HomeMy WebLinkAbout08-262 • ,
Resolution No. 08-262
RESOLUTION
AUTHORIZING EXECUTION OF A REAL ESTATE SALES CONTRACT
(355 Ann Street)
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,ILLINOIS,that
pursuant to Elgin Municipal Code Section 5.02.020B(9) the City Council hereby finds that an
exception to the requirements of the procurement ordinance is necessary and in the best interest of
the city; and
BE IT FURTHER RESOLVED that Olufemi Folarin, City Manager, be and is hereby
authorized and directed to execute a Real Estate Sale Contract on behalf of the City of Elgin with
Habitat for Humanity for the purchase of property commonly known as 355 Ann Street, Elgin, for
$125,000, a copy of which is attached hereto and made a part hereof by reference.
s/ Ed Schock
Ed Schock, Mayor
Presented: November 5, 2008
Adopted: November 5, 2008
Omnibus Vote: Yeas: 6 Nays: 0
Attest:
s/Diane Robertson
Diane Robertson, City Clerk
i
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LE ' -.:. IU ,;I I-BOARD RESIDENTIAL. REAL ESTATE CONTRACT 3.0 - ('
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I '1. THE. PARTIES: Buyer and Seller are hereinafter referred to as the 'Parties". �"°"'""
i Buyer(s).C tf Olr E.L61•s.!1 tb.Mism.Iee Seller(s) l-441-tivicat *‘141..4444s.,pw•.. Oar Oc.
I (Please Print) eoR�.rye� ,, (Please Print) F-cc ,p
i 2.THE REAL ESTATE: Real Estate shall be defined to include the Real Estate and all improvements thereon.Seller
i agrees to convey to Buyer or to Buyer's designated grantee,the Real Estate with the approximate lot size or acreage
1 of pc), c._..,_da•..t•cj commonly known as: 3.s.5` A N)N S-vF ett E LG lN,3` . GO‘2_p
Address City State Zip
/ k.,Atsr 06- 1'3 i? -- 0a
) County Unit#•(if applicable) Permanent Index Number(i)of Real Estate
l Condo/Coop'Townhome Parking Space Included: (check type) _deeded space; limited common element;
assigned;Parking space# (insert number)
I 3.FIXTURES AND PERSONAL PROPERTY:All of the fixtures and personal property stated herein are owned by
I Seller and to Seller's knowledge are in operating condition on the Date of Acceptance, unless otherwise stated herein.
i Seller agrees to transfer to Buyer all fixtures, all heating, electrical, plumbing and well systems together with the
i following items of personal property by Bill of Sale at Closing:[Check or enumerate applicable items]
rRefrigerator _All Tacked Down Carpeting _Fireplace Sumu(s)fDoar(s)/Gtate(s) _Central Air Conditioning
_
l _Oveta/Range/Stove _All Window Treatments&Hardware _Fueplace Gas Logs _Electronic or Media Air Filer
) _Microwave _Built-in or Attached Shelving _Existing Storms&Screens Central Humidifier
l `Disbwasta _Smoke Detector(s) —Security Systems)(owned) Sump Pumps)
i
—Gaibage Disposal _Ceiling Fan(s) _Intercom System -_Water Softener(owned)
_Trash Compactor _TV Antenna System _Central Vac St Equipment _Outdoor Shed
i _Washer _,Window Air Conditioners) _Electronic Garage Door Opener(s) _Attached Gas Grill
I —Dryer- —All Planted Vegetation with Tiareimna(s) _light Fixtures,as they exist
s _
Satellite Dish and System _Invisible Fence System,Collar(s)and Hoz Home Warranty $
1 Other items included: iANq1 4.Np IN..-X..IN..-X.. F ..Sc.V.-40 1.#4,,p1.#4,,p 1 t_ ••0+c 1 _.. .a�D c t To
I Items NOT included: _ +asNttN
I Seller warrants to Buyer that all fixtures, systems and personal property included in this Contract shall be in operating
l condition at possession,except:
I A system or item shall be deemed to be in operating condition if it performs the function for which it is intended,
regardless of age,and does not-constitute a threat to health or safety,o0
4.PURCHASE PRICE:Purchase Price of$ [ '7_S O 00 shall be paid as follows:Initial-
_
I 410_,)t.,b., :ncrees.,.4 to a total of$ b, ,30- .The eurnent
► . The balanap.4.4he Purchase Price, as adjusted by proration, shall be paid at Closing by wire
' transfer of funds, or by certified,•cashier's, mortgage lender's or title company's check (provided that the title
. company's check is guaranteed by a licensed title insurance company). . '•
t S. MORTGAGE CONTINGENCY. Thin Gat1 Qn. Is wuilugout win, Di.y�iWtaiiuug-A.. >n..a»,1:t:..nwl vA t.
1.mortgage commitment (except for matters of title and survey or matters totally within Buyer's control):on • •,
-,20_ for a (type)loan of$ or such -
. lesser amount as Buyer elects to take,plus private mortgage insurance(PM!),if required:The . y•-.. rate(initial rate,if
applicable) shall not exceed % per annum, amortized over not less than -.. Buyer shall pay loan
origination fee and/or discount points not to exceed % of the loan amount. - - shall pay loan origination fee
and/or discount points not to exceed%of the loan amount.Those fees/po'... .in .' ed to by Buyer shall be applied
• first Buyer shall pay the cost of application,usual and customary p • -..1 g fees and Closing costs charged by lender.
(If FHANA,refer to Paragraph#36 for additional provisions.) 5' • chap make written loan application within five(5)
business days after the Date of Acceptance.Failure to i , I shall constitute an act of default under this Contract If
Buyer, having applied for the loan specified abo : ' unable to obtain a loan commitment and serves written notice to
Seller within the time specified,this Coni •- 4 • 1 be null and void and earnest money refunded to Buyer upon written
direction of the Parties to Escrowee • ritten notice is not served within the time specified,Buyer shall be deemed
to have waived Ibis cortin. • , y and this Contract shall remain in full force and effect.Unless otherwise provided
herein,this Conti 1 all not be contingent upon the sale and/or closing of Buyer's existing real estate. A
condition in , i ortgage commitment requiring sale and/or dosing of existing real estate shall not render the
mort; ! 1 mmitment conditional for the purpose of this paragraph.If Seller at Seller's option and expense,
'
Buyer Initial Buyer Initial Seller Initial bb Seller Initial
i
Address 3 SS At-f N S-v ra-E t'C t €W'.I-> >Tom.-
Page l of 8
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;8 In inch event,Seller shall notify Buyer within five(5)business da r e o Seller's election to
;9 provide or obtain such financing,and • ' • i r' 1 or lender all requested information and shall
;I 6. CLO G: Closing or escrow payout sha 1 , on ''•Fuld 20 Q/, or at such time as
;2 mutually agreed upon by the Parties in writing. Closing shall take place/at the title company escrow office situated
;3 geographically nearest the Real Estate,oras shall be agreed mutually by the Parties.
•4 7.POSSESSION:Possession shall be deemed to have been delivered when Seller has vacated Real Estate and delivered
;5 keys to Real Estate to Buyer or to Listing Office.Seller shall deliver possession to Buyer at the time of Closing.
b 8. RESIDENTIAL REAL ESTATE AND LEAD-BASED PAINT DISCLOSURES:lfapplicable,prior to signing
7 this Contract,Buyer [check one)Dhasliihas not received a completed Illinois Residential Real Property Disclosure
.8 Report; (check onel(Jbas[ghas not received the EPA Pamphlet,"Protect Your Family From Lead in Your Home";
9 [check one)[Jras, bas not received a Lead-Based Paint Disclosure.
0 P. PRORATIOIVS: Proratable items shall include, without limitation,rents and deposits (if any)from tenants,utilities,
I water.and sewer, and homeowner or condominium association fees.Seller repres is that as of the Date of Acceptance
6.
2 Homeowner Association/Condominium fees are S NIPS per -.Seller agrees to pay prior to or '
3 at Closing any special assessments (governmental or association)confirmed , for to Date of Acceptance. The general
4 Real Estate taxes shall be prorated as of the date of Closing based on fb- ;0 of the most recent ascertainable full
5 year tax bill All praratk ns shall be final as of Closing, except as provided in ' . . 17. If the amount of the most
6 recent ascertainable tax bill reflects a homeowner,senior citizen or other exemption, Seller has submitted or will submit
7 in a timely manner all necessary documentation to the Assessor's Office, before or after Closing, to preserve said
8 exemption(s).Accumulated reserves of a Homeowner/Condominium Association are not a proratable item.
9 10.OTHER PROVISIONS: This Contract is also subject to those OPTIONAL PROVISIONS selected for use and
0 initialed by the Parties which are contained on the succeeding pages and the following attachments, if my:•
1 .
21 • • t . . :" .. . . . .. . ....
3 governmental regulations) a home, radon, environmental, lead-based paint and/or lead-based paint s �,
4 separately waived),and/or wood insect infestation inspection(s)of said Real Estate by one or more Ii•'. t or certified
5 inspection service(s). Buyer shall serve written notice upon Seller or Seller's attorney of an ects disclosed by the
6 inspection(s)which are unacceptable to Buyer,together with a copy of the pertinent rr of the report(s)within five
7 (5)business days (ten(10)calendar days for a lead-based paint and/or lead-b. . '<'nt hazard inspection)after Date of
S •Acceptance.If written notice is not served within the time spec ., provision shall be deemed waived by
Parties and this Contract shall remain in full force an If within ten(10)business days after Date of
) Acceptance, written agreement cannot be reached b • 'es with respect to resolution of inspection issues,then
I either Party may terminate this Contract by wri >. ice to the other Party and this Contract shall be null and void
Z and earnest money refunded to Buyer . written direction of the Parties to Escrowee.The home inspection shall
I cover only major'components o - • - Estate,including but not limited to,central heating system(s),central cooling
1 system(s), plumbing << - I system, electrical system, roof, walls, w ndaws, ceilings, floors, appliances and '
5 foundation. A ma - shall be deemed to be in operating condition if it performs the fimction for which it is
5 intended, 't 4.4 of f age,and does not constitute a threat to health or safety.Buyer shall indemnify Seller and hold
7 Sel .i' ess from and against any loss or damage caused by the acts or negligence of Buyer or any person performing
? 12.ATTORNEY REVIEW:The respective attorneys for the Parties may approve,disapprove,or make modifications
to this Contract, other than stated Purchase Price, within five (5) business days after the Date of Acceptance.
Disapproval or modification of this Contract shall not be based solely upon stated Purchase Price. Any notice of
disapproval or proposed modification(s) by any Party shall be in writing.If within ten (10)business days after Date of
Acceptance written agreement on proposed modification(s) cannot be reached by the Parties, this Contract shall be
null and void and earnest money refunded to Buyer upon written direction of the Parties to Escrowee.If written
notice is not served within the time specified,this provision shall be deemed waived by the Parties and this
Contract shall remain in full force and effect.
13. PLAT OF SURVEY:Not less than one (1)business day prior to Closing, except where the subject property is a
condominium(see Paragraph 27)Seller shall,at Seller's expense,furnish to Buyer or his attorney a Plat of Survey dated
not more than six (6) months prior to the date of Closing,prepared by an Illinois Professional Land Surveyor,showing
Buyer Initial Buyer Seller Initial -)p Seller Initial
• Address_ 3S-s. ANN S-o +6T t Tai S`.- iezook
A....1..f 4
D any encroachments,measurements of all lot lines,all easements of record,building set back lines of record, fences, all
1 buildings and other improvements on the Real Estate and distances therefrom to the nearest two lot lines.In addition,the
Z survey to be provided shall be a boundary survey conforming to the current requirements of the Illinois Department of
3 Professional Regulation. The survey shall show all comers staked and flagged orotherwise monuunented. The survey
I shall have the following statement prominently appearing near the professional land surveyor seal and signature: "This
5 professional service confgnns to the current Illinois Minimum standards for a boundary survey?'A Mortgage Inspection,
6 as defined,is not a boundary survey,and does not satisfy the necessary requirements.
7 14.NOTICE:All notices required shall be in writing and shall be served by one Party or his attorney to the other Party
B or his attorney.Notice to any one of a multiple person Party shall be sufficient notice to all.Notice shall be given in the
9 following manner:
) (a) By personal delivery of such notice;or
I (b) By mailing of such notice to the addresses recited herein by regular mail and by certified mail,return receipt
requested.Except as otherwise provided herein,notice served by certified mail shall be effectiveon the date of
3 mailing;or
f (c) By sending facsimile transmission. Notice shall be effective as of date and time of facsimile transmission,
5 provided that the notice transmitted shall be sent on business days during business hours (8:00 A.M. to 6:00
5 P.M.Chicago time).In the event fax notice is transmitted during non-business hours,the effective date and time
7 of notice is the first hour of the fust business day after transmission;or
3 (d) By sending e-mail transmission.Notice shall be effective as of date and time of e-mail transmission,provided
that the notice transmitted shall be sent on hairless days during business hums(8:00 A.M.to 6:00 P.M.Chicago
Time),and provided further that the recipient provides written acknowledgment to the sender of receipt of the
l transmission (by e-mail, facsimile, or by regular mail). In the event e-mail notice is transmitted during non-
3 business hours,the effective date and time of notice is the first hour of the first business day after transmission.
1 15. THE DEED: Seller shall convey or cause to be conveyed to Buyer or.Buyer's designated grantee good and
I merchantable title to the Real Estate by recordable general Warranty Deed,with release of homestead rights, (or the
5 appropriate deed if title is in trust or in an estate), and with real estate transfer stamps to be paid by Seller (unless
•5 otherwise designated by local ordinance). The when conveyed will be good and merchantable,subject only to:general
7 real estate taxes not due and payable at the time of Closing, covenants, conditions,and restrictions of record,building
3 lines and easements,if any,so long as they do not interfere with the current use and enjoyment of the Real Estate.
16. TITLE: At Seller's expense, Seller will deliver or cause to be delivered to Buyer or Buyer's attorney within
) customary time limitations and sufficiently in advance of Closing, as evidence of title in Seller or Grantor, a title
I commitment for an ALTA title insurance policy in the amount of the Purchase Price with extended coverage by a title
company licensed to operate in the State of Illinois,issued on or subsequent to the Date of Acceptance of this Contract,
t subject only to items listed in.Paragraph 15.The requirement of providing extended coverage shall not apply if the Real
I Estate is vacant land. The commitment for title insurance furnished by Seller will be conclusive evidence of good and
'n merchantable title as thereinshown, subject only to the exceptions therein stated. If the title commitment discloses
s unpemaitted exceptions,or if the Plat of Survey shows'any encroachments which are not acceptable to Buyer,then Seller
shall have said exceptions or encroachments removed,or have the title insurer commit to insure against loss or damage
I that may be caused by such exceptions or encroachments:If Seller fails to have=permitted exceptions waived or title
insured over prior to Closing,Buyer may elect to take the title as it then is,with the right to deduct from the Purchase
Price prior encumbrances of a definite or ascertainable amount. Seller shall fianish Buyer at Closing an Affidavit Of
Title covering thedate of Closing,and shall sign any other custoniaryforms required for issuance of an ALTA Insurance
' Policy.
t 17. REAL ESTATE PROPERTY TAX ESCROW: In the event the Real Estate is improved, but has not been
I previously taxed for the entire year as currently improved,the sum of three (3)percent of the Purchase Price shall be
deposited in escrow with the title company with the cost of the escrow to be divided equally by Buyer and Seller and
i paid at Closing.When the exact amount of the taxes prorated under this Contract can be ascertained, the taxes shall be
prorated by the Seller's attorney at the request of either Party,and the Seller's share of such tax liability after reproration
shall be paid to the Buyer from the escrow funds and the balance, if any, shall be paid to the Seller. If the Seller's
obligation after such rep,osation exceeds the amount of the escrow funds, Seller agrees to pay such excess promptly
I upon demand.
Ill.J'ERFORMA.NCE:Time is of the essence of this Contract.In the event of default by Seller or Buyer,the Parties
. are free to pursue any legal remedies at law or in equity. The prevailing Party in litigation shall be entitled to collect
Buyer Initial Buyer Initial Seller Initial (1)/-1 Seller Initial
Address ars AN to • fvn�Z,o
Paee 3 of 8�
3 reasonable attorney fees and costs from the losing Party as ordered by a court of competent jurisdiction.There shall be
4 no disbursement of earnest money unless Escrowee has been provided written agreement from Seller and Buyer.Absent
5 an agreement relative to the disbursement of earnest money within a reasonable period of time,Escrowee may deposit
6 fimds with the Clerk of the Circuit Court by the filing of an action in the nature of interpleader. Escrowee shall be
7 reimbursed from the earnest money for all costs, including reasonable attorney fees, related to the filing of the,
8 intapleade r action.Seller and Buyer shall indemnify and hold. Escrowee harmless from any and all conflicting claims
9 and demands arising under this paragraph.
0 19.DAMAGE TO REAL ESTATE PRIOR TO CLOSING:lf,prior to delivery of the deed,the Real Estate shall be
I destroyed or materially damaged by fire or other casualty,or the Real Estate is taken by condemnation,then Buyer shall
2 have the option of terminating this Contract and receiving a refund of earnest money or of accepting the Real Estate as
3 damaged or destroyed, together with the proceeds of any insurance payable as a result of the destruction or damage,
4 which proceeds Seller agrees to assign to Buyer. Seller shall not be obligated to repair or replace damaged
5 improvements. The provisionsof the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable
6 to this Contract,except as modified in this paragraph.
7 20..SELLER REPRESENTATIONS:Seller represents that he has not received written notice from any Governmental
8 body or Homeowner Association of(a)zoning building, fire or health code violations that have not been corrected;(b)
9 any pending rezoning or(c)a proposed or confirmed special assessment and lex special service area affecting the Real
0 Estate.Seller further represents that Seller.has no knowledge of boundary line disputes,easements or claims of easement
1 not shown by the public records,any hazardous waste on the Real Estate or any improvements for which the required
2 permits were not obtained. Seller represents that there have been no improvementsto the Real Estate which are not
3 included in full in the determination of the most recent real estate tax assessment, or which are eligible for home
4 improvement tax exemption. '
5 21.CONDITION QF.REAL E$TATE AND INSPECTION: Seller agrees to leave the Real Estate in broom clean
6 condition.All refuse and personal property that is not to be conveyed to Buyer shall be removed from the Real Estate at
7 Seller's expense before possession.Buyer shall have the right to inspect the Real Estate,fixtures and personal property
8 prior to possession to.verify that the Real Estate,improvements and included personal property'are in substantially the
9 same condition as of the Date of Acceptance of this Contract,normal wear and tear excepted.
0 22.GOVERNMENTAL COMPLIANCE:Parties agree to comply with the reporting requirements of the applicable
I sections of the•lnterinal Revenue Code and the Real Estate Settlement Procedures Act of 1974,as amended. .
2 23.ESCROW CLOSING:At the election of either Party,not less than five(5)business days prior to the Closing,this
3 sale shall be closed through an escrow with the lending institution or the title company in accordance with the provisions
4 of the usual form of Deed and Money Escrow Agreement,as agreed upon between the Parties,with provisions inserted
5 in the Escrow t as may be required to conform with this Contract.The cost of the escrow be paid by the •
5 Party requesting theescrow.
7 . ' • ". •- -
8 25. FACSIMILE: Facsimile signatures shall be sufficient for purposes of executing, negotiating, and finalizing this
9 Contract.
3 26.BUSINESS DAYS:Business days are defined as Monday through Friday,excluding Federal holidays.
Z contrary to other terms of this Contract,shall supersede any conflicting terms.
3 (a) Title when conveyed shall be good and merchantable,subject to terms, provisions, covenants • ., •;'ons of
1 the Declaration of Condominium and all amendments; public and utility easements •.•11 g any easements
i established by or implied from the Declaration of Condominium or amendmeun • •; party wall rights and
5 agreements; limitations and conditions imposed by the Condominium - - Act; installments due ager the
7 date of Closing of general assessments established pursuant to th ' aration of Condominium.
3 (b) Seller shall be responsible for all regular assessments and levied prior to Closing and for all special
assessments confirmed prior to the Date of Acc'• ' •.
(c) Buyer has,within five(5)business days I Date of Acceptance of this Contract,the right to demand from
Seller items as stipulated by the <<:,"as Condominium Property Act. The Contract is subject to the condition
that Seller be able to proc . .•i',+ provide to Buyer,a release or waiver of any option of first refusal or other pre-
emptive rights o • . a created by the Declaration of Condominium within the time established by the
Declarati, •- event the Condominium Association requires personal appearance of Buyer and/or additional
„tat;an,Hula agrees*comply frith salsa
Buyer Initial_ Buyer InitialSeller Initial I (2 _Seller Initial
Address 3S'S' At-1 N -0
Pk.e4of 8
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17 improvements are in violation of existing rules,regulations or other restrictions or that the 'itions
18 contained within the documents would unreasonably restrict Buyer's use of the .,•—• K or would increase the
19 financial considerations which Buyer would have to extend in • , _.- •, ' , the owning of the condominium,
tO then Buyer may declare this Contract null and void " : )ler written notice within five(5)business days
:1 -after the receipt of the documents .,,, Son required by Paragraph 27 (c),listing those deficiencies which
t2 are unacceptable tot . .... ,,• - ,s I all earnest money deposited by Buyer shall be returned to Buyer upon
.3 written '• ' 'arties to escrowee.If written notice is not served within the time specified,Buyer shall
.4 . , . . .. . . .. . . . .. . -. . . .
tS ; .. . . . '.. . ..'. ' ... ... . .
.6 . . • .K :. .. , . . � _ .. . .. ..
.7 28. CHOICE OF LAW/GOOD FAITH: All terms and provisions of this Contract including,but not limited to,the
:8 Attorney Review and Professional inspection paragraphs, shall be governed by the laws of the State of Illinois and are
:9 subject to the covenant of good faith and fair dealing implied in all Illinois=tracts.
;0 •
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I THE FOLLOWING OPTIONAL PROVISIONS APPLY ONLY IF INITIALED BY ALL PARTIES
.2
3 0 0 0 D 7.9.SALE 01? UYER'SREAL ES'A1 - .
4 Calais]
5 (A)REPRESENTATIONS ABOUT BUYER'S REAL ESTATE:Buyer ren weals to Sella as follows:
6 (1) Buyerowns real estate commonly known as(address): .
7 (2) Buyer 'cheek one] ❑Las Dins not entered into a contract to sell his real estate.If Buyer has entered into a contract to sell
8 his real estate:
9 (a) Buyer's sale contact]check one): ❑is❑is not subject to a mortgage contingency.
0 (b) Buyer's sale contract Icheck one]: Ellis pis not subject to a real estate sale contingency.
1 (c) Buyer's sale=had[check one]: ❑is❑is not subject to a real estate dosing contingency. • -
2 (3) Buyer [check one)❑has❑has not listed his real estate for sale with a licensed real estate broker and in a local multiple
3 .listing sesvioe.
4 (4) If Buyer's real estate is not listed for sale with a licensed real estate broker and in a local multiple listing service,
5 Buyerrlcheck one)
6 . (a) 0 Shall fist his real estate for sale with a licensed real estate broker who writ place it in a local mu iple
7 listing service within five(5)business days after the Date of Acceptance of this Contract. .
8 Far information cagy:Broker:
9 Brolces'sAddress: _Phare:.
0 (b):0 Doane*intend to list his real estate far sale.
1 (5) Buyer authorizes Seiler or his agent to verify representations contained in Paragraph 29 at any time, and Buyer agrees to
2 cooperate in pmvicingrelevant infmnatioo.
3 (B)CONTINGENCIES BASED UPON SALE AND/OR CLOSE OF BUYER'S REAL ESTATE: '
4 (1) This Contract is contingent upon Buyer having a contract for the sale of Buyer's real estate in full farce and effect as of
5 . 20 Such eanhaa shall prOvide for a Closing date not later than the (losing date set forth in
5 this Contract. If written notice of failure to procure such contract is not served within the time specified,Buyer shall
7 be deemed to have waived this contingency and this Contract shall remain in full force and effect. (If this.paragraph
5 is used,then the following paragraph must be completed)
) (2) In the event the Buyer has pawed a contract fa the sale of Buyer's real estate as set forth in Paragraph 29 (B)(1)and that
) contract is in full force and effect or has entered into a contract far sale of Buyer's real estate prier to the execution of this
IContract, this Contract is contingent upon Buyer Closing the sale of Buyer's real estate on or before
20 . If written notice Is not served within the time specified, Buyer shall be
3 deemed to have waived all contingencies contained in this Paragraph 29, and this Contract shall remain in full force
l and effect.
i (3) if the contract for the sale of Buyer's real estate is terminated for any reason after the date set forth in Paragraph 29 (B)(l)
i (or after the date of this Contract if no date is set forth in Paragraph 29(B) (1)),Buyer shall, within three (3) business days
i of such termination, notify Seller of said termination. Unless Buyer, as pat of said notice, waives all contingencies in
I . Paragraph 29 and compliers with Paragraph 29(D), this Contract shall be null and void as of the date of notice and earnest
1 money refunded to Buyer upon mitten direction of the Parties to Escrowee. If written notice as required by this
1 subparagraph is not served within the time specified,Buyer shall be in default under the terms of this Contract.
. (C)SELLER'S RIGiiT TO CONTINUE TO OP1E7t REAL ESTATE FOR SALE During the tine of this contingency Seller
'. has*relight to continue to show the Real Estate and offer it for sale subject to the following:
Buyer Ini 'al Buyer Initial Seller Initial e) Seller Initial
Address . -K `tvN S * ', _ ... —
Page 5 of 8
(1) If Stilet accepts another bona fide offer to purcinse the Real Estate during such period, Seiler shell notify Buys it veiling
4 of same. Buyer shell than have bouts after Seller gives such notice to waive the contingencies set forth in
5 Pttrt10 29(Mt ttt ccttoParagraph 29 0)-
6 (2) If Buyer complies with the provisions ofPmagtraph 29(D)then this Contract shall rennin in full farce and effect.
7 (3) If the contingencies set forth in Paragraph 29 (B) are NOT waived in writing within said time period by Buyer, this
8 Contract shall be null and void and earnest money refunded to Buyer upon written direction of the Parties to
9 Escrowee.
0 (D) WAIVER OF PARAGRAPH 29 CONTINGENCIES: Buyer shall be deemed to have waived the contingencies in Paragraph
1 29 (B) when Buyer has delivered written waiver and deposited with the Esaowee the additional sum of $
2 earnest money within the tine specified. If Buyer falls to deposit the additional earnest money.within the time specified the
3 'waiver shall be deemed ineffective and this Contract shall be null and void and earnest money refunded to Buyer.upon
4 written direction of the Parties to Escrowee.
5 (E) NOTICE OR THIS CONTINGENCY ONLY): Except as otherwise provided above, notice required under ibis Paagaph
6 29 shall be in writing and shallbe served on the Party. Courtesy copies of notice should be seat to the respective attorneys and.real
7 estate agents, if known. Failure to provide such courtesy copies shall not reader notice invalid. Notice to any one of a multiple
8 pessoin Party shall be sufficient notice to all.Notice shall be given to the Party in the following manner.
9 (1) By personal delivery of such notice effective at the time and date of personal delivery;or
0 (2) By nnlliing of stili notice to the addresses recited herein by regular mail and by certified snai. Notice served by nuke
1 mai and certified.mail shall be effective of 10.00 AM on the mating of the second day following deposit of notice in the
2 U.S.Mai;or
3 (3).By facsimile to a Paty (service shall be'effective at the time and date the sending Paty receives a =aped copy of the
4 notice twin the receiving Party).'
5 •
6 0000s._ CANCEuAu9 PRIOR MAI,ESTATE CONTRACT:In the even either Patty has entered into a prior
al este .
7 reoontrac�t this Contract shall be subject to written cancellation of the prior contact on or before
820 . In the event the prior contract is not tenoned within the time specified, this Contract shall be null and void and earnest
9 money refunded to Buyer upon written direction of the Parties to Escrowee.Notice to the purchaser under the prior contract
0 should not be served until after Attorney Review and Professional Inspections provisions of this Contract have aspired,been
l satisfied or waived
2 '
3 0000 31.IN'TERES'T BEARING ACCOUNT: Earnest money (with a completed W-9 and other requited fon s), shall be
4 'held in a federally insured interest .bearing account at a financial institution designated by Escrowee: AN interest earned on the
5 earnest noiney shall acme to the benefit of and be paid to Buyer The Buyer shall be responsible for any administrative fee(not
6 toexceed 375) charged for setting up the account. In anticipation of Closing,the Parties dhect Escrowee to close the secant no
7 sooner than Ian(10)business days prior to the anticipated Closing date.
8
9 0 0 0 0 32, POST-CLOSING POSSESSION:In the event possession is not to be delivered at Oaring,the Parties shall enter
o into it post Closing possession agreement that shall provide, among other things, that possession will be delivered no later than 1139
1 .P.M. an • 20_, provided sale has been closed Seller agrees to pay at Closing the suis of$ per day
2 to Buyer for use and occupancy from and including the day after Closing to and including,the possession date specified_above,
3 regardless of whetherpossession is delivered prier to the possession date In the event possession is not delivered at Oosirng, Seller
4 the deposit in escrow at'Closing with Title Company, listing Company or other esauwee as agreed to by the Parties and esaosece
5 by separate clack, the sum of one percent (1%) of the Purchase Price to guarantee than possession of the Real Estate shall be
6 devised to Buyer on or before the date and time specified in this Cantina. If possession is so debvered, the escrow find shall be
7 paid b Seller. If possession is not so delivered, the designated escrowee shall pay to Buyer Som the escmw finds the sum of 1/5th
8 of the deposit for each day possession is withheld flan Buyer after such specified date and time, and shall pay the balance of the
9 escrow find, if any, to Seller. In the event that possession is not delivered to Buyer within five (5) calendar days after the date
() specified herein, Seller shall continue to be liable to Buyer fix a scan of money equal to I/5th of the possession escrow stun specified
1 herein for each day possession is so withheld frau Buyer, without prejudice to any other rights or tanedles available to Buyer. If
2 within ten (10) business days after Date of Acceptance' written agreement on a post Closing possession agreement marmot be readied
3 by the Parties, this Contract t be null and void and earnest money refunded to Buyer upon written direction of the Parties
4 to.Escrowee If Written notice is not served within the tine specified, this provision shall be deemed waived by the Parties
5 and this Contract shall remain in full force and effect.
6
7 0 0 0 0 33.E AND/OR SEP11C/SANITARY INSP ONS: Seller shall obtain,at Seller's mime. a well wales
8 test (nchnd'mg nitrates test) and/or a septic/sanitary ic/sanitary report fain the applicable governs ntal authority or qualified inspection
9 service, mitt dated nct more than ninety.(90) days prior to Closing, stating that the well and the water supplied tberefom and the
0 septic/sanitary system are in compliance with applicable health regulations. Seller shall deliver a copy'of the repot to Buyer not less
1 than fourteen (14) days prior to Closing. If either system is found not to be in compliance with applicable health regulations, and in
Buyer Initial Buyer Initial Seller Initial ( f) . Seller Initial
Address 7.3.52.5' tU-1N SCR-aE��e , Lc�--int' S.L. to `Zs7
Page 6 of 8
12 the event that within five (5) business days ea receipt of such re e1(s), written agreanent cannot be reached by die Parties with
13 respect to the resolution of well and/or septc*anitaay issues, then eidnet Party may trrrrrinate this Contract by written notice to the
14 other Patty and thb Contract shall be null and void and earnest money refmhded•to Buyer upon written direction of the
15 Parties to Escrowee. •
16 •
17 0000 34 CONFIRMATION OF DUAL AGENCY: The Parties confirm that they have previously consented to
1$ (Licensee) acting as a Dual Agent in p vkfing brokerage swims
19 On their behalf and specifically consent to Licensee acting as a Dual Agent with regard to the transaction referred to in this Conttra
10
11 ❑ ❑ []❑ 35."ASIS" CONDITION:This Contract is for the sale and purchase of the Real Estate and pasonal property in its
12 "As Is" condition as of the Date of Offs. Buyer acknowledges that no representations, warranties or guarantees with respect to the
13 -condition of the Real Estate and personal property have been made by-Seller or Seller's Agent other.than those known defects, if
14 any,disclosed by Seller. Buyer may conduct an inspection at Buyer's expense. In that event, Seller shall make the property available
15 to Buyers iaTnectos'at reasonable times. 'Buyer shall indemnify Seller and bold Seller harmless from and against any loss or damage
16 caused by the ads or negligence of Buyer or any person pafammhg any inspection(s). In the event the inspection reveals that the
17 condition of the impcovanants, fixtures cc personal property to be conveyed or transferred is unacceptable to Buyer and Buyer so
48 notifies Seller within five(5)business days after the Date of Acceptance, this Contract shall be null and void and earnest money
49 shall be.nfi nded to Buyer upon the written direction of the Parties to Escrowee. Failure of Buyer to notify Seller or to ccoduct
50 said. wastes as a waiver of Buyer's right to laminate this Contract under tats paragraph aid this Centrad shall renin in
51 full force and effect. Buyer acknowledges the•p ovisiais of Paragraph 11 and the warranty provisions of-Paragraph 3 do not apply to
52 this Contract.
53 '
54 ❑ ❑ ❑ ❑ 36.VA OR FHA F1NANCINta If Buyer is seeking VA or FHA financing this provision shall be applicable:Buyer •
55 may terminate this Contract if the Purchase Price set forth herein eaxeee+ds the appraised value of the Real Estate, as detendned by
56 the Vetaaus .Administration (VA) or the Federal •Housing Admleistration (FHA). However, Buyer shall have the option of
57 proceeding with this .Contract without regard to the amount of the appraised valuation. If VA, the Funding Fee, or If FHA, the
58 Mamtgage In: mance Premium (MEP)shall be paid by Buyer and [check one) ❑shall 0 shall not be added to the mortgage loan
59 amourrt.Seller agrees to pry additional m3sodlaoeas expenses required by lander act to exceed$200.00.
60 Required FHA or VA amendments shall be attached to this Contract.
61 It is expressly- agreed that notwithstanding any other provisions of this Contract, the Buyer shall not be obligated to complete the
62 purchase of the property described herein or to incur cry penalty by forfeit re of earnest money deposits or otherwise unless the
63 Bayer Ins been giver, in accordance with HUD/FHA nxiiinments, a written 'Attuned .by the Federal Housing Camrissiarer
64 setting forth the appraised value of the property (acclxfing Closing caste) of not less than S
65 Bayer shall have the pivlIege and optioo.of pioneering with the ination of the Contract without regard to the amamt of true
66 appraised valuation. The appraised valuation is sawed at to detetmmne the maximum.mortgage the Depattme rat of Housing aid
67 ihban Development will insureJgrmraatee. HUD and the mortgagee do not waned the value nor the condition of the meaty.
68 Buyer should satisfy hiroselfiliersdf that the pier and condition of the property are acceptable.
69
70 DODO 37 INTERIM FINANCING~ This.
Contract is contingent upon Buyer obtaining a written commitment for interim . '
71 financing on or beSore •_ 20 in the amount of S . If Buyer is unable to secure the
72 intmotn &mtociig commitment and gives written notice to Seller within the time specified, this Contract shall be null and void and
73 earnest money refunded to Buyer upon written direction of the Parties to Escrowee.If written notice is not served within the
74 tions specified,this provision shall be deemed waived by the Parties and this Contract shall remain In full force and effect.
75 •
76 D❑ D D 38. MISCELLANEOUS PROVISIONS: Buyer's and Seller's obligations are contingent upon the Parties entering
77 into a separate written.agreement consistent with the tains and 000ditiors set forth herein, and with such additional tarn as.either
78 Party may deem necessary,providing fix one or mare of the following: (check applicable hox(es))
79. (]ASSUMPTION OF SELLER'S MORTGAGE
80 DARTIC LES OF AGREEMENT FOR DEED OR PURCHASE MONEY MORTGAGE
83 DVACANr LAND
82 DNEW CONSTRUCTION
83 •
84 0 0 ❑ ❑39_ SPEC in u PARTY APPROVAL: This Contract is contingent upon the approval of the Real Estate by
85 - Buyer's specified pay,
86 within five (5) calendar days after the Date of Acceptance. In the event Buyer's specified party does not approve of the Real Estate
87 and_written notice is given to Seller within the time specified, this Contract shall be null and void and earnest money refunded
88 to Boyer upon written direction of the Parties to Escrowee. If written notice Is not served within the time specified,this
89 p-ovbion shall be deemed waived by the Parties and this Contract shall remain hr full force and effect.
Buyer Initial Buyer Initial • Seller Initial `)12 Seller Initial
Address —N S—c-v-Sre"e — .�
Page 7 of 8
' t
I THIS DOCUMENT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL.
t PARTIES AND DELIVERED
I The Patties represent that text of this form has not been altered and is identical to the official Multi Board Residential
; Real Estate Contract 3.0 i1 G-}-
I aorto.E.,Q ---- •
20 0$ OL
ob'y 4)._I 20de
i Date of Offer G't-i pc cx_ty te.,) ATE OF ACC PTANCE
i LLQ k4k- /,r,/1 MvL
I Buyer Si. .`,` ii• v ..�+ty.�ia JL, Signature 1 IS �x t C u-n�'5 f i a cz T
,
) B` _ Signature
c� - t. — N i� - ( Nurrta 1411 Of ga(-01e Fuc Val/C19
( Print Buya(s) `:, ..s) Pint Seller(s)Name(s) .
1S0 IDEX-cZ R ct . :�O. ;. c-c ve t 41 S 0 ik al° 1
I Address
i $4"1-93‘-s'6 s-- ---State �
' -7_?3{,-i43 . par r 19��.LiLt rvPZip i, 1 YN. Lr
1 Phone Number(s) Snail Phone Number(s) . Email
FOR INFORMATION ONLY
) Sang Office ...# Listing Office
f
Seibog Agent 1 # Email Listing Agent # Fel
;
; Address City ST Zip Address City ST Zip
i PhontNo. Fax No. PhTe No. Fax No.
wtvX.tA'& tx..(-0(a% H,,,Irfl Lt 1' F, (X?-cICtt h heImtkk�erlad- )
; Buyer's Attamey F ml Seller's A S NGNI bna
t5o 1i�0.-cZ. 'EL( J XL,bocLQ i 0 P p k 3k crei .�,'r.,,.(+ Ute+-1'0
) Address Address LA,k On()I 1 L- C U +-i
t -RzI-Slexret Szi"1-431—$45w1-1-4,-,--70 - CLi30
PhooeNo. Fax No. PbooeNo. Fax No.
I Mcxtine ConPanY Fax Na Loan Officer Phone No.
i 02003, Illinois Real Estate Lawyers Association. All rights reserved. Unauthorized duplication or alterations of this
r form or any portion thereof is prohibited.
1 Official form available at www.reallaw org(web site'of Illinois Real Estate Lawyers Association).
Approved by the following organizations January,2003.
1 Illinois Real Estate Lawyers Association, Belvidere Board of REALTORS®,Boone County Bar Association,Chicago
Association of REALTORS®, Du Page County Bar Association, Kane County Bar Association, Lake County Bar
Association,McHenry County Association of REALTORS®, North Shore -Barrington Association of REALTORS®, -
Northwest Association of REALTORS®, Northwest Suburban Bar Association, Oak Park Board of REALTORS®,
I. REALTOR®Association of the Fox Valley, REALTOR® Association of West/South Suburban Chicagoland, West
i Towns Board of REALTORS® ..
i
' This offer was presented to Seller by on 20 at_:^Am/Pm
(Agent) (date)
1 This offer is rejected 20._
I (Seller initials) (Seller initials) (date)
Buyer Initial Buyer Initial Seller Initial `)& Seller Initial
S vt-) "�.L_. (coot.
Address 3SS- �N `t'�-�e� �� �
Mage 8 of 8 •