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Home My WebLink AboutT-1131 ,IJ . Ordinance No. T-1131 Lnson t AN ORDINANCE ny sion AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREE- . tote. MENT WITH THE CHICAGO, AURORA & ELGIN RAILWAY COMPANY FOR THE PURCHASE OF CERTAIN REAL ESTATE OWNED BY THE CHICAGO, AURORA, & ELGIN RAILWAY COMPANY.. Prod`,; - Lc. bil WHEREAS, the City of Elgin proposes to improve Riverside Avenue in the .es, ; City of Elgin and provide for additional Off-Street Parking adjacent thereto, mica' .1men '? and WHEREAS, in connection with said project, the acquisition of certain real estate is necessary in order that Riverside Avenue may be extended from its present Northerly boundaries to East Chicago Street in the City of Elgin, and 7eso1 incils's WHEREAS, it is the considered opinion of this Council that the premises ! hereinafter described must necessarily be acquired for such purpose and Iat a price not to exceed $38, 000. 00, and WHEREAS, the interest of the general public will be greatly served by the - im extension of Riverside Avenue and the acquiring of additional parking areas the in this City, a i 0. f NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE 44 CITY OF ELGIN, ILLINOIS: }}1i. `S^ 1 Section 1. That the Mayor and City Clerk of the City of Elgin be and they are hereby authorized, empowered, directed and instructed for and on be- l t half of the City to execute an agreement for the purchase of certain real estate from the Chicago, Aurora & Elgin Railway Company, an Illinois t. 16, t E corporation, in substantially the following form, to-wit: n velek . CITY OF ELGIN (a Municipal corporation) agrees to purchase f at the price of Thirty-Eight Thousand ($38, 000. 00) Dollars the following described real estate, in the County of Kane, State of Illinois, to-wit: 4 Lot 3 of McOsker's Subdivision of Lots 7, 8, 9 and 10 and 10 1/2 of B. W. Raymond's Subdivision of Lots 1, 3, 4 and 5 in Block 21 of the Original Town of Elgin, on the East n side of Fox River, in the City of Elgin, Kane County, Illinoig, by on ' and CHICAGO, AURORA AND ELGIN RAILWAY COMPANY, (an Illinois corporation) agrees to sell said premises at said price, and to convey or cause to be conveyed to the purchaser a good e title thereto by Warranty deed, with release of dower and home- nt al stead rights, subject only to: (1) Special taxes or assessments for improvements not yet completed; (2) Installments not due at the date hereof of any special tax or assessment for improvements heretofore completed; (3) General taxes for the year VOLUME and subsequent years; (4) Building, building line and use or brances occupancy restrictions, conditions and covenants of record; agent r (5) Zoning and building laws or ordinances; (6) Party wall written: rights or agreements, if any; (7) Roads and highways, if any; such de (8) Public and quasi public utility easements . party, chaser' This contract is conti_ngentupon the City of Elgin securing the If, pri necessary property rights and adequate financing to carry out be desl the proposed improvement of Riverside Avenue for Off-Street at the parking purposes, and the City being prepared to advertise deliver for bids for the construction of the same. A11 no, Rents, water taxes, insurance-premiums and interest accrued _ notice on mortgage indebtedness, if any, and other similar items, Elgin, are to be adjusted pro rata as of the date of delivery of deed, Street and existing leases and insurance policies, if any, shall there- This c upon be assigned and delivered to purchaser. General taxes Coiner for the year 1960 are to be prorated from January 1, to the date of delivery of deed, and if the amount of such taxes is not This c then ascertainable, the prorating ehall be en the basis of the date h amount of the most recent ascertainable taxes. Dated Purchase price to be paid in cash upon delivery of Deed. Attest Within twenty days from the date hereof seller shall deliver to purchaser or his agent (which delivery may be made at the offic-e of Gordon D. Abbott) a guarantee policy of the Kane County Title Company in the amount of the purchase price, covering the date hereof, or its customary preliminary report Attest on title, showing title in seller (or grantor), subject only to the matters to which this sale is subject by the terms hereof, - .e and to the usual objections contained in owners policies issued- - Sectie by said Company. If a report on title is furnished, seller shall provii deliver such guarantee policy at the time of delivery of deed, s:_ City but seller upon furnishing such report shall not be in default for " Prese� failure to furnish such policy until ten days after written demand ;' trs Passe therefor by purchaser. If the report on title or guarantee policy Vote: so required to be furnished by the seller discloses any defects Recor in title (other than such usual objections contained in owners s Publi policies and the matters to which this sale is subject by the terms hereof), seller shall, upon tendering the same to purchaser or <N his agent within twenty days from the date hereof, have sixty days from the date which such report or guarantee policy bears within ,; which to cure such defects and to furnish such guarantee policy , Coune or a later report showing such defects cured or removed. Every Quit guarantee policy or report on title furnished by the seller here- ,„ Mir( under shall be conclusive evidence of good title as therein shown, Phoe subject only to the exceptions therein stated. If such defects in te; title be not cured within said-sixty days, purchaser may terminate this contract or may at his election, take the title as it then is '• (with the right to deduct from the purchase price liens or encum- " S= 1 ‘,. ,oLvNEXXV February 25, 1960 37 bran of of a definite or ascertainable amount), upon giving to seller or his agent notice of such election and tendering performance within ten days after written notice to purchaser or his agent of the inability of seller to cure such defects this contract thereupon shall, without further action by either party, become null and void. If this contract be terminated except for pur- chaser's default, said earnest money shall be returned to purchaser. if, prior to delivery of deed hereunder, the improvements on said premises shall be destroyed or materially damaged by fire or other casualty, this contract shall, at the option of purchaser, become null and void. Payment of purchase price and delivery of deed shall be made at the office of Russell T. Berry, in Chicago, Ill. All notices and demands herein required shall be in writing. The mailing of a notice by registered mail to the seller at c/o Gordon D. Abbott, Tower Building, tigin, Illinois, or to the purchaser at c/o Russell T. Berry, 208 South LaSalle Street, Chicago 4, Illinois, shall be sufficient service thereof. �' This contract is contingent upon approval of the transaction by the Illinois Commerce Commission, This contract shall be null and void unless closed within ninety days from the date hereof. Dated this day of A.D. 1960 CITY OF ELGIN, a Municipal Corporation, Attest: By: City Clerk Mayor CHICAGO, AURORA AND ELGIN RAILWAY COMPANY, an Illinois Corporation Attest:_ By: Assistant Secretary President Section 2. That this ordinance shall be effective from and after its passage as provided by law, and shall be published in pamphlet form by authority of the City Council. 1 t_t_ Presented: February 5, 1960 1T Passed: February 25, 1960 % Vote: Yeas 5 Nays 0 Recorded: February 25, 1960 LeRoy A. Mote, Mayor Published: February 25, 1960 Attest: Myrtle E. Spiegler, City Clerk Motion to Accept Conveyance of Property for North End Elevated • Water Storage Tank Councilman Gavelek made a motion, seconded by Councilman Johnston, to accept the . Quit Claim Deed and Torrens Certificate of Title for the South 100' of Out Lot No. 1, Third Addition to Blackhawk Manor, the location of the water storage standpipe on Shoe Factory Road. Yeas: Councilmen Gavelek, Johnston, Johnson, Shales and Mayor Mote. Nays: None.