HomeMy WebLinkAboutOrd 3085 03/03/1981 RDINANCE NO. 3085
2/3/81
AN ORDINANCE AUTHORIZING THIS
SALE OF CERTAIN VILLAGE OWNED
REAL ESTATE (SENIOR CITIZEN HOUSING)
WHEREAS, the Village of Mount Prospect, Cook County, Illinois,
owns a certain parcel of real estate which is legally described
as:
Lot 1 of Centennial Subdivision, being a Resub~
division of part of the East half of the Southwest
quarter of Section 35, Township 42 North, Range
11 East of the Third Principal Meridian, in the
Village of Mount Prospect, Cook County, Illinois;
(hereinafter referred to as the "Subject Property"); and
WHEREAS, it is deemed advisable, necessary and in the public
interest that the Village of Mount Prospect sell the Subject
Property to a party which will construct Senior Citizen Housing
thereon.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS
as follows:
SECTION ONE: The recitals set forth hereinabove are incorporate(
herein as findings of fact by the President and Board of Trustee~
of the Village of Mount Prospect.
SECTION TWO: The President and Board of Trustees of the Village
of Mount Prospect hereby determine that it is advisable, necessa]
and in the public interest that the Village of Mount Prospect
sell to American National Bank and Trust Company of Chicago, as
Trustee under Trust No. 43860 and Dell-Mt. Prospect South, an
Illinois limited partnership, as beneficiary of said Trust, a
parcel of real estate, owned by Village which parcel of real
estate is legally described as follows:
Lot 1 of Centennial Subdivision, being a Resub-
division of part of the East half of the Southwest
quarter of section 35, Township 42 North, Range
11 East of the Third Principal Meridian, in the
Village of Mount Prospect, Cook County, Illinois.
(hereinafter referred to as the "Subject Property")
SECTION THREE: The Village shall receive for the Subject
Property the sum of two hundred fifty thousand dollars
($250,000.00), fifty thousand dollars ($50,000.00) of which
shall be allocable to permit fees, utility tap-on fees and
other administrative expenses. ~
SECTION FOUR: The President and Board of Trustees of the
Village of Mount Prospect find that the purchase price to be
paid for the Subject Property is fair, reasonable and just.
ECTION FIVE: The Board of Trustees hereby authorizes the
President to sign and the Village Clerk to attest an agreement
for the sale of the Subject Property in substantially the same
form with subtantially the same terms as the agreement attached
hereto as Exhibit A and incorporated herein by this reference,
and to do all things necessary and essential, including the
execution of any documents and certificates necessary to carry
out the provisions of said agreement.
SECTION SIX: This ordinance shall be in full force and effect
from and after its passage· approval and publication in the
manner provided by law.
Passed this 3rd day of March
· 1981.
AYES:
NAYS:
ABSENT:
Farley, Floros, Miller; Murauskis, Richardson, Wattenberg
None
None
Approved this 3rd day o? March
, 1981.
Village P~esident
Attest:
Village Clerk
LAW OFFICES
Ross, Hardies, O'Keefe, Babcock & Parsons
ONE IBM PLAZA
SUITE 3i00
MICHAELH.KING CHICAGO, LLINOI$ 60611
JAMES K.TOOHEY TELEPHONE 312-4(~7-9300
PAUL A. LUtTE~ TWX 910-221 - I I54
May 1, 1981
~$~. Kenneth Fritz
Director of Co~nunity
Development
Village of Mount Prospect
100 South Emerson Street
Mount Prospect, IL 60056
Re: Sale of Senior Citizen Housing Site
Dear Ken:
As you know, the sale of the senior citizen housing site
to Dell Corporation closed on April 28, 1981. Enclosed herewith
are various documents pertaining to that sale and a check in pay-
ment of the proceeds due the Village from the sale.
The documents enclosed are as follows:
1) Original executed copy of the Agreement to Purchase
between the Village and the Dell Corporation.
2) Original executed copy of the Escrow Agreement pertaining
to the earnest money.
3) Ormginat executed copy of the Escrow Trust Instructions
for the deed and money escrow held by Chicago Title & Trust Company'
at closing.
4) Photocopy of the deed from the Village to American National
Bank & Trust Company of Chicago (Dell's nommnee).
5) Photocopy of the ALTA statement executed by -Lhe Village.
6) Photocopy of the Affidavit of Title executed by the Village.
r. Kenneth ~ritz
Page Two
7) Photocopies of documents submitted by various Village
departments as evidence of zoning compliance, permission to tap
onto existing water and sewer lines, and no condemnatmon.
8) Copies of letters delivered to Dell Corporation at closing
pertaining to the releases of the illinois Bell and Commonwealth
Edison Company easements running across the approximate center of
Lot 1.
9) Photocopy of letter from me as the Village Attorney stating
that, upon closing, the final condition under which the building per-
mit was issued is met.
10) Photocopy of the nnexecuted closing statement. An original
executed statement will be forwarded to you as soon as I receive it
from Dell's attorney.
11) A Statement of Initial Tax Proration.
The check which I am sending is in the amount of $237,937.57.
This represents the $250,000 purchase price less the Village's
estimated share of real estate tax totalling $1].,180.18, title
charges of $722.25, and $160 representing the Village's share of
the escrow closing charges. You will recall that, under the terms
of the Agreement to Purchase, $50,000 of the proceeds received by
the Village is allocable to various permit fees, tap-on charges,
and other administrative expenses pertaining to the development
of the senior citizen houszng site.
Apart from the executed closing statement which I have yet to
send you, there are three "loose ends" to tie up with regard to the
Village's purchase and sale of the senior citizen housing site.
First, as I explained in ray letter of April 29, a document reflecting
the provisions in the Agreement to Purchase with regard to access to
the Village's easement under the connecting corridor is being pre-
pared by Detl's attorney, will be reviewed by this office, and then
must be executed by Village officials° Second, when 1980 and 1981
tax bills for t~e parcel are issued by the County Assessor's Offime,
the taxes will have to be re-prorated on the Village's sale of Lot 1.
Finally, at that time, the tax proration on the Village's purchase
of Lots 1, 2, and 3 will also have to be adjusted. The re-proration
on the sale of the property is provided for ~n the Agreement to
Purchase. The re-proration on the purchase of Lots 1, 2, and 3 is
orovided for in the Contract with Cermak Plaza, Inc. and in a re-
proration agreement signed at closing. The originals of these
documents were delivered to Steve Park of your department after
that closing in February.
r. Kenneth Fritz
Page Three
May i, 1951
Please acknowledge receipt of the items delivered with this
letter and enumerated herein by signing the enclosed copy of this
letter and returning it to me.
SNS:ch
enclosure
cc: Terrence L. Burghard
Sincerely yours~
Susan N. Stearns
D5-D1
AGREEMENT TO PURCHASE
This Agreement is made this /~day of~ , 1981,
by and between AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO
as Trustee under Trust No. 43860 (hereinafter called "Purchaser")
by DELL CORPORATION, a General Partner of DELL - MT. PROSPECT
SOUTH, an Illinois limited partnership, beneficiary of the prev-
iously described Trust, and THE VILLAGE OF MOUNT PROSPECT, an
Illinois municipal corporation (hereinafter called "Seller").
W I TN E S S E TH:
WHEREAS, Seller owns certain property in Mount Prospect,
Illinois; and
WHEREAS, Purchaser wishes to purchase such property if Pur-
chaser can obtain the governmental zoning approvals and commit-
ments for housing subsidies as set forth herein; and
WHEREAS, it is necessary for Purchaser to have an enforce-
able agreement to purchase such land in order to app]y for such
approvals and be granted such approvals; and
WHEREAS, the obtaining of such approvals and commitments,
and the performance of various tests involves the expenditure of
considerable funds, which expenditures Purchaser will make only
upon its having an enforceable contract to purchase such land;
a nd
WHEREAS, Seller wishes to sell such land to Purchaser in the
event that Purchaser can satisfy such conditions.
NOW, THEREFORE, in exchange for the mutual promises expressed
herein, the sufficiency of which is acknowledged, the parties
agree as follows:
1. PURCHASE PRICE. Purchaser agrees to purchase and Seller
grees to sell to Purchaser, or its nominee, at the price of Two
Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), as more
fully described in this Agreement, on the terms and subject to
the conditions herein set forth, the property in Mount Prospect,
Illinois, commonly known as 900 East Centenial Drive, Mount
Prospect, Illinois, consisting of 100,000 square feet, more or
less, with the legal description on Exhibit A (hereinafter called
the "Premises"). Upon execution of this document, Purchaser
shall deposit, as earnest money, Twenty-five Thousand and 00/100
Dollars ($25,000.00) in the form of cash or certificates of
deposit, and enter into escrow instructions, attached as Exhibit
B, regarding
escrow agent
money deposit
deposit shall be the property of Purchaser.
shall be borne by Seller.
the payment and forfeiture of this deposit. The
shall invest, liquidate or reinvest the earnest
as instructed by Purchaser. Earnings on this
Costs of the escrow
2. CONDITIONS PRECEDENT. Purchaser's 6bligation to purchase
the Premises and to pay the Purchase Price is subject to the
following conditions precedent being in effect or complied with
on or before the closing. These conditions are that the Pur-
chaser shall have:
A. Obtained from the Village of Mount Prospect, Illi-
nois, and such other governmental entities as may be re-
quired, evidence of zoning compliance, a building permit,
and other approvals or permits necessary for the construc-
tion pursuant to Plans and Specifications previously sub-
mitted by Purchaser to Seller, and approved by Seller, with
reference to Purchaser's application for a building permit
~to construct a ninety-seven (97) unit apartment building on
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the Premises;
B. Executed an amendment to the existing Agreement to
Enter Into Housing Assistance Payments Contract relating to
the Premises, acceptable to Purchaser, between Purchaser,
or its nominee, and HUD, so that the housing assistance pay-
ments will be approved for the tenants of the ninety-seven
(97) unit multi-story apartment building to be built on the
Premises, and obtained such other governmental approvals as
are necessary to obtain initial endorsement of FHA insur-
ance on Purchaser's mortgage loan;
C. Obtained appropriate construction and long-term fi-
nancing commitments for the construction of a multi-story
apartment building containing ninety-seven (97) units pro-
posed to be built on the Premises;
D. Seller has fulfilled all the Seller's undertakings
set forth in Paragraph 4;
E. Purchaser has obtained documents, in recordable form
and acceptable to HUD, wherein the owners of all easements
currently existing over the Premises (except those which are
owned by Seller) grant Purchaser the right to construct
those parking lots, sidewalks, landscaping or structures,
described in the Plans and Specifications previously sub-
mitted to and approved by Seller, over or under such ease-
ments.
3. SELLER'S WARRANTIES. As of the date of this Agreement,
Seller warrants and, as a precondition to closing, Seller shall,
as of the date of closing (by virtue of thiS Agreement and with-
out the need of executing any additional agreements), warrant
that, as to all of the Premises to be conveyed:
A. There shall be no action, litigation, proceeding or
investigation pending which would interfere with Seller's
ability to carry out its obligations hereunder;
B. All streets or roads abutting the Premises shall be
legally opened and dedicated, except that those streets and
roads over the land shown as Lot 3 on the attached survey
are not now dedicated but will be prior to the closing;
C. There are no uncured violations of municipal laws,
ordinances or requirements respecting the Premises, and
Seller has received no notice, and has no knowledge, of
any uncured violations of federal or state laws, ordinances
or requirements, including those of the Illinois Environ-
mental Protection Agency, respecting the Premises;
D. They are free of all tenancies or other occupancies,
and no soil from said Premises shall be removed;
E. There are no rights of the parties in possession of
the Premises or claims of laborers or materialmen for labor,
services or materials performed or delivered to the Premises;
F. Water and gravity-served sanitary and storm water
and sewer facilities are available at the property line of
the Premises, or within easements within fifteen (15) feet
of the property line Of the Premises, adequate for the use
of the Premises for ninety-seven (97) multi-story dwelling
units, and
plain;
G. No
that no part of the Premises is in the flood
condemnation with
respect to the Premises, or
any part thereof, shall have occurred, and no such condemna-
tion shall be pending, threatened or formally or informally
suggested;
H. The Premises are free of all easements and rights-of-
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ay, except those shown on the attached Plat of Survey,
either recorded or unrecorded, which could, in any material
respect, inhibit or prevent Purchaser's development of the
Premises in accordance with Plans and SPecifications prev-
iously submitted to and approved by the Seller, or Purchaser's
efforts to obtain construction or long-term financing for
such development;
I. There are sufficient sewage lines available within
the Village of Mount Prospect to properly service the sewage
needs of a ninety-seven (97) unit apartment building on the
Premises. To the best of Seller's know]edge, there is suffi-
cient current and future capacity at appropriate Metropolitan
Sanitary District sewage treatment plants for a ninety-seven
(97) unit apartment building on the Premises;
J. The Premises are zoned by the Village of Mount
Prospect, Illinois as R-5, Senior Citizen Residence District;
K.- At the closing, the Plat
hereto, will have been duly and
full force and effect;
L. Seller has full power and authority
this Agreement and futfill~ the transaction
of Subdivision, attached
legally recorded and in
to enter into
contemplated
hereby. The individual or individuals signing this Agree-
ment and the documents delivered at the closing on behalf of
the Seller has or have been delegated the full power and
authority to do so and to thereby bind Seller to the prom-
ises contained herein.
4. SELLER'S UNDERTAKINGS. Prior to the closing, or at some
other time when indicated, Seller shall take the appropriate ac-
tions, at its sole expense, so that:
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A. All fees, taxes, costs or other charges incurred to
obtain any permits, zoning approvals, permission to tap
into existing water and sewer lines or facilities, zoning
variances or certificates of occupancy necessary for the
construction of a multi-story apartment building containing
ninety-seven (97) units on the Premises will have been
paid by Seller and at no further cost to Purchaser, such fees
to include all those that might be due the Village of Mount
Prospect, Illinois, or the Illinois Environmental Protection
Agency. Fifty Thousand and 00/100 Dollars ($50,000.00) of
the Purchase Price is being paid to compensate Seller for
making the payments provided for herein, notwithstanding
the fact that the actual amount paid by Seller as required
hereunder may be greater or lesser than said sum;
B. At the closing, Lot 3, except for the west 184.89
feet thereof, will be dedicated as a public roadway. The
Seller hereby guarantees to Purchaser, its successors,
assigns and all future owners and tenants of the Premises,
that, with reference to the balance of Lot 3, except for the
west~28 feet thereof, the owners and residents of the Prem-
ises shall have:
(1) the right'of pedestrian access across Lot 3 in
a corridor of reasonable width so as to travel from a
sidewalk or driveway on the Premises to the point of
access, if any, between Lot 3 and the premises directly
south of Lot 3, as provided pursuant to a contract re-
ferred to in a Memorandum of Agreement recorded as Docu-
ment No. LR3202478, so long as such right of access
granted pursuant to said Memorandum of Agreement exists;
and
-6.
(2) the right of vehicular access if required by
any code, ordinance or regulation of the Village of
Mount Prospect, or any other governmental body, so that
the Premises may be operated as a ninety-seven (97)
unit multi-family apartment building. This right of
access is hereby granted in view of the current exist-
ence of Such a code, ordinance or regulation, and this
right of access may be terminated or deprived to the
owners or current tenants of the Premises only by a duly
authorized resolution of the governing body of the
Village of M~unt Prospect adopted after at least fifteen
(15) days' notice having been given to Purchaser as pro-
vided for herein and published in a paper of general
circulation in the Village of Mount Prospect;
This roadway shall be named "Centenial Drive." With ref-
erence to this roadway, some portion of this land has been
paved. As to the unpaved portion, a base, satisfactory for
paving, will be completed as soon as practicable after
weather permits. Thereafter, in 1981, all of the land which
is the subject of this roadway will be improved in compliance
with all applicable government standards, including those of
the Village of Mount Prospect, the State of Illinois, and
HUD, so that the residents of the Premises will have full
access to Westgate Road. There shall be no Special Assess-
ment or similar taxes imposed upon the owner of the Premises
arising out of the construction or dedication of this road-
way;
C. The easements currently located over a strip running
north and south across the approximate middle of the Premis-
es will have been vacated and abandoned, and all utility
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ines currently located in such easements will have been re-
located in the easements currently existing along the north-
ern, southern and western borders of the Premises, or Seller
will obtain the written agreement, prior to closing, of
the owners of such easements that they will be abandoned
and the lines relocated. All fees, charges and costs charged
or incurred in obtaining the abandonment of such easements
and the relocation of such utility lines will be paid, ex-
cept for the extra cost that might be incurred as a result
of the placing of such lines underground;
D. A certified copy of a recorded Memorandum of Agree-
ment granting the right of access
and egress for the residents and
to Prospect Plaza Shopping Center,
for pedestrian ingress
owners of the Premises
located directly south
of the Premises, will have been obtained;
E. Seller hereby grants permission and, at Purchaser's
request, will provide any necessary documents in recordable
form so that the Purchaser has the right to construct those
parking lots, sidewalks, landscaping or structures over or
under all easements owned by Seller on the Premises. Sel-
ler's rights by virtue of such easements shall remain un-
changed, except that Seller shall not exercise its rights
to access to the material in or under such easements in a
manner which would disturb or destroy the one (1) story
connecting corridor of approximately 7 feet in width shown
on or built pursuant to the Plans and Specifications submit-
ted to and approved by Seller. In the event that Seller
wishes to obtain access to any area under such connecting
corridor, Seller shall do such excavation or digging as is
reasonably practicable with available machinery. Thereafter,
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urchaser shall remove any dirt, soil or back-fill in such
easement so that Seller may maintain its pipes, lines and
other material located within such easement;
F. Seller shall have fully, complied with all local and
state subdivision laws and ordinances, including those con-
cerning recordation of any plats, necessary to allow the
conveyance of the Premises as contemplated herein;
G. Seller's current zoning laws and ordinances permit
Purchaser to construct a connecting covered walkway from
the Premises to the building currently existing on the
property north of the Premises, not larger than eight (8)
feet wide and ten (10) feet high;
H. Seller will have provided Purchaser with documents
evidencing the permission by the Village of Mount Prospect
for Purchaser to use and tap into the existing domestic
water lines north of the Premises, storm sewer lines north-
west of the Premises, and sanitary sewer line immediately
south of the Premises.
5. SELLER'S POST-CLOSING UNDERTAKINGS.
A. Until the project to be built by Purchaser on the
Premises described in the Plans and Specifications previously
submitted to Seller has been completed, Seller shall take
whatever steps as are necessary to give Purchaser the right
to ingress and egress to the Premises over that land des-
cribed as Lot 2 on the attached Plat of Subdivision, and
Seller may use the west 50 feet of the south 100 feet of
Lot 2 for trailers for the storage of construction materials
and for the construction office trailer of Purchaser or
Purchaser's contractors.
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B. Seller and Purchaser shall attempt to agree upon a
method by which a trade can be made of soil, clay or back-
fill located on the Premises for such material which may be
located on contiguous premises owned by Seller. Any sUch
trade will be conditioned upon Purchaser's rough grading Lot
2 in conformance with the proposed Park Site Grading Plan
dated March 23, 1981 and prepared by Lee Circle Associates.
Purchaser shall also provide a finish grading and landscap-
ing plan for Lot 2; provided, however, that such improvements
are to be provided by the Village of Mount Prospect. Seller
represents that no further action by its Board of Trustees
is necessary in order for it to enter into such agreement.
6. PURCHASER'S UNDERTAKINGS.
A. During the initial rent-up period for the building
to be built by Purchaser on the Premises (insofar as such
activities are in compliance with the then existing regula-
tions of HUD), Purchaser will endeavor~ in the operation of
the building to be built on the Premises and in the applica-
tion of its other occupancy criterion, to:
(i) ~ provide preference in the rental of units to
the following persons .in the fOllowing order:
(a) those people oh a list provided Purchaser
by Seller prior to Purchaser's initial rent-up of
the building;
(b)
(c)
residents;
(d)
(e)
other residents of Mount Prospect;
parents or in-laws of Mount Prospect
residents of Wheeling Township;
residents of Elk Grove Township;
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(f) other residents of Cook County;
(ii) provide representatives of the Village of
Mount Prospect with temporary office and meeting space
for the purpose of bringing municipal senior citizen
services to the residents of the site, insofar as these
activities do not conflict with the operation of the
building.
B. As soon as weather and construction scheduling per-
mits, Purchaser shall plant trees along the south property
line of the Premises and perform other landscaping as may
be approved by the Community DeVelopment Department of the
Village of Mount Prospect, as set forth in the building
permit and Plans and Specifications.
7. CLOSING. The closing shall take place between March 5,
1981 and June 1, 1981, at a time and place as set by Purchaser.
The closing may, at the ~option of either party, be done purSuant
to a standard deed and money escrow agreement, and may coincide
with PurChaser's obtaining initial endorsement of FHA insurance
on Purchaser's mortgage loan and any construction or long-term
loan secured by any assignment of any rights of Purchaser under
its Agreement to Enter Into Housing Assistance Payments ContraCt
referred to in Paragraph 2B. If the closing hereunder is done
in escrow, the cost of such escrow shall be borne equally between
the parties. If .the closing is not on March 5, 1981, the 'time
and place of the closing shall be designated by Purchaser with
at least five (5) days' prior notice to Seller. At the closing,
Purchaser Shall pay the Purchase Price as adjusted pursuant to
Paragraph 9, and Seller shall convey to Purchaser marketable
title by stamped warranty deed, subject to no liens or encumbran-
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es other than current taxes not yet due', and those matters shown
on the Commitment for Title Insurance of Chicago Title Insurance
Company, No. 6818226 (hereinafter the "Title Commitment"),~except
to the extent that such items shown on that Title Commitment
have been modified by this contract. Seller shall deliver an
Affidavit of Title, ALTA Statement, tax declarations and other
customary documents. Seller shall also deliver (a) either the
original Of the Owner's Duplicate Certificate of Title issued
by the Torrens Office of Cook County or a certified copy of
the original Owner's Certificate of Title showing title to the
Premises in Seller, subject to no liens, encumbrances or defects
in Seller's title, except for current taxes not yet due and
those matters shown in the Title Commitment; (b) those docu-
ments reasonably necessary to establish at the closing the truth
of the warranties set forth in Paragraphs 3E, G, J, K and L; and
(c) any other documents reasonably necessary to complete the
transaction contemplated herein.
8. TITLE INSURANCE. Seller has ordered the Title Commit-
ment, at Seller's expense, in the amount of the Purchase Price,
pursuant to which such title company commits to issue an Owner's
Title Insurance Policy, Form "B," with full extended coverage,
in the standard form approved by the American Land Title Associa-
tion. If the closing hereunder is done pursuant to an escrow as
provided for in Paragraph 7, the Escrow Agreement shall provide,
in addition to any other terms consistent herewith, for the
delivery of the Purchase Price to Seller only upon the title
company being prepared to issue to Purchaser a Title Insurance
Policy pursuant to the Title Commitment, showing title to the
Premises in Purchaser subject to no matters other than those
hown in such Title Commitment.
9. ADJUSTMENTS TO PURCHASE PRICE. The Purchase Price shall
be reduced by prorations for any utility charges incurred but
not paid, and as follows:
A. Tax Prorations. Applicable taxes for the tax period
~in which the closing occurs ("Proration Period") shall be
apportioned between Seller and Purchaser on, and as of, the
Closing Date, with Purchaser bearing only the expense of
that proportion of such applicable taxes that the number of
days in the Proration Period following and inclUding that
Closing Date bears to the total number of days in such
period. Applicable taxes pertaining to the tax period prior
to the Proration Period, to the extent not yet due and pay-
able, shall be borne
chaser at the closing.
If the amounts of
by Seller by remitting same to Pur-
applicable taxes to be borne by the
parties hereto, as above provided, are~ not ascertainable on
a Closing Date, the computation shall be made based upon one
hundred percent (100%) of the most recently ascertainable
tax bill; provided, however, that if the actual amounts of
applicable taxes subsequently paid by the Purchaser differ
in total from the comparable amounts used at closing, Pur-
chassr shall so notify Seller. An amended closing statement
may be prepared by either party using actual tax amounts and
the resulting adjustment shall be remitted by the liable
party within ten (10) days from receipt of said amended
statsment.
Seller shall bear the expense of the full amount of all
Special Assessments upon the Premises which have been con-
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irmed on or prior to the date of this Agreement, or which
are due and payable either in full on or prior to said date,
or by installments,. the first of which is due and payable,
or has been paid, on or before the date of this Agreement.
B. Transfer Taxes. The expense and cost of all docu-
mentary stamps, transfer, sales and other taxes relating to
the sale and conveyance of the Premises shall be paid by
Seller on or before the closing. Seller and Purchaser shall
complete, execute and verify any tax return or tax returns
required to be filed in connection with any of the for.egoing
taxes.
10. RIGHT OF ACCESS. During the term hereof, as 10ng as Pur-
chaser is not in default, it shall have the right, by itself or
through its agents, to access to the Premises for the purpose of
conducting such examination of the Premises, making such measure-
ments or surveys thereof and making such test soil borings therein
as Purchaser desires.
11. INDEMNIFICATION.
A. Purchaser shall indemnify and hold Seller harmless
against any damagaes done to the Premises, or any other
loss to or liability of Seller, by virtue of acts of Purch-
aser, or its agents, performed on the Premises while taking
the examinations, measurements, surveys and tests provided
for herein.
B. Purchaser shall indemnify and hold Seller harmless
against any damages done to Lot 2, or against any other loss
to or liability of Seller, by virtue of Purchaser's use of
Lot 2 pursuant to Paragraph 5A. Upon completion of con-
struction work on the Premises, Purchaser shall restore Lot
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to a condition substantially similar to that which it was
in prior to Purchaser's use of the Premises pursuant to
Paragraph 5A or as agreed in Paragraph 5B.
12. BROKER'S COMMISSION. Seller shall pay any real estate
brokerage commission due. Purchaser warrants that it has dealt
with no brokers with regard to the transaction contemplated here-
in.
13. CONDEMNATION OR DAMAGE. If, prior to closing, the Prem-
ises are affected by condemnation so as to materially or adversely
affect the Purchaser's planned development of the Premises, in-
cluding Purchaser's ability to obtain a construction loan, end
loan or the agreement referred to in Paragraph 2B hereof, Pur-
chaser may, at its election, by notice to Seller given within ten
(10) days following the date on which Purchaser has actual know-
ledge of such occurrence, terminate this Agreement, whereupon all
payments shall be returned to Purchaser and the parties shall
have no further rights, obligations or liabilities hereunder. If
Purchaser elects not to terminate this Agreement, the sale herein
shall be closed as provided, except that Purchaser shall take the
Premises, as affected by the condemnation, by the taking, in
which event, at closing, Seller shall pay or assign to Purchaser
all condemnation awards recovered or recoverable on account of
such taking, and execute and deliver to Purchaser such other and
further documents as Purchaser may request to perfect its interest
in and collect such awards.
14. EXECUTION OF ADDITIONAL DOCUMENTS. In order to satisfy
the conditions precedent, Purchaser may file, on its own behalf,
or on behalf of the Seller, certain documents with governmental
-15-
odies in order to obtain zoning changes or variances, permits
for construction and the Agreement to Enter Into Housing Assist-
ance Payments Contract or amendments thereto. In this regard,
Seller shall fully cooperte with Purchaser in executing all Such
documents reasonably necessary within such
required.
15. REMEDIES.
time periods as are
In the event of any breach of this Agreement
or of any warranty, undertaking, or representation hereunder,
Purchaser Shall have all rights and remedies to which it may be
entitled by law or equity so as to obtain the right of specific
performance. Seller's rights and remedies, in the event of a-
breach hereunder by Purchaser, shall be limited to forfeiture of
the earnest money.
16. SELLER'S INDEMNIFICATION OF PURCHASER. Seller shall for-
ever defend, save harmless and indemnify Purchaser and the Premises
from and against the following:
A. Any and all obligations, liabilities, claims, accounts
or demands, and of no matter how arising, in any way related
to or arising from any wrongful or negligent acts, conduct
or omission of Seller occurring on or prior to the closing,
excluding those matters as to which Purchaser shall have
obtained coverage under its title insurance policy;
B. Any loss or damage to Purchaser resulting from any
material inaccuracy in or breach of any representation or
warranty of Seller, or resulting from any breach or default
by Seller under any covenant or agreement of Seller under
this Agreement;
C. All cost and expenses, including reasonable attor-
-16-
neys' fees, related to any settlements, actions, suits or
judgments incident to any of the foregoing.
Any claims hereunder must be brought within two (2) years
from the date of closing. Purchaser shall notify Seller promptly
in the event any claim is made against Purchaser for which Seller
shall have agreed to indemnify Purchaser as set forth herein,
whereupon Seller shall undertake to defend and hold Purchaser
free and harmless therefrom. Purchaser may not settle such claims
unless Seller fails to discharge or undertake to defend Purchaser
against such liability. In the event of Seller's failure to do
so, Purchaser may settle such claims and Seller's liability to
Purchaser shall be conclusively established by such settlement,
the amount of such liability to include both the settlement con-
sideration and the reasonable costs and expenses necessarily in-
curred by Purchaser in effecting such settlement.
17. SURVIVAL OF WARRANTIES AND AGREEMENTS. All warranties,
representations, covenants, obligations, undertakings and agree-
ments contained in this Agreement shall survive the execution and
delivery of this Agreement and shall survive the closing hereun-
der and any and all performances in accordance with this Agreement
and the documents delivered in connection therewith.
18. NOTICES. All notices and other communications required
or permitted to be given hereunder shall be in writing and shall
be either hand delivered or mailed by certified or registered
mail, postage prepaid, addressed as follows:
If to Purchaser, at:
American National Bank and Trust
Company of Chicago, as Trustee
under Trust No. 43860
c/o Dell Corporation
950 Skokie Boulevard
Northbrook, Illinois 60062
Attention: Robert Neal Sklare
President
-17-
ith a copy to:
Richard L. Mandel and
Henry C. Krasnow
Mandel, Lipton and Stevenson Ltd.
10 South LaSalle Street
Suite 1200
Chicago, Illinois 60603
If to Seller, at:
Village of Mount Prospect
100 South Emerson
Mount Prospect, Illinois
Attention: Terrence L. Burghard
Village Manager
with a copy to:
Ms. Susan Stearns
Ross, Hardies, O'Keefe,
and Parsons
One IBM Plaza
Room 3100
Chicago, Illinois 60611
Babcock
In the event that notice is not hand delivered, it shall be deemed
given when mailed as provided for herein.
19. MISCELLANEOUS.
A. This Agreement contains the entire agreement between
the Seller and Purchaser, and there are no other terms, con-
ditions, promises, understandings, statements or representa-
tions, express or implied, concerning 'the sale contemplated
by Paragraph 1 hereof.
B. This Agreement shall inure to the benefit of and
bind the parties hereto and their respective heirs, execu-
tors, administrators, personal representatives, successsors
and assigns.
C. The headings to the sections hereof have been in-
serted for convenience of reference only and shall in no way
modify or restrict any provision hereof or be used to con-
strue any of such provisions.
D. This Agreement shall be governed by the laws of the
State of Illinois. If any provision of this Agreement is
-18-
llegal, the remainder shall not be affected thereby.
E. Time is of the essence.
F. This Agreement may be executed in any number of
conterparts which, together, shall constitute the contract.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed.by their duly authorized agents as of
the day and year first above written.
SELLER:
ATTES~ . / .
Its
THE VILLAGE OF MOUNT PROSPECT,
an Illinois municipal corporation
ATTEST:
PURCHASER:
AMERICAN NATIONAL BANK AND TRUST
COMPANY, as Trustee under Trust
No. 43860
By: DELL - MT. PROSPECT SOUTH, an
Illinois limited partnership,
beneficiary
By:
DELL CORP0~ATION,~ ~ral
Robert N. S~%/~re,~
President /
/
-19-
XHIBIT A
LEGAL DESCRIPTION
LOT 1, IN C~NNIAL SUBDMSION FTT,ED FEBRUARY 11, 1981 AND FTT,ED AS
LR3202476, BEING A RESUBDMSION OF THE THAT PART OF LOT 1 IN PLAZA
SUBDMSION, BEING A SUBDMSION OF PART OF TH~ SOUTH WEST 1/4 OF
SECTION 35, TOLNSHIP 42 NORPH, RANGE i! EAST OF THE THIRD P~IPAL
MER/DIAN DESCRIBED AS FOTJOWS:
BEGINNING AT THE NORTH EAST CORNER OF SAID LOT 1 OF pLAZA SUBDIVISION:
THENCE WESTBD2qD ALONG THE NORTH LINE OF SAID LOT 1, BEING THE NORTH
LINE OF T~E SOUTH 1322.31 FE~±' (AS MEASURED ON THE FAST LINE) OF THE
EAST 1/2 OF THE SOUTH WEST 1/4 OF SECTION 35, NORTH 89 DEGREES 37
MINUTES 28 SECONDS ~ST, A DISTANCE OF 1279.91 FEET; THZ~CE ~
ALONG THE WEST LINE OF THE EAST 1/2 OF THE SOUTH WEST 1/4 OF SAID
SECTION 35, SOUTH 00 D~REES 01 MINUTES 21 SECONDS WEST, A DISTANCE OF
235.00 FEET; THENCE SOUTH 89 DEGI~E~-q 37 MINUTES 28 SECONDS EAST A
DISTANCE OF 698.30 FEET; THENCE NOI~i~H 00 DEGI~.q 01 ~ 21 SECONDS
EAST, A DISTANCE OF 123.99 FEET; THZNCE NORi~H 89 DEGREF. q 39 MINUTES 43
SECONDS EAST, A DISTANCE OF' 416.97 ~ A ~/NT OF CURVATURE; THENCE
EASTWARD ALONG A CURVED LINE CONVEXED TO THE NORTH, OF 40 FEET IN
RADIUS, FOR AN ARC LENGTH OF 16.22 FEET TO A POINT OF TANGZNCY; THENCE
SOUTH 67 DEGR~m%q 05 M~NUTES 57 SECONDS EAST, A DISTANCE OF 135.16 FEET;
THENCE SOUTH 89 DEGRERq 26 MINUTES 43 SECONDS EAST, A DISTANCE OF 24.37
FEET TO A POINT ON THE EAST LINE OF SAID LOT 1 OF PLAZA SUBDMSION;
THENCE NORTHWARD ALONG THE SAID EAST LINE~ NORTH 00 DEG1~ ~T, A
DISTANCE OF 160.72 FEET TO TI{E PLACE OF BEGINNING IN COOK COUNTY,
ILLINOIS.
COMMONLY ~ AS 900 East C~tennial Drive, Mt. Prospect, Illinois.
Approximate area: 2.12956 acres
-20-
ESCROW TRUST AGREEMENT
THIS ESCROW TRUST AGREEMENT is made this /~ day of
April, 1981 by and between HENRY C. KRASNOW, MANDEL, LIPTON
AND STEVENSON LIMITED, 10 South LaSalle Street, Chicago,
Illinois 60603 for AMERICAN NATIONAL BANK & TRUST COMPANY
OF CHICAGO as Trustee under Trust ~43860 (hereinafter
called "Purchaser"), and SUSAN STEARNS, ROSS, HARDIES,
O'KEEFE, BABCOCK & PARSONS, One IBM Plaza, Chicago, Illinois
60611 for the VILLAGE OF MOUNT PROSPECT, Mount Prospect,
Illinois (hereinafter called "Seller") and CHICAGO TITLE
INSURANCE COMPANY, 111 West Washington Street, Chicago,
Illinois (hereinafter called "Escrow Trustee").
RECITALS
The following is a Recital of Facts underlying this
Agreement:
On April /~/, 1981, Seller and Purchaser entered into
-/
an agreement under which Seller agreed to sell and Purchaser
agreed to buy (provided that all the terms of Said agreement
were either satisfied or waived by Purchaser) certain real
estate situated in the City of Mount Prospect, Illinois.
This agreement is referred to as the "Agreement to Purchase"
Seller and Purchaser desire that the Escrow Trustee hold
and invest the earnest money deposit made pursuant to the terms
of Paragraph 1 of the Agreement to Purchase.
NOW, THEREFORE, the parties hereto agree as follows:
1. Purchaser shall deliver to the Escrow Trustee simul-
taneously with the execution of this Agreement, Twenty-Five
Thousand Dollars ($25,000) payable to the Escrow Trustee.
Cash deposited with the Escrow Trustee and proceeds from
maturing investments and earnings thereon shall be invested or
r reinvested by the Escrow Trustee upon the written direction
of the Purchaser.
2. The Escrow Trustee shall pay all amounts deposited
herein and all interest and earnings thereon~at the directfon
of the Purchaser upon the delivery to the Escrow Trustee by
the Purchaser of a written request for such payment, accompanied
by a statement by Purchaser, or i~s a~torney, that Purchaser
does not intend to proceed with the purchase of the land described
in the Agreement to Purchase because of a failure to satisfy a con-
dition precedent as stated in such Agreement, a breach of a warranty
by Seller contained in such Agreement, or a failure by Seller to
fulfill its undertakings set forth in such Agreement. This state-
ment must be accompanied by a certificate stating that a copy of
it has been delivered to Seller at the address shown herein.
Payment pursuant to such request shall be made by the Escrow
Trustee four (4) business days after the receipt by the Escrow
Trustee of such request.
3. After June 1, 1981, the Seller shall have the right to
direct the Escrow Trustee to pay the amount deposited with it,
plus the interest and earnings thereos, upon giving the Escrow
Trustee a notice stating that to the best of Seller's information
and belief, the conditions precedent in the Agreement to Purchase
have been met, the Seller's warranties stated in the Agreement to
Purchase are true, that the Seller has fulfilled all of its under-
takings as set forth in the Agreement to Purchase, Seller is ready
and able to perform all of its obligations pursuant to the Agreement
to Purchase and that the closing of the sale described in the
Agreement to Purchase has not taken place through no fault of Seller.
This notice must be accompanied by a certificate, stating that a copy
of it has been delivered to the Purchaser at the address shown herein.
Payment pursuant to Seller's directions shall be made four (4) work-
ing days after receipt by the Excrow Trustee of Seller's directions.
-2-
4. In the event that the funds deposited herein and the
interest and earnings there6n are not disbursed pursuant to
Paragraphs 2 or 3 hereof, the said funds shall be disbursed
upon the joint written order of the parties hereto.
5. Seller shall bear the cost of this escrow.
6. The aforesaid Agreement to Purchase between Seller and
Purchaser shall survive the execution of this Escrow Agreement.
In the event of any conflict between the terms of this Escrow
Agreement and the terms of the Agreement to Purchase, the terms
of the Agreement to Purchase shall govern.
7. For purposes of this Escrow Agreement, Saturdays,
Sundays and other holidays observed by governmental offices in
Cook County, Illinois, shall be deemed holidays. Whenever the
time for performance of a condition or the making of an escrow
delivery hereunder falls upon a holiday, the time for performance
thereof or for such delivery shall be extended to the next business
day.
8. All notices, requests, demands or communications to anY
party hereto, shall be in writing and delivered personally or
mailed by certified or registered mail, postage prepaid, return
receipt requested, addressed as follows:
If to Purchaser:
with a copy to:
American National Bank and Trust
Company of Chicago, as Trustee
under Trust No. 48360
c/o: Dell Corporation
950 Skokie Boulevard
Northbrook, Illinois 60062
Attention: Robert Neal Sklare
President
Richard L. Mandel and
Henry C. Krasnow
Mandel, Lipton and Stevenson Limited
10 South LaSalle Street
Suite #1200
Chicago, Illinois ~0603
-3-
f to Seller:
with a copy to:
If to Escrow Trustee:
Village of Mount Prospect
100 South Emerson
Mount Prospect, Illinois
Attention: Terrence L. Burghard
Village Manager
Ms. Susan Stearns
Ross, Hardies, O'Keefe, Babcock
and Parsons
One IBM Plaza
Room 3100
Chicago, Illinois 60611
Chicago Title Insurance Company
111 West Washington Street
Chicago, Illinois 60602
Attention: Escrow Trust Dept. #
Any notice sent to any party hereunder shall be sent to
all parties hereunder. In the event that notice is not hand
delivered, it shall be deemed given when received as provided
for herein.
9. The foregoing is subject to the following conditions:
A. The obligations and duties of the Escrowee
are confined to those specifically enumerated in the
escrow instructions. The Escrowee shall not be subject
to, nor be under any obligation to ascertain or construe
the terms and conditions of any other instrument, whether
or not now or hereafter deposited with or delivered to
the Escrowee or referred to in the escrow instructions,
nor shall the Escrowee be obliged to inquire as to the
form, execution, sufficiency, or validity of any such
instrument nor to inquire as to the identity, authority,
or rights of the person or persons executing or deliverihg
the same.
B. The Escrowee shall not be personally liable
for any act which it may do or omit to do hereunder in
good faith and in the exercise of its own best judgment.
- 4 -
ny act done or omitted by the Escrowee pursuant to the
advice of its attorneys shall be deemed conclusively to
have been performed or omitted in good faith by the
Escrowee.
C. If the Escrowee should receive or become aware
of any conflicting demands or claims with respect to
this escrow, or the rights o~ any of the parties hereto,
or any money, property, or instruments deposited herein
or affected hereby, the Escrowee shall have the right
in its sole discretion, without liability for interest
or damages, to discontinue any or all further acts on
its part until such conflict is resolved to its satis-
faction and/or to commence or defend any action or
proceeding for the determination of such conflict.
D. The parties to this escrow agree, jointly and
severally, to indemnify and hold the Escrowee harmless
from and against all costs, damages, judgments, attorney's
fees (whether such attorneys shall be regularly retained
or specially employed), expenses, obligations, and
liabilities of every kind and nature which the Escrowee
may incur, sustain, or be required to pay in connection
with or arising out of this escrow, and to pay to the
Escrowee on demand the amount of all such costs, damages,
judgments, attorney's fees, expenses, obligations, and
liabiltieis. To secure said indemnification and to
satisfy its compensation hereunder, the Escrowee is
hereby given a first lien upon and the right to reimburse
itself therefor out of, all of the rights, titles, and
- 5 -
nterests of each said parties in all money, property, and
instruments deposited hereunder.
10. The Escrow Fee is $ ~O~ -
PURCHASER:
~ AMERICAN NATIONAL BANK & TRUST
COMPANY OF CHICAGO as Trustee
under Trust $43860,
HENRY ~.
Its Attorney
SELLER: -
VILLAGE OF MOUNT PROSPECT:
SUSAN S TEA~S
Its Attorney
FOR ESCROW TRUSTEE:
CHICAGO TITLE INSURANCE COMPANY,
BY:
-6-
XHIBIT A
LEGAL DESCRIPTION
E~IAT~riNG AT THE NORTH F3~ST CORNER OF SAID LOT 1 OF PLAZ~A SUBD1ATISION:
~ W~ ~NG ~ NO~ L~ OF SA~ ~ t, ~ ~ NO~H
L~ OF ~ ~ 1322.31 ~ (~ ~b~ ON ~ ~T L~) OF ~
~ 1/2 OF ~ ~ K~ST 1/4 OF ~ION 35, ~R~ 89 D~-q 37
~ 28 S~S %~, A DI~ OF 1279.91 ~; ~ ~~
~NG ~ ~ L~ OF ~ ~T 1/2 OF ~ ~ I~T 1/4 OF SATIn
S~I~ 35, ~b~ 00 D~R~.q 01 ~S 21 S~OA~S ~, A DI~ OF
235.00 ~; ~E ~H 89 D~q 37 M~r~ 28 S~S ~T A
DIS~NCE OF 698.30 ~; ~E NO~ 00 D~B~S 0t ~ 21 S~A~S
~T, A DIS~ OF 123.99 ~; ~CE ~ 89 D~S 39 F~ 43
S~A~S ~T, A DISTk~CE OF 416.97 ~ ~ A ~7 OF C~~; ~
~~ ~ A ~ L~ ~L~ ~ ~ NO~, OF 40 F~ ~
~S, ~R ~ ~C I~G~ OF 16.22 F~ ~ A ~Z~7 OF ~N~Cf; ~
SO~H 67 D~-q 05 F~ 57 S~S ~, A DI~E OF 135.!6 ~;
~ S~ 89 D~ 26 N~S 43 ~S ~T, A DiSTaNCE OF 24.37
~ ~ A PO~ ON ~ ~ L~ OF ~ ~ 1 OF PL~ ~D~SION;
~ NO~ ~S ~ S.~ ~T L~, ~H 00 D~q L~T, A
DISEASE OF 160.72 F~ ~ ~'~ PLA~ OF ~~G ~ ~K COUT~~,
~,T,~IS.
he Parties have heretofore entered into a contract for the
sale of the premises described in the above-referenced commit-
ment and the Parties agree that this escrow shall not supercede
the contract but is merely intended to supplement it.
In the event Chicago Title Insurance Company is not pre-
pared to issue its Owner's and/or Mortgage Title Insurance
Policies as provided herein or you are not prepared to
execute the disbursement and other instructions contained
herein on or before April 30, 1981 you are hereby authorized
and directed to continue to comply with the Escrow Trust
Instructions until the receipt of a written demand from
any party hereto for the return of Escrow Trust Deposits
made by said party. Upon receipt of such a demand you are
hereby authorized and directed to return to the party
making such demand the Escrow Trust Deposits made by such
party without notice to any other party and to deliver the
remaining Escrow Trust Deposits to the sole order of the
respective depositors, thereof.
e
If the escrow trust agreement directs you to continue to
comply with instructions following expiration of a time
limit for making a deposit until demand is received from
the other party, unless otherwise provided herein, the
deposit may be made and accepted at any time prior to
receipt of the demand and the default will be cured by
said deposit.
He
Wherever under the terms and provisions of this Escrow Trust
agreement the time for performance of a condition falls upon
a Saturday, Sunday or holiday such time for performance shall
be extended to the next business day.
For Buyer
Accepted:
Chicago Title & Trust Company, Escrow Trustee
-3-
e
When Chicago Title Insurance Company is prepared to issue
its regular form of OWner's Title Insurance Policy, subject
to the usual terms.~nd conditions contained therein,'with full
extended coverage, insuring the title of Buyer under the
aforesaid deed, in the amount of $250,000.00 subject to the
following:
a) General Taxes for the year 1980 and subsequent years,
b) Exceptions shown on Commitment No. 68 18 226 dated
February 11, 1981, except exceptions 8, 10, 13, and 18,
you are hereby authorized and directed to proceed.as follows:
1. Register any deed and mortgage documents with the Cook
County Registrar of Titles.
2. Delive~t_h~e documents specified in Paragraph A. 3, 6, 7, 8,
10, 11, 12 and 13 to Buyer or its att0~ney.
Pay Seller's escrow charges and all title charges for
the Owners Title Insurance Policy in the amount of
$250,000.00.
e
Se
Pay Buyer's escrow charges and all.recording fees,
remitting balance of Buyer's deposit, if any, to Buyer.
Pay balance of proceeds as directed by Seller or its
attorney.
Deliver to Buyer or its attorney the Deed, ~ners Title
Insurance Policy, and Receipt for Owners Certificate of
Title (Torrens).
Dt
Notwithstanding the foregoing, if Chicago Title Insurance
Company is not prepared to proceed pursuant to Paragraph C above
prior to the end of business on April 30, 1981, solely due to
the failure of Buyer or its attorney to make the deposits set
forth in Paragraph B. 2 and 3, above, you are hereby authorized
and directed at that time to pay the balance of proceeds as
directed by Seller or its attorney and to deliver the docu-
ments set forth in Paragraph C. 2 above to Buyer or its
attorney.
E. Billing Instructions:
1. Charge Seller for Owners Title Policy as required in
Paragraph C. 3 above.
e
Charge Buyer for later date to include the registration
of the Deed to the Buyer and Deed in Trust, the mortgage,
assignment of rents, financing statements and other
security documents, if any, and mortgage policy, if any.
3. Charge one-half of deed and money escrow fee to each
party.
-2-
SCROW TRUST INSTRUCTIONS
ESCROW TRUST
Chicago, April 28, 1981
TO:
A.
Chicago Title and Trust Company, Escrow Trustee:
Susan N. Stearns of Ross, Hardies, O'Keefe, Babcock & Parsons,
One IBM Plaza, Chicago, Illinois, Attorney for the Seller,
will deposit the following:
e
Warranty deed from Village of Mount Prospect, an Illinois
municipal corporation to American National Bank and Trust
Company of Chicago, as Trustee under Trust No. 43860,
conveying the real estate legally described in Exhibit A
attached hereto, in duplicate.
ALTA statement, in duplicate.
Affidavit of Title.
4. Copy of receipt from Register of Torrens Titles of Cook
County, Illinois for Certificate No. 1282340.
5. Torrens Tax Searches.
6. Evidence of zoning compliance.
7. Evidence of permission to tap onto existing water and
sewer lines.
8. Certified copy of Ordinance No. 3037, An Ordinance Granting
Zoning for Property Located at 900 East Centennial Drive.
Certified copy of Ordinance No. 3085, An Ordinance Authoriz-
ing This Sale of Certain Village Owned Real Estate (Senior
Citizen Housing).
10. Affidavit of no condemnation.
11.
12.
Partial Release of Easement from Illinois Bell.
Commonwealth Edison Company Work Agreement for relocation
of facilities.
13. Attorney's letter re: building permit.
Richard L. Mendel of Mendel, Lipton and Stevenson, Ltd.,~
10 South LaSalle Street, Chicago, Illinois 60603, attorney
for the Buyer will deposit the following:
1. $213,979.82, including $160.00 as a deposit to be applied
toward Buyer's share of escrow charges.
2. $ as a deposit to be applied toward Torrens
registration fees.
e
~-rk'~-ri~.~S AT T~.~ NO.~Lr~,~ ~T ~%~ OF SA~ ~ 1 OF PL~A g~SSION:
~ R~'D~ A~NG ~ NO~ L~ OF SA~ ~ !, ~S ~ NO~H
L~ OF ~ ~'~H 1322.3! ~ (~S !~3b~ O~ ~
~ 1/2 OF ~ SOU~-~ ~N~T 1/4 OF ~ION 35, A~R~ 89 D~-~ 37
~L~ 28 S~O~S ~.~, A DI~ OF 1279.9! ~;
A~NG ~ I~T L~ OF ~. E~T 1/2 OF ~ ~L~H %.~T 1/4 OF
S~ION 35, SO'~H 00 D~R~S 01 b~S 2! S~S ~EST, A DI~A_K~ OF
235.00 ~; ~ ~ 89 D~ 37 ~u~ 28 S~R~S L~3T A
DIS~2~CE OF 698.30 ~; ~-~CE NO~q 00 D~P~A 0t MZ~ 2! S~O~S
E~3T, A DISTA.~ OF 123.99 ~; ~CE ~40~ ~9 D~R~ 39 M~u~ 43
S~K~S ~T, A D~TA~CE OF 416.97 ~ ~ A ~ OF
~D~S, ~R D.~ ~_RC Y~G~H OF 16.22 ~ ~ A ~7 OF
~H 67 D~q 05 ~ 57 S~S ~, A Di~_~CE OF 135.16
~ SO'~q 89 D~P~ 26 ~.~ 43 ~S E~ST, A D!STA~ OF 24.37
DiSTA2~CE OF 160.72 F~ ~ ~ P~ OF ~'~G .~ ~K CO'~f,
~0iS.
~ ~ ~ T~S ~R ~ ~ 1980. A_~ ~~ ~;
~l~ ~'~S ~OPD~ ~ ~~S NOS, 19294852, 2076i400~
L~104778, L~202476, 18526539 ~ ~2~ ~%~S COR~D~ ON
OF .~9~ F~ F~ !!~ 1981 ~ ~07.~ NO, k~3202478.
· ---'-~T~-~DEED IN TRUST
;Fo;rn l§i' tie',', ll-?l
THIS INDENTURE WITNESSETH, THAT THE GRANToR,Village of Mount Prospect, a municipal
poration created and existing under and by virtue of the Laws of the State of Illin,
-~ff-~,.h~--g.;~C-~b .--rrrd'~'t~'fe-~'l~ , for and in consideration
of the sum of Ten and no/100 ....... Dollars ($ 10.00 ),
in hand p~id.and of, pther, good and valuable,considerations, raeow~int of which is-hereby, duly acknowladged, Conve~
p;~s~u ~o, au~orxu~ g~v~ Dy ~e ~a o~'z~s o~ s~u.~cx~z ~raL~on
and Warrant$~unto AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, a national bankin~
association whose address is 33 No. LaSalle Strut, Chicago, Illinois, as Trustee'Under the provisions of a cemaln Trust
the following described real estate in the County of C~k and State of Illinois, to wit:
See Rider Attached Hereto and Made Part Hereof
)is
Village of Mount Prospect
COU.~TY o~' (7~." i~ County. in the State aforesaid, do hereby certify that Carol~Tl
~rso~!!y ~m ~ ~ to be ~e President of the Village of }~t Pros~, ~d
C=~ol F~d. ~~ ~m ~ ~ ~ ~ ~e Village Clerk of said. Village
persona ly known to me to ~ th~ same ~rson $ whose nam~ a~ subscri~d to the {oregolng instrument,
.app~red before me this day in person and acknowledged that ~ey signed, sealed and
delivered the ~aid instrument a~ ~ir free and voluntary act, for the uses and pur~ses ~herein set
GIVEN under my hand and ~wTt'~f-'~--
~eal this ~"~' day of
^'ot~'~ P~blic
Ame!ican National Bank and Trust Compan4 of Chicago
Box 221
above described property.
111 WEST WASHINGTON STREET * CHICAGO,_ ILLINOIS"60602,~
ALTA LOAN AND EXTENDED COVERAGE OWNERS POLICY STATEMENT
Commitment No, 6 8 18 2 2 6 Loan No.
The undersigned hereby certifies with respect to the land described in the above commitment:
1. That, to the best knowledge and belief of the undersigned, no contracts for the furnisliing of any labor or material to the land or the
improvements thereon, and no security agreements or leases in respect to any goods or chattels that have or are to become attached to the land or any
improvements thereon as fixtures, have been given or'are outstanding lhat have not been fully performed and satisfied; that there are no unrecorded
contracts to purchase the land; and that there are no unrecorded leases to which the land is subject, except as listed below, and tliat if any leases are
listed below, they contain no options to purchase, rights of renewal, or other unusual provisions, except as noted below. (If no leases or contracts,
state "none".)
None
(Use back page hereofif necessary)
2. That, in the event the undersigned is a mortgagor in a mortgage to be insured under a loan policy to be issued pursuant to the above
comrrfitment, the mortgage and the principal obligations it secures are good and valid and free from all defenses; that any person purchasing tlie
mortgage and the obligations it secures, or other~ise acquiring any interest therein, may do so in reliance upon the truth of the matters herein recited;
and that this certifmtion is made for the purpose of better enabling the holder er holders, from time to time, of the above mortgage and obligations to
sell, pledge or otherwise dispose of the same freely at any time, and to insure the purchasers or pledgees thereof against any defenses thereto by the
mortgagor or the mortgagor's heirs, personal representative or assigns.
The undersigned makes the above statements for the purpose of inducing Chicago Title Insurance Company to issue its owners or loan policy
pursuant to the above commitment.
Date
I Seller or Owner
N
D
I
¥ (Seal)
D D
U U
A (Seal) A
L L
$
IN WITNESS WHEREOF,
Mount Prospect
The Village of
has caused these
presents to be signed by its vil la_q'e
Pres/dent and attested by its Vi 11 age Cle rk
~o~et-a-r~ under its corporate seal on the above date.
·By~/~/~ 11 President
Village Clerk ~
Purch~er
(SeaI)
(Seal)
IN WITNESS WHEREOF,
has mused these
presents to be signed by its
President and attested by its
Secretary under its corporate seal on the above date.
ATTEST:
President
Secretary
The above statements are made by
not personally but as Trustee under the trust agreement 'lmown as
Trust No. , on the above date by virtue of the
su:itten authority and direction of the beneficiaries under the trust.
(Seal)
The above statements are made by
not personally but as Trustee under the trust agreement known as
Trust No. , on the above date by virtue of the
written authority and direction of the beneficiaries under the trust.
(Seal)
I/We certify that no survey was furnished to me/us and none is
available.
Purchaser(s)
LENDER'S DISBURSEMENT STATEMENT
The undersigned hereby certifies ihat the proceeds of the loan secured by the mortgage to be insured under the loan policy to be issued pursuant
of the s i provements or repairs on the land. You arc hereby authorized
to date down the above commitment to cover the date of said disbursement.
Dated
F. 3736 R. 12-75
Signature
OVENANT AND WARRANTY AUGUST, !966
STATE OF __
COUNTY OF COOK t SS
LEGAL
The undersigned affiant, being first duly sworn, on oath says, and also covenants with and warrants
to the grantee hereinafter named:
That affiant has an interest in the premises described below or in the proceeds thereof or is the grantor
in the deed dated April 2~ ,1981 ,to American' National Bank and
Trust Company of Chicago, as Trustee under Trust No. 43860
grantee, conveying the following described premises:
See Rider Attached Hereto and Made Part Hereof
That no labor or material has been furnished for premises within the last four months, that is not
fully paid for.
That since the title date of February 11 , 1981 , in the report on title issued
by Chi~a~o Title Insurance Company , affiant has not done or
suffered to be done anything that could in any way affect the title to premises, and no proceedings have '
been filed by or against affiant, nor has any judgment or decree been rendered against affiant, nor is there
any judgment note or other instrument that can result in a judgment or decree against affiant within five
days from the date hereof.
That this instrument is made to induce, and in consideration of, the said grantee's consummation
of the purchase of premises.
Affiant further states:
NOTHING
Subscribed arid sworn to before me
this ~/.~ 2-q4% day.. of - g"~ \ ', 19~'i.
NOTARY PUBLIG
VILLAGE OF MOUNT PROSPECT
V~l-,~-a-~' i r es i dent
P-~-IA%_~G AT THE NO.~T~H -EAST ~ OF SA~ ~ 1 OF PL~A g~TS!ON:
~ R~ A~NG ~ NO~q L~ OF ~ ~ !, ~G ~ N0~H
L~ OF ~ ~'~H 1322.31 ~ (~S ~3b~ ON ~r~
~ 1/2 OF ~r~ SO~H ~T !/4 OF ~ION 35, A~R~H 89 D~R~ 37
~r~ 28 S~OX~S ~, A D!~ OF 1279.91 ~;
A~NG ~ ~T L~ OF ~. E~ 1/2 OF ~ S0i~ %'~T 1/4 OF SA2D
S~ION 35, SO~q 00 D~9~-q 0! ~-~ 21 S~ON~S %~, A DI~A.%~ OF
235.00 ~; ~4~ ~ 89 D~q 37 !~ 28 S~lOS ~3T A
D!SZ~CE OF 698.30 ~; ~E NO~H 00 D~P~S 0!
E~3T, A DISTA.N~ OF 123.99 ~; ~r~CE NO~H S9 D~q~c 39 M~L~ 43
S~k~S ~T, A DiSTA~CE OF 416.97 ~ ~ A ~7 OF
~D~S, ~R D_~ ~C I~G~H OF 16.22 ~ ~ A ~7 OF
~ 67 D~ 05 ~ 57 S~S E~, A DI~_K~E OF 135.16
~=~ SO~-i 89 D~R~ 26 ~.~ 43 S~S L~ST, A DISTD~CE 0F 24.37
~ ~ A PO~ ON ~ ~ I.,~ OF ~%~ ~ ! OF P~% ~BD~TSION;
~'~CE NO~U~ A~ ~ ~m~ E~T ~,~, A~H 00 D~q ErnST, A
DISTA14CE OF 160.72 F~ ~ ~ P~ OF ~Z'~G .~ ~K CO~f,
LOSING STATEMENT
SELLER
BUYER:
PROPERTY:
DATE OF CONTRACT:
CLOSING DATE:
POSSESSION DATE:
PRORATION DATE:
BROKER:
Village of Mount Prospect
Dell Corporation
Lot 1 of Centennial Subdivision
April 14, 1981
April 28, 1981
April 28, 1981 or when escrow distributions made
April 28, 1981
None
CREDIT CREDIT
BUYER SELLER
Selling Price as Described
in Contract
Earnest Money
Real Estate Taxes: 1980
1/1/81 to 4/28/81
Estimated Buyer's Share
of Escrow Charges
Balance to close
25,000.00
8,466.32
2,713.86
213,979.82
$250,000.00
$250,000.00
160.00
$250,000.00
Seller
Buyer
10UNT I)JIOSt'ECT FJ/IE Dt-;PART~iENT.
gureaC .~f Code EnfOrcement
TO:
FROM:
SUBJECT:
DATE:
.Carol Fields, Village Clerk
Captain Leslie H. Wuollett, Superintendent of Building
Water and Sewer Tap-Ons for Centennial South Projec~
4/27/81
The plans for the project known as "Centennial South"
(housing for senior citizens, located at 900 E.
Centennial Drive) have been approved by all departments
of the Village. These plans included water and sewer
tap-ons. A permit for the building was issued, based
on the approved plans. Therefore, the developer'of
Centennial South has permission from the Village
of Mount Prospect to make tap-ons for sewer and water,
as indicated in the approved plans.
XHIBIT A
LEGAL DESCRIPTION
B_~IA%r/NG AT THE NORI~H FAST O0~R OF SA~ ~ ! OF PLeA ~ISION:
~ B~ ~NG ~ NO~ L~ OF SA~
L~ OF ~ ~ 1322.31 ~ (~S ~b~ ON
~ 1/2 OF ~ ~ ~%~ST 1/4 OF ~ION 35, NOR~4 89 D~R~q 37
~ 28 S~O~S %~, A DI~k~ OF 1279.9!
~NG ~ ~'~ L~ OF ~ ~3T 1/2 OF ~ ~H ~T 1/4 OF SAID
S~ION 35, ~ 00 D~q 01 ~S 2! S~OX~S ~, A DI~ OF
235.00 ~; ~ ~H 89 D~q 37 F~-~S 28 S~N~S ~T A
DIS~NCE OF 698.30 ~; ~E NO~H 00 D~R~S 01 ~ 21 S~X~S
~T, A DIS~ OF 123.99 ~; ~CE A~q 89 D~R~c 39 F~r~ 43
S~R~S ~T, A DISTANCE OF 416.97 ~ ~ A
~~ ~ A ~ L~ ~N~ ~ ~r~ NO~H, OF 40 F~
R~DrJS, ~R ~ .~C ~G~H OF 16.22 F~ ~ A
SO~H 67 D~R~S 05 ~ 57 S~S E~, A Di~E OF 135.!6
~ S~H 89 D~ 26 }~S 43 S~S ~3T, A DiSTk~CE OF 24.37
D!S~k~ OF 160.72 F~ ~ ~ PLA~ OF ~~G ~ ~K COLZ'~,
~7~IS.
TATE OF ILLINOIS )
) ss
COUNTY OF C 0 0 K )
AFFIDAVIT
The undersigned, Village Manager of the Village
of Mount Prospect, Cook County, Illinois, being first duly
sworn on oath, states that, with respect to the Premises,
legally described on Exhibit A attached hereto and made part
hereof, no condemnation has occurred and, to his knowledge
and to the knowledge of the Village, no such condemnation is
pending, threatened, or formally or informally suggested.
Terrence L.
Village Manager
SUBSCRIBED and SWO~ to
before me this ~3~day
of ~ , 1981.
Notary Public
,., LE-~ E 1.,j C) ~
RGEo UNDER CU~:O,,~JR WO~ AGP~EE~NT
Section A - Providing Customer-o~med electric service facilities
as described below:
Total Cost $
Section B - Relocating or modifying Company-owned facilities as
described below:
Relocate overhead poles and ~ires at the customer's request.
Total Cost $,,665!o00
Section C - Providing "Optional Facilities" as described below:
~ot~l
Base revenue ta×
~nicipa! ta~ addi'~ion
~ua~,e tax ~dfi~t~c~
Home rule tax
Total ~customer c~,~'~e inclu~!n~ ta.wes
6651.00
6651.OO
agreemen's l~o.
-The Commo~..,~alth Edison Company ("~ompsmy") and_k_._~o~ of Mt. Prosp,
("Customer") agree that the Company will
fur.;~ish at 'the Customer's expense the labor and materials necessary to do th
work for the Customer on or adjacent to the Customer's premises at
N/Central, E/Rand, Mt. Prospect , Illinois~ described in Sections
B, and/or C'"'below and on"th'e reverse side hereof.
Providing electric service facilities to. be owned and
maintained by the Customer.
Relocating or modifying Company-owned facilities as
required by the Customer.
Providing Company-owned "Optional Facilities" required
in excess of standard for the supply of electric
service to the Customer.
The Customer agrees to pay to the Company:
The sum of $ 665t.00 at the time this agreement
is accepted'.
An amount based on the accumulated cost of the work,
to'be determined after completion in accordance with
the Company's established procedures.
~ne sketch~ if any, attached hereto is hereby made a part of this
;~reement and expressly design%tes o~mership of the facilities referra~ to.
Work will be done during the Company's regular working hours:
~nless otherwise specified.
This Agreement shall be void if not accepted by the Customer within
ninety days from date submitted.
Transformers and metering equipment .installed in conjumction with this
work~ shall in all cases, remain the property of' the Company.
In the event the work covered by this Agreement camnot be completed
within one year from the above date as a result of delays on the part of
the Customer or because the Company has been denied access to the premises,
the charge to the Customer shall be recomputed based on the level of ccsts
prevailing at the time of completion of the work as stipulated in the
Comps~ny's General Company Order No. 25.
FOR T},.%E CO~PA[~.
~uo...~ed by
Marshall Sn,_~
Appro. ved by
Title
· Customer's Mailing Address:
100 S. Emerson St. - Attn: Kenneth
Fritz
Mt. Prospect, Illo 60056
S.E.R. N-I-~OOM P.L. ~25353~ L.0, M.0. C.J.0.
o ...... ~ iLL,Nots mEaL Yr-[EPHONE COMP^NY
'- FACILITY REPORT
- ' /"-'~CESS COSI ON COMMERCIAL DEPARTMENT SERVICE ORDER?~
~m. J-}I- Boraska DIVISION ?,[~ffrn-Nnrrh EXCHANGE Arl ington HoE~hts _
No. NAME ADDRESS ORDER ~]AYE OF SERVICE I ANNU;
NO, APPLICATION CLAES. N~ILEAGE:
~. ~ Village of Mt. Prospect 100 S. Emerson St.
2. )~tn~ MPnn~rh ~_ Vrlrz Hr. Prurient_ TL 60056
CONSTRUCTION NECESSARY TO COMPLETE ORDERS
Re_Location ot 100 pr aerial
cable to new easement and
placing new buried plant.
Re: Senior citizens housing
Mt. Prospect Plaza
Mt. Prospect, Illinois
2J. 5082-B
ESTIMATED COST
32X
45C
000
'OT A !.
3040.45
PROSPECTS OF FUTURE BUSINESS (WlTmN Z YEAR:~}
NO.
IS APPLICANT THE OWNER7
IF L~ASED. EXPIRATION DATE
PROPERTY VALUATION
CONSTRUCTION ALLOWANCE
BILL CUSTOMER
RECOM HEN DED:
J
CUSTOMER NO. Z CUSTOMER NO. 3 CUSTOMER IIO. ~
APPROVED:
APPROVED:
DATE
DATE
XHIBIT "A"
EASEMENT TO BE VACATED
Beginning at the Southwest corner of Lot 1 of Centennial Subdivision,
being a Resubdivision of part of the East half of the Southwest
Quarter of Section 35, Township 42 North, Range 11 East of the Third
PrinCipal Meridian, in the Village of Mount Prospect, Cook County,
Illinois, thence S 890 37' 28" E, a distance of 184.89 feet, thence
N 20 32' 46" W, a distance of 15.00 feet to the Point of Beginning;
said ].5' easement being centered on a line with a bearing of N 20
32' 46" W, a distance of 170.13 feet.
PARTIAL
RELEASE OF EASEMENT
For other good and valuable consideration, the receipt of which is hereby acknowledged, Illinois Bell
Telephone Company hereby releases to the owners of record alt of its right, title and interest in the foUowing
described property:
A fifteen (15) foot strip of land being the East
fifteen (15) feet of the.West 183.41 feet (excepting
the North fifteen (15) feet and South fifteen (15)
feet thereof) of Lot No. 1 in Centennial Subdivision,
being a Resubdivision of part of the East ½ of the
Southwest ¼ of Section 35, Township 42 North, Range 11,
East of the Third Principal Meridian, in Cook County,
Illinois.
Easement further described on the attached Exhibit "A"
attached hereto and by' reference made alpart hereof.
by virtue of a platted subdivision registered February 11, 1981
as Document Number T-3202476 in Book - , Page -__, in the Office of the Registrar
of Torrens Titles, Cook County, State Of Illinois o
IN WITNESS WHEREOF~J~Iinois Belt ~Felephone Company has caused this release to be duly executed
this---~'-:5-~---~ da of~77~'~''~'--'~'~ 1 81
y 9
THIS r~g~' ' ,r:_ .,~'
I,~, F, UMcN. IS VOID UNLESS RECORDED ON THE PUBLIC RECORDS WITHIN 90
DAYS AF ,,_R ~ ~;E A,F.~,Vu DATE,
STATE OF ILLINOIS
ILLINOIS BELL TELEPHONE COMPANY
By ~~
District Manager-Right of Way
COUNTY OF Cook
)
) SS
.)
DO HEREBY CER/IFY THAT· D__.. -._~H. _Davi_._.~ personally known to me to be the
District Manager - Right of Way , of Illinois Bell Telephone Company, a Corporation,
and also known to be the person whose name is subscribed to the foregoing instrument, appeared before me this
day in person and acknowledged that as such Distr~ct Hmnmgmr - Rffghf- ~t= Wcqy
he signed and delivered the said instrument 'as the free and voluntary act of said Corporation, under ?~thority of
general administrative practices approved by the President.
/,.
Given under my hand and notarial seal, this ~--~
-- dayof ~'/- '/~ -g-~ !9_~1 ..
· Public
My Commision expires '
This instrument was prepared by: ,,Tames ]:, Rolaad
1200 N. Arlington Heights Road
A~lS~t~n ~ei~hts. Itl. 60004
FORM zl262--6
(5-80)
. Ho Davis
District Manager - Right of Way
March 25, 1981
Illinois Bell
225West Randolph Street, HQ 1SE
Chicago, Illinois 60606
Phone (312) 727-3723
Mr. Kenneth H. Fritz
Director of Community Development
Village of Mount Prospect
100 S. Emerson
Mount Prospect, Illinois 60056
Re:
Partial release of easement on Lot 1 in Centennial
Subdivision, being a Resubdivision of part of the East
of the Southwest ¼ of Section 35, Township 42 North,
Range 11, East of the Third Principal Meridian in
Cook County, Illinois
Dear Mr. Fritz,
As requested in your letter FLnrch tl, 1981, enclosed is a partial
release of easement in the above subject property.
If you have any question regarding this matter, please contact our
Arlington Heights Engineer-Right of Way, Mr. James Roland on
'telephone number 392-9961.
Yours very truly,
JIR:et
Enclosure
CAROLYN H~KRAUSE · mayor
TRUSTEES
GERALD L. FARLEY
LEO FLOROS
EDWARD J. MILLER
NORMA J, MURAUSKIS
E. F. R~CHARD$ON
THEODGREJ. WATTENBERG
TERRANCE L. BURGHARD
Village of Nlount Prospect
100 S. Emerson Mount Prospect, Illinois 60056
Phone 312
392-6000
April 23, 1981
Ms. Susan Stearns
Ross, Hardies, O'Keefe,
Babcock & Parsons
Suite 3100
One I.B.M. Plaza
Chicago, Illinois 60611
Re: Centennial Apartments South - Senior Citizen Housing
Dear ~s. Stearns:
Please consider this letter to be a Zoning certificate,
as set forth in Article III of the Zoning Ordinance of the
Village of Mount Prospect, relative to the proposed
Centennial Apartments South (housing for the elderly) Go be
located at 900 Centennial Drive.
This proposed development in the R-5 Senior Citizen
Residence District conforms to all of the requirements
of this District.
Sincerely,
William L. Amundsen,
Zoning Officer
WLA:hg
cc: Kenneth H. Fritz
1981
LOt I
wtt_~ the clo~ing of
1 of '~,'=~'~..o.. ~. Subdivision
:~!ncere!Y,
LOSING STATEMENT
SELLER
BUYER:
PROPERTY:
DATE OF CONTRACT:
CLOSING DATE:
POSSESSION DATE:
PRORATION DATE:
BROKER:
Village of Mount Prospect
Dell Corporation
Lot 1 of Centennial Subdivision
April 14, 1981
April 28, 1981
April 28, 1981 or when escrow distributions made
April 28, 1981
None
Selling Price as Described
in Contract
Earnest Money
Real Estate Taxes: 1980
1/1/81 to 4/28/81
Estimated Buyer's Share
of Escrow Charges
Balance to close
Seller
CREDIT CREDIT
BUYER SELLER
$250,000.00
25,000.00
8,466.32
2,713.86
213,979.82
$250,000.00
160.00
$250,000.00