HomeMy WebLinkAbout05-0324 RSC Elgin LLC MAR-23-2005 WED 08:49 AM CITY OF ELGIN-LEGAL FAX Na 1 847 931 5665 P. 08
05- 03aL
'RSC E4§h LLC
RELEASE
WHEREAS, the CITY OP ELGIN, an. Illinois municipal
corporation (hereinafter referred to as the "City" ) ; and RSC-
ELGIN, LLC, an Illinois limited liability company (hereinafter
referred to as "Developer" ) entered into a Development Agreement
dated August 11 , 2004 (such Development Agreement , as amended,
is hereinafter referred to as the "Subject Development
Agreement" ) ; and
WHEREAS, the Subject Development Agreement
contemplates Developer' s acquisition of the property referred to
therein as the Private Development Site commonly known as 38-
50 South Grove Avenue, Elgin, Illinois, such property being
legally described in Exhibit A attached hereto (hereinafter
referred to as the "Private Development Site" ) ; and
WHEREAS, the Subject Development Agreement further
provides for the Developer upon the closing of the acquisition
of the Private Development Site to provide to the City a release
releasing the City from its obligations as set forth in a
previous real estate sale agreement regarding the Private
Development Site and specifically a release releasing the City
from its obligations as set forth in Paragraph 12 (including all
subparagraphs thereof) and Paragraph 33 (including all
subparagraphs thereof) , and also including but not limited to
any written agreement containing the assumption, indemnification
MAR-23-2005 WED 08:49 AM CITY OF ELGIN-LEGAL FAX NO. 1 847 931 5665 P. 09
and waiver provisions referred to in Paragraph 33 of that
certain real estate sale agreement dated September 27 , 1995
between the City of Elgin and James A. Rouzer, Elizabeth M.
Erotas-Rouzer and Michael A. Trump and Vicki B . Trump
(hereinafter collectively referred to as the "Subject City
Covenants" ) ; and
WHEREAS, Developer has acquired title to the Private
Development Site and now wishes to provide to the City a
complete release and discharge from the Subject City Covenants .
NOW, THEREFORE, for and in consideration of the mutual
undertakings and the Subject Development Agreement, and other
. good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Developer does hereby release
and forever discharge the City from the Subject City Covenants .
• Dated this -4 ay of March, 2005 .
CITY OF ELGIN, an Illinois RSC-ELGIN, LLC. , an Illinois
municipal corporation Limited liability company
By RSC @ ASSOCIATES, LLC,
By an Illinois limited liability
Mayor company, Its Manager
Attest
By `/ b
Richard S . Curto
Its Manager
City Clerk
1:\Legal Dept\Real Estate\Release-RSC-Elgin - Promac .doc
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MAR-23-2006 14ED 08:49 AM CITY OF ELGIN-LEGAL FAX NO. 1 847 931 5665 P. 10
EXHIBIT A
PARCEL ONE:
THAT PART OF LOTS "A", "B", "C", "D", "E" AND "F" LYING EASTERLY OF THE EASTERLY
LINE OF RIVERSIDE AVENUE IN HARVEY AND AMICK'S SUBDIVISION OF LOT 6 AND 7 IN
BLOCK 21 OF JAMES T. GIFFORD'S PLAT OF ELGIN, ACCORDING TO THE PLAT OF SAID
HARVEY AND AMICK'S SUBDIVISION RECORDED APRIL 17, 1866 IN BOOK 2 OF MAPS, PAGE
139 1/2, IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS.
PARCEL TWO:
THAT PART OF THE NORTHERLY 22 FEET OF LOT B LYING EASTERLY OF THE EASTERLY LINE
OF RIVERSIDE AVENUE, IN BLOCK 21 OF THE ORIGINAL TOWN OF ELGIN, AS LAID OUT BY
JAMES T. GIFFORD, IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS.