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HomeMy WebLinkAbout89-0215 Woodruff and Edwards gq -o1S AMENDMENT TO REAL ESTATE CONTRACT WHEREAS, the City of Elgin, an Illinois municipal corporation, and Woodruff & Edwards, Inc., have previously entered into a real estate sales contract dated February 15, 1989 for the sale of certain real property commonly known as 119 North State Street, Elgin, Illinois; and, WHEREAS, the purchase price for said property as set forth in the contract was $225,000.00; and, WHEREAS, pursuant to Rider A of the Agreement, the City of Elgin had the option to terminate said contract in the event it determined that the cost and expenses associated with removal of environmental pollutants at the property exceeded $25,000.00, and WHEREAS, pursuant to an amendment dated July 1989, Elgin's option to terminate was extended to November I, 1989; and, WHEREAS, it has now been determined that the anticipated cost and expenses associated with the necessary clean up exceeds $25,000.00; and, WHEREAS, the parties have met and have agreed that the City of Elgin will proceed with acquisition of the subject property at a reduced price and be responsible for the necessary clean up. NOW THEREFORE, for and in consideration of the mutual covenant, conditions and restrictions contained herein, the parties agree as follows: I. All language contained in the foregoing preamble be and is hereby incorporated into this amendment. 2. The real estate sales contract between the City of Elgin and Woodruff & Edwards, Inc., dated February 15, 1989, be and is hereby amended to reduce the purchase price from $225,000.00 to $190,000.00. 3. That Elgin agrees to proceed with acquisition and clean up of the subject property and waives its right to terminate pursuant to Rider A of the contract. 4. Except as modified herein, the real estate sales contract, dated February 15, 1989, as modified by the amendment dated July 1989 between the parties shall remain in full force and effect. Date: i � Purchaser; CITY OF ELGIN By: I/ limes J. C ,, City Manager Seller; WOODRUFF & EDWARDS By: arAl Orval Graeni .