Loading...
HomeMy WebLinkAbout11-170 Resolution No. 11-170 RESOLUTION AUTHORIZING EXECUTION OF A REAL ESTATE CONTRACT (162 Summit Street-NSP Property) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Sean R. Stegall, City Manager, and Kimberly A. Dewis, City Clerk, be and are hereby authorized and directed to execute a Real Estate Contract on behalf of the City of Elgin with Elizabeth Femal for the sale.of property commonly known as 162 Summit Street for $110,000, a copy of which is attached hereto and made a part hereof by reference. s/ David J. Kaptain David J. Kaptain, Mayor Presented: September 28, 2011 Adopted: September 28, 2011 Omnibus Vote: Yeas: 7 Nays: 0 Attest: s/ Kimberly Dewis Kimberly Dewis, City Clerk ` Aug 31 11 01:09P Tamara McAdoo 312-542-4744 P.2 Aug M 11 01:26P vintsgaHorna Raelty 847-622-0077 P.2 fV1UL'Et-BOARD RESIDENTlAt►l REAL ESTATE CONTRACT 5.0 V..O.�Mlfl: 1 1,THE PARTIES;Buyer and Seller are hereinafter referred to as the"Parties". 2 BuyEr(s)(Please Print) 6—F&WL Pm4 3 Sellers)(Rtease Pring) City of Elgin 4 If Dual Agency applies,complete Optiotd Paragraph 41.. 5 2. THE REAL ESTATE: Real $State shall be defined as the Property, all improvements, the fixtures and 6 Personal Property included therein.Seller agrees to cony to Buyer or to Buyer's designated grantee, tete 7 Real Estate with the ap roxhnate lot size or acreage of �� X f-3 commonly krtm+'n as: 2 7 8 / '5 a,- Z- 641210 9 Address City State Zip 10 69 a a4 '//- r/-vol 11 County Unit tr(if applicable) Pe—nent Index Number(s)of Real Estate 12 If Condo/Coop/Ibwnhome Padang is Included: 4 of space(s) :identified as Space(s) # . 13 (check")0 deeded spaceU limited common elementr'assigned space. 14 3. FIXTURES AND PERSONAL PROPERTY.-All of the fixtures and included Personal Property are owned by 15 Seller and to Seller's knowledge are in operating condition on the Date of Acceptance, unless otherwise 16 stated herein.Seller agrees to transfer to Buyer all fixtures,all heating, clectdcaL plumbing and well systems 17 togethex with the following iter-is of Personal Property by Bill of Sale at Closing: 18 fChuk or enumerate applicable aems) 19 ,X Relrigpmtw X Ccntral.Air Conditioning _Centrat Humidifier Light Fixtures,as dxy exist 20 OvenlRangelstove-Window Air 0mr1itionew_Water Softener(owned) Built-in or Attached Shelving 21 Microwave _Ceiling Fan(s) —Sump Pumps _All window Treatments&Hardwam 22 x Dishwasher —Inteumm System _,Electrome orMedia Air Fiiterg Existing Storms&Serpens 23 2�Garbage DI%xsai _'IV Antenna System —Central Vac&Equtprnenr _rlreplace Screens/Door/Grates 24 ,_Trash Compactor _Satellite Dish _Secvriry Systems(owned) ,Fimplam-Gas Lags 25 X Washes Outdoor Shed X Carage Door Openers —Invisible Pence Systt=m,Collars&Box 26 X Dyer ?t.Planted Vegetation with an Transmittens XSmake Detectors 27 _Attached Gas Grill _Outdoor Playsetc All Tacked Donn Carpeting -X Carbon Monoxide Detectom 28 Other items included —" 29 Itenw NOT included- 30 Seiler warrants to Buyer that all fixture% systems and Personal Property included in this Contract shall be in 31 operating condition at Possession,except 32 A system ar itern shall be deemed to be in operating condition if it perfams the function for which it is 33 intended,regardless of age,and does not cmisticute a threat to health or safety. 34 Horne Warranty!;p shall6 shall not be included at a Premium not to exceed$ r 35 4.PURCHASE IKE: Purchase Price of$M1� r shall be pai as follows: lrutzal earnest money 36 of$ tOpP�, bye check, cash Q8 note due on zo to be irKTCased 37 to a total of$ by r^— 20 The earnest money shall be held Uy the 38 (check oncjg[SeUees Brokcrf3 Huyets Broker as-Escrowee",in trust for the mutcAl benefit of the Parties. 39 The aalance of the Purchase Price, as adjusted by proration&, shall be paid ©osing by wise trantifer of Buyer Intel $rr ratiel SdL-r f titial JAWY Selkr Initial / A _ Address . f62- :�uAi M Pr V. 5.0e 08/31/2011 1 :38PM (GMT-05 :00) Aug 31 11 01:08p Tamara Mc dor 312-542-4744 p.3 Aug 31 11 01:28k VintageHome Realty 84?-022-0077 p.3 i 40 funds,or by cel064,cashier':;,mortgage lender's or title company's check(provided that the We company's 41 check is gusrantred by a licensed title insurance company) 42 5. CLOSM:Closing or escrow payout shall be on -To2A r� or at such time as mutually 43 dgrecd by the Parties in writing. Closing shall take at the escrow office of the title company (or its 44 issuing agent)that wiQ issue the Ownefs Policy of Title htstuanee,situated nearest the Real Estate or as shall 45 be agreed mutually by the Parties. 46 6. POSSSE:SSION_-Unlesa otherwise provided in Paragraph 39,Seller shall deliver possession to Buyer at the 47 time of Closing.Possession shall be deemed to have been delivered when Seller has vacated the Real Estate 48 and delivered keys to the Real Estate to Buyer or to the office of the Seller's Broker. 49 7, STATtlTt7RY DISCLOSURES: If Applicable, prior to signing this Contract, Buyer fuck one)10 has W has 50 not received a completed Illinois Residential Real Property Disclosure Report; [check one]U has r5 has not 51 received the ITA Pamphlet, "Protect Your Family From (read in Your)~tome";Icheek one)a has W has not 52 received a Lead-Based Paint Disclosure;[check one].C1 has IS has not received the IFMA Pamphlet "Radon 53 Tenting Guidelines for Real Estate Transactions"; (clerk one] EY.haa jg has not received the Disclosure of 54 Information on Radon Hazards. 55 6, PRORA'110NS;Proratable items shall include, without limitation, rents and deposits (if any) from tenants; 56 Special Service Area or Special Assessment Area tax for the year of Closing only;utilities,water and sewn; 57 and Homeowner or Coadomirdurn Association fees (and Master/Umbrella Association fees, if applicable). 58 Accumulated reserves of a Humes caner/Condominium Association(s) are not a proratable item. Seller 59 represents that as of the Date of Acceptance Homeowner/Condominium Associations)fees are$ 60 per ~-- (and,if appbcable;, Master/Umbrella Association fees are$ per .Sellar agrees 61 to pay prior t9 or at Closing arty special assessments(by any association or govenvuental entity)confirmed 62 prior to the Date of Acceptance:.Installments dere after the year of Closing for a Special Assessment Area or 63 Special Service Area shall not be a proratab1c item and shall be payable by Buyer. The general Real Estate 64 taxes shall be prozated as of the date of Closing based on f0 D %of the most recent ascertainable toll year 65 tax bill. All prorations shall be final as of Closing,except as provided in Paragraph 20. If the amount of the 66 most recent asoertairiable full year tax bill reflects a homeowner, senior dtizcn or other exemption, a senior 67 freeze vI senior defemral,. then Seller has submitted or will submit in a timely manner all necessary 68 documentation to the appropriate goverr=emal entity,before or after Closing,to preserve said exemption(s). 69 9. ATTORNEY REVIEW; Within five (5) Business Days after the Date of Acceptance, the attorneys for the 70 respective Parties,by Notice,may: 71 (a) Approve this Contract;or 72 (b) Disapprove this Contract which disapproval shall not be based solely upon the Purchase Price;or 73 (c) Propose modifications except for the Purchase Prlce. If within ten (10) Business Days after the Date of 74 Acceptance written agreement is not reached by the (Parties with respect to resolution of the proposed 75 modifications,then either Party may terminate this Comract by serving Notice,whcreupor.this Contract 76 shall be null and void;or 77 (d) Propose suggested changes to this; Contract If such suggestiom an nvt agreed upon neither Party may 78 declare this Contract null and void and this Contract shall remain in full force and effect 79 Unless otherwise specified,aL Notices shall be deemed made pursuant to Paragraph 91r).If Notice is not 80 served within the tia►e specified herein,the provisions of this paragmpb shalt be deemed waived by the 81 Parties and this Contract shall remain in fall force and effect. FAd4= yrr Initial Buyer InWal Seller Initial Selfe+ itisd (Dv. 5.0e 2 08/31/2011 1 :38PM (GMT-05 :00) 312-542-4744 p•4 Auq 31 11 01.09p Tamara McAdoo Aug J1 11 01:28p VintageHome Really 847-622-0077 p.4 82 to. PROFESSIONAL INSPECTIONS AND INSPI MIN NOTICES: Buyer may conduct at Buyer's expense 83 (unlecs otherwise provided by goveminental regulatiorts) a Home, radon, environmental, lead-based paint 84 and/or lead-based paint hs=rds (unless separately waiived), and/or wood destroying insect infestation inspection of the Real Estate by one or more licensed or certified inspection service(s). 86 (a) Buyer agrees that minor repairs and routine maintenance items of the Real Estate do not constitute 97 defects and are not a part of this contingency. The fact that a functioning ona.jor component may be at 88 the end of its useful life shall not roadex such component defective for purposes of this paragraph. 89 Buyer shall indemnify Sellcr and hold Seller harmless from and against arty loss or damage mused by the 90 acts or negligence of Buyer or any person perforating any inspection. The home inspection shall covet 91 only the major components of the Real Estate, inclading but not limited to central heating systcm(s), 92 central cooling system(s), plumbing and well system, electrical system, roof, walls windows, ceilings, 93 floors, appliances and foundation A major comporent shall be deemed to be in operating conditian if it 94 performs the function for which it is intended,regardless of age,and does not constitute a threat to health 95 or safety.If radon mitigation is performed,Seller shall pay for any retest_ 96 (b) Buyer shall serve Notice upon Seller or Seller's attorney of any defects disclosed by any inspection for 97 which Buyer requests resolution by Seller, together with a copy of the pertinent pages of the inspection 98 reports within five (5) Bushwss Days (ten (10) calendar days for a lead-based paint and/or lead-based 99 paint hazard inspection) after the Date of Aceepl8noe. If within ten (10) Business Days after the Date of 100 Acceptance written agreement is not reached by the Parties with respect to rcmfttion of all inspection 101 issues,then either Party may terminate this Contract by serving Notioe to the other party,whereupon this 102 Contract shall be null and void. 103 (c) Notwithstanding anything to the contrary set forth above in this paragraph, in the event the inspection 104 reveals that the condition of the Real Estate is unacceptable to Buyer and Buyer serves Notice to Seller 105 wi6in Five(5)Business Days after the Date of Acceptance,this Contract shall be nuc and void. 106 (d) Failure of Buyer to conduct said inspection(s) and notify Seller within the time specified operates as a 107 waiver of Buyers right to terminate this Contract under this Paragraph 10 and anis Contract sha0 remain 108 in full force and effect. 109 11. MDRTGAGE. CONTINGENCY:This Contract is contingent upon Buyer vbtainittg a firm written mortgage X10 =,- eV text t far matters of title and survey or matters totaBy within Buyer's control) on or before 111 Z3, 20-/1-for a (check one)C$fixed adjustable,(check oneJU conventional CJ FHA/VA 112 (if FHA/V.A is chosen, complete Paragraph 35)C7 other loan of ry �o of Purchase 113 Price,plus private mortgage insurance(PIv1I),if required.The interest rate (initial rate,if applicable)shall not 314 exceed per aanurn, amortized over not less than-ZQ years. Buyer shalt pay loan origination fee 115 and/or discount points nut to exceed -=::-% of the loan amount. Buyer shall pay the cost of application, 116 usual and customary processing fees and closing costs charged by lender. (Complete Paragraph 33 if closing 117 cost credits apply.)Buyer shall make written loan application within five(5)SuMness Days after the Date of 118 Acceptance.Failuic to do so shalll constitute an act of Default under this Contract If Buyer,having applied 119 for the loan specified above,is unable to obtain such loan conurdiment and serves Notice to Seller within 120 the time specified, this Coettrad shall be null and void If Notice of inability to obtain such loan 1.21 commitment is not served ,within the time specified, Buyer shalt be deemed to have waived this M contingency and this Contract shall remain, in full force and effect. Unless otherwise provided in 123 Paragraph 31, this Contract shall not be contingent upon the sale and/or closing Qf Buyers exasting real 124 estate. Buyer shall be deemed to have satisfied the financing conditions of this paragraph if Buyer obtains a 125 loan comrnitnnent in accordance with the terms of this paragraph even though the loan is conditioned on the 126 sale and/or dosing of Buyer'sexisting real estate.if Seller at Seller's option and expense within thirty (30) 127 days after Buyees Notice, procures for Buyer such commitment or noii&e uyes that Seller vAU accept a 0uyer initial .&ff Bu3m I tiAI Setter Initial SellerlaitEW Addrrss 1�i2- sumr.7 v.5.0e 3 08/31/2011 1 :38PM (GMT-05:00) Qua 31 11 01:1 Op Tamara McAdoo 312-542.4744 p.5 Aug 31 11 01:30p VintageHorre Realty 847-622-0077 p,5 128 purchase money mortgage upon the same terms, this Contract sh&U-remain in full foatoe and effect. In su:h 129 event, Seller shall notify Buyer within five (5) BW404 ss Days aftret Buyer's Notice of Sellers election to 130 provide or obtain such financing, and Buyer shall furnish to Seller or lender all requested information and 131 shall sign all papers necessary to obtain the mortgage commitment and to close the loan- 132 12. HOWOWNER INSURANCE:This Contract is contingent upon Buyer obtaining evidence of insurability for 133 an Insurance Service Organization H0,3 or equivalent policy at standard premium rates .within ter, (10) 134 Business Days after the Date of Acceptance.If Buyer is unable to obtain evidence of insurability and serves 135 Notice with proof of saute to Seller within the time specified, this Coatitact shalt be null and void. if 136 Notice is not served within the time specified„ Buyer shall be deemed to have waived this contingency 137 and this Contract shall remain in full force and effect. 138 13. FLOOD INSURANCE: Unless previously disclosed in the Illinois Residential Real Property Disclosure 139 Report, Buyer shall have the option to declare this Contract null and void if the Real Estate is located ir, a 140 special flood ta=d arca wtLkh requires Buyer to carry flood limmance. if Notice of the option to declare 141 this Contract null and void is not givers to Seller vr1thin tea (10) Business Days after the Date of 142 Acceptance or by the Mortgage Contingency deadline date described iu Paragraph 12 (whichever is Liter), 143 Buyer shall be derated to have waived such aption and this Coa=ct shall remain in full force and effect 144 :Nothing herein shall be deemed to affect any rights afforded by the Residential Real Property Disclosure Acro. 145 14, CONDOMINIUMICOMMON INTEREST ASSOCIATIONS: (If applicable) The Parties agree that the terms 146 contained in this paragraph, which may be contrary to other terms of this Contract, shall supersede any 147 conflicting terms. 148 (a) Fide when conveyed shall be good and merchantable, subject to tercets, provisions, covenants and 149 conditions of the Declaration of Condominium/Covenants, Conditions and Restrictions and all ISO amendments; public and utility eats including any easements established by or implied from the 151 Declaration of Condominium/Covenants,Conditions and Restrictions or amendments thereto;party wait 152 ri h and agreements; limitations and conditions imposed by the Condominium Property Act; 153 installments due after the date of Closing of general assessments established pursuant to the Declaration 154 of Condorniniurn j Covenants,Conditions and Restriction4. 155 (b) Seller shall be responsible for payment of all regular assesmuents due and levied prior to Closing and for 156 all special assessments confirmed prior to time Date of Acceptance. 157 (e) Buyer has, within five (5) Business Days from the Date of Acceptance, the right to demand from Seller 158 items as stipulated by the Illinois Ccndomimuuam Property Act, if applicable, acid Seller shall diligently 159 apply for same. This Contract is subject to the condition that Seller be able to procrue and provide to 160 Buyer,a release or waiver of any,option of first refusal or other pre-emptive rights of purchase created.by 161 the Declaration of Condominium/Covenants,Conditions and Restrictions within the time established by 162 the Declaration of Condominium/Covenants, Conditions and Restrictions. In the event the 163 Condominium Association requires the personal appearance of Buyer and/or additional documentation, 164 Buyer agrees to comply with same. I65 (d) In the event the docurnents and amformation provided by Sellcr to Buyer disdose that the e�-deting 166 improvements are in violation of ehdsting rules, regulations or otber restrictions or that the terms and 167 conditions contained within the documents would unreasonably restrict Buyer's use of the premises or 168 would result in financial obligations unacceptable to Buyer is convection with owning the Real Estate, 169 then Buyer may declare this Contract null and void by giving Seller Notice,within five(5)Business Days 170 after the receipt of the documents and information required by paragraph 14{c),listing those deficiencies 171 which are unaccepbbie to Buyer.if Notice is not served within the time specified,Buyer shat be deemed 172 to have waived tfiis contingency,and this Contract shall remain in full for,7and effect. Buyer Initial Buyer Irri 0 Seller Isrit:ai Setkr initial AddT= l�.�.. 5 i A714-1.1 v.5.Oe 4 08/31/2011 1 :38PM (GMT-05:00) Aug 31 11 01:10P Tamara McAdoo 392-542744 P•8 Auo 311101:31 o VintegeHorne Kenny 847{22-0077 p.8 173 (e) Seller shall not be obligated to provide a condorrArtiurn survey. 1.74 (fl Seller shall provide a cerdficat:e of insurance shawirtg Buyer and Buyer's mortgagee,if any,as an inr.-ured. 175 is.Twit OEFD:Sodl=6hall convey or cage to be conveyed to Buyer or Buyer's designated grantee good and 176 merchantable fitIe to the Deal Estate by reavrdable general Warranty Deed, with release of homestead rights,. 177 (or the appropriate deed if title is in trust or in an estate), and with real estate transfer stamps to be paid by 178 Seller(unless otherwise designated by local ordinance).Title when conveyed will be good and merchantable, 179 subject only to: general real estate taxes not due and payable at the time of Closing; covenants, conditions 180 and restrictions of record,and building lines and easements,if any, provided they do not hterfere with the 181 currant u-ae and enjoyment of the Real Estate. 182 19.TMLE-At Seller's expense,Seller will deliver or cause to be delivered to Buyer or Buyer's attorney within 183 customary time limitations and sufficiently in advance of Closing,as evidence of title in Seller or Grantor, a 184 title commitment for an ALTA title insurance policy in the amount of the Purchase Price with extended 185 coverage by a title company lioeteed to operate in the Suite of Illinois,issued on or subsequent to the Date of 186 Acmptanee,subject only to items listed in Paragraph 15.The requirement to provide extended coverage shall 187 not apply if the Real Fstate is vacant land. The con=-Mment for title insurance furnished by Seiner will be IN conclusive evidence of good and merchantable title as therein shown,subject only to the exceptions therein 189 stated. If the title coo udwent discloses any unpetmitted exceptions or if the Mat of Survey shows any 190 encroachments or other survey matters that are not acceptable to Buyer, thea Seller shall have said 191 exceptions, surrey matters or encroachments removed,or have the title insurer commit to either insure 192 against toes or damage that may nesult from such exceptions or survey matters or unsure against any court- 193 ordered removal of the encroachments.If Seller fails to have such exceptions waived or insured over prior to 194 Closing, Buyer may elect to take the title as it then is with the right to deduct from the Purchase Price prior 195 encumbrances of a definite or ascertainable amount.Seller shall furnish Buyer at Closing an Affidavit of Title 196 covering the date of Closing, and shall sign any other ctlstonary forests required for issuance of an ALTA 1.97 Insurance Policy. 198 f7_PLAT OF SURVEY:Not less thm one (2) Business Day prior to Closing,except where the Real Estate is a 199 condorn"um(see Fwagpph 14)Seller shall,at Seller's expense, (urnlsh to Buyer or Buyer's attorney a Plat 200 'of Survey that conforms to the current Minimum Standards of Practice for botmdary surveys, is dated not 201 more than six (6) months prior to the date of Qosing, and is prepared by a professional Iand surveyor 202 licensed to practice land surveying under the laws of the State of Illinois. The Plat of Survey shall show 203 visible evidence of improvements, rights of way,easements, use and measurements of all parcel lines. The 2.04 land surveyor shall set monuments or witness corners at all accessible corners of the land. All such comers 205 shall also be visibly staked or flagged. The flat of Survey shall include the following statement placed near ,206 the professional land surveyor seal and signature: "This professional service conforms to the current Illinois 207 Minimum Standards for a boundary survey: A Mortgage Inspection,as defined, is not a boundary survey 208 and is not acceptable. 209 18. ESCROW CLOSING.At the election of either Party,not less than five(5) Business Days prior to Closing, 220 this sale shall be closed through an escrow with the lending institution or the title company in accordance 221 with the provisions of the usual :form of Deed and Money Escrow Agreement, as agreed upon between the 212 Patties,with provisions inserWd in the Escrow Agreemem as may be required to conform with this Contract. 213 The cost of the escrow shall be paid by the Party requesting the escrow.If this traatsaction is a cash pur+chaw 214 (no mortgage is secured by Buyer),the Patties shall share the title company escrow dosin6 fce equally. 215 19.DAMAGE TO REAL ESTATE OR CONDEMNATION PRIOR TO CLOSING:if priol/co delivery of the deed the 216 Real Evtate shall be destroyed or materially damaged by fire or other casualty, tlw Real Estate is taken by 2uycr Initial Buyer 1 'tial Seller laifw Seller Initial rlddnss 2- 54&m S 6-1011,4 —Z1 t!o0/T.� V. 5.0t: S 08/31/2011 1 :38PM (GMT-05:00) Aug 31 11 01:10p Tamara McAdoo 312-542-4744 p.7 Aug 31 -1101-.32p vinlogeHameReally 847-622-0077 p.7 217 eondeMatim, theft Buyer shall have the option of either termb-tatusg this Contract(and receiving a refund cf 218 aarneat money) or accepting the Real Estate as damaged or destropsd, together with the proceeds of the 219 condemnation award or any insurance payable as a result of the destruction or damage, which gross 224 proceeds Seller agrees to assign to Buyer and deliver to Buyer at Clotting Seller shall not be obligated to 221 repair or replaoe damaged improvements.The provision of the Uniform Vendor and Purchaser Risk Act of 222 the Stale of Illinois shall be applicable to this Contract,except as modified by this paragraph. 223 20. REAL ESTATE TAX ESCROW:ht the event the Real Estate is improved,but has not been previously taxed 224 for the entire year as currently improved, the sum of thzee percent (39o) of the Purchase Price.shall be 225 deposited m escrow with the title company with the cost of the escrow to be divided equally by Buyer and 226 Seller and paid at Closing. When the exact amount of the tares to be prorated under this Contract can be 227 ascertained, the taxes shall be prorated by Seller's attorney at the request of either Party and Sellers sham of 228 such tax liability after proration shall be paid to Buyer from the escrow funds and the balance;if any,shall be 229 paid to Seller.If Seller's obligation after auch proration exceeds the amovmt of the escrow funds,Seller agrees 230 to pay such excess promrptJy upon demand. 231 21. SELLER REPRESENYATIONS Seiler represents that with respect to the Real Estate Seller has no 232 kzwwledge of nor has Seller received written notice from any governmental body regarding: 233 (a) zonm&building,[fire or health code violations that have not been corrected; 234 (b) any pending rezoning; 235 (c) boundary line disputes; 236 (d) any pending condemnation or Eminent Domain proceeding; 237 (e) easements or daims of easements not shown on the public records; 238 (0 any hazardous waste on the Real Estate; 239 (g) any improvements to the Real Estate.for which the required permits were not obtained; 240 (h) any improvemexds to the Kcal Estate which are not included in full in t1w determination of the most 241 rent tax amessment;or 242 (i) any improvements to the Real Estate which are eligible for the home improvement tax exemption. 243 Seller further represents that: 244 1. There[check onejCT is B is nota pending or unconfirmed special assessment affecting the Real Estate by 245 any association or governmental entity payable by Buyer after date of Closing. 246 2. The Real Enate kkeek ome)03 is M is not located within a Special Assessment Area or Special Service 247 Area, payments for which will not be the obligation of Seller after the year in which the Closing occurs. 248 If any of the represmiatiions contained herelni regaxding a Special Assessment Area or Special Service 249 Area are ttnuceptable to Boyer, Buyer shall have the option to declare this Contract rnin and void, If 250 Kotice of the option to declare this Contract null and void is not given to Seller within ten(10) business 231 Days after the Date of Acceptance or by tim Mortgage Contingency deadline date described in Paragraph 2.52 11(wbidwver is later), Buyer shall be deemed to have waived such option and this Contract shall remain 753 in full force and effecL SeUers represent ons contained in this paragraph shall survive the Cloelag. 254 22. CONDITION OF REAL ESTATE AND iNSPEC1<ION: Seller agrees to leave the Real Estate in broom clean 255 conditian. All refuse and personal property that is not to be conveyed to I;uyer shall be reanoved from the 256 Real Estate at Seller's expense prior to delivery of Possession. Buyer shall have dw right to inspect the Real 257 Estate, foctures and included Personal Property prior to Possession to verify that the Real Estate, 258 improvements and included Personal Property are in substantially the same condition as of the Date of 259 Acceptance,norml wear and tear oompted. Huy-,rhiitial Buyer nidal Seller Initial Seller Initial Address 60/2 4> v.5.0e 08/31/2011 1 :38PM (GMT-05;00) Aug 31 11 01:11p Tamara McAdoo 312-542-4744 P.8 Aug 31 11 01'33p VintsgeHorrle Realty 847-022-0077 p.8 260 U Rfli/MPAL ORDlfilnNM 71tANSFER TAX,AND GOVERNMENTAL WMPUANCE: 261 (a) Farber are cautioned that the Real Estate shay be dtuated in a municipality that has adopted a pre-dosing 262 ingpectsmn requirement,municipal Tzansfier Taos or other similar ordinances. Transfer taxes required by 263 mbnWipal ordinance shall be paid by the party designated in such ordilt&=. 264 N Pardes agree to comply with the reporting requirements of the applicable sections of the Internal 265 Revenue Code and the Real Estate Settlement Procedures Act of 1974,as amended. 266 24. BUSINESS QAYSA40UR5: Business Days are defined as Monday through Friday, excluding Federal 267 holidays.Business Hours aye defined as 8:00 A.M. to 6:00 P.M.Chicago time. 268 25, FACSINLE OR DIGITAL SIGNATURES: Facsimile or digital signatures shall be sufficient for purpoees of 269 executing,negotiating,and finaUzing this Contract 270 2&DIRECTION TO ESCROWEE:In every h*tarmm where tins Contract shall be deemed null and void or if this 271 Contract may be tennvnated by either Party,the following shall be deemed incorporated:"and eamcst money 27/2 refunded to Buyer upon written direction of the Parties to Escrowee or upon entry of an order by a court of 273 competent jurisdiction". There shall be no disbursernent of earnest money unless Escrowee has been 274 provided written direction from Seller and Buyer.Absent a direction relative to the disbursement of earnest 275 uwney within a reasonable period of time, Escrowee may deposit funds with the Clerk of the Circuit Court 276 by the filing of an action in the nature of interpleader.Escrowee shall be reimbursed from the earnest money 277 for all costs, including reasonable attorney feces rdatod to the filing of the Interpleader action. Seller and 278 Buyer shill indemnify and hold Escrowee harmless from any and all confliettng claims and demands arising 279 under this paragraph. 280 27. NOTICE: Except as provided in Paragraph 31(C)(2) regarding the marmer of service for "kick-out" 281 Notices, all Notices shall be in writing and shall be served by one Party or attorney to the other Party or 282 attorney.Notice to any one of a multiple person Party shall be sufficient Notice to all.Notice shall be given in 283 the following manner: 284 (a) By personal delivery;or 285 (b) By mailing to the addresses recited herein by regular mail and by certified maiL return receipt requested. 286 Except as otherwise provided herein, Nonce served by certified mail shall be effcctive on the date of 287 mailing;or 288 (c) By facstmite transmission Notice shall be effective as of date ar,d time of the transmission, provided that 289 the Notice transmitted &hall be sent on Business Days during Business Hours. in the event Notice is 290 transmitted during non-baisiness hours,the effective date and time of Notice is the first hour of the next 29I Business Day after transmission;or 292 (d) By e-mail trarwnission if an e-mail address has been hurnished-by the recipient Party or the recipient 293 Party's attorney to the sending Party or is shown on this Contract.Notice shall be effective as of date And 294 time'of e-mail transmission,provided that in the event e-mail Notice is transmitted during non-basin= 295 hours, the effective date and time of Notice is the first hoot of the next Business Day after transmission. 2% An attomey or Party may opt out of. future e-mail Notice by any form of Notice provided by this 297 Contract;or 298 (C) By commercial overnight delivery (e.g„ FedEx).Such Notice shah be effective on the next Business Day 299 following deposit with the overnight delivery company. 300 28. PERFORMANCE:Time is of the essence of this Contract. In any action with respect to this Contract,the 301 Parties:are free to pursue any legal remedies at law or in equity and the prevailing Party in litigation shall be 302 entitled to collect reasonable attorney fees and costs from the non-PrevaLing Party as ordered by a court of 303 competent jurisdiction Buys Initial BuyerinibaJ Seller Inifial Seller Initial Address l z— ��tvLtr rtt. �!q'rt v.5.Oe 08/31/2011 1 :38PM (6MT-05:00) hug 31 11 01.11p Tamara MQ4dao 332-W-4744 P.9 Aug 31 1101.33p Vk tagaHome Rsstty 847-M-0077 p,g 3% 2.CMCE OF LA. FAWW.All term and pwvsIx ms of bats Cambza inthsdcrag but not limited to the M AtMurey Wew and Professional Enspectiwrn Paragraplm dt&R be governedby the laws of tae Sbbe of Minis 3U6 and are sul4ea to the a nind of good faith ttadfau dealing mV ieciht a&Mirtois oantracts. 307 36. 01<tM PROVRRiOlttS:This Cofthuat is abo scNed to those OMONAL MOVLS OM ltlaktd try the 308 Ptucesandthefe)]pwingattdnn=tr jfany. The Rider to Real Estate for the Sale of 162 349 Summit Street, Elgin, Illinois 60120 is hereby incorporated into and made a i part of this Contract. 310 OP'IlDMRL PROVOONS(Apptteable OMY E to tbled by a8 Pw"w) 311 _31.SALE OF BWMrg REAL!STATE: 312 (Inttiab. 313 (A) REPR A7 HS ABOUT WTER"S REAL F.$Tf1M Buyer reprep to 9c1ler as fQ(lows: 314 (1) Buyc real estate commonly known.as(address): 315 316 (2) BcW f owJP3 h sa hassmtentered intoe contractto sell said-real estabe. 317 N Soyer has eh i into a contract bo sell said teal estate,that contract: 318 (a) (check oral CSis rW.subject to a zttartgage contingency. 319 (b) (dWk ase)j is is not subject to a zeal estate sale cmVkV soy. 320 tri Idwa vw)13 is;`( trot slabject to a real estate cbsing contingency. 321 ©) Buyer[,:hwk ow)ICThm. s scot Ifsted said real estate for sale with real estate broker and 322 in a local multiple Iistittg 373 (4) If BuyeeS Heal estate is stat li far sale with a licensed real broker and in a heal multiple -324 listing service:Buyer j'e uck arse) 325 (a)0 Shag list said real estL r %ith a licensed real broker waw will plane ii m a local 326 multiple listing servictitin {S) 8 Days after the Date of Acorptance. 377 (For ft&rn�on�lyl B 328 Broker's Address` phor= 329 (b)E7 Does not intend to list said rml estnte ffl 330 (H)C:OAtTlMOEMMM MSEA UPON SALE AKWOR CL SWUWYB .RS REAL MrATE 331 (lj 71tis Contract is mndztgent upon Buyer avirtg ed into a contract for the sale of Buytes real 332 eftle that ism M force and effed as- 20__,Sit Contac should provide 333 &r a dosing date not later 67,an the Date set in this Contract V Igodae is served on or 334 before the date set t'm%In this s graph Cut Buyer sot psocared a cont� th tt for e sale at 335 Buyer,4 real estate, this shall he fwH and void. atiae that Buyer has not procured a 336 Contrast foe the sale of Bu a real cerate is not served on the close of business on the 337 date set Borth in this s gbh, Buyer Shalt be dcrosed have waived alt contingmeles 338 em"ned in this 31, and this Camtsad shalt vmaain fall.foam and effecL (If this 339 Poi "ph is used, t c fotlawSng paragraph aunt be can pleted.). 340 (2) In the event las entered into a contract for the sale of Buyee emal estate as set forth in 34I Paragraph 3 (1)and that contrrct is in full farce and effect,or has into a contract for the 342 same of s real estabe pxior to the eveaztiort of this ConhaM alis is cWttdngent'.upon 3.43 Buyer the sale of Bayees real estate ort or befosm 20 if Notice that NA has tent aimed the sale of Buyer's real estate is served bedatc the close of an tate 345 t Business Day after tate date set fvrttt in The preceding sentence,titis Contract mitt and 346 .if Notice is n t served as described in the pn ceding sentence,Buyer shaII be drx�at to have 347 waisted all ems6ngmdes c—��"-d in this Puagcaph 31,and this tract span naoaiu ' fuji 39 font andeffacL 12 WI-11 Breyer inifiial Breyer 1 ' FaI Sefler Ieulicl Shcler Ireitt'a1 Rddr�s 1b L :502, Ne, srelo aJ4d/?r0 V.p! 08/34/2011 1:38PM (GKr-05:00) Aug 31 11 01:12p Tamara McAdoo 312-542-4744 P-10 Aug 31 7 7 01:34p Vintagel-lorne Realty 847422.0077 P10 0 349 ` If the contract for the mk of Buyer's weal estate is terminated for any reason after the date set forth in 350 graph 31(B)(1) (or after the date of this Contract if no date is set forth in Paragraph 31(8)(1)) 351 8rc r shall, within tluee (3) Business Days of such► terminatiozi, notify Seller of said terminate 352 Unle Buyer,as part of said'Nodte,wives all contingencies in Pa=graph 31 and complies ' h 353 Parayap 31(D),this Contract sb►all be mull and void as of the date of Notice-If Ntotece as quired 354 by tAis so ph is not served within the time specified,Buyer shall be in defaul der the 355 tercets of this nfrad. 356 (C)GULER'3 RIGIfT To I TINUE TO OFFER REAL ESTATE FOR SALE During the time of contingency, 357 Seller has the right to cont' a to show the Real Estate and offer it for sale subject to the fol wing; 358 (1) If Seller accepts anot ona fide offer to purchase the Real Fstate while the cm ngcncies expressed 339 in Paragraph 31(8 are in feet, Seller shall notify Buyer in w'ridrtg of Sarn . Brayer shall then have 360 hours after S gives such Notice to waive the continge set forth in Paragraph 361 31(8),subject to Paragraph 31( - 362 (2) Seller's Notice to Buyer(commo referred to as a'kick-out'Nodi shall be in writing and shalt be 363 served on Buyer,not Buyer's atto or Buyer's real estate ager ourtesy copies of iuch"kick-out" 364 Notice should be sent to Buyer's att and Buyer's real es a agent,if known. Failure to provide 365 such courtesy copies shall not render N ' e invalid. Noti to any one of a multiple-person Brayer 366 -shall be sufficient Notice to all Buyers. No 'cc fDr the ,ose of this subparagraph only, shall be 367 served upon Buyer in the following manner: 368 (a) By personal delivery effective at the time and of personal delivery;or 369 (b) By mailing to the addresses recited herein fo er by regular mail and by certified mail. Notice 370 shall be effective at 10:00 A.M.on the mo g o the second day following deposit of Notice in 371 the U-S.Mail;or 372 (c) By commercial overnight delivery(e. . FedEx). Noti shall be effective upon delivery ar at 4:00 373 P.M. Chicago time on.the next day follows deposit with .the overnight delivery 374 mmpany,whichever first occurs. 375 (3) If Buyer complies with the pr of Paragraph 31(D)then is Contract shall remain in full force 376 and effect. 377 (4) if the contingencies set forth ' Paragraph 31(B)are NOT waived writing within said time period 378 by Buyer,this Contracts be null and void. 379 (3) Except as provided in agraph 310(2)above, all Notices shall be at a in the manner provided by 380 Paragraph 2?of this act 381 (6) Buyer,waives any cal objection to the delivery of Notice under this par h by Seller's attomey 382 or representativ 383 r'0)WAIVER OF PA PH 31 CONTINGENCIES: Buyer shall be deemed to have watt' the contingencies in 384 Paragraph 31(A) tiuver has delivered writtrn waiver and deposited with the owee additional 385 earnest money ' the amount of$ in the form of a cashier's or certiia d check-within the 3 P time sped .If Soyer fails to deposit the additional eame t mortey within the time sp Tied,the waiver 387 shat be ed ineffective and this Contract shall be null and void. 388 (E) B COOPMATION REQUIRED: Buyer authorizes Seller or Seller's argent to vea i rescmtations 389 co in Paragraph 31 at any Bute,and Buyer agrees to cooperate in providing relevant infor ation. 390 $Z CANCELLATION OF PRIOR REAL ESTATE CONTRta4CT:In the evert either rtv has 391 a tered into a prior real estate contract, this Contmd shall be subject to written cancellation of prior 392 ontract on or before 2t? .In the event the prior contmet is not cancelled the 39 time specified, thia Contract A&U be null and void. Seller's notice to the p+achusrr voder the or Buyer Initial Buyer itial Seller Initial Shcer Initial Address 57z4M,4 , S'Pew •at. 42- /TO v.S.Oe 08/31/2011 1 :38PM (GMT-05:00) Aug 31 11 b1:12p Tamara McAdoo 312 542744 p.11 Aug 31 11 01,35p VinlegeHomu Realty 847.622-0077 p.11 394 c d should not be served anti]after Attorney Review and Professional Inspections provisions of th' Ca et Immo axpimd,been satixfied or waived. 396 33. CREDIT AT CLOSING: Provided Buyers lender permits such credit to show n the 397 MUD-1 Settle ent Stateatent,and if not,such lesser amounk as the lender permits,Seller agrees credit to 398 Buyer at C)os' to be applied fo prepaid expenses, dosing costs or both.. 399 _ MEREST SEARtiPtG ACCOUNT: Earnest money (with a comp -9 and other 400 required fotrns), shall held in a federally insured interest bearing account at a 5 institution 401 deAignated by F-saowee_A 'merest earned on the earnest money shall accrue to the t of and be paid to NZ Buyer.Buyer slult be rgN le for mW admimiftfir6 fee(n6t 6 exceed 9160)cit eco#or setting up the 403 account Ire anticipation of Clo . , the Parties direct Escrowee to close the acro no sooner than ten(10) 4D4 Business Days prior to the anticipa Closing date. 40.5 35.NA OR.FNA Fin NG:If Buyer is seeking VA or financtrtg,this provision shall 406 be applicable:Required FHA or VA anwn eats and disclosures shall attached to this Contract.If VA, 407 the Funding l ec,or if FHA, the Mortgage Ins ante Premium (Ivf r) s 1 be paid by [iuycr and [check onEj 408 Q shaUX3 shalt not be added to the mortgage loac amount. 409 36. INTERIM FWMCING: This rdract is ndgent upon Buyer obtairdng a written 410 commitment for interim financing on or before 20 in the amount of$ 411 If Buyer is unable to secure the inberim financing coma. Brat and gives Notice to Seller within the time 412 specified, this Contract shall be null and void, If N ' e is not served within the time specified, this 413 provision shall be deemed waived by the Partics and is C ct shall remain in full force and effect. 414 37. WELL AN DOOR SE NtTAIRY IN 71pNS: Seller shall obtain at Seller's 415 expense a well water test statim that the well not)ess than a (5) gallons of water per minute and 416 including a bacbezia and-nitrate test (and lead st for FHA loans)and a septic report from the applicable 417 County Health Department, a Licensed anmental Health Practitio er, or a licensed well and septic 418 inspector,each dated not more than nine (90) days prior to Closing, statin that the well and water supply m 419 and the private sanitary sysbeare in raper operating condition with no de its noted.Seller shat) remedy 420 any defect or deficiency disclosed said repozgs)prion to Closing.provided t if the cost of zernedying a 421 defect or deficiency and the cost land--ping mgethcar exceed S3,0uOA0, and the parties c mnot reach 422 agreement regarding pa an f such additional cost; this Contract may be tear 'hated by either Party. 423 Additional testing recomm d by the report shall be obtained at Seller's se. if the report 424 recommends additional to ng after dosing,the Parties shall have the option of estab ' 'ng an escrow with 425 a mutual cost alloccatio r necessary repairs or replacements, or either Party may ter ate this Contract 426 prior to Closing.Sell shall deliver a copy of such evaluation(s) to Buyer not less than one 1) Business Day 427 prior to Clvsin& 428 38.WOOD DESTROYING(AtFESTATION:Notwithstanding the provisions of ragrapih 10, 429 within ten }Business Days after the Date of Acceptance,Seller at Seller's expense shall deliver o buyer a 430 written r rt, dated not more than six (6) months prior to the date of Closing, by a licensed specxor 431 certifie by the appropriate state regulatory authority in the subcabegory'of termites,stating that the is no 432 visi . evidence of active infestation by termites or other wood destroying inserts. Unless otherwise a eed 433 b Teen the Parties,if the report discloses eN idenec of active infestation or structural damage,Buyer has he 434 tion within five (5) Business Days of receipt of the relmrt to proceed with the purchase or declare Contract null and void Buyer Initial buyerLlnitial Seller hutial 5elter Nitial Address /6 Z- :5-.,-L l t���:�. Z(- 60/2.d V. s.oe I 08/31/2011 1 :38PM (GMT-05:00) Atkj 31 11 01.13P Tamara Mac doo 312-542-4744 p.12 !,u®31.1101:35P VinlagsHorm Realty 647-622-0077 p.12 436 3S. POST•CLOStNta RtlSSESStON: Passessior shall 6e delivered later than 11 P.M. 437 or the date days after the date of Closing("the Possession Date").Seiler shalt be ponstble 436 For all utilities,con is aril liability insurance,and home maintenance expenses until deli of possession. 439 Seller shall deposit in ;crow at posing with fdreck one]lF o cent (270) of the. 440 Purchase Price nrb the of$ to be paid by Escrowee as Poll 441. (a) The sum of $ per day for use and occupancy E d including the day after 442 Closing to and including the of delivery of Possession,if on or be the Possession Date; 443 (b)The amount per day equal to thz (3)times the daily amount se nth herein shall be paid for each day 444 after the Possession Date specified' his paragraph that Sell remains in possession of the Real Estate; 445 and 446 (c) The balance, if any, to Seller after delivery Po and provided that the terms of Paragraph 22 447 have been satisfied. Seller's liability under graph shall not be limited to the amount of the 446 possession escrow deposit referred to ve. thing herein shall be deemed to cneat+c a 449 Landlord/Tenant retationshipbetwem Artie;. 450 40."AS 1S"CON D : This Contract is far sale and purchase of ltte Real Estate in its . 451 "AB ls" condition as of the Da of Offer. Buyer acknowledges t no represeaUations, warranties or 4,52 guarantees with respect to the dition of the Real Estate have been de by Seller or Sellefs Designated 453 Agent other than those n deflects, if any, disclosed by Seller. Bu ay conduct an inspection at 454 Buyer's expmwe.In th vent,Seller shall make the Real Estate available to B is inspector at reasonable 455 times. Buyer shall i emnify Seller and hold Seller harmless from and against any s or damage caused by 456 the acts or negli ce of Buyer or any person performing any inspection.In the event inspection reveals 957 that the cos an of!6e Real Estate i9 unacceptable to Bayer an4 Buyer so notifies Sol witlitt five (5) 458 Basiness ys after the Date of Ac:ceptamce,this Contract shag be null and void.Failure of to notify 459 Seller to conduct said inspection operates as a waiver of Buyer's right to terminate this.Con t under 460 thi pamgraph and this Contract shall remain in fall fmw and effect. Buyer acknowledges tha the 461 visions of Paragraph I0 and the warranty provisions of Paragraph 3 do not apply to this Contract 462 dF 41. C0NF19 3.7171214 OF PURL AGENCY: The Patties confirm that they have previously 463 consented to_ keit fi' C.L, 464 (Licensee)acting as a Dual Agent in providing brokerage services on their behalf and specifically consent to 465 Licensee acting as a Dual Agent with regard to the transaction referred to in this Contract. 4166 aZ SPECIFIED PARTY APPROVAL:This'Contract is cordingertt upon the approval of 467Ile ate by 468 Buyer's S d Party. w tdVn five(5) Business Days after the Date of Acceptance. In event Buyer's 469 Specified Party doc approve of the Real Estate and [Notice is given to Seiler the time specified, 470 this Contract shall be null void.If Notice is not seared within the time ed, this provision shall be 471 deemed waived by the Pasties an Contract shall remain in fu and effect. 472 4a.MISC B-LANEOUS Phi O . uyer's and Sel lei's obligations are contingent upon 473 the Parties entering info a separate written a e ant with the terms and conditions set forth 474 herein,and with such additional terms er Party may dee cessary,providing for one or mom of the 475 following:(check applicable 6 476 p Articles of Agreement . eed or R Assumption of Seller's Mortgage ommerciat/investment 477 Purchase Mo ortgsge 13 Cooperative Apartment jff Ne nstruction 478 0 Short S 13 Tax-Deferred Exchange Vacant L Buyer InCtlal Buyer, mtial Seller Initial Sdter Ini(ial Address A07- Sqm of 5 r,r rAu 6-:2/Z.D v..5.0e i 08/31/2011 1 :38PM (GMT-05;00) Aug 31 11 01-18p Tamara McAdoo 312-5424744 p.1 Aug 31 11 01:37p VinuigeNorre Realty 847$22-0077 p.13 479 THIS.00CUMENT WILL BECOME A LEGALLY DIND94G.CONTRACT WHEN SIGNED BY ALL PARTIES AND 480 DEUVERED TO THE PARTIES OR THEIR AGENTS. 431 Tht Parties mprescrit that the text of this form has not been altered and is identical to the offidat Multi-Board 4$2 Residential Real Estate Contract$.0. 483 , SZ3t/11 _ 484 Date of KerF tT- Onto CE 485 486 Buyer Signa SignoSean R. Stegall ity Manager 487 Attest: t"T;U"1--fttA,-(4 488 ouyer5ignahue Seller ft—tire Kimberly A. Dewis, City Clerk 499 E Zab 'h f ema I 490 Print 8uycr(s)Nanse(s)WI rived) Printseller(r,)MUM(s)[Raplredj 493 S11 94 , b 1dmarr4 Acy-C. 150 Deyter Court 492 Address Address 493 =L- Fes. gin IL 60120 494 Ctty u State Zip City State Zap 495 7.754 0'$ W! ,gid 9c��Lt �- 496 Phone FrrtL�il Phaaie L'-mail 497 f FOR INFORMATION 01VL Y 498 «rwt moi! 499' Bu U- 4i-elv ISSSellers Brokrr MISx 500 7 7 5M Buyers Designated Agent MLS a Sellers Designated Agent MLS 4 502 "-4Zz.- S7-�az_oo�7 503 / / Fax Phan Fax 504 oua re tw��ante- c . h�� 50.5 &,ym�ail x506 /r l r&A&td l k12J 507 Buyers Attomay Lanai! Selle 3 Attomey FrmAil 508 ?Y2-Zw-g'r(di's 2s7f-g5rk8 509 Phone Fax Phone Fax 510 30 -776-67to 511MoYtga omparry Phony i3orrQeowneeslCondo.Assodatia�n Cif any) Phone 512 ,f c IlAe- 513 Loanoffiiccr Phone/Fax ZVAnagemew Co. lOfwrCortact Phone 514 02009,Zinnia!teal Estate Lawyers Associad m.A9 rights reserved.Unauthorized duplication or alteration of This fwm or 515 any portion thereof is prohibited. Official form available at www.irelarom (web site of Illinois Real E tate Lawyers 516 Association). Approved by the foltowMg organbxdians as of July 20,2009 51.7 111inois Re31 Estate Lawyers Association•DuPage County Bar AGeodation•MU County Bar Association 518 Northwest Suburban WAssoaatlon•Chicago AswdalW of REALTORS& 519 Maira*wt organ2ZIon of REALTORSO•Aurora Tri County Association of REALTOR;'•West Town BoaM of REALTORS° 520 REALTOW Association of Northwest Chlcagownd-REALTORPAssoclation of the Fox Valley 521 Oak Park Area Assodadon of REALTORS«-MCHer"Association of REALTORS'•Three Rivals Assoaisfion of REALTORS& 522 NorthShxa.B®rrfroon Assoc iaton of REALTORSx 523 Seder Rejection:This offer was presented to Seller on at Am t PM 524 and rejected on 20 at AM/Ml Uerinitials). $uJrr initial Buyer#iiffal Seita Initial Seiler Inifial Address &lit L' FIJI ZG� �c S.Qe 1 06/31/2011 1 :38PM (GMT-05;00) RIDER TO REAL ESTATE CONTRACT FOR THE SALE OF 162 SUMMIT STREET,ELGIN,ILLINOIS 60120 This Rider to the real estate contract is made and entered into this day of Se�fcr•�ficp, 2011, by and between the City of Elgin,..a municipal corporation, (hereinafter referred to as the"Seller")and Elizabeth Femal(hereinafter referred to as the`Buyer"). WHEREAS,Buyer and Seller are concurrently with the entry into this Rider entering into a real estate contract providing for the sale of 162 Summit Street, Elgin, Illinois 60120 (such property is hereinafter referred to as the "Subject Property" and such contract is hereinafter referred to as the"Subject Contract");and, WHEREAS,the parties wish to set forth their further agreements between them regarding the sale of the Subject Property and incorporate this Rider into the Subject Contract. NOW, THEREFORE, for and in consideration of the mutual undertakings in the Subject Contract, the undertakings in this Rider, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,the parties hereto agree as follows: 1. In addition to the Purchase Price set forth in Section 3 of the Subject Contract, and as-additional consideration for the sale of the Subject Property, the Buyer shall execute a note in favor of the Seller in the amount of$15,000 (the "Note,"herein). The note shall be in a form to be provided by the Seller, and shall include the following terms: (1)there shall be zero interest(0%)charged on the Note unless the Buyer is in default under the Note; (2)payments on the Note shall be deferred unless the Buyer is in default under the Note or until an event requiring repayment of the Note occurs; (3)the Buyer shall be required to pay the amount of the Note in full to the Seller if the Buyer sells�or transfers the Subject Property, or if the Subject Property is no longer used as the Buyer's principal residence, within fifteen (15) years from the date of closing; and (4)provided the conditions of the Note have been satisfied,the Note shall be forgivable after fifteen (15) years from the date of closing. The Note shall be secured by a recorded Mortgage in favor of the Seller in a form to be provided by the Seller. The Note and Mortgage in favor of the Seller and described in this paragraph shall be second and subordinate to any primary mortgage obtained by Buyer to purchase the Subject Property pursuant to Section 11 of the Subject Contract. 2. The provisions of Section 5 of the Subject Contract, entitled "CLOSING," are amended to provide that Closing shall be on October 17,2011. 3. The provisions of Section 9 of the Subject Contract, entitled "ATTORNEY REVIEW," are amended to provide that the Buyer's attorney review period shall commence upon the date on which the Buyer executes this Rider, as set forth below. Buyer understands and agrees that the Subject Contract and this Rider shall not be submitted to the City Council of the City of Elgin until after the conclusion of the Buyer's attorney review period and the resolution of any issues identified therein. - 1 - i 4. The provisions of Section 10 of the Subject Contract, entitled "PROFESSIONAL INSPECTIONS AND INSPECTION NOTICES," are amended to provide that the Buyer's inspection period shall commence upon the date on which the Buyer executes this Rider, as set forth below. Buyer understands and agrees that the Subject Contract and this Rider shall not be submitted to the City Council of the City of Elgin until after the conclusion of the Buyer's inspection period and the resolution of any issues identified therein. 5. The provisions of Section 40 of the Subject Contract, entitled "`AS IS' CONDITION," are and shall be included as part of the Subject Contract, it being agreed and understood that the Subject Property is being sold by the Seller to the Buyer in "as-is"condition and that Seller will not be making any repairs nor providing any credit for repairs to the Buyer. 6. Notwithstanding anything to the contrary in the Subject Contract or this Rider, it is expressly agreed and understood by the Buyer that the sale of the Subject Property is pursuant to the federal Neighborhood Stabilization Program, and that the sale of the Subject Property is subject to and conditioned upon compliance with all requirements of the federal Neighborhood Stabilization Program, including but not limited to Buyer's income qualification and completion of eight (8) hours of homebuyer's counseling, and with all applicable federal, state, city and other requirements of law. 7. Venue for the resolution of any disputes or the enforcement of any rights arising out of or in connection with the Subject Contract or this Rider shall be in the Circuit Court of Kane County, Illinois. 8. The Subject Contract and this Rider are and shall be deemed and construed to be a joint and collective work product of the Buyer and the Sellers, and,as such, the Subject Contract and this Rider shall not be construed against the other party,as the otherwise purported drafter of same by any court of competent jurisdiction or to resolve any inconsistency, ambiguity, vagueness or conflict,if any,in the terms and provisions contained herein. 9. . This Rider is incorporated into and made part of the Subject Contract. In the event of any conflict with the terms of this Rider and the terms of the Subject Contract, the terms of this Rider shall control. 10. The Subject Contract and this Rider are expressly subject to and contingent upon approval of the same by the City Council of the City of Elgin. SIGNATURE PAGE FOLLOWS 43 -2- IN WITNESS WHEREOF, Seller and Buyer have entered into and executed this Rider as of the dates and year set forth below. BUYER: SELLER: ELIZABETH FEMAL CITY OF ELGIN By: Eliza Femal Date: / Q j ' Its: City Manager Attest: City Clerk Date: 09/28/2011 -3 -