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HomeMy WebLinkAboutOrdinances - O-82-299 - 09/02/1982 - AUTHORIZE PURCHASE OF REAL ESTATE BY COUNCIL 3902ORDINANCE NO.0-82-299 AN ORDINANCE BE IT ORDAINED BY THE CITY COUNCIL OF THE -CITY OF McHENRY, McHENRY COUNTY, ILLINOIS, AS FOLLOWS: SECTION 1. The Mayor be and he is hereby authorized and directed to execute the attached real estate sales contract for the pur- chase by the City of the real estate therein described and to close said transaction according to the terms and provisions therein contained. SECTION 2. All ordinances, or parts thereof, in conflict with the terms and provisions hereof, be and the same are hereby repealed to the extent of such conflict. SECTION 3. This ordinance shall be published in pamphlet form by and under the authority of the corporate authorities of the City of McHenry, Illinois. SECTION 4. This ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form, as provided by law. PASSED this 2nd day of September, 1982 AYES: Nolan, Pepping, Datz, Smith. -Meurer. SPrritalla NAYS: Wieser ABSTAINED: None ABSENT: None APPROVED this 2nd day of September, 1982. ATTEST: f . CITY CLERK REAL ESTATE SALE CONTRACT . City of McHenry, Illinois (Purchaser) agrees to purchase at a price of $14,000.00 m the terms set forth herein, the following described real estate in McHenry County, llinois: Part of NW,-, SW4, Section 26, Township 45 North, Range 8 East of 3rd PM (permanent index number 09 26 301 012), consisting of approximately .57 acres. (If legal description is not included herein at time of execution, is authorized to insert it thereafter.) commonly known as 3902 W. Maple Avenue, McHenry Ad 2. RALPH FREUND and IRMA FREUND (Seller) 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 (in joint tenancy) by a recordable warranty deed, with release of homestead rights, and a -roper bill of sale, subject only to: (a) covenants, conditions and restrictions f 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 improvements 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 1982 and subsequent years. 3. Purchaser agrees to pay or satisfy the purchase price, plus or minus prorations, at the time of closing. 4. The time of closing shall be on October 1, 1982 or 20 days after notice that financing has been procured if above paragraph 3 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 City Hall, McHenry, Illinois, provided title is shown to be good or is accepted. 5. Seller shall deliver possession to Purchaser on the date the sale is closed. 6. Seller agrees to pay a broker's commission to None. 7. 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. 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 September 1982 Purchaser City of McHenrye Purchaser By: itle Kiyov- Seller Seller (address) (address) *Form normally used for sale of residential property other than property improved with large multi -family structures. CONDITIONS AND STIPULATIONS i. 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 hercof, 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 (e) and unperrniitted 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 tiepermitted exceptions, Seller shall have 30 days froze. 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 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. 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. 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 matt, 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 S_itlement Procedures Act of 1974. 11) 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.