HomeMy WebLinkAboutOrd 3891 02/02/1988ORDINANCE NO. 3891
AN ORDINANCE AUTHORIZING THE EXECUTION OF
A REDEVELOPMENT AGREEMENT
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 2nd DAY OF February , 1988.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
3rd day of February , 1988.
. ORDINANCE NO. 3891
AN ORDINANCE AUTHORIZIN~ THE EXECUTION OF A
REDEVELOPMI~T~:!~EEMENT,:: ,:
WHEREAS, the Village of Mount Prospect is a home rule unit
and as such may exercise any power or perform any function
pertaining to its government or affairs; and
WHEREAS, the Village of Mount Prospect, pursuant to the
powers of a home rule unit, has the power to acquire property to
remove conservation areas within the Village with the intent of
stimulating redevelopment; and
WHEREAS, the Village of Mount Prospect is empowered,
pursuant to the Tax Increment Allocation Redevelopment Act, P.S.
79-1525, appearing as Section 11-74.4-1 et seq., of Chapter 24
Ill. Rev. Stat., 1979 (hereinafter the "Act") to undertake the
redevelopment of conservation areas through tax increment
financing, to acquire by purchase, donation, lease or condem-
nation of real property within the designated redevelopment
Project Area, and pursuant to said Act to incur redevelopment
Project costs and enter into Redevelopment Agreements; and
WHEREAS, the President and Board of Trustees of the Village
of Mount Prospect, Cook County, Illinois have heretofore adopted
Ordinance No. 3554 entitled AN ORDINANCE APPROVING THE TAX
INCREMENT REDEVELOPMENT PLAN AND REDEVELOPMENT PROJECT FOR THE
DISTRICT NO. 1 REDEVELOPMENT PLAN AND REDEVELOPMENT PROJECT FOR
THE DISTRICT NO. 1 REDEVELOPMENT PROJECT AREA IN THE VILLAGE OF
MOUNT PROSPECT, ILLINOIS and Ordinance NO. 3555 entitled AN
ORDINANCE DESIGNATING DISTRICT NO. 1 TAX INCREMENT REDEVELOPMENT
PROJECT AREA IN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS, both of
which are incorporated herein in their entirety; and
WHEREAS, the President and Board of Trustees of the Village
of Mount Prospect have determined that the DISTRICT NO. 1 TAX
INCREMENT REDEVELOPMENT PROJECT AND PLAN which was the subject
matter of public hearings is in the best interests of the
residents of the Village of Mount Prospect and is public purpose;
and
WHEREAS, the President and Board of Trustees of the Village
of Mount Prospect adopted Ordinance No. 3586 entitled AN
ORDINANCE AUTHORIZING THE ACQUISITION OF PROPERTY THROUGH
CONDEMNATION OR OTHERWISE FOR THE DISTRICT NO. 1 TAX INCREMENT
REDEVELOPMENT PROJECT AND PLAN: and
WHEREAS, the Village has acquired the property described in
the Redevelopment Agreement attached hereto as Exhibit "A" to
revitalize the conservation area, and stimulate redevelopment
within the area pursuant to the objectives of the DISTRICT NO. 1
TAX INCREMENT REDEVELOPMENT PROJECT AND PLAN: and
WHEREAS, the Village of Mount Prospect desires to sell
certain property pursuant to the terms and conditions included in
the Redevelopment Agreement and supplementary Agreement thereto
in accordance with the DISTRICT NO. 1 TAX INCREMENT REDEVELOPMENT
PROJECT AND PLAN: and
WHEREAS, the Village of Mount Prospect will publish a notice
for alternative proposals or bids in accordance with the pro-
visions of the Real Property Tax Increment Allocation Redevelop-
ment Act and review and consider the same before determining that
the attached agreement should be implemented; and
WHEREAS, the implementation of the aforementioned DISTRICT
NO. 1 TAX INCREMENT REDEVELOPMENT PROJECT AND PLAN would~ for the
Village of Mount Prospect, strengthen the property and non-
property tax and income bases, and would provide jobs for Village
residents.
NOW,:THEKEFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE"OF MOUNT FROSP.ECT; COOK: COUNTY, ILLINOIS,
IN THE EXERCISE[OF ITS HOME RULE POWERS, a.s follows:
SECTION 1: The Mayor and Clerk of the Village of Mount
Prospect be ar/d they are hereby authorized and directed to
execute the Redevelopment Agreement and supplementary Agreement
thereto dated February 2, 1988, a copy of which is attached
hereto and made a part hereof as Exhibit A.
SECTION 2: This Ordinance and each of its terms shall be
the effective legislative act of a home rule municipality without
regard to whether such ordinance should (a) contain terms
contrary to the provisions of current or subsequent non-
preemptive State law; (b) legislate in a manner or regarding a
matter not delegated to municipalities by State law. It is the
intent of the Corporate Authorities that to the extent that the
terms of this Ordinance should be inconsistent with a non-
preemptive State law, that this Ordinance shall supersede State
law in that regard within its jurisdiction.
SECTION 3: The Village Clerk is directed to publish a
notice of a Redevelopment Agreement between the Village of Mount
Prospect and Home by Hemphill, Inc., and a request for alternate
bids and proposals for the same property to be submitted to the
Village for review at the regular Board meeting to be held March
1, 1988.
SECTION 4: This Ordinance shall be in full force and effect
from and after its passage and approval as provided by law.
AYES: Arthur, Farley,
NAYS: None
ABSENT: None
PASSED AND APPROVED this
Floros, Murauskis,
2nd day of
Van Geem, Wattenberg
February , 1988.
ATTE ST:
Pre
- 2 -
REDEVELOPMENT AGREEMENT
THIS REDEVELOPMENT AGREEMENT, is made and entered into as of
the 2~D day of /r~ , 1988, by and between the
Village of Mount Prospect, Illinois, a home rule unit of local
government located in Cook County, Illinois (the "Village"), and
Home by Hemphill, Inc., an Illinois corporation (hereinafter
referred to as the "Developer"). The term "Developer" as used
herein shall include any nominee or assignee or any successors in
title to all or any part of the Subject Property (as defined
below) permitted under the terms of this Agreement.
ae
careful consideration, have concluded that
real property legally described in Exhibit
hereto and made a part hereof (hereinafter
RECITALS
The corporate authorities of the Village, after due and
the development of the
1 which is attached
"Subject Property") as
provided in this Agreement will further the growth of the
Village, facilitate the redevelopment of the Area, improve the
environment of the Village, enable the Village to control the
development of the Subject Property and otherwise be in the best
interests of the Village.
B. Pursuant to the terms and conditions of this Agreement,
the Village will convey the Subject Property to the Developer who
intends to develop the Subject Property with a townhouse project
containing not less than forty-eight (48) units nor more than
fifty one (51) units plus adequate off street parking,
landscaping and other amenities, all as shown on Exhibits 2 and 3
which are attached hereto and made a part hereof. The
Development of the Subject Property pursuant to this
Redevelopment Agreement, and the fulfillment generally of this
Redevelopment Agreement, are in the vital and best interests of
the Village and the health, safety, morals and welfare of its
residents and taxpayers.
NOW, THEREFORE, in consideration of the premises set forth
above, and the mutual agreements hereinafter set forth below, it
is hereby agreed by and between the parties hereto as follows:
1. INCORPORATION OF RECI~AL~
The representations set forth in the foregoing recitals are
material to this Agreement and are hereby incorporated into and
made a part of this Agreement as though they were fully set forth
therein.
2. EARNEST MONEY
Upon the execution of this Agreement the Developer will pay
earnest money in the amount of Fifty Thousand ($50,000.00)
Dollars. Said earnest money shall be held by Chicago Title and
Trust Company in a joint order money market escrow account with
all interest paid to developer. The escrow will be created by
the parties within five (5) days of the execution of this
Agreement.
3. SOIL AND SUB-SURFACE TESTING
The Developer shall have ninety days from the execution of
this Agreement to perform soil and sub-surface testing including
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hazardous waste studies on the Subject Property all at the
Developer's expense. The Developer agrees to fully and
completely indemnify the Village for any claim, cost, or expense
that is related in any way to such testing. The Developer shall
immediately provide the Village with copies of all such test
results. In the event the soil and sub-surface testing conducted
by or for the Developer conclude that the development of the
Subject Property as provided in this Agreement will require
additional construction costs due to soil or sub-surface
conditions in the Subject Property, and those additional
construction costs exceed by 10% the Developer's estimated cost
of utilities, footings foundation and site improvements, the
Developer may terminate this Agreement in the following manner.
The Developer shall deliver to the Village within ninety (90)
days of the execution of this Agreement written notice that due
to the soil or sub-surface conditions of the Subject Property the
Developer is terminating this Agreement. Upon receipt of such a
notice the Village will immediately execute a direction to the
escrow agent to refund the Earnest Money and all interest it has
earned to the Developer. In the event of such termination, the
costs of such escrow shall be equally divided by the Village and
Developer. In the event of such termination, the parties will
have no further liability to each other under this Agreement. If
the Developer does not terminate this Agreement, as provided in
this paragraph, then the Developer shall be deemed to have
accepted the soil and sub-surface condition of the subject
Property.
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4. ZONING CONTINGENCIES
The parties hereto have jointly applied for the appropriate
zoning classification, special use permits and variations to
permit the construction of the ~roposed development described in
this Agreement and depicted on Exhibits 2 and 3. 'The parties
shall continue to diligently pursue and attempt to obtain these
zoning, special use and variation approvals. In the event the
Village has not granted the necessary zoning to permit
construction of the development within one hundred eighty (180)
days from the execution of thisagreement then the Developer may
terminate this Agreement in the following manner. The Developer
shall deliver to the Village within one hundred eighty (180) days
of the execution of this Agreeemnt written notice that due to the
Village's failure to grant the necessary zoning to permit the
development of the Subject Property as described herein, the
Developer is terminating this Agreement. Upon receipt of such a
notice, provided the Developer has complied with all of the other
terms and provisions of this Agreement, the Village will
immediately execute a direction to the escrow agent to refund the
Earnest Money and all interest it has earned to the Developer.
In the event of such termination the costs of such escrow shall
be equally divided by the Village and Developer and the parties
will have no further liability to each other under this
Agreement. The zoning relief that is the subject of this
paragraph does not include approval for any signs or fences. The
Developer shall not be entitled to terminate this Agreement
because of the Village's failure to approve a sign or fence on
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the Subject Property that does not comply with Village ordinances
and regulations.
5. PROPERTY CONVEYANCE
The Village agrees to convey to the Developer by recordable
warranty deed in duplicate subject only to the permitted
exceptions described in Exhibit 4 contained elsewhere in this
Redevelopment Agreement the property described in Exhibit 1
consisting of approximately 4.5 acres in accordance with all the
terms and provisions of this Redevelopment Agreement.
6. PURCHASE PRICE
The purchase price the Developer shall pay the Village for
the Subject Property subject to the terms of this Agreement shall
be Eight Hundred Thousand ($800,000.00) Dollars. The earnest
money described in paragraph 2 is to be applied on the purchase
price. The balance of Seven Hundred Fifty Thousand ($750,000.00)
Dollars shall be paid by cash or by certified or cashier's check
at the time of closing.
7. CLOSING
Provided all of the terms and conditions of this Agreement
have been complied with, the closing herein shall take place
within thirty (30) days after the Subject Property has been
rezoned as provided in paragraph 4 hereof, unless otherwise
mutually agreed by the parties. The closing will be through an
escrow with Chicago Title and Trust Company.
8. DEVELOPMENT
The Developer intends to develop the Subject Property with a
minimum of forty eight (48) townhouse units and a maximum of
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fifty one (51) townhouse units, which will be contained in nine
(9) separate buildings, all in compliance with the zoning
approval given by the Villag~ pursuant to paragraph four (4) of
this Agreement (Development). The Development shall include the
amenities listed on Exhibit 2 and 3 which are attached hereto and
made a part hereof and shall be a first class townhome
Development project similar to other such Developments in the
Chicago Metropolitan Area.
The Developer covenants and agrees to commence construction
of the Development within 60 days of the closing and to utilize
its best efforts to diligently complete the Development, in
phases, in accordance with the following schedule:
a. On or before June 1, 1989 three (3) of the nine (9)
aforementioned buildings will be substantially completed
("Substantially Completed" is defined as being ready for
occupancy).
b. On or before June 1, 1990 three (3) additional
buildings will be substantially completed.
c. On or before June 1, 1991, the final three (3)
buildings will be substantially completed.
The Developer covenants, agrees and warrants that provided
its construction lender is providing the funds for construction
of any building in the Development the Developer will complete
construction of such building or buildings.
9. DEVELOPMENT COSTS~ PERMITS AND FEES
Before commencement of construction, by the Developer of any
buildings, structures or other work or improvement upon the
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Subject Property, the Developer shall, at its own expense, secure
or cause to be secured any and all permits which may be required
by the Village and any other governmental agencies having
jurisdiction over such construction, development or work, or such
portion of the work being performed, including, without
limitation, any applications and permits which may be required to
be obtained from any local, federal or state Environmental
Protection Agency, the Metropolitan Sanitary District of Greater
Chicago, or from any other agency which may have or exercise any
jurisdiction of any type whatsoever which may affect the Subject
Property. The Village shall provide all prope~ assistance to the
Developer in securing such permits and shall promptly issue all
permits required to be issued by the Village, and agrees to sign
other permits which require execution by the ViLlage, provided
such permits are in proper form and comply with all lawful
requirements. As permits are issued, Developer shall have the
right to commence construction of the work, or such portions of
the work, covered by such permits.
All of the costs of developing the Subject Property and
constructing the Development shall be borne and paid for
exclusively by the Developer except for the follDwing actions
which the Village shall perform at no cost to th~ Developer:
a) Demolition of all buildings to grade, remove
foundations and remove the same from the Subject
Property no later than thirty days after closing;
b) Provide water, sanitary sewer, and storm sewer service
of adequate capacity for the Development at the
perimeter of the Subject Property prior to completion
of construction of any units;
c) Legally vacate those portions of Evergreen Avenue and
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~lm Street within the Subject Property prior to closing
herein;
d)
Remove that portion of Evergreen Avenue within the
Subject Property prior to completion of construction of
any units.
e)
The Village shall remove or cause to be removed, at its
cost, those portions of Elm Street in which the
existing storm sewer need not be relocated as indicated
on the preliminary engineering plans prepared by
Fletcher Engineering Company which are attached hereto
as Exhibit 5. The Developer shall remove or cause to
be removed, at its cost, those portions of Elm Street
at which the existing storm sewer needs to be
relocated as indicated on said Exhibit 5.
f)
The Village shall cause the Subject property to be
subdivided into three (3) lots as shown on Exhibit 6
attached hereto and made a part of this agreement in
accordance with all applicable provisions of the
Village's ordinances and the statutes of the State of
Illinois.
g)
The Village has the responsibility to insure, at no
cost to the Developer, that Commonwealth Edison and
Illinois Bell Telephone Company, will relocate and
reroute any electric and telephone lines currently
existing on that portion of Elm Street and Evergreen
Avenue within the Subject Property which are to be
vacated in accordance with paragraph c. above and which
interfere with the construction of the Developer's
proposed improvements.
The Village will use its best efforts to coordinate its
construction activities with the Developer's construction
activities.
The Developer shall pay all of the permit fees and costs
required bY the Village's ordinances, codes and regulations
except that the Developer and Village have agreed upon the
following which shall constitute all additional payments required
of Developer unless otherwise provided in this agreement:
a)
b)
Developer agrees to contribute $2,000.00, upon
Village's receipt of the bill, toward the cost of
reconstructing the sidewalk adjacent to the Subject
Property on Northwest Highway;
Developer will pay $12,400.00 upon Village's receipt of
the bill, for the reconstruction of School Street
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¢)
d)
adjacent to the Subject Property;
Developer will pay $64,800.00 upon approval of the
final engineering plans as the only development
donation;
Developer will pay $700.00 per unit at the time
application for building permits is made for tap
on fees for sanitary sewer, storm sewer and water
connection. The Developer shall receive a $4,200.00
credit on the total tap on fee due for the Development
under this paragraph.
10. RIGHT TO PURCHASE
The Village agrees during the term of
the Developer shall have the
the Subject Property subject
11. ESCROW
this Agreement that
sole and exclusive right to develop
to the terms of this Agreement.
The purchase of the Subject Property shall be consur~nated
through an escrow with Chicago Title and Trust Company in
accordance with the general provisions of the usual form of Deed
and Money Escrow Agreement then used by such company with such
special provisions inserted in the escrow agreement as may be
required to conform with this Agreement. Upon the creation of
such an escrow, anything herein to the contrary notwithstanding,
the payments of the purchase price for and the delivery of title
to, the Subject Property shall be made through escrow. The
Developer and the Village agree to cooperate in good faith with
one another and with the escrow agent to provide such escrow
agreement at least 15 days prior to closing. The cost of the
escrow shall be divided equally between the Developer and
Village.
12. TRANSFERS PRIOR TO CERTIFICATE OF OCCUPANCY
Subsequent to the conveyance of the Subject Property to the
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Developer, mortgages, deeds of trust, sales and leases-back,
ground lease or any other form of financing conveyance required
for any method of financing are permitted before issuance of a
Certificate of Occupancy of the construction of the improvements
for the purpose of securing loans or funds to be used for
financing the acquisition of the Subject Property or any portion
thereof, the construction of improvements on the Subject
Property, and any other expenditures necessary and appropriate to
complete the Development under this Development Agreement. The
Developer shall notify the Village in advance of any mortgage,
deed of trust, sale and lease-back or other form of conveyance
for financing if the Developer proposes to enter into the same
before issuance of a Certificate of Occupancy of the construction
of the improvements on the Subject Property. The words
"mortgage" and "deed of trust" as used herein include all other
appropriate modes of financing real estate acquisition,
construction, and land development, and the words "sale and
lease-back" shall include sales and subleases-back. Any such
lease, transfer, sale, or conveyance for financing shall not
relieve the Developer from any obligation or responsibility
hereunder unless the Village specifically, and in writing,
releases the Developer from any such obligation or
responsibility. Except to the extent provided in paragraph 21
a.), any such subsequent owner shall take subject to and be bound
by the terms and conditions of this Redevelopment Agreement.
Except as provided in this paragraph, the Developer shall not,
prior to the issuance of a Certificate of Occupancy for a unit,
l0
sell, transfer, convey, assign or lease the Subject Property or
said unit without Compliance with paragraph 29 of this Agreement.
13. NOTICES
All notices herein required shall be in writing and shall be
served on the parties, unless otherwise specified, either
personally or mailed by certified or registered mail, return
receipt requested, if to the Village:
if to Developer:
copy to :
Village Clerk
Village of Mount Prospect
100 South Emerson
Mount Prospect, Illinois
60056
James D. Hemphill
Home by Hemphill
330 West Frontage
Northfield, Illinois 60093
Michael S. Kurtzon
Miller, Shakman, Nathan & Hamilton
208 South LaSalle Street
Suite 1200
Chicago, Illinois 60604
Either party's address may be changed from time to time by such
party giving notice as provided above to the other party.
14. PRORATIONS
Upon consummation of the conveyance of the Subject Property
to the Developer, general real estate taxes and assessments and
any other similar items customarily prorated between a purchaser
and seller of real property in the State of Illinois shall be
adjusted ratably as of the time of the closing. If the amount of
the general taxes for the current tax year is not then
ascertainable, the adjustment thereof shall be on the basis of
the amount of ten percent above the most recent ascertainable
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taxes and shall be reprorated based on the final tax bill subject
to tax exemption credits. The Developer shall pay the amount of
any stamp tax or transfer tax imposed by the Village on the
transfer of the title and shall furnish a completed Real Estate
Transfer Declaration in the form required pursuant to the Real
Estate Transfer Tax Act of the State of Illinois.
15. PROGRESS REPORT
Upon request, from time to time by the Village or by the
Developer, the party to whom such request is directed agrees to
make periodic written progress reports informing the other party
in all matters and of all studies made by the reporting party
relating to the acquisition or development of the Subject
Property.
16.
a.)
TITLE INSURANCE
The Village shall deliver or cause to be delivered to
the Developer, or to the Developer's attorneys, not less than
fifteen (15) days prior to closing a title commitment for an ALTA
Form B Owners Title Insurance Policy issued by Chicago Title
Insurance Company in the amount of the purchase price of the
Subject Property covering title to the Subject Property on or
after the applicable date showing title in the intended grantee
subject only to the general exceptions contained in the policy
and subject only to the title exceptions pertaining to liens or
encumbrances of a definite or ascertainable amount which may be
removed by the payment of money at the time of closing and which
the Developer may so remove at that time by using the funds to be
paid upon the delivery of the deed, and subject to permitted
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exceptions This title commitment shall be conclusive evidence of
good title as therein shown as to all matters insured by the
policy, subject only to the exceptions as therein stated. If
this title commitment discloses no unpermitted exceptions that
render the title unmarketable, the Developer shall submit a
written statement to the Village that it accepts the title as
shown in said title commitment, and the condition of the Subject
Property as shown in said Plat of Survey, and that it will close
this purchase and sale based upon such title and condition of the
property. The owner shall deliver owners duplicate torrens
certificate or, in the alternative registration receipts for the
Subject Property together with special tax searches.
It shall be the responsibility of the Developer to obtain
and pay for any extended coverage over all of the general
exception contained in this title insurance policy. The Village
agrees to cooperate with the Developer in obtaining said
coverage, and will, promptly on request, furnish such ALTA
statements, owners sworn statements, contractor's affidavits,
lien waivers and other documents as to any work on the Subject
Property contracted for by the Village as the Title Company shall
require to issue such coverage. If the Developer is unable to
obtain extended coverage over all general exceptions on or before
the date of closing, Developer may terminate this agreement and
be entitled to a return of the earnest money with all interest
earned thereon.
b.) The Village, shall deliver or cause to be delivered to
the Developer or Developer's attorneys, within fifteen (15) days
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from the date herein all plats of survey it currently has of the
Subject Property in its possession.
c.) If the title commitment or survey discloses ~npermitted
exceptions that render the title unmarketable the Village shall,
within thirty (30) days from the date of delivery thereof,
attempt to have the exceptions removed from the title commitment
or have the title insurer commit to insure against loss or damage
that may be occasioned by such exceptions and, in such event, the
time of closing shall be extended for such period of time. If
the Village fails, for any reason, to have the exceptions removed
or in the alternative, to obtain the commitment for title
insurance specified above as to such exceptions within the
specified time, the Developer may terminate this Agreement or may
elect, upon notice to the Village, within twenty (20) days after
the expiration of the thirty (30) day period, to take title as it
then is with the right to deduct from the purchase price liens or
encumbrances of a definite or ascertainable amount. If the
Developer does not so elect to complete the purchase of the
Subject Property, either party shall have the right to terminate
this Agreement, and the parties will have no further liability to
each other under this Agreement.
17. BROKERS COMMISSION
The Village and the Developer each represent and warrant one
to the other that neither has dealt with any real estate broker
in connection with the transaction contemplated herein, and that
no commission or fee is due as a consequence of the execution of
this Agreement, or the conveyance of the Subject Property from
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the Village to the Developer. Each party hereto agrees to
indemnify, defend and hold harmless the other party from any and
all claims for real estate broker commissions or fees in
connection with any aspect of the transactions contemplated
hereunder arising as a consequence of the acts or omissions of
the party from whom such indemnification is sought.
18. MEMORANDUM
Neither party shall record this Agreement, but each party
agrees to execute and to deliver to the other party when this
Agreement is executed and delivered, multiple copies of a
Memorandum in a form acceptable to their respective counsel.
Either party, at its sole expense, may record the Memorandum in
the Offices of the Recorder of Deeds of Cook County, Illinois.
19. LEGAL CONFORMITY
The parties shall carry out the construction of the
improvements in conformity with all applicable laws and
ordinances, including all applicable Village, federal and state
standards, except as to Developer's donations, contributions and
fees as described in paragraph 9. The laws of the State of
Illinois shall govern the interpretation and enforcement of this
Agreement.
20. PERMITTED DELAY~
Performance by either party hereunder, including without
limitation, performance of Developer's obligations under
paragraph 8, shall not be deemed to be in default where delays or
defaults are due to war, insurrection, strikes, lockouts, riots,
floods, earthquakes, fires, casualties, acts of God, acts of the
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public enemy, epidemics, quarantive restrictions, freight
e~bargoes, unusual adverse weather conditions, unavailability of
materials as specified or of comparable quality, labor disputes,
except those caused by the developer and lack of transportation.
An extension of time for any such cause shall be for the period
of the delay, which period shall commence to run from the time of
the commencement of the cause, provided that written notice by
the party claiming such extension is sent to the other party not
more than twenty (20) days after the commencement of the cause.
21. MORTGAGE HOLDERS
a.) The holder of any mortgage, deed of trust or other
security interest and the lessor under a lease-back or grantee
under any other conveyance for financing referred to in paragraph
12 of this Agreement shall not be obligated by the provisions of
this Agreement to construct or complete the improvements or to
guarantee such construction or completion, notwithstanding the
assignment of this Agreement to such party by Developer. Nothing
in this Agreement shall be deemed to permit or authorize any such
holder to devote the Property to any uses, or to construct any
improvements thereon, other than those use~ or improvements
provided for or authorized by this Agreement, any such
unauthorized use or improvements being expressly prohibited,
b.) Whenever the Village shall deliver any notice or demand
to the Developer with respect to any alleged breach or default by
the Developer hereunder, the Village shall at the same time
deliver to each holder of record of any mortgage, deed of trust
or other security interest and the lessor under a lease-back or
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grantee under any other conveyance for financing authorized by
paragraph 12 of this Agreement, a copy of such notice or demand,
provided the Village has been advised of the name and address of
any such holder. Each such holder or other entity shall (insofar
as the rights of the Village are concerned) have the right at its
option within thirty (30) days after the receipt of the notice,
to cure or remedy or commence to cure or remedy any such default
and to add the cost thereof to the security interest debt and the
lien on its security interest or to the obligations of the lessee
under the lease-back or of the grantor under any other conveyance
for financing; provided, however, in the event of a default by
the Developer hereunder which is not curable by such holder or
other entity (e.g., insolvency or bankruptcy of the Developer),
such holder or other entity shall be deemed to have cured such
noncurable defaults by the execution of the assumption agreement
by the holder's designee, contemplated in the later portions of
this paragraph. Nothing contained in this Agreement shall be
deemed to permit or authorize such holder or other entity to
undertake or continue the construction or completion of the
improvements (beyond the extent necessary to conserve or protect
the improvements or construction already made) without first
having expressly assumed the Developer's obligations (with
respect to the portion of the Subject Property on which the
holder or other entity has an interest) to the Village by written
agreement satisfactory to the Village. The holder's designee or
other entity in this event must agree to complete, in the manner
provided in this Agreement, the improvements to which the lien or
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title of such holder or other entity relates, and submit evidence
satisfactory to the Village that it has the qualifications and
financial responsibility necessary to perform such obligations.
Such holder and its successors ~n interest shall only be deemed
to have assumed the Developer's obligations for as long as they
have an interest in the Subject Property, and the sole remedy for
breach of this assumption agreement will be limited to the equity
interest of such holder or successor in the Subject Property. No
such assumption agreement will relieve the Developer of any of
its obligations under this Agreement. Any such holder or other
entity properly completing such improvement shall be entitled,
upon written request made to the Village, to a Certificate of
Occupancy per unit from the Village with respect to such
improvements. Nothing in this paragraph 21 shall be deemed to
grant to any such holder or other entity referred to in this
paragraph any rights or powers beyond those granted under their
underlying agreement with the Developer.
c.) In the event of a default or breach by the Developer,
or any entity permitted to acquire title hereunder, in the
construction or completion of construction of the improvements
contemplated hereunder, which is also a default under any
mortgage, deed of trust, other security instrument or lease-back
or obligations to the grantee under any other conveyance for
financing with respect to the Subject Property or a portion
thereof, prior to the completion of the Development and the
holder, lessor or grantee, as the case may be, has not exercised
its option to complete the Development, the Village may cure the
default or cause the same to be cured prior to completion of any
foreclosure as a result of such default or termination of the
lease or other interest retained or granted back as a result of
such default. In such event, the Village or its nominee shall be
entitled to reimbursement from the Developer or such other entity
of all reasonable costs and expenses incurred by the Village in
curing the default, including reasonable attorneys' fees. The
Village shall also be entitled to a lien upon the Subject
Property to the extent of such reasonable costs and expenses
including reasonable attorneys' fees. Any such lien shall be
subject to mortgages, deeds of trust or other security
instruments and the interest of a lessor under any lease-back and
grantees under other conveyances for financing executed for the
sole purpose of obtaining funds to purchase and develop the
Subject Property, construct the improvements, finance such costs
and to pay all cost reasonably related to Developer's obtaining
and performing this Agreement. Notwithstanding the foregoing,
the Village shall not have the right to cure a default as
specified above by completing construction of the Development.
22. VILLAGE RIGHT TO SATISFY LIENS
After the conveyance of title and prior to the issuance of a
Certificate of Occupancy for the Development, and after the
Developer has had a reasonable time to challenge, cure or satisfy
any liens or encumbrances on all or any portion of the Subject
Property, the Village shall have the right to satisfy any such
liens and encumbrances, if non-payment of such liens and
encumbrances will subject the Subject Property to forfeiture or
19
sale; provided, however, that nothing in 'this Agreement shall
require the Developer to pay, or make provisions for the payment
of any assessment, lien or charge, so long as the Developer ~n
good faith shall contest the validity or amoun~ thereof, and so
long as such delay in payment shall not subject the Subject
Property ora portion thereof to forfeiture or sale.
23. CERTIFICATES OF OCCUPANCY
Certificates of Occupancy shall be issued on a per unit
basis in accordance with the Village Code, upon written request
of the Developer or other permittee.
24. NO DISCRIMINATION-CONSTRUCTION
The Developer for itself and its successors and assigns
agrees that in the construction of the improvements on the
Subject Property provided for in this Agreement:
a.) The Developer shall not discriminate against any
employee or applicant for employment because of race, color,
religion, sex, physical handicapped, or national origin. The
Developer shall take affirmative action to require that
applicants are employed and that employees are treated during
employment, without regard to their race, creed, color, religion,
sex, physical handicapped or national origin. Such action shall
include, but not be limited to, the following: employment
upgrading, demotion, or transfer; recruitment or recruitment
advertising, solicitations or advertisements of employees; layoff
or termination; rates of pay or other forms of compensation, and
selection for training, including apprenticeship. The Developer
agrees to post in conspicuous places, available to employees and
20
applicants for employment, notices which may be provided by the
Village setting forth the provisions of this nondiscrimination
clause.
b.) Notwithstanding the foregoing provisions, Developer
shall be entitled to employ union labor hereunder pursuant to the
rules, regulations and practices of applicable unions.
25. NO DISCRIMINATION-USE
There shall be no discrimination against or segregation of
any person, or group of persons, on account of sex, physical
handicapped, race, color, creed, national origin or ancestry in
the sale, lease, sublease, transfer, use, occupancy, tenure or
enjoyment of the Subject Property, nor shall the Developer
himself or any person claiming under or through him establish or
permit any such practice or practices of discrimination or
segregation with reference to the selection, location, number,
use or occupancy of tenants, lessees, subtenants, sublessees, or
vendees of any portion of the Property.
26. COVENANT RUNNING WITH LA~.D
The Developer covenants and agrees for itself, its
successors, its assigns and every successor in interest, that
during construction and thereafter, the Developer, such
successors and such assigns shall devote the subject Property to
the uses specified in the Mount Prospect Tax Increment
Redevelopment Plan (Redevelopment Plan). The Deed conveying the
Property to Developer shall contain a covenant incorporating a
provision, which states that the conveyance is subject to the
terms of this Agreement and the foregoing Redevelopment Plan
21
which shall not merge. The foregoing covenant shall constitute a
covenant running with the land and terminate upon the termination
of the Mount Prospect Tax Increment Redevelopment Plan.
27. REMEDIES-LIABILI.TY
a.) In the event that the Developer, for any reason other
than the refusal of its construction lender to fund the
Development, fails to meet any of the completion deadlines
required by sections a.), b.) and c.) of paragraph 8 of this
agreement, the Village shall have the option of reacq~iring that
portion of the Subject Property on which, as of the date of the
exercise of said option, no construction of any buildings or
foundation has occurred ("Take Back Parcel"). The purchase price
of said Take Back Parcel shall be an amount equal to twenty-five
(25%) percent of the pro rata cost of the original acquisition
price of the Take Back Parcel plus twenty-five (25%) percent of
the pro rata cost of the grading and earth work on the Take Back
Parcel and the cost of the installation of any public utilities
in the Take Back Parcel previously paid for by the Developer.
b.) In the event that the Developer, because of the refusal
of its construction lender to fund the Development, fails to meet
any of the completion deadlines required by sections a.), b.) and
c.) of paragraph 8 of this agreement, the Village shall have the
option of reacquiring that portion of the Subject Property on
which, as of the date of the exercise of said option, no
construction has occurred ("Take Back Parcel"). The purchase
price of said Take Back Parcel shall be an a~ount equal to one
hundred (100%) percent of the pro rata cost of the original
22
acquisition price, without any interest, plus one hundred (100%)
percent of the pro rata cost of the grading and earth work on the
Take Back Parcel and the cost of the installation of any public
utilities in the Take Back Parcel previously paid for by the
Developer.
c.) In addition to any other rights or remedies, either
party may institute legal action to cure, correct or remedy any
default, to recover damages for any default, or To obtain any
other remedy consistent with the purposes of this Agreement,
either at law or in equity, including, but not limited to the
equitable remedy of an action for specific performance.
Notwithstanding the foregoing, the Village shall not have the
right to specific performance to compel the Developer to complete
any buildings in the Development for which the Developer has not
commenced construction of a foundation. In the event either
party shall institute legal action because of a breach of any
agreement or obligation contained in this Agreement, and a breach
shall be established by a final, non-appealable judgment the
prevailing party shall be entitled to recover all damages, costs
and expenses, including reasonable attorneys' fees incurred
therefor.
d.) The rights and remedies of the Village and the
Developer are cumulative, and the exercise by either party of one
or more of such rights or remedies shall not preclude the
exercise by it, at the same time or different times, of any other
rights or remedies for the same default or for any other default
by the Developer.
23
e.) Subject to the extensions of time set forth in
Paragraph 20 failure or delay by either party to perform any term
or provision of this Agreement shall constitute a default under
this Agreement. The party who so fails or delays must, upon
receipt of written notice of the existence of such default,
immediately commence to cure, correct or remedy with diligence.
The party claiming such default shall give written notice of the
alleged default to the party alleged to be in default, specifying
the default complained of by the injured party. Failure or delay
in giving such notice shall not constitute a waiver of any
default, nor shall it change the time of default. Except as
required to protect against further damages, and except as
otherwise expressly provided in this Agreement, the injured party
may not institute proceedings against the party in default until
thirty (30) days after giving such notice. If such default is
cured within such thirty (30) day period, the default shall not
be deemed to constitute a breach of this Agreement. If the
default is one which cannot reasonably be cured within thirty
(30) days, and if the defaulting party shall commence curing the
same within such thirty (30) day period, the said thirty (30) day
period shall be extended for such time as is reasonably necessary
for the curing of the same, so long as the defaulting party
diligently proceeds therewith; if such default is cured within
such extended period, the default shall not be deemed to
constitute a breach of this Agreement. A default not cured as
provided above shall constitute a breach of this Agreement.
Except as otherwise expressly provided in this Agreement, any
24
failure or delay by either party in asserting any of its rights
or remedies as to any default or alleged default or breach shall
not operate as a waiver of any such default or breach of any
rights or remedies it may have as a result ~f such default or
breach.
f.) Each of the following acts or omissions ~f the
Developer shall also constitute a breach or default under this
Agreement:
1.) the Developer transfers, or suffers any
involuntary transfer of the Subject Property, or any party
thereof, in violation of this Agree~nt;
2.) the filing or execution or occurrence of: a
petition filed by the Developer seeking any debtor relief; the
making of an assignment for the benefit of creditors by the
Developer; or Developer's execution of any instrument for the
purpose of effecting a composition of creditors; or if the
Developer is adjudicated as bankrupt.
g.) It is agreed by and between the parties hereto that
should the Developer breach or default under this agreement, at
any time prior to the closing herein, the earnest money in the
amount of Fifty Thousand ($50,000.00) Dollars will be paid to the
Village as liquidated damages for said breach or default.
28. ASSIGNMENT
During the term of any covenant in this Agreement, excepting
sales of units in the ordinary course of business, any transfer of
all or any interest in the subject Property, any improvements on
the Subject Property, and this Agreement, (including the
25
beneficial interest under any land trust which may take title to
the Subject Property and stock ownership in the Developer) is
only permitted upon the prior written approval of the Village
which approval shall not be unreasonably withheld. As a mln~mum,
the Village shall be entitled to require the following regarding
any transfer:
1. Any proposed transferee shall have the experience and
financial responsibility necessary to fulfill the obligations
undertaken by the Developer in this Agreement.
2. Any proposed transferees shall have expressly assumed
the obligations of the Developer hereunder in writing.
3. Ail instruments and legal documents involved and
affecting any transfer from the Developer to any transferee shall
be submitted to the Village for review and, if approved, shall
be indicated as such in writing to the Developer. In such event,
the Developer shall be relieved from all further liability hereunder.
4. In the absence of specific written agreement by the
Village, no transfer shall be deemed to relieve the Developer or
any other party bound in any way by this Agreement.
Notwithstanding any other provision in the Agreement the
Developer may without prior Village approval transfer all or any
portion of the Subject Property or this Agreement to a joint
venture or any other entity in which a Corporation owned by James
D. Hemphill maintains control and ownership of 50% of said
interest.
The Developer shall in any event notify the Village of any
transfer of any interest in the Subject Property (including the
26
beneficial interest under a land trust, and stock interest in any
corporation).
29. DEDICATION AND EASEMENTS
The Developer shall grant and provide all reasonable street
dedications and permanent and temporary easements and rights for
the development of the Subject Property requested by the Village,
including but not limited to an access easement for Busse
Florists into the Subject Property and easements and rights of
vehicular access, pedestrian access, parking, sanitary sewers,
storm drains, water lines, electrical power, telephone, natural
gas and cable television cables.
30. INDEMNIFICATION
a.) The Developer shall indemnify and hold harmless the
Village, its agents, officers and employees against all injuries,
deaths, losses, damages, claims, suits, liabilities, judgments,
costs and any expenses of consultants, lawyers and other expenses
of any type (including any liability under the Illinois
Structural Work Act, known as the Scaffolding Act), which are
related in any way to this Agreement including but not limited to
those which may arise directly or indirectly from the transfer
and development of the Subject Property by the Developer, any
default or breach of the terms of this Agreement by the Developer
and from the construction of the Development, and from any
negligence or from the reckless or willful misconduct of the
Developer, general contractor or their employees and agents, or
of a subcontractor of the general contractor or his employees, if
any, in connection therewith, but excluding those arising from
27
the negligence of the Village, its officers, agents, employees
and contractors, and the Developer shall, at its own expense,
appear, defend and pay all charges of attorneys and costs and
other expenses arising therefrom or incurred in connection
therewith, and, if any judgment shall be rendered against the
Village of Mount Prospect, its agents, officials or employees in
any such action, the Developer shall, at his own expense, satisfy
and discharge the same. The Developer expressly understands and
agrees that the insurance protection required by this Agreement
shall in no way limit the responsibility to indemnify, hold
harmless and defend as herein provided in this paragraph.
The Village shall indemnify and hold harmless the Developer
against all injuries, deaths, losses, damages, claims, suits,
liabilities, judg~nents, costs and any expenses of consultants,
lawyers and other expenses which may result from the Village
having to perform the following work on the Subject Property
after the date of closing: the demolition of all buildings to
grade; the removal of foundations thereto; the removal of that
portion of Evergreen Avenue within the Subject Property and the
removal of that portion of Elm Street within the Subject Property
in which the existing storm sewe~ need not be relocated.
31. INSURANCE
During the term of any covenant in this Agreement, the
Developer shall carry and maintain, and shall require the
successor owners of the Development to carry and maintain
property insurance covering the Development with a responsible
insurance company or companies, against physical loss or damage,
28
including fire and extended coverage, vandalism, malicious
mischief, collapse, boiler and sprinkler leakage, and against
such other risks as may be deemed necessary or advisable by
Developer or Developer's successors, with such exceptions as are
ordinarily required by insurers of structures of similar type, ~n
an amount not less than one hundred percent (100%) of the
replacement value thereof, and, to the extent necessary, the
proceeds from such insurance shall, subject to the rights of
Developer's lender, be pledged and shall be applied for the
purpose of repair, replacement or reconstruction of the damaged
or destroyed portion of the Development.
32. TITLE
The Developer shall take title to the Subject Property in
an Illinois land Trust, the beneficiary of which will be the
Developer or a permitted assignee. Nothing contained in this
paragraph shall prevent the Developer from making an assignment
or transfer of the Subject Property that is permitted by this
Agreement.
33. AMENDMENT
This Agreement, and any exhibits attached hereto, may be
amended only by the mutual consent of the parties with the
adoption of an ordinance or resolution of the Village approving
said amendment as provided by law, and by the execution of said
amendment by the parties or their successors, in interest.
Except as otherwise expressly provided herein, this Agreement
supersedes all prior agreements, negotiations and discussions
relative to the subject matter hereof and is a full integration
29
of the agreement of the parties.
34. DUPLICATE ORIGINALS
This Agreement is executed in six (6) duplicate originals,
each of which is deemed to be an original.
35. TIME
Time is of the essence of this Agreement.
36. CERTIFICATE OF COMPLETION
Promptly after completion of the construction of each unit
of the Development in accordance with this Agreement, the Village
shall furnish the Developer with an appropriate instrument so
certifying. The certification by the Village shall be conclusive
determination of satisfaction and termination of only the
covenants in the Agreement with respect to the obligations of the
Developer and its successors and assigns to construct the
Development. The certification shall be in such form as will
enable it to be recorded. Upon written request by the Developer
for a certificate of completion, the Village shall within thirty
(30) days after receipt of the same provide the Developer either
with a certificate of completion or a written statement
indicating in adequate detail, how the Developer has failed to
complete the construction in conformity with this Agreement, or
is otherwise in default, and what measures or acts will be
necessary, in the opinion of the Village, for the Developer to
take or perform in order to obtain the certification. If the
Village requires additional measures or acts of the Developer to
assure compliance, the Developer shall resubmit a written request
for a certificate of completion upon compliance with the
3O
illage's response.
37. HAZARDOUS SUBSTANCES
The Village has received no notice of and to the best of its
knowledge, there are no toxic waste or hazardous substances
including asbestos on or in the Subject Property.
38. AUTHORITY
The Developer and Village both represent that they are fully
authorized to enter into this Agreement and perform their various
obligations hereunder.
39. PENDING LITIGATION
The Village represents that ~he Subject Property is not the
subject of any pending lawsuits.
IN WITNESS WHEREOF this Agreement has been duly authorized
and approved by the Board of Trustees of the Village of Mount
Prospect, Cook County, Illinois, and executed by the Developer as
of the date and year first above set forth.
Developer:
aC/President
Attest
Secr,
Village:
Village of Mount Prospect
Cook County, Illinois
a municipal corporation,
Village ~resident
Village Clerk
This is a
supplementary agreement (here].nafter referred 'to
as the "Supplemental Agreement") made by and between the Village
of Mount Prospect, Cook Cou?~y, Illinois (the "Village"), and
Homes by Hemphill, Inc. (the "Developer").
The Village and the Developer have entered into a separate
agreement entitled "Redevelopment Agreement," dated as of this
date (the "Agreement"), and relating to the disposition and
redevelopment of a portion of the "District No. 1 Tax Increment
Redevelopment Project Area." The Agreement relates generally to
the disposition by the Village to, and redevelopment of, property
(the "Subject Property" in the Agreement) by the Developer. The
Developer recognizes that the Subject Prope~¥ is ~thin a
"redevelopment project are" designated by the Village pursuant to
the Real Property Tax Increme~t
the State of Illinois, as amended (the "Act").
Developer recognizes that the Subject Property
and is being disposed of by the
Allocation }~edeveloi~ment Act of
Further, the
has been acquired
Village pursuant to a
"redevelopment plan"
Pursuant to the
no conveyance, lease,
adopted as
provisions
mortgage,
provided in
of the Act,
disposition
the Act.
the Village may make
or agreement relating
to the development of the
disclosure of the terms of such disposition
proposals made in response to the Village's
regarding said disposition. Under the Act,
Subject Property without making public
arid of all bids and
request for proposals
the procedures for
obtaining such bids and proposals must provide reasonable
opportunity for any person to submit an alternative proposal or
bid.
In order to comply with the Act, the
provide an opportunity for alternate bids
respect to the Subject Prope.rty. Insofar
Village is going to
or proposals with
as the Village is under
a statutory duty to provide reasonable opportunity for any person
to submit an alternative proposal or bid, the Developer
understands and agrees that the Agreement is specifically subject
to and shall not be valid or binding on or effective as against
the Village until the Village has advertised for alternative bids
and proposals and received and reviewed same pursuant to such
advertisement. The Developer further specifically understands
and agrees that the Village must in good faith review any such
alternative bids or proposals and may, in its judqment, terminate
the Agreement in favor of an alternative bid or proposal.
The Village agrees that it will advertise for such
alternative bids or proposals and received and review the same on
or before March 1, 1988 and if possible, adopt an ordinance at
its regularly scheduled meeting on that date to determine which
proposal will be finally adopted by the Village.
IN WITNESS WHEREOF, the parties hereto have affixed their
official signatures to this Supplemental Agreement all as of the
date and year first above written.
DEVELOPER
Pr~e §'~den~
AtteSt:s/ce e
VILLAGE:
VILLAGE OF MOUNT PROSPECT
COOK COUNTY, ILLINOIS
Pres~den~ ~,
At test: Vi~l~Or k~.~_~
EXHIBIT 1
LEGAL DESGRIPTION
TIF DISTRICT
TAROET AREA "A"
HEMPHILL REDEVELOPMENT PARCEL
Lots 2, 3, and 4 in Tax Increment FinanCe Subdivision No, 1 a
subdivision in the Northwest 1/4 of Section 12, Township 41 North
Range 11 East of the Third Principal Meridian lying in the
Village of Mount Pyospect, Cook County, Illinois;
also further described as Lots 13, 14, 15, and 16 in Block 11 of
Busse and Wille's Resubdivision in Mount Prospect, according to
the plat thereof recorded 3/31/1906 as Document #3839591 and as
Torrens Document No. 3945 together with Lots "A" and "B" of the
resubdlvision of Lots 2 to 6 in the resubdivision of Block 10 of
Busse and Wille's resubdivision in Mount Prospect, according to
the plat thereof recorded 3/6/1910 as Torrens Document #81952 and
Lot One (1) (except that part taken for Highway purposes as per
Document No. 3356102) in the Resubdivision of Block 10 in Busse
and Wille's Resubdivlsion in Mount Prospect~
also that part of Block 9 in Busse and Wille's Resubdivision in
Mount Prospect according to the plat thereof recorded 3/31/1906
as Document #3839591 and 4/18/1906 as Torrens Document #3945
except that part resubdivided as George R. Busse Resubdivision
recorded 1/23/79 as Torrens Document #3072416 and further except
that part of Block 9 in Busse and Wille's Resubdivision in Mount
Prospect in the West Half of Section 12, Township 41 North, Range
11 East of the Third Principal Meridian, described as follows:
Beginning at the southwest corner of aforesaid Block 9; said
corner being the intersection of the northerly line of Northwest
Highway with the easterly line of Elm Street, and running thence
North 31 degrees, 22 minutes, 5 seconds East perpendicular to the
aforesaid Northerly line of Northwest Highway, 126 feet; thence
South 58 degrees, 37 minutes, 55 seconds East, parallel with the
said Northerly line of Northwest Highway to the Northeasterly
extension of the Northwesterly line of Lot A of George R. Busse's
Resubdivision, being a Resubdivision of part of Block 9 of Busse
and Wille's Resubdlvision, in Mount Prospect in the West Half of
Section 12, Township 41 North, Range 11 East of the Third
Principal Meridian; thence South 31 degrees, 22 minutes, 05
seconds West, along the Northeasterly extension of the North-
westerly line and the Northwesterly line of said Lot A, 126.00
feet to the Southerly line of said Block 9, said line being the
Northerly line of Northwest F~%hway, thence North 58 degrees, 37
minutes, 55 seconds West along said Northerly line a distance of
198.29 feet to the point of beginning; said lot containing 0.574
acres more or less;
and further including that portion of Elm Street located South' of
the Southerly right-of-way of Evergreen Avenue and North of the
Northerly right-of-way of Northwest Highway together with that
part of Evergreen Avenue located West of the Westerly right-of-
way of Elm Street, and located adjacent to Lots 13, 14, and 15 in
Block 11 in the aforesaid Busse and Wille's Resubdlvision and
adjacent to Lots "A" and "B" in the resubdivision of Lots 2 to 6
in the resubdivision of Block 10 of aforesaid Busse and Wille's
Resubdlvision; all lying in the East 1/2 of the Northwest 1/4 of
Section 12, Township 41 North Range 11 East of the Third
Principal Meridian in the Village of Mount Prospect, Cook County,
Illinois.
SO. O0 '
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Z
Ill
0
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Z
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EXHIBIT 4
PERMITTED EXCEPTIONS
Real Estate Taxes not due as of the date of closing.
Provisions of the Torrens Act
Public utility easement along North and West boundaries of
Subject Property.
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