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HomeMy WebLinkAbout15-91 Resolution No. 15-91 RESOLUTION AUTHORIZING EXECUTION OF A REAL ESTATE SALES CONTRACT WITH HABITAT FOR HUMANITY OF NORTHERN FOX VALLEY FOR THE SALE OF 212 FRANKLIN BOULEVARD BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,ILLINOIS,that David J. Kaptain, Mayor, and Kimberly A. Dewis, City Clerk, be and are hereby authorized and directed to execute a real estate sales contract on behalf of the City of Elgin with Habitat For Humanity of Northern Fox Valley for the sale of property commonly known as 212 Franklin Boulevard, a copy of which is attached hereto and made a part hereof by reference. s/David J. Kaptain David J. Kaptain, Mayor Presented: June 24, 2015 Adopted: June 24, 2015 Omnibus Vote: Yeas: 9 Nays: 0 Attest: s/Kimberly Dewis Kimberly Dewis, City Clerk I MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 4.0 A (Quh NOVLAAI REALTOR O/PORIUNIrt 1 1.THE PARTIES: Buyer and Seller are hereinafter referred to as the"Parties". 2 3 Buyer(s)(Please Print) Habitat For Humanity of Northern Fox Valley, an Illinois not-forprofit corporation 4 5 Seller(s)(Please Print) City of Elgin, an Illinois municipal corporation 6 7 If Dual Agency applies,complete Optional Paragraph 41. 8 9 2. THE REAL ESTATE: Real Estate shall be defined to include the Real Estate and all improvements thereon. Seller 10 agrees to convey to Buyer or to Buyer's designated grantee, the Real Estate with the approximate lot size or acreage 11 of 31'x 132' commonly known as: 212 Franklin Boulevard,Elgin, Illinois 60120 12 Address City State Zip 13 Kane 06-13-103-010 14 County Unit#(if applicable) Permanent Index Number(s)of Real Estate 15 16 If Condo/Coop/Townhome Parking is Included:#of space(s) ;identified as Space(s)# ; 17 (check type) ❑ deeded space; ❑ limited common element; ❑ assigned space 18 19 3.FIXTURES AND PERSONAL PROPERTY: All of the fixtures and personal property stated herein are owned by 20 Seller and to Seller's knowledge are in operating condition on the Date of Acceptance, unless otherwise stated herein. 21 Seller agrees to transfer to Buyer all fixtures, all heating, electrical, plumbing and well systems together with the 22 following items of personal property by Bill of Sale at Closing:[Check or enumerate applicable items) 23 —Refrigerator —All Tacked Down Carpeting _Fireplace Screen(s)/Door(s)/Grate(s) _Central Air Conditioning 24 _Oven/Range/Stove _All Window Treatments&Hardware _Fireplace Gas Logs —Electronic or Media Air Filter 25 —Microwave — Built-in or Attached Shelving — Existing Storms&Screens _Central Humidifier 26 _Dishwasher _Smoke Detector(s) _Security System(s)(owned) _Sump Pump(s) 27 —Garbage Disposal _Ceiling Fan(s) _Intercom System — Water Softener(owned) 28 _Trash Compactor —TV Antenna System _Central Vac&Equipment _Outdoor Shed 29 _Washer _Window Air Conditioner(s) _Electronic Garage Door Opener(s) — Attached Gas Grill 30 _Dryer _Planted Vegetation with all Transmitter(s) _Light Fixtures,as they exist 31 _Satellite Dish _Outdoor Playsets _Invisible Fence System,Collars)and Box _Home Warranty S 32 Other items included: 33 Items NOT included: 34 Seller warrants to Buyer that all fixtures, systems and personal property included in this Contract shall be in operating 35 condition at possession, except: . 36 A system or item shall be deemed to be in operating condition if it performs the function for which it is intended, 37 regardless of age,and does not constitute a threat to health or safety. 38 39 4.PURCHASE PRICE:Purchase Price of$ One(1) Dollar shall be paid as follows:initial 40 earnest money of$ by i0 check,f0 cash OR L❑ not,dire oil ,20 , 41 to b,incrcas,d to a t, tal of$ by ,20 . The ca.cst money and the 42 . .. . ... ... . . - . . . - _ . - _. .- ... ._ _ - .. ;-. - . - .. . . . ._. . . - 43 Parties. The Purchase Price, as adjusted by prorations, shall be paid at Closing by wire transfer of funds, 44 or by certified, cashier's, mortgage lender's or title company's check (provided that the title company's check is 45 guaranteed by a licensed title insurance company). 46 47 5. CLOSING: Closing or escrow payout shall be on July 16 , 20 15 , or at such time as 48 mutually agreed upon by the Parties in writing. Closing shall take place at the title company escrow office situated 49 geographically nearest the Real Estate or as shall be agreed mutually by the Parties. 50 51 6. POSSESSION: Unless otherwise provided in Paragraph 39, Seller shall deliver possession to Buyer at the time of 52 Closing.Possession shall be deemed to have been delivered when Seller has vacated the Real Estate and delivered keys 53 to the Real Estate to Buyer or to Listing Office. Buyer Initial Buyer Initial Seller Initial— Seller Initial Address 212 ra- in Boulevard, Elgin,Illinois 60120 Page 1 54 7. RESIDENTIAL REAL ESTATE AND LEAD-BASED PAINT DISCLOSURES: If applicable, prior to signing 55 this Contract, Buyer[check oneJ,® has has not received a completed Illinois Residential Real Property Disclosure 56 Report;[check oneJJ has`O has not received the EPA Pamphlet, "Protect Your Family From Lead in Your Home"; 57 [check°flea has O has not received a Lead-Based Paint Disclosure. 58 59 8. PRORATIONS: Proratable items shall include, without limitation, rents and deposits (if any) from tenants, Special 60 Service Area tax for the year of closing only, utilities, water and sewer, and homeowner or condominium association 61 fees (and Master/Umbrella Association fees, if applicable). Accumulated reserves of a Homeowner/Condominium 62 Association(s)are not a proratable item. Seller represents that as of the Date of Acceptance Homeowner/Condominium 63 Association(s)fees are $ N/A per N/A (and,if applicable,fees for a Master/Umbrella Association are 64 $ N/A per N/A ). Seller agrees to pay prior to or at Closing any special assessments (governmental or 65 association)confirmed prior to Date of Acceptance. Installments due after the year of Closing for a Special Service Area 66 shall not be a proratable item. The general Real Estate taxes shall be prorated as of the date of Closing based on 67 100 % of the most recent ascertainable full year tax bill. All prorations shall be final as of Closing, except as 68 provided in Paragraph 20. If the amount of the most recent ascertainable tax bill reflects a homeowner,senior citizen or 69 other exemption,Seller has submitted or will submit in a timely manner all necessary documentation to the Assessor's 70 Office,before or after Closing,to preserve said exemption(s). 71 73 this Contract,other than stated Purchase Price,within five(5) Business Days after the Date • = . ce. isapproval 74 or modification of this Contract shall not be based solely upon state. ' - _• • ce. Any notice of disapproval or 75 proposed modification(s)by any Party shall be in : :. en notice is not served within the time specified,this 76 provision shall be deemed • • . . , e 'arties and this Contract shall remain in full force and effect.If prior to 77 the ex • • n 10)Business Days after Date of Acceptance,written agreement is not reached by the Parties 79 . . ti • . . . . 81 governmental regulations) a home, radon, environmental, lead-based paint and/or lead-based paint hazards ess 82 separately waived), and/or wood destroying insect infestation inspection(s) of said Real Estate by one o :; •re licensed 83 or certified inspection service(s). Buyer shall serve written notice upon Seller or Seller's a • ey of any defects 84 disclosed by the inspections) which are unacceptable to Buyer, together with a copy • e pertinent page(s) of the 85 reports) within five (5) Business Days (ten (10) calendar days for a lead-based • :, and/or lead-based paint hazard 86 inspection)after Date of Acceptance. If written notice is not served withi' e time specified,this provision shall be 87 deemed waived by the Parties and this Contract shall remain i t , force and effect.If prior to the expiration of 88 ten (10) Business Days after Date of Acceptance,writte eement is not reached by the Parties with respect to 89 resolution of inspection issues, then this Contra all be null and void. The home inspection shall cover oh 90 major components of the Real Estate, inclu.' •ut not limited to, central heating systemts), central cooling system(s), 91 plumbing and well system, electrical Y root walls, windows, ceilings, floors, appliances and foundation. A major 92 component shall be deemed to • •n operating condition if it performs the function for which it is intended,regardless of 93 age, and does not cons.•• a threat to health or safety. The fact that a functioning component may be at the end of its 94 useful life shall . . render such component defective for the purpose of this paragraph. Buyer shall indemnify Seller 95 and hold - er harmless from and against any loss or damage caused by the acts or negligence of Buyer or any person 96 .rming any inspection(s). Buyer agrees minor repairs and routine maintenance items are not a part of this 98 .. " ■ 1-1 100 Disclosure (see page 11). This Contract is contingent upon Bu er o. : .' _ :. -i mortgage commitment 101 (except for matters of title and . - • - • : wit • Buyer's control)on or before , 20_ Buyer Initial Buyer Initial Seller Initial Seller Initial__ Address 212 ranklin Boulevard, Elgin,Illinois 60120 Page 2 103 loan of$ or such 1.ssa amount as Duya ulccts to take, plus piivah, Laoitgage iirsuiaucc (rmi) 104 required. The interest rate (initial rate, if applicable) shall not exceed %per annum, amortized over not -- than 105 years. Buyer shall pay loan origination fee and/or discount points not to exceed % of - on amount. 106 Buyer shall pay the cost of application, usual and customary processing fees and closing costs . ged by lender. (If 107 FHA/VA, complete Paragraph 35.) (If closing cost credit, complete Paragraph 33.) B shall make written loan 108 application within five (5) Business Days after the Date of Acceptance. Failure 'o so shall constitute an act of 109 Default under this Contract. If Buyer, having applied for the loan spec' ' above,is unable to obtain such loan 110 commitment and serves written notice to Seller within the time s s ied, this Contract shall be null and void. If 111 written notice of inability to obtain such loan commitment '• of served within the time specified,Buyer shall be 112 deemed to have waived this contingency and this Co. act shall remain in full force and effect. Unless otherwise 113 provided in Paragraph 31,this Contract shal • I be contingent upon the sale and/or closing of Buyer's existing 114 real estate. Buyer shall be deemed to h. - atisfied the financing conditions of this paragraph if Buyer obtains a loan 115 commitment in accordance with erms of this paragraph even though the loan is conditioned on the sale and/or 116 closing of Buyer's existin: - estate. If Seller at Seller's option and expense, within thirty (30) days after Buyer's 117 notice, procures for : -r such commitment or notifies Buyer that Seller will accept a purchase money mortgage upon 118 the same term s Contract shall remain in full force and effect.In such event, Seller shall notify Buyer within five(5) 119 Busine %:ys after Buyer's notice of Seller's election to provide or obtain such financing, and Buyer shall furnish to 120 - or lender all requested information and shall sign all papers necessary to obtain the mortgage commitment and to 1 — - - :2 ... . 122 123 12. HOMEOWNER INSURANCE: This Contract is contingent upon Buyer's securing evidence of insurability for an 124 Insurance Service Organization Homeowner 3 (ISOHO3) or applicable equivalent policy at Preferred Premium rates 125 within ten (10) Business Days after Date of Acceptance. If Buyer is unable to obtain evidence of insurability and 126 serves written notice with proof of same to Seller within the time specified,this Contract shall be null and void.If 127 written notice is not served within the time specified,Buyer shall be deemed to have waived this contingency and 128 this Contract shall remain in full force and effect. 129 130 13. FLOOD INSURANCE: Unless previously disclosed in the Illinois Residential Real Property Disclosure Report, 131 Buyer shall have the option to declare this Contract null and void if the Real Estate is located in a special flood hazard 132 area which requires Buyer to carry flood insurance. If written notice of the option to declare this Contract null and 133 void is not given to Seller within ten (10) Business Days after Date of Acceptance or within the term specified in 134 Paragraph 11 (whichever is later), Buyer shall be deemed to have waived such option and this Contract shall 135 remain in full force and effect.Nothing herein shall be deemed to affect any rights afforded by the Residential Real 136 Property Disclosure Act. 137 138 14. CONDOMINIUM/COMMON INTEREST ASSOCIATIONS: (If applicable) The Parties agree that the terms 139 contained in this paragraph,which may be contrary to other terms of this Contract,shall supersede any conflicting terms. 140 (a) Title when conveyed shall be good and merchantable, subject to terms, provisions, covenants and conditions of 141 the Declaration of Condominium/Covenants, Conditions and Restrictions and all amendments;public and utility 142 easements including any easements established by or implied from the Declaration of Condominium/Covenants, 143 Conditions and Restrictions or amendments thereto;party wall rights and agreements;limitations and conditions 144 imposed by the Condominium Property Act; installments due after the date of Closing of general assessments 145 established pursuant to the Declaration of Condominium/Covenants, Conditions and Restrictions. 146 (b) Seller shall be responsible for all regular assessments due and levied prior to Closing and for all special 147 assessments confirmed prior to the Date of Acceptance. 148 (c) Buyer has,within five(5)Business Days from the Date of Acceptance, the right to demand from Seller items as 149 stipulated by the Illinois Condominium Property Act, if applicable, and Seller shall diligently apply for same. 150 This Contract is subject to the condition that Seller be able to procure and provide to Buyer,a release or waiver 151 of any option of first refusal or other pre-emptive rights of purchase created by the Declaration of 152 Condominium/Covenants, Conditions and Restrictions within the time established by the Declaration of 153 Condominium/Covenants, Conditions and Restrictions. In the event the Condominium Association requires Buyer Initial fit Buyer Initial Seller Initial - Seller Initial Address 212 Franklin Boulevard, Elgin, Illinois 60120 Page 3 154 personal appearance of Buyer and/or additional documentation,Buyer agrees to comply with same. 155 (d) In the event the documents and information provided by Seller to Buyer disclose that the existing improvements 156 are in violation of existing rules, regulations or other restrictions or that the terms and conditions contained 157 within the documents would unreasonably restrict Buyer's use of the premises or would result in increased 158 financial obligations unacceptable to Buyer in connection with owning the Real Estate, then Buyer may 159 declare this Contract null and void by giving Seller written notice within five (5)Business Days after the 160 receipt of the documents and information required by Paragraph 14 (c), listing those deficiencies which 161 are unacceptable to Buyer.If written notice is not served within the time specified, Buyer shall be deemed 162 to have waived this contingency,and this Contract shall remain in full force and effect. 163 (e) Seller shall not be obligated to provide a condominium survey. 164 (f) Seller shall provide a certificate of insurance showing Buyer(and Buyer's mortgagee,if any) as an insured. 165 166 15. THE DEED: Seller shall convey or cause to be conveyed to Buyer or Buyer's designated grantee good and 167 merchantable title to the Real Estate by recordable general Warranty Deed, with release of homestead rights, (or the 168 appropriate deed if title is in trust or in an estate), and with real estate transfer stamps to be paid by Seller (unless 169 otherwise designated by local ordinance). Title when conveyed will be good and merchantable, subject only to: general 170 real estate taxes not due and payable at the time of Closing, covenants, conditions, and restrictions of record, building 171 lines and easements, if any, so long as they do not interfere with the current use and enjoyment of the Real Estate. 172 173 16. TITLE: At Seller's expense, Seller will deliver or cause to be delivered to Buyer or Buyer's attorney within 174 customary time limitations and sufficiently in advance of Closing, as evidence of title in Seller or Grantor, a title 175 commitment for an ALTA title insurance policy in the amount of the Purchase Price with extended coverage by a title 176 company licensed to operate in the State of Illinois, issued on or subsequent to the Date of Acceptance, subject only to 177 items listed in Paragraph 15. The requirement of providing extended coverage shall not apply if the Real Estate is vacant 178 land. The commitment for title insurance furnished by Seller will be conclusive evidence of good and merchantable title 179 as therein shown,subject only to the exceptions therein stated. If the title commitment discloses unpermitted exceptions, 180 or if the Plat of Survey shows any encroachments which are not acceptable to Buyer, then Seller shall have said 181 exceptions or encroachments removed, or have the title insurer commit to insure against loss or damage that may be 182 caused by such exceptions or encroachments. If Seller fails to have unpermitted exceptions waived or title insured over 183 prior to Closing, Buyer may elect to take the title as it then is, with the right to deduct from the Purchase Price prior 184 encumbrances of a definite or ascertainable amount. Seller shall furnish Buyer at Closing an Affidavit of Title covering 185 the date of Closing,and shall sign any other customary forms required for issuance of an ALTA Insurance Policy. 186 187 17. PLAT OF SURVEY: Not less than one (1) Business Day prior to Closing, except where the Real Estate is a 188 condominium (see Paragraph 14) Seller shall,at Seller's expense, furnish to Buyer or Buyer's attorney a Plat of Survey 189 dated not more than six (6) months prior to the date of Closing, prepared by an Illinois Professional Land Surveyor, 190 showing any encroachments, measurements of all lot lines, all easements of record, building set back lines of record, 191 fences, all buildings and other improvements on the Real Estate and distances therefrom to the nearest two lot lines. In 192 addition,the survey to be provided shall be a boundary survey conforming to the current requirements of the appropriate 193 state regulatory authority. The survey shall show all corners staked,flagged,or otherwise monumented. The survey shall 194 have the following statement prominently appearing near the professional land surveyor seal and signature: "This 195 professional service conforms to the current Illinois minimum standards for a boundary survey". A Mortgage Inspection, 196 as defined,is not a boundary survey, and is not acceptable. 197 198 18.ESCROW CLOSING: At the election of either Party,not less than five(5) Business Days prior to the Closing,this 199 sale shall be closed through an escrow with the lending institution or the title company in accordance with the provisions 200 of the usual form of Deed and Money Escrow Agreement, as agreed upon between the Parties, with provisions inserted 201 in the Escrow Agreement as may be required to conform with this Contract. The cost of the escrow shall be paid by the 202 Party requesting the escrow. If this transaction is a cash purchase (no mortgage is secured by Buyer), the Parties shall 203 share the title company escrow closing fee equally. 204 Buyer Initial Buyer Initial Seller Initial Seller Initial__ _ Address 212 Franklin Boulevard, Elgin, Illinois 60120 Page 4 205 19. DAMAGE TO REAL ESTATE PRIOR TO CLOSING: If, prior to delivery of the deed,the Real Estate shall be 206 destroyed or materially damaged by fire or other casualty, or the Real Estate is taken by condemnation,then Buyer shall 207 have the option of either terminating this Contract (and receiving a refund of earnest money) or accepting the Real 208 Estate as damaged or destroyed, together with the proceeds of the condemnation award or any insurance payable as a 209 result of the destruction or damage, which gross proceeds Seller agrees to assign to Buyer and deliver to Buyer at 210 closing.Seller shall not be obligated to repair or replace damaged improvements. The provisions of the Uniform Vendor 211 and Purchaser Risk Act of the State of Illinois shall be applicable to this Contract,except as modified in this paragraph. 212 213 20. REAL ESTATE TAX ESCROW: In the event the Real Estate is improved, but has not been previously taxed for 214 the entire year as currently improved, the sum of three percent(3%) of the Purchase Price shall be deposited in escrow 215 with the title company with the cost of the escrow to be divided equally by Buyer and Seller and paid at Closing. When 216 the exact amount of the taxes prorated under this Contract can be ascertained, the taxes shall be prorated by Seller's 217 attorney at the request of either Party, and Seller's share of such tax liability after reproration shall be paid to Buyer from 218 the escrow funds and the balance, if any, shall be paid to Seller. If Seller's obligation after such reproration exceeds the 219 amount of the escrow funds,Seller agrees to pay such excess promptly upon demand. 220 221 21. SELLER REPRESENTATIONS: Seller represents that Seller has not received written notice from any 222 Governmental body or Homeowner Association regarding (a)zoning, building, fire or health code violations that have 223 not been corrected; (b) any pending rezoning; (c) any pending condemnation or eminent domain proceeding; or (d) a 224 proposed or confirmed special assessment and/or Special Service Area affecting the Real Estate. Seller represents, 225 however,that,in the case of a special assessment and/or Special Service Area,the following applies: 226 1. There[check one]is(❑ is not Fl a proposed or pending unconfirmed special assessment affecting the Real 227 Estate not payable by Seller after date of Closing. 228 2. The Real Estate[check one]is 0 is not located within a Special Service Area, payments for which will 229 not be the obligation of Seller after date of Closing. 230 If any of the representations contained herein regarding non-Homeowner Association special assessment or 231 Special Service Area are unacceptable to Buyer, Buyer shall have the option to declare this Contract null and 232 void. If written notice of the option to declare this Contract null and void is not given to Seller within ten (10) 233 Business Days after Date of Acceptance or within the term specified in Paragraph 11 (whichever is later), Buyer 234 shall be deemed to have waived such option and this Contract shall remain in full force and effect. Seller further 235 represents that Seller has no knowledge of boundary line disputes, easements or claims of easement not shown by the 236 public records, any hazardous waste on the Real Estate or any improvements for which the required permits were not 237 obtained. Seller represents that there have been no improvements to the Real Estate which are not either included in full 238 in the determination of the most recent real estate tax assessment or which are eligible for home improvement tax 239 exemption. 240 241 22. CONDITION OF REAL ESTATE AND INSPECTION: Seller agrees to leave the Real Estate in broom clean 242 condition. All refuse and personal property that is not to be conveyed to Buyer shall be removed from the Real Estate at 243 Seller's expense before possession. Buyer shall have the right to inspect the Real Estate, fixtures and personal property 244 prior to possession to verify that the Real Estate, improvements and included personal property are in substantially the 245 same condition as of the Date of Acceptance,normal wear and tear excepted. 246 247 23. GOVERNMENTAL COMPLIANCE: Parties agree to comply with the reporting requirements of the applicable 248 sections of the Internal Revenue Code and the Real Estate Settlement Procedures Act of 1974, as amended. 249 250 24. BUSINESS DAYS/HOURS: Business Days are defined as Monday through Friday, excluding Federal holidays. 251 Business Hours are defined as 8:00 A.M. to 6:00 P.M. Chicago time. 252 253 25. FACSIMILE: Facsimile signatures shall be sufficient for purposes of executing, negotiating, and finalizing this 254 Contract. Buyer Initial &I? Buyer Initial Seller Initial_ Seller Initial__ Address 212 Franklin Boulevard, Elgin, Illinois 60120 Page 5 255 26. DIRECTION TO ESCROWEE: In every instance where this Contract shall be deemed null and void or if this 256 Contract may be terminated by either Party,the following shall be deemed incorporated: "and earnest money refunded to 257 Buyer upon written direction of the Parties to Escrowee or upon entry of an order by a court of competent jurisdiction". 258 259 27. NOTICE: All Notices, except as provided otherwise in Paragraph 31(C)(2), shall be in writing and shall be served 260 by one Party or attorney to the other Party or attorney. Notice to any one of a multiple person Party shall be sufficient 261 Notice to all.Notice shall be given in the following manner: 262 (a) By personal delivery of such Notice; or 263 (b) By mailing of such Notice to the addresses recited herein by regular mail and by certified mail, return receipt 264 requested. Except as otherwise provided herein, Notice served by certified mail shall be effective on the date of 265 mailing;or 266 (c) By sending facsimile transmission. Notice shall be effective as of date and time of facsimile transmission, 267 provided that the Notice transmitted shall be sent on Business Days during Business Hours. In the event fax 268 Notice is transmitted during non-business hours,the effective date and time of Notice is the first hour of the next 269 Business Day after transmission;or 270 (d) By sending e-mail transmission. Notice shall be effective as of date and time of e-mail transmission, provided 271 that the Notice transmitted shall be sent during Business Hours, and provided further that the recipient provides 272 written acknowledgment to the sender of receipt of the transmission (by e-mail, facsimile, regular mail or 273 commercial overnight delivery). In the event e-mail Notice is transmitted during non-business hours, the 274 effective date and time of Notice is the first hour of the next Business Day after transmission; or 275 (e) By commercial overnight delivery (e.g., FedEx). Such Notice shall be effective on the next Business Day 276 following deposit with the overnight delivery company. 277 278 28.PERFORMANCE: Time is of the essence of this Contract. In any action with respect to this Contract, the Parties 279 are free to pursue any legal remedies at law or in equity and the prevailing Party in litigation shall be entitled to collect 280 reasonable attorney fees and costs from the non-Prevailing Party as ordered by a court of competent jurisdiction. There 281 shall be no disbursement of earnest money unless Escrowee has been provided written agreement from Seller and Buyer. 282 Absent an agreement relative to the disbursement of earnest money within a reasonable period of time, Escrowee may 283 deposit funds with the Clerk of the Circuit Court by the filing of an action in the nature of interpleader. Escrowee shall 284 be reimbursed from the earnest money for all costs, including reasonable attorney fees, related to the filing of the 285 interpleader action. Seller and Buyer shall indemnify and hold Escrowee harmless from any and all conflicting claims 286 and demands arising under this paragraph. 287 288 29. CHOICE OF LAW/GOOD FAITH: All terms and provisions of this Contract including, but not limited to, the 289 Attorney Review and Professional Inspection paragraphs, shall be governed by the laws of the State of Illinois and are 290 subject to the covenant of good faith and fair dealing implied in all Illinois contracts. 291 292 30. OTHER PROVISIONS: This Contract is also subject to those OPTIONAL PROVISIONS selected for use and 293 initialed by the Parties which are contained in the following paragraphs and attachments,if any: The Rider to Real Estate 294 Contract for the sale of 212 Franklin Blvd., Elgin, IL, 60120, attached hereto, is hereby incorporated into and 295 made a part of this Contract. 296 THE FOLLOWING OPTIONAL PROVISIONS APPLY ONLY IF INITIALED BY ALL PARTIES 297 298 31. SALE OF BUYER'S REAL ESTATE: 299 Initials 300 (A)REPRESENTATIONS ABOUT BUYER'S REAL ESTATE: Buyer represents to Seller as follows: 301 (1) Buyer owns real estate commonly known as(address): 302 303 (2) Buyer[check oneJ�❑ has;❑ has not entered into a contract to sell said real estate. If Buyer has entered into a contract to 304 sell said real estate,that contract: 305 (a) [check opeJ 10 is[is not subject to a mortgage contingency. Buyer Initial 61r) Buyer Initial Seller Initial Seller Initial Address 212 Franklin Boulevard, Elgin, Illinois 60120 Page 6 306 (b) [check one] ❑ is;0 is not subject to a real estate sale contingency. 307 (c) ]check one] ;0 •is 0 is not subject to a real estate closing contingency. 308 (3) Buyer [check one];❑ has' has not listed said real estate for sale with a licensed real estate broker and in a local 309 multiple listing service. 310 (4) If Buyer's real estate is not listed for sale with a licensed real estate broker and in a local multiple listing service, 311 Buyer[check one] 312 (a) (0 Shall list said real estate for sale with a licensed real estate broker who will place it in a local multiple listing 313 service within five(5)Business Days after the Date of Acceptance. 314 For information only: Broker: 315 Broker's Address: Phone: 316 (b) 0 Does not intend to list said real estate for sale. 317 (B)CONTINGENCIES BASED UPON SALE AND/OR CLOSE OF BUYER'S REAL ESTATE: 318 (1) This Contract is contingent upon Buyer having entered into a contract for the sale of Buyer's real estate that is in full force 319 and effect as of ,20 . Such contract shall provide for a closing date not later than the Closing 320 Date set forth in this Contract. If written notice is served on or before the date set forth in this subparagraph that 321 Buyer has not procured a contract for the sale of Buyer's real estate,this Contract shall be null and void.If written 322 notice that Buyer has not procured a contract for the sale of Buyer's real estate is not served on or before the close 323 of business on the date set forth in this subparagraph, Buyer shall be deemed to have waived all contingencies 324 contained in this Paragraph 31,and this Contract shall remain in full force and effect. (If this paragraph is used,then 325 the following paragraph must be completed.) 326 (2) In the event Buyer has entered into a contract for the sale of Buyer's real estate as set forth in Paragraph 31 (B)(1)and that 327 contract is in full force and effect,or has entered into a contract for sale of Buyer's real estate prior to the execution of this 328 Contract, this Contract is contingent upon Buyer closing the sale of Buyer's real estate on or before 329 ,20 . If written notice that Buyer has not closed the sale of Buyer's real estate is 330 served before the close of business on the next Business Day after the date set forth in the preceding sentence,this 331 Contract shall be null and void.If written notice is not served as described in the preceding sentence,Buyer shall be 332 deemed to have waived all contingencies contained in this Paragraph 31,and this Contract shall remain in full force 333 and effect. 334 (3) If the contract for the sale of Buyer's real estate is terminated for any reason after the date set forth in Paragraph 31 (B)(1) 335 (or after the date of this Contract if no date is set forth in Paragraph 31 (B)(1)),Buyer shall,within three(3)Business Days 336 of such termination, notify Seller of said termination. Unless Buyer, as part of said notice,waives all contingencies in 337 Paragraph 31 and complies with Paragraph 31 (D),this Contract shall be null and void as of the date of notice. If 338 written notice as required by this subparagraph is not served within the time specified, Buyer shall be in default 339 under the terms of this Contract. 340 (C)SELLER'S RIGHT TO CONTINUE TO OFFER REAL ESTATE FOR SALE:During the time of this contingency, Seller 341 has the right to continue to show the Real Estate and offer it for sale subject to the following: 342 (1) If Seller accepts another bona fide offer to purchase the Real Estate while the contingencies expressed in subparagraph(B) 343 are in effect,Seller shall notify Buyer in writing of same. Buyer shall then have hours after Seller gives such 344 notice to waive the contingencies set forth in Paragraph 31 (B),subject to Paragraph 31 (D). 345 (2) Seller's notice to Buyer (commonly referred to as a "kick-out" notice) shall be served on Buyer, not Buyer's 346 attorney or Buyer's real estate agent. Courtesy copies of such"kick-out" notice should be sent to Buyer's attorney and 347 real estate agent, if known. Failure to provide such courtesy copies shall not render notice invalid. Notice to any one of a 348 multiple-person Buyer shall be sufficient notice to all Buyers. Notice for the purpose of this subparagraph only shall be 349 served upon Buyer in the following manner: 350 (a) By personal delivery of such notice effective at the time and date of personal delivery;or 351 (b) By mailing of such notice to the addresses recited herein for Buyer by regular mail and by certified mail. Notice 352 served by regular mail and certified mail shall be effective at 10:00 A.M. on the morning of the second day following 353 deposit of notice in U.S.Mail;or 354 (c) By commercial overnight delivery (e.g.,FedEx). Such notice shall be effective upon delivery or at 4:00 P.M. Chicago 355 time on the next delivery day following deposit with the overnight delivery company,whichever first occurs. 356 (3) If Buyer complies with the provisions of Paragraph 31 (D)then this Contract shall remain in full force and effect. 357 (4) If the contingencies set forth in Paragraph 31 (B) are NOT waived in writing within said time period by Buyer, this 358 Contract shall be null and void. 359 (5) Except as provided in subsections to subparagraph (C) (2) above, all notices shall be made in the manner provided by Buyer Initial ()7 Buyer Initial Seller Initial Seller Initial_ Address 212 Fra lin Boulevard, Elgin, Illinois 60120 Page 7 360 Paragraph 27 of this Contract. 361 (6) Buyer waives any ethical objection to the delivery of notice under this paragraph by Seller's attorney or representative. 362 (D)WAIVER OF PARAGRAPH 31 CONTINGENCIES: Buyer shall be deemed to have waived the contingencies in Paragraph 363 31 (B) when Buyer has delivered written waiver and deposited with the Escrowee the additional sum of$ 364 earnest money within the time specified. If Buyer fails to deposit the additional earnest money within the time specified,the 365 waiver shall be deemed ineffective and this Contract shall be null and void. 366 (E) BUYER COOPERATION REQUIRED: Buyer authorizes Seller or Seller's agent to verify representations contained in 367 Paragraph 31 at any time,and Buyer agrees to cooperate in providing relevant information. 368 369 32. CANCELLATION OF PRIOR REAL ESTATE CONTRACT: In the event either Party has entered 370 into a prior real estate contract, this Contract shall be subject to written cancellation of the prior contract on or before 371 ,20 . In the event the prior contract is not cancelled within the time specified,this Contract shall be 372 null and void. Notice to the purchaser under the prior contract should not be served until after Attorney Review and 373 Professional Inspections provisions of this Contract have expired,been satisfied or waived. 374 375 33. CLOSING COST CREDIT: Provided Buyer's lender permits such credit to show on the HUD-1 376 Settlement Statement, and if not, such lesser amount as the lender permits, Seller agrees to credit to Buyer 377 $ at closing. 378 379 M.INTEREST BEARING ACCOUNT: Earnest money(with a completed W-9 and other required forms), 380 shall be held in a federally insured interest bearing account at a financial institution designated by Escrowee. All interest earned on 381 the earnest money shall accrue to the benefit of and be paid to Buyer. Buyer shall be responsible for any administrative fee(not 382 to exceed$100)charged for setting up the account.In anticipation of Closing,the Parties direct Escrowee to close the account no 383 sooner than ten(10)Business Days prior to the anticipated Closing date. 384 385 35.VA OR FHA FINANCING:If Buyer is seeking VA or FHA financing,this provision shall be applicable: 386 Buyer may terminate this Contract if the Purchase Price set forth herein exceeds the appraised value of the Real Estate, as 387 determined by the Veterans Administration (VA) or the Federal Housing Administration (FHA). However, Buyer shall have the 388 option of proceeding with this Contract without regard to the amount of the appraised valuation. If VA,the Funding Fee, or if FHA, 389 the Mortgage Insurance Premium (MIP) shall be paid by Buyer and[check one][ shall shall not be added to the mortgage 390 loan amount. Seller agrees to pay additional miscellaneous expenses required by lender not to exceed $200.00. Required FHA or 391 VA amendments shall be attached to this Contract. It is expressly agreed that notwithstanding any other provisions of this 392 Contract,Buyer shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture 393 of earnest money deposits or otherwise unless Buyer has been given, in accordance with HUD/FHA requirements, a written 394 statement by the Federal Housing Commissioner setting forth the appraised value of the property (excluding Closing costs) of not 395 less than$ . Buyer shall have the privilege and option of proceeding with the consummation of the 396 Contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum 397 mortgage the Department of Housing and Urban Development will insure/guarantee. HUD and the mortgagee do not warrant the 398 value nor the condition of the property. Buyer should satisfy himself/herself that the price and condition of the property are 399 acceptable. 400 401 INTERIM FINANCING: This Contract is contingent upon Buyer obtaining a written commitment for 402 interim financing on or before ,20 in the amount of$ . If Buyer is unable 403 to secure the interim financing commitment and gives written notice to Seller within the time specified,this Contract shall be 404 null and void. If written notice is not served within the time specified,this provision shall be deemed waived by the Parties 405 and this Contract shall remain in full force and effect. 406 407 37.WELL AND/OR SEPTIC/SANITARY INSPECTIONS: Seller shall obtain at Seller's expense a well 408 water test stating that the well delivers not less than five(5)gallons of water per minute and including a bacteria and nitrate test(and 409 lead test for FHA loans) and/or a septic report from the applicable County Health Department, a Licensed Environmental Health 410 Practitioner,or a licensed well and septic inspector, each dated not more than ninety (90)days prior to Closing,stating that the well 411 and water supply and the private sanitary system are in proper operating condition with no defects noted. Seller shall remedy any 412 defect or deficiency disclosed by said reports)prior to Closing;provided that if the cost of remedying a defect or deficiency and the 413 cost of landscaping together exceed$3,000.00,and if the Parties cannot reach agreement regarding payment of such additional cost, 414 then this Contract may be terminated by either Party. Additional testing recommended by the report shall be obtained at Seller's Buyer Initial I e? Buyer Initial Seller Initial Seller Initial Address 212 Franklin Boulevard, El:in, Illinois 60120 Page 8 415 expense.If the report recommends additional testing after Closing,the Parties shall have the option of establishing an escrow with a 416 mutual cost allocation for necessary repairs or replacements, or either Party may terminate this Contract prior to Closing. Seller shall 417 deliver a copy of such evaluation(s)to Buyer not less than one(1)Business Day prior to Closing. 418 419 38.WOOD DESTROYING INFESTATION: Notwithstanding the provisions of Paragraph 10, within ten 420 (10)Business Days after the Date of Acceptance, Seller at Seller's expense shall deliver to Buyer a written report, dated not more 421 than six(6)months prior to the date of Closing, by a licensed inspector certified by the appropriate state regulatory authority in the 422 subcategory of termites, stating that there is no visible evidence of active infestation by termites or other wood destroying insects. 423 Unless otherwise agreed between the Parties, if the report discloses evidence of active infestation or structural damage, Buyer has 424 the option within five(5)Business Days of receipt of the report to proceed with the purchase or declare this Contract null and void. 425 This paragraph shall not apply to condominiums or to newly constructed property having been occupied for less than one year 426 following completion of construction. 427 428 39.POST-CLOSING POSSESSION: Possession shall be delivered no later than 11:59 P.M. on the date that 429 is days after the date of Closing ("the Possession Date"). Seller shall be responsible for all utilities, contents and liability 430 insurance, and home maintenance expenses until delivery of possession. Seller shall deposit in escrow at Closing 431 with , [choose one] one one percent (1%) of the Purchase Price or !❑ the sum of $ 432 to be paid by Escrowee as follows: a) The sum of$ per day for use and occupancy from and including the 433 day after Closing to and including the day of delivery of possession, if on or before the Possession Date; b) The amount per day 434 equal to five (5) times the daily amount set forth herein shall be paid for each day after the Possession Date specified in this 435 paragraph that Seller remains in possession of the real estate; and c) The balance, if any,to Seller after delivery of possession and 436 provided that the terms of Paragraph 22 have been satisfied. Seller's liability under this paragraph shall not be limited to the amount 437 of the possession escrow deposit referred to above. Nothing herein shall be deemed to create a Landlord/Tenant relationship 438 between the Parties. 439 440 40. "AS IS" CONDITION: This Contract is for the sale and purchase of the Real Estate and personal 441 property in its"As Is"condition as of the Date of Offer. Buyer acknowledges that no representations, warranties or guarantees with 442 respect to the condition of the Real Estate and personal property have been made by Seller or Seller's Agent other than those known 443 defects, if any, disclosed by Seller. Buyer may conduct an inspection at Buyer's expense. In that event, Seller shall make the 444 property available to Buyer's inspector at reasonable times. Buyer shall indemnify Seller and hold Seller harmless from and against 445 any loss or damage caused by the acts or negligence of Buyer or any person performing any inspection(s). In the event the 446 inspection reveals that the condition of the improvements, fixtures or personal property to be conveyed or transferred is 447 unacceptable to Buyer and Buyer so notifies Seller within five(5) Business Days after the Date of Acceptance,this Contract 448 shall be null and void.Failure of Buyer to notify Seller or to conduct said inspection operates as a waiver of Buyer's right to 449 terminate this Contract under this paragraph and this Contract shall remain in full force and effect.Buyer acknowledges the 450 provisions of Paragraph 10 and the warranty provisions of Paragraph 3 do not apply to this Contract. 451 452 41. CONFIRMATION OF DUAL AGENCY: The Parties confirm that they have previously consented to 453 (Licensee)acting as a Dual Agent in providing brokerage services 454 on their behalf and specifically consent to Licensee acting as a Dual Agent with regard to the transaction referred to in this Contract. 455 456 42.SPECIFIED PARTY APPROVAL: This Contract is contingent upon the approval of the Real Estate by 457 ,Buyer's specified party, 458 within five(5) Business Days after the Date of Acceptance. In the event Buyer's specified party does not approve of the Real 459 Estate and written notice is given to Seller within the time specified,this Contract shall be null and void.If written notice is 460 not served within the time specified,this provision shall be deemed waived by the Parties and this Contract shall remain in 461 full force and effect. 462 463 / 43. MISCELLANEOUS PROVISIONS: Buyer's and Seller's obligations are contingent upon the Parties 464 entering into a separate written agreement consistent with the terms and conditions set forth herein, and with such additional terms 465 as either Party may deem necessary,providing for one or more of the following: (check applicable box(es)) 466 ❑ Assumption of Seller's Mortgage ❑ New Construction 467 ❑ Commercial/Investment/Starker Exchange ❑ Vacant Land 468 ❑ Cooperative Apar ent ❑ Articles of Agreement for Deed or Purchase Money Mortgage Buyer Initial ) Buyer Initial Seller Initial Seller Initial Address_ 212 Franklin Boulevard, Elgin, Illinois 60120 Page 9 469 THIS DOCUMENT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL 470 PARTIES AND DELIVERED TO THE PARTIES OR THEIR AGENTS. 471 472 The Parties represent that text of this form has not been altered and is identical to the official Multi-Board Residential 473 Real Estate Contract 4.0. Jun 4 474 (a-- I i 20/. 2015 475 Date of Offer DATE OF-A PTAN ✓� . o gin 476 1,41,A%i. . P ter._, 6x' kt YPc:-f v B • i ',f .4', , a..` 477 :uyer ignatu,e Seller Signa -- •avi`r,. a M or 478 Attest: 479 Buyer Si nature Seller Signa e Kimberly A. Dewis, City Clerk 480 Habitat-For Humanity of Northern Fox Valley Ci of El in 481 Prigt,Biyer(s)Names) [Required) P�i@ ller(s) Jame(s) [Required) rove Avenue Dexter uourt 483 Address Address 484 Elgin, Illinois 60120 Elgin, Illinois 60120 485 Ci Sta Zip City State Zip 486 i -i�3 P847-931-5657 Ebecak�c @cityofelgin.org 487 Phone E-mail 489 None FOR INFORMATION ONLY 490 S llinng Office MLS # LiNsting Office MLS#N/A 492 Buyer's Designated Agent MLS# Seller's Designated Agent MLS # 493 494 495 Phone Fax Phone Fax 496 E-mail E-mail 497 Christopher J. Beck beck cAa cityofelgin.org 498 Buyer's Attorney E-mail Seller's Attorney E-mail 499 847-931-5657 500 Phone Fax Phone Fax 501 502 Mortgage Company Phone Homeowner's/Condo Association(if any) Phone 503 504 Loan Officer Fax Management Co./Other Contact Phone 505 506 ®2006, Illinois Real Estate Lawyers Association. All rights reserved. Unauthorized duplication or alteration of this form or any 507 portion thereof is prohibited. Official form available at www.reallaw.org(web site of Illinois Real Estate Lawyers Association). 508 509 Approved by the following organizations February 2006 510 Illinois Real Estate Lawyers Association,Aurora Tri-County Association of REALTORS®,Chicago Association of REALTORS®, 511 DuPage County Bar Association,Kane County Bar Association,Lake County Bar Association,McHenry County Association of 512 REALTORS®,North Shore-Barrington Association of REALTORS®,Northwest Suburban Bar Association,Oak Park Board of 513 REALTORS®,REALTOR®Association of the Fox Valley,REALTOR®Association of the Northwest Chicagoland,REALTOR® 514 Association of West/South Suburban Chicagoland,Three Rivers Association of REALTORS®,West Towns Board of REALTORS® 515 516 517 518 519 520 Seller Rejection: This offer was presented to Seller on 20 at : AM'IPM 521 and rejected on 20 at EAMPM 522 (Seller initials) (Seller initials) 523 PDF Version 4.0.2 - 5/2/06 Buyer Initial Buyer Initial Seller Initial Seller Initial Address 212 ranklin Boulevard, Elgin, Illinois 60120 Page 10 Loan Status Disclosure 524 525 Borrowers/Buyers Name(s): 526 Current Address: 527 Street address 528 529 City or Town State Zip code 530 Purchase Price dollar amount prequalified, pre-approved,or approved for: 531 $ , Loan Amount$ with a total monthly payment not to 532 exceed$ 533 534 The current status of prequalification or application status of the borrowers/buyers is: 535 536 R T Prequalification,WITHOUT credit review*: 537 The borrowers/buyers listed on this form have INQUIRED with our firm about financing to purchase a home and the 538 documentation they provided regarding income and down payment has been reviewed by the loan originator listed 539 below. It is the opinion of said loan originator that the borrowers/buyers should/would qualify for the terms listed in the 540 attached letter. 541 542 [[T Prequalification,WITH credit review*: 543 The borrowers/buyers listed on this form have INQUIRED with our firm about financing to purchase a home and the 544 documentation of income, down payment and credit report have been reviewed by the loan originator listed below. After 545 careful review, it is the opinion of said loan originator that the borrowers/buyers should/would qualify for the terms listed 546 in the attached letter. _ 547 This Prequalification is}WITH or [I WITHOUT Automated Underwriting approval. 548 549 i[Pre-Approval*: 550 The borrowers/buyers have APPLIED with our firm for a mortgage loan to purchase a home and the loan application 551 has been approved by an Automated Underwriting System issued or accepted by FNMA, FHLMC, HUD or Nationally 552 recognized purchaser/pooler of mortgage loans, and a conditional commitment has been issued. See attached 553 commitment. 554 555 []Approval*: 556 The borrowers/buyers have APPLIED with our firm for a mortgage loan to purchase a home and the loan application 557 has been reviewed by the actual lender's underwriter and conditional commitment has been issued. See attached 558 commitment. 559 560 *Please note that nothing contained herein constitutes a loan commitment or guarantee of financing and is used for 561 disclosure purposes only. See actual commitment letter for specific conditions/requirements of the lender. All approvals 562 are subject to satisfactory appraisal, title, and no material change to borrower(s)financial status. 563 564 Information on mortgage company issuing the prequalificationare-approval or approval: 565 566 Originating Company's Name: 567 568 Company Address: 569 Street address City or Town State Zip Code 570 Company Phone:( ) Fax:( ) 571 572 Loan Originator's name: _ LO Reg.# Date: 573 574 Loan Originator's signature: 575 576 Use Recommended by: IAMB; IAR; and IRELA Rev 1/24/04 Buyer Initial I UI 7 Buyer Initial_ Seller Initial Seller Initial Address Page 11 RIDER TO REAL ESTATE CONTRACT FOR THE SALE OF 212 FRANKLIN BOULEVARD,ELGIN,ILLINOIS 60120 This Rider to the real estate contract is made and entered into this 24th day of June , 2015, by and between the City of Elgin, Illinois, an Illinois municipal corporation, (hereinafter alternatively referred to as the "Seller" and the "City") and Habitat For Humanity of Northern Fox Valley, an Illinois not-for-profit corporation (hereinafter referred to as the "Buyer"). WITNESSETH: WHEREAS, the Seller is currently the owner of the property commonly known as 212 Franklin Boulevard, Elgin, Illinois 60120 (hereinafter referred to as the "Subject Property"); and, WHEREAS, Seller and Buyer are concurrently with the entry into this Rider entering into a real estate contract providing for the sale of the Subject Property from the Seller to the Buyer (such contract is hereinafter referred to as the "Subject Contract"); and, WHEREAS, the parties wish to set forth further agreements between them regarding the sale of the Subject Property into the Subject Contract and incorporate this Rider into the Subject Contract. NOW, THEREFORE, for and in consideration of the mutual undertakings in the Subject Contract, the undertakings in this Rider, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. The provisions of Section 40 of the Subject Contract, entitled'As Is' Condition," is and shall be included as part of the Subject Contract, it being agreed and understood that the Subject Property is being sold and conveyed by the Seller to the Buyer in "as is" condition and that Seller will not be making any repairs nor providing any credit for repairs to the Buyer. 2. Following the purchase of the Subject Property from the Seller, the Buyer agrees to rehabilitate and renovate the Subject Property in accordance with the terms, conditions and provisions of a further agreement between the parties entitled "Neighborhood Stabilization Program Agreement between the City of Elgin and Habitat for Humanity of Northern Fox Valley" said agreement being incorporated herein by this reference (hereinafter referred to as the "Development Agreement"). For the purpose of clarification, and without limiting the alterations and renovations provided for or described in the Development Agreement, Buyer agrees that the renovation of the Subject Property will include, but not be limited to, the restoration of the Subject Property to its original use as a single-family residence. 3. Notwithstanding anything to the contrary in this agreement, it is expressly agreed and understood by the Buyer that in performance of this contract and the rehabilitation of the Subject Property that the Buyer shall also comply with all applicable federal, state, city and other requirements of law. 4. The deed of conveyance conveying the Subject Property from the City to the Buyer shall contain a provision making such conveyance subject to the terms and obligations of the Development Agreement. The deed of conveyance conveying the Subject Property from the City to the Buyer shall also contain deed restrictions as set forth in Section IV.E of the Development Agreement. In the event of a default with respect to one or more of the conditions above, and/or in the event the Buyer otherwise breaches the terms of this agreement or the Development Agreement, which default has not been cured within thirty (30) days after receipt of written notice of such default, the City may file suit within the Circuit Court for the Sixteenth Judicial Circuit, Kane County, Illinois, for a determination that the conditions have been violated and/or the Buyer has so breached this Agreement or the Development Agreement, and may then pursue any and all available remedies at law, equity or otherwise including but not limited to providing a judgment and terminating the Buyer's rights in and to the Subject Property and require that conveyance back to the City of the Buyer's rights, title and/or interest in and to the Subject Property for the original price paid by the Buyer to the City, free and clear of all rights of the Buyer and any other person or entity. 5. Time is of the essence of this Agreement. 6. The failure by a party to enforce any provisions of this Agreement against the other party shall not be deemed a waiver of the right to do so thereafter. 7. This Agreement is and shall be deemed and construed to be a joint and collective work product of the City and the Buyer, and, as such, this Agreement shall not be construed against the other party, as the otherwise purported drafter of same, by any court of competent jurisdiction in order to resolve any inconsistency, ambiguity, vagueness or conflict, if any, in the terms and provisions contained herein. 8. This Agreement shall be binding on the parties hereto and their respective successors and permitted assigns. This Agreement and the obligations herein may not be assigned without the express written consent of each of the parties hereto, which consent may be withheld at the sole discretion of either of the parties hereto. 9. This Agreement is not intended and shall not be deemed or construed to create an employment,joint venture, partnership or other agency relations between the parties hereto. 10. Buyer shall not encumber, sell, convey or otherwise transfer their interest in the Subject Property prior to Buyer having completed the rehabilitation of the Subject Property and prior to the issuance of a letter of completion and compliance by the City confirming same. 11. The City and Buyer hereby expressly agree on behalf of themselves and their successors, assigns and grantees of the Subject Property that the non-conforming two unit use of the Subject Property has been abandoned, is null and void and that the lawful use of the Subject Property is and shall be as a single-family residence. Buyer and Buyer's successors and assigns shall maintain and use the Subject Property solely and only as a lawful, conforming single- family residential property in compliance with all applicable ordinances and requirements of law. -2 - 12. Venue for the resolution of any disputes or the enforcement of any rights arising out of or in connection with this Agreement shall be in the Circuit Court of Kane County, Illinois. In no event shall the City be liable for monetary damage to the Buyer for any reason, including, but not limited to, compensatory, consequential or incidental damages or attorney's fees. Notwithstanding anything to the contrary in this Agreement, with the sole exception of the grant monies the City has agreed to pay pursuant to the Development Agreement, no action shall be commenced by the Buyer or any of its successors, assigns or grantees against the City for monetary damages. 13. The terms of this Agreement shall be severable. In the event that any of the terms or provisions of this agreement are deemed to be void or otherwise unenforceable for any reason, the remainder of this agreement shall remain in full force and effect. 14. This Agreement shall not be modified or amended other than by written agreement of the parties hereto. 15. This Rider is incorporated into and made part of the Subject Contract. In the event of any conflict between the terms of this Rider and the terms of the Subject Contract, the terms of this rider shall control. All the obligations of the parties under this Rider to the Subject Contract shall be deemed remade as of the closing and shall survive the closing, and the remedies for breach thereof shall survive the closing and shall not be merged into the closing documents. IN WITNESS WHEREOF, Seller and Buyer have entered into and executed this Rider to as of the date and year first written above. SELLER: BUYER: CITY OF ELGIN HABITAT FOR HUMANITY OF NORTHERN FOX VALLEY By //�L�.��,: ��� By Pak-haA-A- (1-X/A-i'IA-A%/ Mayor Attest: Its eCt4 .Are, A, rec,1 -- 44,0 ita,efi .,&,e-A City Clerk - 3 -