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HomeMy WebLinkAboutOrd 3761 03/17/1987ORDINANCE NO. 3761 AN ORDINANCE APPROVING REAL ESTATE PURCHASE AGEEMENT FOR PROPERTY GENERALLY LOCATED AT 5 SOUTH EMERSON STREET, MOUNT PROSPECT PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 17th DAY OF March , 1987. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 18th day of March , 1987. AF ORDINANCE NO. 3761 AN ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT FOR PROPERTY GENERALLY LOCATED AT 5 SOUTH EMERSON STREET WHEREAS, the Village of Mount Prospect did adopt the Village of Mount Prospect District No. 1 Tax Increment Redevelopment Project and Plan on August 20, 1985; and WHEREAS, the Village of Mount Prospect has received a proposed contract for the purchase of certain property within the Redevelopment Project Area which property was designated for acquisition, a copy of the proposed contract is attached hereto and hereby made a part hereof as Exhibit "A". NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: The Board of Trustees of the Village of Mount Prospect find that it is in the best interests of the Village of Mount Prospect to enter into the contract attached hereto as Exhibit "A". SECTION TWO: The Village President and Village Clerk are hereby directed and authorized to execute the contract (Exhibit "A" attached hereto) and the Village staff, its agents and attorneys are hereby authorized and directed to take all necessary action to fully implement all the terms, conditions and covenants of said contract. SECTION THREE: This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form in the manner provided by law. AYES: Arthur, Farley, Floros, Van Ge~, Wattenberg NAYS: Murauskis ABSENT: None PASSED and APPROVED this 17th day of March , 1987. ATTE ST: Village Clerk Vil la~e P~esident REAL ESTATE PURCHASE AGREEMENT This Agreement made and entered into this l~th day of .... March , 1987, by and between Robert D. Campbell and Ta-~,y M. Campbell, his wife (hereinafter referred to as"Sellers") and the Village of Mount Prospect, a municipal corporation (here- inafter referred to as "Purchaser"); NOW THEREFORE, in consideration of the mutual covenants here- inafter set forth, it is agreed as follows: 1. SALE Sellers agree to sell and Purchaser agrees to purchase the Subject Property, commonly known as5 South Emerson, Mount Prospect, Illinois and legally described in Exhibit A which is attached hereto and made a part hereof. The sale shall be made for the price, upon the terms and conditions, and subject to the contingencies herein- after contained. 2. PURCHASE PRICE The purchase price for'the Subject Property shall be One Hundred Fourteen Thousand Dollars ($114,000.00). 3. PAYMENTOF PURCHASE PRICE AND CLOSiN9 Prior to closing, the parties shall establish an escrow with Ticor Title Insurance Company,. as described in paragraph 6. The purchase price shall be payable by certified check, payable to the escrowee, at closing on March 26 , 1987 ("Closing Date"). 4. CONVEYANCE Sellers shall convey to Purchaser or its nominee fee simple title to the Subject Property by Special Warranty Deed in a foTM mutually satisfactory to Purchaser, the Cook County Registrar of Torrens Titles and Ticor Title Insurance Company, which will in- sure the title, consistent with the terms of this Agreement. At closing, such title shall be free and clear of all encumbrances whatsoever, except those hereinafter permitted, and such title shall vest in Purchaser upon delivery of the deed on the Closing Date, which deed shall f~ediately be registered in accordance with the escrow agreement hereinafter described. Such conveyance of title is contingent upon Sellers' receipt of title from Irma Schweiger. 5. ESCROW This transaction shall be closed through a deed and money Insurance escrow with Ticor Title~,~- ' ..... ~o~ Company, at their offices in Chicago, Illinois, in accordance with an escrow agreement to be agreed upon by the parties. Such escrow agreement shall include a provision for payment of the purchase price plus or minus pro- rations and liens of an ascertainable amount to Sellers upon deposit of deed and owners' .duplicate Torrens certificate, clear- ance of title in accordance with the title conditions of this Agreement and Written authorization from the attorneys for Pur- chaser. The attorneys for Sellers and Purchaser are authorized to execute the escrow agreement, any amendments thereto, and all directions or communications thereto. Ail payments required here- under, the delivery of the deed and all transactions contemplated 'by this Agreement shall be made through the escrow, provided however, that the terms of the escrow agreement shall not ~uper- sede the terms or the provisions of this Agreement. Sellers shall pay One Hundred Dollars ($100.00) toward the cost of the escrow and Purchaser shall pay all other escrow charge. The cost of any by money lender's escrow shall be paid for~n~Purchaser. 6. PERMITTED EXCEPTIONS AND CONDITION .OF TITLE The term "permitted exceptions" as used herein and in the escrow a§reement to be established between the parties hereto shall include the followin§: (1) real estate taxes for the year 1986-i987 and subsequent years and (2) easements for public utilities. Any mortgage or trust deed encumbering the Subject Property shall not be considered a permitted exception hereunder. Sellers shall deliver or cause to be delivered to Purchaser or Purchaser's attorneys, not less than five (5) days prior to the Closing Date, a commitment for an owner's title insurance policy issued by Chicago Title and Trust Company in the amount of the purchase price and .the owner's duplicate Torrens certifi- cate, evidencing titl~ to the Subject Property in Irma Schweiger on or after the date of execution hereof, showing title to be vested in Irma Schweiger and subject only to the permitted excep- tions, defined herein. If such evidence of title discloses defects other than the permitted exceptions, Sellers shall have fifteen (15) additional days from the Closing Date to cure such defects and notify Pur- chaser. If Sellers are unable to cure such ~efects, Purchaser may, at its election, terminate this contract or may accept title to the Subject Property as it then exists (with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount) by notifying Sellers and tenderinE perfor- mance. If Purchaser terminates this Agreement as provided in this paragraph, then Sellers shall pay all escrow charges and the parties will have no further liability to each other. Sellers shall also furnish Purchaser at closing an affidavit of title covering the Closing Date and showing title to be vested in Sellers subject only to permitted exceptions as defined herein, and unpermitted exceptions or defects in title, if any, as describ- ed by the survey, as to which the title insurer commits to extend TICOR insurance. Any charge by 6~Title Insurance Company for extending coverage which regard to such defects described by the survey shall be the sole responsibility of the Seller. 7. TAXES Sellers agree to pay all general real estate taxes, special assessments and special taxes due or to become due for the Subject Property up to the Closing Date. General real estate taxes for 1986 and 1987 shall be prorated as of said date on the basis of 110% of the most recent ascertainable taxes. 8. POSSESSION Sellers shall have the right to remain in possession of the Subject Property for nine (9) months after the Closing D~te. Sellers shall pay Purchaser the sum of Four Hundred Fifty Dollars ($450.00) per month for every month or fraction thereof (prorated, based on the number of days in that month) that Sellers remain in possession of the Subject Property for the nine (9)-month period commencing on Aprill, 1987 th9 C~-~Sng ~at~ and thereafter. Purchaser shall be entitled to absolute and complete possession of the Subject Property on the last day of the nine (9)-month period commencing on the Closing Date, on which day Sellers shall deliver possession of the Subject Property to Purchaser. Sellers shall have the right to surrender possession at a point in time earlier than the nine (9)-month period called for herein, by giving forty five (45)-days notice to Purchaser. In the event Purchaser determines it has no use for the Subject Prop- erty commencing on the day after expiration of the nine (9)-month period herein, Sellers shall have the right to remain in possession of the Subject Property on a month-to-monthbasts upon payment to Purchaser of Four Hundred Fifty Dollars ($450.00) per month as pro- vided herein, and Sellers shall vacate the Subject Property upon thirty (30)-days.notice from Purchaser. 9. INSURANCE AND LIABILITIES DURING SELLERS' POSSESSION As long as Sellers remain in possession of the Subject Property: a. Purchaser shall not be liable or responsible for any repairs or maintenance to the Subject Property 'or the improvements thereon; b. Sellers shail'completely indemnify and hold harm- less Purchaser from any and all liability, cost, expense, claims or damages related to or occasion- ed bypossession of the Subject Property by Sellers, or any party claiming by, through or under Sellers, after the Closing Date other than that caused by Purchaser or its agents; c. Sellers shall pay all gas, electric, water, telephone and other utility charges on and/or for the Subject property; "~Scllaro ~ Il bl At Closing, Sellers shall provide liability insurance for the Subject Property in amounts acceptable to Purchaser and shall name Purchaser as an additional insured on all such policies of insurance. 10. SURVEY Sellers shall obtain prior to the Closin§ Date a current plat of survey of the Subject Property, showing the location of all im- provements and easements within the respective lot lines of the Subject Property, certified by an Illinois Land Surveyor. 11. BILL OF SALE Sellers a§ree to sell the Subject Property, together with all improvements and fixtures, if any, including but not limited to: all central heating, plumbing and electrical systems and equipment; the hot water heater; central cooling, humidifying and filtering equipment, fixed carpeting; shelving; huilt-inkitchen appliances, equipment and cabinets; water softener; existing storm and screen windows and doors; attached shutters, roof or attic T.V. antenna; all planted vegetation; garage door openers and car units; and the additional items of personal property listed in Exhibit B which is attached hereto and made a part hereof. All the foregoin~ items shall be left on the premises, are included in the sale price and shall be transferred to the Purchaser bY a Bill of Sale on the Closing Date. Sellers shall have the right to re~ove t~e range, two ~- and washerandd~er oven,Vrefrigerator~a~ dishwasher/from the Subject Property. 12. OPTION TO REPURCHASE In the event Purchaser determines, during the nine (9)-month period set forth in paragraph 8 herein, that it does not need the Subject Property for municipal purposes, Sellers shall have the right, during said nine (9)-month period, to repurchase the Sub- ject Property from Purchaser for a purchase price of One HUndred Fourteen Thousand Dollars ($114,000.00) upon presentation of a real estate purchase agreement acceptable to Purchaser within seven (7) days of such determination by Purchaser. 13. DEFAULTS a. Defaults REMEDIES AND TERMINATION General Failure of delay by either party to perform any term or pro- vision of this Agreement within the time specified herein shall constitute a default under this Agreement. The party who so fails or delays must, within thirty (30) days of written notice of the existence of such default, immediately commence to cure, correct, or remedy such failure or delay, and shall complete such cure, ¢0rrection or remedy with diligence. The party claiming such default shall give written notice of =he alleged default to the party alleged to be in default, specify- ing the default complained of by the injured party. Failure to delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. If, after thirty (30) days written notice, the party in default shall have not cured the default, then the nondefaulting party shall have the ~ight, but not the obligation, to perform any de- faulted act and in the event of such performance the defaulting party shall be obligated on demand to reimburse the nondefaulting party for all costs and expenditures incurred with respect to such performance. Except as otherwise expressly provided in this Agreement, any failure or delay by either party in asserting any of its rights or remedies as to any default or alleged default shall not operate as a waiver of any such default or of any rights or remedies it may have as a result of such default, nor shall it deprive either such party of its right to institute and maintain any actions or proceed- ing which it may deem necessary to protect, such rights or remedies. b. Institution of Legal Actions. assert or enforce any In addition to any other rights or remedies available at law or equity, 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 purpose of this Agree- ment. In the event either party shall institute legal action because of breach of any agreement or obligation contained in this Agreement on the part of either party to be kept or performed, and a breach shall be established, the prevailing party shall be entitled to re- cover all expenses incurred therefor includin§ reasonable attorneys' fees. c. Applicable Law ' The laws of the State of Illinois shall govern the interpret- ation and enforcement of this Agreement. d. Rights and Remedies are Cumulative Except as otherwise expressly stated in this Agreement, the rights and remedies of the parties 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 any other default by the other party. 14. GENERAL PROVISIONS '~ a. Notices, Demands and Co~miunications " Formal written notices, demands, correspondence ~and communlca- tions between Sellers and Purchaser shall be sufficiently given if dispatched by registered or certified ~-il, receipt requested to the following parties Purchaser: Sellers: postage prepaid, return on behalf of Sellers and Bennett P. Applegate 7200 Sears Tower Chicago, IL 60606 Purchaser: Thomas T. Burke Burke and Ryan 33 North Dearborn Street Suite 402 Chicag6, IL 60602 b. Nonliability of Village Officials and Employees No member, official or employee of the Village of~Wbunt Prospect shall be personally liable to theSellers in the event of any default or breach by the Village of Mount Prospect or for any amount which may become due to the Sellers or any obligation under the terms of this Agreement. c. Approvals Wherever this Agreement requires the Seller or Purchaser to approve any document or other matter, such approval shall not be u~reasonably withheld. d. Real Estate Commissions Neither the Sellers nor Purchaser shall be liable for any real estate cor~missions, brokerage fees or finder's fees by reason of this Agreement. ~ e. Time Time is of the essence of this Agreement. f. Entire Agreement and Waiver This Agreement is executed in two (2) duplicate originals, each of which is deemed to be an original. This Azreement includes pages and exhibits attached which constitute the entire understand- lng and agreement of the parties. This Agreement integrates all of the terms and conditions men- tioned herein or incidental hereto, and supersedes all negotiations and previous agreements between the parties with respect to all or any part of the subject matter hereof. All ~aivers of any of the provisions of this Agreement must be. in writing and signed by the appropriate authorities of Purchaser and Sellers. g. Partial Invalidity If any portion of this agreement shall beheld or deemed to be invalid or in violation of any law, such portion shall be deemed to be excised herefrom and the invalidity thereof shall not affect any of the other portions contained herein which portions remain in full force and effect. h. Amendment This agreement m.y be -mended only by mutual written agreement of Sellers and Purchase~. i. Binding Contract This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective executors, ad- legatees and successors in interest. inistrators, heirs, 15. SURVIVAL The covenants contained in this Agreement, unless o~herwise waived, shall not merge with the delivery of the deed from Sellers to Purchaser, but will survive thereafter until full performance y all parties. 16. $SSIGNMENT Sellers acknowledge that it is immaterial and irrelevant to them whether Purchaser assigns title to the Subject Property con- current with the closing of this sale, and hereby consent to Pur- chaser or any of its assigns to be the source of funds for this transaction. Notwithstanding the above, Purchaser shall remain liable to Sellers for performance of the terms and conditions con- tained in this Agreement. IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands and seals in duplicate, the day and year first above written. SELLERS: PURCHASER: ROBERT D. CAMPBELL TAMMY M. CAMPBELL VILLAGE OF MOUNT PROSPECT, a municipal corporation ATTEST: Village Clerk In-Block Five (S) in Bussee ~nd Wtllets Resubdivision in ~ount Prospect in the West Half (t) of Section 12, Township 41 North, ~ange 11, Bast o£ the Third ?rincipal ~eridian.