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7.2 An Ordinance Authorizing the Acquisition of Property at 21 S. Emerson
BoardDocs® ProPage 1 of 2 Agenda Item Details MeetingApr 17, 2018 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m. Category7. NEW BUSINESS Subject7.2 AN ORDINANCE AUTHORIZING THE ACQUISITION OF THE PROPERTY LOCATED AT 21 S. Emerson Street. AccessPublic TypeAction Preferred DateApr 17, 2018 Absolute DateApr 17, 2018 Fiscal ImpactYes Dollar Amount425,000.00 BudgetedYes Budget SourceProspect and Main TIF fund Recommended ActionApprove an ordinance authorizing the acquisition of the property located at 21 S. Emerson Street. Goals24. Downtown Splash Pad Public Content Information Dating back to 1998, the Village's Downtown Plan has recommended that the Village pursue the installation of a public open space at the northeast corner of Busse Avenue and Emerson Street. The Plan has called for the Village to acquire the two homes located at 19 and 21 S. Emerson Street at such time that they became available on the open market. The Village became aware that the properties were available late last year and has been in negotiations with both ownership groups since that time to acquire the subject properties. The final negotiated purchase price agreed upon by both parties is $425,000 for the property located at 21 S. Emerson Street. One condition of the contract is that the Village will name the park, for so long as such park remains in existence, the Edwin and Elsie (Meyn) Busse Park, and place a permanent bench or plaque in the park in honor of Wallace E. Busse and Marion Busse. If acquired, the Village would redevelop the property as a public park/open space that would serve as a draw in the downtown district and be utilized in conjunction with the surrounding intersection for the Village festivals that take place throughout the year. The final design of the park has yet to be determined but will be publicly vetted before the project moves forward for Village Board approval. Alternatives 1. Approve the ordinance authorizing the acquisition of the property located at 21 S. Emerson Street. https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login6/12/2018 BoardDocs® ProPage 2 of 2 2. Action at discretion of Village Board. Staff Recommendation Staff recommends that the Village Board approve the ordinance authorizing the acquisition of the property located at 21 S. Emerson Street. 21 Emerson Ordinance.pdf (71 KB)21 Emerson RE contract.pdf (544 KB) 21 Emerson Rider.pdf (174 KB) Administrative Content Executive Content https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login6/12/2018 ORDINANCE NO. _______ AN ORDINANCE AUTHORIZING EXECUTION OF A REAL ESTATE SALE AGREEMENT AND SALE OF REAL PROPERTY (21 SOUTH EMERSON STREET, MOUNT PROSPECT, ILLINOIS) NOW, THEREFORE, BE IT ORDAINED, by the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: SECTION 1: The President and Board of Trustees of the Village find as follows: A. The Village of Mount Prospect Villagea home rule municipality pursuant to Section 7 of Article VII of the Constitution of the State of Illinois. B. The State of Illinois has adopted tax increment financing pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq.Act C. Pursuant to its powers and in accordance with the TIF Act, and pursuant to Ordinance Nos. 6293, 6294 and 6295, adopted January 17, 2017, the Prospect and Main Tax Increment Financing District was formed as a TIF district, for a twenty-three (23) year period. Ordinance Nos. 6293, 6294 and 6295 are incorporated herein by reference. D. Pursuant to and in accordance with the TIF Act and the Ordinances establishing the TIF District, the Corporate Authorities of the Village are empowered under Sections 4(c) and 3(q)(2) of the TIF Act, 65 ILCS 5/11- 74.4-4(c) and 3(q)(2), to purchase real property within the TIF district, using TIF District funds, in furtherance of the Redevelopment Plan and Project for the TIF District . E. Busse Emerson Street, LLC, an Illinois limited liability company (the Seller, is the owner of the real estate and appurtenances attached thereto for the property located at 21 South Emerson Street, Mount Prospect, Illinois Subject Property F. The Village desires to acquire the Subject Property in furtherance of the Redevelopment Plan and Project for the TIF District. G. It is the desire of the Seller to convey the Subject Property to the Village Sale Agreementand accompanying Rider, attached hereto as GROUP EXHIBIT A and made a part hereof (collectively, the Agreement 394537_1 H. It is in the best interest of the Village to acquire the Subject Property, to ensure that redevelopment within the TIF District continues. SECTION 2: Based upon the foregoing, the Village President, Village Clerk and Village Manager be and are hereby authorized and directed to purchase the Subject Property pursuant to the terms and conditions set forth in the Agreement, and they are further authorized and directed to execute and deliver such other instruments, including the Agreement, as may be necessary or convenient to consummate such purchase. SECTION 3: The Village is also purchasing the adjacent property located at 19 South Emerson, and, following the acquisition of both properties, will demolish the existing structures thereon to create a municipal park on the combined properties or a portion of the combined properties. The Village shall name the park, for so long as such park remains in existence, the Edwin and Elsie (Meyn) Busse Park, and shall place a permanent bench or plaque in the park in honor of Wallace E. Busse and Marion Busse. SECTION 4: This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. ADOPTED this ___ day of April, 2018, pursuant to a roll call vote as follows: AYES:___________________________________________ NAYS:___________________________________________ ABSENT:_________________________________________ APPROVED this ___ day of April, 2018, by the Village President of the Village of Mount Prospect, and attested by the Village Clerk, on the same day. _____________________________________ Village President APPROVED and FILED in my office this ___ day of _________, 2018 and published in pamphlet form in the Village of Mount Prospect, Cook County, Illinois. ATTEST: ____________________________________ Village Clerk 394537_1 EXHIBIT A AGREEMENT (REAL ESTATE SALES CONTRACT AND ACCOMPANYING RIDER) (attached) 394537_1 MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 6.1 1 1. THE PARTIES:Buyer and Seller are hereinafter referred to as the “Parties”. WJMMBHFPGNPVOUQSPTQFDU-boJmmjopjtnvojdjqbmdpsqpsbujpo 2 Buyer Name(s) \[please print\] BUSSEEMERSONSTREET,LLC,anIllinoislimitedliabilitycompany 3 Seller Name(s) \[please print\] 4 If Dual Agency Applies, Complete Optional Paragraph 31. 5 2. THE REAL ESTATE:Real Estate shall be defined as the property, all improvements, the fixtures and Personal 6 Property included therein. Seller agrees to convey to Buyer or to Buyer’s designated grantee, the Real Estate 9,891sq.feet 7 with approximate lot size or acreage of commonly known as: 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 8 9 Address City StateZip 08-12-104-010-0000 DPPL 10 11 County Unit # (If applicable) Permanent Index Number(s) of Real Estate YYYYYYYYYYYYYYYYY 12 If Condo/Coop/Townhome Parking is Included: # of spaces(s) ; identified as Space(s) # ; YYYYYYYYYYYYYYYYY 13 \[check type\] deeded space, PIN: limited common element assigned space. 536-111/11 14 3. PURCHASE PRICE: The Purchase Price shall be $ . After the payment of 15 Earnest Money as provided below, the balance of the Purchase Price, as adjusted by prorations, shall be paid at 16 Closing in “Good Funds” as defined by law. 17 4. EARNEST MONEY: Earnest Money shall be held in trust for the mutual benefit of the Parties by \[check one\]: (HeldbyMichaelMarrs, 5 18 Seller’s Brokerage; Buyer’s Brokerage; As otherwise agreed by the Parties, as “Escrowee”. Buyer'sattorney/KTJ) 6-111/1121 19 Initial Earnest Money of $ shall be tendered to Escrowee on or before day(s) after Date YYYYYYYYYYYYYYYY 20 of Acceptance. Additional Earnest Money of $ shall be tendered by , 20 . 21 5. FIXTURES AND PERSONAL PROPERTYAT NO ADDITIONAL COST: All of the fixtures and included Personal 22 Property are owned by Seller and to Seller’s knowledge are in operating condition on the Date of Acceptance, 23 unless otherwise stated herein. Seller agrees to transfer to Buyer all fixtures, all heating, electrical, plumbing, 24 and well systems together with the following items of Personal Property at no additional cost by Bill of Sale at 25 Closing \[Check or enumerate applicable items\]: 26 __ Refrigerator __ Central Air Conditioning __ Central Humidifier __ Light Fixtures, as they exist 27 __ Oven/Range/Stove __ Window Air Conditioner(s) __ Water Softener (owned)__ Built-in or attached shelving 28 __ Microwave __ Ceiling Fan(s) __ Sump Pump(s) __ All Window Treatments & Hardware 29 __ Dishwasher __ Intercom System __ Electronic or Media Air Filter(s) __ Existing Storms and Screens 30 __ Garbage Disposal __ Backup Generator System __ Central Vac & Equipment __ Fireplace Screens/Doors/Grates 31 __ Trash Compactor __ Satellite Dish __ Security System(s) (owned) __ Fireplace Gas Log(s) 32 __ Washer __ Outdoor Shed __ Garage Door Opener(s) __ Invisible Fence System, Collar & Box 33 __ Dryer __ Planted Vegetation with all Transmitters __ Smoke Detectors 34 __ Attached Gas Grill__ Outdoor Play Set(s) __ All Tacked Down Carpeting __ Carbon Monoxide Detectors 35 Other Items Includedat No Additional Cost: 36 Sellerisfreetotakeorleaveanyappliances/cabinetry/fixtures/interiordoorsathisoption. 37 Items Not Included: Sellertoremoveanyandallpersonalitems/materialsfromtheinteriorandexterioroftheproperty. 38 39 Seller warrants to Buyer that all fixtures, systems and Personal Property included in this Contract shall be in YYYYYYYYYYYYYYYYYYYYYYY 40 operating condition at Possession except: . 41 A system or item shall be deemed to be in operating condition if it performs the function for which it is 42 intended, regardless of age, and does not constitute a threat to health or safety. 43 If Home Warranty will be provided, complete Optional Paragraph 34. Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 1 of 13 APRIL27 29 44 6. CLOSING: Closing shall be on , 20 _____ or at such time as mutually agreed by the 45 Parties in writing. Closing shall take place at the escrow office of the title company (or its issuing agent) that will 46 issue the Owner’s Policy of Title Insurance, situated nearest the Real Estate or as shall be agreed mutually by the Parties. 47 7. POSSESSION: Unless otherwise provided in Paragraph 40, Seller shall deliver possession to Buyer at Closing. 48 Possession shall be deemed to have been delivered when Seller has vacated the Real Estate and delivered keys .-------------------------------------------------------- 49 to the Real Estate to Buyer or to the office of the Seller’s Brokerage. 50 8.MORTGAGE CONTINGENCY: If this transaction is NOT CONTINGENT ON FINANCING, Optional Paragraph 36 a) OR 51 Paragraph 36 b) MUST BE USED. If any portion of Paragraph 36 is used, the provisions of this Paragraph 8 are NOT APPLICABLE. 52 This Contract is contingent upon Buyer obtaining a \[check one\] fixed; adjustable; \[check one\] conventional; DBTIPGGFSYYY 5 53 FHA/VA (if FHA/VA is chosen, complete Paragraph 37); other loan for % 54 of the Purchase Price, plus private mortgage insurance (PMI), if required, with an interest rate (initial rate if an YYYYYYY 55 adjustable rate mortgage used) not to exceed % per annum, amortized over not less than years. YYYYYY 56 Buyer shall pay loan origination fee and/or discount points not to exceed % of the loan amount. Buyer 57 shall pay usual and customary processing fees and closing costs charged by lender. (Complete Paragraph 35 if 58 closing cost credits apply). 59 Buyer shall make written loan application within five (5) Business Days after the Date of Acceptance; failure to 60 do so shall constitute an act of Default under this Contract. \[Complete both a) and b)\]: YYYYYYYYYYYYYY 61 a)Not later than , 20 , (if no date is inserted, the date shall be twenty-one (21) days after 62 the Date of Acceptance) Buyer shall provide written evidence from Buyer’s licensed lending institution 63 confirming that Buyer has provided to such lending institution an “Intent to Proceed” as that term is defined 64 in the rules of the Consumer Financial Protection Bureau and has paid all lender application and appraisal 65 fees. If Buyer is unable to provide such written evidence, Seller shall have the option of declaring this 66 Contract terminated by giving Notice to the other Party not later than two (2) Business Days after the date 67 specified herein or any extension date agreed to by the Parties in writing. YYYYYYYYYYYYYY 68 b)Not later than , 20 , (if no date is inserted, the date shall be sixty (60) days after the 69 Date of Acceptance) Buyer shall provide written evidence from Buyer’s licensed lending institution 70 confirming that Buyer has received a written mortgage commitment for the loan referred to above. If Buyer 71 is unable to provide such written evidence either Buyer or Seller shall have the option of declaring this 72 Contract terminated by giving Notice to the other Party not later than two (2) Business Days after the date 73 specified herein or any extension date agreed to by the Parties in writing. 74 A Party causing delay in the loan approval process shall not have the right to terminate under either of the 75 preceding paragraphs. In the event neither Party elects to declare this Contract terminated as of the latter of 76 the dates specified above (as may be amended from time to time), then this Contract shall continue in full 77 force and effect without any loan contingencies. 78 Unless otherwise provided in Paragraph 32, this Contract shall not be contingent upon the sale and/or 79 closing of Buyer’s existing real estate. Buyer shall be deemed to have satisfied the financing conditions of this 80 paragraph if Buyer obtains a loan commitment in accordance with the terms of this paragraph even though the 81 loan is conditioned on the sale and/or closing of Buyer’s existing real estate. 82 9. STATUTORY DISCLOSURES: If applicable, prior to signing this Contract, Buyer: 83 \[check one\] has has not received a completed Illinois Residential Real Property Disclosure; 84 \[check one\] has has not received the EPA Pamphlet, “Protect Your Family From Lead In Your Home”; 85 \[check one\] has has not received a Lead-Based Paint Disclosure; 86 \[check one\] has has not received the IEMA, “Radon Testing Guidelines for Real Estate Transactions”; Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 2 of 13 87 \[check one\] has has not received the Disclosure of Information on Radon Hazards. 88 10. PRORATIONS: Proratable items shall include without limitation, rents and deposits (if any) from tenants; 89 Special Service Area or Special Assessment Area tax for the year of Closing only; utilities, water and sewer; and 90 Homeowner or Condominium Association fees (and Master/Umbrella Association fees, if applicable). 91 Accumulated reserves of a Homeowner/Condominium Association(s) are not a proratable item. Seller YYYYYYYYYY 92 represents that as of the Date of Acceptance Homeowner/Condominium Association(s) fees are $ YYYYYYYYYYY YYYYYYYYYYYYYYY YYYYYYYYYY 93 per (and, if applicable Master/Umbrella Association fees are $ per ). 94 Seller agrees to pay prior to or at Closing any special assessments (by any association or governmental entity) 95 confirmed prior to the Date of Acceptance. Special Assessment Area or Special Service Area installments due 96 after the year of Closing shall not be proratable items and shall be paid by Buyer. The general Real Estate taxes XXX* 97 shall be prorated as of the date of Closing based on % of the most recent ascertainable full year tax bill. All 98 prorations shall be final as of Closing, except as provided in Paragraph 22. If the amount of the most recent 99 ascertainable full year tax bill reflects a homeowner, senior citizen or other exemption, a senior freeze or senior 100 deferral, then Seller has submitted or will submit in a timely manner all necessary documentation to the 101 appropriate governmental entity, before or after Closing, to preserve said exemption(s). The requirements of 102 this Paragraph shall survive the Closing. *SeeRider.Noprorations.Villagepaying2ndinstallmentof2017realestatetaxes. 103 11.ATTORNEY REVIEW: Within five (5) Business Days after Date of Acceptance, the attorneys for the respective 104 Parties, by Notice, may: 105 a)Approve this Contract; or 106 b)Disapprove this Contract, which disapproval shall not be based solely upon the Purchase Price; or 107 c)Propose modifications except for the Purchase Price. If within ten (10) Business Days after the Date of 108 Acceptance written agreement is not reached by the Parties with respect to resolution of the proposed 109 modifications, then either Party may terminate this Contract by serving Notice, whereupon this Contract 110 shall be null and void; or 111 d)Propose suggested changes to this Contract. If such suggestions are not agreed upon, neither Party may 112 declare this Contract null and void and this Contract shall remain in full force and effect. 113 Unless otherwise specified, all Notices shall be deemed made pursuant to Paragraph 11 c). If Notice is not 114 served within the time specified herein, the provisions of this paragraph shall be deemed waived by the 115 Parties and this Contract shall remain in full force and effect. 116 12.PROFESSIONAL INSPECTIONS AND INSPECTION NOTICES: Buyer may conduct at Buyer’s expense (unless 117 otherwise provided by governmental regulations) any or all of the following inspections of the Real Estate by 118 one or more licensed or certified inspection services: home, radon, environmental, lead-based paint, lead-based 119 paint hazards or wood-destroying insect infestation. 120 a)Buyer agrees that minor repairs and routine maintenance items of the Real Estate do not constitute defects 121 and are not a part of this contingency. The fact that a functioning major component may be at the end of 122 its useful life shall not render such component defective for purposes of this paragraph. Buyer shall 123 indemnify Seller and hold Seller harmless from and against any loss or damage caused by the acts of 124 negligence of Buyer or any person performing any inspection. The home inspection shall cover only the 125 major components of the Real Estate, including but not limited to central heating system(s), central cooling 126 system(s), plumbing and well system, electrical system, roof, walls, windows, doors, ceilings, floors, 127 appliances and foundation. A major component shall be deemed to be in operating condition if it performs 128 the function for which it is intended, regardless of age, and does not constitute a threat to health or safety. If 129 radon mitigation is performed, Seller shall pay for any retest. Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 3 of 13 130 b)Buyer shall serve Notice upon Seller or Seller’s attorney of any defects disclosed by any inspection for which 131 Buyer requests resolution by Seller, together with a copy of the pertinent pages of the inspection reports 132 within five (5) Business Days (ten (10) calendar days for a lead-based paint or lead-based paint hazard 133 inspection) after the Date of Acceptance. If within ten (10) Business Days after the Date of Acceptance 134 written agreement is not reached by the Parties with respect to resolution of all inspection issues, then either 135 Party may terminate this Contract by serving Notice to the other Party, whereupon this Contract shall be 136 null and void. 137 c)Notwithstanding anything to the contrary set forth above in this paragraph, in the event the inspection 138 reveals that the condition of the Real Estate is unacceptable to Buyer and Buyer serves Notice to Seller 139 within five (5) Business Days after the Date of Acceptance, this Contract shall be null and void. Said Notice 140 shall not include any portion of the inspection reports unless requested by Seller. 141 d)Failure of Buyer to conduct said inspection(s) and notify Seller within the time specified operates as a 142 waiver of Buyer’s rights to terminate this Contract under this Paragraph 12 and this Contract shall remain 143 in full force and effect. 144 13. HOMEOWNER INSURANCE:This Contract is contingent upon Buyer obtaining evidence of insurability for an 145 Insurance Service Organization HO-3 or equivalent policy at standard premium rates within ten (10) Business 146 Days after the Date of Acceptance. If Buyer is unable to obtain evidence of insurability and serves Notice 147 with proof of same to Seller within time specified, this Contract shall be null and void. If Notice is not 148 served within the time specified, Buyer shall be deemed to have waived this contingency and this Contract 149 shall remain in full force and effect. 150 14. FLOOD INSURANCE: Buyer shall have the option to declare this Contract null and void if the Real Estate is 151 located in a special flood hazard area. If Notice of the option to declare contract null and void is not given to 152 Seller within ten (10) Business Days after the Date of Acceptance or by the time specified in Paragraph 8 b), 153 whichever is later, Buyer shall be deemed to have waived such option and this Contract shall remain in full 154 force and effect. Nothing herein shall be deemed to affect any rights afforded by the Residential Real Property 155 Disclosure Act. 156 15. CONDOMINIUM/COMMON INTEREST ASSOCIATIONS: (If applicable) The Parties agree that the terms 157 contained in this paragraph, which may be contrary to other terms of this Contract, shall supersede any 158 conflicting terms. 159 a)Title when conveyed shall be good and merchantable, subject to terms, provisions, covenants and conditions 160 of the Declaration of Condominium/Covenants, Conditions and Restrictions (“Declaration/CCRs”) and all 161 amendments; public and utility easements including any easements established by or implied from the 162 Declaration/CCRs or amendments thereto; party wall rights and agreements; limitations and conditions 163 imposed by the Condominium Property Act; installments due after the date of Closing of general 164 assessments established pursuant to the Declaration/CCRs. 165 b)Seller shall be responsible for payment of all regular assessments due and levied prior to Closing and for all 166 special assessments confirmed prior to the Date of Acceptance. 167 c)Seller shall notify Buyer of any proposed special assessment or increase in any regular assessment between 168 the Date of Acceptance and Closing. The Parties shall have three (3) Business Days to reach agreement 169 relative to payment thereof. Absent such agreement either Party may declare the Contract null and void. 170 d)Seller shall, within five (5) Business Days from the Date of Acceptance, apply for those items of disclosure 171 upon sale as described in the Illinois Condominium Property Act, and provide same in a timely manner, but 172 no later than the time period provided for by law. This Contract is subject to the condition that Seller be able Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 4 of 13 173 to procure and provide to Buyer a release or waiver of any right of first refusal or other pre-emptive rights to 174 purchase created by the Declaration/CCRs. In the event the Condominium Association requires the personal 175 appearance of Buyer or additional documentation, Buyer agrees to comply with same. 176 e)In the event the documents and information provided by Seller to Buyer disclose that the existing 177 improvements are in violation of existing rules, regulations or other restrictions or that the terms and 178 conditions contained within the documents would unreasonably restrict Buyer’s use of the premises or 179 would result in financial obligations unacceptable to Buyer in connection with owning the Real Estate, then 180 Buyer may declare this Contract null and void by giving Seller Notice within five (5) Business Days after the 181 receipt of the documents and information required by this Paragraph, listing those deficiencies which are 182 unacceptable to Buyer. If Notice is not served within the time specified, Buyer shall be deemed to have 183 waived this contingency, and this Contract shall remain in full force and effect. 184 f)Seller shall not be obligated to provide a condominium survey. 185 g)Seller shall provide a certificate of insurance showing Buyer and Buyer’s mortgagee, if any, as an insured. 186 16. THE DEED: Seller shall convey or cause to be conveyed to Buyer or Buyer’s Designated grantee good and 187 merchantable title to the Real Estate by recordable Warranty Deed, with release of homestead rights, (or the 188 appropriate deed if title is in trust or in an estate), and with real estate transfer stamps to be paid by Seller 189 (unless otherwise designated by local ordinance). Title when conveyed will be good and merchantable, subject 190 only to: covenants, conditions and restrictions of record and building lines and easements, if any, provided they 191 do not interfere with the current use and enjoyment of the Real Estate; and general real estate taxes not due and 192 payable at the time of Closing. 193 17. MUNICIPAL ORDINANCE, TRANSFER TAX, AND GOVERNMENTAL COMPLIANCE: 194 a)The Parties are cautioned that the Real Estate may be situated in a municipality that has adopted a pre- 195 closing inspection requirement, municipal Transfer Tax or other similar ordinances. Transfer taxes required 196 by municipal ordinance shall be paid by the Party designated in such ordinance. 197 b)The Parties agree to comply with the reporting requirements of the applicable sections of the Internal 198 Revenue Code and the Real Estate Settlement Procedures Act of 1974, as amended. Buyer's 199 18. TITLE:At Seller’s expense, Seller will At Seller’s expense, Seller will deliver or cause to be delivered to Buyer or Buyer’s attorney within 200 customary time limitations and sufficiently in advance of Closing, as evidence of title in Seller or Grantor, a title 201 commitment for an ALTA title insurance policy in the amount of the Purchase Price with extended coverage by 202 a title company licensed to operate in the State of Illinois, issued on or subsequent to the Date of Acceptance, 203 subject only to items listed in Paragraph 16. The requirement to provide extended coverage shall not apply if the 204 Real Estate is vacant land. The commitment for title insurance furnished by Seller will be presumptive evidence 205 of good and merchantable title as therein shown, subject only to the exceptions therein stated. If the title 206 commitment discloses any unpermitted exceptions or if the Plat of Survey shows any encroachments or other 207 survey matters that are not acceptable to Buyer, then Seller shall have said exceptions, survey matters or 208 encroachments removed, or have the title insurer commit to either insure against loss or damage that may 209 result from such exceptions or survey matters or insure against any court-ordered removal of the 210 encroachments. If Seller fails to have such exceptions waived or insured over prior to Closing, Buyer may elect 211 to take title as it then is with the right to deduct from the Purchase Price prior encumbrances of a definite or 212 ascertainable amount. Seller shall furnish Buyer at Closing an Affidavit of Title covering the date of Closing, and 213 shall sign any other customary forms required for issuance of an ALTA Insurance Policy. 214 19. PLAT OF SURVEY: Not less than one (1) Business Day prior to Closing, except where the Real Estate is a 215 condominium (see Paragraph 15) Seller) Seller shall, at Seller’s expense, furnish to Buyer or Buyer’s attorney a Plat of shall, at Seller’s expense, furnish to Buyer or Buyer’s attorney a Plat of BuyerBuyer's Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 5 of 13 216 Survey that conforms to the current Minimum Standard of Practice for boundary surveys, is dated not more 217 than six (6) months prior to the date of Closing, and is prepared by a professional land surveyor licensed to 218 practice land surveying under the laws of the State of Illinois. The Plat of Survey shall show visible evidence of 219 improvements, rights of way, easements, use and measurements of all parcel lines. The land surveyor shall set 220 monuments or witness corners at all accessible corners of the land. All such corners shall also be visibly staked 221 or flagged. The Plat of Survey shall include the following statement placed near the professional land surveyor’s 222 seal and signature: “This professional service conforms to the current Illinois Minimum Standards for a 223 boundary survey.” A Mortgage Inspection, as defined, is not a boundary survey and is not acceptable. 224 20. DAMAGE TO REAL ESTATE OR CONDEMNATION PRIOR TO CLOSING: If prior to delivery of the deed the 225 Real Estate shall be destroyed or materially damaged by fire or other casualty, or the Real Estate is taken by 226 condemnation, then Buyer shall have the option of either terminating this Contract (and receiving a refund of 227 earnest money) or accepting the Real Estate as damaged or destroyed, together with the proceeds of the 228 condemnation award or any insurance payable as a result of the destruction or damage, which gross proceeds 229 Seller agrees to assign to Buyer and deliver to Buyer at Closing. Seller shall not be obligated to repair or replace 230 damaged improvements. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois 231 shall be applicable to this Contract, except as modified by this paragraph. 232 21. CONDITIONOF REAL ESTATE AND INSPECTION:Seller agrees to leave the Real Estate in broom clean 233 condition. All refuse and personal property that is not to be conveyed to Buyer shall be removed from the Real 234 Estate at Seller’s expense prior to delivery of Possession. Buyer shall have the right to inspect the Real Estate, 235 fixtures and included Personal Property prior to Possession to verify that the Real Estate, improvements and 236 included Personal Property are in substantially the same condition as of the Date of Acceptance, normal wear 237 and tear excepted. 238 22. REAL ESTATE TAX ESCROW: In the event the Real Estate is improved, but has not been previously taxed for 239 the entire year as currently improved, the sum of three percent (3%) of the Purchase Price shall be deposited in 240 escrow with the title company with the cost of the escrow to be divided equally by Buyer and Seller and paid at 241 Closing. When the exact amount of the taxes to be prorated under this Contract can be ascertained, the taxes 242 shall be prorated by Seller’s attorney at the request of either Party and Seller’s share of such tax liability after 243 proration shall be paid to Buyer from the escrow funds and the balance, if any, shall be paid to Seller. If Seller’s 244 obligation after such proration exceeds the amount of the escrow funds, Seller agrees to pay such excess 245 promptly upon demand. 246 23. SELLER REPRESENTATIONS:Seller’s representations contained in this paragraph shall survive the Closing. 247 Seller represents that with respect to the Real Estate Seller has no knowledge of nor has Seller received any 248 written notice from any association or governmental entity regarding: 249 a)zoning, building, fire or health code violations that have not been corrected; 250 b)any pending rezoning; 251 c)boundary line disputes; 252 d)any pending condemnation or Eminent Domain proceeding; 253 e)easements or claims of easements not shown on the public records; 254 f)any hazardous waste on the Real Estate; 255 g)any improvements to the Real Estate for which the required initial and final permits were not obtained; 256 h)any improvements to the Real Estate which are not included in full in the determination of the most recent tax assessment; or 257 i)any improvements to the Real Estate which are eligible for the home improvement tax exemption. 258 Seller further represents that: Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 6 of 13 5 259 \[Initials\]____ ____ ____ ____ There \[check one\] is is not a pending or unconfirmed special assessment 260 affecting the Real Estate by any association or governmental entity payable by Buyer after the date of Closing. 5 261 ____ ____ ____ ____ T he Real Estate \[check one\] is is not located within a Special Assessment Area or 262 Special Service Area, payments for which will not be the obligation of Seller after the year in which the Closing occurs. 263 All Seller representations shall be deemed re-made as of Closing. If prior to Closing Seller becomes aware of 264 matters that require modification of the representations previously made in this Paragraph 23, Seller shall 265 promptly notify Buyer. If the matters specified in such Notice are not resolved prior to Closing, Buyer may 266 terminate this Contract by Notice to Seller and this Contract shall be null and void. 267 24. BUSINESS DAYS/HOURS: Business Days are defined as Monday through Friday, excluding Federal 268 holidays. Business Hours are defined as 8:00 A.M. to 6:00 P.M. Chicago time. 269 25. FACSIMILE OR DIGITAL SIGNATURES: Facsimile or digital signatures shall be sufficient for purposes of 270 executing, negotiating, and finalizing this Contract, and delivery thereof by one of the following methods shall 271 be deemed delivery of this Contract containing original signature(s). An acceptable facsimile signature may be 272 produced by scanning an original, hand-signed document and transmitting same by facsimile. An acceptable 273 digital signature may be produced by use of a qualified, established electronic security procedure mutually 274 agreed upon by the Parties. Transmissions of a digitally signed copy hereof shall be by an established, mutually 275 acceptable electronic method, such as creating a PDF (“Portable Document Format”) document incorporating 276 the digital signature and sending same by electronic mail. 277 26. DIRECTION TO ESCROWEE: In every instance where this Contract shall be deemed null and void or if this 278 Contract may be terminated by either Party, the following shall be deemed incorporated: “and Earnest Money 279 refunded upon the joint written direction by the Parties to Escrowee or upon an entry of an order by a court of 280 competent jurisdiction.” 281 In the event either Party has declared the Contract null and void or the transaction has failed to close as 282 provided for in this Contract and if Escrowee has not received joint written direction by the Parties or such court 283 order, the Escrowee may elect to proceed as follows: 284 a)Escrowee shall give written Notice to the Parties as provided for in this Contract at least fourteen (14) days 285 prior to the date of intended disbursement of Earnest Money indicating the manner in which Escrowee 286 intends to disburse in the absence of any written objection. If no written objection is received by the date 287 indicated in the Notice then Escrowee shall distribute the Earnest Money as indicated in the written Notice 288 to the Parties. If any Party objects in writing to the intended disbursement of Earnest Money then Earnest 289 Money shall be held until receipt of joint written direction from all Parties or until receipt of an order of a 290 court of competent jurisdiction. 291 b)Escrowee may file a Suit for Interpleader and deposit any funds held into the Court for distribution after 292 resolution of the dispute between Seller and Buyer by the Court. Escrowee may retain from the funds 293 deposited with the Court the amount necessary to reimburse Escrowee for court costs and reasonable 294 attorney’s fees incurred due to the filing of the Interpleader. If the amount held in escrow is inadequate to 295 reimburse Escrowee for the costs and attorney’s fees, Buyer and Seller shall jointly and severally indemnify 296 Escrowee for additional costs and fees incurred in filing the Interpleader action. 297 27. NOTICE: Except as provided in Paragraph 32 c) 2) regarding the manner of service for “kick-out” Notices, all 298 Notices shall be in writing and shall be served by one Party or attorney to the other Party or attorney. Notice to 299 any one of the multiple person Party shall be sufficient Notice to all. Notice shall be given in the following manner: 300 a)By personal delivery; or Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 7 of 13 301 b)By mailing to the addresses recited herein by regular mail and by certified mail, return receipt requested. Except 302 as otherwise provided herein, Notice served by certified mail shall be effective on the date of mailing; or 303 c)By facsimile transmission. Notice shall be effective as of date and time of the transmission, provided that the 304 Notice transmitted shall be sent on Business Days during Business Hours. In the event Notice is transmitted 305 during non-business hours, the effective date and time of Notice is the first hour of the next Business Day after 306 transmission; or 307 d)By e-mail transmission if an e-mail address has been furnished by the recipient Party or the recipient Party’s 308 attorney to the sending Party or is shown in this Contract. Notice shall be effective as of date and time of e-mail 309 transmission, provided that, in the event e-mail Notice is transmitted during non-business hours, the effective 310 date and time of Notice is the first hour of the next Business Day after transmission. An attorney or Party may 311 opt out of future e-mail Notice by any form of Notice provided by this Contract; or 312 e)By commercial overnight delivery (e.g., FedEx). Such Notice shall be effective on the next Business Day 313 following deposit with the overnight delivery company. 314 28. PERFORMANCE: Time is of the essence of this Contract. In any action with respect to this Contract, the Parties 315 are free to pursue any legal remedies at law or in equity and the prevailing party in litigation shall be entitled to 316 collect reasonable attorney fees and costs from the non-prevailing party as ordered by a court of competent jurisdiction. 317 29. CHOICE OF LAWAND GOOD FAITH: All terms and provisions of this Contract including but not limited to the 318 Attorney Review and Professional Inspection paragraphs shall be governed by the laws of the State of Illinois and 319 are subject to the covenant of good faith and fair dealing implied in all Illinois contracts. 320 30. OTHER PROVISIONS:This Contract is also subject to those OPTIONAL PROVISIONS initialed by the Parties RIDER1 321 and the following additional attachments, if any: 322 . 323 OPTIONAL PROVISIONS (Applicable ONLY if initialed by all Parties) 324 \[Initials\]____ ____ ____ ____ 31. CONFIRMATION OF DUAL AGENCY: The Parties confirm that they have previously YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY 325 consented to (Licensee) acting as a Dual Agent in providing 326 brokerage services on their behalf and specifically consent to Licensee acting as a Dual Agent with regard to the 327 transaction referred to in this Contract. 328 ____ ____ ____ ____32.SALE OF BUYER’S REAL ESTATE: 329 a)REPRESENTATIONS ABOUT BUYER’S REAL ESTATE: Buyer represents to Seller as follows: 330 1)Buyer owns real estate (hereinafter referred to as “Buyer’s real estate”) with the address of: YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY 331 . 332 Address City StateZip 333 2)Buyer \[check one\] has has not entered into a contract to sell Buyer’s real estate. 334 If Buyer has entered into a contract to sell Buyer’s real estate, that contract: 335 a)\[check one\] is is not subject to a mortgage contingency. 336 b)\[check one\] is is not subject to a real estate sale contingency. 337 c)\[check one\] is is not subject to a real estate closing contingency. 338 3) Buyer \[check one\] has has not listed Buyer’s real estate for sale with a licensed real estate broker and 339 in a local multiple listing service. 340 4)If Buyer’s real estate is not listed for sale with a licensed real estate broker and in a local multiple listing 341 service, Buyer \[check one\]: Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 8 of 13 342 a) Shall list real estate for sale with a licensed real estate broker who will place it in a local multiple 343 listing service within five (5) Business Days after Date of Acceptance. YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY 344 \[For information only\] Broker: YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY 345 Broker’s Address: Phone: 346 b) Does not intend to list said real estate for sale. 347 b)CONTINGENCIES BASED UPON SALE AND/OR CLOSING OF REAL ESTATE: 348 1)This Contract is contingent upon Buyer having entered into a contract for the sale of Buyer’s real estate that YYYYYYYYYYYYYYYYYY 349 is in full force and effect as of , 20 . Such contract should provide for a closing 350 date not later than the Closing Date set forth in this Contract. If Notice is served on or before the date set 351 forth in this subparagraph that Buyer has not procured a contract for the sale of Buyer’s real estate, this 352 Contract shall be null and void. If Notice that Buyer has not procured a contract for the sale of Buyer’s 353 real estate is not served on or before the close of business on the date set forth in this subparagraph, 354 Buyer shall be deemed to have waived all contingencies contained in this Paragraph 32, and this 355 Contract shall remain in full force and effect. (If this paragraph is used, then the following paragraph must 356 be completed.) 357 2)In the event Buyer has entered into a contract for the sale of Buyer’s real estate as set forth in Paragraph 32 358 b)1) and that contract is in full force and effect, or has entered into a contract for the sale of Buyer’s real 359 estate prior to the execution of this Contract, this Contract is contingent upon Buyer closing the sale of YYYYYYYYYYYYYYYY 360 Buyer’s real estate on or before , 20 . If Notice that Buyer has not closed the sale 361 of Buyer’s real estate is served before the close of business on the next Business Day after the date set 362 forth in the preceding sentence, this Contract shall be null and void. If Notice is not served as described 363 in the preceding sentence, Buyer shall have deemed to have waived all contingencies contained in this 364 Paragraph 32, and this Contract shall remain in full force and effect. 365 3)If the contract for the sale of Buyer’s real estate is terminated for any reason after the date set forth in 366 Paragraph 32 b) 1) (or after the date of this Contract if no date is set forth in Paragraph 32 b) 1)), Buyer shall, 367 within three (3) Business Days of such termination, notify Seller of said termination. Unless Buyer, as part 368 of said Notice, waives all contingencies in Paragraph 32 and complies with Paragraph 32 d), this Contract 369 shall be null and void as of the date of Notice. If Notice as required by this subparagraph is not served 370 within the time specified, Buyer shall be in default under the terms of this Contract. 371 c)SELLER’S RIGHT TO CONTINUE TO OFFER REAL ESTATE FOR SALE: During the time of this contingency, 372 Seller has the right to continue to show the Real Estate and offer it for sale subject to the following: 373 1)If Seller accepts another bona fide offer to purchase the Real Estate while contingencies expressed in YYYYYYYY 374 Paragraph 32 b) are in effect, Seller shall notify Buyer in writing of same. Buyer shall then have 375 hours after Seller gives such Notice to waive the contingencies set forth in Paragraph 32 b), subject to 376 Paragraph 32 d). 377 2)Seller’s Notice to Buyer (commonly referred to as a ‘kick-out’ Notice) shall be in writing and shall be served 378 on Buyer, not Buyer’s attorney or Buyer’s real estate agent. Courtesy copies of such ‘kick-out’ Notice should 379 be sent to Buyer’s attorney and Buyer’s real estate agent, if known. Failure to provide such courtesy copies 380 shall not render Notice invalid. Notice to any one of a multiple-person Buyer shall be sufficient Notice to all 381 Buyers. Notice for the purpose of this subparagraph only shall be served upon Buyer in the following manner: 382 a)By personal delivery effective at the time and date of personal delivery; or 383 b)By mailing to the address recited herein for Buyer by regular mail and by certified mail. Notice shall be 384 effective at 10:00 A.M. on the morning of the second day following deposit of Notice in the U.S. Mail; or Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 9 of 13 385 c)By commercial delivery overnight (e.g., FedEx). Notice shall be effective upon delivery or at 4:00 P.M. 386 Chicago time on the next delivery day following deposit with the overnight delivery company, 387 whichever first occurs. 388 3)If Buyer complies with the provisions of Paragraph 32 d) then this Contract shall remain in full force and effect. 389 4)If the contingencies set forth in Paragraph 32 b) are NOT waived in writing, within said time period by 390 Buyer, this Contract shall be null and void. 391 5)Except as provided in Paragraph 32 c) 2) above, all Notices shall be made in the manner provided by 392 Paragraph 27 of this Contract. 393 6)Buyer waives any ethical objection to the delivery of Notice under this paragraph by Seller’s attorney or 394 representative. 395 d)WAIVER OF PARAGRAPH 32CONTINGENCIES: Buyer shall be deemed to have waived the contingencies in 396 Paragraph 32 b) when Buyer has delivered written waiver and deposited with the Escrowee additional earnest YYYYYYYYYYYYYYYY 397 money in the amount of $ in the form of a cashier’s or certified check within the time 398 specified. If Buyer fails to deposit the additional earnest money within the time specified, the waiver shall be 399 deemed ineffective and this Contract shall be null and void. 400 e)BUYER COOPERATION REQUIRED: Buyer authorizes Seller or Seller’s agent to verify representations contained 401 in Paragraph 32 at any time, and Buyer agrees to cooperate in providing relevant information. 402 ____ ____ ____ ____ 33.CANCELLATION OF PRIOR REAL ESTATE CONTRACT: In the event either Party has entered 403 into a prior real estate contract, this Contract shall be subject to written cancellation of the prior contract on or before YYYYYYYYYYYYYYYY 404 , 20 . In the event the prior contract is not cancelled within the time specified, this 405 Contract shall be null and void. Seller’s notice to the purchaser under the prior contract should not be served 406 until after Attorney Review and Professional Inspections provisions of this Contract have expired, been 407 satisfied or waived. 408 ____ ____ ____ ____34. HOME WARRANTY: Seller shall provide at no expense to Buyer a Home Warranty at a cost YYYYYYYYYYYYY 409 of $ . Evidence of a fully pre-paid policy shall be delivered at Closing. 410 ________ ____ ____ 35. CREDIT AT CLOSING: Provided Buyer’s lender permits such credit to show on the HUD-1 411 Settlement Statement or Closing Disclosure, and if not, such lesser amount as the lender permits, Seller agrees to YYYYYYYYYYY 412 credit $ to Buyer at Closing to be applied to prepaid expenses, closing costs or both. 413 _______ ____ ___ 36.TRANSACTIONS NOT CONTINGENT ON FINANCING: IF EITHER OF THE FOLLOWING 414 ALTERNATIVE OPTIONS IS SELECTED, THE PROVISIONS OF THE MORTGAGE CONTINGENCY PARAGRAPH 8 415 SHALL NOT APPLY \[CHOOSE ONLY ONE\]: 416 a)____ ____ ____ ____ Transaction With No Mortgage (All Cash):If this selection is made, Buyer will pay at closing, 417 in the form of “Good Funds” the difference (plus or minus prorations) between the Purchase Price and the 418 amount of the Earnest Money deposited pursuant to Paragraph 4 above. Buyer represents to Seller, as of the 419 Date of Offer, that Buyer has sufficient funds available to satisfy the provisions of this paragraph. Buyer agrees 420 to verify the above representation upon the reasonable request of Seller and to authorize the disclosure of such 421 financial information to Seller, Seller’s attorney or Seller’s broker that may be reasonably necessary to prove the 422 availability of sufficient funds to close. Buyer understands and agrees that, so long as Seller has fully complied 423 with Seller’s obligations under this Contract, any act or omission outside of the control of Seller, whether 424 intentional or not, that prevents Buyer from satisfying the balance due from Buyer at closing, shall constitute a 425 material breach of this Contract by Buyer. The Parties shall share the title company escrow closing fee equally. 426 Unless otherwise provided in Paragraph 32, this Contract shall not be contingent upon the sale and/or 427 closing of Buyer’s existing real estate. Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 10 of 13 428 b)____ ____ ____ ____ Transaction, Mortgage Allowed: If this selection is made, Buyer will pay at closing, in the 429 form of “Good Funds” the difference (plus or minus prorations) between the Purchase Price and the amount of 430 the Earnest Money deposited pursuant to Paragraph 4 above. Buyer represents to Seller, as of the Date of Offer, 431 that Buyer has sufficient funds available to satisfy the provisions of this paragraph. Buyer agrees to verify the 432 above representation upon the reasonable request of Seller and to authorize the disclosure of such financial 433 information to Seller, Seller’s attorney or Seller’s broker that may be reasonably necessary to prove the 434 availability of sufficient funds to close. Notwithstanding such representation, Seller agrees to reasonably and 435 promptly cooperate with Buyer so that Buyer may apply for and obtain a mortgage loan or loans including but 436 not limited to providing access to the Real Estate to satisfy Buyer’s obligations to pay the balance due (plus or 437 minus prorations) to close this transaction. Such cooperation shall include the performance in a timely manner 438 of all of Seller’s pre-closing obligations under this Contract. This Contract shall NOT be contingent upon 439 Buyer obtaining financing. Buyer understands and agrees that, so long as Seller has fully complied with 440 Seller’s obligations under this Contract, any act or omission outside of the control of Seller, whether intentional 441 or not, that prevents Buyer from satisfying the balance due from Buyer at Closing shall constitute a material 442 breach of this Contract by Buyer. Buyer shall pay the title company escrow closing fee. Unless otherwise 443 provided in Paragraph 32, this Contract shall not be contingent upon the sale and/or closing of Buyer’s 444 existing real estate. 445 ____ ____ ____ ____ 37. VA OR FHA FINANCING: If Buyer is seeking VA or FHA financing, required FHA or VA 446 amendments and disclosures shall be attached to this Contract. If VA, the Funding Fee, or if FHA, the Mortgage 447 Insurance Premium (MIP) shall be paid by Buyer and \[check one\] shall shall not be added to the mortgage loan amount. 448 ________ ____ ____ 38. WELL OR SANITARYSYSTEM INSPECTIONS: Seller shall obtain at Seller’s expense a well 449 water test stating that the well delivers not less than five (5) gallons of water per minute and including a bacteria 450 and nitrate test and/or a septic report from the applicable County Health Department, a Licensed Environmental 451 Health Practitioner, or a licensed well and septic inspector, each dated not more than ninety (90) days prior to 452 Closing, stating that the well and water supply and the private sanitary system are in operating condition with no 453 defects noted. Seller shall remedy any defect or deficiency disclosed by said report(s) prior to Closing, provided that 454 if the cost of remedying a defect or deficiency and the cost of landscaping together exceed $3,000.00, and if the 455 Parties cannot reach agreement regarding payment of such additional cost, this Contract may be terminated by 456 either Party. Additional testing recommended by the report shall be obtained at the Seller’s expense. If the report 457 recommends additional testing after Closing, the Parties shall have the option of establishing an escrow with a 458 mutual cost allocation for necessary repairs or replacements, or either Party may terminate this Contract prior to 459 Closing. Seller shall deliver a copy of such evaluation(s) to Buyer not less than ten (10) Business Days prior to 460 Closing. 461 ____ ____ ____ ____ 39. WOOD DESTROYING INFESTATION: Notwithstanding the provisions of Paragraph 12, 462 within ten (10) Business Days after the Date of Acceptance, Seller at Seller’s expense shall deliver to Buyer a written 463 report, dated not more than six (6) months prior to the Date of Closing, by a licensed inspector certified by the 464 appropriate state regulatory authority in the subcategory of termites, stating that there is no visible evidence of 465 active infestation by termites or other wood destroying insects. Unless otherwise agreed between the Parties, if the 466 report discloses evidence of active infestation or structural damage, Buyer has the option within five (5) Business 467 Days of receipt of the report to proceed with the purchase or to declare this Contract null and void. 468 ____ ____ ____ ____ 40. POST CLOSING POSSESSION: Possession shall be delivered no later than 11:59 P.M. on the 469 date that is days after the date of Closing (“the Possession Date”). Seller shall be responsible for all 470 utilities, contents and liability insurance, and home maintenance expenses until delivery of possession. Seller shall Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 11 of 13 471 deposit in escrow at Closing with , \[check one\] one percent (1%) 472 of the Purchase Price or the sum of $ to be paid by Escrowee as follows: 473 a)The sum of $ per day for use and occupancy from and including the day after Closing to 474 and including the day of delivery of Possession, if on or before the Possession Date; 475 b)The amount per day equal to three (3) times the daily amount set forth herein shall be paid for each day after 476 the Possession Date specified in this paragraph that Seller remains in possession of the Real Estate; and 477 c)The balance, if any, to Seller after delivery of Possession and provided that the terms of Paragraph 21 have been 478 satisfied. Seller’s liability under this paragraph shall not be limited to the amount of the possession escrow 479 deposit referred to above. Nothing herein shall be deemed to create a Landlord/Tenant relationship between the Parties. 480 ____ ____ ____ ____ 41. “ASIS”CONDITION: This Contract is for the sale and purchase of the Real Estate in its “As 481 Is” condition as of the Date of Offer. Buyer acknowledges that no representations, warranties or guarantees with 482 respect to the condition of the Real Estate have been made by Seller or Seller’s Designated Agent other than those 483 known defects, if any, disclosed by Seller. Buyer may conduct an inspection at Buyer’s expense. In that event, Seller 484 shall make the Real Estate available to Buyer’s inspector at reasonable times. Buyer shall indemnify Seller and hold 485 Seller harmless from and against any loss or damage caused by the acts of negligence of Buyer or any person 486 performing any inspection. In the event the inspection reveals that the condition of the Real Estate is 487 unacceptable to Buyer and Buyer so notifies Seller within five (5) Business Days after the Date of Acceptance, 488 this Contract shall be null and void. Buyer’s notice SHALL NOT include a copy of the inspection report, and 489 Buyer shall not be obligated to send the inspection report to Seller absent Seller’s written request for same. 490 Failure of Buyer to notify Seller or to conduct said inspection operates as a waiver of Buyer’s right to terminate 491 this Contract under this paragraph and this Contract shall remain in full force and effect. Buyer acknowledges 492 that the provisions of Paragraph 12 and the warranty provisions of Paragraph 5 do not apply to this Contract. 493 ____ ____ ____ ____ 42. SPECIFIED PARTY APPROVAL: This Contract is contingent upon the approval of the Real 494 Estate by 495 Buyer’s Specified Party, within five (5) Business Days after the Date of Acceptance. In the event Buyer’s Specified 496 Party does not approve of the Real Estate and Notice is given to Seller within the time specified, this Contract shall 497 be null and void. If Notice is not served within the time specified, this provision shall be deemed waived by the 498 Parties and this Contract shall remain in full force and effect. 499 ____ ____ ____ ____ 43. INTEREST BEARING ACCOUNT: Earnest money (with a completed W-9 and other 500 required forms), shall be held in a federally insured interest bearing account at a financial institution designated 501 by Escrowee. All interest earned on the earnest money shall accrue to the benefit of and be paid to Buyer. Buyer 502 shall be responsible for any administrative fee (not to exceed $100) charged for setting up the account. In 503 anticipation of Closing, the Parties direct Escrowee to close the account no sooner than ten (10) Business Days 504 prior to the anticipated Closing date. 505 ____ ____ ____ ____ 44. MISCELLANEOUS PROVISIONS: Buyer’s and Seller’s obligations are contingent upon the 506 Parties entering into a separate written agreement consistent with the terms and conditions set forth herein, and 507 with such additional terms as either Party may deem necessary, providing for one or more of the following \[check applicable boxes\]: 508 Articles of Agreement for Deed Assumption of Seller’s Mortgage Commercial/Investment 509 or Purchase Money Mortgage Cooperative Apartment New Construction 510 Short Sale Tax-Deferred Exchange Vacant Land Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 12 of 13 511 THIS DOCUMENT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL PARTIES AND DELIVERED TO THE PARTIES OR THEIR AGENTS. 512 THE PARTIES REPRESENT THAT THE TEXT OF THIS COPYRIGHTED FORM HAS NOT BEEN ALTERED AND IS IDENTICAL TO THE OFFICIAL 513 MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 6.1. 514 515 Date of Offer DATE OF ACCEPTANCE 516 517 Buyer Signature Seller Signature 518 519 Buyer Signature Seller Signature BUSSEEMERSONSTREET,LLC,anIllinoislimitedliabilitycompany WJMMBHFPGNPVOUQSPTQFDU-boJmmjopjtnvojdjqbmdpsqpsbujpo 520 521 Print Buyer(s) Name(s) \[Required\] Print Seller(s) Name(s) \[Required\] 61T/FnfstpoTusffu 522 523 Address Address NpvouQsptqfduJM71167 524 525 City State Zip City State Zip )958*4:3.7111 526 527 Phone E-mail Phone E-mail 528 FOR INFORMATION ONLY 529 530 Buyer’s Brokerage MLS # State License # Seller’s Brokerage MLS # State License # 531 532 Address City Zip Address City Zip 533 534 Buyer’s Designated Agent MLS # State License # Seller’s Designated Agent MLS # State License # 535 536 Phone FaxPhone Fax 537 538 E-mail E-mail NjdibfmB/Nbsst-Lmfjo-Uipsqf'Kfoljot-Mue/nbnbsstAlukmbx/dpn 539 540 Buyer’s Attorney E-mail Seller’s Attorney E-mail 31O/XbdlfsEs/Tvjuf2771 DijdbhpJM71717 541 542 Address City State Zip Address City State Zip )423*:95.7511)423*:95.7555 543 544 Phone FaxPhone Fax 545 546 Mortgage Company Phone Homeowner’s/Condo Association (if any) Phone 547 548 Loan Officer Phone/Fax Management Co./Other Contact Phone 549 550 Loan OfficerE-mail Management Co./Other Contact E-mail 551 Illinois Real Estate License Law requires all offers be presented in a timely manner; Buyer requests verification that this offer was presented. 552 Seller rejection: This offer was presented to Seller on , 20 at : A.M./P.M. and rejected on 553 , 20 at : A.M./P.M.________ \[Seller Initials\] 554 © 2015, Illinois Real Estate Lawyers Association. All rights reserved. Unauthorized duplication or alteration of this form or any portion thereof is prohibited. Official form available at 555 www.irela.org (website of Illinois Real Estate Lawyers Association). Approved by the following organizations, September 2015: Illinois Real Estate Lawyers Association · DuPage County Bar Association · ®® ® 556 McHenry County Bar Association · Northwest Suburban Bar Association · Will County Bar Association · Belvidere Board of REALTORS · Chicago Association of REALTORS· Heartland REALTOR ® ® ® 557 Organization · Hometown Association of REALTORS· Illini Valley Association of REALTORS· Kankakee-Iroquois-Ford County Association of REALTORS· Mainstreet Organization of ® ® ® ® 558 REALTORS· North Shore-Barrington Association of REALTORS· Oak Park Area Association of REALTORS· REALTORAssociation of the Fox Valley, Inc. · Three Rivers Association of ® 559 REALTORS Buyer Initial Buyer Initial Seller Initial Seller Initial 21SOUTHEMERSONSTREETMOUNTPROSPECTILLINOIS60056 Address: v6.1 Page 13 of 13 RIDER NO. 1 TO MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 6.1 FOR 21 SOUTH EMERSON STREET, MOUNT PROSPECT, ILLINOIS BETWEEN THE VILLAGE OF MOUNT PROSPECT, AS BUYER, AND BUSSE EMERSON STREET, LLC, AS SELLER To the extent that this Rider differs from or is inconsistent with the terms or provisions of the Multi-Board Residential Real Estate Contract 6.1, the terms of this Rider supersede the terms of the Contract and shall govern and control the agreement of the parties. The following modifications and additions are made to the Multi-Board Residential Real Estate Contract 6.1 between Buyer the Village of Mount Prospect, an Illinois municipal corporation, and Seller Busse Emerson Street, LLC, an Illinois limited liability company, hereinafter referred to as the 1. Section 10 (Prorations): ed after Closing. There shall 2. Section 12 (Professional Inspections and Inspection Notices): Strike the existing text and replace with the following: 12. ENVIRONMENTAL AND OTHER INSPECTIONS. Notwithstanding anything to the contrary contained in this Contract, prior to Closing, Buyer shall have the right at any time, at its sole cost and expense, to select and retain environmental and other consultants to examine and inspect the physical condition of the Property (including the groundwater thereunder), to conduct a site assessment and environmental audit and to perform any environmental and engineering investigation or testing it deems necessary and appropriate (collectively, the and Other the Buyer and its consultants, their employees, agents, subcontractors and representatives, an irrevocable license and authorization to enter upon and have full access to the Property to conduct the Environmental and Other Environmental and Other Studies of the Property (including the groundwater thereunder). Seller s agents with regard to all Environmental and Other Studies. Buyer shall schedule all inspections with Seller in advance. Buyer shall provide Seller a minimum of 24-hours employees, agents, subcontractors or representatives who engage in any inspection activity shall be properly insured. Buyer shall indemnify and hold Seller harmless from any and all claims of f their inspection activities on the Property. Seller shall deliver to Buyer within five (5) business days of the Date of Acceptance all Property, its present and prior uses, or to the activities at or near the Property and environmental audits, reports or documents that refer or relate to the Property, including but not limited to copies of any prior environmental reports, investigations, structural and system inspections with regard to the physical condition of the Property, including but not limited to soil reports, 393159_3 engineering studies; testing results, other reports and assessments, audits, surveys, correspondence, notices and any other documentation and in possession, custody or control which relate or refer to the Property (including the groundwater thereunder), its present and prior uses, or to the activities at or near the Property (including the groundwater thereunder) and people having knowledge about the environmental practices and procedures of the Seller and avail 3. Section 17 (Municipal Ordinance, Transfer Tax and Governmental Compliance): Add a new subsection (c), to read as follows: c) The parties acknowledge that as Buyer is a governmental entity, this transaction is exempt from any State, County or local real estate transfer tax pursuant to 35 ILCS 200/31-45(b). Seller is obligated t 4. Section 18 (Title): At the end of this Section, add: also execute and deliver, at Closing, any and all documents, in addition to the Deed, including an Affidavit of Title, Covenant and Warranty, and Grantor/Grantee Statement, if required, Title Company documentation, including, but not limited to, an ALTA Statement, GAP Undertaking, or such other documents reasonably requested either by the Buyer or the Title Company to consummate the sale and purchase provided for herein and to vest title in Buyer subject to the Permitted Exceptions and the issuance of the 5. Section 18 (Title): 212. 6. Section 19 (Plat of Survey): Strike the existing text and replace with the following: 7. Section 26 (Direction to Escrowee): Strike remainder of section and Earnest Money s 278-79. 8. New Sections 45 through 48: Add the following new Sections 45 through 48: 45. The Buyer shall not be whatsoever (including, without limitation, information revealed by the Environmental and Other Studies as defined herein), the Buyer determines that the use or condition of the Property or any part thereof or any adjacent property is not appropriate for the use intended by the Buyer, poses a health, safety or environmental hazard, or if the Environmental and Other Studies reveals or if at any time prior to the Closing the Buyer otherwise becomes aware of the existence of any environmental or other condition which may be dangerous and/or unacceptable to the Buyer, or in violation of any environmental law or regulation including, but not limited to, the presence of 393159_3 2 any Hazardous Material, as defined herein. Pursuant to this Paragraph, the Buyer shall have the right, for a period of ten (10) days following the Date of Acceptance, in its sole and exclusive judgment, to terminate the Contract, upon which this Contract shall become null and void with no further action by the Parties hereto. 46. BUYER IS AN ILLINOIS MUNICIPAL CORPORATION: Seller acknowledges that because the Buyer is an Illinois municipal corporation, this Contract is subject to the approval of and is not enforceable until approved at an open meeting by the Board of Trustees of the Village of Mount Prospect. 47. COVENANTS, REPRESENTATIONS AND WARRANTIES OF SELLER: The covenants, representations and warranties contained in this Paragraph shall be deemed remade as of the Closing Date and shall survive the Closing, and shall be deemed to have been relied upon by the Buyer in consummating this transaction, notwithstanding any investigation the Buyer may have made with respect thereto, or any information developed by or made available to the Buyer prior to the Closing and consummation of this transaction. Seller covenants, represents and warrants to the Buyer as to the following matters, each of which is so warranted to be true and correct as of the Effective Date and also on the Closing Date: A. Title Matters. Seller has good and marketable fee simple title to the Property, subject only to the Permitted Exceptions. B. Violations of Zoning and Other Laws. Seller has received no notice, written or otherwise, from any governmental agency alleging any violations of any statute, ordinance, regulation or code. The Property as conveyed to Buyer shall include all rights of the Seller to the use of any off-site facilities, including, but not limited to, storm water detention facilities, necessary to ensure compliance with all zoning, building, health, fire, water use or similar statutes, laws, regulations and orders and any instrument in the nature of a declaration running with the Property. C. Pending and Threatened Litigation. To the best knowledge and belief of Seller, there are no pending or threatened matters of litigation, administrative action or examination, claim or demand whatsoever relating to the Property. D. Eminent Domain, etc. To the best knowledge and belief of Seller, there is no pending or contemplated eminent domain, condemnation or other governmental taking of the Property or any part thereof. E. Authority of Signatories. Seller has the power and legal authority to perform all of Seller F. Executory Agreements. Seller is not a party to, and the Property is not subject to, any contract or agreement of any kind whatsoever, written or oral, formal or informal, with respect to the Property, other than this Contract. Buyer shall not, by reason of entering into or closing under this Contract, become subject to or bound by any agreement, contract, lease, license, invoice, bill, undertaking or understanding which it shall not have previously agreed in writing to accept. Seller warrants and represents that no written leases, licenses or occupancies exist in regard to the Property and further, that no person, corporation, entity, tenant, licensee, or occupant has an option or right of first refusal to purchase, lease or use the Property, or any portion thereof. 393159_3 3 G. . All bills and invoices for labor and material of any kind relating outstanding or available to any party in connection with the Property. H. Governmental Obligations. To the best knowledge of Seller, there are no unperformed obligations relative to the Property outstanding to any governmental or quasi- governmental body or authority. I. Hazardous Materials. i. Seller represents and warrants that to the best of Sellers actual knowledge: (a) the Seller has not, and has no knowledge of any other person who has, caused any Release (which shall mean any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, or disposing into the indoor or outdoor environment, including, without limitation, the abandonment or discarding of barrels, drums, containers, tanks and other receptacles containing or previously containing any Hazardous Material), threatened Release or disposal of any Hazardous Material (which shall mean each element, compound, chemical mixture, contaminant, pollutant, material, waste or other substance which is defined, determined or identified as hazardous or toxic under Environmental Laws or the Release of which is regulated under Environmental Laws) at the Property in any material quantity and the Property is not adversely affected by any Release, threatened Release or disposal of a Hazardous Material originating or emanating from any other property; (b) the Property does not contain and has not contained any: (1) underground storage tank; (2) asbestos in any form; (3) lead or lead containing materials; (4) urea formaldehyde; (5) transformers or other equipment that contain fluid containing polychlorinated biphenyls; (6) any other chemical, oils, petroleum-derived compounds, pesticide or other material or substance, the exposure to which is prohibited, limited or regulated by any governmental authority or which poses a hazard to the health and safety of the occupants of the Property or the occupants of adjacent property. (7) landfills or dumps; (c) the Seller has used no material quantity of any Hazardous Material and have conducted no activity, event or occurrence involving Hazardous Material at the Property; (d) no part of the Property has been used to refine, produce, store, transfer, process, manufacture, transport or dispose Hazardous Material or petroleum; (e) the Seller has no material liability for response or corrective action, natural resource damage or other harm pursuant to any Environmental Law (which shall mean any federal, state or local law, statute, ordinance, order, decree, rule or regulation relating to releases, discharges, emissions or disposals to air, water, land, or groundwater, to the withdrawal or use of groundwater, to the use, handling, storage or disposal of polychlorinated biphenyls, asbestos or urea formaldehyde, to the treatment, storage, disposal or management of Hazardous Materials, and all rules, regulations and guidance documents promulgated pursuant thereto or published thereunder, as any or all of the foregoing may from time to 393159_3 4 time be amended, supplemented or modified); there is no litigation or governmental proceeding pending, or to the knowledge of Seller threatened against Seller, relating or referring to Sellers use and/or ownership of the Property; Seller has not received from any governmental body having authority any written complaint, order, citation or notice with regard to air emissions, water discharges, noise emissions and Hazardous Materials or any other environmental, health or safety matters affecting the Property, or any part thereof; (f) the Property is not subject to any, and the Seller has no knowledge of any imminent, restriction on the ownership, occupancy, use or transferability of the Property in connection with any (1) Environmental Law or (2) Release, threatened Release or disposal of a Hazardous Material; (g) there are no conditions or circumstances at the Property which pose a risk to the environment or the health or safety of persons; (h) the Seller has provided or otherwise made available to Buyer any environmental record concerning the Property which Seller possesses or could reasonably have attained; (i) Seller has not and does not know of any releasing, spilling, leaks, pumping, emitting, pouring, emptying or dumping of Hazardous Materials or petroleum on, into or from the Property; and (j) Seller has been in compliance in all material respects with all applicable environmental, health and safety statutes and regulations as it relates to the Property. ii. In addition to the representation and warranties set forth above from the date hereof to closing, Seller agrees to operate, maintain and manage the Property in compliance with all applicable federal, state, regional, county and local laws, statutes, rules, regulations or ordinances concerning public health, safety or the environment, and all Environmental Laws. iii. Seller agrees to indemnify and hold the Buyer harmless from and against any and all claims, demands, damages, losses, liens, liabilities, penalties, fines sought in any lawsuit, administrative action or other proceedings, includ costs and expenses, arising from or out of or in any way connected with: (i) the presence of any Hazardous Materials on the Property or the presence of any Hazardous Materials off the Property that was caused by or spread from the Property; or (ii) any violation or alleged violation of any local, state or federal environmental law or regulation, ordinance, administrative or judicial order relating to Hazardous Materials attributable to events occurring before the closing date, of which Seller had knowledge but failed to disclose to Buyer. Notwithstanding the foregoing, this Contract shall not be construed to impose liability on the Seller for Hazardous Materials placed, released or disposed of on the Property through no fault of Seller after the closing. The covenants, representations and warranties herein contained together with this indemnity shall survive the closing. J. Easements. Seller represents that the Property has full and free access on all perimeter areas to and from public streets, such that no private easements or agreements are necessary to afford access to or from the Property. K. Section 1445 Withholding. Seller represents person 1445 of the Internal Revenue Code and is/are, therefore, exempt from the withholding requirements of said Section. At Closing, Seller shall furnish Buyer with a Non-foreign Affidavit as set forth in said Section 1445. 393159_3 5 L. No Condominium. There has never been any documentation executed, recorded or transmitted and no other actions have been taken, by Seller or others, to establish all or any portion of the Property as a condominium or cooperative property under any applicable law or ordinance. In the event of the breach of any warranty or representation made herein or elsewhere in this Contract by Seller, Seller hereby indemnifies and holds Buyer harmless against all losses, damages, liabilities, costs, expenses (including reasonabl Buyer may incur or to which Buyer may become subject as a direct or indirect consequence of such breach, including all incidental and consequential damages. These representations, warranties, and indemnities of Seller shall survive the closing. When used in this Section 47to the best knowledge and belief of Seller words to that effect, is deemed to mean that Seller, after reasonable examination, investigation and inquiry of all documents and information in the possession of the Seller or its agents, are not aware of any thing, matter or the like that is contrary, negates, diminishes or vitiates that which such term precedes. 48. SPECIAL CONDITIONS: The following special conditions shall be set forth in the Resolution of the Board of Trustees of the Buyer approving the sale: structures thereon and to create a municipal park on the combined properties or a portion of the combined properties. The Buyer shall acknowledge the Sellers of 19 and 21 S. Emerson by naming the park, for so long as such park remains in existence, the Edwin and Elsie (Meyn) Busse Park, and by placing a permanent bench or plaque in the park in honor of Wallace E. Busse and Marion Busse. This provision shall survive closing. SELLER: BUYER: BY: BY: Title: Title: Date: Date: 393159_3 6