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Home My WebLink About09-171 Resolution No. 09-171 RESOLUTION AUTHORIZING EXECUTION OF AN AMENDMENT TO REAL ESTATE SALES CONTRACT DATED JULY 23, 2008, WITH THE RESIDENTIAL LAND FUND I, L.P. (Fire Station No. 9) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,ILLINOIS,that Sean R. Stegall, City Manager, and Diane Robertson, City Clerk,be and are hereby authorized and directed to execute an amendment to the real estate sales contract dated July 23,2008,on behalf of the City of Elgin with The Residential Land Fund I, L.P., a copy of which is attached hereto and made a part hereof by reference. s/Ed Schock Ed Schock, Mayor Presented: July 22, 2009 Adopted: July 22, 2009 Omnibus Vote: Yeas: 5 Nays: 0 Attest: s/Diane Robertson Diane Robertson, City Clerk AMENDMENT TO REAL ESTATE SALES CONTRACT THIS AMENDMENT,made and entered into this 2a day of 3, , 2009,by and between the CITY OF ELGIN, Illinois, an Illinois municipal corporation(" chaser"), and THE RESIDENTIAL LAND FUND I,L.P.,a Delaware limited partnership("Seller"): WITNESSETH: A. Purchaser and Seller entered into a Real Estate Sales Contract("Contract")dated July 23, 2008,covering the conveyance by Seller to Purchaser of two parcels of real estate described in Exhibit A attached thereto. B. The closing of the conveyance contemplated in the Contract is scheduled to take place no later than December 31, 2009. C. Purchaser and Seller have agreed to extend the closing date for one (1)year,to no later than December 31,2010. NOW,THEREFORE,for and in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,the receipt and sufficiency of which the parties hereby acknowledge,the parties hereby agree as follows: I. Paragraph 5 of the Contract is hereby deleted in its entirety and the following is inserted in its place: 445. Closing. The time of Closing ("Closing"or"Closing Date")shall (i)be on or before the thirtieth(30th)day following the receipt by Seller of final plat approval by Purchaser for the balance of Spring Creek Farm property adjacent to the Real Estate ("Plat"), containing approximately 19.75 acres,but in no event shall the Closing Date be later than December 31, 2010,or(ii) such other date as may hereafter be agreed to by the parties,or(iii)on the date,if any,to which such time is extended by reason of Section 8 hereafter becoming operative. Unless subsequently mutually agreed otherwise, Closing shall take place at the office of the Escrowee (as hereinafter defined in Section 17),provided title is shown to be good or is accepted by Purchaser. The Plat shall be in substantial conformance to "Exhibit D"attached hereto and incorporated herein by this reference." II. In all other respects the Contract shall remain in full force and effect as originally executed and as amended herein. CADocuments and Settings\OwnerrNy Documents\Amendment to RE Contract.doc CITY OF ELGIN, THE RESIDENTIAL LAND FUND I,L.P. an Illinois munic' corporation a Delaware limited partnership By: By: Residential Land Management, L.L.C. City anager a Delaware limited liability company Its: Sole General Partner Attest: By: Terrestris RLM, Ltd. By. \ ? an Illinois corporation I Sole Mana ' ber By e s A Cortesi, President City of Elgin The Residential Land Fund, L.P. Attn.: City Manager Attn. Dennis A. Cortesi 150 Dexter Court 1301 Wes 22' Street, Suite 201 Elgin, Illinois 60120-5555 Oak Brook, Illinois 60523 with a copy of any notice to: with a copy of any notice to: William A. Cogley,Esq., Richard L. Heimberg, Esq. Corporate Counsel, City of Elgin Brady &Jensen, LLP 150 Dexter Court 2425 Royal Boulevard Elgin,Illinois 60120-5555 Elgin, Illinois 60123 (847) 931-5659 (847) 695-2000 (847) 931-5665 facsimile (847)695-3243 facsimile CADocuments and Settings\OwnerNy Documents\Amendment to RE Contract.doc • Memorandum r City of Elgin Date: July 27, 2009 To: Mary Giffort, Paralegal From: Jennifer Quinton, Deputy City Clerk Subject: Resolution No. 09-171, Adopted at the July 22, 2009, Council Meeting Enclosed you will find the agreement listed below. Please retain a copy for your records. If you have any questions please feel free to contact our office 847-931-5660 and we will do our best to assist you. Thank you. • Amendment to Real Estate Sales Contract Dated July 23, 2008 with The Residential Land Fund 1, L.P. (Fire Station No. 9)