HomeMy WebLinkAbout12-102 Resolution No. 12-102
RESOLUTION
RATIFYING THE EXECUTION OF REVISED REAL ESTATE CONTRACT AND
AMENDMENT TO RIDER TO REAL ESTATE CONTRACT
(463 East Chicago Street-NSP Property)
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,ILLINOIS,that it
hereby ratifies and approves the execution of a revised real estate contract and an amendment to the
rider to the real estate contract by Sean R. Stegall, City Manager, and Kimberly A. Dewis, City
Clerk,regarding the sale of 463 East Chicago Street to Benjamin M.Eubank for$175,000,a copy of
which is attached hereto and made a part hereof by reference.
s/David J. Kaptain
David J. Kaptain, Mayor
Presented: June 13, 2012
Adopted: June 13, 2012
Omnibus Vote: Yeas: 6 Nays: 0
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk
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MUM-BOARD RESIDENTIAL REAL ESTATE CONTRACT 5.0
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1 1.THE PARTIL&Buyer and Seller are hereinafter referred to as the"Parties".
2 Buyers)(Please Print) irdievqe.. k/^P, evil yt
3 SeBer(s)(Please Print) C 14 4 erP a s t1
4 if Dual Agency applies,oaerplete Optional mph 4L
5 2. THE REAL MSTATE Rea/ Estate shall be defined as the Property, all imp ovemen a. the fixtures and
6 Personal Property included therein.Seller agrees to to or to Buyer's d ted grantee,the
7 Reel Estate with the appree nate lot tine or acreage of 'K (4g candy known as:
10 C� Unit X(if applbt) P� 1�)of Real E.ta
12 If C3ouds/CCoop/Townhsee Parking is Inducted:I of spaces) :identified as Spsae(s)t:
13 (dwck type)ddeeded spaaaliurited summon elemertQassi,ned space.
14 a FORUMS 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 brander to Bayer all fed:UM all heating,electrical,plumbing and well systems
17 together with the following dans of Personal Property by Bill of Sale at Clearing
18 (Ckadc oressawate applicable*hems)
19 L Ndr;gerator 'l Caul Air Gaaclitianing Central Baaid�sr *laght Fixtures,as they edit
20 LL Over/Ruage/Stove Wi- ndow Air Con i neva Water Softener(owned) .Balt in.,or Attached Shelving
21 Microwave k Gang Funs) Sump Pumps _Al Window T atim en k Hardware
22 I Dirhweeher -Intorno Suaen ,Electra kariiedie Aa Faller.Brdsting Moron&Scream
23 ZCa hog r coal 7V Antoine S alert Central Vac&Equipsreet _Fireplace Screa teiDoaas/Grates
24 _Time Comped _Seale Dds4 Senn*,Spleen(owl _Fireplace Gee Logs
25 1c Washer _OardoarShed Garage Door Openers 'naiads Fence System Callers kBoa
26 Imre -Rented Verlstion with all Teaeeoeittra C.Solite Deiselon
27 Attached Gas Ccl _outdoor Phy Y An Tacked Down Carpitis ZC Carbon Monoxide Detectors
28 Other item;included
29 Items NOT included:
30 Seller warrants to Buyer that all fixtures,systems and Personal Property induded in this Contract shall be in
31 operating mardition at Passessiorw,except
32 A system or item shall be deemed to be in operatbrtg condition if it performs the hmct am for which it is
33 intended,r ardiess of age,and does not constitute a threat to health or safety.
34 Hoare Wa zottaebsgashdi not lie laduded&Wheeling.heeling.not to
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35 44.PURCHAs d 0 PRICE:Purchase Price of S' e'•• . %� dull be .i asT &Initial earnest money
36 of37 to a total of i b7 arvx'd4 A OR CI note due on ,20 to be increased
38 to act cal o Seller's Broker by ,20 The earnest marry shall be held by the
D Buyer's Broker as'Becrowee,in trust for the mutual benefit of the Parties.
39 The balance of the Purduse Pte,as adptebed by prorabens, shall be paid at Closing by wire transfer of
Bgafer BuPr 1 t v Seller Initialss Seller bibs]
Addren was a 0444-s0 e 5 t .LI. r olao r5.0e
40 funds,or by certified,cashier's,mortgage lender's or title company's deck vided that the title company's
41 check is guaranteed by a licensed title insurance company). l 4
OriovVeir
42 5.CLOSING:Closing or escrow payout shall be on 201a-_or at such time as mutually
43 agreed by the Parties in writing.elating shall take place at the escrow office of the title company (or its
44 issuing agent)that will issue the Owner's Policy of Title Insurance,situated nearest the Real Estate or as shall
45 be agreed mutually by the Parties.
46 S.POSSESSION:Unless 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.STATUTORY DISCLOSURES:If applicable,prior to signing this Contract,Buyer fel cdc ane:]lhas Q has
50 not received a completed Illinois Residential Real Property Disclosure Report;fdssdc saws)Fhas Q has not
51 received the EPA Pamphlet,'Protect Your Family Prom Lead in Your Home";Meta owl"hash has not
52 received a Lead-Based Paint Disclosure;idneck east W hog hes not received the IEMA Pamphlet"Radon
53 Testing Guidelines for Real Estate Transact:kW;Wrack mein has 0 has not received the Disclosure of
54 Information on Radon Hazards.
55 O.PRORATION&Proratable Seine shall include,without limitation,rents and deposits(if any)from Bement
56 Special Service Area or Special Amt Area tax for the year of Closing only;uilities,water and sewer
57 and Homeowner or Condominium Association fees(and Mader/Umbrella Aaaociation fees,if applicable).
58 AoamivLted reserves of a Homeowner/Condominium Association(*) me not a proratable item. Seller
59 represents that as of the Date of Acceptance Homeowner/Condominium Association(s)fees are
60 per Mfr.(and,if applicable,Master/Umbrella Association fees are 5_61 _.._per .Seller agrees
61 to pay prior to or at Closing any special assessments(by any association or governmental entity)confirmed
62 prior to the Date of Acceptance.Lrakatimaants due after the year of Closing for a Special Assessment Area or
63 Special Service Area shall not be a proceeable item and shall be payable by Buyer.The general Real Estate
64 taxes shall be prorated as of the date of Closing based on.__%of the most recent ascertainable full year
65 tax bill.All proration shall be final as of Closing,except as provided in Paragraph 20.If the amount of the
66 most recent ascertainable full year tax bill reflects a homeowner,senior citizen or other exemption,a senior
67 freeze or senior deferral, then Seiler has submitted or will submit in a timely manner all necessary
68 documentation to the appropriate groom mental entity,before or after Closing,to preserve said exemption(s).
69 fL ATTORNEY REVIEW: Within five (5) Business Days after the Date of Acceptance, the attorneys for the
70 respective Parties,by Notice,may:
71 (s) 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 Price.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 Contract by serving Notice,whereupon this Contract
76 shall be rad arnd void;or
77 (d)Propose suggested dumps to this Contract.If such suggestions are not agreed upon,neither Party may
78 declare this Contract rill and void and this Contract shall remain in full force and effect
79 Unless otherwise specified,all Notices shall be deemed made pwrsoaut to Paragraph 9(c).If Notice is not
80 served within the time specified herein,the pasvisioos of this pa'agnph shall be deemed waived by the
81 Parties and this Contract shall amain in fall farce and effect.
Buyer lasifial„$t Buyer bidtise Seller bdturl .SS Seller Initial
Address U(01-- C jo SYS l k L (a ao v5.Oe
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82 10. PROFESSIONAL INSPECTIONS AND INSPECTION NOTICE& Buyer may conduct at Buyer's ovum
83 (unlcas otherwise provided by govanmental regulations)a hone,radon,enuirorauerdai,lord-based Paint
84 and/or lead-based paint hazards(unless separately waived), and/or wood destroying insect infestation
85 inspection of the Real Estate by one or more liaeneed or certified inspection service(s).
86 (a) Buyer agrees that minor repairs and routine maintenance items of the Real Estate do not constitute
87 defects and are not a part of this wren gemy.The fast that a fuodioning major component may be at
88 the end of its useful life shall not reader such component de *dive for purposes of this paragraph.
89 Buyer shall indemnify Seller and hard Seger harmless from and spinet any loss or damage caused by the
90 acts or
The home inspection shell cover
only the negligence components b of the RealEstate,including butor any person performing any te nottlimited to central heating system(s),
92 central cooling system(s),plumbing and well system,electrical system,roof,walls, windows, ceilings,
93 floors,appliances and foundation.A mayor component shall be deemed to be in operating condition if it
94 performs the fraction for which it is intended,rag-dins 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)Business Days(ten(10) calendar days for a teed-based paint and/or lead-based
99 paint hazard inspection)after tin Date of Acceptance.If within ten(10)Buainees Days after the Date of
100 Acceptance written agree:nes t is not reached by the Parties with respect to resolution of all inspection
101 issues,then either Party may terminate this Contract by serving Notice to the other Party,whereupon this
102 Contract Jai*mull 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 Bryn and Buyer serves Notice to Seller
105 within five(s)Business Days after the Date of Aeceptar e.this Contract shell be mill and void.
106 (d)Failure of Buyer to conduct said inspection(s) and notify Seller within the time verified operates as a
107 waiver of Buyer's right to terminate this Contract under this Paragraph 10 and this Contract shall remain
108 in full force and effect.
109 it.mora nee CONTSIGENCY:This Contract is contingent upon Buyer obtaining a firm written mortgage
rYID commitment except far matters of title and survey or mattes totally within Buyer's control)on or before
V�- " 111 ,20,1a—for a ft eek acre)Q fixede adjustable;Muck mreJ J oniventional FNA/VA
112 (if FHA/VA is chosen,complete Paragraph 35)Q other loan of_ %of Purchase
5_> 113 Price,plusr privete mortgage inswanoe(PMI),if required.The interest rate(initial rate,if applicable)shall not
114 exceed % per annum,amortized over not less than years.Buyer shall pay loan origination fee
115 and/or discount points not to exceed,, %of the loan amount.Buyer shall pay the cost of application,
116 mood 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(S)Business Days after the Date of
118 Acceptance.Failure to do so*hall constitute an ad of Default under this Contsuct.if Buyer;.having applied
119 for the loan apeafied above,is unable to obtain such leen maniulfaent and Nerves Notice to Seller within
120 the time specified, Nis Coaatcad shall be null and void. If Notice of inability to obtain such loan
121 cone idtme nt is stat served within the time steed, Buyer shall be deemed to have waived this
122 contingency and this Cenitact shall raisin in fall farce and effect. Unless otherwise provided in
123 Paragraph 3I,this Crushed shall not be contingent upon the sale and/or doing of Buyer's existing real
124 estate.Buyer shall be deemed to have utis6ed the financing conditions of this paragraph if Buyer obtains a
125 loan commitment in accordance with the terms of this paragraph even though the loan is conditioned on the
126 sale and/or dosing of Buyer's misting real estate.If Seller at Seller's option and expense,within thirty(30)
127 days after Buyer's Notice, ptvaues for Buyer such conmdment or notifies Buyer that Seller will accept a
Buyerladtial TS " Buyer initial Seller Initial 55 Seller baba!
Address £ j t C4.1ifil.4.1Q 5T- c t.ti ;"L (d,a j v5.0e
128 purchase money mortgage upon the same terms,this Contract shall restrain in full force and effect In such
129 event,Seller andl notify Buyer within five (5) Business Days after Buyer's Notice of Seller's election to
130 provide or obtain such funning,and Buyer shall famish to Seller or lender all requested informa<taat and
131 shall sign all papers necessary to obtain the mortgage commitment and to dose the loan.
132 12.HOMEOWNER INSURANCE This Contract is contingent upon Buyer obtaining evidence of insurability for
133 an Insurance Service Organization HO3 or equivalent policy at standard prerniam rates within ten (10)
134 BusinessDays atter the Date of Acceptance.If Bayer is unable lo obtain evidence of insurability and serves
135 Notice with proof of NM to Seller within the time specified„this Cosmid shall be mall and void.If
136 Notice is not served within the time apedfied,Buyer shall be deemed to have waived this contingency
137 and this Contract shall remain in full force and effect.
138 t3. FLOOD INSURANCE Unless previously disclosed in the Illinois Residential Real Property Disclosure
139 Report,Buyer shall have the option to dedare this Contract null and void if the Real Estate is located in a
140 special flood hazard area which requires Buyer to carry flood insurance.If Notice of the option to&dace
141 this Contract null and void is not given is Seller within ten (ftp Bulbsew Days after the Date of
142 Acceptance or by the Mortgage Contingency deadline date described in Paragraph 11(whichever is lata),
143 Buyer shalt be deemed to have waived such option and this Contract shall remain in full fame and effect.
144 Nothing herein n shall be deemed to ailed any rights afforded by the Residential Real Property Disclosure Act.
145 14. CONOOMIMUYRON NON INTEREBY A880C1A110118: (If applicable) The Parties agree that the teems
146 contained in tlia paragraph, which may be contrary to other terms of this Contract, shill supersede any
147 confliding terms.
148 (a) Title when conveyed shall be good and merchantable, subject to terms, provisions, covenants and
149 conditions of the Declaration of Condomutium/Covenants, Conditions and Restrictions and all
150 amendments public and utility easements including any easements established by or implied from the
151 Declaration of Condominium/Covenants,Conditions and Re siridions or amendments thereto;party wall
152 rights and agreemeahte; limitations and conditions imposed by the Condominium Property Act;
153 installments due after the date of Closing of general aurents established pursuant to the Declaration
154 of Condominium/Covens ts,Conditions and Restrictions. •
155 (b) Seller shall be responsible for payment of all regular assessments due and levied prior to Closing and for
156 all special assessments confirmed prior to the Date of Acceptance.
157 (c) Buyer has,within five(5)Business Days from the Date of Acceptance,the right to demand from Seller
158 items as stipulated by the lllinois Condominium Ptvperty Act,if applicable,and Seller shall diligently
159 apply for same.This Contract is subject to the condition that Seller be able to procure and provide to
160 Buyer,a release or waiver of any option of first refusal or other pre.mhptive 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 assiriy with mine.
165 (d)In the event the documents and information provided by Seller to Buyer disclose that the existing
166 improvements are in violation of existing rules,regulations or other 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 in connection with Gemini;the Real Estate,
169 then Buyer may declare this Contract maul 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 unacceptable to Buyer.if Notice is not served within the time spedbed,Buyer shall be deemed
172 to have waived this contingency,and this Contract shall remain in full force and effect
Buyer Initial_50 Buyer hritial Seller lethal S-r Seller Initial
Address uu 3 e Ctotia4C> 3 r aG.tSi, _XL C acita1O v5.oe
4
173 (e) Seller shall not be obligated to provide a condominium survey.
174 (f) Seller shell provide a c liSc ate of insurance showing Buyer and Buyer's mortgagee,if arty,as an insured.
175 15.THE DEEM Seller shall convey or rause to be conveyed to Buyer or Buyer's designated grantee good and
176 aeerdraada ble title to the Real Estate by recordable genal Warranty Deed,with release of hommed rights,
177 (or the appropriate deed if title is in trust or it an estate),aid 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 he general real estate taxes not due and payable at the time of Chaim covenants,conditions
180 and restrictions of recork mid building lines and easements,if any,provided they do not interdere with the
181 current use and enjoymetst of the Real Estate.
182 16.TITLE At Seller's expense,Seller will deliver or cause to be delivered to Buyer or Buyer's attorney within
183 customary tiara limitations and sufficiently in advance of Closing,as evidence of title in Seller or Grantor,a
184 title commitment t for an ALTA title insurance policy in the amount of the Purchase Price with extended
185 coverage by a title company licensed to operate in the State of ENDOW,issued on or subsequent to the Date of
186 Acceptance,subject only to items listed in Paragraph 15.The requirement to provide extended coverage shall
187 not apply if the Real Estate is vacant lard.The commitment for title insurance furnished by Seller will be
188 conclusive evidence of good and merchantable title as therein shower,subject only to the exceptions therein
189 stated.If the title oneseiteme t discloses any anermilted exceptions or if the Plat of Survey shows any
190 enovechments or other survey matters that are not acceptable to Buyer, then Seller shall have said
191 exceptions,survey matters or encroadsments removed,er have the title insurer comndt to either insure
192 against Loss or damage that may nevelt from such exceptions or survey maws or insure against any court
193 ordered removal of the encroachments.If Seller falls 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 erscumbrances of a definite or ascertainable amount.Sellar shad furnish Buyer at Closing an Affidavit of Title
196 covering the date of Closing,and shalt sign any other customary forms required for issuance of an ALTA
197 Insurance Policy.
198 17.PLAT OF SURVEY:Not less than one(1)Business Day prior to Closing,except where the Real Estate is a
199 condominium(see Paragraph 14)Seller shall,at Seller's experee,furnish to Buyer or Buyer's attorney a Plat
200 of Survey that conforms to the current Minimum Standards of Practice for boundary surveys,is dated not
201 more than siac(6) months prior to the date of acting,and is prepared by a professional land surveyor
202 licensed to practice land surveying under the laws of the State of Illinois.The Plat of Survey shall show
Zai viable evidence of improvements,rights of way,easements,use and measurements of all parcel lines.The
204 land surveyor shall set monuments or witness corners at all accessible corners of the land.All such corners
205 shall also be visibly staled or flagged.The Plat of Survey shall include the following statement placed near
206 the professional land surveyor seal and signature:"This professional service enforces to the current Illinois
207 Minimum Standards for a boundary survey."A Mortgage Imsped ion,as defined,is not a boundary survey
208 and is not acceptable.
209 ea ESCROW CLOSINGAt the election of either Party,not lees than flee(5)Business Days prior to Closing,
210 this sale shell be closed through an escrow with the lending institution or the title company in accordance
211 with the provisions of the usual form of Deed and Mossy Escrow Agreement,as agreed upon between the
212 Parties,with provisions inserted in the Esaow Agreement ire may be requited to conform with this Contract.
213 The cost of the escrow shell be paid by the Party requesting the escrow.If this transaction is a cash purchase
214 (no mortgage is secured by Buyer),the Parties shall share the title company escrow dosing fee equally.
215 is.DAMAGE TO REAL ESTATE OR CONEMIRIATICM PRIOR TO CLOSING:If prior to delivery of the deed the
216 Real Estate shall be destroyed or materially damaged by fire or oter casualty,or the Real Estate Is taken by
Buyer Initial tW Bayer venter Seiler Initial 5S Seller IraiIuuI
Address rkta Ctc_i d ST PSK tea' C# v5
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217 condemnation,then Buyer shall have the option of either terminating this Contract(and receiving a refund of
218 earnest money)or accepting the Real Estate as damaged or destroyed..together with the proceeds of the
219 condemnation award or any insurance payable as a result of the destruction or damage, which gra
220 proceeds Seller agrees to assign to Buyer and deliver to Buyer at Closing.Seller shall not be obligated to
221 repair or replace damtaged in:tprovementa.The provisions of the Uniform Vendor and Purchaser Risk Act of
222 the State of Illinois droll be applicable to this Contract,except as modified by this paragraph
223 In REAL IMITATE TAX RUMOR:In the event the Real Estate is improved,but has not been previously taxed
224 for the entire year as currently improved, the sum of three percent (3%) of the Purchase Price shall be
225 deposited in 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 taxes to be prorated under this Contract can be
227 ascertained,the taxes shall be prorated by Seller's attorney at the request of either Pavy and Seller's share 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 such proration exceeds the amount of the escrow funds,Seller agrees
230 to pay such excess promptly upon demand.
231 21. SELLER REPRESENTATIONS: Seller represents that with respect to the Real Estate Seller has no
232 knowledge of nor has Seller received written notice from any governmental body regarding:
233 (a) zoning,building,fire or health code violations that have not been corrected;
234 (b) any pending retuning;
235 (c) boundary line disputes;
236 (d)any pending condemun4an or Eminent Domain proceeding;
237 (e) easements or dames of easements not shown on the public records;
'238 (0 any hazardous waste on the Real Estate;
239 (g) any improvements to the Rat Estate for which the required permits were not obtained;
240 (h) any improvements to the Real Estate which are rot included in full in the determination of the most
241 recent tax assessment;or
242 (i) any improvements to the Real Estate which are eligible for the home inmpeuvement tax exemption.
243 Seller further represents that:
244 1. There(check of r3Q'i 1n. is not a pending or unoonfmaud special assesameaat affecting the Real Estate by
245 any association or governmental entity payable by Buyer after date of Closing.
246 2 The Real Estate(dssck toes)Disj5 is not located within a Special Assessment Arm or Special Service
247 Area,payments for which will na be the obligation of Seller after the year in which the Closing occurs.
248 If any of the representations asaaiaed herein regarding a Special Assessment Area or Special Service
249 Area are unacceptable to Buyer,Buyer shall have the ophen to dada a this Contract null and void.If
250 Notice of the option to dedare this Contract null and void is not given to Seller within tat tial Business
251 Days after the Date of Acceptance or by the Mortgage Continency deadline date described in Paragraph
252 11(whichever is tat d,Buyer shall be deemed to have waived much optica and this Contract shall remain
253 in full farce and effect.Seller's rep tions eaotuaed in this paragraph shall survive the Closing.
254 It COMMON OF REAL ESTATE AND B1SPWWiOrt Seller agrees to leave the Real Estate in broom clean
255 condition.All refuse and personal property that is not to be conveyed to Buyer shall be removed from the
256 Real Estate at Seller's expense prior to delivery of Possession Buyer shall have the right to inspect the Real
257 Estate, fixtures and included Personal Property prior to Possession to verify that the Real Estate,
258 imprcwenterds and included Pmaond Property are in substantiatiy the sante condition as of the Date of
259 Acceptance,normal wear and tear excepted.
Buyer initial,, - Brayer Initial Seller Wed Siler Initial
Addres ' £ Ctit.Z � [Syl.�— t d v5.0
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260 23.MUNICIPAL ORDNANCE,MINIM TAX.AND GOVERNMENTAL COMPLIANCE:
261 (a) Parties are cautioned that the Real Estate may be situated in a municipality that has adopted a pre-closing
262 inspection requirement,municipal Transfer Tax or otter similar ordinances.Transfer taxes required by
263 municipal ordinance stall be paid by the party designated in such ordinance.
264 (b) Parties agree to comply with the reporting relents of the appliatble sections of the Internal
265 Revenue Code and the Real Estate Settlement Procedures Act of 1974,as amended.
266 24. BUSINESS DAYSIHOURS: Business Days are defined as Monday through Friday, excluding Federal
267 holidays.Business Hours are defined as 8110 A.M.to 6110 P.M.Chicago time.
268 25. FACSIMILE OR DIGITAL SIGNATURES Facsimile or digital signatures shall be sufficient for purposes of
269 executing,negotiating,and finalizing this Contract.
270 a6.DeiOPI TO IESCAOWEE:In every instance where this Contract shall be deemed null and void or if this
271 Contract may be termtmted by either Party,the following shall be deemed incorporated:"and earnest money
272 refunded to Buyer upon written direction of the Parties to Escrowee or upon entry of an order by a court of
273 competent jurisdicfiod. There stall be no disbursement 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 money within a reasonable period of time,Eeaowee may deposit funds with the Clerk of the Circuit Caurt
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 fees,related to the filing of the bderpleader action.Seller and
278 Buyer shall indemnify and hold Fsaowee harmless from airy and all conflicting claims and demands arising
279 under this paragraph
280 27. NOTICE: Except as provided in Paragraph 31(C)(2) regarding the manner 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.
786 Except as otherwise provided herein, Notice served by certified mail shall be effective on the date of
287 mratlinv or
288 (c) By facsimile transmission.Notice shall be effective as of date and time of the moon,provided that
289 the Notice transmitted shall be sent an Business Days during Business Hours.In the event Notice is
290 transmitted during rsorr bmeirreas hours,the effective date and time of Notice is the first hour of the next
291 Business Day after eta rasion;or
292 (d)By e-mail transmission if an e-mail address has been furnished by the recipient Party or the recipient
293 Party's attorney to the sending Party or is shown an 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-business
295 hours,the effective date and time of Notice is the first hour of the next Business Day after transmission.
296 An attorney or Party may opt out of future equal Notice by any form of Notice provided by this
297 Cordract or
298 (e) By eomaterciai overnight delivery(e.g�Fedibc).Such Notice shall be effective on the next Business Day
299 following deposit with the overnight delivery company.
300 2s.PE Ra1IHCE:Time is of the essence of this Conhoct.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 bees and costs from the non-Prevailing Party as ordered by a court of
303 competent jurisdiction.
Bugler hsi&d g'..- Bayer lethal Seiler babel St Seller Initial_
, Lia' t' c�yr� 'T .fiti IL (Dago v5.0
304 28.CHOICE OF UW/1O00 FAITH:MI tams and provisions of this Conned including bid not limited to the
305 Attorney Review and Proisesiond Inspection Paragraphs shell be governed by the laws of the State of Illinois
306 and are sectto the covenant of good faith and fair deatirg implied in all Illinois contracts.
307 30. OTHER PHOVI8113116b This Contract is alio •' • to , .. OPTI• !Rao ,I* - initialed by the
308kif 4- ttiossio.; E . ,-,..-.1-_'__•-.-:____•_--_•_•••_•__
309 54t -,
310. r
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OPTIONAL movornams(Appicame ONLY I inftleted by sit Pages) SS---
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311 ----------111.SALE OF BUTISM REAL.ESTATE
312 lInitishl
313 (A) REPHIEBENTAT101111 amour Buyers MAL BRAM:Buyer represents to Seller as follows:
314 (1) Buyer owns real estate commonly known as(address):
315
316 (2) Buyer(duck coda hop bail not entered into a connect to sill said real estate.
317 If Buyer hes tattered into a contract to sell said red senate,that contract
318 (a) tarok snedalealis not set to a mortgage cooteUgency.
319 (b) (thick sesitlislaW not eszbject to a real estate sale axtingency.
320 (c) gawk~ICI isrilis not seitact torn reel estate doth contingency.
321 (3) Buyer Wreck owl a hem has not listed said real estate for sale with a licensed real estate broker and
322 in a local multiple hang service.
323 (4) If Buyer's real estate is not listed for sale with a licensed reel estate broker and in a local multiple
324 listing service,Buyer/deck owl
325 (a)a shall list said red estate for sale with slimmed real estate broker who will place it in a local
326 multiple lining service within five (S) Bunnese Days after the Data of Acceptance.
327 (For intocuation only)Broker:
328 Broker's Address Phone:
329 (b)f3Does not intend to hat said real estate for sale
330 OA COMMENCES BASED UPON SALE MOMS CLOSE OF OWENS SEAL MAT&
331 (1) This Contract is contingent upon Buyer having entered into a contract for the sale of Buyer's real
332 estate that is in full force and effect as of ,20 .Such connect should provide
333 for a dosing date not later than Sr Closing Dote set forth in this Contract.If Notice is served an or
334 before the date set forth in His soltparegoeph that Buyer lies nd peocered a contract for the sale of
335 Buyer's real estate,this Centred shall be null end void.If Notice that Buyer has not procured a
336 connect for the ode of Buyer's real estate is not served on or before the dose of business on the
337 date set Meth in this subparegraph, Buyer shaft be deemed to have waived all contingencies
338 eadabeed in this Pangraph 31, end this Contract shell items in fall force and effect (If this
339 paragraph is used,then the following paragraph mid be completed.)
340 (2) In the event Buyer has entered into a contract for the sale of Buyer's reel estate as set forth in
341 Paragraph 31(BX1)and that contract is in full force and effect,or has entered into a contract for the
342 sale of Buyer's red estate prior to the execution of this Contract,this Contract is contingent upon
343 Buyer dosing time sale of Buyer's real estate on or before ,20 .If Notice that
344 Buyer has not dosed the Ube of Buyer's seal estate is served before the dose of begrime on the
345 neat Business Day after the date set forth in the preceding sentence,this Contract shall be null and
346 void.If Notice is not served as described in the preceding sentence,Buyer shall be deemed M have
347 waived all cadingendes contained in this Taragreph 31,and this Contract shall remain in full
348 force and affect.
Buyer initial StE,, Beyer Initial Seller Initial -CS Seller habil
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349 (3) If the contract for the sale of Buyer's real estate is terminated kir any reason after the date set forth in
350 Paragraph 31(B)(1) (or after the date of this Contract if no date is set forth m Paragraph 3101x1)),
351 Buyer shalt:within three (3) Business Days of such termination,notify Seller of said termination-
352
ermination352 linters Breyer,as pmt of said Notice,waives all contingencies in Paragraph 31 and complies with
353 Paragraph 31(13),this Comemet Ball be null and void as of the date of Notice.If Notice as required
354 by this subparagraph is not served within the time specified,Buyer shall be in default under the
355 terms of this Contract.
356 (C)SEILER"RIGHT TO comma TO OFFER REAL ESTATE FOR SALE.During the time of this contingency,
357 Seller has the right to continue to show the Real Estate and offer it for sale subject to the following:
358 (1) If Seller accepts another bona fide offer to purchase the Real Estate while the contingencies expressed
359 in Paragraph 31(B)are in effect,Seller shall notify Buyer in writing of some.Buyer shall then have
360 haus after Seller gives such Notice to waive the contingencies set forth in Paragraph
361 31(1),subject to Paragraph3l(D).
362 (2) Sells Notice to Buyer(commonly referred to at a'lick-our Notice)shell be in writing and shall be
363 served on Buyer,not Buyer's attorney or Buyer's real estate agent.Courtesy copies of such is ck out^
364 Notice should be sent to Buyer's attorney and Buyer's real estate agent,if known.Failure to provide
365 such courtesy copies shall not render Notice invalid.Notice to any one of a multiple-person Buyer
366 shall be sufficient Notice to all Buyers.Notice for the purpose of this subparagraph only shall be
367 served upon Buyer in the following mariner:
368 (a) By personal delivery effective at the time and date of personal delivery;or
369 (b) By mla ging to the addressee recited herein for Buyer by regular mail and by certified mil.Notice
370 shall be ewe at 10 A.M.on the morning of the second day following deposit of Notice in
371 the U.S.Malt or
372 (c) By mmnserdal overnight delivery(e.g.,FedEx).Notice shall be effective upon delivery or at 4:00
373 P.M. Chicago time on the next delivery day following deposit with the overnight delivery
374 company,whichever first occurs.
375 (3) If Buyer complies with the provisions of Paragraph 31(D)then this Contract shall remain in full force
376 and effect.
377 (4) If the contingencies set forth in Paragraph 31(B)are NOT waived in writing within said time period
378 by Buyer,this Contract shall be null and void.
379 (5) Except as provided in Paragraph 31(C)(2)above,all Notices shell be made in the manner provided by
380 Paragraph 27 of this Contract.
381 (6) Buyer waives any ethical objection to the delivery of Notice under this paragraph by Seller's attorney
382 or representative.
383 07)WAIVER OF PARAGRAPH 31 : Buyer shall be deemed to have waived the contingencies in
384 Paragraph 31(B) when Buyer has delivered written waiver and deposited with the Escrowee additional
385 earnest money in the amount of$ in the form of a cashier's or certified check within the
386 time specified.If Buyer fails to deposit the additional earnest money within the bene specified,the waiver
387 shall be deemed ineffective and this Contract shall be null and void.
388 (E) BUYER COOPERATION REO[Il: Buyer authorizes Seller or Seller's agent to verify representations
389 contained in Paragraph 31 at any time,and Buyer agrees to cooperate in providing relevant information.
390 .4.CANCELLATION OF PRIOR REAL ESTATE CONTRACT:In the event either Party has
391 entered into a prior real estate contact. this Contrail sill be subject to written cancellation of the prior
392 contract on or before .20 .In the event Hee prior contract is not cancelled within the
393 time specified, this Contract shall be nail and void. Seller's notice to the purchaser under the prior
Buyer Initial $6. Buyer Initial seller trritisi SI eller Initial
Addless �� �Y 4�f16�0 vs.0
9
394 contract should not be served until after Attorney Review and Pend ssional Inspections provisions of this
395 Contract have replied,been satisfied or waived.
IS, _ • « - .. • • ,vided Buyer's lender permits such credit to show on the
' credit to
397 Hd1D-1 _,, _,, ~ . _, •-- and n�o�t,each leaner amount as : .�_ , .. , ..-_.
55 398 • ,, .. i IOOA. ate WaliTr a be applied to prepaid expenses,closing coats or both.
399 L Si.INTEREST BEARING ACCOUNT:Earnest money (with a completed W-9 and other
400 required forms), shall be held in a federally insured interest bearing account at a financial institution
401 designated by Escrowee.All interest earned on the earnest money shell accrue to the benefit of and be paid to
402 Buyer.Buyer shall be sespoadble for any administrative fee(not to exceed$108)charged for setting up the
403 account In anticipation of Closing,the Parties direct Escrowee to dose the account no sooner than ten(10)
404 Business Days prior to the anticipated Closing date.
405 84.VA OR FFA FINANCING:If Buyer is seeking VA or FHA financing,tits provision shall
406 be applicable:Required FHA sr VA amendments and disdoomes shall be attached to this Contract.If VA,
407 the Funding Fee,or if FHA.the Mortgage Insurance Premi m(MIP)shall be paid by Buyer and(&heck one)
408 0shall a stud)not be added to the mortgage loan amount.
409 —_ _a6. etTERMI FINANCING:This Contract is contingent upon Buyer obtaining a written
410 con mibrient for interim financing on or before ,20 in the amount of 5
411 If Buyer is unable to secure the interim financing commitment and glove Notice to Seller within the time
412 specified,this Contract shall be null and void. If Notice is not served within the time specified, this
413 provision shall be deemed waived by the Parties and this Contract shall reataia in full farce and effect
414 =' 3T. WELL AN!]►OR SEP?lC?SAMTARY TIONS: Seller shall obtain at Seller's
415 expense a wall water teat atrdi ns that the well delivers not less than five(5)gallons of water per minute and
416 including a bacteria and nitrate test(and lead test for FHA loans)and/or a septic report from the applicable
417 County Health Department,a Licensed Environmental Health Practitioner,or a licensed well and septic
418 inspector,each dated ret more than ninety(90)days prior to Closing,stating that the well and water supply
419 and the private sanitary system are in proper operating condition with no defects noted.Seller shall remedy
420 any defect or deficiency disdosed by said report(s)prior to Closing,provided the if tie cost of remedyizlg a
421 defect or deficiency and the cost of landscaping together exceed$3,000.00,and if the Parties cannot reach
422 agreement regarding payment of such additional cost, this Contract may be terminated by either Party.
423 Additional testing reovmraernded by the report shall be obtained at Seller's expense. If the report
424 recommends additional testing after Closing,the Parties stall have the option of establishing an escrow with
425 a mutual omen allocation for necessary repairs or replacements,or either Party may terminate this Contract
426 prior to Closing.Seller shall deliver a copy of such evaluations)to Buyer not less than ore(1)Business Day
427 prior to Closing.
428 8d WOOD DESTROYING RiFESTATK)N:Notwithstanding the provisions of Paragraph 10,
429 within ten(10)Business Days alter the Date of Acceptance,Seller at Seller's expose shall deliver to Buyer a
430 written report, dated not more than sec(6) months prior to the date of Closing,by a licensed inspector
431 certified by the appropriate state regulatory authority in the subcategory of termites,stating that there is no
432 visible evidence of active infestation by termites or other wood destroying insects.Unless otherwise agreed
433 between the Parties,if the report discloses evidence of active infestation or structural damage.Buyer has the
434 option within five(5)Dueiness Days of receipt of the report to proceed with the purchase or declare this
435 Contract null and void.
Buyer Iatiat D Buyer Initial �f Setter initial 33 Seller Initial
+3ddiLss
10
436 __ _. so.POET-CL09BIG POSSESSIOtk Possession shall be delivered no later dun 1139 P.M.
437 on the date that is days after-the date of Closing rthe Poaeeeion Date").Seller shall be responsible
438 for all utilities„contents and liability inarrance,and home maintenance expenses until delivery of possession
439 Seller shall deposit in escrow et Closing with .(dhaa 1r owe) one percent(1%)of the
440 Purchase Price orathc scan of$ to be pad by Escrowee as follows:
441 (a) The sum of $ per day for use and occupancy from and including the day after
442 Closing to and including the day of delivery of Possession,if on or before the Posses ion Date;
443 (b)The amoiad per day equal to three(3)times the daily amount set frith herein shall be paid for each day
444 after the Possession Date specified in this paragraph tint Seller remains in possession of the Real Estate;
445 and
446 (c) The balance,if any,to Seiler after delivery of Possession and provided that the turns of Paragraph 22
447 have been satisfied. Settees liability under this paragraph shell not be binned to the amount of the
448 possession escrow deposit referred to above. Nothing herein shall be deemed to create a
449 Landlord/Tenant relationship between the Pasties.
450 1Sfe .15 O."AS IS'CONDITION:DITION:Ttis Contract is for the sale and purchase of the Real Estate in its
451 "As Is" condition as of the Date of Offer. Buyer acknowtedges that no representations, warranties or
452 guarantees with respect to the condition of the Real Estate have been made by Seller or Seller's Designated
453 Agent other than those known dam if any, disdosed by Seller. Buyer may conduct an inspection at
454 Buyer's expertise.In ttuet event,Seller shall make the Real Estate available to Buyer's inspector at reasonable
455 times.Buyer shalt indemnify Seller and hold Seiler haemess from and against any lass or damage rimed by
456 the acts or negligence of Buyer or any person performing any inspection.In the event the inspection reveals
457 that the condition of the sad Estate is unacceptable to Buyer and Bayer so notifies Seller within fine f5)
458 Bareness Days after the Date of Aooeptaace,this Contract shall be rash and void.FalIme of Buyer to notify
459 Seller se to temdact said impaction operates as a waiver of payees eight as Mnssiaate this Contract under
460 this paragraph and this Contract shall remain in fall force and effect. Buyer acknowledges that the
461 provisions of Paragraph 10 and the warranty provisions of Paragraph 3 do not apply to this Contract.
462 41.CONFIRIMION OF DUAL AB8SCY:The Parties confirm that they have previously
463 consented to
464 (Lionises)acting as a Dual Agent in providing brokerage services on their behalf and specifically consent to
465 Licensee acting es a Dual Agent with regard to the tramwhction referred to in this Contract.
466 _"—�— 42.SPECIRED PARTY APPROVAL-This Contract is coedingent upon the approval of the
467 Real Estate by
468 Buyer's Specified Party,within five (5) Business Days after the Date of Acceptance. In the event Buyer's
469 Specified Party does not approve of the Real Estate and Notice is given to Sadler within the time specified,
470 this Contract shall be null and void.If Notice is not served within the time specified,this provision shall be
471 deemed waived by the Parties and this Contract shalt remain in full force and effect.
472 ��= es MORMONS:Buyer's and Seller's obligations are contingerd upon
473 the Parties entering into a separate written agreement consisted with the terms and conditions set forth
474 herein,and with such additional terns as ei ttrw Patty may deem necessary,providing for one or more of the
475 following:Wreck applicable limes)
476 a Articles of Agreement for Deed or iR Assuznption of Seller's Mortgage D Coma erccial/Investment
477 Purchase Money Mortgage 0 Cooperative Apartment Q New Construction
478 )3Short Sale riTax-Deferred Exchange ( Vacant Land
Buyer Initial If Buyer Initial Seller brit iral Seller bribes
Address 1443 Ckii mt , 5'T et_os, C epooeL v5.0
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479 THIS DOCUMENT WLL BECOME A LEGALLY BINOMIG CONTRACT WHEN GONE) BY ALL PARTIES AND
480 DELIVERED TO THE PARTIES OR THEIR AGENTS.
481 The Parties represent that the text of this form has rat been altered and is identiad to the official Multi-Board
482Residential Real Estate Contract SD. ti k iiia
483 ‘419-11?--
484 485 nATE oL° 1 pMisr
4 C .9
486 BuyerSiBmbicoe yew •�, v{
487 a
488 Signature
489 � 44 M Eyb�I W. P 1 w►Sou 11 C;41 Kura re.
rte' IV/ 'NAACO'
4912 Address Address493 C I,.+ ♦,�.
20
494 Steer rapCity 1_11‘• State Zip
495 ,?-1#776 1.,.4.41►.:d....eat
496 Phone E-aesel Phase E-aasa
497 j FOR INFORMATION ONLY
498 rRItt e4AA1v '! 4L4ofro g,-r1 6o.lePR(.D f Srex. tea,
499 Buyers Btvkar PALS tSdie's Broioer MrS r
500 C4Mt11 A/k.?.W' AP fir-- easr�ac�N a eir
501 BuyKssed Agent PAIS t Sends Agent PALS t
502 1116.-a7ro-tM ;i- °1- i2' gy7-'j►alG-00
503 Phone Fax Phone Fax
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ik)Je c �t`'t'4•`k.t Mtkst,M+ OS e$40.C'
Snail
04� Buyer's Attorney E-mxit Seih's Attorney ` 13-mail ,
508 $10— ate-937-Aur
509 Phone Fax Phone Fax
510r1L4f J J&4 orc�,l 1hr r�F(.- 847 931 A
511 Mortgage Company Phone Iioamoana'a/Cordo Association(if any) Phone
512"1Rrcd5 14u1 hollow, 8'O(egca7 e)
513 Loran officer Phone/Fax Management Co./Other Connect Phone
514 02009,Mimic Red EstateAssociatior.
n.All rights a weeeed theeeihesised 8rriicad
ra or Aeration of this fame ar
516515 any pedies thereof is pL, ' Oftiiea1 foam affable at www� Meow►is.es,(web sibs of now Real Estate Lawyers
APPnsred by the Waft argantiarwes as°WW2°.2008
517 Woe Rad Estero Lawyers Aaaocierion-°Wage Canty Err Assodsion•neo county Bar Association
518 tooahorest Suburban ear Aaacde on-Chicago Associaeon of REALTORS,
519 intainstrUt Oiaaninsion d REALTORS,.fres a-ili County Meodaticn of REALTOFIIP•PA*Totem Board of REACTORS•
520 REAL1014•AsaoGttfon of Northwest ChiCasiniand•AEALTORs A- viabn of tier Foot Ville*
521 oak Park Area Asaoaegan of REALTORS*•hic ferry Asaoosfo id REALTORS*•These fivers Association of REALTORS*
522 Plast Shore-Bannon Association a REALTORS*
523 Seller Rejecbtaan This offer was premed to Seller as ,20 at _ AM/PM
524 and rejected on ,20 at_- AM/PIA (Seller initials). 1
Bayer Initial C Buyer Initial Seller Initial Seller Initial
Address it3 e" C-4426V. _ €C5i►'L Z.4- (0S31 v5.0 ,
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463 pqc � IN i3t11
lUig .3 to the rider to the rod estate*taunt(the"Amendment") is made and
entered into this ,•!..L. day of ,2012,by and between the City of Elgin.a amadcipd
corporation, (here , refarad ti 1r the "&!lam and Benjamin M. Eubm* (femme
referred to as the"Buyer").
WHEREAS,Buyer and Seller have awed a real estate contract providing far the ask of
463 East Chicago Street Elgin, Illinois, 60120 (such prapaty is her retested to r dte
"Subject Propet:ty"and such contract is hereinafter referred to as the"Subject Contreask and,
WHEREAS,the parties wish to set forth their further agreements between them regarding
the sale of the Subject Property and the Subject Contract.
NOW,THEREFORE,for and in considaation of the mutual andartatiegr an the Subject
Contract, the undertakings in this Ameadma n,and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged,the parties hereto ap ee as follows:
I. Paragraph 1 of the Rider to the Subject Contact(the"Riders)is hereby amended
by deleting the first two seats ces of said paragraph I in their endr+ety, and subathutleg the
following sentence therefore:
"As pert of the Purchase Price set forth in Section 4 of the Subject Contract,and as
Anther consideration for the sale of the Subject Property,the Buyer shall execute a
note in favor of the Seller in the anoint of$10,000.00(the"Note,"herein),which
610,000 shall be a credit to the Buyer u Ck;sin6 for dowapayme d assistance from
the Seller."
2. Except as amended by tf .r *:,Piattnirni. alt outer provisions of the Rider shall
remain in NU force and effect,
IN WITNESS WHEREOF, Seller and Buyer have entered into and executed this
Amender as of the dates and year an forth taelow.
BENJAMIN M.EUBANK,Buyer CITY OF ELGIN,Seller
44
M. Q
Data
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