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HomeMy WebLinkAbout92-0624 Elgin Development Corp r RESOLUTION AUTHORIZING EXECUTION OF A REAL ESTATE SALES CONTRACT WITH ELGIN DEVELOPMENT CORPORATION (Farm Colony Lands) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that George VanDeVoorde, Mayor, and Dolonna Mecum, City Clerk, be and are hereby respectively authorized and directed to execute a Real Estate Sales Contract on behalf of the City of Elgin with the Elgin Development Corporation, for the property commonly known as the Farm Colony Lands, a copy of which is attached hereto and made a part hereof by reference. s/ George VanDeVoorde George VanDeVoorde, Mayor Presented: June 24 , 1992 Adopted: June 24 , 1992 Vote: Yeas 7 Nays 0 Recorded: Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk REAL ESTATE SALE AGREEMENT THIS AGREEMENT is made and entered into this day of June, 1992 , by and between ELGIN DEVELOPMENT CORPORATION, an Illinois not-for-profit corporation, (hereinafter referred to as "Seller" ) and THE CITY OF ELGIN, ILLINOIS, a municipal corporation of the State of Illinois (hereinafter referred to as "Purchaser" ) . R E C I T A L S A. BANK ONE, ELGIN ( formerly FIRST ILLINOIS VALLEY BANK & TRUST) not personally but as Trustee under a Trust Agreement dated August 24, 1989 , bearing Trust Number 0431 (the "Trustee" ) currently holds title to real estate -and appurtenant rights including approximately 129 acres of land located on the East side of McLean Boulevard near the intersection of Bowes Road and McLean Boulevard, in the City of Elgin, Kane County, Illinois, which real estate -is improved with certain buildings and other facilities and is legally described on Exhibit 1 attached hereto, being Chicago Title Insurance Company preliminary commitment with effective date of May 11, 1992 under Order No. 393-220, (the "Real Estate" ) . B. The Seller holds 100% of the beneficial interest in said trust and power of direction over the Trustee. C. The Real Estate (together with another parcel previously conveyed by Seller and not a part of this transaction) was originally sold and conveyed by Purchaser to Seller pursuant to that certain deed dated April 30, 1990 and recorded May 10 , 1990 as Document No. 90K24163 . D. Seller is an Illinois not-for-profit corporation which was organized for the purpose, inter alia, of promoting the development, establishment and expansion of industry and business in the City of Elgin and to further the common good and general welfare of the people of the City of Elgin (the "Corporate Purpose" ) . E . Although it was the intention of the Seller to subdivide the Real Estate and to sell lots, the Seller has subsequently determined that it will very likely to unable to raise or borrow the capital which is expected to be required in order to effectively develop and market the Real Estate for the Corporate Purpose. F. The corporate authorities of the Purchaser have determined that it is in the best interests of the City of Elgin to reacquire the Real Estate from Seller to promote the commercial and industrial development of the real estate, the creation of employment opportunities, and to enhance the tax base of the Purchaser and other taxing districts so that the Purchaser may, itself, proceed with development of the Real Estate. G. The Board of Directors of the Seller has determined that the reconveyance of the Real Estate to the Purchaser on the terms and conditions set forth below will best promote the Corporate Purpose of the Seller. C O N S I D E R A T I O N In consideration of the mutual covenants and promises of the parties, the receipt and sufficiency of which is hereby acknowledged, Seller and Purchaser hereby agree as follows : A G R E E M E N T 1 . Seller agrees to cause the Trustee to reconvey to Purchaser the Real Estate upon the terms and conditions herein set forth. Seller shall also assign and transfer to Purchaser at the Closing (hereinafter defined) the following: a. All plans, drawings, proposals, and other documents owned by Seller relating to the Real Estate, including without limitation, all rights to the subdivision proposal for Fox Bluff Corporate Center. b. All of Seller' s rights in and to insurance coverage for bodily injury or property damage. C. All of Seller' s right in and to a farm lease for part of the Real Estate with Don Henninger dated April 1, 1987 . 2 . Seller agrees to convey, or cause to be conveyed, to Purchaser, or Purchaser ' s nominee, title "to the Real Estate by a recordable, stamped Trustee ' s quit claim deed, subject to the secured indebtedness of BANK ONE, ELGIN. and other liabilities identified herein. 3 . Seller agrees to waive any and all rights, claims, causes of action, obligation, or indebtedness it may have against Purchaser as a result of this or any other agreement, other than those which are expressly provided herein. 4 . Seller agrees that it shall, prior to the Closing (hereinafter defined) , draw against the available line of credit of the Mortgage, up to $1, 100, 000, for the purpose 2 of settling all of its outstanding debts and that the unpaid balance of the Mortgage as of the Closing shall be assumed and paid by Purchaser. 5 . Seller represents to Purchaser that there are no contracts, obligations or debts of Seller other than as identified within this Agreement. Purchaser shall assume and pay accrued real estate taxes for the 1991 tax year and the 1992 tax year up through and including the date of the Closing, as hereinafter defined. 6 . Purchaser shall cancel any and all claims of Purchaser against Seller for payment, reimbursement or otherwise for expenses and costs related to the ownership and management of the real estate, including without limitation, asbestos removal and security services . 7 . Purchaser shall assume all obligations and liabilities of Seller with regard to a farm lease with Don Henninger dated April 1, 1987 . 8 . To the extent not previously contained in an agreement between Seller and Purchaser dated SEPTbmgot 20 , 1991 , Purchaser shall assume all obligations of Seller to the United States of America - (FAA) with regard to that fifteen ( 15) acre parcel previously conveyed to the Federal Aviation -Administration by Seller, said obligations of Seller to the Federal Aviation Administration are contained within a certain Memorandum of Understanding between Seller and said agency bearing the date of February 11, 1991, a copy of which has been provided by Seller to Purchaser. 9 . Purchaser shall assume any and all obligations of Seller, and Seller shall hereby convey to Purchaser, any rights, arising out of or in connection with the transaction described in a certain agreement between Seller and Purchaser dated October 23, 1991, as subsequently amended, including without limitation, any and all obligations or liabilities of Seller to the Illinois Department of Transportation and/or Leo Leichter. 10 . Purchaser shall assume all obligations and requirements regarding the Real Estate and development thereof imposed by any County, State or Federal agency or other governmental body, including, without limitation, the Illinois Historic Preservation Agency, the Army Corps of Engineers, the Illinois Environmental Protection Agency and the federal Environmental Protection Agency. 11 . The Purchaser shall forever indemnify, defend, and hold Seller' s officers and directors ( identified as of the date of this Agreement) , harmless from and against any and all 3 claims, losses, liabilities, demands, costs, and expenses ( including reasonable attorney' s fees) arising out of or in connection with this property reconveyance and for any claims, losses, liabilities, demands, costs, and expenses arising out of or in connection with Seller' s ownership, possession or development of the Real Estate. This indemnification, defense and hold harmless obligation of Purchaser shall survive the Closing (hereinafter defined) . 12 . Seller may pay for such necessary expenses and costs, including, without limitation, title reports, legal fees, appraisal costs, surveys, environmental studies from Bank One, Elgin, mortgage or, in the event that the ' line of credit is at its maximum or no further withdrawals are permitted, then the Purchaser shall indemnify and pay Seller' s costs and expenses regarding the extension or refinancing of the Bank One, Elgin, mortgage and the costs, expenses, and interest incurred by Seller in winding up its affairs and dissolving. 13 . In consideration of the reconveyance of the Real Estate to Purchaser and Purchaser' s assumption of the Mortgage and other obligations of Seller' s herein, as identified in this Agreement, Seller shall : a. Until the dissolution of the Elgin Development Corporation is complete, execute and assign such documents and perform such acts as may be reasonably requested by Purchaser in furtherance of this Agreement or as may be necessary to assist Purchaser in obtaining the refinancing of the Mortgage. b. Provide Purchaser with copy of any and all notices as may be received from any municipal, county, state or federal agency or other governmental body. 14 . Seller represents that it has terminated all existing contracts and agreements for professional services in the development of the Real Estate. 15 . The parties acknowledge that Bank One, Elgin has extended the maturity of the Mortgage and the underlying indebtedness through and including June 30, 1992 , and that an extension or refinancing of the Mortgage and underlying indebtedness through January 31, 1993 has been requested of Bank One, Elgin. Purchaser' s obligation to close hereunder is expressly contingent upon the extension or refinancing of the Bank One, Elgin Mortgage, in the minimum amount of $1, 100, 000 . 00 through January 31, 1993 and its consent to Purchaser' s acquisition of the property. 4 16 . Closing and Delivery of Possession: a. The consummation of the transaction herein described and the transfer of the Real Estate (hereinafter referred to as the "Closing" ) shall be on June , 1992, provided the Bank One, Elgin Mortgage obligation has been extended through January 31, 1993, unless subsequently mutually agreed otherwise, at the office of the Corporation Counsel of the City of Elgin or at the office of Chicago Title & Trust Company in St. Charles, Illinois (hereinafter referred to as "CTTC" ) or such other location as is acceptable to Purchaser and Seller, provided title is shown to be in the condition required herein or is otherwise acceptable to Purchaser. At the Closing, the parties shall deliver all documents required by this Agreement. b. Seller shall deliver and Purchaser agrees to accept possession of the Real Estate on the day of the Closing. 17 . Seller shall deliver the improvements on the Real Estate; • namely , four building structures, in "as is" condition as of the date of the Closing. Purchaser acknowledges that ( i) neither Seller nor any party acting on behalf of Seller has made any warranty or representation concerning the Real Estate except as expressly set forth in this Agreement, and ( ii) Purchaser is merely agreeing to purchaser the Real Estate improvements in "as is" condition. 18 . Purchaser acknowledges that Seller has provided Purchaser with a Chicago Title Insurance Company Commitment for title insurance under Order No. 393-220 with an effective date of May 11, 1992 , which Purchaser accepts as satisfactory evidence of Seller' s obligation to provide evidence of title hereunder, subject to a 100 foot public utility and services easement granted by Seller, dated 1 1992 , along the south and east property lines of the real estate. 19 . It is hereby agreed that any Disclosure Document required to be delivered by Seller to Purchaser pursuant to the provisions of the Illinois Responsible Property Transfer Act of 1988, as amended ( Ill . Rev. Stat . , ch. 30, sec . 901, et seq. , and hereinafter referred to as "IRPTA" ) may be delivered to Purchaser simultaneously with the Closing, and Purchaser hereby waives the right to require the delivery of such Disclosure Document prior thereto. At the Closing, Purchaser hereby agrees to cause the said Disclosure Document to be recorded and filed as required by law, at Purchaser' s expense, and to indemnify and hold Seller harmless from any liability, loss, claims, or expenses arising out of the failure to do so. 5 20 . Purchaser acknowledges that the Real Estate is subject to and liable to real estate taxes for the 1991 tax year and the 1992 tax year up through the date of the transfer from Seller to Purchaser hereunder. 21 . Time is of the essence of this Agreement . 22 . All notices herein required shall be in writing and shall be served on the parties at the following addresses : If to Purchaser: City of Elgin 150 Dexter Court Elgin, IL 60120 Attn: City Manager with a copy to: Erwin W. Jentsch, Esq. Corporation Counsel City of Elgin 150 Dexter Court Elgin, IL 60120 If to Seller: Elgin Development Corporation c/o M. Edward Kelly 24 East Chicago Street Elgin, IL 60120 with a copy to: Raymond F. Dalton, Jr. , Esq. Ritt & Dalton 1130 N. McLean Boulevard Elgin, IL 60123 and Allen M. Anderson, Esq. Ariano, Anderson, Bazos, Hardy & Castillo 474 Summit Street Elgin, IL 60120 The mailing of a notice by registered or certified mail, return receipt requested, shall be sufficient service. Notices shall be deemed served when delivered if delivered by hand, or on the date of mailing, if mailed as described above. 23 . Seller shall not be required to provide a survey. 24 . This Agreement shall be governed by the laws of the State of Illinois . 25 . If the date for closing or performance of an obligation falls on a Saturday, Sunday or holiday, the date 6 shall be deferred until the first business day following. No amendments, modifications or changes to this agreement shall be binding upon a party unless set forth in a duly executed document. 26 . Authority to Execute: a. Purchaser and Seller hereby covenant that the execution of this Agreement and the transaction herein contemplated have been duly approved by all necessary corporate action and that the parties executing this Agreement on behalf of Purchaser and Seller are authorized to execute same. b. At the closing, Purchaser shall deliver to Seller a certified copy of an ordinance or resolution duly and properly adopted by the City Council ' of the City of Elgin authorizing the execution and performance of this Agreement by the Purchaser. c . . On or before the Closing, Seller shall provide to Purchaser certified copies of the resolutions of Seller' s Board of Directors authorizing the execution and performance of this Agreement by Seller. 27 . This Agreement contains the entire agreement of the parties with respect to the sale and purchase of the Real Estate. All previous and contemporaneous negotiations, understandings and agreements between the parties hereto, with respect to the transaction set forth herein, are merged in this instrument, which alone fully and completely expresses the parties ' rights and obligations . The preparation of this Agreement has been a joint effort of the parties hereto and the resulting documents shall not, solely as a matter of judicial construction, be construed more severely against one of the parties than the other. 28 . As used herein, the terms (a) "person" shall mean an individual, a corporation, a partnership, a trust, an unincorporated organization or any agency or political subdivision thereof, (b) "including" shall mean including, without limiting the generality of the foregoing, and (c) the masculine shall include the feminine and the neuter. 29 . This Agreement shall be binding upon and shall insure to the benefit of the parties hereto and their respective heirs, executors, administrators, legal representatives, successors and assigns . No assignment of this Agreement shall relieve the assigning party of its obligations hereunder. 7 IN WITNESS WHEREOF, the parties hereto have executed this Real Estate Sale Agreement as of the day first above written. SELLER: PURCHASER: ELGIN DEVELOPMENT CORPORATION, CITY OF ELGIN, an Illinois an Illinois not-for-profit municipal corporation corporation 12 17 AX)BY BY _ President Georg VanDeVoorde, Mayor ATTEST: ATTEST: Secretary Cler 8 ISSUING OFFICE: CHICAGO TIT Lfi INSURANCE COMPANY 113 SOUTH THIRD STREET GENEVA, IL 60134 (708)232-2750 CITY OF ELGIN 150 DEXTER COURT ELGIN, ILLINOIS 60123 LEGAL DEPT CTI ORDER NO. : 1410 000393220 KA YOUR REFERENCE: FIRST ILLINOIS VALLEY CHICAGO TITLE INSURANCE COMPANY REPLY FORM YOUR REFERENCE: FIRST ILLINOIS VALLEY ORDER NO.: 1410 000393220 KA CHICAGO TITLE INSURANCE COMPANY APPLICANT: 113 SOUTH THIRD STREET CITY OF ELGIN GENEVA, IL 60134 150 DEXTER COURT ELGIN, ILLINOIS 60123 THIS FORM IS ENCLOSED FOR YOUR CONVENIENCE IN DEALING WITH THIS ORDER. YOU CAN INDICATE BELOW YOU CAN INDICATE BELOW WHAT YOU WANT WHAT YOU ARE SENDING US US TO DO NEXT ON THIS ORDER COMMITMENT RECORD DOCUMENTS DEED (AFFIX STAMPS, IF ANY) TRANSFER DECLARATION(S) WAIVE EXCEPTION(S) NOW . MORTGAGE DATE DOWN (LATER DATE) ASSIGNMENT OF RENTS ISSUE LATER DATE, OR TRUST DEED ISSUE POLICIES, IF CLEAR, OR SUBJECT NOTE TO EXCEPTION NO(S) . ASSIGNMENT OF MORTGAGE RELEASE DEEDS) CANCELLED TRUST DEED AND NOTE PERSONAL INFORMATION AFFIDAVIT TAX OR SPECIAL ASSESSMENT RECEIPTS ALTA STATEMENT MECHANICS' LIEN WAIVERS JOINT TENANCY AFFIDAVIT DEATH CERTIFICATE IF APPLICANT FOR LATER DATE IS DIFFERENT, CHECK AMOUNT ($ ) FOR IDENTIFY BELOW. ACCOUNT NO. (IF ANY) : NAME AND ADDRESS: BY: DATE: ALL POLICIES, WHEN ISSUED, WILL BE SENT TO THE APPLICANT NOTED ABOVS UNLESS OTHER NAMES AND ADDRESSES ARE FURNISHED BELOW: SEND OWNER'S POLICY TO SEND LOAN POLICY TO Chicago Title Insurance Company 113 SOUTH THIRD STREET, GENEVA, IL 60134 REFER INQUIRIES TO: (708)232-2750 COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, herein called the company, for a valuable consideration, hereby commits to issue its policy or polices of title insurance, as identified in Schedule A,in favor of the proposed Insured named in Schedule A,as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A,upon payment of the premiums and charges therefor, all subject to the provisions of Schedules A and B and to the Conditions and Stipulations which are hereby incorporated by reference and are made a part of the Commitment. This Commitment sball be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by subsequent endorsement. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six months after the effective date hereof or when the policy or policies committed for such shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. This commitment sball not be valid or binding until signed by an authorized signatory. CHICAGO TITLE INSURANCE COMPANY BY —LL 0-1.e� AUTHORIZEt SIGNATORY Providing?fide Related Services Since 1847 ORDER NO. : 1410 000393220 KA CHICAGO TITLE INSURANCE COMPANY RESIDENTIAL CO NT FOR TIME INSURANCE SCHEDULE A YOUR REFERENCE: FIRST ILLINOIS VALLEY ORDER NO. : 1410 000393220 KA EFFECTIVE DATE: MAY 11, 1992 L POLICY OR POLICIES TO BE ISSUED: LOAN POLICY: ALTA LOAN 1990 AMOUNT: TO COME' PROPOSED INSURED: BANK ONE, ELGIN 2. THE ESTATE OR INTEREST IN THE LAND DESCRIBED OR REFERRED TO IN THIS COMUTMENT AND COVERED HEREIN IS A FEE SDdPL E UNLESS OTHERWISE NOTED. 3. TITLE TO SAID ESTATE OR INTEREST IN SAID LAND IS AT THE EFFECTIVE DATE VESTED IN: VALLEY BANK AND TRUST COMPANY NOW KNOWN AS FIRST ILLINOIS VALLEY BANK AND TRUST COMPANY AS TRUSTEE UNDER TRUST AGREEMENT DATED AVG 24, 1989 AND KNOWN AS TRUST NUMBER 0431 4. MORTGAGE OR TRUST DEED TO BE INSURED: TO COME. CHICAGO TTTLE INSURANCE COMPANY RESIDENTIAL COMMITMENT FOR TITLE INSURANCE SCHEDULE A (CONTIIVUED) ORDER NO.: 1410 000393220 KA 5. THE LAND REFERRED TO IN THIS CO IS DESCRIBED AS FOLLOWS: THAT PART OF SECTION 27, TOWNSHIP 41 NORTH, RANGE 8 FAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: : BEGINNING AT THE NORTHEAST CORNER OF THE SOUTH 1/2 OF THE NORTHEAST 1/4 OF SAID SECTION 27; THENCE SOUTHERLY ALONG THE EAST LINE OF THE NORTHEAST 1/4 OF SECTION 27, 1331.6 FEET TO THE MAST 1/4 CORNER OF SECTION 27; THENCE SOUTHERLY ALONG THE EAST LINE OF THE SOUTH FAST 1/4 OF SECTION 27, 495 FEET; THENCE WESTERLY PARALLEL WITH THE NORTH LINE OF THE SOUTH EAST 1/4 OF SAID SECTION 27, 2628 FEET TO THE NORTH AND SOUTH CENTER LINE OF SAID SECTION 27; THENCE NORTHERLY ALONG SAID NORTH AND SOUTH CENTER LINE OF SECTION 27, 161.9 FEET TO A POINT 333.1 FEET SOUTH OF THE CENTER OF SAID SECTION 27; THENCE WESTERLY PARALLEL WITH THE NORTH LINE OF THE SOUTHWEST 1/4 OF SECTION 27, 954.5 FEET TO THE CENTER LINE OF MCLEAN BLVD (STATE AID ROUTE 18) ; THENCE NORTHERLY ALONG SAID CENTER LINE, BEING ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF 899.85 FEET; THENCE NORTHERLY ALONG SAID CENTER LINE, BEING TANGENT TO THE LAST DESCRIBED CURVE, A DISTANCE OF 653.89 FEET; THENCE NORTHERLY ALONG SAID CENTER LINE, BEING ALONG A LINE THAT FORMS AN ANGLE OF 00 DEGREES, 02 MINUTES, 0 SECONDS TO THE RIGHT WITH THE PROLONGATION OF THE LAST DESCRIBED COURSE, 100 FEET TO THE NORTH LINE OF THE SOUTH EAST 1/4'OF THE NORTHWEST 1/4 OF SAID SECTION 27; THENCE EASTERLY ALONG THE NORTH LINE OF THE SOUTH MAST 1/4 OF THE NORTHWEST 1/4, 837.5 FEET TO THE NORTHWEST CORNER OF THE SOUTH 1/2 OF THE NORTHEAST 1/4 OF SAID SECTION 27; THENCE EASTERLY ALONG THE NORTH LINE OF THE SOUTH 1/2 OF SAID NORTHEAST 1/4, 2637.10 FEET TO THE POINT OF BEGINNING; (EXCEPT THAT PART OF THE SOUTHEAST 1/4 OF THE NORTHEAST 1/4 OF SECTION 27, TOWNSHIP 41 NORTH, RANGE 8, FAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF THE SAID SOUTHEAST 1/4 OF THE NORTHEAST 1/4 OF SECTION 27; THENCE SOUTH 67 DEGREES 55 MINUTES, 52 SECONDS WEST ALONG THE NORTH LINE OF THE SAID SOUTHEAST 1/4 OF THE NORTHEAST 1/4, 1188.00 FEET; THENCE SOUTH 02 DEGREES, 04 MINUTES, 08 SECONDS MAST, PERPENDICULAR TO THE LAST DESCRIBED COURSE, 596.29 FEET; THENCE SOUTH 50 DEGREES, 46 MINUTES 57, SECONDS EAST 418.91 FEET; THENCE NORTH 39 DEGREES, 13 MINUTES 03 SECONDS EAST PERPENDICULAR TO THE LAST DESCRIBED COURSE, 413.72 FEET; THENCE NORTHEASTERLY ALONG A CURVE TO THE RIGHT, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 760.00 FEET, AN ARC DISTANCE OF 666.77 FEET; THENCE NORTH 89 DEGREES, 29 MINUTES, 06 SECONDS EAST, TANGENT TO THE LAST DESCRIBED CURVE, 2.37 FEET TO THE EAST LINE OF. THE SAID SOUTHEAST 1/4 OF THE NORTHEAST 1/4 OF SECTION 27; THENCE NORTH 00 DEGREES, 54 MINUTES, 05 SECONDS WEST ALONG THE SAID MAST LINE 303.69 FEET TO THE POINT OF BEGINNING, AND ALSO EXCEPT THAT PART DEDICATED FOR ROADWAY PURPOSES BY DOCUMENT 92KI0974 RECORDED FEBRUARY 19, 1992) , IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS. CHICAGO T=INSURANCE COMPANY RESIDENTIAL COMMITMENT FOR TITLE INSURANCE SCHEDULE B ORDER NO. : 1410 000393220 KA 1, WE SHOULD BE FURNISHED A PROPERLY EXECUTED ALTA STATEMENT. 2. NOTE FOR INFORMATION: THE COVERAGE AFFORDED BY THIS COMMITMENT AND ANY POLICY ISSUED PURSUANT HERETO SHALL NOT COMMENCE PRIOR TO THE DATE ON WHICH ALL CHARGES PROPERLY BILLED BY THE COMPANY HAVE BEEN FULLY PAID. A 3. TAXES FOR THE YEAR 1991 ARE PAYABLE IN 2 INSTALLMENTS. PERMANENT INDEX NUMBER 06-27-200-005 THE FIRST INSTALLMENT, AMOUNTING TO $1,218.07, IS NOT DELINQUENT BEFORE JUNE 15, 1992. THE SECOND INSTALLMENT, AMOUNTING TO $1,218.07, IS NOT DELINQUENT BEFORE SEPTEMBER 15, 1992. TAXES FOR 1992 NOT YET DUE OR PAYABLE. TAXES FOR THE YEAR 1991 ARE PAYABLE IN 2 INSTALLMENTS. PERMANENT INDEX NUMBER 06-27-400-001 THE FIRST INSTALLMENT, AMOUNTING TO $456.79, IS NOT DELINQUENT BEFORE JUNE 15, 1992. THE SECOND INSTALLMENT, AMOUNTING TO $456.79, IS NOT DELINQUENT BEFORE SEPTEMBER 15, 1992. TAXES FOR 1992 NOT YET DUE OR PAYABLE. TAXES FOR THE YEAR 1991 ARE PAYABLE IN 2 INSTALLMENTS. PERMANENT INDEX NUMBER 06-27-326-001 THE FIRST INSTALLMENT, AMOUNTING TO $106.59, IS NOT DELINQUENT BEFORE JUNE 15; 1992. THE SECOND INSTALLMENT, AMOUNTING TO $106.59, IS NOT DELINQUENT BEFORE SEPTEMBER 15, 1992. TAXES FOR 1992 NOT YET DUE OR PAYABLE. TAXES FOR THE YEAR 1991 ARE PAYABLE IN 2 INSTALLMENTS. PERMANENT INDEX NUMBER 06-27-126-005 THE FIRST INSTALLMENT, AMOUNTING TO $395.89, IS NOT DELINQUENT BEFORE JUNE 15, 1992. THE SECOND INSTALLMENT, AMOUNTING TO $395.89, IS NOT DELINQUENT BEFORE SEPTEMBER 15, 1992. TAXES FOR 1992 NOT YET DUE OR PAYABLE. B 4. MORTGAGE DATED MARCH 13., 1991 AND RECORDED MAY 31, 1991 AS DOCUMENT 91827379, MADE BY FIRST ILLINOIS VALLEY BANK AND TRUST COMPANY, AS TRUSTEE UNDER TRUST AGREEMENT DATED AUGUST 24, 1991, INOWN AS TRUST NUMBER 0431, TO FIRST•ILLINOIS VALLEY BANK AND TRUST COMPANY, TO SECURE A NOTE FOR $1,000,000.00. L S. TERMS, POWERS, PROVISIONS AND LIMITATIONS OF THE TRUST UNDER WHICH TITLE TO THE LAND IS HELD. M 6. NOTE: THE FOLLOWING IS PROVIDED FOR YOUR INFORMATION AND IS NOT A PART OF t . CHICAGO TI'I'I.E INSURANCE COMPANY RESIDENTIAL COMMITMENT FOR TIME INSURANCE SCHEDULE B (CONTINUED) ORDER NO. : 1410 000393220 KA THIS COMMITHENT/POLICY. THE FOLLOWING ENVIRONMENTAL DISCLOSURE DOCUMENT(S) FOR TRANSFER OF REAL PROPERTY APPEAR OF RECORD WHICH INCLUDE A DESCRIPTION OF THE LAND INSURED OR A PART THEREOF: DOCUMENT NUMBER: 9OK24164 DATE OF RECORDING: MAY 10, 1990 N 7. NOTE: IF ANY CONTEMPLATED DEED OF CONVEYANCE OF THE LAND IS EXEMPT FROM THE OPERATION OF THE PROVISIONS OF PARAGRAPH 1(A) OF CHAPTER 109 OF THE .ILLINOIS REVISED STATUTES (COMMONLY KNOWN AS THE PLAT ACT) , SUCH DEED SHOULD BE ACCOMPANIED BY A PROPER AFFIDAVIT ESTABLISHING TO THE SATISFACTION OF THE RECORDER OF DEEDS OF COUNTY, ILLINOIS, THAT THE CONVEYANCE IS SO EXEMPT. IF SAID CONVEYANCE IS NOT SO EXEMPT, COMPLIANCE SHOULD BE HAD WITH THE PROVISIONS OF SAID PARAGRAPH 1(A) . D S. RIGHTS OF WAY FOR .DRAIN TILES, DRAINAGE DITCHES, FEEDERS AND LATERALS. E 9. RIGHTS OF THE PUBLIC, THE STATE OF ILLINOIS, COUNTY OF KANE AND THE MUNICIPALITY IN AND TO THAT PART OF THE LAND TAKEN OR USED FOR ROAD PURPOSES. F 10. EASEMENT GRANT RECORDED NOVEMBER 7, 1979 AS DOCUMENT 1526952 IN FAVOR OF SANITARY DISTRICT OF ELGIN FOR A 20 FOOT WIDE SANITARY SEWER SEE DOCUMENT FOR EXACT•LOCATION. G 11. BASEMENT FOR GAS MAIN IN FAVOR OF NORTHERN ILLINOIS GAS COMPANY RECORDED MAY 1, 1980 AS DOCUMENT 1542262 SEE DOCUMENT AND DRAWING ATTACHED FOR LOCATION. H 12. ORDINANCE OF CITY OF ELGIN ESTABLISHING FEES FOR CONNECTION AND USE OF WATERMAIN IMPROVEMENTS RECORDED MARCH 13,• 1987 AS DOCQMfiNT 1828239. 1 13. PROVISIONS IN THE QUIT CLAIM DEED RECORDED OCTOBER 20, 1989 AS DOCUMENT 2003869 FROM THE COUNTY BOARD OF SCHOOL TRUSTEES OF KANE- COUNTY TO THE CITY OF ELGIN THAT THE CONVEYANCE IS SUBJECT TO TERMS AND CONDITIONS OF THE INTERGOVERNMENTAL AGREEMENT BETWEEN THE GRANTOR AND GRANTEE DATED JULY 14, 1988. . 0 14. INFORMATIONAL NOTE: TO SCHEDULE KANE/KENDALL CLOSINGS, PLEASE CALL: (708)584-9566 FOR CLOSING INFORMATION/FIGURES: IN ST. CHARLES & GENEVA, PLEASE CALL: (708)584-9566 IN AURORA AND YORKVILLE, PLEASE CALL: (708)892-3775 ' P 15. REFER INQUIRES REGARDING THIS COMMITMENT TO DAVID NELSON AT GENEVA, KANE COUNTY OFFICE: (708)232-2750. COPIES OF THE COMMITMENT HAVE BEEN SENT TO: WtCSCHBC PAGE B 2 �c.ee.te CHICAGO TITLE INSURANCE COMPANY RESIDENTIAL COMMITMENT FOR.TITLE INSURANCE SCHEDULE B (CONTINUED) ORDER NO. : 1410 000393220 KA RITT & DALTON 1130 NORTH MCIM!N BOULEVARD ELGIN, ILLINOIS 60123 RAY DALTON HANK ONE 888 N. LAPDX ST SOUTH ELGIN, ILLINOIS 60177 CITY OF ELGIN 150 DEXTER COURT ELGIN, ILLINOIS 60123 LEGAL DEPT