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HomeMy WebLinkAboutOrd 3622 03/04/1986 RDINANCE NO. 3622 AN ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT FOR PROPERTY COMMONLY KNOWN AS 210 EAST EVERGREEN STREET, MOUNT PROSPECT, ILLINOIS PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 4th DAY OF ~rch '1986. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 5th day of March , 1986. ORDINANCE NO. .3..6.2.2. AN ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT FOR PROPERTY COMMONLY KNOWN AS 210 EAST EVERGREEN STREET, MOUNT PROSPECT, ILLINOIS WHEREAS, the Village of Mount Prospect did adopt the Village of Mount Prospect DistriCt No. i 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 ~o~pect 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 dir~'cted 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 the contract (Exhibit "A" attached hereto). SECTION THREE: This Ordinance shall be in full force and e'ffect f~o'~'and after its passage, approval and publication in pamphlet form in the manner provided by law. AYES: Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg NAYS: None ABSENT: None PASSED and APPROVED this 4th day of March , 1986. ATTEST: V~I lage Clerk V¥1] a~ Presiden EAL ESTATE PURCHASE AGREEMENT This Agreement made and entered into this f~ day of ~~~ , 1986, by and between Thomas G. Neitzke and Barbara M. Neitzke, his wife (hereinafter referred to as "Sellers") and the Village of Mount Prospect, a municipal corporation (hereinafter referred to as "Purchaser"); NOW THEREFORE, in hereinafter set forth, 1. PREMISES Sellers are the owners of Real Estate more in Exhibit A which is attached hereto and made a part (hereinafter referred to as "Subject Premises"). 2. SALE Sellers agree to sell and Purchaser agrees consideration of the mutual covenants it is agreed as follows: fully described hereof to purchase the Subject Premises consisting of approximately 8,130 feet and improvements thereon, for and conditions, and subject to the contained. 3. PURCHASE PRICE The purchase price for square the price, upon the terms contingencies hereinafter the Subject Premises shall be One Hundred Thousand Dollars ($100,000.00). 4. PA~ENT OF PURCHASE PRICE AND CLOSING Within five (5) days of the execution of this Agreement, the Purchaser shall deposit Five Thousand Dollars ($5,000.00) by certified check as earnest money into an interest bearing account with accrued interest payable to the Purchaser and ith the parties as signators o~Rid account. The balance of the purchase price shall be payable at the closing April 30, 1986, by certified check. In the event this transaction does not close at the fault of the Sellers, the earnest money and accrued interest shall be returned to the Purchaser. 5. CONVEYANCE Sellers shall convey to the Purchaser or its nominee fee simple title to the Subject Premises by Warranty Deed in a form mutually satisfactory to the Purchaser and Registrar of Torrens Titles of Cook County, Illinois, 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 the Purchaser upon delivery of the deed on April 30, 1986, and thereafter immediately be recorded. 6. PERMITTED EXCEPTIONS AND CONDITION OF TITLE The term "memorials" as used herein shall include the following: (1) real estate taxes for the year 1985 and subsequent years and (2) easements for public utilities. Any mortgage or trust deed encumbering the Subject Premises shall not be considered a memorial hereunder. Sellers shall deliver or cause to be delivered to Purchaser or Purchaser's attorneys, not less than five (5) days prior to the date of closing, a Torrens Title Certificate and tax, lien and name searches, evidencing title to the real estate on or after the date of execution hereof, showing title to be vested in the Sellers and subject only to the emorials defined herein. If such evidence of title discloses defects other than the memorials, Sellers shall have fifteen (15) additional days from the date originally scheduled for such closing to cure such defects and notify Purchaser. If Sellers are unable to cure such defects, Purchaser may, at its election, terminate this contract or may accept title to the Subject Premises 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 tendering performance. If Purchaser terminates this Agreement as provided in this paragraph, then the earnest money and accrued interest shall be returned to Purchaser and the parties will have no further liability to each other. Sellers shall also furnish Purchaser at closing an affidavit of title covering the date of closing and showing title to be vested in the Sellers subject only to the memorials as. defined herein. 7. TAXES Sellers agree to pay all general real estate taxes, special assessments and special taxes due or to become due for the Subject Premises up to the date of closing. General real estate taxes for 1985 and 1986 shall be prorated as of said date on the basis of 100% of the most recent ascertainable taxes, and the parties agree to reprorate the 1985 and 1986 taxes levied upon issuance of the actual tax bill. 8. POSSESSION ..... ~ ..... Sellers shall have the right to remain the Subject Premises until April 30, 1986. 9. SURVEY Sellers, at at the closing a in possession of their own expense, agree to furnish Purchaser current plat of survey of the Subject Premises showing the location of all improvements and easements within the respective lot lines of the Subject Premises, made and so certified by the surveyor to the Village of Mount Prospect as having been made in compliance with the Illinois Land Survey Standards. 10. REMOVAL OF PERSONAL PROPERTY Sellers shall have the right to remove any and all personal property and fixtures including but not limited to doors, windows, trim, cabinets and appliances from the Subject Premises prior to April 30, 1986. 11. EMINENT DOMAIN Sellers and Purchaser acknowledge that this Agreement is being entered into in lieu of Eminent Domain, and further acknowledge that the Purchaser has the power to acquire the Subject Premises by Eminent Domain proceedings, pursuant to the Village of Mount Prospect District No. 1 Tax Increment Redevelopment Plan and Redevelopment Project. 12. DEFAULTS, REMEDIES AND TERMINATION A. Defaults - General Failure or delay by either party to perform any term or provision of this Agreement within the time specified herein hall constitute a default u~g~'~6His 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, correction 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 suchnotice 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 nondefault- ing party shall have the right, but not the obligation, to perform any defaulted 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 proceeding which may deem necessary to protect, assert or enforce any uch rights or remedies. B. Institution of Legal Actions 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 nay default, or to obtain any other remedy consistent with the purpose of this Agreement. 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 recover all expenses incurred therefor including reasonable attorneys' fees. C. Applicable Law The laws of the State of Illinois shall govern the interpretation and enforcement of this Agreement. D. Rights and Remedies are C~rm~ulative 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. 13. GENERAL PROVISIONS Ao Notices~ Demands and Communications Formal written notices, demands, correspondence and communications between the Sellers and Purchaser shall be ufficiently given mail, postage prepaid, return reciept requested to ing parties on behalf of the Sellers and Purchaser: Sellers: Purchaser: if dispatch~&~'~egistered or certified the follow- Thomas Go Neitzke 210 East Evergreen Mount Prospect, Illinois 60056 B. Alan Newberg One P~nch Mart Plaza Suite 106 Buffalo Grove, Illinois 60090 Thomas T° Burke Burke and Ryan 33 North Dearborn Street Suite 402 Chicago, Illinois 60602 B. Nonliability ~ Village Officials and Employees No member, official or employee of the Village of Mount Prospect shall be personally liable to the Sellers 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 required the Sellers or Purchaser to approve any document or other matter, such approval shall not be unreasonably withheld. D. Real Estate Commissions Neither the Sellers nor the Purchaser shall be liable for any real estate commissions, brokerage fees or finder's fees by reason of this Agreement. E. Time Time is of the essence of this Agreement. Fo Entire Agreement and ~l~er~ This Agreement is executed in two (2) duplicate originals, each of which is deemed to be an original. This Agreement includes pages and exhibits attached which constitute the the parties. the terms and conditions and supersedes all entire understanding and agreement of This Agreement integrates all of mentioned herein or incidental hereto, negotiations and previous agreements between the parties with respect to all or any part of the subject matter hereof. Ail waivers of any of the provisions of this Agreement must be in writing and signed by the appropriate authorities of the Purchaser and the Sellers. G. Partial Invalidity If any portion of this Agreement shall be held 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 may be amended in writing by mutual agreement of the Sellers and Purchaser. I. Binding Contract This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective executors, administrators, heirs, legatees and successors in interest. 14. SURVIVAL The Warantees and covenants Contained in this Ayreemen~ shall not merge with the delivery of the deed from the Sellers to the Purchaser, but will survive thereafter until full performance by all parties. 15. ASSIGnmENT The Sellers acknowledge that it is immaterial and irrelevant to them whether the Purchaser assigns title to the Subject Premises concurrent with the closing of this sale, and hereby consent to the Purchaser, or any of its assigns to be the source of funds for this transaction. Notwithstanding the above, the Purchaser shall remain liable to the Sellers for performance of the terms and conditions contained 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: Mayor BARBARA M. NEITZK~ PURCHASER: Village of Mount Prospect ATTEST: Village Clerk OT i%.~"~EAST 5 FEET LOT 14 IN BLOCK 11 IN BUSSE AND~.E'S RESUBD. iON IN ~fr. PROSPECT NAMELY ALL OF THAT PART ~ ~ EAST 1/2 OF THE NORTH WEST 1/4 OF SECTION 12, TOWNSHIP 41 NORTH, maNGE 11 EAST OF THE THIRD PRINCIPAL ~RIDIAN,~'~¥ING NORTH OF RAILROAD IN COOK COUNq'Y, ILLINOIS.