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HomeMy WebLinkAboutOrdinances - O-83-324 - 10/31/1983 - RE SALES CONTRACT LOTS 14 BLOCK 1 AND LOT 20 BLOCKORDINANCE NO. O—T3-3a4 AN ORDINANCE WHEREAS on the loth day of August, 1983 LaSalle National Bank as Trustee under the provisions of a Trust Agreement dated January 28, 1959 and known as Trust No. 10-9358-09, conveyed the following described vacant: real estate premises to the City of McHenry, Illinois as a gift: Lot 14 in Block 1 and 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. WHEREAS the City of McHenry is authorized by the terms and provisions contained in Illinois Revised `,statutes, Chapter 24, Section 11-76-1, et seq, to dispose of real estate that continued ownership thereof by the City is no longer necessary, appropriate, required for the use of, profitable to, or for the best interest of the City. WHEREAS the above described property is located outside of the city limits of the City of McHenry and in a location that is not contiguous or abutting to the present boundaries of the City but which location renders the property unlikely to be annexed to the City in the foreseeable future. NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF McHENRY, ILLINOIS AS FOLLOWS: SECTION 1. The Corporate Authorities of the City of McHenry hereby determine, and are of the opinion, that the continued ownership of the above described real estate by the City is not necessary, appropriate, required for the use of, profitable to, nor for the best interest of the City. SECTION 2. The sale of the above described real estate be and the same is hereby ordered and directed. Notice of the proposal to sell said real estate shall be published once each week for three successive weeks in the McHenry Plaindealer, shall contain an accurate description of the property, state the purpose for which it is used and at what meeting the bids will be opened, and shall advertise for bids therefor. All such bids shall be opened at a regular meeting the City Council. The City hereby reserves to itself the right to reject any and all bids and to waive any informalities or irregularities in the bidding. In addition, the Mayor and City Council further reserve the right to review and study any and all bids and to make a contract award within 30 days after the bids have been opened as aforesaid. SECTION 3. That the bids shall take the form of the attached real estate sales contract, shall have the amount of the bid inserted therein as the purchase price of said real estate and shall bear the signature, address and telephone number of the bidder. SECTION 4. This ordinance shall be in full force and effect from and after its passage and approval according to law. -2- PASSED this 31stday of October , 1983. AYES: Bolger, Nolan, Busse, Datz, McClatchey, Snell, Serritgjla NAYS: None ABSTAINED: ABSENT: None Smith NOT VOTING: None APPROVED this 31st day of October , 1983. ATTEST: CITY CLERK MAYOR -3- 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 14 in Block 1 and 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. 3. PURCHASE PRICE is $ ; Buyer has paid ten percent of the purchase price as earnest money to be applied on the purchase price and agree 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 January 21, 1984 or on the date, if any, to which such time is extended by reason of Paragraph 10 becoming operative (whichever date is later), unless subsequently 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 the date of the closing. 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. o TrTiF Fxr.FPTIONS. Title to the real estate when conveyed may be 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 or 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 appllied 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 essence of this contract. 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. 15. 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 pos-s-ession, if it occurs prior to closing) is considered final and all costs incurred after said date are those of Buyer.