HomeMy WebLinkAbout02-391 Resolution No. 02-391
RESOLUTION
RATIFYING THE EXECUTION OF A REAL ESTATE SALE CONTRACT
(707 West Chicago Street)
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that it hereby ratifies the execution by Ed Schock,
Mayor, and Dolonna Mecum, City Clerk, of a Real Estate Sale
Contract on behalf of the City of Elgin with Gerald Howell, Jr. ,
for the purchase of property commonly known as 707 West Chicago
Street, Elgin, for $465, 000, a copy of which is attached hereto and
made a part hereof by reference .
s/ Ed Schock
Ed Schock, Mayor
Presented: December 18, 2002
Adopted: December 18 , 2002
Omnibus Vote : Yeas : 7 Nays : 0
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
c,
Resolution No. 02-391
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RESOLUTION
RATIFYING THE EXECUTION OF A REAL ESTATE SALE CONTRACT
(707 West Chicago Street)
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that it hereby ratifies the execution by Ed Schock,
Mayor, and Dolonna Mecum, City Clerk, of a Real Estate Sale
Contract on behalf of the City of Elgin with Gerald Howell, Jr. ,
for the purchase of property commonly known as 707 West Chicago
Street, Elgin, for $465, 000 , a copy of which is attached hereto and
made a part hereof by reference.
Ed Schock, Mayor
Presented: December 18, 2002
Adopted:
Vote: Yeas Nays :
Recorded:
Attest :
Dolonna Mecum, City Clerk
Draft 12/2/024")
REAL ESTATE SALE CONTRACT
1 . Agreement to Purchase. The City of Elgin, Illinois,
an Illinois municipal corporation ("Purchaser" ) agrees to
purchase at a price of Four Hundred Sixty-Five Thousand Dollars
($465, 000) , on the terms set forth herein, certain real estate
and all improvements thereon and appurtenances thereto, such
real estate consisting of the property commonly known as
707 West Chicago Street, Elgin, Kane County, Illinois 60123 ,
Permanent Index No. 06-14-332-001, the legal description and
dimensions thereof being set forth on "Exhibit A" attached
hereto and incorporated herein by this reference (such real
estate, all improvements thereon and appurtenances thereto are
hereinafter collectively referred to as the "Real Estate" ) .
2 . Agreement to Sell . Gerald Howell, Jr. ("Seller")
agrees to sell the Real Estate described above at the price and
terms set forth herein, and to convey or cause to be conveyed
to Purchaser title thereto by a recordable warranty deed, with
release of homestead rights, and a proper bill of sale and
subject only to general taxes for the year 2002 and subsequent
years .
3 . Payment Structure . At the Closing, Purchaser shall
pay the total Purchase Price, plus or minus prorations .
4 . Survey. Not less than thirty (30) days prior to the
Closing, Seller, at its own expense, agrees to furnish
Purchaser a plat of survey of the Real Estate dated within six
(6) months of the Closing, made, and so certified by the
surveyor to Purchaser, or other persons designated by Purchaser
and the Title Company as having been made in accordance with
the Minimum Standard Detail Requirements for ALTA/ASCM land
Title Surveys and Mapping, 1992, including, without limitation,
all items (except for items 5, 7, 9, 10 and 12 in Table A
thereof with accuracy standards appropriate to suburban
settings and for Purchaser' s intended fire station use of the
Real Estate) . The survey shall also include a certification by
the surveyor (i) as to the square footage of the Real Estate
(excluding any portion thereof lying in a public right-of-way)
and (ii) that the Real Estate is not located in a flood plain,
wetland or special flood hazard zone . Such survey shall
further indicate all applicable easements and rights of way.
5 . Closing. The time of Closing ( "Closing" or "Closing
Date" ) shall be on or before January 3 , 2003 , or such other
date as may hereafter be agreed to by the parties, or 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
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office of the Escrowee (as hereinafter defined) , provided title
is shown to be good or is accepted by Purchaser.
6 . Commissions . Seller shall compensate Seller' s real
(00.- estate broker ReMax Horizon in accordance with Seller' s
agreement with Seller' s real estate broker. It is agreed and
understood and Purchaser shall have no responsibility to pay
any real estate commission. Seller and Purchaser each warrant
to the other that they have dealt with no other broker in
connection with this transaction. Each party agrees to
indemnify, hold harmless and defend the other party from any
loss, costs, damages or expense (including reasonable
attorney' s fees) arising out of a breach of the warranty
contained in this Section 6 .
7 . Title . Seller shall deliver or cause to be delivered
to Purchaser or Purchaser ' s agent, not less than fifteen (15)
days prior to the Closing, at Seller ' s expense, a title
commitment for a 1970 ALTA owner ' s title insurance policy
issued by Chicago Title Insurance Company (the "Title Company")
in the amount of the purchase price and including extended
coverage over the so-called "general exceptions" to the Policy,
covering title to the Real Estate on or after the date hereof,
showing title in the intended grantor subject only to (a) the
title exceptions set forth in Section 2 above, (b) title
exceptions pertaining to liens or encumbrances of a definite or
ascertainable amount which may be removed by the payment of
money at the time of Closing and which the Seller shall so
remove at that time by using the funds to be paid upon the
delivery of the deed, (c) acts of Purchaser and all parties
acting through or for Purchaser and (d) zoning laws, statutes
and ordinances . At Closing, Seller also shall furnish
Purchaser an affidavit of title in customary form covering the
date of Closing and showing title in Seller subject only to the
Permitted Exceptions .
8 . Title Clearance. If the title commitment or plat of
survey discloses either unpermitted exceptions or survey
matters that render the title not in conformance with the
provisions of this agreement (herein referred to as "survey
defects" ) , Seller shall have thirty (30) days from the date of
delivery thereof to have the exceptions removed from the
commitment or to correct such survey defects or, if Purchaser
so approves in writing, to have the Title Company commit to
insure against loss or damage that may be occasioned by such
exceptions or survey defects, and, in such event, the time of
Closing shall be twenty (20) days after the delivery of the
commitment or the time expressly specified in Section 5 hereof,
whichever is later. If Seller fails to have the exceptions
removed or correct any survey defects, or in the alternative,
to obtain the commitment for title insurance specified above as
to such exceptions or survey defects (if Purchaser so approves
in writing) within the specified time, Purchaser may terminate
this Contract or may elect, upon notice to Seller within ten
(10) days after the expiration of the 30-day period, to take
title as it then is with the right to deduct from the purchase
price liens or encumbrances of a definite or ascertainable
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amount . If Purchaser does not so elect, this Contract shall4111)
become null and void without further actions of the parties .
9 . Prorations . General taxes shall be adjusted ratably
as of the time of Closing. If the amount of the current
general taxes is not then ascertainable, the adjustment
thereof, except for that amount which may accrue by reason of
new improvements, shall be on the basis of 105% of the amount
of the most recent ascertainable taxes, subject to reproration
when the amount thereof becomes ascertainable . Seller shall
pay the amount of any stamp tax imposed by state or county law
or local ordinance on the transfer of title, if any, and
furnish a completed Real Estate Transfer Declaration signed by
Seller or Seller' s agent in the form required pursuant to the
Real Estate Transfer Tax Act of the State of Illinois, and
shall furnish any declaration signed by Seller or Seller' s
agent or meet other requirements as established by any county
or local ordinance with regard to a transfer or transaction
tax.
10 . Bill of Sale for Fixtures and Personal Property.
Seller shall transfer to Purchaser at Closing by a bill of sale
the following fixtures and personal property now located on the
real estate : heating systems; electrical systems; plumbing
systems; central air conditioning systems; sump pump; security
systems; fire alarm systems; smoke and carbon monoxide
detectors; window shades, blinds, attached shutters, draperies 44)
and curtains, hardware and other window treatments; wall-to-
wall carpeting; electric air filter; central humidifier;
ceiling fans; all planted vegetation; existing storm windows
and screens .
10 . Seller Warranties : Seller represents and warrants to
Purchaser as follows :
(a) Seller is not a "foreign person" within the meaning
of Section 1445 of the Internal Revenue Code. At
closing, Seller shall deliver to Purchaser a
certificate of non-foreign status .
(b) There are no existing leases affecting the Real
Estate.
(c) There are no existing contracts or options to
purchase the Real Estate .
(d) There exists no management agreement, exclusive
brokerage agreement or service agreement of any kind
relative to the Real Estate that will continue in
force beyond the closing date .
e) As of the Closing Date, the building on the Real
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Estate and the Real Estate will be vacant and
unoccupied.
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f) There are no underground storage tanks on the Real
Estate .
g) To the best of Seller' s knowledge, neither the
improvements on the Real Estate nor the Real Estate
contain any friable asbestos and no polychlorinated
biphenyls (PCBs) are located in, on or under the Real
Estate (including, without limitation, in, on or
under any equipment located thereon) .
h) To the best of Seller' s knowledge, no hazardous
materials or substances have been located on the Real
Estate or have been released into the environment, or
discharged, placed or disposed of, at or under the
Real Estate .
i) To the best of Seller' s knowledge, the Real Estate
has never been used as a dump for waste material .
j ) To the best of Seller' s knowledge, the Real Estate
and its prior uses comply with and at all times have
complied with any applicable governmental law,
regulation or requirement relating to environmental
and occupational health and safety matters and
hazardous materials or substances .
12 . Condition of the Real Estate at Closing. Seller
agrees and shall deliver to Purchaser at Closing possession of
the Real Estate including but not limited to all improvements
thereon and appurtenances thereto in the same condition as it
is at the date of this contract , ordinary wear and tear
excepted. Seller at its cost shall prior to closing remove
from the Real Estate hereof all debris and Seller' s personal
property not conveyed by bill of sale to Purchaser and shall
deliver the Real Estate to the Purchase in broom clean
condition.
13 . RPTA Compliance. Seller shall determine whether the
terms of the Illinois Responsible Real Estate Transfer Act
( "RPTA") apply to the transaction contemplated by this
Contract . Seller shall deliver to Purchaser (i) an
environmental disclosure form as required pursuant to RPTA, or
(ii) an affidavit certifying that the transaction is not
subject to RPTA on or before Closing.
14 . Survival . All representations, warranties,
indemnities and covenants made by Seller to Purchaser under
this Contract shall be deemed remade as of the Closing and
shall survive the Closing, and the remedies for the breach
thereof shall survive the Closing and shall not be merged into
ep. the closing documents .
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15 . Closing Documents . In addition to the deed, 47)
affidavit of title, transfer declarations and other documents
described in this Contract, Seller shall deliver or cause to be
delivered to Purchaser at Closing the following:
(a) an ALTA statement signed by Seller;
(b) waivers of or insurance over broker' s lien claims by
all real estate brokers involved in the transaction
contemplated by this Contract;
(c) a title policy or marked-up commitment in the amount
of the purchase price, dated on the Closing Date,
insuring title in Purchaser or Purchaser' s nominee,
in the condition required under Section 7 .
16 . Default . Seller and Purchaser agree that, in the
event of a default by either party the other party shall , prior
to taking any such action as may be available to it , provide
written notice to the defaulting party stating that they are
giving the defaulted party thirty (30) days within which to
cure such default . If the default shall not be cured within
the thirty (30) days prior aforesaid, the party giving such
notice shall be permitted to avail itself of remedies to which
it may be entitled under this agreement . Am)
17 . Remedies . In the event that either party fails or
refuses to carry out its obligations under this agreement the
other party shall be free to pursue any available legal
remedies at law or in equity.
18 . Escrow. This sale shall be closed through an escrow
(the "Escrow" ) with Chicago Title and Trust Company
( "Escrowee" ) , in accordance with the provisions of the Deed and
Money Escrow Agreement then in use by Escrowee, with such
special provisions inserted in the escrow agreement as may be
required to conform with this Contract . Upon the creation of
such Escrow, payment of the purchase price and delivery of deed
shall be made through the Escrow and the earnest money shall be
deposited in the Escrow. The cost of the Escrow and any so-
called "New York Style" closing fee shall be divided equally
between Seller and Purchaser. Purchaser and Seller shall make
all deposits into the escrow in a timely manner to permit the
Escrowee to disburse the Escrow on the Closing Date .
19 . Time . Time is of the essence of this Contract .
20 . Manner of Payment . Any payments herein required to
be made at the time of Closing shall be by certified check,
cashier ' s check, City of Elgin check or wire transfer.
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21 . Notices . All notices herein required shall be in
eiw writing and shall be served on the parties at the addresses
following their signatures . The mailing of a notice by
registered or certified mail, return receipt requested, or
personal delivery by courier service shall be sufficient
service .
23 . Interpretation. This contract shall be construed,
and the rights and obligations of Seller and Purchaser
hereunder, shall be determined in accordance with the laws of
the State of Illinois without reference to its conflict of laws
rules .
24 . Failure to Enforce Provisions . The failure by a
party to enforce any provision of this agreement against the
other party shall not be deemed a waiver of the right to do so
thereafter.
25 . Amendments . This agreement may be modified or
amended only in writing signed by the parties hereto, or their
permitted successor or assigns, as the case may be .
26 . Entire Agreement . This agreement contains the entire
agreement and understanding of the parties herein, all prior
agreements and undertakings having been merged herein and
extinguished hereby.
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27 . Joint and Collective Work Product . This agreement is
and shall be deemed and construed to be a joint and collective
work product of the Purchaser and the Seller, 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, and the terms or
provisions contained herein.
28 . Assignment . This agreement shall be binding on the
parties hereto and their respective successors and permitted
assigns . This agreement and the obligations hereunder may not
be assigned without the express written consent of each of the
parties hereto.
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29. Unifa= Ven or and Purchase Risk Act The parties
agree that thce provisions of the Uniform vendor and Purchase
Risk Act of the State of Illinois (765 ILCS 65/1 et seq. ) shall
be applicable to this contract. 47)
DAi'±D: December 4, , 20.02
CITY OF ELGIN GERALD HOWELL, JR.
BY: ..1/ J.14k �.,! ��� _f.1 • .
MAYOR ,/
Attest:
ycle�
150 Dexter Court 35W365 Crescent Drive
Elgin, Illinois 60120-5555 West Dundee, Illinois 60118
Attention: City Manager
with a copy of any notice to: with a copy of any notice to:
William A. Cogley
Corporation Counsel
City of Elgin
150 Dexter Court
Elgin, IL 60 .20-5555
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EXHIBIT A
PLAT OF SURVEY
DALE A. FLOYD
463 GALE STREET ELGIN, IL 60123
PHONE: 708-742-7691
LOTS 1, 2, 15 AND 16 IN BLOCK 3 OF OAK RIDGE ADDITION TO ELGIN, IN THE CITY OF ELGIN, KANE COUNTY,
ILLINOIS. COMMONLY KNOWN AS: . 707 W. CHICAGO STREET, ELGIN, ILLLINOIS.
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