HomeMy WebLinkAboutOrdinances - O-79-183 - 04/16/1979 - PURCHASE OF LAND KNOX PARKMcHenry Ordinance: O- 79-183
AN ORDINANCE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MCHENRY,
MCHENRY COUNTY, ILLINOIS, AS FOLLOWS:
SECTION 1. It is hereby determined that it is in the
public interest that the City of McHenry purchase the land
described in Contract for Sale of Real Estate which is attached
hereto as Fxhibit 1.
SECTION 2. The Mayor and Citv Clerk be and they are hereby
authorized and directed to execute the aforesaid Contract and to
do all things necessary and essential to carry out the terms of
said Contract.
SECTION 3. This ordinance shall be in full force and effect
upon its passage, approval and publication as by law required.
PASSED this 16th day of April , 1979.
AYES: Bolger, Nolan, Harker, Datz, Smith, Adams, Rogers, Schooley
NAYS: None
ABSENT: None
APPROVED this 16th day of
ATTEST•
CITY CLERK
April
, 1979.
FAN
I% -
- =
MMENRY COUNTY TITLE COWA.N'Y
REAL ESTATE SALE CONTRACT
1. _ City of McHenry (Purchaser)
agrees to purchase at a price of $ 1 1 S _ 000. 00 on the terms set forth herein. the following described real
estate in McHenry County, Illinois: 33.9 acres fully described as
parcel #3 of W. A. Rakow & Associates Ltd., survey of the Edwin Knox Farm.
City will be..granted ingress and egress to Route 31, through parcel #1 of
said survey, roadway of at least 30 feet in width. Park to be known as
INpK PARK.
(f legal description is not included herein at time of execution %
authorized to insert it thereafter.)
commonly known as and
with approximate lot dimension of x together with the following personal property presently
located hereon: (strike items not applicable) (a) storm and screen.doors and windows; (b) awnings; (c) outdoor television antenna;
(d) wall-to-wall, hallway and stair carpeting; (e) window shades and draperies and supporting fixtures; (f) venetian blinds; (g)
electric, plumbing and other attached fixtures as installed; (h) water softener; (i) refrigerator(s); (j)
range (s) ; and also
Thomas F. Bolger, Trustee under the provisions of a Trust
2. agreement dated February_ 19, 1971 and know as Trust #9. (Seller)
{Insert names of all owners and their respective spouses)
agrees to sell the rent 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 (in joint tenancy) by a recordable trustee deed
with release of homestead rights, and a proper bill of sale, subject only to: (a) covenants, conditions and restrictions of record;
(b) private, public and utility easements and roads- and highways, if any; (c) party wall rights and agreements, if any; (d) existing
leases and tenancies; (e) special taxes or assessments for umprovements not yet completed; (f) any unconfirmed special tax or
assessment; (g) installments not due at the date hereof of any special tax or assessment for improvements heretofore completed;
(h) mortgage or trust deed specified below, if any; (i) general taxes for the year-1-9-7-9-and subsequent years including taxes
which may accrue by reason of new or additional improvements during the year(s) ; and to
3. Purchaser has paid $ 11, 500 . 00 _ day. til ad of $ as earnest
money to be applied on the purchase price, and agrees to pay or satisfy the balance of the purchase price, plus or minus prora-
tions, at the time of closing as follows: (strike subparagraph not applicable)
(a) The payment of $ 103,500.00 upon delivery of deed and title policy.
(b) The acceptance of the title to the_ real, estate by Purchaser subject -to a mortgage (trust deed) of record securing a principal
indebtedness (which the Purchaser (does) (does not) agree to assume) aggregating $ bearing
interest at the rate of % a year, and the payment of a sum which represents the difference between the amount due
on the indebtedness at the time of closing and the balance of the purchase price.
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5. The time of closing shall be on MAC K ` • 0,15 or 20 days after notice that financing has been procured if
above paragraph 4 is operative, or on the date, if any, to which such time is extended by reason of paragraph 2 of the Conditions
and Stipulations hereafter becoming operative (whichever date is later), unless subsequently mutually agreed otherwise, at the
office of McHenry State Bank or of the mortgage lender, if any, provided title is shown to be good or is
accepted by Purchaser.
6. Seller shall deliver possession to Purchaser onfate-_____ys_���he-sale etas heea-c}osed-Srlieragrees to
-pay- P-urchawr- the 4u mg ef-s- - - - - - - - ift -pesse.%ion-between-i Sme-of closing -aad rthe-
4imasio24s-.delivered— upon signing of contract
7. Seller agrees to pay a broker's commission to None
in the amount set forth in the broker's listing contract or as follows:
8. The earnest money shall be held by McHenry State Bank
for the mutual benefit of the parties.
9. Seller agrees to deliver possession of the real estate in the same condition as it is at the date of this contract, ordinary wear
and tear excepted.
10. A duplicate original of this contract, duly executed by the Seller and his spouse, if any, shall be delivered to the Purchasers
within _3._ days from the date below, otherwise, at the Purchaser's option, this contract shall become null and void and
the earnest money shall be refunded to the Purchaser.
This contract is subject to the Conditions and Stipulations set forth on the back page hereof, which Conditions and Stipulations
are made a part of this contract-
Dated_—�
A ril 16 1979
C t E2 Nt- IL t tut t
Purchaser ti 1111 N. Green Street McHenry, IL 60050
(Address)
Purchaser c` " 1111 N. Green Street McHenry, IL 60050
(Address)
Seller _
(Address)
Seller
(Address)
*Form normally used for sale of residential property other than property improved with large multi -family structures.
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
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 (all of which are herein referred to as the permitted exceptions). The title commitment
shall be conclusive evidence of good title as therein shown as to all matters insured by the policy, subject only to the exceptions
as therein stated. Seller also shall furnish Purchaser an affidavit of title in customary form covering the date of closing and
showing 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 amcsnt of any general taxes which may accrue by reason of new or
additional improvements shall be adjusted on the basis of
All prorations are final unless otherwise provided herein. 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 State law on the transfer of the title, and shall
furnish a completed Real Estate Transfer Declaration signed by the Seller or the Seller's agent in the form required pursuant
to the Real Estate Transfer Tax Act of the State of Illinois and shall furnish any declaration signed by the Seller or the Seller's
agent 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 fast 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)
7. 'rime 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. The City agrees that the trend of land use and development of Parcel
#1 depicted on said survey prepared by W. A Rakow, dated March 14,
1978, is for business purposes, and, accordingly, the City further
acknowledges that there are many business uses that would not be harm-
ful or detrimental to the development of the subject premises as a
municipal park. Within six months after the date of closing, the City
will be granted a perpetual easement, 30 feet wide for ingress and
egress from parcel #3 of said survey, over and across parcel #1 of
said survey to Route 31.
11. Seller agrees to pay the total 1978 real estate taxes and the 1979
taxes to be pro -rated on an acreage basis.