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HomeMy WebLinkAboutOrdinances - O-78-138 - 03/20/1978 - PURCHASE DERBY ACRES0-138 AN ORDINANCE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MCHENRY, COUNTY OF McHENRY, ILLINOIS, as follows: Section 1. That the Mayor and City Clerk of the City of McHenry be and they are hereby each respectively authorized and directed to sign a certain Real Estate Sale Contract for the Rurchase of certain property described on a "Tentative Plat' of Derby Acres, dated May 12, 1977, a copy of which Real Estate Sale Contract is attached hereto as Exhibit "A" and made a part hereof as those set forth herein in full. Section 2. That all Ordinances in conflict with the terms and provisions of this Ordinance be and the same are hereby repealed to the extent of such conflict. Section That this Ordinance shall be in full force and a ec rom and after its passage, approval and publication. Section 4. That this Ordinance shall be published in pamph a form by and under the authority of the corporate authorities of the City of McHenry, Illinois. PASSED this 20TH day of March , 1978. AYES: Bolger, Nolan, Harker, Datz, Adams, Smith, Schooley Rogers NAYS: None ABSENT: None APPROVED this 20th day of March 1978. Attest: City Clerk tjAh_Lb.0 AN MCHEN'RY COUNTY TITLE COMPANY REAL ESTATE SALE CONTRACT 1 CITY OF MCHENRY a municipal corporation of Illinois (Purchaser) agrees to purchase at a price of $ 47,500.00 on the terms set forth herein, the following described real estate in McHenry County, Illinois: That part of the East Half'of Section 22, Township 45 North, Range 8, of the Third Principal Meridian, described as follows: Beginning le Southeast corner of Lot 22 depicted on the "Tentative Plat" of y Acres surveyed by Charles A. Mionske (dated May 12, 1977); thence East along the North line of Lot 23 to the Northeast corner of said lot; thence continuing Easterly along a line which is perpendicular to the Bast line of Lot 23 to a point on the Eastern boundary of said proposed subdivision, which point is at least 500 feet North of the Southeast corner of said proposed subdivision; thence Southerly along the afore- said Eastern boundary line to the Southeasterly corner of said proposed subdivision; thence Westerly along the Southern boundary line of said proposed subdivision to the Southwesterly corner thereof; thence Northerly along the Western boundary line of said proposed subdivision to the Southeast corner of the aforesaid Lot 22, all in McHenry County, Illinois (a photocopy of which "Tentative Plat" of Derby Acres is attached hereto and made a part hereof as Exhibit "A"). i `, y J •• J authorized to insert it thereafter.) commonly known asand with approximate lot dimension of x er with the following personal property presently located hereon: (strike items not applicable) (a) s screen doors and windows; (b) awnings; (c) outdoor television antenna; (d) wall-to-wall, hallway and s g; (e) window shades and draperies and supporting fixtures; (f) venetian blinds; (g) electric, pl other attached fixtures as installed; (h) water softener; (i) refrigerator (s); (j) 2 HERNIAN MASS (Seller) Insert names of all owners and their respective spouses) agrees to sell the real estate and the property, if any, described above at the price and terms set forth herein, and to convey or cause to be conveyed to Purchaser or nominee title thereto by a recordable Warranty deed, with release of homestead rights, and a proper bill of sale, subject only to: (a) covenants, conditions and restrictions of record; (b) pr-Wage, public and utility easements and roads and highways, if any; (i) general taxes for the year 1978 and subsequent years ' which may ac 0 by of new r additional ;m$;:ovements during the year(S) Bed to eurchaser has .,id anri anll a L w;th;n days the �--Pz S E� 3 �-additiena3 sum of $ as ee;=aest agrees to pay or satisfy the purchase price, plus or minus prora- at the time of clos' as follows: (strike subparagraph not applicable) The payment of $ oo Q _ indebtedness (which the Purchaser (does) (does not) agree to assume bearing interest at the rate of n o a sum which represents the difference between the amount due loan to be secured by a mortgage or trust deed on the real estate in the amount of $ or s r sum as Pur- chaser accepts, with interest not to exceed % a year to be amortized over s, the commission and service charges for such loan not to exceed %. If, after making eve a effort, Purchaser is unable to procure such commitment within the time specified herein and so n i i er thereof within that time, this contract shall become null and void and all earnest money shall be o Purchaser; provided that if Seller, at his option, within a like period of time following Purchaser's , rocures for Purchaser such a commitment or notifies Purchaser that Seller will accept a purchase r gage upon the same terms, this contract shall remain in full force and effect. (Strike paragraph if inap- 5. The time of closing shall be on April 3, 1978 or 'In a.,,, after- notige that f;naaring has beeR d if above pnragr-pb 4, is opecntiuc, or. on the d2te, if 2DY, to whic" such time is exteaded by reason oi pa4:agFaPh 2 of dle Genditiem nod Stipulations hereafter bernm;na operative (urh;rhovrr date_ later), unless subsequently mutually agreed otherwise, at the office of Narusis & Naxmii t; or-Ga *ho- M-0-Agage leader-, if any, provided title is shown to be good or is -qccl i by Purchaser. closing. ;eller shall deliver possession to Purchaser on or- b — days 9ter the sale h" bee" closed. ScHc, apecs t p„ chaser the cnm of C for each daffy irllrr remains in �nccrccion between the ticae of closing ,7 the 9. Seller agrees to deliver possession of the real estate in the same condiion as it is at the date of this contract, ordinary wear and tear excepted. 10. A du licate original of this contract, duly executed by the Seller and his spouse, if any, shall be delivered to the Purchasers CONDITIONS AND STIPULATIONS 1. Seller shall deliver or cause to be delivered to Purchaser or Purchaser's agent, not less than 5 days prior to the time of clos- ing, 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 exceptions contained in the policy unless the contract price is $100,000.00 or less and the real estate is improved with a single family dwelling or an apartment building of four or -fewer residential units, (b) the title exceptions set forth above, and (c) title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount which may be remo-4 by the payment of money at the time of closing and which the Seller may so remove at that time by using the funds d upon the delivery of the deed (all of which are herein referred to as the permitted exceptions). The title commitment conclusive evidence of good title as therein shown as to all matters insured by the policy, subject only to the exceptions -in stated. Seller also shall furnish Purchaser an affidavit of title in customary form covering the date of closing and s, --ing title in Seller subject only to the permitted exceptions in foregoing items (b) and (c) and unpermitted exceptions, if any, as to which the title insurer commits to extend insurance in the manner specified in paragraph 2 below. 2. If the title commitment discloses unpermitted exceptions, Seller shall have 30 days from the date of delivery thereof to have the exceptions removed from the commitment or to have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions, and, in such event, the time of closing shall be 35 days after delivery of the commitment or the time specified in paragraph 5 on the front page hereof, whichever is later. If Seller fails to have the exceptions removed, or in the alternative, to obtain the commitment for title insurance specified above as to such exceptions within the specified 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 actions of the parties. 3. Rents, premiums under assignable insurance policies, water and other utility charges, fuels, prepaid service contracts, general taxes, accrued interest on mortgage indebtedness, 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. The amount of any general taxes which may accrue by reason of new or additional improvements shall be adjusted on the basis of All ations are final unless otherwise provided herein. Existing leases and assignable insurance policies, if any, shall then be d to Purchaser. Seller shall pay the amount of any stamp tax imposed by State law on the transfer of the title, and shall a completed Real Estate Transfer Declaration signed by the Seller or the Seller's agent in the form required pursuant .teal Estate Transfer Tax Act of the State of Illinois and shall furnish any declaration signed by the Seller or the Seller's or meet other requirements as established by any local ordinance with regard to a transfer or transaction tax; such tax required by local ordinance shall be paid by the Purchaser. 4. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this contract. 5. If this contract is terminated without Purchaser's fault, the earnest money shall be returned to the Purchaser, but if the termination is caused by the Purchaser's fault, then at the option of the Seller and upon notice to the Purchaser, the earnest money shall be forfeited to the Seller and applied first to the payment of Seller's expenses and then to payment of broker's commission; the balance, if any, to be retained by the Seller a: liquidated damages. 6. At the election of Seller or Purchaser upon notice to the other party not less than 5 days prior to the time of closing, this sale shall be closed through an escrow with McHenry County Title Company, agent for Chicago Title and Trust Company, in ac- cordance with the general provisions of the usual form of Deed and Money Escrow Agreement then in use by Chicago Title and Trust Company, with such special provisions inserted in the escrow agreement as may be required to conform with this contract. Upon the creation of such an escrow, anything herein to the contrary notwithstanding, payment of purchase price and delivery of deed shall be made through the escrow and this contract and the earnest money shall be deposited in the escrow. The cost of the escrow shall be divided equally between seller and purchaser. (strike paragraph if inapplicable) ime is of the essence of this contract.. 8. All notices herein required shall be in writing and shall be served on the parties at the addresses following their signatures. The mailing of a notice by registered or certified mail, return receipt requested, shall be sufficient service. 9. Purchaser and Seller hereby agree to make all disclosures and do all things necessary to comply with the applicable pro- visions of the Real Estate Settlement Procedures Act of 1974. In the event that either party shall fail to make appropriate disclosure when asked, such failure shall be considered a breach on the part of said party. 10. Seller shall, at his expense, furnish Purchaser with a current staked survey of the aforesaid premises with stakes in evidence on the premises in question.