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HomeMy WebLinkAboutOrdinances - O-77-101 - 04/04/1977 - AUTHORIZE PURCHASE OF LAND FROM MCHENRY SAVINGS BAMcHenry Ordinance No. O — / C:1 D-�rl-10/ AN ORDINANCE AUTHORIZING EXECUTION AN AGREEMM FOR PURCHASE OF LAND Whereas it is deemed advisable, necessary and in the public interest that the City of McHenry, McHenry County, Illinois, acquire the real estate premises and the easements described in the Real Estate Sales Contract which is attached hereto as Exhibit 1; and, Whereas said property and easements will serve the public and corporate purposes for which the City is organized; and, Whereas, McHenry Savings and Loan Association, has agreed to convey said roperty and easements to the City for the purchase price of �70,000-00 payable in the manner described in said Exhibit 1; NOW THEREFORE BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF McHENRY, McHENRY COUNTY, ILLINOIS, AS FOLLOWS: Section 1: It is hereby determined that it is advisable, necessary and in the public interest that the City purchase for public purposes the real estate premises and the easements described in the Real Estate Sales Contract which is attached hereto as Exhibit 1, in accordance with the terms, provisions and conditions contained in said Exhibit 1. Section 2. The Mayor and Clerk of the City are hereby authorized and directed to execute the Real Estate Sales Contract which is attached hereto as Exhibit 1, and to do all things necessary and essential, including the execution of any documents necessary to carry out the pro- visions of said agreement, including, but not limited to, the execution and delivery of the installment note which is attached to said Real Estate Sales Contract as Exhibit B. Section 3. This ordinance shall become effective from and after its passage, approval and publication in pamphlet form, as by law required. PASSED this 4th day of April, 1977. AYES: Bolger, Pepping, Harker, Datz, Smith, Wegener, Schaedel. NAYS: None. ABSENT: Hromec. APPROVED this 4th day of April, 1977. ATTEST: ity C erk REAL ESTATE SALES CONTRACT 1. The City"of McHenry, Illinois, a municipal corporation of Illinois, hereinafter sometimes referred to as Purchaser, agrees to purchase at a price of $70,000.00, on the terms set forth herein, the real estate identified as Parcel 1 on the attached Exhibit A and also perpetual easements for ingress•, egress and driveway over the premises identified as Parcel 2 and Parcel 3 on the attached Exhibit A. 2. McHenry Savings and Loan Association, hereinafter referred to as Seller, agrees to sell the aforesaid Parcel 1 and to grant a perpetual easement as aforesaid over Parcel 2 and Parcel 3 at the price and terms set forth herein, and to convey or cause to be conveyed to Purchaser a good title thereto by a recordable Warranty Deed, with release of dower and homestead, subject only to general taxes for the year 1976 and subsequent years. Seller may continue using Parcel 2 aforesaid for the purpose of off-street parking so long as the Purchaser is allowed to use, without charge, for ingress and egress purposes directly from Green Street, a comparable portion of the premises described in McHenry County RecorderS Document No. 21933• 3. Purchaser agrees to pay or satisfy the purchase price, plus or minus prorations, at the time of closing, as follows: (a) $7,000.00 cash, (b) a promissory note for the balance of the purchase price, payable to Seller, at the rate of 6% per annum, in monthly installments of principal and interest of $1,000.00 per month, all or any part of which may be prepaid without penalty, and with said promissory note being substantially in the form of the note which is attached hereto as Exhibit B. 4. The time of closing shall be on April 16, 19773 unless subsequenity mutually agreed otherwise, at the Seller's office, provided title is shown to be good or is accepted by Purchaser. 5. Seller shall deliver possession to Purchaser at closing. 6. There are no brokerage commissions due or owing to any party in connection with this transaction. 7. Seller shall deliver or cause to be delivered to Purchaser or Purchaser's agent, not less than 5 days prior to the time of closing, a title commitment for an owner's title insurance policy issued by the McHenry County Title Company in the amount of the purchase price, covering title to the real estate on or after the date hereof, showing title in the intended grantor subject only to (a) the general IFZ7 x kA \NZ \ 1 exceptions contained in the policy, (b) the title exceptions set forth above, and (c) title exceptions which may be removed by the payment of money at the time of closing and which the Seller may so remove at that time by using the funds to be paid upon the delivery of the deed. The title commitment shall be conclusive evidence of good title as therein shown, subject only to the exceptions as therein stated. Seller also shall furnish Purchaser an affidavit of title covering the time of closing,•subject only to the title exceptions permitted by this contract. 9. If the title commitment discloses exceptions relating to title other than those referred to in the pre- ceding paragraph, Seller shall have 30 days from the date of the delivery thereof to have these exceptions removed from the commitment. If Seller fails to have these exceptions removed within this time, Purchaser may terminate this contract or may elect, upon notice to Seller within 10 days after the expiration of the 30-day period, to take title as it then is with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so elect, this contract shall become null and void without further action of the parties. 10. General taxes, if any, and other similar items shall be adjusted ratably as of the time of closing. If the amount of the current general taxes is not then ascertainable, the adjustment thereof shall be on the basis of the amount of the most recent ascertainable taxes.. Existing leases and assignable insurance policies, if any, shall then be assigned to Purchaser. Seller shall pay the amount of any stamp tax imposed by law on the transfer of the title. Dated this 4`' day of F'lf I L , 1977. McHenry Savings & Loan City of McHenry Association Tts President Ats 4YC7 Attest: Attest: City Clerk -2- REAL ESTATE SALES CONTRACT BETWEEN .CITY OF MCHENRY, ILLINOIS AND McHENRY SAVINGS & LOAN ASSOCIATION at part of Lots 5 and 6 in Block 23 in MC HENRY. a subdivision of part of the 'Southeast 1-4 of Section 26. Toun- iP 45 North. Range 8 East of the 3rd Principal Meridian according to the plat thereof recorded July 6. IP0 in oh B of Deeds, page 160 together with that part of the South lit of said Section 16 bounded by a line described fr' _ Beginn ng at the Northwest corner of Lot. 5 in Block 23 in MC NEON. aforesaid; thence South- s; I Ong the Northeasterly line of said Lot 5. a.distcince of 11.67 feet. more or less. to a point on said t I&.._ which Is 202.0 feet Northwesterly of the Southeasterly line of said lot; thence -Southwesterly along line 202.0 feet Northwesterly of and parallel with the Southeasterly line of said Lot i. a distance of 27.13 et to the Kest line of said Lot 5: thence South along the West line of said Lot 5. 24.97 feet to the Sarth- sterly line of the Northeasterly 50.0 feet of said Lot 5; thence Southeasterly along the Southwesterly line the Northeasterly 50.0 feet of said Lot 5. a distance of 40.16 feet to a point on said line which is 152.0 feet rthxwesterly of the Southeasterly line of said Lot 5: thence Southwesterly along a line 152.0*feet Northuest- ly of and parallel with the Southeasterly line of Block 23 in MC HENRY, aforesaid. being also the'Northwesterly ne of Green Street. a dHstance of 179.80 feet to the Southwesterly corner of that tract of land conveyed in that strument recorded May 16. 1949 as Document No. 219133 (including easement); thence Northwesterly along the uthwesterly line of said tract extended, being a line parallel with the Southwesterly line of Block 23 in' K HENi oresaid. a distance of 120.0 feet to a point which is 272.0 feet Northwesterly of the Northwesterly line of Greer reet; thence Southwesterly along a line parallel with the Northwesterly line of Green Street to the Northeast ly bank Boone Creek; thence Northwesterly along the line of sold creek to a line 185.0 feet Southeasterly. r j at right angles, and parallel with the Southeasterly line of Illinois Route No.-120: thence North- s long said parallel line. a distance of 185.0 feet, more or less. to an intersection with the Souttwest- ly me of that tract of land conveyed in that instrument recorded December 17. 1973 as Document No. 608359 and id Southwesterly line extended Southeasterly; thence Northwesterly along said line as extended. a distance 22.50 feet to the Southwesterly corner of said tract, being a point 162.50 feet Southeasterly of the Southeast- ly line of Illinois Route No. 120; thence Northeasterly along a line running from the last described point the Northwesterly corner of Lot 5 in Block 23 In MC HENRY. aforesaid. a distance of 159.22 feet to the North- st corner of said Lot 5 and the place of beginrn ng, Me Henry County. Illinois. LRCEL 2: id premises having the benifit of an easement for ingress. egress and drivedoy over the Northeasterly 18.0 feet that part of the South 1/2 of Section 26. Tounship 45 North. Range 8 East of the 3rd Principal ,Meridian bounded a line described as follows: Beginning at the Southeasterly corner of that tract of land conveyed in that -ecorded May 16, 1949 as Document No. 219133, being a point on the Northwesterly line of Green Street; rthwesterly along the Southwesterly line of said tract of land. being.a line parallel with the Southwest- 15 a of Block 23 In McHenry. a subdivision in the Southeast 1/4 of said Section 26. and said line extended. distance of 272.0 feet; thence Southwesterly parallel with the Northwesterly line of Green Street to the rtheasterly bank of'Boone Creek; thence Southeasterly along the line of said creek to the Northwesterly line Green Street; thence'Northeasterly along said line of Green Street. a distance of 172.0 feet. more or less. the place of beginning, McHenry County. Illinois LRCEL 3 ; '�es also having the benifit of an easement for ingress. egress and driveway over the Southxwesterly 20.0 et of the Northeasterly 22.0 feet of that part of the South I/2 of Section ?6. Township 45 North. Range 6 East the 3rd Principal Meridian bounded by a line described as follows: Beginning at a point on the Southeasterly ne of illinois Route No. 120. being the Northwesterly corner of that tract of land conveyed in dwt instrument corded - -ember 17. 1973 as Document No. 609359•.thence Southeasterly along the Southwesterly line of said r laud. aforesaid. and said line extended. a distance of 165.0 feet: thence Southxwesterly paraleel cidt ieasterly line of said Illinois Route No. 120. a distance of 185.0 feet, more or less. to the Northaasterh in. Boone Creek; thence Northwesterly along the line of said creek to the Southeasterly line of Illinois xite No. 120. thence Northeasterly along the Southeasterly line of said highway, a distance of 181.0 feet. )rc or less. to the pyre of beginning, Mc Renn3 County. Illinois. EXHIBIT A INSTALLMENT NOTE $ McHenry, Illinois April , 1977 For value received, the City of McHenry, Illinois promises to pay to the order of McHenry Savings and Loan Association, the principal sum of Dollars and interest from the date hereof on the a ance of principal remaining from time to time unpaid at the rate of six per cent per annum, such principal sum and interest to be payable in installments as follows: One Thousand and no/100 Dollars on the day of May, 1977, and One Thousand and no/100 Dollars on the day of each and every month thereafter until this Note is fully paid. All such payments on account of the indebtedness evidenced by this Note shall be applied first to accrued and unpaid interest on the unpaid principal balance and the remainder to principal. Any amount may be prepaid upon this obligation at any time without penalty. In witness whereof this note is executed, sealed and delivered this day of April, 1977. City of McHenry, Illinois a municipal corporation of Illinois, By: s Mayor Attest• City Clerk ■: ,