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HomeMy WebLinkAboutOrdinances - O-81-277 - 11/02/1981 - APPROVE REAL ESTATE CONTRACT0-81-277 AN QRDINANCE BE IT ORDAINED BY THE CITY OF McHENRY, McHENRY COUNTY, ILLINOIS, AS FOLLOWS: SECTION 1. The City of McHenry shall furtherwith enter into the real estate sale contract which is attached hereto as Exhibit "A" and the Mayor is hereby authorized and directed to sign said contract on behalf of the City and to deliver said signed copy to the Seller. SECTION 2. This ordinance shall be in full force and effect from and after its passage and approval according to law. PASSED this 2nd day of November, 1981. AYES: Nolan, Pepping, Datz, Wieser. Smith. MPt,rPr, Serritella NAYS: None ABSTAIN: None ABSENT: Harker APPROVED this 2nd day of November, 1981. r ATTES94�4City Clerk 1. BUYER. City of McHenry, Illinois ogle" to bay, and SELLER. McHenry State an as Trustee under rusNo. 125 agrees to sell, and to onvey or cause to be conveyed to Buyer or nominee, title to the real estate hereinafter described (in joint tenancy) by a recordable - T r u s e e ' s w a r Ci&B, butth release of homestead and marital rights, and a proper bill of sale to the personal property described in parag: aph 2, subject only to the title exceptions set forth in Condition A. ` 2. LEGAL DESCRIPTION of the real estate (if legal description is not Included herein at time of execution. Seller or Seller's agent or Is authorized to insert 1t thereafter): PARCEL 1: A strip of land 60 feet in width off of the West side of the Southwest Quarter of Fractional Section One, Township 44 North, Range 8, East of the Third Principal Meridian, all in McHenry County, AND ALSO PARCEL 2: A piece of land 429 feet in width off from the enure Vest side of the South Fractional Half of the Southwest Fractional Ouarter of the North- west Fractional Quarter of Section 1 (excepting therefrom a certain piece of land conveyed by Document No.644599 and excepting therefrom land described in McHenry County Collector's Permanent Index Nos.14-01-151-004 and 14-01-151-009)in Township 44 North, Range 8 East of the Third Principal Meridian, all in McHenry County, Ill. and cocnmonill known at; - - --- --- — - - - - - -- -----=,r---_",<---�__�____--y:-x-�,,:. together with the io with approximate size of - - - ,Tiowing RsEtAw i� � 'xt> kid�aapid�bdei=xxxx httli� idsNf� x�c+i na�x:xacxac �t�bat�cac x�cocac x roa�ao��aaca�we�xji�zs xdcvc ix �c XXX-XRFk0l% cXXXXX4tAW1d.4xX-X lAr A 41A P)VAt)(rK;XX•XXft* W 'Kf%c*X NIX XXy-XtXd(rXX rdporwosz X* )0mc x> dcfiext tr�c x A�> st c - - Seller represents that there are no rented fixtures or equipment on said premises, except: a� c 3- PURCHASE PRiCE is S 3 5 , 0O0 ' ©� _ - Buyer has ' 00 - - paid S (Kri(dXv19VPX/.Xtri>X JI v y v y Y_)d X9t xc](e)�ti�pr}G�(tjp �Q¢(e�pl typpQj(�pi)Q xf)$ y x Y x X Y X Y Y Y XX Y Y X X X b4!is earnest money to be applied on the purchase pnce, and agrees to pay or satisfy the balance of the purchase price, plus or minus prorations, at the time of closing as follows: (Strike subparagraph not applicable) (a) The payment of S the -balance (b1 XR% xcxCT%9C(X9d Xhx X*X-X XV,4t xspvkx RWKX0*94 "XWXWWX*WX4K* sdfxwgdC ems( if lx i >Q9c`n ffix xvx»Qd ltdeeffx� D(as> �cA2 x�c�cr�eD(�s9rsext>ns� 1*fq)QX iQ1K Ht lttAFX1AWgk, ***,< x MrX XTA ft >:tWW90(9( x 3�perrsxr�e�abrR�rrifbe�erx�cbt'x�eerxbexooat�xlxfxa�axtoelcudebsedc�xstjVXaRXI)V90dx)xS)Vxxrdxbct0d*000PkTJA00XJXAQ!!XeVX) X - firm mtrimi check one) V.A. F.H-A. Conventional loan to be secured by a mortgage or trust dee estate in the amount of S or such lesser sum as Buyer accepts, with interest not to exceed a year to be amortized over years, the commission and service charges o n not to exceed `b. seeking V_A. or F.H.A. financing, Seller agrees to pay discount required by lending agency not to exceed % o t ount. If, after making every reasonable effort. Buyer is unable to procure such commitment within the time specified herein and Ilex thereof wit J e, this contract shall become null and void and all earnest money shall be returned to Buyer; if Se to notified, it shall be conclusively presumed that secured such commitment or will purchase said property without Wanting; provided that If Seller, at his option, within a like period of time fo io is notice, procures for Buyer such a c or notifies Buyer that Seller will accept a purchase money mortgage upon the same terms, this contract s a full force and 5- CLOSING. The time of closing shall be on November . 1 9 81 , or 20 days after notice that financing has been procured if paragraph 4 is operative, or on the date, if any, to which such time is extended by reason of Condition C becoming operative (whichever date is later)• unless subsequently mutually agreed otherwise at the 9(X0(9( M r H e n r V Ci ty H d ] ] or of the mortgage lender, if any, provided title is shown to be good or is accepted by Buyer-.- b(r 6 POSSESSION. Seller shall deliver possession to Buyer)6K 6filC 4 X Y Y)( Y Y Xd0sXaX0txb( "1Xb6XWXrXdtoXeXX11W0Vx "X0691(XX - - including Lne is surrendered as provided above. At closing Seller will deposit in escrow with the person d the earnest money a sum equal to I % of the pur arantee possession, which sum shall be held 112U311161,411 ee s of the sale, and if Seller does not vacate and surrender possession as provided above. Seller shall o S per day from the date possession is to be delivered up to and including the is elivered to Buyer, said daily Wino ut of the escrow and the balance- if any. debvered to ing s ll not restrict Buyer's right to seek possession by all available legal means if T-3 deed is above ]. BROKER'S COMMISSION., Seller agrees to pay a broker's commission to H F H a r r i s o n a n d A s s o c i a t es S n C_ in the arnount set forth in the broker's listing contractor as follows: Ten Per Cent If- EARNEST MONEY ESCROW. The earnest money shall beheld by S e 11 e r for the mutual benefit of -the parties_ 9. TERMS OF OFFER. A duplicate original of this contract duly executed by the Seller and his spouse. if any. shall be delivered to the Buyers within days from the offer date below, otherwise, at -the Buyer's option, this contract shall become null and void and the earnest money shall be refunded to the Buyer. This contract is subject to the Conditions set forth on the back page hereof, which Conditions are made a part of this contract. - WHEN THIS INSTRUMENT IS SIGNED BY BUYER AND SELLER. IT WILL BE A LEGALLY BINDING AND ENFORCEABLE CONTRACT Offer Date Q C`t ti b e r - 1981 Acceptance Date ' D c t o h e r City of McHenry, Illinois Buyer Buyer B ' It s Mayor l Address McHenry State Bank, as Trustee under irust Seller No. 125 Seller Rom-' It's Trust Officer Address McHenry, Illinois Phone Form normally used for sale of residential property other than property improved with large multifamily structures FXHTBIT "A" L-ErIAIMBIWL-N A. TITLE EXCEPTIONS. Title to the real estate when conveyed may be subject only to the following: - _-- — (a) Public and utility easements which do not underlie the existing improvements and roads and highways. if any. ' (b) Covenants, conditions and restrictions of record. provided they are not violated by the existing improvements or the present use thereat and provided further that they do not contain a reverter or right of re-entry. WX ftteldO( XS6qC9Cr1t0W4AOW1 Kt* 04t0A70PXrWMD( WK W6616ti00t66X (d) General real estate taxes not yet due. B. TM-E EXAMINATIONS AND INSURANCE. Seller shall deliver or cause to be delivered to Buyer or Buyer's agent, not less than 5 days prior to the time of dosing, a title commltrnent for an owner's title Insurance policy issued by any title company licensed to do business In Illinois in the arnouad of the purchase price. covering title to the real estate on or after the date hered, showing title In the intended grantor subject only to (a) the general exceptions - - contained in the policy unless the contrail price is $100,000.00 or less and the seal estate is improved with a single family dwelling or an apartment - building of four or fewer residential units. (b) the title exceptions set forth in Condition A, 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 Buyer aii affidavit of title in customary caverutg fhe—date & a6iing and showing title iri Sellei subSRFonly to tile-permltted except o in - foregoing items fb) and-10 and tmpermitted exceptions. -If any, as to which-the-litle insure commits to extend insurance in the manner specTied -In = Condition C :s 6W C. TiiIF DEFECTS -"If the title commitment or plat of survey discloses either unpermltted exceptions or survey defects Seller shall have 30aays-from the date ofdehverythereof to have the exceptions removed from the commitment or -to correct such survey defects or -to -have thi title insurer 6innilt to insure against loss or damage that may be occasioned by such exceptions or -survey defects, and, in such event_ the time of closing shall be 35 days aft= delivery of the commitment or the time expressly specified in paragraph 5 on the front page hereod, whichever is later. if Seller fails to have the exceptions removed or corned any survey defects, c in tTie ternative, to obtain the -commitment foi tide insurance specified above as to such exceptions or survey defects within the specified time, -Buyer-may terminate this contract or may elect; upon notice to Seller within-10 days after the expiration of the 35-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 Buyer does not so elect, this contract shall become null and void without further action of the parties. - - D_ PRORATIONS- General real estate taxes (based on the tax assessor's latest valuations and the latest known tax rate), rents, premiums under assignable insurance policies, water and other utility charges, fuels, prepaid service contracts, accrued interest on mortgage indebtedness, if any, and other similar items shall be ad)usted ratably as of the time of dosing. The amount of general taxes which may accrue by reason of new or additional improvements shall be adjusted on the basis of - - _ All proration are final unless otherwise provided herein. Existing leases and assignable insurance policies, if any, shall then be assigned to Buyer. - - E- STAMP TAX- 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 Buyer. F. RISK OF LOSS. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shad] be applicable to this contract_ " G. FORF JTURE. If this contract is terminated without Buyer's fault, the earnest money shall be returned to the Buyer, -but if the termination is caused by the Buyer's fault, then at the option of the Seller and upon notice to the Buyer, 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 as liquidated damages. The broker's commission shall not exceed the amount of earnest money forfeited pursuant to this provision. closed through an esQo . V icensed to do business in Illinois with such specie] - esaow agreemem as may be required to conform with this contract_ Upon the aeaUon erein to the contrary notwithstanding, payment oil purchase price and delivery of deeds a escrow and this contract and the earnest mo the escrow. The cost of the I_ TIME Time is of the essence of this contract- J. NOTICES_ AD 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. K. RESPA_ Buyer and Seller hereby agree to make all disclosures and do all things necessary to comply -with the applicable provisions of the Real Estate Settlement Procedures Act of 1974 as amended. In the event that either party shall fail to make appropriate disclosure when asked, such failure shall be considered a breach an the part of said party. " • contract. orainary wear and tear- move all debris from real estate by date of se ve a right to enter into and inspect the real estate prior to closing to ascertain that the eats ems and mechanical equipment and appliances are in operating condition; If thev are on, uyer shall give written notice to the Seller a t Seller's expense bacrcriolog—liy a an nit system'is in operating order and without sanitary defects. i ll provide an evaluation of tie well and private sanitary system y r an inois licensed sanitarian which will constitute evidence d compliance with Seller's representations err. errs or deficiency disclosed by said evaluation prior to dosing; provid rem ying a defect or deficiency exceeds $2,000.00, and if Buyer will not pay this _ - N. SURVEY_ Prior to closing, Seller shall furnish a survey. currently certified, by an Illinois jegi d surveyor. showing the location of all buildings and lot and building lines, and showing encroachments of Improvements from or onto ad oinirig e properties- AD lot corners shall be located and monumented. Encroachments and violations of lot and building lines and encroachment over recorded easements are considered survey defects--- O. CONTRACT DATE. The date of this contract shall be -the acceptance date_ --- - _-- _ P. CODE V70L.ATION WARRANTY- Seller warrants that no notice has been received from any governmental authority of any dwelling code vblatian which has not been cared prier to the date of this contract. - - - - - - This fornAas been approved by the McHenry County Joint Real Estate Broker/Lawyer Accord Committee, the McHenry County Board of Realtors and the McHenry Counry Bar Association for use in McHenry County. Illinois. _ - -- IM Eynon -- m r 33 WE �-� -��- ►7r-oo� //65 h�S Zt I 1 ( 133 -OOB 1 3L-----30 ---- ---- n 0 ' �79 1 O r g At l � I I I 1 \ j ✓ I\ 1-3 W rn JS I w0 I /7 -0/ti 0 I � /4-017 /3-007 I P -oav 6 oio k i r r�s I I I RAVER o ST. 1 1 41 1 1 i� � ,JAI VO al ,t rk""', 17,092 1 I � 1 F o x