HomeMy WebLinkAboutRes 21-24 05/07/2024 Approving The Purchase Of Real Property And Authorizing Execution Of Prosperty Purchase And Sales Contract (310 W. Northwest Highway, Mount Prospect, IL )RESOLUTION NO. 21-24
A RESOLUTION APPROVING THE PURCHASE OF REAL PROPERTY AND AUTHORIZING
EXECUTION OF PROPERTY PURCHASE AND SALES CONTRACT
(310 W. NORTHWEST HIGHWAY, MOUNT PROSPECT, ILLINOIS)
WHEREAS, the Village of Mount Prospect, Illinois ("Village") is a home rule unit of local
government pursuant to Article 7, Section 6 of the Constitution of the State of Illinois; and
WHEREAS, pursuant to Article 7, Section 6 of the Illinois Constitution, the Village, as a
home rule municipality, is authorized to enter into contracts for the sale and purchase of real
property; and
WHEREAS, the Board of Trustees of the Village has determined it is necessary and
desirable to purchase certain real property commonly known as 310 W. Northwest Highway,
Mount Prospect, Illinois, with a Property Index Number of 08-11-204-015-0000 (the "Subject
Property"), as legally described in Exhibit A, attached hereto and made a part hereof, and to
execute a Property Purchase and Sales Contract (the "Contract") relative to the purchase of the
Subject Property, a copy of which is attached hereto as Exhibit B and made a part hereof; and
WHEREAS, the Village and the Seller of the Subject Property, "Pentz Living Trust,
Dated April 5, 1996," have agreed to a purchase price of $800,000 for the Subject Property; and
WHEREAS, the Village has determined that the purchase of the Subject Property by the
Village is for a reasonable price and is in the best interests of the Village.
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS AS
FOLLOWS:
SECTION ONE: That the recitals set forth hereinabove are hereby adopted and
incorporated as if fully set forth herein.
SECTION TWO: That under the authority vested in the corporate authorities of the
Village, pursuant to Article 7, Section 6 of the Illinois Constitution, it is desirable for the Village to
purchase the Subject Property described in Exhibit A in accordance with the terms and
conditions set forth in the Contract attached as Exhibit B.
SECTION THREE: The Village President, Village Clerk and Village Manager, or their
designees, are authorized and directed to sign and execute the Contract for the purchase of the
Subject Property substantially in the form attached as Exhibit B. Any minor amendments to the
Contract made hereinafter shall be subject to the approval of the Village Manager without
further action of the Board of Trustees.
SECTION FOUR: The Village President, Village Clerk and Village Manager, or their
designees, are authorized and directed to purchase the Subject Property pursuant to the terms
and conditions set forth in the Contract and are further authorized and directed to execute and
deliver such other instruments as may be necessary or convenient to consummate such
purchase.
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SECTION FIVE: This Resolution shall be in full force and effect immediately upon its
adoption.
ADOPTED this 7th day of May, 2024, pursuant to a roll call vote as follows:
AYES: Dante, Filippone, Gens, Grossi, Matuszak, Saccotelli
NAYS: None
ABSENT: None
APPROVED this 7th day of May, 2024, by the Village President of the Village of Mount
Prospect, and attested by the Village Clerk, on the same day.
ATTEST:
:J4p
Karen Agoranos, Vil age Clerk
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EXHIBIT A
LOT 1 IN WINKELMANN'S RESUBDIVISION OF LOTS 1, 2, 3,4 AND 5 IN HENRY J. EHARD'S
SUBDIVISION OF THAT PART OF THE NORTHEAST '/ OF SECTION 11, TOWNSHIP 41
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, LYING NORTH OF THE
CHICAGO AND NORTHWESTERN RAILROAD COMPANY'S RIGHT-OF-WAY, IN COOK
COUNTY, ILLINOIS.
PROPERTY ADDRESS: 310 W. NORTHWEST HIGHWAY, MOUNT PROSPECT, ILLINOIS
PERMANENT INDEX NUMBER: 08-11-204-015-0000
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EXHIBIT B
PROPERTY PURCHASE AND SALES CONTRACT
310 W. NORTHWEST HIGHWAY, MOUNT PROSPECT, ILLINOIS
(attached)
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PROPERTY PURCHASE AND SALES CONTRACT
(310 W. NORTHWEST HIGHWAY, MOUNT PROSPECT, ILLINOIS)
THIS PROPERTY PURCHASE AND SALES CONTRACT ("Contract") is made as of the Effective
Date (as defined in Section 25 below) between PENTZ LIVING TRUST, DATED APRIL 5, 1996 ("Seller")
and the VILLAGE OF MOUNT PROSPECT, an Illinois municipal corporation ("Buyer").
AGREEMENT:
1. BUYER IS A MUNICIPAL ENTITY AND THIS CONTRACT IS SUBJECT TO THE
APPROVAL OF, AND IS NOT ENFORCEABLE UNLESS APPROVED AT AN OPEN MEETING BY, THE
PRESIDENT AND BOARD OF TRUSTEES OF BUYER.
2. SALE. The Seller, whose identity may be updated to conform the owner of record set forth
in the "Title Commitment," as defined in Section 8 below, agrees to sell to Buyer, and Buyer agrees to
purchase from Seller, upon the terms and conditions set forth in this Contract, the fee simple title to the parcel
of land commonly known as 310 W. Northwest Highway, Mount Prospect, Illinois, PIN 08-11-204-015-0000,
located in the County of Cook ("Property"), and all rights, privileges, tenements, hereditaments, easements
and appurtenances to the Property owned by Seller, including, without limitation, all mineral rights,
easements, rights-of-way and other appurtenances used or connected with the beneficial use or enjoyment
of the parcel, and all easement rights and obligations of Seller, to the extent they relate to the Property, in
and to all streets, alleys, roads, avenues and other rights-of-way adjacent to, abutting or serving the Property.
The Property is legally described in Exhibit A attached hereto and made a part hereof. The legal description
shall conform and shall be updated to conform to the legal description from the "Survey," as defined in Section
9 below. Seller is not selling any of Seller's personal property or the personal property of the Seller's tenant,
including, without limitation, lifts, generators, compressors, shelving, racks, or other personal property, even
if attached to the structure.
3. PURCHASE PRICE. The purchase price for the purchase of the Property by Buyer is EIGHT
HUNDRED THOUSAND AND NO/100 DOLLARS ($800,000.00) ("Purchase Price"). At the "Closing," as
defined in Section 5 below, Buyer shall pay to Seller, in good and available funds by wire transfer or cashier's
check, the Purchase Price, plus or minus prorations as provided herein, on the terms and conditions set forth
in Exhibit B attached hereto and made a part hereof.
4. EARNEST MONEY DEPOSIT. Within five (5) business days after receipt of a fully executed
copy of this Contract, Buyer shall deposit TWENTY THOUSAND AND NO/100 DOLLARS ($20,000.00)
("Earnest Money Deposit") with the "Title Company," as defined in Section 5 below, pursuant to mutually
acceptable strict joint order escrow instructions. The Earnest Money Deposit shall be applied to the Purchase
Price at Closing.
5. CLOSING DATE, The closing ("Closing") of the contemplated purchase and sale of the
Property shall take place through a deed and money escrow ("EscrovW') on June 1, 2024, following the end
of the Due Diligence Period ("Closing Date") remotely through the Chicago Title Insurance Company ("Title
Company"), or at such other time and place as mutually agreed to by the parties. The Parties shall pay the
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Closing costs, including but not limited to the costs of recording, the title policy, the Earnest Money Deposit
escrow and the Escrow as customarily charged, except that Buyer shall pay the costs of the Survey, as set
forth in Section 9 below.
6. AS -IS WHERE -IS CONDITION. Except for Seller's express representations and warranties
and as otherwise set forth herein, or as may otherwise be mutually agreed to between the Parties, Buyer
agrees that it is purchasing and accepting the Property in its "AS -IS, WHERE -IS" condition, subject to all
faults of every kind and nature whatsoever, whether latent or patent, where now or hereafter existing. By
agreeing to purchase and accept the Property in "AS -IS, WHERE -IS" condition, the Buyer acknowledges and
represents that it will inspect the Property during the Due Diligence Period as defined herein and make such
due diligence investigations as it deems appropriate into the conditions affecting the Property, including,
without limitation, the environmental condition of the Property. In so doing the Buyer represents that it has
retained or will retain, at Buyer's sole cost and expense, such experts and agents to assist in such inspection
and investigation as it has deemed or will deem appropriate.
7. ENVIRONMENTAL AND OTHER INSPECTIONS; LUST REMOVAL AND OTHER
ENVIRONMENTAL REMEDIATION; BUYER'S OPTION TO TERMINATE CONTRACT.
Seller has previously delivered to Buyer any environmental reports or assessments of the Property
in Seller's possession. Buyer, its agents and contractors, have reviewed such environmental reports or
assessments, and have conducted their own Phase I Environmental Site Assessment in February, 2024 (the
"Phase I ESA"), and a Limited Phase II Environmental Site Assessment of the Property in April, 2024 (the
"Phase II ESA" and, collectively with the Phase I ESA, the "ESAs"). Based the results of the ESAs, and
negotiations between the Parties relative to the identified site conditions, the Parties agree as follows:
A. Leaking Underground Storage Tank ("LUST"): The Parties acknowledge that there is a LUST
on the Property that has been enrolled in the Illinois Environmental Protection Agency's LUST
Program with a reference number of LUST Incident # 20140459 (the "LUST Incident"). Seller
acknowledges that notwithstanding Section 6 above, all activities related to closure of the LUST
Incident are Seller's responsibility and shall remain Seller's responsibility following Closing. Seller
has retained or shall retain, at Seller's sole cost and expense, an environmental services company
to complete any additional site investigation necessary to address the LUST Incident, including off-
site evaluation, reporting activities, remedial activities identified in the approved Corrective Action
Plan (CAP), and obtaining a No Further Remediation letter related to the LUST Incident (the "LUST
Incident NFR Letter"). Buyer acknowledges that the LUST Incident NFR Letter will be specific to the
identified on-site LUST releases and would not cover or address the other on-site recognized
environmental contaminants ("RECS") and any additional, associated contaminants of concern. It is
estimated that the LUST Incident shall take another six (6) to twelve (12) months to complete. Seller
shall, subject to force majeure or any unanticipated complications, complete all activities necessary
to obtain the LUST Incident NFR Letter within twelve (12) months of Closing.
B. Site Remediation Activities: The Buyer's ESAs have identified a need for additional site
remediation beyond the remediation identified in subsection 7.A.1. above. It is anticipated that the
Buyer shall, following Closing, enroll the Property into the IEPA voluntary Site Remediation Program
(the "SRP") with the ultimate goal of obtaining a No Further Remediation Letter related to the Property
(the "Additional Remediation NFR Letter"). The Parties acknowledge that additional investigation
activities and reporting work would be necessary to address specific SRP requirements which were
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considered beyond the scope of the preacquisition ESAs. The Parties further acknowledge that a
combination of engineered barriers, construction worker precaution/health and safety plan
requirements, institutional controls (i.e. ground water use restriction) and building control technology
will be necessary for any future on-site structures, and that a highway authority agreement or
environmental land use control (ELUC) agreements would likely be proposed within a future
Remedial Action Plan in order to address off-site issues to meet IEPA SRP requirements for securing
the Additional Site Remediation NFR Letter. While Buyer is ultimately responsible for all site
remediation activities necessary to obtain the Additional Remediation NFR Letter, Seller agrees to
the Environmental Remediation Escrow as defined and further detailed in Section 13 below.
C. To the extent additional access or testing is necessary prior to Closing, Buyer, and its agents
and contractors, shall have the right prior to the Closing Date to enter onto the Property to conduct
environmental or other inspections, soil tests, and/or surveys or other tests and/or inspections at
Buyer's own cost and expense. Any such entry by Buyer and/or its agents and/or contractors shall
be at the sole risk of Buyer and/or its agents and/or contractors, and in no case shall Seller be liable
to Buyer and/or its agents and/or contractors for any damages, claims, or liabilities that arise from
such entry. Buyer shall, relative to the Property, and prior to May 30, 2024 (the "Due Diligence
Period"), review the results of its own testing and investigations, title, relevant recorded documents,
available surveys, site plans and environmental and/or other reports ad shall advise the Seller, within
said period, if Buyer wishes to proceed with the acquisition of the Property. The Buyer shall not be
obligated to accept the Property, if in the Buyer's sole and exclusive judgment, for any reason
whatsoever, the Buyer determines that the use or condition of the Property or any part thereof is not
necessary or appropriate for the use intended by the Buyer, poses a health, safety or environmental
hazard, or if at any time prior to the Closing the Buyer otherwise becomes aware of the existence of
any environmental condition which may be dangerous and/or unacceptable to the Buyer, or in
violation of any environmental law or regulation. Pursuant to this Paragraph, if Buyer advises Seller
on or prior to the end of the Due Diligence Period that the Buyer has determined not to accept the
Property, this Contract shall become null and void with no further action by the Parties hereto, the
Earnest Money shall be returned to Buyer, and the Parties shall have no further obligations to each
other.
8. TITLE INSURANCE. Within fifteen (15) business days of the Effective Date, Seller shall
obtain a title commitment issued by the Title Company, in the amount of the Purchase Price, with extended
coverage over the standard exceptions 1 through 5 ("Title Commitment"), together with copies of all
underlying title documents listed in the Title Commitment ("Underlying Title Documents"), subject only to
those matters described in Exhibit B, attached hereto and made a part hereof ("Permitted Exceptions"). If
the Title Commitment, Underlying Title Documents or the Survey (as hereinafter defined) disclose exceptions
to title, which are not acceptable to Buyer ("Unpermitted Exceptions"), Buyer shall have ten (10) business
days from the later of the delivery of the Title Commitment, the Underlying Title Documents and the Survey
to object to the Unpermitted Exceptions. Buyer shall provide Seller with an objection letter ("Buyer's
Objection Letter") listing the Unpermitted Exceptions, which are not acceptable to Buyer. Seller shall have
ten (10) business days from the date of receipt of the Buyer's Objection Letter ("Seller's Cure Period") to
have the Unpermitted Exceptions removed from the Title Commitment or to cure such Unpermitted
Exceptions or to have the Title Company commit to insure against loss or damage that may be occasioned
by such Unpermitted Exceptions, and the Closing shall be extended such additional time ("Extended Title
Closing Date"), after Buyer's receipt of a proforma title policy ("Proforma Title Policy") reflecting the Title
Company's commitment to insure the Unpermitted Exceptions. If Seller fails to have the Unpermitted
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Exceptions removed or, in the alternative, to obtain a Title Commitment insuring the Unpermitted Exceptions
within the specified time, Buyer may elect to either (i) terminate this Contract and this Contract shall become
null and void without further action of the parties, or (ii) upon notice to Seller within five (5) business days
after Buyer's receipt of Seller's intention not to cure the Unpermitted Exceptions, take title as it then is with
the right to deduct from the Purchase Price any liens or encumbrances of a definite or ascertainable amount
which are listed in the Title Commitment. All Unpermitted Exceptions, which the Title Company commits to
insure, shall be included within the definition of Permitted Exceptions. The Proforma Title Policy shall be
conclusive evidence of good title as shown therein as to all matters insured by the Title Company, subject
only to the Permitted Exceptions. The Buyer shall pay the cost for any later date title commitments, and Buyer
shall pay for the cost of the later date to its Proforma Title Policy.
9. SURVEY. Prior to the Closing, Buyer may obtain and deliver to Seller, at Buyer's sole cost
and expense, a Plat of Survey ("Survey"). Upon approval of the Survey, the legal description in Exhibit A
shall be automatically revised to be that of the legal description in the Survey and Title Commitment. At
either party's request, any changes to the legal description shall be confirmed in writing and signed by both
parties.
10. DEED. Seller shall convey fee simple title to the Property to Buyer, by a recordable Warranty
Deed ("Deed"), subject only to the Permitted Exceptions. Seller shall also execute and deliver, at Closing,
any and all documents, in addition to the Deed, including an Affidavit of Title; Bill of Sale; Title Company
documentation including, but not limited to, an ALTA Statement, GAP Undertaking, and such other
documents reasonably requested either by the Buyer or the Title Company to consummate the transaction
contemplated herein and to vest fee simple title to the Property in Buyer subject only to the Permitted
Exceptions and the issuance of the Buyer's Title Company owners title insurance policy. Buyer shall be
responsible for the recording fee of the Deed.
11. CLOSING DOCUMENTS. On the Closing Date, the obligations of the Buyer and Seller shall
be as follows:
A. Seller shall deliver or cause to be delivered to the Title Company:
the original executed and properly notarized Deed, together with the
Grantor/Grantee Statement and Plat Act Affidavit, if required;
the original executed and property notarized Affidavit of Title;
iii. the original executed and property notarized Non -Foreign Affidavit;
iv. the original executed Bill of Sale;
counterpart originals of Seller's Closing Statement; and
vi, such other standard closing documents or other documentation as is
required by applicable law or the Title Company to effectuate the
transaction contemplated hereby, including, without limitation, ALTA
statements and GAP Undertaking, such other documentation as is
reasonably required by the Title Company to issue Buyer its owners title
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insurance policy in accordance with the Proforma Title Policy and in the
amount of the Purchase Price insuring the fee simple title to the Property in
the Buyer as of the Closing Date, subject only to the Permitted Exceptions.
B. Buyer shall deliver or cause to be delivered to the Title Company:
the balance of the Purchase Price, plus or minus prorations;
counterpart originals of Seller's Closing Statement; and
ALTA Statement and such other standard closing documents or other
documentation as is required by applicable law or the Title Company to
effectuate the transaction contemplated herein.
C. The parties shall jointly deposit fully executed State of Illinois Transfer Declarations
and County Transfer Declarations, along with a jointly executed Environmental Remediation Escrow
Agreement, as described in Section 13 below.
12. POSSESSION. Possession of the Property has been with the Seller prior to the Effective
Date. Possession of the Property may, but need not, remain with the Seller following closing pursuant to the
Post -Closing Possession Agreement and Indemnity/Waiver and Release of All Claims set forth in Exhibit C
attached hereto or made a part hereof, or pursuant to other terms to be mutually agreed to by the Parties
and memorialized in writing prior to Closing. Seller's right to post -closing possession shall terminate on
November 30, 2024 at midnight or such other date as mutually agreed to by the Parties in writing.
13. PRORATION$ AND ENVIRONMENTAL REMEDIATION ESCROW, At Closing, the
following adjustments and prorations shall be computed as of the Closing Date and the balance of the
Purchase Price shall be adjusted to reflect such prorations. All prorations shall be based on a 366 -day year,
with the Seller having the day prior to the Closing Day.
A. Real Estate Taxes. General real estate taxes for 2023, 2024 and subsequent years,
special assessments and all other public or governmental charges against the Property, if any, which
are or may be payable on an annual basis (including charges, assessments, liens or encumbrances
for sewer, water, drainage or other public improvements completed or commenced on or prior to the
Closing Date) shall be adjusted and apportioned as of the Closing Date. If the exact amount of
general real estate taxes is not known at Closing, the proration will be based on 105% of the most
recent full year tax bill, and shall be conclusive, with no subsequent adjustment.
B. Miscellaneous, All other charges and fees customarily prorated and adjusted in
similar transactions shall be prorated as of Closing Date. In the event that accurate prorations and
other adjustments cannot be made at Closing because current bills or statements are not obtainable
(as, for example, all water, sewer, gas and utility bills), the parties shall prorate on the best available
information. Final readings and final billings for utilities shall be taken as of the date of Closing except
for a water bill which may be taken up to two (2) days before the Closing Date.
C. Environmental Remediation Escrow. At Closing, ONE HUNDRED THOUSAND
DOLLARS AND N01100 DOLLARS ($100,000.00) (the "Environmental Remediation Escrow
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Funds") shall be held back from the Purchase Price proceeds that would otherwise be due to Seller
and shall be deposited in an Environmental Remediation Escrow with the Title Company. The
Environmental Remediation Escrow Funds shall be held and disbursed pursuant to an Environmental
Remediation Escrow Agreement that shall include terms and conditions mutually agreeable to the
Parties and shall be signed at Closing. The Parties agree that the Environmental Remediation
Escrow Agreement shall provide that the Additional Environmental Remediation NFR Letter is to be
obtained by the Buyer, that the Environmental Remediation Escrow Funds shall be held in the
Escrow by the Title Company until such time as the Additional Environmental Remediation NFR
Letter is obtained, and that all reasonable costs incurred by Buyer after Closing for activities
associated with obtaining the Additional Environmental Remediation NFR Letter ("Additional
Environmental Remediation Costs") shall be reimbursable to Buyer from the Environmental
Remediation Escrow up to the full amount of the Environmental Remediation Escrow Funds amount.
The Environmental Remediation Escrow Agreement shall also provide that in the event the Additional
Environmental Remediation Costs are less than the amount of the Environmental Remediation
Escrow Funds, any remaining Funds shall be promptly returned to Seller.
14. CONVEYANCE TAXES. The parties acknowledge that, as Buyer is a governmental entity,
this transaction is exempt from any State, County and Village real estate transfer tax pursuant to 35 ILCS
200/31-45(b) and the Village of Mount Prospect Village Code. Seller shall furnish completed Real Estate
Transfer Declarations signed by Seller or Seller's agent in the form required pursuant to the Real Estate
Transfer Tax Act of the State of Illinois and the Village of Mount Prospect Village Code.
15. COVENANTS REPRESENTATIONS AND WARRANTIES OF SELLER. The covenants,
representations and warranties contained in this Section shall be deemed remade as of the Closing Date and
the end of the post -closing possession period, 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 written notice 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.
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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. Access to Property Utilities, To the best knowledge and belief of Seller, No fact or
condition exists which would result in the termination or impairment of access to the Property or
which could result in discontinuation of presently available or otherwise necessary sewer, water,
electric, gas, telephone or other utilities or services.
F. Assessments. To the best knowledge and belief of Seller, there are no public
improvements in the nature of off-site improvements, or otherwise, which have been ordered to be
made and/or which have not heretofore been assessed, and there are no special or general
assessments pending against or affecting the Property.
G. Authority of Signatories; No Breach of Other Agreements; etc. The execution,
delivery of and performance under this Contract by Seller is pursuant to authority validly and duly
conferred upon Seller and the signatories hereto. The consummation of the transaction herein
contemplated and the compliance by Seller with the terms of this Contract do not and will not conflict
with or result in a breach of any of the terms or provisions of, or constitute a default under, any
agreement, arrangement, understanding, accord, document or instruction by which Seller or the
Property are bound; and will not and does not, to the best knowledge and belief of Seller, constitute
a violation of any applicable law, rule, regulation, judgment, order or decree of, or agreement with,
any governmental instrumentality or court, domestic or foreign, to which Seller or the Property are
subject or bound.
H. 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 Buyer shall not have expressly and specifically previously
acknowledged and 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.
I. Mechanic's Liens. All bills and invoices for labor and material of any kind relating to
the Property have been paid in full, and there are no mechanic's liens or other claims outstanding or
available to any party in connection with the Property.
J. Governmental Obli ations. 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.
K. Easements. Seller represents to the best of Seller's knowledge that the Property
has no private easements or agreements that would hinder Seller from its intended use of the
Property.
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L. Section 1445 WiLhhoLdinj, Seller represents that he/she/it/they is/are not a "foreign
person" as defined in Section 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.
M. Hazardous Materials. Seller has not, and has no knowledge of any other person
who has, caused any release, 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.
Seller hereby indemnifies and holds Buyer harmless against all losses, damages, liabilities, costs, expenses
(including reasonable attorneys' fees) and charges which Buyer may incur or to which Buyer may become
subject as a direct or indirect consequence of such breach of the above representations or warranties made
hereunder, including all incidental and consequential damages. These representations, warranties, and
indemnities of Seller shall survive the closing.
When used in this Section, the expression "to the best knowledge and belief of Seller," or words to that
effect, is deemed to mean that Seller, without duty of examination, investigation or inquiry, is not aware of
any thing, matter or the like that is contrary, negates, diminishes or vitiates that which such term precedes.
16. DEFAULT AND CONDITIONS PRECEDENT TO CLOSING.
A. It is a condition precedent to Closing that:
fee simple title to the Property is shown to be good and marketable, subject
only to the Permitted Exceptions, as required hereunder and is accepted by
Buyer;
ii, the covenants, representations and warranties of Seller contained in
Section 15 hereof and elsewhere in this Contract are true and accurate on
the Closing Date or waived by Buyer in writing on the Closing Date; and
iii, Seller has performed under the Contract and otherwise has performed all
of its covenants and obligations and fulfilled all of the conditions required of
it under the Contract in order to Close on the Closing Date.
iv. The Parties have agreed to the form of an Environmental Remediation
Escrow Agreement as detailed in subsection 13.C. above.
B. If, before the Closing Date, Buyer becomes aware of a breach of any of Seller's
representations and warranties or of Seller failing to perform all of its covenants or otherwise failing
to perform all of its obligations and fulfill all of the conditions required of Seller in order to Close on
the Closing Date, Buyer may, at its option:
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elect to enforce the terms hereof by action for specific performance; or
terminate this Contract; or
proceed to Closing notwithstanding such breach or nonperformance.
In all events, Buyer's rights and remedies under this Contract shall always be non-exclusive and
cumulative and the exercise of one remedy shall not be exclusive of or constitute the waiver of any
other, including all rights and remedies available to it at law or in equity.
C. In the event of a default by Buyer, Seller's sole and exclusive right and remedy shall
be to terminate this Contract and thereupon to retain the Buyer's earnest money deposit as liquidated
damages.
D. Notwithstanding the foregoing, the parties agree that no default of or by either party
shall be deemed to have occurred unless and until notice of any failure by the non -defaulting party
has been sent to the defaulting party and the defaulting party has been given a period of five (5)
business days from receipt of the notice to cure the default. In the event that a party has timely
initiated the steps necessary to cure a default, but the nature of the cure requires additional time
within which to do so, the cure period herein shall be extended by an additional five (5) business
days.
18. BINDING EFFECT. This Contract shall inure to the benefit of and shall be binding upon the
heirs, legatees, transferees, assigns, personal representatives, owners, agents, administrators, executors
and/or successors in interest of any kind whatsoever of the parties hereto.
19. BROKERAGE. The Buyer represents that it has not retained a broker regarding the
proposed transaction. The Seller represents that it has not retained a broker regarding the proposed
transaction. Each party hereby defends, indemnifies and holds the other harmless against any and all claims
of brokers, finders or the like, and against the claims of all third parties claiming any right to a commission or
compensation by or through acts of that party or that party's partners, agents or affiliates in connection with
this Contract, Each party's indemnity obligations shall include all damages, losses, costs, liabilities and
expenses, including reasonable attorneys' fees, which may be incurred by the other in connection with all
matters against which the other is being indemnified hereunder. This provision shall survive the Closing.
20. NOTICES. Any and all notices, demands, consents and approvals required under this
Contract shall be sent and deemed received: (A) on the third business day after mailed by certified or
registered mail, postage prepaid, return receipt requested, or (B) on the next business day after deposit with
a nationally -recognized overnight delivery service (such as Federal Express or Airborne) for guaranteed next
business day delivery, or (C) by e-mail transmission on the day of transmission, with the original notice mailed
by certified or registered mail, postage prepared, return receipt requested, or (D) by personal delivery, if
addressed to the parties as follows:
To Seller: THE PENTZ LIVING TRUST U/A 4/5/1996
c/o Josef Pentz, Trustee
431 N Braintree
Schaumburg, IL 60194
5743041-5
Page 10 of 14
E -Mail: formula. automotive 123@gmail.com
With a copy to: Marc D. Sherman
Marc D. Sherman & Colleagues, P.C.
3700 W Devon Ave, Suite E
Lincolnwood, IL 60712
E -Mail: mshermanlawoffice@icloud.com
To Buyer: Village of Mount Prospect
50 South Emerson St
Mount Prospect, IL 60056
Attn: Michael Cassidy, Village Manager
Phone: 847-392-6000
Email: MCassady@mountprospect.org
With a copy to: Klein, Thorpe and Jenkins, Ltd.
900 Oakmont Lane, Suite 301
Westmont, IL 60559
Attn: Michael A. Marrs
Phone 312-984-6419
Email: mamarrs@ktjlaw.com
Any party hereto may change the name(s), address(es) and e-mail address(es) of the designee to whom
notice shall be sent by giving written notice of such change to the other parties hereto in the same manner,
as all other notices are required to be delivered hereunder.
21. RIGHT OF WAIVER. Both Buyer and Seller may, at any time and from time to time, waive
each and any condition of the Closing, without waiver of any other condition or other prejudice of its rights
hereunder. Such waiver by a party shall, unless otherwise herein provided, be in a writing signed by the
waiving party. and delivered to the other party.
22. DISCLOSURE OF INTERESTS. In accordance with Illinois law, 50 ILCS 105/3.1, prior to
execution of this Contract by the Buyer, an owner, authorized trustee, corporate official or managing agent
must submit a sworn affidavit to the Buyer disclosing the identity of every owner and beneficiary having any
interest, real or personal, in the Property, and every shareholder entitled to receive more than 7'/z% of the
total distributable income of any corporation having any real interest, real or personal, in the Property, or,
alternatively, if a corporation's stock is publicly traded, a sworn affidavit by an officer of the corporation or its
managing agent that there is no readily known individual having a greater than 7'/z% percent interest, real or
personal, in the Property. The sworn affidavit shall be substantially similar to the one in Exhibit 01 attached
hereto and made a part hereof.
23. ASSIGNMENT. Buyer shall have the right to assign or transfer Buyer's interest in this
Contract with the prior written consent of Seller. Buyer shall deliver to Seller a copy of the fully executed
assignment and assumption by Buyer, as assignor and the assignee.
57430415
Page 11 of 14
24. MISCELLANEOUS.
A. Buyer and Seller mutually agree that time is of the essence throughout the term of
this Contract and every provision hereof in which time is an element. No extension of time for
performance of any obligations or acts shall be deemed an extension of time for performance of any
other obligations or acts. If any date for performance of any of the terms, conditions or provisions
hereof shall fall on a Saturday, Sunday or legal holiday, then the time of such performance shall be
extended to the next business day thereafter.
B. This Contract provides for the purchase and sale of property located in the State of
Illinois, and is to be performed within the State of Illinois. Accordingly, this Contract, and all questions
of interpretation, construction and enforcement hereof, and all controversies hereunder, shall be
governed by the applicable statutory and common law of the State of Illinois. The parties agree that,
for the purpose of any litigation relative to this Contract and its enforcement, venue shall be in the
Circuit Court of Cook County and the parties consent to the in personam jurisdiction of said Court for
any such action or proceeding.
C. The terms, provisions, warranties and covenants of Section 15 shall survive the
Closing and delivery of the Deed and other instruments of conveyance. The provisions of Section 15
of this Contract shall not be merged therein, but shall remain binding upon and for the parties hereto
until fully observed, kept or performed.
D. The provisions of the Uniform Vendor and Buyer Risk Act of the State of Illinois shall
be applicable to this Contract.
E. Buyer and Seller hereby agree to make all disclosures and do all things necessary
to comply with the applicable provisions of the Property Settlement Procedures Act of 1974. In the
event that either party shall fail to make appropriate disclosures when asked, such failure shall be
considered a breach on the part of said party.
F. The parties warrant and represent that the execution, delivery of and performance
under this Contract is pursuant to authority, validly and duly conferred upon the parties and the
signatories hereto.
G. The Section headings contained in this Contract are for convenience only and shall
in no way enlarge or limit the scope or meaning of the various and several Sections hereof.
H. Whenever used in this Contract, the singular number shall include the plural, the
plural the singular, and the use of any gender shall include all genders.
I. If the Seller is a Trust, this Contract is executed by the undersigned Trustee, not
personally but as Trustee as aforesaid, in the exercise of the power and authority conferred upon
and vested in it as such Trustee. Said Trustee hereby warrants that it possesses full power and
authority to execute this Contract. It is expressly understood and agreed by and between the parties
hereto, anything herein to the contrary notwithstanding, that each and all of the representations,
covenants, undertakings, warranties and agreements herein made on the part of the Trustee while
in form purporting to be the representations, covenants, undertakings, warranties and agreements
5743045
Page 12 of 14
of said Trustee are nevertheless each and every one of them made and intended not as personal
representations, covenants, undertakings, warranties and agreements by the Trustee or for the
purpose or with the intention of binding Trustee personally but are made and intended for the purpose
of binding only the trust property, and this Contract is executed and delivered by said Trustee not in
its own right, but solely in the exercise of the power conferred upon it as said Trustee; and that no
personal liability or personal responsibility is assumed by or shall at any time be asserted or
enforceable against said Trustee on account of this Contract or on account of any representations,
covenants, undertakings, warranties or agreements of said Trustee in this Contract contained either
express or implied, all such personal liability, if any, being expressly waived and released.
In the event the Seller is a Trust as provided above, this Contract shall be signed by the
Trustee and also by the person or entity holding the Power of Direction under the Trust. The person
or entity signing this Contract is by his/her/their/its signature represents, warrants and covenants
with Buyer that he/she/they/it has the authority to enter into this Contract and the obligations set forth
herein. All references to the Seller's obligations, warranties and representations shall be interpreted
to mean the Beneficiary or Beneficiaries of the Trust.
J. In the event either party elects to file any action in order to enforce the terms of this
Contract, or for a declaration of rights hereunder, the prevailing party, as determined by the court in
such action, shall be entitled to recover all of its court costs and reasonable attorneys' fees as a
result thereof from the losing party,
K. If any of the provisions of this Contract, or the application thereof to any person or
circumstance, shall be invalid or unenforceable to any extent, the remainder of the provisions of this
Contract shall not be affected thereby, and every other provision of this Contract shall be valid and
enforceable to the fullest extent permitted by law.
L. This Contract may be executed in counterparts, each of which shall be deemed an
original, and all of which, when taken together, shall constitute one and the same instrument.
25. EFFECTIVE DATE. This Contract shall be deemed dated and become effective on the date
that the authorized signatories of Buyer shall sign the Contract, which date shall be the date stated below the
Buyer's signature.
26. CONTRACT MODIFICATION. This Contract and the Exhibits attached hereto and made a
part hereof, or required hereby, embody the entire Contract between the parties hereto with respect to the
Property and supersede any and all prior agreements and understandings, whether written or oral, and
whether formal or informal. No extensions, changes, modifications or amendments to or of this Contract, of
any kind whatsoever, shall be made or claimed by Seller or Buyer, and no notices of any extension, change,
modification or amendment made or claimed by Seller or Buyer (except with respect to permitted unilateral
waivers of conditions precedent by Buyer) shall have any force or effect whatsoever unless the same shall
be endorsed in writing and fully signed by Seller and Buyer.
27. EXHIBITS. The following Exhibits are attached hereto and made a part hereof by reference:
Exhibit A Legal Description of the Property
5743045
Exhibit B Permitted Exceptions
Exhibit C Post -Closing Possession Terms and Conditions
Exhdbt D Disclosure Affidavit
[THIS SPACE INTENTIONALLY LEFT BLANK]
574304.5
Page 13 of 14
Page 14 of 14
IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the date below their
respective signatures.
SELLER:
THE PENTZ LIVING TRUST U/A/D 4/5/1996
Name: Josef Pentz
Title: Trustee
ATTEST:
By:
Name: ........___
Title:
Date Seller executed:
574304„_5
BUYER:
VILLAGE OF MOUNT PROSPECT,
an Illinois municipal corporation
By
Na
Title: Village President
ATTEST:
By.
Name: �M.
Title: d.z e. ClerL
Date Buyer executed: 5 LS�
Page 14 of 14
IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the date below their
respective signatures.
SELLER:
THE PENTZ LIVING TRUST U/AID 4/5/1996
By:
a
Nam: JIos Pentz
Title: Trustee
ATTEST
By
Title:
Date Seller executed: * 7, ;
OFFICIALE
a FIMNrj'FARY PUBLIC, 124�j 012024
5743045
BUYER:
VILLAGE OF MOUNT PROSPECT,
an Illinois municipal corporation
By:—
Name:
Title: Village President
ATTEST:
By:
Name:
Title:
Date Buyer executed:
Exhibit A
LEGAL DESCRIPTION OF THE PROPERTY
LOT 1 IN WINKELMANN'S RESUBDIVISION OF LOTS 1, 2, 3, 4 AND 5 IN HENRY J. EHARD'S
SUBDIVISION OF THAT PART OF THE NORTHEAST'/40F SECTION 11, TOWNSHIP 41 NORTH, RANGE
11 EAST OF THE THIRD PRINCIPAL MERIDIAN, LYING NORTH OF THE CHICAGO AND
NORTHWESTERN RAILROAD COMPANY'S RIGHT-OF-WAY, IN COOK COUNTY, ILLINOIS.
Property Address: 310 W. Northwest Highway, Mount Prospect, Illinois
Permanent Index Number: 08-11-204-015-0000
5743045
Exhibit B
PERMITTED EXCEPTIONS
1, 2023 and 2024 real estate taxes and subsequent years, not due and payable for the Property.
2. Covenants, Conditions and Restrictions of Record; and
1 Building lines and easements of record, if any
5743045
Exhibit C
POST -CLOSING POSSESSION AGREEMENT AND
INDEMNITYIWAIVER AND RELEASE OF ALL CLAIMS
FOR 310 W. NORTHWEST HIGHWAY, MOUNT PROSPECT, ILLINOIS BETWEEN THE
VILLAGE OF MOUNT PROSPECT, AS BUYER, AND PENTZ LIVING TRUST, DATED APRIL 5,
1996, AS SELLER
PLEASE READ THIS RIDER CAREFULLY AND BE AWARE THAT IN VOLUNTARILY
USING AND OCCUPYING THE PROPERTY LOCATED AT 310 W. NORTHWEST HIGHWAY,
MOUNT PROSPECT, ILLINOIS (THE "PROPERTY") DURING THE POST -CLOSING
POSSESSION PERIOD (SAID PERIOD EXTENDING THROUGH SEPTEMBER 30TH, 2024 OR
SUCH OTHER DATE AS MUTUALLY AGREED TO BY THE PARTIES), SELLER SHALL BE
INDEMNIFYING THE VILLAGE OF MOUNT PROSPECT AND WAIVING AND RELEASING
ALL CLAIMS FOR INJURIES, ILLNESS, INFECTION, DISEASE, DEATH OR DAMAGE TO
PROPERTY, AGAINST THE VILLAGE OF MOUNT PROSPECT AND ITS ELECTED AND
APPOINTED OFFICIALS, OFFICERS, AGENTS, SERVANTS, CONTRACTORS AND
EMPLOYEES, THAT MIGHT OCCUR OR RESULT FROM SELLER'S POST -CLOSING
POSSESSION OF SAID PROPERTY.
For and in consideration of the Village of Mount Prospect purchasing the Property and providing Seller
with the option to continue to utilize and occupy said premises rent free during the post -closing possession
period (the "Post -Closing Possession Period"), which shall extend until midnight on November 30, 2024
or such other date as mutually agreed to by the Parties, and for other adequate and valuable consideration,
the sufficiency and receipt of which is acknowledged, Seller agrees to the following terms and conditions:
In voluntarily accepting to use and occupy the Property for the Post -Closing Possession Period, Seller
agrees to assume the full risk of and responsibility for any injuries, including illness, infection, disease,
death, or property damage or loss which Seller or its officials, agents, servants and employees may sustain
or which may occur to any other person, including customers and members of the general public, as a result
of any and all activities, directly or indirectly, connected with or associated with the use and occupancy of
the Property during the Post -Closing Possession Period.
Seller hereby fully waives, relinquishes, releases and discharges the Village of Mount Prospect and its
elected and appointed officials, officers, agents, servants, contractors and employees, individually and
collectively, from any and all claims and liability for damages for injuries, including illness, infection,
disease, and death, or property damage or loss, which Seller may have or which may accrue to Seller, its
employees, customers, agents, members of the public and any other persons or any heirs and assigns, on
account of the use and occupancy of the Property during the Post -Closing Possession Period, except for
such claims or losses arising out of the actions or activities of the Village of Mount Prospect or its officials,
agents, servants, contractors or employees.
Seller further agrees to indemnify and hold harmless and defend the Village of Mount Prospect, and its
elected and appointed officials, officers, agents, servants, contractors and employees, individually and
collectively, from any and all claims, liens, costs, expenses, reasonable attorney's fees and liability for
damages resulting from injuries, including illness, infection, disease, and death, or property damage and
loss incurred or sustained by Seller or any other person, including Seller's employees, customers, agents,
members of the public or any heirs and assigns, arising out of, connected with, or in any way associated
574304_5
with the use and occupancy of the Property during the Post -Closing Possession Period, except for such
claims or losses arising out of the actions or activities of the Village of Mount Prospect or its officials,
agents, servants, contractors or employees. In the event that any such claim, cause of action or lawsuit is
brought or filed, the Village of Mount Prospect, and its elected and appointed officials, officers, agents,
servants, contractors and employees sued thereunder, shall have the right to determine the attorney of its,
his, hers or their choice to represent their interests in any such action, all at Seller's expense or at the expense
of its insurer, pursuant to this Agreement.
Seller agrees that it is its exclusive responsibility to maintain the following insurance coverages for the full
term of the Post -Closing Possession Period and that each policy shall name the Village of Mount Prospect
and its elected and appointed officials, officers, agents, servants, contractors and employees as additional
insureds on said policy, and shall provide the Seller with proof of such coverage at or prior to closing:
General Liability & Casualty coverage with the same company(ies) and in the same amounts as maintained
by Seller as of the Effective Date.
Seller agrees to pay all utilities and service contracts in regard to the Property during the Post -Closing
Possession Period and to provide proof of final payment prior to turnover of the Property.
Seller agrees that all of the covenants, representations and warranties contained in Section 15 of the Property
Sale and Purchase Contract to which this post -closing possession agreement pertains shall be deemed
remade as of the date Seller's concludes its occupancy of the Property and shall be deemed to have been
relied upon by the Buyer in consummating this transaction.
Seller agrees that as of the day of closing, and for the term of the Post -Closing Possession Period, all repairs
to the furnace, A/C equipment, water heater, and all systems and appliances are my responsibility, as are
grass cutting, lawn and landscaping maintenance, and snow and ice removal, in Seller's discretion. Seller
may, but need not, replace any systems.
Seller shall have no right to occupy or remain in possession of the Property beyond the end of the Post -
Closing Possession Period. Seller agrees that the Village of Mount Prospect does not have to provide Seller
with any type of notice of termination of the Post -Closing Possession Period. Seller shall not sublet the
Property at any time.
Seller shall deliver possession to the Village of Mount Prospect in broom clean condition with all personal
property removed on or before the end of the Post -Closing Possession Period.
Seller acknowledges that it is responsible for ensuring that all utilities are fully paid at the time possession
is delivered.
Seller agrees to pay Purchaser the sum of $1,000 for each day it remains in possession after the end of the
Post -Closing Possession Period.
Buyer shall be responsible for, and pay no more, than one hundred and twenty (120) days of real estate tax
liability during the post -possession period, and Seller acknowledges its responsibility for the remainder of
such liability. Upon conclusion of the Post -Closing Possession Period, any real estate tax liability of Seller
shall be calculated and any amount for which Seller is liable (the "Post -Possession Real Estate Tax
Liability") shall be deducted from the Post -Possession Escrow (defined below).- If the exact amount of the
general real estate taxes is not known at the time of the calculation of the Post -Possession Real Estate Tax
Liability, the proration will be based on 105% of the most recent full year tax bill, and shall be conclusive,
with no subsequent adjustment.
574304_5
Buyer shall be entitled to withhold the amount of TWENTY THOUSAND AND 00/100 DOLLARS
($20,000.00) of the purchase price at closing (the "Post -Possession Escrow"), to be held by the Title
Company in a post -possession escrow to insure that Seller delivers possession at the end of the Post -Closing
Possession Period and comply with its other responsibilities under this Agreement and the Purchase and
Sale Agreement to which this Agreement applies, including, but not limited to, payment of the Post -
Possession Real Estate Tax Liability. Said Post -Possession Escrow shall be tendered to Seller when Seller
delivers possession to the Village of Mount Prospect, less any deductions as a result of Seller failing to
deliver possession on or before the end of the post -closing possession period, failure to fully pay or to make
arrangement for payment of utilities prior to delivery of possession, clean-up or removal of personal
property and equipment from the Property due to Seller's failure to leave the Property in broom clean
condition at the time possession is delivered, payment of the Post -Possession Real Estate Tax Liability, or
due to other failures to fulfill Seller's responsibilities under this Agreement and the Property Purchase and
Sale Contract to which this Agreement applies. The Buyer shall issue its notice of intent to withhold any
part of the Post -Possession Escrow not more than ten (10) business days after possession is tendered by
Seller by delivery of keys, passcodes and(or) access codes to Buyer or Buyer's attorney.
574304_5
I HAVE READ AND FULLY UNDERSTAND AND CONSENT TO EACH OF THE ABOVE
RESTRICTIONS, TERMS AND CONDITIONS CONCERNING SELLER'S USE AND
OCCUPANCY OF THE PROPERTY DURING THE POST -CLOSING POSSESSION PERIOD
FOR THE PURPOSE OF INDEMNIFFICATION AND WAIVING AND RELEASING ALL
CLAIMS RELATING THERETO AS SET FORTH ABOVE.
SELLERS:
BY: BY:
Tide- s Tifle:
Date: _ Date:
ACCEPTED BY BUYER:
BY:
Title:
Date:
5743045
I HAVE READ AND FULLY UNDERSTAND AND CONSENT TO EACH OF THE ABOVE
RESTRICTIONS, TERMS AND CONDITIONS CONCERNING SELLER'S USE AND
OCCUPANCY OF THE PROPERTY DURING THE POST -CLOSING POSSESSION PERIOD
FOR THE PURPOSE OF INDEMNIFICATION AND WAIVING AND RELEASING ALL
CLAIMS RELATING THERETO AS SET FORTH ABOVE.
SELLERS:
BY: BY:
Title: — Title:
Date: Date:
ACCEPTED BY BUYER:
BY:
(LNe 9�
Title
Mayor of Mount Prospect —
Date: ZpZ
5743045
Exhibit D
ALL SELLERS MUST SIGN AN AFFIDAVIT THAT IS
SUBSTANTIALLY SIMILAR TO THE ONE BELOW
State of Illinois )
County of � : ).
DISCLOSURE AFFIDAVIT
l . _ , (hereinafter referred Was 'Aff"ian#") reside at.,�+ �r
in County„ State of t / -:__ being first duly sworn and having personal
knovwl' of the matters contained in this Affiant, swear to the following:
1. That I am over the age of eighteen and the (choose one)
I owner or
authorized trustee or
[) corporate official or
[ I managing agent or
of the Real Estate (as defined herein).
2. That the Real Estate (as defined to the Buyer is commonly known as a part of
r ,r tom- "iur�� i ia County of Cook, Village of Mount Prospect, State
of Iltinois (herein referred to the Real Estate. The Real Estate has an Assessor's Permanent Index
Number of art .
3. That I understand that, 'pursuant to 50 ILLS IOWA, prior to execution of a real estate purchase agreement
between the record fee owner of the Real Estate and Buyer, Illinois State Law requires the owner, authorized
trustee, corporate official or managing agent to submit a sworn affidavit to the Buyer disdosing the identhy of
every owner and beneficiary having any interest, real or personal, in the Real Estate, and every shareholder
entitled to receive more than 71/2% of the total distributable income of any corporation having any interest, real
or personal, in the Real Estate.
Els the [ ] owner or
authorized trustee or
corporate official or
[ ] managing agent or
[ ] of the Real Estate, I declare under oath that
(choose one):
The owners oriof�thew st are: I s -C R
or
[ ] The shareholders with more than 7 11 % interest are:
or
[ ] The corporation is publicly traded and there is no readily (mown individual having
greater than a 7'Y20/6 interest in the corporation.
This Uisciosure Affidavit is made to induce the Buyer to accept title to the Real Estate in accordance with 50 ILCS
1{1513.1..
�� f1 ED AND � RN to: before me �
ay of "" 2024.
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140TA Y PUBIL
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574304_5