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HomeMy WebLinkAbout11-190 • Resolution No. 11-190 RESOLUTION RATIFYING THE EXECUTION OF AN AMENDED RIDER TO REAL ESTATE CONTRACT (162 Summit -NSP Property) • BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,ILLINOIS,that it hereby ratifies and approves the execution of an amended rider to real estate contract by Sean R. Stegall,City Manager,and Kimberly A. Dewis,City Clerk,regarding the sale of 162 Summit Street to Elizabeth Femal, a copy of which is attached hereto and made a part hereof by reference. s/David J. Kaptain • David J. Kaptain, Mayor Presented: November 16, 2011 Adopted: November 16, 2011 Omnibus Vote: Yeas: 7 Nays: 0 Attest: s/Kimberly Dewis Kimberly Dewis, City Clerk AMENDED RIDER TO REAL ESTATE CONTRACT FOR THE SALE OF 162 SUMMIT STREET, ELGIN, ILLINOIS 60120 deVeivtiejer This Rider to the real estate contract is made and entered into this ( 51' day of 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$5,000 (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 beensatisfied, 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 November 18,2011. 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 - 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 -7 - 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: Z���a „ Elizab4• Femal / Date: II / 1 t ! [ / i I Its: _ ,' ! Attest: City Clerk Date: II III I /