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HomeMy WebLinkAbout04-145 Resolution No. 04-145 RESOLUTION AUTHORIZING EXECUTION OF A REAL ESTATE SALES CONTRACT (160-162 Ann Street) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,ILLINOIS,that Ed Schock, Mayor, and Dolonna Mecum, City Clerk,be and are hereby authorized and directed to execute a Real Estate Sales Contract on behalf of the City of Elgin with Neighborhood Housing Services of Elgin,Inc., for the sale of property commonly known as 160-162 Ann Street,Elgin, for $4,083, a copy of which is attached hereto and made a part hereof by reference. s/Ed Schock Ed Schock, Mayor Presented: June 9, 2004 Adopted: June 9, 2004 Omnibus Vote: Yeas: 6 Nays: 0 Attest: s/Dolonna Mecum Dolonna Mecum, City Clerk REAL ESTATE SALES CONTRACT 1. PARTIES: Seller, CITY OF ELGIN, an Illinois municipal corporation, agrees to sell to Buyer, NEIGHBORHOOD HOUSING SERVICES OF ELGIN, INC., an Illinois not-for- profit corporation, at the price of four thousand eighty-three dollars ($4083.00), property commonly known as 160-162 Ann Street, Elgin, Illinois, legally described as follows: THE NORTH 49.5 FEET OF THE SOUTH HALF OF LOT 2 IN BLOCK 12 OF P.J. KIMBALL'S JR. THIRD ADDITION TO ELGIN, IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS 2. PAYMENT: The purchase price shall be paid at closing by certified check or cashier's check, payable to Seller. 3. CLOSING DATE: June 14, 2004 at the offices of Buyer's attorney, Robert J. Steffen, Steffen, Kelly& Steffen, 17 Douglas Avenue, Elgin, Illinois 60120. 4. POSSESSION: Possession shall be granted at Closing. 5. THE DEED: Upon payment of all sums due under the Contract, Seller shall convey or cause to be conveyed to Buyer or its nominee, by a recordable stamped warranty deed, good title to the premises subject only to the following "permitted exceptions," if any: (a) General Real Estate Taxes for 2003 and subsequent years; (b) special assessments confirmed after this contract date; (c) building, building line and use or occupancy restrictions, conditions and covenants of record; (d) zoning laws and ordinances; (e) easements for public utilities; (f) public roads and highways and easements pertaining thereto. 6. SURVEY: The Seller shall, prior to closing, at its expense, furnish the Buyer a plat of survey dated after date of contract, prepared by a surveyor licensed by the State of Illinois showing the subject premises with the boundary lines being indicated thereon. 7. COMMISSION: Seller and Buyer agree that there are no real estate commissions due. 8. TITLE: (a) at least seven (7) business days prior to the closing date, Seller shall furnish or cause to be furnished to Buyer and Seller's expense, a commitment issued by a title insurance company licensed to do business in Illinois, to issue an owner's title insurance policy in the amount of the purchase price covering the date hereof, subject only to: 1) the general exceptions contained in the policy; 2) the "permitted exceptions" set forth in Paragraph 5; 3) 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 (an amount sufficient to secure the release of such title exceptions shall be deducted from the proceeds of sale due Seller at Closing, and; 4) acts done or suffered by or judgments against Buyer, or those claiming by, through or under Buyer. (b) If the title commitment discloses unpermitted exceptions, the Seller shall have thirty (30) days from the date of delivery thereof, to have the said exceptions waived, or to have the title insurer commit to insure against loss or damage that may be caused by such exceptions (other than encroachments disclosed by survey) and the initial closing date shall be delayed, if necessary, during said 30 day period to allow Seller time to have said exceptions waived. If the Seller fails to have unpermitted exceptions waived or, in the alternative, to obtain a commitment for title insurance specified above as to such exceptions, within the specified time, the Buyer may terminate the contract between the parties, or my elect, upon notice to thirty(30) day period, to take the title as it then is, with the right to deduct from the purchase price, liens or encumbrances of a definite or ascertainable amount. If the Buyer does not so elect, the contract between the parties shall become null and void, without further action of the parties. (c) Every title commitment which conforms with subparagraph "a" of this paragraph shall be conclusive evidence of good title therein shown, as to all matters insured by the policy, subject only to special exceptions therein stated. 9. AFFIDAVIT OF TITLE: Seller shall furnish Buyer at Closing an affidavit of title, covering the date of closing, subject only to those permitted exceptions set forth in Paragraph Numbers 6 and 8. 10. PRORATIONS: There are no general real estate taxes as Seller is tax exempt. 11. TRANSFER STAMPS: Seller shall pay the amount of any stamp tax imposed by State law on the transfer of the title, and shall furnish a completed Real Estate Transfer Declaration signed by the Seller or the 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 the Seller or the Seller's agent or meet other requirements as established by any local ordinance with regard to a transfer or transaction tax. Such tax required by local ordinance shall be paid by the purchaser. 12. PERFORMANCE: Time is of the essence of this contract. Should Buyer fail to perform this contract, then at the option of the Seller and upon written notice to the Buyer, the contract shall thereupon become null and void, and all right in and title to said premises and any and all improvements made upon said premises by the Buyer shall vest in the Seller. 13. NOTICES: All notices required to be given under this contract shall be construed to mean notice in writing signed by or on behalf of the party giving same, and the same may be served upon the other party or his agent personally or by certified or registered mail, return receipt requested, to the parties at the addresses set forth herein. DATED this 9th day of June, 2004. SELLER PURCHASER CITY OF ELGIN NEIGHBORHOOD HOUSING SERVICES OF ELGIN, INC. Qil(19 • YO R I(rQcknATTEST: WIaCetd SS: ►G 0-914)1A-)44- CITY CLERK