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Ordinances - 21-64 - 12/06/2021 - Purchase of 1405 Riverside Drive
CITY OF MCHENRY MCHENRY COUNTY STATE OF ILLINOIS Ordinance 21-64 An Ordinance Authorizing the Purchase of and Accepting the Real Estate Contract for 1405 N Riverside Drive, McHenry, Illinois, Between Patrick M. Summers and the City of McHenry Passed by the Mayor and City Council Of the City of McHenry McHenry County State of Illinois December 6, 2021 Published in pamphlet form by authority of the Mayor and City Council of the City of McHenry, McHenry County, Illinois this 7th day of December, 2021. ORDINANCE NO.21-64 An Ordinance Authorizing the Purchase of and Accepting the Real Estate Contract for 1405 N Riverside Drive, McHenry, Illinois, Between Patrick M. Summers and the City of McHenry WHEREAS, the City of McHenry, McHenry County, Illinois, is a home rule municipality as contemplated under Article VII, Section 6, of the Constitution of the State of Illinois, and the passage of this Ordinance constitutes an exercise of the City's home rule powers and functions as granted in the Constitution of the State of Illinois; and WHEREAS, the City Council believes it is in its best interest to accept the proposed real estate contract between Patrick M. Summers and the City of McHenry which provides for the purchase of the property commonly known as 1405 N Riverside Drive, McHenry, Illinois, and a purchase price of $155,000, as set forth in Exhibit A; and NOW, THEREFORE, BE IT ORDAINED by the CITY COUNCIL of the CITY OF McHENRY, McHenry County, Illinois, as follows: SECTION 1: The City hereby ratifies the Mayor's execution of and accepts the real estate contract attached hereto as Exhibit A and authorizes the Mayor, City Administrator and City Attorney to sign any and all documents necessary to effectuate the closing on the property. SECTION 2: If any section, paragraph, subdivision, clause, sentence or provision of this Ordinance shall be adjudged by any Court of competent jurisdiction to be invalid, such judgment shall not affect, impair, invalidate or nullify the remainder thereof, which remainder shall remain and continue in full force and effect. SECTION 3 : All ordinances or parts of ordinances in conflict herewith are hereby repealed to the extent of such conflict. SECTION 4: This Ordinance shall be in full force and effect upon its passage, approval and publication in pamphlet form (which publication is hereby authorized) as provided by law. Passed this 6th day of December, 2021. Ayes Nays Alderman Devine x Alderman Glab x Alderman Harding x Alderman McClatchey x Alderwoman Miller x_ Alderman Santi x Alderman Strac x Way1fe ilett, Mayor Absent Abstain 7'� a. Monte Johns , Deputy City Clerk Page 1 CERTIFICATION I, Monte Johnson, do hereby certify that I am the duly appointed, acting and qualified Deputy Clerk of the City of McHenry, McHenry County, Illinois, and that as such Clerk, I am the keeper of the records and minutes and proceedings of the Mayor and Aldermen of said City of McHenry. I do hereby further certify that at a regular meeting of the Mayor and Aldermen of the City of McHenry, held on the 6th day of December, 2021, the foregoing Ordinance entitled An Ordinance Authorizing the Purchase of and Accepting the Real Estate Contract for 1405 N Riverside Drive, McHenry, Illinois, Between Patrick M. Summers and the City of McHenry, was duly passed by the City Council of the City of McHenry. The pamphlet form of Ordinance No. 21-64, including the Ordinance and a cover sheet thereof, was prepared, and a copy of such Ordinance was posted in the City Hall, commencing on the 7th day of December 2021, and will continue for at least 10 days thereafter. Copies of such Ordinance are also available for public inspection upon request in the office of the City Clerk. I do further certify that the original, of which the attached is a true and correct copy, is entrusted to me as the Clerk of said City for safekeeping, and that I am the lawful custodian and keeper of the same. GIVEN under my hand and seal this 7th day of December 2021. jl'�(:L Monte Johnson, Deputy Clerk City of McHenry, McHenry County, Illinois (SEAL) EXHIBIT A 19 MULTI -BOARD RESIDENTIAL REAL ESTATE CONTRACT 7.0 1 'I. THE PARTIES; Buyer Said Seller nre hereinafter referred to as the "Parties." 2 Buyer Name(s) [PLEASE PR.i T] City of McHenry 3 Seller Nanie(s) fPLr:ASPPRMTJ Petrick M. Summers 4 If Dual Agency applies, check here El and complete Optional Paragraph 29. G 2. THE REAL ESTATE: Real Estate is defined as the properly, all improvements, the fixtures and Personal Property 0 included therein. Seller agrees to convey to Buyer or to Buyer's designated grantee, the Real Estate with 7 approximate lot size or acreage of 8,712 s . ft. commonly known as: p 1405 N. Riverside Drive McHenry IL 60050 McHenry D Address Unit # (lf applicable) City State Zip County 10 Permanent Index Number(s): 09-26-431-013 © Single Family Attached 14 Single Family Detached 13 Multi -Unit 11 If Designated Parking Is Included:11 of space(s) _ ; identified as space(s) 11 _ ; location 12 [CUECK TYPE] CI deeded space, PIN: © ]timed common element © assigned space. 13 If Designated Storage Is Included:11 of space(s) �; identified as space(s)11. ; Iocation 14 [CHECK7'YPL] U deeded space, P1N: CI limited common element © assigned space. (• 15 3. FIXTURES AND PERSONAL PROPERTY AT NO ADDED VALUE: All of the fixtures and included Personal Property ? kk,')a are owned by Seller and to Seller's knowledge are in operating condition on Date of Acceptance, utnlem otherwise 17 stated herein. Seller agrees to transfer to Buyer all fixtures, all heating, electrical, plumbing, and well systems 18A to ether wit a -#lie fall v~finotems at no added value by Bill of Sale at Closing [Cr�CK OR PNtrMi R 7VAPPLfCABLEr1EMSJ: lei al �lln at 110 lane o c os 1g — e rig rotor Wgate/ileverage Refrigerator _ Light Fixtures, as they exist ^ Fireplace Gas Log(s) 20 , _ Oven/Range/Stove Sump Purnp(s) — Built-in or attached shelving _ Smoke Detectors 21 _ Microwave , Water Softener (unless renteti) ,_,_, All WutdowTieatmenLq Ii IWw-,ue Carbon Monoxide Detectors 22 _Dishwasher Central AirConditioning —Satellite Dish Invisible Pence SystcnyCollar &Box 23 Garbage Disposal ` Central Humidifier — Wall Mounted Brackets (AV/TV) Garage Door Opener(s) 24 Trash Compactor _ Central Vac & Equipment "Security Systems) (unless rented) with nit Transmitters 25 Washer _- All Tacked Down Carpeting _ Intercom System —Outdoor Shed 20 Dryer _ Exisling Storms & Screens ,-.-, Blectronic or Media Air Filters) ` Outdoor Playsel(s) 27 _ Attached Gas Grill Window Air Conditioner(s) Backup Generator System , Planted Vegetation 28 — Water Healer —Cell ing Van(s) ` Fireplace Screens/Doors/Grates _ HardscApe 20 Other Items Included at No Added Value, _—_ Personal prior to closincl___ so 1#anus Not Included: Seller may remove any fixtures or Pc�r•„ _ ,-- 31 Seller warrants to Buyer that all fixtures, systems and Personal Property included in this Contract shall be in 32 operating condition at Possession except; 33 A system or item shall be deemed to be in operating condition if it performs the function for which it is in(ended, 34 regardless of age, and does not constitute a threat to health or safety. 35 If Home Warranty applies, check here © and complete Optlonai Paragraph 32. 36 4. PURCHASE PRICE AND PAYMENT: rMe Purchase Price is $ 155,000.00 . After the payment of Earnest 37 Money as provided below, the balance of the Purchase Price, as adjusted by prorations, shall be paid at Closing in 38 "Good Funds" as defined by law. 30 a) CREDIT AT CLOSING: frF APPLTOWLE) Provided Buyer's lender permits such credit to show on the final 40 settlement statement or lender's closing disclosure, and if not, stick lesser tunowit as the lender permits, Seller 41 agrees to credit $ to Buyer at Closing to be applied to prepaid expenses, closing casts or both. 42 b) EARNEST MONEY: Bar -nest Money of $ shall be tendered to Escrowee on or before 43 Business Days after Date of Acceptance. Additional Ernest Money, if any, of $ I shall be tendered 44 by 20•_,_,. lininest Money shall be held intrust for tl mutual benefit of the Parties by Buyer Initial Bayer hiiflal Seller liilfifil Scher Initial Address: 1405 N. Riverside Drlvo, Mclien , IL 60050 0,0 Ijage Iof 13 46 [CRUCK ONE]: © Seller's Brokerage, © Bayer's Brokerage; © As otherwise agreed by the Parties, as "Escrowee." 40 Inthe event the Contt;nct is dMat%�(i titdl andvold oris tetmhiated, panics(MotreyaItIU be disbtused puEsualtt to I'awgtapli % 47 c) BALANCE. WE AT CLOSING: The Balance Due at Closing shall be the Purchase Price, plus or minus 48 prorations, less ParnestMoney paid, less any credits at Closing, and shall be payable in Good funds at Closing. 49 5. CLOSING: Closing shall be on 30.45 days , . 20 or at such time as mutually agreed by the Parties In 60 writing. Closing shall take place at the escrow office of the title insurance company, its underwriter, or its Issuing 61 agent that will issue the Owner's Policy of 11 le Iiisur ►ace, whichever is situated nearest the Real l3state. tit 0. P08SESSION: Unless otherwise provided in Optional Paragraph 35, Seller shall deliver possession to Buyer at 53 Closing. Possession shall be deemed to have been delivered when Seller and all occupants (if any) have vacated 54 the Beal Bstate and delivered keys to the Deal instate to Buyer or to the office of the Seller's Brokerage. 65 7. FINANCING: [FNITMr, ONLY ONE Or xHEFOLLOWWG strriPARAGtr 118 a, b, ot, cj 66 ,_.. — a) LOAN CONTINGENCY: Not later than forty-five (45) days after Date of Acceptance or five S7 (5) Business Days prior to the date of Closing, whichever is earlier, ("Loan Contingency bate") Buyer shalt 68 provide written evidence from Buyer's licensed lending institution confirming that Buyer has received loan 59 approval subject only to "at close" conditions, matters of title, survey, and matters within Buyer's control for a loan 6o as follows: [carcK ONE] U fixed; 0 adjustable; [mru ONE] Gt conventional; Cl FHA; © VA; Q USDA; 61 © other _ loan for % of the Purchase Price, plus private mortgage insurance (PMI), 62 if required, with an interest rate (initial rate if an adjustable rate mortgage used) not to exceed % per annum, 63 amortized over not less than years. Buyer shall pay discount points not to exceed % of the loan amount. 64 Buyer shall pay origination fee(s), closing costs charged by lender, and title company escrow closing fees, 66 If Buyer, having applied for the loan specified above, is unable to provide such loan approval and serves Notice to 66 Seller not later than the Loan Contingency Date, this Contract shall be null and void. If Buyer is unable to provide 67 such written evidence not later than the date specified herein or by any extension date agreed to by the Parties, 6B Seller shall have the option of declaring this Contract terminated by giving Notice to Buyer. If prior to the Seller. 69 serving such Notice to terminate, Buyer provides written evidence of such loan approval, this Contract shall remain 70 in full force and effect. 71 Upon the expiration of ten (10) Business Days after Date of Acceptance, if Buyer has failed to make a loan 72 application and pay all fees required for such application to proceed and the appraisal to be performed, Seller shall 73 have the option to declare this Contract terminated by giving Notice to Buyer not later than five (5) Business Days 74 thereafter or any extension thereof agreed to by the Parties in writing. 7b A Party causing delay in the loan approval process shall not have the right to terminate under this 70 subparagraph, III the event neither Party elects to declare this Contract terminated as specified above, or as 77 otherwise agreed, then this Contract shalt continue in full force and effect without any loan contingencies. 78 Unless otherwise provided in Paragraph 30, this Contract is not contingent upon the sale and/or closing of 79 Buye'r, existing real estate, Buyer shall be deemed to have satisfied the financing conditions of this subparagraph 80 if Buyer obtains a loan approval in accordance with the terms of this subparagraph even though the loan is 81 conditioned on the sale and/or closing of Buyer's existing real estate. 82 If Buyer is seeking PFIA, VA, or USDA financing, required amendments and disclosures shall be attached to this 83 Co:tntrrgIf VA the Funding Pee, or if PHA, the Mortgage Insurance Premium (Mil'), slnalibe paid by Buyer. 04 }} � : b) CASH TRANSACTION WITH NO MORTGAGE: (ALL CASH) If this selection is made, Buyer will pay 06 at Closing, in the form of "Good Funds," the Balance Due at Closing. Buyer represents to Seller, as of the Date of Offer, 86 thatBuyer has sufficient funds available to satisfy the provisions of this subparagraph. Buyer agrees to verify the above 87 representation upon the reasonable request of Seller and to authorize the disclosure of such financial information to 88 Seller, Seller's attorney or Seller's broker that may be reasonably necessary to prove the availability of sufficient funds Buyer Initial _& , Buyer hillial Seller hatirrt yffl"l . .... � Seller Irtltial Address. 1405 N. Riverside Drive, McHenry, IL 60050 v7.0 Cage 2 of 13 89 to close. ]Bayer tuiderstands and agrees that, so long as Seller has fully complied with Seller's obligations under tl-is 90 Contract, any act or omission outside of the control of Seller, whether intentional or not, that prevents Buyer froth 91 satisfying the Balance Due at Closing, shall constitute a material breach of this Contract by Buyer. The Parties shall 92 share the title company escrow closing fee equally, Uidess otherwise provided in Paragraph 30, this Contract shall 93 not be contingent upon the sale and/or closing of Buyer's existing real estate. 94 _ _ o) CASH TRANSACTION, MORTGAGE ALLOWED: if this selection is made, Buyer will pay at closing, 05 In the form of "Good Fruits," the Balance Due at Closing. Buyer represents to Seller, as of the Date of Offer, that "Buyer 00 has sufficient fiords available to satisfy the provisions of this subparagraph. Buyer agrees to verify the above 97 representation upon the reasonable request of Seller and to authorize the disclosure of such financial information to 98 Seller, Seller's attorney or Seller's broker that may be reasonably necessary to prove the availability of sufficient funds 09 to close. Notwithstanding such representation, Seller agrees to reasonably and promptly cooperate with Buyer so that 100 Buyer may apply for and obtain a mortgage loan or loans including but not limited to providing access to the Real 101 Estate to satisfy Buyer's obligations to pay the Balance Due at Closing. Such cooperation shall include the performance 102 Ina timely manner of all of Seller's pre -closing obligations under fuss Contract, This Contract shall NOT be contingent 103 upon "Buyer obtaining fluancing. Buyer understands and agrees that, so long as Seller has hilly complied with Seller's 104 obligations under this Contract, any act or ondsslon outside of the control of Seller; whether intentional or not, that 105 prevents "Buyer from satisfying the Balance Due at Closing shall constitute a material breach of this Contract by Buyer. 106 Buyer shall pay the title company escrow closing fee if Buyer obtains a mortgage; provided however; if Buyer elects 107 to close without a mortgage loan, the Parties shall share the title company escrow closing fee equally. Unless otherwise Ion provided in Paragraph 30, this Contract shall not be contingent upon the sale mid/or closing of Buyer's existing 109 real estate. 110 0. STATUTORY DISCLOSURES: If applicable, prior to signing this Contract, Buyer: Ili [CH1;CK ONE] © has ® has not received a completed Illinois Residential Real Property Disclosure; 112 jama< om] ❑ has ® has not received the EPA Pamphlet, "Protect Your Family From Lead In Your Home;" 113 [CHECK ONE) 0 has 14 has not received a Lead -Based Paint Disclosure; 114 [ur cK oNE10 has ® has not received the IEMA, "Radon Testing Guidelines for Real Estate Transactions;" 115 [CHECK ONE]© has ® has not received the Disclosure of Information on Radon Hazards. 116 9. PRORATlONB: The requirements contained in this paragraph shall survive the Closing, Proratable items shall 117 be prorated to and including the Date of Closing and shall Include without limitation, general real estate tastes, 118 rents and depasits (if any) from tenants; Special Service Area or Special Assessment Area tax for the year of Closing 110 only; utilities, water and sewer, pre -purchased fuel; and Homeowner or Condominium Association fees (and 120 Master/Umbrella Association fees, if applicable). Accumulated reserves of a Homeowner/Condominium 121 Assoclation(s) are not a proratable item. 122 a) The general real estate taxes shall be prorated to and including the slate of Closing based on Q0 % of 123 the most recent ascertainable full year tax bill, All general real estate tax proratlons shall be final as of Closing, 124 except as provided in Paragraph 23. If the amount of the most recent ascertainable full year tax bill reflects a 126 homeowner; senior citizen, disabled veteran or other exemption, a senior freeze or senior deferral, then Seller 120 has submitted or will submit In a timely meiuier all necessary documentation to the appropriate governmental 127 entity, before or after Closing, to preserve said exemption(s). The proration shall not include exemptions to 128 which the Seller is not lawfully entitled. 129 b) Seller represents, if applicable, that as of Date of Acceptance Homeowner/Condominium Associntion(s) 130 fees are $ NIA per (and, if applicable, Master/Umbrelln Association fees are 131 $ NIA per ). Seller agrees to pay prior to or at Closing the remaining balance of any 132 special assessments by the Association(s) confirmed prior to Date of Acceptance, Tr— Buyer In lial f�._ Buyer Initial seller• I1111ir{l seliel Initial ^ .. .......... Address: 1405 N Riverside Drive, McHenry, IL 60050 � —_ v7.0 Inge 3 of 13 — 133 c) Special Assessment Area or Special Service Area installments due after tile year of Closing shall not be 134 proratable items and shall be paid by Buyer, unless other"18e provided by ordinance or Malute. 133 10. ATTORNEY REVIEW: Within five (5) Business Days after Date of Acceptance, the attorneys for the respective 136 Parties, by Notice, may: 137 a) Approve: this Contract; or 136 b) Disapprove tills Contract; which disapproval shall not be based solely upon the Purchase Price; or 139 c) Propose modifications to this Contract, except for the Purchase Price, which proposal shall be conclusively 140 deemed a counteroffer notwithstanding any language contained in any such proposal purporting to state the 141 proposal is not a counteroffer. If after expiration of teu (10) Business Days after Date of Acceptance written 142 agreement has not been reached by the Parties with respect to resolution of all proposed modifications, either 143 Party may terminate this Contract by serving Notice, whereupon this Contract shall be immediately deemed 144 terminated; or 143 (1) Offer proposals specifically referring to this subparagraph d) which shall not be considered a counteroffer. 146 Any proposal not specifically referencing this subparagraph d) shall be deemed made pursuant to 147 subparagraph c) as it modification, If proposals made with specific reference to this subparagraph d) are not 140 agreed upon, neither Buyer nor Seller may declare this conk -act null and void, and this contract shall remain 149 in fall force and effect. 150 If Notice of disapproval or proposed modifications is not served within the (hne specified herehl, (he 151 provisions of this paragraph shall be deemed waived by the Parties and this Contract shrill remain lit full force 162 and effect. If Notice of termination is given, said termination shall be absolute and lite Contract rendered null 163 and void upon tits giving of Notice, notwithstanding any language proffered by any Party purporting to permit 164 unilateral reinstatement by withdrawal of any proposal(s), f i 6 165 11. WAIVER OF PROFESSIONAL INSPECTIONS, [rNMTML rPAPPLICABLE] nI es Buyer acknowledges g 166 the right to conduct inspections of the Deal Estate and hereby waives the right to conduct any such inspections of 157 the Real Estate, and further agrees that the provisions of Paragraph 12 shall not apply. 168 12. PROFESSIONAL INSPECTIONS AND INSPECTION NOTICES:[NO7'"PLTCAI3LEIFPAI?AGIeAPHIlrsrNMALEV) 169 Buyer may conduct at Buyer's expense (runless payment for such expense is otherwise required by governmental 160 regulation) any or all of the following inspections of the Real Estate by one or more Iicensed or certified inspection 161 services: home, radon, environmental, lead -based paint, lead -based paint hazards or wand -destroying insect 162 infestation, or any other inspections desired by Buyer in the exercise of reasonable due diligence. Seller agrees to 103 make all areas of the Real Estate accessible for Inspection(s) upon reasonable notice and to have all utilities turned 104 on during the time of such inspections. Buyer shall indemnify Seller mid hold Seller harmless from and against 165 any loss or damage caused by any acts of Buyer or any person performing flay inspection on behalf of Buyer. 106 a) The request for repairs shall cover only the major components of the Real Estate, limited to antral heating 107 and cooling system(s), plumbing and well system, electrical system, roof, walls, windows, doors, ceilings, 166 floors, al3pll<znces and foundallou. A major component shall be deemed to be in operating condition, and 169 therefore not defective within the meaning of this paragraph, if it does not constitute a current threat to health 170 or safety, and performs the function for which it Is intended, regardless of age or if it is near or at tine end of its 171 usefttl life. Minor repairs, routine maintenance items and painting, decorating or other items of a cosmetic 172 nature, no matter the cost to remedy snine, do not constitute defects, are not a part of this contingency and shall 173 not be a basis for the Buyer to cancel this Contract, A request by Buyer for credits or repairs in violation of 174 the terttts of this subparagraph shall allow Seller to declare this Contract terminated and direct the retttrtt 175 of Buyer's Earnest Money. if radon mitigation is performed, Seller shall pay for any retest. Bt4ler Initial Buyer Initial Seller .7riitfal Seller initial Address:.1406 N. Riverside Drive, McHenry, IL 60050 �^ � 0.0 Page 4 of 13 170 b) Buyer shall serve Notice upon Seller orSeller's attorney of any major component defects disclosed by any 177 inspection for which Buyer requests resolution by Seller within five (5) Business Days (ten (10) calendar Clays 178 for a lead -based paint or lead -based faint hazard inspection) after Date of Acceptance. Buyer shall not send 170 any portion of file inspection report with the Notice provided under this subparagraph unless such 180 inspection report, or any part thereof, is specifically requested in writing by Seller or Sellers attorney. If 101 after expiration of ten (10) Business Days after Date of Acceptance written agreement has not been reached by 102 the Parties with respect to resolution of all inspection issues, either Party may terminate this Contract by 183 serving Notice to the other Party, whereupon this Contract shall be immediately deemed terminated. 184 c) Notwithstanding anything to the contrary set forth above in this paragraph, in the event the inspection 186 reveals that the condition of the Real Bstate is uuracceptable to Buyer and Buyer serves Notice to Seller within 100 five (5) Business Days after Date of Acceptance, this Contract shall be null and void, Said Notice shall not 1137 include any portion of the inspection reports unless requested by Seller. 108 d) Failure of Buyer to conduct said Itispection(s) and notify Seller within the time specified operates as a 189 waiver of 1311yer's lights to terminate this Contract tinder this Paragraph 12 and this Contract shall retrain 190 in ftill force and effect. 191 13. HOMEOWNER INSURANCE: This Contract is contingent upon Buyer obtaining evidence of insurability for an 192 Insurance Service Organization HO-3 or equivalent policy at standard premium rates within ten (10) Business 193 Days after Date of Acceptance, If Buyer is unable to obtain evidence of insurability and serves Notice witlt proof 194 of saline to Seller within the ante specified, this Contract shall be null and void. If Notice is not served within 106 the tinie specified, Buyer shall be deemed to have waived this contingency anti this Contract shall reirtain in 196 full force and effect, 107 14. rLOod INSURANCE~: Buyer shall have the option to declare this Contract null and void If the Real Estate is 190 located in a special flood hazard area. If Notice of the option to declare contract null and void is not given to 100 Seller within ten (10) Business Days after Ditto of Acceptance or by the Loan Contingency Date, whicliever is 200 later, Buyer shall be deemed to have waived such option and this Contract shall reinain fit full force and effect. 201 Nothing herein shall be deemed to affect any rights afforded by the Residential heal Property Disclosure Act. 202 15. CONDOMINIUM/COMMON INTEREST ASSOCIATIONS: [IF APPUCA13LL] The Patties agree that the terms 203 contained in this paragraph, which may be contrary to other terms of this Contract, shall supersede any conflicting 204 terms, and shall apply to property subject to the Illinois Condominium Property Act and the Common Interest 205 Community Association Act or other applicable state association law ("Governing Law"). 206 a) Title when conveyed shall be good and merchantable, subject to terms and provisions of the Declamation of 207 Condominiuun/Covenants, Conditions and Restrictions ("Declaration/CCRs") and all amendments; public and 208 utility easements including any easements established by or implied from the Declaration/CCRS or 209 amendments thereto; party wall rights and igreernents; limitations and conditions imposed by the Governing 210 Law; installinenls due after the date of CIosing of general assessments established pursuant to the DeclatatioiVCCRS. 211 b) Seller shall be responsible for payment of all regular assessments due and levied prior to Closing and for 212 all special assessments confirmed prior to Date of Acceptance. 213 c) Seller shall notify Buyer of any proposed special assessment or increase in any regular assessment between 214 Date of Acceptance and Closing. The Parties shall have three (3) Business Days to reach agreement relative to 216 payment thereof. Absent such agreement either party may declare the Contract null and void. 216 d) Seller shall, within ten (10) Business Days from Date of Acceptance, apply for those items of disclosure 217 upon sale as described Ili the Governing Law, and provide same in a timely manner, but no later than the time 218 period provided for by law. 'Phis Contract is subject to the condition that Seller be able to procure and provide 219 to Buyer it release or waiver of any right of first refusal or other pre-emptive fights to purchase created by the Buyer Initial G-J3— Buyer It:ffial Soller.101ilial � Seller Ittihad Address: 1405 N. Riverside Drive, MaHe n , Il.. 60050 0.0 Page 5 of 13 220 Declaration/CCRs, In the event the Condominhun Association requires the personal appearance of Buyer or 221 additional documentation, Buyer agrees to comply with same. 222 e) In the event the dOca.iments and information provided by Seller to Buyer disclose that the exfsting 223 improvements are in violation of existing rules, regulations or other restrictions or that the terms and 224 conditions contained within the documents would unreasonably restrict Buyer's use of the Real Estate or 226 would result in financial obligations unacceptable to Buyer in connection with owning the Real Estate, then 226 Buyer may declare this Contract null and void by giving Notice to Seller within five (S) Business Days after the 227 receipt of the documents and information required by this paragraph, listing those deficiencies which are 228 unacceptable to Buyer. If Notice is not served within the time specified, Buyer shall be deemed to have waived 220 this contingency, and this Contract shall remain in full force and effect. 230 f) Seller shall provide a certificate of Insurance showing Buyer and Buyer's mortgagee, If any, as an insured. 231 10, THE DEED; Seller shall convey or cause to be conveyed to Buyer or Buyer's designated grantee good and 232 merchantable title to the Real Estate by recordable Warranty Deed, with release of homestead rights, (or the 233 appropriate deed if title is in trust or hi an estate), and with real estate transfer stamps to be paid by Seller (tanless 234 otherwise designated by local ordinance). Title when conveyed will be good and merchantable, subject only to: 235 covenants, conditions and restrictions of record and building lines and easements, if any, provided they do not 236 interfere with the current use and enjoyment of the Beal Estate; and general real estate taxes not due and payable 237 at the time of Closing. 236 17. MUNICIPAL ORDINANCE, TRANSFER TAX, AND GOVERNMENTAL COMPLIANCE: 239 a) The Parties are cautioned that the heal Estate may be situated in a municipality that has adopted a pre- 240 closing inspection or disclosure requirement, municipal Transfer Tax or other similar ordinances, Cost of 241 transfer taxes, inspection fees, and any repairs required by an inspection pursuant to municipal ordinance shall 242 be paid by the Party designated in such ordinance unless otherwise agreed to by the Parties. 243 b) The Parties agree to comply with the reporting requirements of the applicable sections of the Internal 244 evenue Code, the foreign htvestment in Real Properly Tax Act (FIRPI'A), and the Real listate Settlement 24 ) .(`�Procedures Act of 1974, as amended. Btayer's Buyer yS 246 18. TITLE. At Seller's expense, ueelrer will deliver or cause to be delivered to Buyer or Buyer's attorney within 247 customary time limitations and sufficiently in advance of Closing, as evidence of title In Seller or Grantor, a title 246 commitment for an ALTA title insurance policy In the amount of the Purchase Price with extended coverage by a 249 title company licensed to operate in the State of Iilinnols, Issued on or subsequent to Date of Acceptance, subject 250 only to items listed in Paragraph 16 and shall cause a title policy to be issued with an effective date as of Closing. 261 The requirement to provide extended coverage shall not apply if the Deal Estate is vacant land. Tine commitment 262 for title insurance furnished by Seller will be presumptive evidence of good and merchantable title as therein 263 shown, subject only to the exceptions therein stated, If the title Curntnitment discloses any tunperwitted 254 exceptions or if the Plat of Survey shows any encroachments or other survey matters that are not acceptable to 265 Buyer, then Seiler shall have said exceptions, survey matters or encroachments removed, or have late title 266 Insurer cornrnit to elther insure against loss or damage that may result front such exceptions or survey matters 267 or insure against any court -ordered removal of the encroachments, If Seller fails to have such exceptions waived 258 or insured over prior to Closing, Buyer may elect to take title as it then is with the right to deduct from the Purchase 259 Price prior encumbrances of a definite or ascertainable amount. Seller shall furnish to Buyer at Closing an Affidavit 260 of Title covering the date of Closing, and shall sign any other customary forms required for Issuance of an ALTA 261 Insurance Policy. 262 10. PLAT OF SURVEY. Not less than one (1) Business Day prior to Closing, except where the Real Estate is a 2G3 �cpndo�tintum, Seller shall, at 5elleV expense, furnish to Buyer or Buyer's attorney a Plat of Survey that conforms C �,1PV Buyer Buyer's Bayer Initial _____�L.__ _ 1311yer DI flint Seller.b iti al Seller ha€tin€ Address: 1405 N. Riverside Drive, McHenry, IL 60050 v7.0 Page 6 of 13 204 to the current Miniinum Standard of Pritctice for boundary surveys, is dated not more than six (6) months prior to 206 the date of Closing, and Is prepared by a professional land surveyor licensed to practice land s►►rveyIng under the 268 laws of the State of Dlinois. Tire Plat of Survey shall show visible evidence of improvements, rights of way, 267 easements, use mid measurements of all parcel lines. 'file ltuld surveyor shall set monuments or witness corners at 260 ail accessible corners of the land. All such corners shall also be visibly staked or flagged. Tie Plat of Survey shall 26D include the following statement placed near the professional land surveyor's seal and signature; "This professional 270 service conforms to the current Illinois Minimum Standards for a boundary survey." A Mortgage Inspection, as 271 defined, is not is boundary survey and is not acceptable 272 20. DAMAGE TO REAL ESTATIr OR CONDEMNATION PRIOR TO CLOSING., If prior to delivery of the deed Cite Real 273 Estate shall be destroyed or materially damaged by fire or other casualty, or the Real Hstate is taken by 274 condemnation, titer► buyer shall have lice option of either terminnting this Contract (and receiving a refund of 278 Earnest Money) or accepting the Real Estate as damaged or destroyed, together with rite proceeds of the 276 condemnation award or any insurance payable as a result of the desLTuction or damage, which gross proceeds 277 Seller agrees to assign to Buyer and deliver to Buyer at Closing. Seller shall not be obligated to repair or replace 278 damaged improvements. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinols shall 270 be applicable to this Contract, except as modified by this paragraph. 280 21. CONDITION OF DEAL ESTATE AND INSPECTION: Seller agrees to leave the Real Estate in broom clean condition. 281 All refuse and personal property that is not to be conveyed to Buyer shall be removed from the Real Estate at 262 Selle►'s expense prior to delivery of Possession. Buyer shall have the right to inspect the Real Estate, fixtures and 283 included Personal Property prior to Possession to verify that the Real 13state, improvements and included Personal 284 Property are in substantially the same condition its of Date of Acceptance, normal wear and tear excepted, 286 22, SELLER REPRESENTATIONS: Seller's representations contained in this paragraph shall survive the Closing. 286 Seller represents that with respect to the Real Estate, Seller has no knowledge of, nor has Seller received any written 287 notice from any association or governmental entity regarding: 288 a) zoning, building, fire or health code violations that have not been corrected; 289 b) any pending rezoning; 290 c) boundary line disputes; 291 d) any pending condemnation or Hint►ient Domain proceeding; 292 e) easements or claims of easements not shown on the public records; 293 f) any hazardous waste on the Real Estate; 294 g) real estate tax exemption(s) to which Seller is not lawfully entitled; or 295 h) annimprovements to the Real Estate for which the required initial and final permits were not obtained, 296 Seller fpresents that: 2.97 11NMAIsl � � There [CRICK OMEJ Cl are ff, are not improvements to the Real Estate which are not 208 included �i4ull in the determination of the most recent tax assessment. 299 UNrrmn[sj 7 There [e[iiCK ONS] Cf are i t are not improvements to the Real Estate which are eligible 300 for the 1}0 na Improvement tax exemption. 301 1tNmAU] °" There [CHECK OM;] 0 is W Is not nn unconfirmed pending special assessment affecting 302 the Real �Jatoy any association or governmental entity payable by buyer alter the date of Closing,, 303 liNmni s1 > The Real Estate [CIIECK ONE] © is (4 is not located within n Special Assessment Are or 304 Special Service .A.rea, payments for which will not be the obligation of Seller after the year In which the Closing occurs. 305 All Seller representations shall be deemed re -made as of Closing. If prior to Closing Seller becomes aware of 306 matters that require modification of the representations previously made in this Paragraph 22, Seller shall Bityer lnllial � Buyer llrlffal Seller h ltnl � Seller InWal Address: 1405 N. Riverside Drive,_ McHenry, IL 60050 v7.0 Page 7 of 13 307 promptly notify Buyer, 1f the matters spedfled In such Notice are not resolved prior to Closing, Buyer may 30B terminate this Contract by Notice to Seller and this Contract shall be null and void. 300 23. REAL ESTATE TAX ESCROW: In the event the Peal Estate is Improved, but, has not been previously taxed for 310 the entire year as currently improved, the sum of three percent (3%) of the Purchase Price shall be deposited In 311 escrow with the title compntry with the cost of the escrow to be divided equally by Buyer and Seller and paid at 312 Closing. When the exact amount of the taxes to be prorated under this Contract can be ascertained, the taxes shall 313 be prorated by Seller's attorney at the request of either Party and Seller's share of such tax liability after proration 314 shall be paid to Buyer from the escrow hinds and the balance, if any, shall be paid to Seller. If Seller's obligation 315 after such proration exceeds the amount of the escrow funds, Seller agrees to pay such excess promptly upon 310 demand. 317 24. BUSINESS DAYSIHOURS: Business bays are defined as Monday through Friday, excluding Federal holidays. 310 Business Hour's are defined as 8 a.m. to 6 p,m. Chicago time. In the event the Closing or Loan Contingency Date 310 described in this Contract does not fall on a Business Day, such date shall be the next Business Day. 320 25, ELECTRONIC OR DIGITAL SIGNATURES: Facsimile or digital signatures shall be sufficient for purposes of 321 executing, negotiating, finalizing, and amending this Contract, and delivery thereof by one of the following 322 methods shall be deemed delivery of this Contract containing original signature(s). An acceptable facsimile 323 signature may be produced by scanning an original, hand -signed document and transmitting same by electronic 324 means. An acceptable digital signature may be produced by use of a qualified, established electronic security 326 procedure mutually agreed upon by the Parties. 'Transmissions of a digitally signed copy hereof shall be by an 326 established, mutually acceptable electronic method, such as creating a PDF ("Portable Document Format") 327 document incorporating the digital signature and sending some by electronic mail. 328 26. DIRECTION TO ESCROWEE: In every instance where this Contract shall be deemed null and void or if this 329 Contract may be terminated by either Party, the following shall be deemed incorporated: "and Earnest Money 330 refunded upon the joint written direction by the Parties to Escrowee or upon an entry of an order by a court of $31 competent jurisdiction," 332 111 the event either Party has declared the Contract null and void or the transaction has failed to close as provided 333 for in this Contract and if Bscrowee has not received joint written direction by the Parties or such court order, the 334 1scrowee may elect to proceed as follows: 335 a) Escrowee shall give written Notice to the Parties as provided for In this Contract at least fourteen (14) days 336 prior to the date of intended disbursement of Earnest Money indicating the manner in which Escrowee intends 337 to disburse in the absence of any written objection. If no written objection Is received by the date indicated in 338 the Notice then Escrowee shall distribute the Earnest Money as indicated in the written Notice to the Parties. 330 If any Party objects in writing to the Intended disbursement of Earnest Money then Earnest Money shall be 340 held uniU receipt of jolttt written dit�eclton fiom all Parties or until reoelpt of an order of a court of competentjutisdictlon. 341 b) Escrowee may file a Suit for Interpleader and deposit any funds held into the Court for distribution after 342 resolution of the dispute between Seller and Buyer by the Court. Escrowee may retain from the funds deposited 343 with the Court the amount necessary to rellnburse Escrowee for court costs and reasonable attorney's fees 344 incurred due to the filing of the Interpleader. If the amount held In escrow Is inadequate to reimburse Escrowee 345 for the costs and attorney's fees, Buyer and Seller shall jointly and severally indemnify Bscrowee for additional 340 costs and fees incurred in filing the Interpleader action. 347 27. NOTICE: Bxcept as provided in Paragraph 30 c) 2) regarding the manner of service for "kick -out" Notices, all 343 Notices shall be in writing and shall be served by one Party or attorney to the other Party or attorney. Notice to 340 any one of the multiple person Party shallbe sufficient Notice to all. Notice shall be given ttr the following manner: 350 a) By personal delivery; or iiuyerNilial A)i Bityerinifial Seller InitialSeller Initial� Address: 1405 N. Riverside Drive, McHenry, IL 60060- _ _ v7,0 rage. 8 of I 361 b) By mailing to the addresses recited herein on Page 13 by regular mail and by certified mail, return receipt 362 requested. Except as otherwise provided her ekt Notice setvcd by certified mail shall be effective on the dale of ntailing,` or 3,ri3 c) By facsimile transmission. Notice shall be effective as of date and time of the transmisslon, provided that the 364 Notice transmitted shall be sent oti Business Days during Business Flours. In the event Notice is tr cammitted during 365 non -business hours, the effective date and tune of Notice is the first hour of the next Business Day after t<rnsinission, or 35€3 d) By c-m ail transmission if an a -nail address has been furnished by the recipient Party or the recipient Party's 367 attorney to the sending Pax•ty or is shown in this Contract. Notice shall be effective as of date and tune of e-mail 351) transmission, provided that, in the event e-mail Notice is transmitted during non -business hours, the effective date 359 and tune of Notice is the first hour of the next Business Day after transmission. An attorney or Party may opt out: 300 of future e-mail Notice by any form of Notice provided by this Contract; or 361 e) By commercial overnight delivery (e.g., FedRx). Such Notice shall be effective on the next Business Day 362 following deposit with lie overnight delivery company. 363 f) If a Party fails to provide contact information herein, as required, Notice may be served upon the Party's 364 Designated Agent in any of the manners provided above, 365 g) The Party serving a Notice shall provide courtesy copies to the Parties' Designated Agents, Failure to provide 300 such courtesy copies shall not render Notice invalid. 367 20. PERFORMANCE: Time is of the essence of this Contract, In any action with respect to this Contract, the Parties 368 are free to pursue any legal remedies at law or in equity and the prevailing party in litigation shall be entitled to collect 309 reasonable attorney fees and costs from the non -prevailing party as ordered by a court of competent jurisdiction. 370 THE FOLLOWING NUMBERED PARAGRAPHS AREA PART OF THIS CONTRACT ONLY IF INITIALED BY THE PARTIES. 371 ltNmi s) 29. CONFIRMATION OF DUAL. AGENCY: The Parties confirm that they have previously 372 consented to ArCBNSFE] acting as a Dual Agent in providing brokerage services on 373 their behalf and specifically consent to Licensee acting as a Dual Agent with regard to the transaction referred to in 374 this Contract. 376 30. SALE OF BUYER'S REAL, ESTATE; 370 a) REPRESENTATIONS ABOUT BUYER'S REAL_ ESTATE: Buyer represents to Seiler as follows; 377 1) Buyer owns real estate (thereinafter referred to as "Buyer's real estate") with the address of: 370 379 Address City State Zip Sao 2) Buyer [crwcK oNEJ 0 has © has not entered into a contract to sell Buyer's real estate. 381 If Buyer has entered into a contract to sell Buyer's real estate, that contract: 382 a) [CHECK ONE) ❑ is ❑ is not subject to a mortgage contingency. 383 b) [CHECK ONE) Q is ❑ is :not subject to a real estate sale contingency. 384 c) [CrrE-CK ONEI ©is LI is not subject to a real estate closing contingency. 306 3) Buyer fcwmowl U has Cl has not publicly listed Buyers real estate fox sale with a licensed real estate broker 306 and in a local multiple listing service. 387 4) If Buyer's real estate is not publicly listed for sale with a licensed real estate broker and in a local multiple 388 listing service, Buyer [crfECK ONI J: 389 a) Q Shall publicly list real estate for sale with a Iicensed real estate broker who will place it in a local 300 multiple listing service within five (5) Business Days after Date of Acceptance, 391 fr•OR INFORMA77ON ONLY] Broker: 392 Broker's Address: Phone: 393 b) © Does not intend to list said real estate for sale. ,Buyer Initial Buyer Initial Seller III ilia l ' � J 15e11er Initial Address: 1405 N. Riverside Drive, McHenry, IL. 60050 v7.0 Page 9 of 13 394 b) CONTINGENCIES EASED UPON SALE ANWOR CLOSING OF REAL ESTATE; 195 1) This Contract is contingent upon Buyer having entered into n contract for the sale of Bayer's real estate that is ins in full force and effect as of . 20 . Such contract shottld provide for a closing date not 397 later than the Closing Date setforth in this Contract, If Notice Is served on orbefore the elate set forth in this 300 subparagraph that Buyer has not procured a contract for the snle of Buyer's real estate, this Contract shall 309 be null and void. If Notice that Buyer has not procured a contract for the sale of Buyer's real estate Is not 400 served on or before the close of business on the date set forth in this subparagraph, Buyershall be deenwd 401 to have waived all contingencies contained in this Paragraph 30, and this Conhtact shall remain in full force 402 and effect, (If this parajgraph is used, then the following paragraph nus A be completed.) 403 2) hi the event Buyer has entered into a contract for the sale of Buyer's real estate as set forth in Paragraph 30 b) 404 1) and that contract is in full force and effect, or has entered into a contract for the sale of Buyers real estate 405 prior to the execution of this Contract, this Contract is contingent upon Buyer closing the sale of Buyer's real 406 estate on or before _ _ , 20 . If Notice that Buyer has not closed the sale of Buyers real 407 estate is served before the close of business on the xtext business Day after• the date set forth in the preceding 408 sentence, tlds Contract shall be null and void. If Notice hs itot served as described in the preceding sentence, 400 Buyer shall have dee►need to have waived all contingencies contained in (Iris Paragraph 30, and this Contract 410 shall rerunin in fill force and effect. 411 3) If the contract for the sale of Buyer's real estate is terminated for any reason after the date set forth in Paragraph 412 30 b)1) (or after the date of this Contract if no date is set forth in Paragraph 30 b) 1)), Buyer shall, within three 413 (3) Business Days of such termination, notify Seller of said termination. Unless 13rtyer, as part of said Notice, 414 waives all contingencies in Paragraph 30 and complies with Paragraph 30 d), this Contract shall be null and 416 void as of the date of Notice. if Notice as required by this subparagraph is not served within the time 416 specified, Buyer shall be in default under the terms of this Contract. 417 0) SELLER'S RIGHT TO CONTINUE TO OFFER REAL ESTATE FOR SAM, During the time of this contingency, 410 Seller has the right to continuo to show the Real Estate and offer it for sale subject to the following; 419 1) If Seller accepts another bona fide offer to purchase the Deal Estate while contingences expressed in Paragraph 420 30 b) are in effect, Seller shall notify Buyer in writing of same, Buyer shall then have hours after Seller 421 gives such Notice to waive the contingencies set forth in Paragraph 30 b), subject to Paragraph 30 d), 422 2) Seller's Notice to Buyer (commonly referred to as a "kick -out" Notice) shall be in whiting and shall be served 423 on Buyer, not Buyer's attorney or Buyers real estate agent. Courtesy copies of such "kick -out" Notice should 424 be sent to Buyer's attorney and Buyer's real estate agent, if known. Failure to provide such courtesy copies 425 shall not render Notice invalid. Notice to any one of a multiple -person Buyer shall be sufficient Notice to all 426 Buyers, Notice for the purpose of dins subparagraph only shall be served upon Buyer in the following manner: 427 a) By personal delivery effective at the time and date of personal delivery; or 428 b) By mailing to the address recited herein for Buyer by regular mail and by certified mail. Notice shall be 429 effective at 10 a.m. on the morning of the second day following deposit of Notice in. the U.S. Mail; or 430 c) By corrunerchal delivery overnight (e.g., I►edEx). Notice shall be effective upon delivery or at 4 pml, Cntcago 431 [fine on the next delivery day following deposit with the overnight delivery company, whichever first occurs. 432 3) If Buyer complies with the provisions of Paragraph 30 d) then this Contract shall remain in Rill fora: and effect. 433 4) If the contingencies set forth in Paragraph 30 b) are NOT waived in writing within said time period by Buyer, 434 this Contract shall be null and void. 435 5) Mcept as provided in Paragraplh M c) 2) above, all Notices shall Ise made in the manner provided by Paragraph 436 27 of this Contract. 437 6) Buyer waives ashy etMoil objection to the delivery of Notice under this paragraph by Sellers attorney or ieprese►hfative. Buyer Initial � Buyer' Ifritirt! Seller 7rritirrl�' Seller initial Address: 1405 N. Riverside Drive, McHenry, IL 60050 v7.0 Inge 10 of 13 436 d) WAIVER OF PARAGRAPH 30 CONTINGENCIES: Buyer shall be deemed to have waived the contingencies In 439 Paragraph 30 b) when Buyer has delivered written waiver and deposited with the l3scrowee additional earnest 440 money in the amo►art of $ in the form of a casl-Li(-Vs or certified check within the time specified, 441 If Buyer falls to deposit the additional earliest money within the tune specified, the waiver shall be deemed 442 ineffective and this Contract shall be null and void. 443 e) BUYER COOPERATION REQUIRED: Buyer authorizes Seller or Seller's agent to verify representations 444 contained in Paragraph 30 al any tine, and Buyer agrees to cooperate In providing relevant information. 446 31. CANCELLATION OF PRIOR REAL ESTATE CONT[IACT: In the event either Party has entered 446 Into a prior real estate contract, this Contract shall be subject to written cancellation of the prior contract on or before 447 .20 . In the event the prior contract is not cancelled within the time specified, this Contract 440 shall be null and void. If prior contract is subject to Paragraph 30 contingencies, Seller's notice to file purchaser 440 under the prior contract should not be served until after Attorney Review and Professional Inspections provisions 450 of this Contract have expired, been satisfied orwaived. 461 32, HOME WARRANTY: Seller shall provide at no expense to Buyer a Home Warranty at a cast of 452 $ . Evidence of a frilly pre -paid policy shall be delivered at Closing. 453 33, WELL OR SANITARY SYSTEM INSPECTIONS: Seller shall obtain at Selle►'s expense a well 454 water test stating that the well delivers not less than five (5) gallons of water per minute and including a bacteria and 455 nitrate test and/or a septic report from the applicable County Health Department, a Licensed Environmental Health 466 Practitioner, or a licensed well and septic inspector, each dated not more than ninety (90) days prior to Closurg, stating 457 that the well and water supply and the private sanitary system are in operating condition with no defects noted. Seller 468 shall remedy any defect or deficiency disclosed by said report(s) prior to Closing, provided that if the cost of 469 remedying a defect or deficiency and the cost of landscaping together exceed $3,000, and if the Parties cannot reach 460 agreement regarding payment of such additional cost, this Contract may be terminated by either Party, Additional 461 testing recornrnended by the report shall be obtained at the Seller's expense. If the report recommends additional 462 testing after Closing, the Parties shall have the option of establishing an escrow with a mutunl cost allocation for 463 necessary repairs or replacements, or either Party may terminate this Contract prior to Closing. Seller shall deliver a 464 copy of such evaluntion(s) to Buyer not less than ten (10) Business Days prior to Closing. 405 34. WOOD DESTROYING INFESTATION. Notwithstanding the provisions of Paragraph 12, within 466 ten (10) business Days after Date of Acceptance, Seller at Seller's expense shall deliver to Buyer a written report, elated 467 not more than six (6) months prior to the Date of Closing, by a licensed Inspector certified by the appropriate state 408 regulatory authority in the subcategory of termites, stating that there is no visible evidence of active infestation by 469 termites or other wood destroying insects. Unless otherwise agreed between the Parties, if the report discloses 470 evidence of active infestation or shlrctw•al damage, Buyer has the option within five (5) Business Days of receipt of the 471 report to proceed with the purchase or to declare this Contract null and void. 472 35. POSSESSION AFTER CLOSING: Possession shall be deliverer( no later than 1159 p.m. on the 473 date that Is [curicx on] © days after the date of Closing or © , 20 ^ ("the Possession Date"). 474 Seller shall be responsible for all utilities, contents and liability insurance, and Dome maintenance expenses until 476 delivery of possession. Seller shall deposit in escrow at Closing with an escrowee a% agreed, the sum of $ 476 (if left blank, two percent (2%) of the Purchase Price) and disbursed as follows: 477 a) The sure of $ per day for use and occupancy from and including the day after Closing to 478 and including the day of delivery of Possession if on or before the Possession Date; 470 b) The amouunt per day equal to three (3) times the daily amount set forth herein shall be paid for each day after 490 the Possession Date specified in this paragraph that Seller remains hi possession of the Real Estate; and buyer Initial Buyerfnitial Seller blitirri`r �Seller Initial ,Address: 1405 N. Rivorslde Drive, McHenry, IL 60050 v710 Page ] t of 13 481 c) The balance, if any, to Seiler after delivery of Possession and provided that the #emus of Paragraph 21 have 402 been satisfied. Seller's liability under this paragraph shall not be limited to the amount of the possession escrow 483 de posit referred to above. Nothing herein slrall be deemed to create a Landlordjl'enant relationship between the Parties. 404 (�"J 1�(.1�, 36, "AS IS" CONDITION. This Contract is for the sale and purchase of the Real Estate In its "As Is" 405 condition as of the hate of Offer. Buyer acknowledges that no representations, warranties or guarantees with respect 480 to the comlition of the Real 13state have been male by Seller or Seder's Designated Agent other than those known 487 defects, if any, disclosed by Seller. Buyer may conduct at Buyer's expense such inspections as Buyer desires. In that Oats event, Seller shall make the Real Estate available to Buyer's inspector at reasonable braes. Buyer shall iridernlnify Seller 409 and hold Seller haiwless from and against any loss or damage caused by the acts of negligence of Buyer or any person 490 performing arty inspection. lit the event file inspection reveals that the condition of the Reid Wale is unacceptable 491 to Buyer and Buyer so notifies Seller within five (5) Bnsluess bays after Date of Acceptance, finis Contract slsall be 492 null and void. Buyer's notice SHALL NOT include a copy of file inspection report, and Buyer shall not be obligated 493 to send the inspection report to Seller absent Seller's written request for saute. Failure of Buyer to notify Seller or 494 to conduct Bald inspection operates as a waiver of Buyer's right to terminate this Contract under tlsis paragraph and 495 this Contract shall remain in full force and effect. Buyer acknowledges that the provisions of Paragraph 12 and the 490 warranty provisions of Paragraph 3 do not apply to this Contract. Nothing in this paragraph shall prohibit the exercise 497 of rights by Buyer in Paragraph 33, if applicable. 400 37. SPECIFIED PARTY APPROVAL: This Contract is contingent upon the approval of the Real 499 Estate by Buyer's Specified Party, wlthitl five (5)13uslness hays after Date 600 of Acceptance. In the event Buyer's Specified Party does not approve of the Real Estate and Notice Is given to Seder 601 within the time apecified, this Contract shall be null and void. If Notice is not served within the time specified, this 602 provision shall be deemed waived by the Parties and this Contract shall remain In Frill force and effect. 603 38. ATTACHMENTS: The following attachments, if any, are hereby incorporated into this Contract 604 frm�ru-rnYTrra1: 605 506 39. MISCEL AN50US PROVISIONS: Buyer's and Seller's obligations are contingent upon tine 607 Parties entering into a separate written agreement consistent with the terms and conditions set forth herein, and with fm such addi€ional terms as either Party may deem riecessary, providingfor one or morn of the following [CHECKMPLICABLEBOMI, 609 Q Articles of Agreement for Deed Cl Assumption of Seller's Mortgage ❑ Co►tnrrnerclal/fnvestment 00 or Purchase Money Mortgage 0 Cooperative Apartment 0 New Construction 611 ❑ ShortSale ❑ Tax -Deferred Rxeltange ❑ Vacant Land 612 ❑ Multi -Unit (4 Units or .fewer) ❑ Interest Bearing Account ❑ Lease Purchase Buyer ,Crsdtial 7'3Buyer Zuitial Seller Initial qm) Seller initial Address: 'i405 N. Riverside Drive, McHonry, IL 60050 _ .0.0 Page 12 of 13 613 TILE PARTIES ACKNOWLEDGE THAT THIS CONTRACT SHALL 13E GOVERNED BY THE LAWS OF THE STATE; OF ILLINOIS AND 19 SUBJECT TO THE 614 COVENANT Or- GOOD FAITH AND FAIR DEALING IMPLIED IN ALL ILLINOIS CONTRACTS, 616 THIS DOGUTAENTWILL13ECOMP-ALEGALLY DINDINOCONTERACTWHENSIGNEDI3YALLPARTIES AND DELIVEREDTOTHE PARTIES ORTHEIRAGCNTS, 616 THE PARTIES REPRESENT THAT THE TEXT OF THIS COPYRIGHTED FORM HAS NOT BEE ALTF-D AND IS IDENTICAL. TO THE 01-FICIAL MKTI- 617 130ARD RESIDE;NTTIAL REAL ESTATE: CONTRACT 7.0, r � � ) ma,&Vem�er - �e ,�1%� I 619 Date of ffcr W _ DA'AYMCt'TA CQ AAA1y �_� 529� 621 Buyer S gualur Seller Signature 522 523 BuyerSilmature Sel(ersignnture 624 Wayne S. Jett, Mayor, City of McHenry Patrick M. Summers 526 Print Buyer(s) Name(s) f1wnlumm) Print Sellers) Name(s) [11rpummi 626 333 S. Green Street 1406 Riverside Drive 527 Address [mptuRri1) Address [REQuIl E1)) 628 McHenry, Ii_. 60050 McHenry, IL 60060 620 City, SEate, Zip (RraurRM) City, State, Zip [REQUIRED) 53o 815-36.3-2100 dmorefleld@cityofmcttenry.org 779-260-€3072 031 Phone 13 anait Phone E-mail 632 FOR INFORMATION ONLY 633 634 Buyer's Brokerage MLS ll Stateucerrse A Seller's Brokerage W # 635 636 637 536 539 640 641 542 643 644 645 546 547 546 549 650 661 552 653 654 Address City Zip Address Buyer's Designated Agent MLS # Slate License 0 Seller's Deslgnaterl Agent Phone FAX Phone 13-mail David McArdle dmcardle@zrfmlaw.com Buyer'sAtlorney 13-ma11 50 N. Virginia, Cryslal Lake IL 60014 Address city State Zip 815.469-2050 Phone Fax Mortgage Company Phone Loan Officer Phone/Fax Loam Officer E-mail 13-mail Seller's Attorney Address 1'llone City MIS # R-m(iil City State License # Zip state l,lcense It Fax Slate Zip Fax Homeowner's/Condo Association (if way) Phone Management CoJOlher Contact Pholre Management CoJGflier Contad 13•mail 665 Tllhtols Bead Wate Licer3se Law requires all offers be presented in a timely manner, Buyer requests veditcafloa Drat tlib offerivas presented. 656 Seller re) act low 11ils offer was presented to Seller on 2D` at _:_ n,m,/p,m. and rcJected on 557 20 — at. a.nr,/p.m, _ [sum rNmALS) 660©2018111ftwlsReal blalelntuyerrAuatirttiou,AllrighlsramrA.rinrtuther{rtAdripl!<ntlorraretlrraftnnofflrrtforruornrryyorllvatherealisprohELlltriOfJtr&d/Utnrmalabknf 3siltl era 669 (mbsile of 111(nats Roll refale 1Awyw AssaG Apr')• A"wA by the follotolug arganlmlfont, Lronabn 20)9. fte)Wme Owl of REALYORS' • 0dr4go Assoshtforf of RrALTORS'• Cldrago Sac 560 A.suxlalim - VmNy County harAmdifim • 11rnr11miA Rl-:ALTOR' Organhallon - Grrrrrdy O mfy Ilan Astor#atlen • rronretown Amiallols oJREALTORP- ilNnafs Rut rslafe tnroyrrrs Aswialbn - 661 RthtfWiley AmodallonofREALTORBs•KaulCpmulyVtrAmdaflm-KArLWv-1ruquo[s4'ordCowdyAmachffanofRRALTORP-Woutreelf3gmhalfonoJRRALTORV•MetdnvyChtudyAae 662 Amciothn • North Shoro-lsarringlon Asrarfuffon of REALTORSa• NoNlt Suburbm Dar Assardalton • Nvrllaml Suburban We AssaWforr • Oak Park Are.; Asaodalfon of REALTOR," • MUM' 503 AswhluonofrheroxWiry, life. •I1ureRlmsAssasiatfanofREALTORS-Mill Cor+nlyVorAssxWiw- Address.- 1405 N. Riverside Drive, McHenry, IL 60050 V7.0 Page 13 of 13