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Home My WebLink AboutOrdinances - O-80-226 - 05/19/1980 - PURCHASE KEENETH PETERSEN LAND0-80-226 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 Kenneth Petersen land described in Contract for Sale of Real Estate which is attached hereto as Exhibit 1. SECTION 2. The Mayor and City 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 T-iX day of MAY 1980. C. C-tfioo�T 11-1cVc'iL NAYS: "kl�k ABSENT: 1St1Z APPROVED this OPA day of MAY , 1980. ATTEST: CITY CLERK MAY 1-7C1IL •r,a ♦.v �.•a • .. .v REAL ESTATE SALE CONTRACT Y I The City of McHenry, Illinois (Purchaser) agrees to purchase at a price of S 3 , 000 . 00 per acre on the terms set forth herein, the following described real estate in _ McHenry County, Illinois: Sixteen acres, more or less in McHenry Township, triangular in shape and bounded by the Chicago & North Western tracks on the West , McCullom Lake Road on the East and Petersen Park on (If legal description is not included herein at time of execution, the ri tSv �f Mr-uA,,.-r u authorized to insert it thereafter.) X�ic]dd(a1t K }CJf � �S�rii�3�2it}c}bX H�33}c1b2i �bR Xx x xx x x x x X x x x x x xx x x x xt�tgc�xix �vithc xbt� fc�t>t�� oravxat �� 9bc�St�1'foYeY�if }c(Xi)§kir3cl�feiil3cHa4 �lrleptlk�Dlpjc �xt�onax aad�atxra�axfiaotxat�dx��dt�et� id>��axxix�ax6sic>��Rbck3�stoco�alss�ax x(2l}c �G�At2{�X1Yi �}��x>R1x�14-xxr��l�}s,rci�ix3ex xixhcck�Txnie� �dc xi�p�oriing}cfi�tort>sx � x�e ts�4 aztc kl> 3(%�c xo��tK� �� arlxrx �r�xb:mrtx;asc ��c(� xvatex rxia�x�c>}c�acas�f�x #�� xxx-x xr�-�$�� IIxdt i�Ttbx 2 Kenneth C.-Petersen (Seller) (Inserl 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 berein, and to convey or cause to be conveyed to Purchaser or nominee title thereto by a recordable-_11a,rant- ---deed, with release of homestead rights, XM',WgXopetxbi}Ywf-=br, subject only to: (a) covenants, conditions and restrictions of record; (b) private, public and utility eas.^.mews and roads and highways, if any; 6sk�tat 3lxigbixaaxdxixlxaoext �dbca x6dicxxsCxSc xt>�axes x�d; xroxi�cicsC �g�c�cvdad xX�esta�ax�x�xn��s-x�cx'��a�>��t �7�x��}�x�fz X r�2fXit�Isx]� X t l >Y (i) general taxes for the year and subsequent years taMmdbVxnm : Xy�Q� 3Yy}� }k � �iKc3ri� 3bR 8�?� ��sr,xlx; T y�xffix i�12t2{r� xea 7r x x x x x x X gt}{b� 3. Purchaser has paid S 5, nnn- nn ) 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 S the balance g�t,f� tz€ >otKixs c�p�Ry x i t3a�xXai xg�eexaxmxnexxgpttiXra�crxxxxxxxxxxxxxxXXxX �x�ltc:•ttxxx xx xgE � x�dxl�cpa�nIIeox xbcacsn xa¢r�enx xx.�� rcx��: x- �X�{�21�3i-+��FsXs�hjP3c�:doXilzK�i�}S�Si �R�txRdt�serclSs9:x9i�:2��-�.12b�xxxxxx�y�xa}cf;rki��n�tki�2idi};b:'�iK 2iXNXMXmiltNIX "XMkftVdMA c xit zslx�Xzse XXxxxxxxxx fcti,�i>;�i isArxs3idS i xc?i 3+,8cX�;d{:��i��i�4 �P%X iib(xbc>s5ofi�tl X,�x x x xx 1t�g2tas xac �xtdarf{aer� x� xx x x x x xC X>-i§xd4?itli�i3i� ��rti �� 6 �r� x3tR•#�Ii�4�ai4 xr2ttttKl� �iKcY€�8x x x x x x� Xif�f xnc xi�co�tbdt:c xf�irntf ��x,� x�53b�ex t{,x�Rd{,}�x K,,� xxm=vcxonxxY.W3u4b3xX mocxgc%fmdxb cyox ai-�fa� XX&Xa0HWRKVAN>b&XM9-)k l xm� xoa sr xv.lsCaibco�xrxst x��xsb�f; k�x�k�axd:� k�x:�� x�CSt<-�dotx xbcbdxx, €iorzx�o�Darc x�3cec�eroori�ot x14:saXsg�3n� as�3s x�atnx x p�atx� �ot�t� �.�c�vxhc x Sao no�uaot� �p xixtifiex �'xrch2sei xt�at x9eDtcX �dl� �xae�txac xp{}{�3t{x�7242Xt?12d�?[bcx9DxlK�dtKHIXxIXP9TiddhclCFn7¢K}f9��'DQ?�� (Strike paragraph if inap- plicable.) 5. The time of closing shall be on October 15, 1980�arxWx&gscxfae�xxanicex*kat xil�c•ri � aaxxapX �4xsc t�cpc�€vexoaxa�3tecdz.�c #�Ft xrx� vdxst�xtia�re� � xxi� �txrxa�x�x�Rif�i �iif�it;ofi� xrsbc�ipx)xtxzascieofdaxox�er�ii��vcbtobxECKtoci4xbttt unless subsequently mutually agreed otherwise, at the office of City Hall , MCHen ry , I 11 inoi !ar of the mortgage lender, if any, provided title is shown to be good or is accepted by Purebaser. the daate 6. Seller shall deliver possession to Purchaser onxd >xbe1o2'eXXXX.)!==y cXf£eY the sale has been closed. )&PdZeDtxgtttxxa: �gsayc P arxhaxx �e �stux �ofc it.XXxX �r,#c 8a j•X�Re� �'e�"a r�lt: H>��t�s� t+.�`cb�ii�e� t� K Ii� � 2ifxe�lcf's �� rird'�t}� xt�il£P��{3{�iiK �e8it�`.8d. 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 Seller for the mutual benefit of the parties. 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. � t�nX,x x x x x �a3a Isx�oent xhexd�x �x �o�5snc xat X.�C ii' ts�e3d x xp t� n� x1�: r.�x xz x>s� x,X� �II X ]€,� Dc �9 �4 � �axac taxrfc>ai xtxxiagxshsdk is�c seS�na tad xm xhfad�acobxvatx This contract is subject to the Conditions and Stipulations set fortb on the back page hereof, which Conditions and Stipulations are made a part of this contract Dated May , 1980 Purchase >City of McHenry, Illinois 1111 N. Green Street_ (Address) Purchastl-y' McHenry, Illinois 60050 Its Mayor (Address) Seller (Address) Seller __ _ 4112 W. McCullom Lake Road, McHenry, I11 Kenneth C. Petersen (Address) •roim normall)• used for sale of residential property other than property improved with large multi -family structures. E xAA \ �� r 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 vnits, (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 unperrnitted 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.►X3mtxai?te�ILC�4t�4C{DdXeXx+?1Ck?f�X?C�Xdf�3iXb�?cac54ic�icM+XY4Dc 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 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. b. At the election of Seller or Ptircbaser 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 agre:;ment 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. Time 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- isions of the Real Estate S_ttlement 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 premises shall be used for park purposes. 11. No permanent buildings shall be constructed on that part of the above premises hereinafter to be specified by Seller, it being the intention of the parties that Seller's view of McCullom-Lake from Seller's present home shall remain unobstructed. 12. No ingress and egress road, nor street lights, shall be constructed by the City at the location on McCullom Lake Road to be specified by Seller. It