HomeMy WebLinkAboutOrdinances - 23-25 - 05/01/2023 - Purchase 3931 MainSt CITY OF MCHENRY
MCHENRY COUNTY
STATE OF ILLINOIS
Ordinance 23-25
An Orclinance Authorizing the Purchase of and Accepting a Vacant Land Sales
Contract for 3931 Main Street, McHenry, Illinois, Between Michael and Diane Oliver
and the City of McHenry
Passed by the
Mayor and City Council
Of the
City of McHenry
McHenry County
State of Illinois
May 1, 2023
Published in pamphlet form by authority of the Mayor and City Council of the City
of McHenry, McHenry County,Illinois this 2"d day of May 2023
ORDINANCE NO. 23-25
An Ordinance Authorizing the Purchase of and Accepting a Vacant Land Sales Contract for
3931 Main Street,McHenry,Illinois,Between Michael anci Diane Oliver 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 Michael and Diane Oliver. and the City of McHenry which provides for the
purchase of the property commonly known as 3931 Main Street,McHenry,Illinois,and a purchase
price of$40,000, and with the subject property depicted as set forth in Exhibit A, the Real Estate
Agreement.
NOW, THEREFORE, BE IT ORDAINED by the CITY COLJNCIL of the CITY OF �
McHENRY, McHenry County, Illinois, as follows:
SECTION 1: The City hereby accepts the real estate contract attached hereto as Exhibit A
and authorizes the Mayor, City Attorney, and Deputy City Clerk 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SECTION 3:All ordinances or parts of ordinances in conflict herewith are hereby repealed to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 1 St day of May, 2023.
Ayes Nays Absent Abstain
Alderwoman Bassi x
Alderman Glab x
Aldertnan Koch x
Alderman Strach x
Alderwoman Miller x
Alderman Santi x
Alderman McClatchey x
Page 1
APPROVED:
�
Mayor ayne Jett
(SEAL)
ATTEST:��� a �
Deputy City Clerk Monte Johnson
Page 2
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 1 st day of May, 2023, the foregoing Ordinance entitled An
Orclinance Authorizing the Purchase of and Accepting a Vacant Land Sales Contract for 3931
Main Street,McHenry,Illinois, Between Michael and Diane Oliver and the City of McHenry,
was duly passed by the City Council of the City of McHenry.
The pamphlet form of Ordinance No. 23-25, 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 2"d day of May 2023,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 2"d day of May 2023.
_ �� GZ .
Monte Johnson, Deputy City Clerk
City of McHenry,
McHenry County, Illinois
: �:,
�SE�L) .
� �
REALTOR �
REALTOR° ASSOCIATION ���o
u���in�� orroeruN�rr
FOX VAILLY, INC.
CONTRACT FOR THE SALE OF VACANT LAND
1 1.THE PARTIES: Buyer and Seller are hereinafter referred to as the"Parties".
2
3 Buyer(s)[Please P�int]City of McHenry
4
$ Seller(s) (Please Print]Michael Oliver&Diane Oliver
6 If Dual Agency applies, complete Optional Paragraph 27.
7
g 2.THE REAL ESTATE: Real Estate shall be defined to include the Real Estate and all improvements thereon. Seller agrees to
9 convey to Buyer or to Buyer's designated grantee, the Real Estate with the approximate �ot size or acreage of
1�
1 1 commonly known as: 3931 W.Main Street,McHenry, IL.60050(Rear Lot)
IZ Address or Legal Description
13
14
]$ McHenry McHenry Illinois 60050 09-26-355-012
16 City County State Zip Permanent Index Number(s) of Real Estate
17
1 g 3.PURCHASE PRICE: Purchase Price of$40,000 shall be.After the payment of Earnest Money as provided
19 below,the balance of the Purchase Price, as adjusted by proration's,shall be paid at Closing in��Good Funds"as defined by law.
20
21 4.EARNEST MONEY: Earnest Money shall be held in trust for the mutual benefit of the Parties by[check one]
22 Seller's Broker; Buyer's Broker; ✓ As otherwise agreed by the Parties as "Escrowee". Initial Earnest Money of
23 $1,000 shall be tendered to Escrowee on or before 5 day(s) after Date of Acceptance. Additional Earnest
24 Money of$0.00 shall be tendered by , 20
2$
26 5.DIRECTION TO ESCROWEE: In every instance where this Contract shall be deemed null and void or if this Contract may be
2� terminated by either Party, the following shall be deemed incorporated: "and Earnest Money refunded upon the joint written
2g direction by the Parties to Escrowee or upon an entry of an order by a court of competent jurisdiction."
29
3� In the event either Party has declared the Contract null and void or the transaction has failed to close as provided for in this
31 Contract and if Escrowee has not received joint written direction by the Parties or such court order, the Escrowee may elect to
32 proceed as follows:
33 a) Escrowee shall give written Notice to the Parties as provided for in this Contract at least fourteen (14) days prior to the date
34 of intended disbursement of Earnest Money indicating the manner in which Escrowee intends to disburse in the absence of
3$ any written objection. If no written objection is received by 6the date indicated in the Notice then Escrowee shall distribute
36 the Earnest Money as indicated in the written Notice to the Parties.If Party objects in writing to the intended disbursement
3� of Earnest Money then Earnest Money shall be held until receipt of joint written direction for all Parties or until receipt of an
3g order of a court of competent jurisdiction.
39 b) Escrowee may file Suit for Interpleader and deposit any funds held into the Court of distribution after resolution of dispute
4� between Seller and Buyer by the Court. Escrowee may retain from the funds deposited with Court other amount necessary
41 to reimburse Escrowee for court costs and reasonable attorney's fees incurred due to the filing of the Interpleader. If the
42 amount held in escrow is inadequate to reimburse Escrowee for the costs and attorney's fees, Buyer and Seller shall jointly
43 and severally indemnify Escrowee for additional costs and fees incurred in filing the Interpleader action.
44
45 6.CLOSING AND POSSESSION: Closing or escrow pay shall be on May12 , 2023 , or at such time as
46 mutually agreed upon by the Parties in writing. Closing shall take place at the title company escrow office situated geographically
4� nearest the Real Estate or as shall be agreed mutually by the Parties. Possession shall be granted to Buyer(s) at the completion
4g of closing unless otherwise agreed in writing by the Parties.
49
SO 7.MORTGAGE CONTINGENCY: IF THIS TRANSACTION IS NOT CONTINGENT ON FINANCING, OPTIONAL PARAGRAPH
S 1 34 [EITHER a) OR b)] MUST BE USED AND PROVISIONS OF THIS PARAGRAPH 7 ARE NOT APPLICABLE.
52 This Contract is contingent upon Buyer obtaining a [check oneJ fixed adjustable; (check oneJ conventional
S3 other loan for % of the Purchase Price, plus private mortgage insurance (PMI), if
$4 required,with an interest rate(initial rate if an adjustable rate mortgage used) not to exceed % per annum, amortized
SS over not less than years. Buyer shall pay loan origination fee and/or discount points not to exceed %of the loan
S6 amount. Buyer shall pay the cost of application, usual and customary processing fees and closing costs charged by lender.
S� (Complete Paragraph 34 if closing cost credits apply). Buyer shall make written loan application within five (5) Business Days
5g after the Date of Acceptance and shall cause an appraisal of Real Estate to be ordered by the lender no later than ten (10)
59 Business Days after the Date of Acceptance; failure to do either shall constitute an act of Default under this Contract.
6� If Buyer, having applied for the loan specified above[complete both a)and b)]:
Buye�Initial Buyer Initial Seller Initial Seller Initial
Address:3931 W.Main Street,McHenry,IL.60050(Rear Lot)
Contract for the Sale of Vacant Land-REALTOR�Association of the Fox Valley, Inc. Page 1 of 7
61 a) is unable to provide written evidence that the loan application has been submitted for underwriting approval by Buyer's
62 lender on or before , 20 , (if not date is inserted, the date shall be thirty (30) days after the Date
63 of Acceptance) either Buyer or Seller shall have the option of declaring this Contract terminated by giving Notice to the
64 other Party not later than two (2) Business Days after the date specified herein or any extension date agreed to by the
65 Parties in writing.
66 b) is unable to obtain a written"Clear to Close"from Buyer's lender on or before , 20 , (if not date
6� is inserted, the date shall be forty-five (45) days after the Date of Acceptance) either Buyer or Seller shall have the option
6g of declaring this Contract terminated by giving Notice to the other Party not later than two (2) Business Days after the date
69 specified herein or any extension date agreed to by the Parties in writing.
7� A Party causing delay in the loan approval process shall not have the right to terminate under either of the
�1 preceding paragraphs.In the event neither Party elects to declare this Contract null and void as of the latter of the
�2 dates specified above (as may be amended from time to time), then this Contract shall continue in full force and
�3 effect without any loan contingencies.
�4 Unless otherwise provided in Paragraph 28, this Contract shall not be contingent upon the sale and/or closing of
�$ Buyer's existing real estate. Buyer shall be deemed to have satisfied the financing conditions of this paragraph if Buyer
�6 obtains a loan commitment in accordance with the terms of this paragraph even though the loan is conditioned on the sale
�� and/or closing of Buyer's existing real estate.
7g
�9 8.PRORATIONS: Proratable items shall include, without limitation, rents and deposits (if any) from tenants, water and sewer.
g� Seller agrees to pay prior to or at Closing any special assessments (governmental or association) confirmed prior to Date of
gl Acceptance. The general Real Estate taxes shall be prorated as of the date of Closing based on N/A % of the most recent
g2 ascertainable full year tax bill. All prorations shall be final as of Closing.
83
g4 9. BUYER'S RIGHT TO DETERMINE: Buyer shall have until , 20_to determine the suitability of the Real Estate
gS for Buyer's intended use as . Buyer shall have the right to inspect,examine,and/or
g6 test all aspects of the Real Estate, including by way of example and not limitation, such matters pertaining to the Real Estate
g� as: (a) availability of utility services; (b) existing leases; if any (c) legal description; size and configuration; (d) access to public
gg rights of way; (e)soil boring and percolation tests; (f)flood plain or wetlands; (g)hazardous substances or other contamination;
g9 (h) verification of, or the absence of, underground storage tanks; (i) zoning; (j)the availability of building permits; (k) whether
9� Buyer will be required to make any public improvement or contributions of cash for schools, parks, or the like as a condition to
91 the improvement of the Real Estate; (I) current plat of survey; (m) easements, restrictions, and covenants of record; (n)
92 homeowners associations by-laws; and (o) other matters relating to the Real Estate is suitable for construction of Buyer's
93 intended improvements and a septic system thereon in accordance with the applicable governmental ordinances. Seller shall
94 allow Buyer and Buyer's agents reasonable access to the Real estate during normal business hours upon reasonable advance
95 notice to Seller for the purpose of making or conducting such tests or other inspections of the Real Estate as the Buyer may
96 deem appropriate and Buyer shall immediately restore the acts or negligence of Buyer or any person performing any
97 inspection(s).In the event Buyer determines the Real Estate is not suitable for Buyer's intended use and give written
9g notice thereof to Seller within the time specified,this Contract shall be null and void and earnest money refunded
99 to Buyer upon written direction of the Parties to Escrowee.If written Notice is not served within the time specified,
1�� Buyer shall be deemed to have waived this contingency, and this Contract shall remain in full force and effed. If
1�1 the Buyer terminates this Contract pursuant to this provision Buyer shall provide Sellers with copies of all tests and inspections.
1�2
1�3 lO.ATTORNEY REVIEW: Within five (5) Business Days after Date of Acceptance, the attorneys for the respective Parties, by
104 Notice, may:
I�S a) Approve this Contract; or
1�6 b) Disapprove this Contract, which disapproval shall not be based solely upon the Purchase Price; or
��� c) Propose modifications except for the Purchase Price. If within ten (10) Business Days after the date of Acceptance
1�g written agreement is not reached by the Parties with respect to resolution of the proposed modifications, then either
1�9 Party may terminate this Contract by serving Notice, whereupon this Contract shall be null and void; or
1�� d) Propose suggested changes to this Contract. If such suggestions are not agreed upon, neither Party may declare this
1 1 1 Contract null and void and this Contract shall remain in full force and effect.
112
1 13 Unless otherwise specified, all Notices shall be deemed made pursuant to Paragraph 10 c. If Notice is not served
114 within the time specified herein,the provisions of this paragraph shall be deemed waived by the Parties and this
1 1 S Contract shall remain in full force and effect.
116
11� 11.PLAT OF SURVEY: Not less than five (5) business days prior to the expiration of Buyer's Right to Determine, Seller shall at
1 1 g Seller's expense,furnish to Buyer or Buyer's attorney a Plat of Survey that conforms to the current Minimum Standard of Practice
119 for boundary surveys, is dated not more than six (6) months prior to the date of Closing,and is prepared by a professional land
I2� surveyor licensed to practice land surveying under the laws of the State of Illinois.The Plat of Survey shall show visible evidence
I21 of improvements, right of way, easements, use and measurements of all parcel lines. The land surveyor shall set monuments
122 or witness corners at all accessible corners of the land.All such corners shall also be visibly staked or flagged.The Plat of Survey
123 shall include the following statement placed near the professional land surveyor's seal and signature: "This professional service
124 conforms to the current Illinois Minimum Standards for boundary survey."A Mortgage Inspection,as defined, is not a boundary
IZS survey and is not acceptable.
126
Buyer Initial Buyer Initial Seller Initial Seller Initial
Address:3931 W.Main Street,McHenry,IL.60050(Rear Lot)
Contract for the Sale of Vacant Land-REALTOR�Association of the Fox Valley, Inc. Page 2 of 7
l2� 12.THE DEED: Seller shall convey or cause to be conveyed to Buyer, or Buyer's designated grantee good and merchantable title
I2g to the Real Estate by recordable general Warranty Deed, (or the appropriate deed if title is in trust or in an estate), and with
129 real estate transfer stamps to be paid by Sellers (unless otherwise designated by local ordinance). Title when conveyed will be
13� good and merchantable, subject only to: general real estate taxes not due and payable at the time of closing, covenants,
131 conditions, and restrictions of record, building lines and easements, if any,so long as they do not interfere with the current use,
132 the proposed use and enjoyment of the Real Estate.
133
134 13.DAMAGE TO REAL ESTATE OR CONDEMNATION PRIOR TO CLOSING: If prior to delivery of the deed the Real Estate shall
13$ be destroyed or materially damaged by fire or other casualty, or the Real Estate is taken by condemnation, then Buyer shall
136 have the option of either terminating this Contract (and receiving a refund of earnest money) or accepting the Real Estate as
137 damaged or destroyed, together with the proceeds of the condemnation award or any insurance payable as a result of the
13g destruction or damage, which gross proceeds Seller agrees to assign to Buyer and deliver to Buyer at Closing. Seller shall not
139 be obligated to repair or replace damaged improvements, The provisions of Uniform Vendor and Purchaser Risk Act of the State
14� of Illinois shall be applicable to this Contract, except as modified by this paragraph.
141
142 14.CONDITION OF REAL ESTATE AND INSPECTION:All refuse and personal property that is not to be conveyed to Buyer shall
143 be removed from the Real Estate at Seller's expense prior to delivery of Possession. Buyer shall have the right to inspect the
144 Real Estate, prior to Possession to verify that the Real Estate is in substantially the same condition as of the Date of Acceptance,
14S normal wear and tear excepted.
146
147 15.NOTICE: Except as provided in Paragraph 28 c) 2) regarding the manner of service for"kick-ouY'Notices, all Notices shall be
14g in writing and shall be served by one Party or attorney to the other Party or attorney. Notice to any one of a multiple person
149 Party shall be sufficient notice to all. Notice shall be given in the following manner:
1$� a) By personal delivery; or
IS 1 b) By mailing to the addresses recited herein by regular mail and by certified mail, return receipt requested. Except
1 SZ as otherwise provided herein, Notice served by certified mail, shall be effective on the date of mailing; or
1 S3 c) By sending facsimile transmission. Notice shall be effective as of date and time of the transmission, provided
1 S4 that the Notice transmitted shall be sent on Business Days during Business Hours. In the event the Notice is
1 SS transmitted during non-business hours,the effective date and time of Notice is the first hour of the first Business
1 S6 Day after transmission; or
I5� d) By e-mail transmission if e-mail has been furnished by the recipient Party or the recipient Party's attorney to
1 Sg the sending Party or is shown in this Contract. Notice shall be effective as of date and time of e-mail transmission,
1 S9 provided that, in the event e-mail Notice is transmitted during non-business ours, the effective date and time of
160 Notice is the first hour of the next Business Day after transmission. An attorney or Party may opt out of future
161 e-mail Notice by any form of Notice provided by this Contract; or
162 e) By commercial overnight delivery(e.g.,FedEx). Such Notice shall be effective on the next Business Day following
163 deposit with the overnight delivery company.
164
16S 16.TITLE: At Seller's expense, Seller will deliver or cause to be delivered to Buyer or Buyer's attorney within customary time
166 limitations and sufficiently in advance of Closing, as evidence of titie in Seller or Grantor, a title commitment for an ATLA title
16� insurance policy in the amount of the Purchase Price with extended coverage by a title company licensed to operate in the State
16g of Illinois, issue on or subsequent to the Date of Acceptance, subject only to items listed in Paragraph 12. The requirement to
169 provide extended coverage shall not apply if the Real Estate is vacant land. The commitment for title insurance furnished by
1�� Seller will be presumptive evidence of good and merchantable title as therein shown, subject only to the exceptions therein
1�1 stated. If the title commitment discloses any unpermitted exceptions or if the Plat of Survey shows any
1�2 encroachments or other survey matters that are not acceptable to Buyer, then Seller shall have said exceptions,
173 survey matters or encroachments removed,or have the title insurer commit to either insure against loss or damage
1�4 that may result from such exceptions or survey matters or insure against any court-ordered removal of the
17S encroachments. If Seller fails to have such exceptions waived or insured over prior to Closing, Buyer may elect to take title
1�6 as it then is with the right to deduct from the Purchase Price prior encumbrances of a definite or ascertainable amount. Seller
1�� shall furnish Buyer at Closing an Affidavit of Title covering the date of Closing,and shall sign any other customary forms required
1�g for issuance of an ALTA Insurance Policy.
179
1 g� 17.PERFORMANCE:Time is of the essence of this Contract. In the event of default by Seller or Buyer, the Parties are free to
I81 pursue any legal remedies at law or in equity. The prevailing Party in litigation shall be entitled to collect reasonable attorney
Ig2 fees and costs from the losing Party as ordered by court of competent jurisdiction. There shall be no disbursement of earnest
1g3 money unless Escrowee has been provided written agreement from Seller and Buyer. Absent an agreement relative to the
184 disbursement of earnest money within a reasonable period of time, Escrowee may deposit funds with the Clerk of the Circuit
�g$ Court by the filing of an action in the nature of interpleader. Escrowee shall be reimbursed from the earnest money for all costs,
l g6 including reasonable attorney's fees, related to the filing of the interpleader action. Seller and Buyer shall indemnify and hold
1 g� Escrowee harmless from any and all conflicting claims and demands arising under this paragraph.
Igg
1 g9 18.SELLER'S REPRESENTATIONS: Seller represents that to the best of Seller's knowledge,the Real Estate and its existing uses
190 comply with, and Seller is not now in violation of any of the following: the Resource Conservation and Recovery Act of 1976
191 ("RCRA"), the Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), the Toxic
192 Substances Control Act, the Illinois Environmental Protection Act and any of these statutes or any regulations promulgated
Buyer Initial Buyer Initial Seller Initial Seller Initial
Address:3931 W.Main Street,McHenry IL.60050(Rear Lot)
Contract for the Sale of VacanY Land-REALTOR�Association of the Fox Valley, Inc. Page 3 of 7
193 pursuant to the statutes. Seller represents that he has not received written notice from any Governmental body or Homeowner's
�94 Association of(a) zoning, building, fire or health code violations that have not been corrected; (b) any pending rezoning; or(c)
19$ a proposed or confirmed special assessments and/or special service area affecting the Real Estate. Seller further represents that
196 Seller has no knowledge of boundary line disputes or easements or claims of easement not shown by the public record or of any
�9� hazardous waste on the Real Estate or any improvements for which the required permits were not obtained.
198
199 19.CONDITION OF REAL ESTATE AND INSPECTION: Seller agrees to leave the Real Estate in broom clean condition.All refuse
2�0 and personal property that is not to be conveyed to the Buyer shall be removed from the Real Estate at the Seller's expense
2�1 before possession. Buyer shall have the right to inspect the Real Estate prior to closing to verify that the Real Estate is in
2�2 substantially the same condition as the Date of Acceptance of this Contract, normal wear and tear excepted.
203
2�4 20.GOVERNMENTAL COMPLIANCE/1031 EXCHANGE:Parties agree to comply with the reporting requirements of the applicable
2�5 sections of the Internal Revenue Code, Illinois Income Tax Act and the Real Estate Settlement Procedures Act of 1974, as
2�6 amended. If Buyer or Seller hereunder desires to exchange other property of the like kind and qualifying use within the meaning
2�� of Section 1031 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, the parties
2�g shall cooperate in effectuating such a transaction provided, however, that said transactions not subject the non-exchanging
209 party to additional cost or legal liability and does not extend any time periods set forth herein.
210
211 21.ESCROW CLOSING: At the election of either Party, not less than five (5) business days prior to the closing, this sale shall be
212 closed through an escrow with the lending institution or the title company in accordance with the provisions of the usual from
213 of Deed and Money Escrow Agreement as agreed upon between the Parties, with provisions inserted in the Escrow Agreement
214 as may be required to conform with this Contract. The cost of the escrow shall be paid by the Party requesting the escrow.
2l$
2�6 22.FLOOD INSURANCE: Buyer shall obtain flood insurance if required by Buyer's lender.
21�
21g 23.FACSIMILE OR DIGITAL SIGNATURES: Facsimile or digital signatures shall be sufficient for purposes of executing,
219 negotiating, and finalizing this Contract, and delivery thereof by one of the following methods shall be deemed delivery of this
22� Contract containing his or her original signature. An acceptable facsimile signature may be produced by scanning an original,
221 hand-signed document and transmitting same by facsimile. An acceptable digital signature may be produced by use of a
222 qualified, established electronic security procedure mutually agreed upon by the Parties. Transmissions of digitally signed copy
223 hereof shall be by an established, mutually acceptable electronic method,such as creating a PDF("Portable Document Format")
224 document incorporating the digital signature and sending same by electronic mail.
22S
226 24.BUSINESS DAY/HOURS: Business Day are defined as Monday through Friday,excluding Federal Holidays. Business Hours are
22� defined as 8:00 A.M. to 6:00 P.M. Chicago Time.
228
229 25.CHOICE OF LAW AND GOOD FAITH:All terms and provisions of this Contract including but not limited to the Attorney Review
230 and Professional Inspection paragraphs shall be governed by the laws of the State of Illinois and are subject to the covenant of
231 good faith and fair dealing implied in all Illinois contracts.
232
233 26.OTHER PROVISIONS:This Contract is also subject those OPTIONAL PROVISIONS selected for use and initialed by the Parties
234 which are contained on the succeeding page and the following attachments, if any:
235
236
23� OPTIONAL PROVISIONS (Applicable ONLY if initialed by all Parties)
238
239 [Initials] 27. CONFIRMATION OF DUAL AGENCY: The Parties confirm that they have previously
24� consented to (Licensee)acting as a Dual Agent in providing brokerage services
241 on their behalf and specifically consent to Licensee acting as a Dual Agent with regard to the transaction referred to in this
242 Contract.
243
244 28. SALE OF BUYER'S REAL ESTATE:
245 a) REPRESENTATIONS ABOUT BUYER'S REAL ESTATE: Buyer represents to Seller as follows:
246 1) Buyer owns real estate (hereinafter referred to as"Buyer's real estate") with the address of:
247
24g Address City State Zip
249 2) Buyer(check one] has has not entered into a contract to sell Buyer's Real Estate.
2$0 If Buyer has entered into a contract to sell Buyer's real estate, that contract:
251 a) (check one] is is not subject to a mortgage contingency.
252 b) [check one] is is not subject to a real estate sale contingency.
2S3 c) [check one] is is not subject to a real estate closing contingency.
2$4 3) Buyer(check one] has has not listed Buyer's real estate for sale with a licensed real estate broker
ZSS and in a local multiple listing service.
2$6 4) If Buyer's real estate is not listed for sale with a licensed real estate broker and in a local multiple listing service,
ZS� Buyer[check one]:
Buyer Initial Buyer Initial Seller Initial Seller Initial
Address:3931 W.Main Street McHenry IL.60050(Rear Lot)
Contract fo�the Sale of Vacant Land-REALTORp Association of the Fox Valley, Inc. Page 4 of 7
ZSg a) Shall list real estate for sale with a licensed real estate broker who will place it in a local multiple
ZS9 listing service within five (5) Business Days after Date of Acceptance.
260 [For information onlyJ Broker:
261 b) Does not intend to list said real estate for sale.
ZE)2 b) CONTINGENCIES BASED UPON SALE AND/OR CLOSING OF REAL ESTATE:
263 1) This Contract is contingent upon Buyer having entered into a contract for the sale of Buyer's real estate that is in
264 full force and effect as of , 20_. Such contract should provide for a closing date not later
26S than the Closing Date set forth in this Contract. If Notice is served on or before the date set forth in this
266 subparagraph that Buyer has not procured a contract for the sale of Buyer's real estate,this Contract
26� shall be null and voice. If Notice that Buyer has not procured a contract for the sale of Buyer's real
26g estate is not served on or before the close of business on the date set forth in this subparagraph,Buyer
269 shall be deemed to have waived all contingencies contained in this Paragraph 28, and this Contract
2�� shall remain in full force and effect. (If this paragraph is used, then the following paragraph must be
2�1 completed.)
2�2 2) In the event Buyer has entered into a contract for the sale of Buyer's real estate as set forth in Paragraph 28 b)
2�3 1)and that contract is in full force and effect,or has entered into a contract for the sale of Buyer's real estate prior
2�4 to the execution of this Contract, this Contract is contingent upon Buyer closing the sale of Buyer's real estate on
2�$ or before ,20_.If Notice that Buyer has not closed the sale of Buyer's real estate
2�6 is served before the close of business on the next Business Day after the date set forth in the preceding
27� sentence, this Contract shall be null and void. If Notice is not served as described in the preceding
2�g sentence, Buyer shall have deemed to have waived all contingencies contained in this Paragraph 28,
2�9 and this Contract shall remain in full force and effect.
2g� 3) If the contract for the sale of Buyer's real estate is terminated for any reason after the date set forth in Paragraph
2g1 28 b) 1)(or after the date of this Contract if no date is set forth in Paragraph 28 b) 1)), Buyer shall, within three
2g2 (3) Business Days of such termination, notify Seller of said termination. Unless Buyer, as part of said Notice,
2g3 waives all contingencies in Paragraph 28 and complies with Paragraph 28 d), this Contract shall be
2g4 null and void as of this date of Notice. If Notice as required by this subparagraph is not served within
2gS the time specified, Buyer shall be in default under the terms of this Contract.
2g6 c) SELLER'S RIGHT TO CONTINUE TO OFFER REAL ESTATE FOR SALE: During the time of this contingency, Seller has
2g� the right to continue to show the Real Estate and offer it for sale subject to the following:
2gg 1) If Seller accepts another bona fide offer to purchase the Real Estate while contingencies expressed in Paragraph
2g9 28 b) are in effect, Seller shall notify Buyer in writing of same. Buyer shall then have hours after Seller
29� gives such Notice to waive the contingencies set forth in Paragraph 28 b), subject to Paragraph 28 d).
291 2) Seller's Notice to Buyer (commonly referred to as a 'kick-ouY Notice) shall be in writing and shall be served on
292 Buyer, not Buyer's attorney or Buyer's real estate agent. Courtesy copies of such�kick-out' Notice should be sent
293 to Buyer's attorney and Buyer's real estate agent, if known. Failure to provide such courtesy copies shall not render
294 Notice invalid. Notice to any one of a multiple-person Buyer shall be sufficient Notice to all Buyers. Notice for the
29S purpose of this subparagraph only shall be served upon Buyer in the following manner:
296 a) By personal delivery effective at the time and date of personal deliver; or
29� b) By mailing to the address recited herein for Buyer by regular mail and by certified mail. Notice shall be
29g effective at 10:00 A.M. on the morning of the second day following deposit of Notice in the U.S. Mail; or
299 c) By commercial delivery overnight (e.g. FedEx). Notice shall be effective upon delivery or at 4:00 P.M.
3�� Chicago time on the next delivery day following deposit with the overnight delivery company, whichever
301 first occurs.
3�2 3) If Buyer complies with the provisions of Paragraph 28 d) then this Contract shall remain in full force and effect.
303 4) If the contingencies set forth in Paragraph 28 d) are NOT waived in writing, within said time period by Buyer, this
304 Contract shall be null and void.
30S 5) Except as provided in Paragraph 28 c) above, all Notices shall be made in the manner provided by Paragraph 15
306 of this Contract.
3�� 6) Buyer waives any ethical objection to the delivery of Notice under this paragraph by Seller's attorney or
308 representative.
309 d) WAIVER OF PARAGRAPH 28 CONTINGENCIES: Buyer shall be deemed to have waived the contingencies in Paragraph
31� 29 b) when Buyer has delivered written waiver and deposited with the Escrowee additional earnest money in the amount
311 of$ in the form of cashier's•or certified check within the time specified.If Buyer fails to deposit the
312 additional earnest money within the time specified, the waiver shall be deemed ineffective and this Contract
313 shall be null and void.
314 e) BUYER COOPERATION REQUIRED: Buyer authorizes Seller or Seller's agent to verify representations contained in
316 Paragraph 28 at any time, and Buyer agrees to cooperate in providing relevant information,
31� 29. CANCELLATION OF PRIOR REAL ESTATE CONTRACT: In the event either Party has entered into
31g a prior real estate contract, this Contract shall be subject to written cancelations of the prior contract on or before
319 , 20_. In the event the prior contract is not cancelled within the time specified, this Contract
32� shall be null and void. Seller's notice to the purchaser under the prior contract should not be served until after
322 Attorney Review and Professional Inspections provisions of this Contract have expired, been satisfied or waived.
Buyer Initial Buyer Initial Seller Initial Seller Initial
Address:3931 W.Main Street McHenry IL.60050(Rear Lot)
Contract for the Sale of Vacant Land-REALTOR�Association of the Fox Valley, Inc. Page 5 of 7
323 30.INTEREST BEARING ACCOUNT: Earnest money(with a completed W-9 and other required forms),
324 shall be held in a federally insured interest bearing account at a financial institution designated by Escrowee. All interest earned
325 on the earnest money shall accrue to the benefit of and be aid to Buyer. Buyer shall be responsible for any administrative
326 fee (not to exceed $100) charged for setting up the account. In anticipation of Closing, the Parties direct Escrowee to
32� close the account no sooner than ten (10) Business Days prior to the anticipated Closing date.
328
329 31. MISCELLANEOUS PROVISIONS: Buyer's and Seller's obligations are contingent upon the Parties
330 entering into a separate written agreement consistent with the terms and conditions set forth herein, and with such additional
331 terms as ether Party may deem necessary, providing for one or more of the following[check applicable boxes]
332
333 Articles of Agreement for Deed Assumption of Seller's Mortgage Commercial/Investment
334 Or Purchase Money Mortgage Tax-Deferred Exchange New Construction
335 Short Sale
336
337 32. SPECIFIED PARTY APPROVAL: This Contract is contingent upon the approval of the Real Estate
33g by Buyer's Specified
339 Party, within five (5) Business Days after the Date of Acceptance. In the event Buyer's Specified Party does not approve of the
340 Real estate and notice is given within the time specified, this Contract shall be null and void. If Notice is not served within the
341 time specified,this provision shall be deemed waived by the Parties and this Contract shall remain in full force and effect.
342
343 33.CREDIT AT CLOSING:Provided Buyer's lender permits such credit to show on the HUD-1 Settlement
344 Statement or Closing Disclosure, and if not, such lesser amount as the lender permits, Seller agrees to credit
345 $ to Buyer at Closing to be applied to prepaid expenses, closing costs or both.
346
347 34. TRANSACTIONS NOT CONTINGENT ON FINANCING: IF EITHER OF THE FOLLOWING
348 ALTERNATIVE OPTIONS IS SELECTED, THE PROVISIONS OF THE MORTGAGE CONTINGENCY PARAGRAPH HEREIN
349 SHALL NOT APPLY [CHOOSE ONLY ONE]:
350 a) Transaction With No Mortgage(All Cash): If this selection is made, Buyer will pay at closing, in
351 the form of"Good Funds"the difference (plus or minus prorations) between the Purchase Price and the amount of Earnest
3$2 Money deposited pursuant to Paragraph 4 above. Buyer represents to Seller,as of the Date of Offer,that Buyer has sufficient
353 funds available to satisfy the provisions of this paragraph. Buyer agrees to verify the above representation upon the
354 reasonable request of the Seller and to authorize the disclosure of such financial information to Seller, Seller's attorney or
355 Seller's broker that may be reasonably necessary to provide the availability of sufficient finds to close. Buyer understand
356 and agrees that, so long as Seller has fully complied with Seller's obligations under this Contract, any act or omission
3S� outside of the control of Seller, whether intentional or not, that prevents Buyer from satisfying the balance due from Buyer
3Sg at closing, shall constitute a material breach of this Contract by Buyer. The Parties shall share the title company escrow
3S9 closing fee equally. Unless otherwise provided in Paragraph 28, this Contract shall not be contingent upon the
360 sale and/or closing of Buyer's existing real estate.
361 b) Transaction, Mortgage Allowed: If this selection is made, Buyer will pay at closing, in the form
362 of"Good Funds"the difference (plus or minus prorations) between the Purchase Price and the amount of Earnest Money
363 deposited pursuant to Paragraph 4 above. Buyer represents to Seller, as of the Date of Offer, that Buyer has sufficient
364 funds available to satisfy the provisions of this paragraph. Buyer agrees to verify the above representation upon the
36S reasonable request of Seller and to authorize the disclosure of such financial information to Seller, Seller's attorney or
366 Seller's broker that may be reasonably necessary to prove the availability of sufficient funds to close. Notwithstanding such
36� representation, Seller agrees to reasonably and promptly cooperate with Buyer so that Buyer may apply for and obtain a
368 mortgage loan or loans including but not limited to providing access to the Real Estate to satisfy Buyer's obligations to pay
369 the balance due (plus or minus prorations) to close this transaction. Such cooperation shall include the performance in
3�� timely manner of all Seller's pre-closing obligations under this Contract. This Contract shall NOT be contingent upon
3�1 Buyer obtaining a commitment for financing. Buyer understands and agrees that, so long as Seller has fully complied
3�2 with Seller's obligations under this Contract,any act or omission outside of the control of Seller, whether intentional or not,
373 that prevents Buyer from satisfying the balance due from Buyer at Closing shall constitute a material breach of this Contract
374 by Buyer. Buyer shall pay the title company escrow closing fee. Unless otherwise provided in Paragraph 28, this
3�5 Contract shall not be contingent upon the sale and/or closing of Buyer's existing real estate.
376
377 [LINES 377-388 LEFT INTENTIONALLY BLANK]
378
379
380
381
382
383
384
385
386
387
388
Buyer Initial Buyer Initial Seller Initial Se//er Initial
Address:3931 W.Main Street McHenry IL.60050(Rear Lot)
Contract for the Sale of Vacant Land-REALTOR�Association of the Fox Valley, Inc. Page 6 of 7
389 THIS DOCUMENT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BYALL PARTIES AND DELIVERED
39O TO THE PARTIES OR THEIR AGENTS.
391
392 THE PARTIES REPRESENT THAT THE TEXT OF THIS FORM HAS NOT BEEN ALTERED AND IS IDENTICAL TO THE
393 OFFICIAL REALTORp ASSOCIATION OF THE FOX VALLEY,INC. CONTRACT FOR THE SALE OF VACANT LAND.
395 , zo_ , zo_
396 Date of Offer Date of Acceptance
398
399 Buyer Signature Seller Signature
�8�
4�2 Buyer Signature Seller Signature
�g4 City of McHenry
405 Print Buyer(s) Name(s) Print Seller(s) Name(s)
�g§ 333 S.Green Street
4�g Address Address
��� McHenry IL 60050
41l City State Zip City State Zip
��� (815)363-2100 mjohnson@cityofmchenr
414 Phone Number(s) Fax Email Phone Number(s) Fax Email
415
416 FOR ZNFORMATION ONLY
��� N/A
419 Selling Office MLS# Listing Office MLS#
421
422 Selling Agent MLS# Email Listing Agent MLS# Email
4��
425 Address, City, State, Zip Address, City, State, Zip
4��
42g Phone Fax Phone Fax
��$ Ryan P.Farrell rtarrell@zrtmlaw.com
431 Buyer's Attorney Email Seller's Attorney Email
��� 50 N.Virginia Street,IL 60014
434 Address, City, State, Zip Address, City, State, Zip
��6 (815)459-2050
437 Phone Fax Phone Fax
��� N/A
440 Mortgage Company Phone Homeowner's/Condo Assoc. (if any) Phone
44�
443 Loan Officer Phone/Fax Management Co./Other Contact Phone
445
446 Loan Officer E-mail Management Co./Other Contact Email
447
448 This offer was presented to Seller bv N�A on at am/pm
449 Agent
450
4$1 THIS OFFER IS RE7ECTED on at am/pm
452 Seller Initials
453
455 20140 REALTOR�Association of the Fox Valley,Inc.All rights reserved. Unauthorized duplication of this form or any portion thereof is
prohibited. Rev. RAFV 07/2014
Buyer Initial Buyer Initial Seller Initial Seller Initial
Add�ess:3931 W.Main Street,McHenry,IL.60050(Rear Lot)
Contract for the Sale of Vacant Land-REALTOR�Association of the Fox Valley, Inc. Page 7 of 7
Appendix A
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ADDENDUM TO CONTRACT FOR THE SALE OF VACANT LAND
BY AND BETWEEN
MICHAEL OLIVER AND DIANE OLIVER (COLLECTIVELY, "SELLER")AND
THE CITY OF McHENRY,AN ILLINOIS MUNICIPAL CORPORATION(`BUYER")
REGARDING THE REAL ESTATE LOCATED AT 3931 W. MAIN STREET,
McHENRY, ILLINOIS 60050 (THE "CONTRACT")
In consideration for the mutual covenants and conditions set forth herein, the parties
hereby agree as follows:
1. In the event that there is any conflict between this Addendum and the above-
referenced Contract,this Addendum shall control.
2. Anything contained in the Contract to the contrary notwithstanding, all costs of a
survey, title, transfer taxes, and other closing costs shall be paid by Buyer, except that
each party shall be responsible for its own attorneys' fees.
3. Paragraphs 7 and 9 are hereby specifically deleted from the Contract.
4. Paragraph 16 is modified by deleting"At Seller's expense, Seller will deliver...as
evidence of title in Seller or Grantor" in lines 165 and 166 to "Buyer may obtain..."
5. Buyer agrees that following closing, and in conjunction with its paving of the Real
Estate and the existing parking lot owned by Buyer and located to the northwest of the
Real Estate, it shall also resurface, in the discretion of the City's public works director,
the rear parking area of approximately 2000 square feet identified in Appendix A
(attached) of Seller's retained property consisting of approximately four parking
spaces ("Seller's Retained Parcel"). Resurfacing shall consist of removal of existing
pavement followed by 2 1/2" of binder course asphalt material and 1 %2" surface
course asphalt material. Base or subbase work by Buyer is not required to be
performed and no additional base material shall be required to be placed by Buyer.
After the resurfacing, Buyer shall have no ongoing obligation to maintain Seller's
Retained Parcel. Further, BUYER MAKES NO OTHER REPRESENTATIONS
OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED,INCLUDING,
BUT NOT LIMITED TO,ANY WARRANTY OF FITNESS FOR A
PARTICULAR PURPOSE. This Section 5 of the Addendum shall survive the
closing.
6. All other provisions of the Contract shall remain the same to the extent that such terms
do not interfere with the execution of this Addendum and are hereby ratified and
affirmed by the parties.
IN WITNESS WHEREOF, this Addendum is signed this day of April, 2023.
BUYER: SELLER:
City of McHenry
Michael Oliver
By:
Wayne Jett,Mayar
Diane Oliver