HomeMy WebLinkAboutOrd 4629 03/16/1994 ORDINANCE NO. 4629
AN ORDINANCE APPROVING AND AUTHORIZING THE
EXECUTION OF A REAL ESTATE PURCHASE AGREEMENT
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the . 16th day of March , 1994
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
16th day of March , 1994.
/caf
ORDINANCE NO. 4629
AN ORDINANCE APPROVING AND AUTHORIZING THE
EXECUTION OF A REAL ESTATE PURCHASE AGREEMENT
(ONE SOUTH EMERSON STREET)
WHEREAS, the Board of Trustees of the Village of Mount Prospect have determined that,
pursuant to the Tax Increment Redevelopment Project and Redevelopment Plan, that it
is in the best interest of the Village of Mount Prospect that the Village enter into an
Agreement to Purchase real estate located at 1 South Emerson Street, a copy of which
Agreement is attached hereto and hereby made a part hereof as Exhibit "A".
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Village President and Village Clerk are hereby authorized to
execute the Real Estate Purchase Agreement for property commonly known as One
South Emerson Street, Mount Prospect, Illinois, a copy of said Agreement is attached
hereto as Exhibit "A", the Board of Trustees having determined that the Agreement is in
the best interests of the Village of Mount Prospect, pursuant to the Amended Tax
Increment Redevelopment Project and Redevelopment Plan.
SECTION TWO: That the acts of the Village President, Village Trustees, Village Clerk,
officers, attorneys and employees of the Village necessary to implement, carry out, or
give effect to the terms of the Agreement to Purchase Real Estate, which is attached
hereto as Exhibit "A", are hereby authorized.
SECTION THREE: That this Ordinance shall be in full force and effect from and after its
passage, approval and publication in pamphlet form as provided by law.
AYES: Clowes, Corcoran, Skowron, Hendricks, Wilks
NAYS: Hoefert
ABSENT: None
PASSED and APPROVED this 16th day of March ,1994.
Gerald L. Farl~ey
Village President
ATTEST:
Carol A. Fields
Village Clerk
C 0 N T R %C T
R. F- L · ESTATE ·
Northwest Suburban Association of REALTORS' ~ ....
4 offertopumha.~epm~m~nlyknownas: O~ff~ ~. ~ ~ff~60~ ,s.,
6
2. PERSONAL PROPERS: The followi~ ~ the ~nal pmpe~, if any, now located on the premises and for which a Bill of Sale is to ~ given at the cl6sing: ventilatin~ and
~3 3. ~ME FOR ACCE~ANCE: ~is ~er ~ ~n~ a~~ ~ ~ler no ~ ~an ~' ~ ~ =. ~.; ~ ~t 1~.
~4 4. PURCHASE PRICE: The purchase pd~e is $ /~O) ~O ~ ' -
15 5. ~RNEST MONEY: Pur~r wil~ have ~id t~l earne~ mon~ in the amount of $ ~O~ . ~e initial $
17 earnest ~ne~, ~d an ~i~inal of this Contra~. shall be held by ~. as e~mw~, for the benef~ of the paflies hereto. ~e earnest money shall be held in a federally insured
18 a~unt atann~cialinst~ondesignat~ee~rowee. ~E~
19 If Purch~er requests earnest ~ney to ~ plac~ in an interest ~arlng a~ount, Rider 6~ (which includes Internal Revenue Service Form wg) must be attacheO hereto.
~ 6. PAYME~ OF THE PURCHASE PRICE: The ~yment including earnest monw. subje~ to applicable prorations, shall ~ paid by ~shier~ or ce~ified check, or mutually agreeable
21 ne~tiablein~u~ent, eACH AT
22
24 ty~ I~n to be ~cu~ ~ a me.gage or trust deed on the mai e~ate in the amount of , with initial
25 interest of not more than % per yeag w~h maximum interest near to exceed __ ~ insuran~, if require, to be amortized over
26 years, wan me % (including V.A. funding fees, if any)
27 Pumhaser shalr make wri~en loan; URGHASERFArLSTODOSO, SUCHFAJLURESHALLCONSTITUTE
29 thereof within that time, PURCHASER
30 SHALL BE DEEMED
31 Sell~ ~ Pumh~er's notice, procures ~r Purchaser such commi~ent or notifies Purchaser that Seller will accept a purchase money mortgage u~n
32 Pumhaser within five (5) business days of Purchaser~ notice of Seller~ elation to provide
33
67 ~ Seller ages to ~y at closing the sum of $ ~ per day to the Purcha~r as rant from and including the day after closing to and including
except ~ ~fO~ and (b) to tho best of his k~w[edge, that the roof and foundation are free from lea~,