulations set forth on the back page hereof, which Conditions and Stipulations axe m~de a part of this Arlington Hts., IL 60005 Purchaser (Address) SeLler (Address) Seller (Address) *Form normally' used for sale of property improved with multi-family structures of four or more units or of commercial or industrial properties. Y"~"~ CONDITIONS AND STIPULAT(ONS /"-~' l. Seller shall deliver or cause to be delivered to Purchaser or Purchaser's agent, not less than 5 days prior to the time or closing, the plat of survey (if · tended cove a e one is required to be delivered under the terms of this contract) and a title commitment for an owner/t~e insurance po cy tssue'~y Insurance Company in the amount of the purchase price, covenng title to the real estate on et after thc date hereof, showing title in the intended grantor subject onb to (al the general exceptions contained in the po[icy, (b) the title exceptions set forth above, and (c) title exceptions pertaining ~o liens or encumbrances of a definile or ascertainable amount which may be removed by the payment of money at the time of closing and which the Seller may so remove a~ that time by using the funds to be prod upon the delivery of the deed (alLof which a~'e herein referred to as the permiued exceptions). The title comm,tmcnt sball be conclusive evidence of good title as therein ~hown a, to all matters insured by thc policy, subjecl only to the exceptions as therein stated. Seller also shall furnish Purchaser an affidavii 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 or defects in the title disclosed by Ibc sureey; if any, as lo which tile title insurer commits to extend insurance in the manner specified in paragraph 2 below. 2. If the title commitment or plat of survey (if one is requixcd to be delivered un,let the terms of this contract) discloses either unpermitted exceptions or survey matters that render the title unmarketable (herein referred to as "survey defects"). Seller shall have ~0 days from the date of delivery thereof to have the exceptions removed from the commitment or to correct such survey defects or to have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions or survey defects, and, in such event, the time of closing shall be 35 days after delivery of the commitment or the time expressly specified in p~ragraph $ on the'front page hereof, whichever is later. If Seller fails {o have the exceptions removed or correct any survey defects, or in the alternative, to obtain the commitment for title insurance specified above as to such exceptions or survey defects within the specified time, Purchaser may terminate this contract or may elect, upon notice to Seller within 10 days after the expiration of the 30-day period, to take title as it then is with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so elect, this contract shall become null and void without furtb, er action of the parties. real estate taxes adjusted for exempt local taxes . ' 3. Rents, premiums under assignable insurance policies, water and other utility charges, fuels, prepaid service contracts, general/taxes, accrued interest On mortgage indebtedness, if any, and other similar items shall be adjusted ratably as of the time of closing. If the amount of the current general taxes is not then ascgrtainable, the adjustment thereof except for that amount which may accrue by reason of new or additional improvements shall be on the basis of lhe amount of the most recent ascertainable taxes. The amount of any general taxes which may accrue by reason of new or additionaI improvements shall be adjusted as follows: , All prorations are final unles~ provided otherwise herein. Existing leases and assignable in{u~ance polities, if any, shall then be assigned to Purchaser. Seller shall pay the amount of any stamp tax imposed by State law on the transfer of th~ title, and shall furnish a completed Real Estate Transfer Declaration ~gncd by thc Seller or the SeBer's agent in the form requited pursuant to thc Real Estate Transfer Tax Act of the State of Illinois, and shall furnish any declaration signed by the seller or the seller's agent or meet other requirements as established by any local ordinance with regard to a transfer or transaction tax. Such tax required by local ordinance shall be paid by the Purchaser. 4. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this contract. 5. If this contract is terminated without Purchaser's fault, the earnest money shall be returned to the Purchaser, but if the termination is caused by the Purchas~er's fault, then at the option of the Seller and upon notice to the Purcha.~r, the earnest money shall be forfeited to the Seller and applied first to the payment of Seller's expenses and then to pfiyment of broker's eovnmission; the balance, if any, to be retained by thc Seller as liquidated damages. 6. At the election of Seller or Purchaser upon notice to the other party not less than $ days prior to the time of closing, this sale shall be closed through an escrow with Chicago Title and Trust Company, in accordance with the general provisions of the usual form of Deed and Money Escrow Agreement then in use by Chicago Title and Trust Company, with such special provisions inserted in the escrow aD'cement as may be required to conform with this contract. Upon the creation of such an escrow, anything herein to the contrary notwithstanding, payment of purchase price and delivery of deed shall be made through the escrow and this contract and the earnest money shall be deposited in the escrow, The cost of the escrow shall be divided equally between Seller and Purchaser. {Strike paragraph if inapplicable.) 7. Time is of the es.~nce of this contract. 8. Any payments herein requited to be made at the time of closing shall be by certified check or cashier's check, payable to Seller. 9. AB notices he~in ~quked sh~ be in writing and shall be se~ed on the parties at the addresms ~llowing their signatures. The mailing of a notice by te~stc~d or certified m~, ream receipt ~qucst~, shall be su~cient ~icc. 10. Purchasers obligations to close are subject to: (1) the express conditior that Purchaser obtain within 3% months a variation from the Village of Mt. Prospect to construct an industrial-type building on the subject non-conform- ing parcel and, (2) soil borings of the subject parcel satisfactory to Purchaser within 40 days of the date of execution,of this Contract.