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HomeMy WebLinkAboutOrd 3621 03/04/1986 RDINANCE NO. .3621 AN ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT FOR PROPERTY COMMONLY KNOWN AS 205 EAST EVERGREEN STREET, MOUNT PROSPECT, ILLINOIS PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 4th DAY OF March , 1986. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 5th day of March , 1986. RDINANCE NO. 3~21 AN ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT FOR PROPERTY COMMONLY KNOWN AS 205 EAST EVERGREEN STREET, MOUNT p. ROSPECT,...~LLINOIS 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 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 the contract (Exhibit "A" attached hereto). SECTION THREE: This Ordinance shall be in full force and ~ffed'~ "f'ro'm and after its passage, approval and publication pamphlet form in the manner provided by law. in AYES: Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg NAYS: None ABSENT: None PASSED and APPROVED this _4th day of March , 1986. ATTEST: Villag~ President Village Clerk REAL ESTATE P~R~SE AGREEMENT This Agreement made and entered into this ~day of January, 1986, by and between Mildred L. Holzrichter (hereinafter referred to as "Seller") and the Village of Mount Prospect, a municipal corporation (hereinafter referred to as "Purchaser"); NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, it is agreed as follows: 1. PREMISES Seller is the owner of Real Estate more fully described in Exhibit A which is attached hereto and made a part hereof (hereinafter referred to as "Subject Premises"). 2. SALE ~ Seller agrees to sell and Purchaser agrees to purchase the Subject Premises consisting of approximately 18,859 square feet and improvements thereon, for the price, upon the terms and conditions, and subject to the contingencies hereinafter ~ontained. 3. PURCHASE PRICE The purchase price for the Subject Premises shall be Three Hundred Thousand Dollars ($300,000.00). 4. PAYMENT OF PURCHASE PRICE AND CLOSING Within five (5) days of the execution of this Agreement, the parties shall establish an escrow with Chicago Title Insurance Company, as described in paragraph 6, and within said time the Purchaser shall deposit Ten Thousand Dollars ($10,000.00) by certified check payable to the escrowee into he escrow as earnest money. The earnest money shall be placed in an interest bearing account with accrued interest payable to the Purchaser. The balance of the purchase price shall be payable an the closing April 1, 1986, by certified check. In the event this transaction does not close at the fault of the Seller, the earnest money and accrued interest shall be returned to the Purchaser. 5. CONVEYANCE Seller 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 Chicago Title Insurance Company, which will insure the title, consis- tent with the terms of this Agreement. At closing such title shall be free and clear of all encumbrances whatso- ever, except those hereinafter permitted, and such title shall vest in the Purchaser upon delivery of the deed on April t, 1986, and thereafter immediately be recorded in accordance with the escrow agreement hereinafter described. 6. ESCROW This transaction shall be closed through a deed and money escrow with Chicago Title and Trust Company, at their offices in Chicago, Illinois, in accordance with the proposed escrow agreement attached hereto and made a part hereof as Exhibit B. Such escrow agreement shall include a provision for payment of the purchase price plus or minus prorations and liens of an ascertainable amount to the Seller upon deposit of a deed, clearance of title in accordance with the 2 itle conditions of this Agreement and written authorization from the attorneys for the Purchaser. The attorneys for the Seller and Purchaser are authorized to execute the escrow agreement, any amendments thereto, and all directions or communications thereto. The escrow shall be opened within five (5) days after execution of this Agreement by all parties. Ail payments required hereunder, 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 supersede the terms or provisions of this A~reement. The cost of the escrow shall be _a~?~,y ,,~v:~ ~~r. The cost of any money lender's escrow shall be paid for the Purchaser. 7. PERMITTED EXCEPTIONS AND CONDITION OF TITLE The term "permitted exceptions" as used herein and in the escrow agreement to be established between the parties hereto shall include the following: (1) real estate taxes for the year 1985 and subsequent years and (2) easements for public ut,lities. Any mortgage or trust deed encumbering the Subject Premises shall not be considered a permitted exception hereunder. Seller shall deliver or cause to be delivered to Purchaser or Purchaser's attorneys, not less than five (5) days prior to owner's title Trust Company the date of closing, a commitment for an insurance policy issued by Chicago Title and in the amount of the purchase price, evidencing 3 itle to the real estate on or after the date of execution hereof, showing title to be vested in the Seller and subject only to the permitted exceptions defined herein. If such evidence of title discloses defects other than the permitted exceptions, Seller shall have fifteen (15) additional days from the date originally scheduled for such closing to cure such defects and notify Purchaser. If Seller is 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 Seller and tendering performance. If Purchaser terminates this Agreement as provided in this paragraph, then Seller shall pay all escrow charges and return earnest money and accrued interest to Purchaser, the parties will have no further liability to each other. Seller shall also furnish Purchaser at closing an affidavit of title covering the date of closing and showing title to be vested in the Seller subject only to permitted exceptions as defined herein, and unpermitted exceptions or defects in title, if any, as described by the survey, as to which the title insurer commits to extend insurance, Any charge by Chicago Title Insurance Company for extending coverage which regard to such defects described by the survey shall be the sole responsibility of the Seller. 8. TAXES 4 Seller agrees 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 110% of the most recent ascertain- able taxes. 9. POSSESSION Seller shall have the right to remain in possession of the Subject Premises until April 1, 1986. Closing hereunder is contingent upon Seller delivering full and complete pos- session of the Subject Premises to Purchaser. 10. SURVEY Seller, at her own expense, agrees to furnish Purchaser at the closing a current plat of survey of the Subject Premises showing the location of all improvements and ease- ments within the respective lot lines of the Subject Premises, made and so certified by the surveyor to the Village of Mount Prospect and Chicago Title Insurance Company, as having been made in compliance with the Illinois Land Survey Standards. 11. BILL OF SALE Seller agrees to sell the Subject Premises, 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; built-in 5 itchen appliances, existing storm and equipment and cabinets; water softener; screen windows and doors; attached shutters, shelving systems; roof or attic T.Vo antenna; all planted vegetation; and garage door openers and car units. Ail the foregoing items shall be left on the premises, are included in the sale price and shall be transfered to the Purchaser by a Bill of Sale at the Closing April 1, 1986. 12. EMINENT DOMAIN Seller 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. 13. 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 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, 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 6 arty. Failure or 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 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 such 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 eller: Purchaser: 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 Cummulative 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 tima 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 Communications Formal written notices, demands, correspondence and communications between the Seller and Purchaser shall be sufficiently given if dispatched by registered or certified mail, postage prepaid, return reciept requested to the follow- ing parties on behalf of the Seller and Purchaser: Mildred L. Holzrichter 34 Country Club Court Palatine, Illinois 60067 Thomas T. Burke Burke and Ryan 33 North Dearborn Street Suite 402 Chicago, Illinois 60602 B. Nonliability of Village Officials and Employees No member, official or employee of the Village of Mount Prospect shall be personally liable to the Seller in the event of any default or breach by the Village of Mount Prospect or for any amount which may become due to the Seller or any obligation under the terms of this Agreement. C. Approvals Wherever this Agreement required the Seller or Purchaser to approve any document or other matter, such approval shall not be unreasonably withheld. D. Real Estate Commissions Neither the Seller 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. F. Entire Agreement and Waivers This Agreement is executed in two (2) each of which is deemed to be an original. includes pages and exhibits attached which constitute the entire understanding and agreement of the parties. This Agreement integrates all of the terms and conditions mentioned 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 waivers of any of the provisions of this Agreement must be in writing and signed by the appropriate authorities of the Purchaser and the Seller. duplicate originals, This Agreement 9 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 Seller 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. 15. SURVIVAL The Warantees and covenants contained in this Agreement shall not merge with the delivery of the deed froTM the Seller to the Purchaser, but will survive thereafter until full performance by all parties. 16. ASSIGNMENT The Seller acknowledges that it is immaterial and irrelevant to her whether the Purchaser assigns title ~o 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 Seller for performance of the terms and conditions 10 ontained 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. SELLER: MILDRED L. HOLZRICH~ER PURCHASER: Village of Mount Prospect Mayor ATTE ST: Village ClerR 11 OTS "A" AND "B" IN RESUBDIVISION OF LOTS 2 TO 6 IN SUBDIVISION OF BLOCK 10 OF BUSSE AND WILLE'S RESUBDIVISION IN ~o PROSPECT NA>~LY ALL OF THAT PART OF EAST 1/2 OF NORTH WEST 1/4 OF SECTION 12', TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, LYING NORTH OF RAILROAD IN COOK COUNTY, ILLINOIS :.It'll(': · ~ud~er~H'~d~Y°rJudgm'nuigiln;tseldoran~' ' - .0 ,'~ '1' ~ ~(~ ~U to ~ ~lJ~ S tl~i~ ~ ~'~ ..' ' ,' ', '~' : :~ ~...~,..~;','~.,.',~.~g: ~]~. it',~[(~~,-' ~,~..~I:~ .-,~ . f ' I~ ~y h hl~ Of h I~NII ~y dl~IlI ~ ~l o~lr of ~1 ~ller. In ~1 event h ~ller (till to roses his ;. ~',' de~lI~ Il lf~i~ld, ~en u~ ~l wrI~t~ dima~ of ~1 purer [or ~ return ol hll ~Jl~ ~ 8Ioze~Zd, ~. ?' e~ mo~y de~I ~11 ~ lef~ to ~e ol~er of the pvr~. If ~ de~ ~ ~ wi~ ~ ' '~ · da? ~i~ ~ ~l d ~ ~ d p~d Iny dem~d for ~1 retwn of de~l u... ~ ~'"~ '.' ~': . ~ :;: ~" .... ~%, ,~,'a-~..:~U:...w~&..~,'?~..~p., ~. .~; ,~.RECONVEY~CE AND ST~DARD PROVISIONS ' ,, ' · ' ' '" ~, Psov~ ~..Title Insurln~ Policies u provided ~reln or yOU Ul ilO[ ~l~ ~ I~CUtI the dltbur.ment ~.~' ~" ," a~ dl~ I~ ~ c~ hue to comply' wi~ the E~fow T~utt Intt~uc on unt[ t~ tl~ pt of I w~ ten ; . ~; ~[ ~h ' ho~lr thlI ~forl returning t~ sum of $ ~ ng the p · ~:'~',/~. . ~, '?.~n~g~l you~[~owTrul[, ha~l~vld~[i~owT~ IOuilClmd.d rom I .:~'rll~rT~'~{~Ixplr~tionof Itl~llm[ formlkngIdepo~tuntilde~lire3v~ om~ r i~ n g '"'; ." ';'"",?'*. .,.. ,'.",..'?;,;?" "' ;" .~;.'~lt~;:~:[:.}~ ~.l I~ ~e ~m nlsul on Of lull U~Ir ~Ct on 3 of the li}{no}l Tlutt ~mpln ii ~t (~ 32, ~ 289 I11 ~' ' :'~¥:';. ".4 t .[~[Tt for Int;re~t O~ tam,gl derived ~lreby, If any. P;ov]~ed. ho~vlr. ~ing ~lln ~l]J dlm;nlsh Escrow .. . ,. ... , .:': ':,~ ~,", ;. :.,. ,:,<;, : ~.