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HomeMy WebLinkAboutOrdinances - O-85-370 - 07/31/1985 - SALE OF LOT 20 BLOCK 2 ORCHARD HTS SUBORDINANCE NO. 0-85-370 AN ORDINANCE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF McHENRY, McHENRY COUNTY, ILLINOIS, as follows: SECTION 1. The corporate authorities of the City of McHenry hereby determine that it is no longer necessary, appropriate or in the best interest of the City of McHenry that it retain title to the following described real estate and that said real estate is not required for the use of, or profitable to the City of McHenry: Lot 20 in Block 2 in Orchard Heights on the Fox, a Subdivision of Part of the South Half of Section 12, Township 44 North, Range 8 East of the Third Principal Meridian, according to the Plat thereof recorded Sep- tember 14, 1954 as Document No. 283178 in Book 12 of Plats, page 4, McHenry County, Illinois. SECTION 2. That bids for the purchase of the aforesaid real estate shall be invited by the City and shall be received by the City Clerk at the McHenry City Hall, 1111 N. Green Street, McHenry, Illinois 60050 be- tween the hours of 9:00 o'clock a.m. and 5:00 o'clock p.m. on August 7, 1985 for the opening of bids; said bids shall be addressed to the Mayor and City Council of the City of McHenry, Illinois, c/o the McHenry City Clerk and shall consist of a signed real estate sales contract, the form of which is attached hereto and made a part hereof. SECTION 3. All bids received will be publicly opened and read aloud at the regular meeting of the City Council of the City of McHenry, Illi- nois at 8:00 p.m. on August 7, 1985, or as soon thereafter as the busi- ness of the City Council will permit. SECTION 4. The Mayor and City Council reserve the right to reject any and all bids and to waive any informalities or irregularities of the bidding and to review and study any and all bids and to make a contract award within 30 days after the bids have been opened and publicly read„ SECTION 5. All ordinances, or parts thereof, in conflict with the terms and provisions hereof, be and the same are hereby repealed to the extent of such conflict.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 6. This ordinance shall be published in pamphlet form by and under the authority of the corporate authorities of the City of Mc- Henry, Illinois. SECTION, 7. This ordinance shall be in full force and effect from and after its passage, approval and publication as provided by law. PASSED this 31st day of July, 1985. AYES: Bolger, McClatchey, Nolan, Smith, Snell, Serritella, Teta NAYS: None ABSTAINED: None ABSENT: Lieder NOT VOTING: None APPROVED this 31st day of July, 1985. . L 1 -2- Mayor REAL ESTATE SALE CONTRACT 1. BUYER, agrees to buy, and SELLER, THE CITY OF McHENRY, ILLINOIS, A MUNICIPAL CORPORATION, agrees to sell, and to convey or cause to be conveyed to Buyer or nominee, title to the real estate hereinafter described by a recordable Warranty Deed, subject only to the title exceptions set forth in Paragraph 8. 2. LEGAL DESCRIPTION of the real estate: Lot 20 in Block 2 in Orchard Heights on the Fox, a Subdivision of Part of the South Half of Section 12, Township 44 North, Range 8 East of the Third Principal Meridian, according to the Plat thereof recorded September 14, 1954 as Document No. 283178 in Book 12 of Plats, Page 4, in McHenry County, Illinois. and commonly known as 3. PURCHASE PRICE is $ , Buyer has paid $ , being ten percent of the purchase price, to pay or satisfy the balance of the purchase price, plus or minus prorations, at the time of closing. 4. CLOSING. The time of closing shall be on , or on the date, if any, to which such time is extended by reason of Paragraph 10 becoming operative (whichever date is later), unless susequently mutually agreed otherwise at the office of the City Attorney or of the mortgage lender, if any, provided title is shown to be good or is accepted by Buyer. 5. POSSESSION. Seller shall deliver possession to Buyer upon closing of the sale. 6. EARNEST MONEY ESCROW. The earnest money shall be held by the Seller for the mutual benefit of the parties. 7. TERMS OF OFFER. A duplicate original of this contract duly executed by the City, shall be delivered to the Buyers within 30 days from the acceptance date below. 8. 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. 9. TITLE 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 closing, a title commitment for an owner's title insurance policy issued by the McHenry County Title Co. 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 (b) the title exceptions contained in the policy (c) the title exceptions set forth in Paragraph 8 and (d) title exceptions pertaining to liens or encumbrances of a definate 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 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 10. 10. TITLE DEFECTS. If the title commitment or plat of survey discloses either unpermitted exceptions or survey defects, Seller shall have 30 days from the date of delivery thereof to have the exceptions removed from the commitment or to correct such survey defects or to have the title insurer commit to insure against loss of damage that may be occasioned by such exceptions or survey defects, and, in such event, the time of closing shall be 35 days after delivery of the commitment or the time expressly specified in Paragraph 4 hereof, whichever is later. If Seller fails to have the exceptions removed or correct any survey defects, or in the alternative, to obtain the commitment for title insurance specified above as to such exceptions or survey defects with 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. 11. RISK OF LOSS. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this contract. 12. FORFEITURE. 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; the balance, if any, to be retained by the Seller as liquidated damages. 13. TIME. Time is of the essense of this contract. -2- 14. NOTICES. 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. 14. CONDITION, INSPECTION AND REPAIR. 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. Buyer shall have the right to enter into and inspect the real estate prior to closing. Closing (or possession, if it occurs prior to closing) is considered final and all costs incurred after said date are those of Buyer. 16. SURVEY. Prior to closing, Seller shall furnish a survey, currently certified, by an Illinois registered land surveyor, showing the location of all lot and lines, and showing encroachments of improvements from or onto adjoining properties. All lot corners shall be located and monumented. 17. CONTRACT DATE. The date of this contract shall be the acceptance date. OFFER DATE ACCEPTANCE DATE BUYER _ BUYER _ ADDRESS PHONE City of McHenry, a Municipal Corporation By: Its Mayor ATTEST: City Clerk -3-