HomeMy WebLinkAbout19-76 Resolution No. 19-76
RESOLUTION
AUTHORIZING EXECUTION OF A REAL ESTATE SALE CONTRACT
FOR THE PURCHASE OF 412 SUMMIT STREET
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS,
that pursuant to Elgin Municipal Code Section 5.02.020B(9) the City Council hereby finds that
an exception to the requirements of the procurement ordinance is necessary and in the best
interest of the city; and
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that Richard G. Kozal, 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 Jie Dumond for the purchase of the property commonly known as 412 Summit Street,
Elgin, IL 60120 for $85,000.00, a copy of which is attached hereto and made a part hereof by
reference.
s/David J. Kaptain
David J. Kaptain, Mayor
Presented: May 8, 2019
Adopted: May 8, 2019
Vote: Yeas: 9 Nays: 0
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk
I,
REALTOR
MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 7.0
1 1. THE PARTIES: Buyer and Seller are hereinafter referred to as the "Parties."
2 Buyer Name(s)[PLEASE PRINT]City of Elgin,an Illinois Municipal Corporation
3 Seller Name(s)[PLEASE PRINT] Jie Dumond
4 If Dual Agency applies,check here U and complete Optional Paragraph 29.
5 2. THE REAL ESTATE: Real Estate is defined as the property,all improvements,the fixtures and Personal Property
6 included therein. Seller agrees to convey to Buyer or to Buyer's designated grantee, the Real Estate with
7 approximate lot size or acreage of approximately 33'x 66'per survey commonly known as:
8 412 Summit Street Elgin IL 60120 Kane
9 Address Unit#(If applicable) City State Zip County
10 Permanent Index Number(s):06-12-381-015 0 Single Family Attached ii Single Family Detached 0 Multi-Unit
11 If Designated Parking is Included: #of space(s) ;identified as space(s) # ;location
12 [CHECK TYPE]U deeded space,PIN: U limited common element U assigned space.
13 If Designated Storage is Included: ,4 of space(s) ;identified as space(s)# ;location
14 [CHECK TYPE)U deeded space,PIN: U limited common element U assigned space.
15 3. FIXTURES AND PERSONAL PROPERTY AT NO ADDED VALUE:All of the fixtures and included Personal Property
16 are owned by Seller and to Seller's knowledge are in operating condition on Date of Acceptance,unless otherwise
17 stated herein. Seller agrees to transfer to Buyer all fixtures, all heating, electrical, plumbing, and well systems
18 together with the following items at no added value by Bill of Sale at Closing[CHECK OR ENUMERATE APPLICABLE ITEMS):
19 _Refrigerator _Wine/Beverage Refrigerator X_Light Fixtures,as they exist _Fireplace Gas Log(s)
20 _Oven/Range/Stove _Sump Pumps) _Built-in or attached shelving _Smoke Detectors
21 _Microwave _Water Softener(unless rented) _All Window Treahrents&Hardware _Carbon Monoxide Detectors
22 _Dishwasher _Central Air Conditioning _Satellite Dish _Invisible Fence SystenCollar&Box
23 _Garbage Disposal _Central Humidifier _Wall Mounted Brackets(AV/TV) _Garage Door Opener(s)
24 _Trash Compactor _Central Vac&Equipment _Security System(s)(unless rented) with all Transmitters
25 _Washer _All Tacked Down Carpeting _Intercom System _Outdoor Shed
26 _Dryer X_Existing Storms&Screens _Electronic or Media Air Filter(s) _Outdoor Playset(s)
27 _Attached Gas Grill _Window Air Conditioner(s) _Backup Generator System X_Planted Vegetation
28 X_Water Heater _Ceiling Fan(s) _Fireplace Screens/Doors/Grates _Hardscape
29 Other Items Included at No Added Value:
30 Items Not Included:
31 Seller warrants to Buyer that all fixtures, systems and Personal Property included in this Contract shall be in
32 operating condition at Possession except:
33 A system or item shall be deemed to be in operating condition if it performs the function for which it is intended,
34 regardless of age,and does not constitute a threat to health or safety.
35 If Home Warranty applies,check here U and complete Optional Paragraph 32.
36 4. PURCHASE PRICE AND PAYMENT: The Purchase Price is $ 85,000 . After the payment of Earnest
37 Money as provided below,the balance of the Purchase Price,as adjusted by prorations,shall be paid at Closing in
38 "Good Funds" as defined by law.
39 a) CREDIT AT CLOSING: [IF APPLICABLE] Provided Buyer's lender permits such credit to show on the final
40 settlement statement or lender's dosing disclosure, and if not,such lesser amount as the lender permits,Seller
41 agrees to credit$ to Buyer at Closing to be applied to prepaid expenses,dosing costs or both.
42 .. . .• ..
44 by ,20—Earnest Money Mall be held in trust for the mutual benefit of the Parties by
Buyer Initial Initial Seller Initial.f, -1), Seller Initial
Address: 412 Summit Street, Elgin, IL 60120 v7.0
Page 1 of 13
45 f oI J: Selie s Brokerage;B Buyer=s-Brokerage; •.. . .• _ - - : :•. - •:. . "
47 c) BALANCE DUE AT CLOSING: The Balance Due at Closing shall be the Purchase Price, plus or minus
48 prorations,less Earnest Money paid,less any credits at Closing,and shall be payable in Good Funds at Closing.
49 5. CLOSING: Closing shall be on May 31 , 20 19 or at such time as mutually agreed by the Parties in
50 writing.Closing shall take place at the escrow office of the title insurance company,its underwriter,or its issuing
51 agent that will issue the Owner's Policy of Title Insurance,whichever is situated nearest the Real Estate.
52 6. POSSESSION:Unless otherwise provided in Optional Paragraph 35,Seller shall deliver possession to Buyer at
53 Closing. Possession shall be deemed to have been delivered when Seller and all occupants (if any)have vacated
54 the Real Estate and delivered keys to the Real Estate to Buyer or to the office of the Seller's Brokerage.
55 7. FINANCING:[INITIAL ONLY ONE OF THE FOLLOWING SUBPARAGRAPHS a, b, or c]
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84 _`—_b) CASH TRANSACTION WITH NO MORTGAGE: [ALL CASH]If this selection is made,Buyer will pay
85 at Closing,in the form of"Good Funds,"the Balance Due at Closing.Buyer represents to Seller,as of the Date of Offer,
86 that Buyer has sufficient funds available to satisfy the provisions of this subparagraph.Buyer agrees to verify the above
87 representation upon the reasonable request of Seller and to authorize the disdosure of such financial information to
88 Seller,Seller's attorney or Seller's broker that may be reasonably necessary to prove the availability of sufficient funds
Buyer Initial Initial Seller Initial t/, .i) Seller Initial
Address:412 Summit Street, Elgin,IL 60120 v7.0
Page 2of13
89 to dose.Buyer understands and agrees that,so long as Seller has fully complied with Seller's obligations under this
90 Contract, any act or omission outside of the control of Seller, whether intentional or not, that prevents Buyer from
91 satisfying the Balance Due at Closing,shall constitute a material breach of this Contract by Buyer. The Parties shall
92 share the title company escrow dosing fee equally.Unless otherwise provided in Paragraph 30,this Contract shall
93 not be contingent upon the sale and/or dosing of Buyer's existing real estate.
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109 real-estate:
110 8. STATUTORY DISCLOSURES:If applicable,prior to signing this Contract,Buyer:
111 [CHECK ONE]U has R1 has not received a completed Illinois Residential Real Property Disclosure;
112 [CHECK ONE]❑has la has not received the EPA Pamphlet, "Protect Your Family From Lead In Your Home;"
113 [CHECK ONE]U has Vi has not received a Lead-Based Paint Disclosure;
114 [CHECK ONE]U has WI has not received the IEMA,"Radon Testing Guidelines for Real Estate Transactions;"
115 [CHECK ONE]U has m has not received the Disclosure of Information on Radon Hazards.
116 9. PRORATIONS:The requirements contained in this paragraph shall survive the Closing. Proratable items shall
117 be prorated to and including the Date of Closing and shall include without limitation, general real estate taxes,
118 rents and deposits(if any)from tenants;Special Service Area or Special Assessment Area tax for the year of Closing
119 only; utilities, water and sewer, pre-purchased fuel; and Homeowner or Condominium Association fees (and
120 Master/Umbrella Association fees, if applicable). Accumulated reserves of a Homeowner/Condominium
121 Association(s)are not a proratable item.
122 a) The general real estate taxes shall be prorated to and including the date of Closing based on 105 % of
123 the most recent ascertainable full year tax bill.All general real estate tax proration shall be final as of Closing,
124 except as provided in Paragraph 23. If the amount of the most recent ascertainable full year tax bill reflects a
125 homeowner,senior citizen, disabled veteran or other exemption, a senior freeze or senior deferral,then Seller
126 has submitted or will submit in a timely manner all necessary documentation to the appropriate governmental
127 entity,before or after Closing, to preserve said exemption(s).The proration shall not include exemptions to
128 which the Seller is not lawfully entitled.
129 b) Seller represents, if applicable, that as of Date of Acceptance Homeowner/Condominium Association(s)
130 fees are$ N/A per N/A (and,if applicable,Master/Umbrella Association fees are
131 $ N/A per N/A ).Seller agrees to pay prior to or at Closing the remaining balance of any
132 special assessments by the Association(s)confirmed prior to Date of Acceptance.
Buyer Initial cr Initial Seller Initial . 0. Seller Initial
Address:412 Summit Street, Elgin,IL 60120 V7.0
Page 3 of 13
133 c) Special Assessment Area or Special Service Area installments due after the year of Closing shall not be
134 proratable items and shall be paid by Buyer,unless otherwise provided by ordinance or statute.
135 10. ATTORNEY REVIEW: Within five (5) Business Days after Date of Acceptance, the attorneys for the respective
136 Parties,by Notice,may:
137 a) Approve this Contract;or
138 b) Disapprove this Contract,which disapproval shall not be based solely upon the Purchase Price;or
139 c) Propose modifications to this Contract,except for the Purchase Price,which proposal shall be conclusively
140 deemed a counteroffer notwithstanding any language contained in any such proposal purporting to state the
141 proposal is not a counteroffer. If after expiration of ten (10) Business Days after Date of Acceptance written
142 agreement has not been reached by the Parties with respect to resolution of all proposed modifications, either
143 Party may terminate this Contract by serving Notice, whereupon this Contract shall be immediately deemed
144 terminated;or
145 d) Offer proposals specifically referring to this subparagraph d)which shall not be considered a counteroffer.
146 Any proposal not specifically referencing this subparagraph d) shall be deemed made pursuant to
147 subparagraph c) as a modification. If proposals made with specific reference to this subparagraph d) are not
148 agreed upon,neither Buyer nor Seller may declare this contract null and void, and this contract shall remain
149 in full force and effect.
150 If Notice of disapproval or proposed modifications is not served within the time specified herein, the
151 provisions of this paragraph shall be deemed waived by the Parties and this Contract shall remain in full force
152 and effect.If Notice of termination is given,said termination shall be absolute and the Contract rendered null
153 and void upon the giving of Notice,notwithstanding any language proffered by any Party purporting to permit
154 unilateral reinstatement by withdrawal of any proposal(s).
155 11. WAIVER OF PROFESSIONAL INSPECTIONS: [INITIAL IF APPLICABLE] Buyer acknowledges
156 the right to conduct inspections of the Real Estate and hereby waives the right to conduct any such inspections of
157 the Real Estate,and further agrees that the provisions of Paragraph 12 shall not apply.
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Address:412 Summit Street, Elgin,IL 60120 v7.0
Page 4 of 13
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191 13. HOMEOWNER INSURANCE: This Contract is contingent upon Buyer obtaining evidence of insurability for an
192 Insurance Service Organization HO-3 or equivalent policy at standard premium rates within ten (10) Business
193 Days after Date of Acceptance.If Buyer is unable to obtain evidence of insurability and serves Notice with proof
194 of same to Seller within the time specified, this Contract shall be null and void. If Notice is not served within
195 the time specified,Buyer shall be deemed to have waived this contingency and this Contract shall remain in
198 full force and effect.
197 14. FLOOD INSURANCE: Buyer shall have the option to declare this Contract null and void if the Real Estate is
198 located in a special flood hazard area. If Notice of the option to declare contract null and void is not given to
199 Seller within ten(10)Business Days after Date of Acceptance or by the Loan Contingency Date,whichever is
200 later,Buyer shall be deemed to have waived such option and this Contract shall remain in full force and effect.
201 Nothing herein shall be deemed to affect any rights afforded by the Residential Real Property Disclosure Act
202 15. CONDOMINIUM/COMMON INTEREST ASSOCIATIONS: (IF APPLICABLE] The Parties agree that the terms
203 contained in this paragraph,which may be contrary to other terms of this Contract,shall supersede any conflicting
204 terms, and shall apply to property subject to the Illinois Condominium Property Act and the Common Interest
205 Community Association Act or other applicable state association law ("Governing Law").
206 a) Title when conveyed shall be good and merchantable,subject to terms and provisions of the Declaration of
207 Condominium/Covenants,Conditions and Restrictions("Declaration/CCRs")and all amendments;public and
208 utility easements induding any easements established by or implied from the Declaration/CCRs or
209 amendments thereto;party wall rights and agreements;limitations and conditions imposed by the Governing
210 Law;installments due after the date of nosing of general assessments established pursuant to the Declaration/CCRs.
211 b) Seller shall be responsible for payment of all regular assessments due and levied prior to Closing and for
212 all special assessments confirmed prior to Date of Acceptance.
213 c) Seller shall notify Buyer of any proposed special assessment or increase in any regular assessment between
214 Date of Acceptance and Closing.The Parties shall have three(3)Business Days to reach agreement relative to
215 payment thereof.Absent such agreement either Party may dedare the Contract null and void.
216 d) Seller shall, within ten (10) Business Days from Date of Acceptance, apply for those items of disdosure
217 upon sale as described in the Governing Law,and provide same in a timely manner,but no later than the time
218 period provided for by law.This Contract is subject to the condition that Seller be able to procure and provide
219 to Buyer a release or waiver of any right of first refusal or other pre-emptive rights to purchase created by the
Buyer Initirrtjer Initial Seller Initial Seller Initial
Address:412 Summit Street, Elgin,IL 60120 v7.0
Page 5of13
220 Declaration/CCRs.In the eventJJthe Condominium Association requires the personal appearance of Buyer or
221 additional documentation,Buyer agrees to comply with same.
222 e) In the event the doents and information provided by Seller to Buyer disdose that the existing
223 improvements are in viol 'on of existing rules, regulations or other restrictions or that the terms and
224 conditions contained with the documents would unreasonably restrict Buyer's use of the Real Estate or
225 would result in financial obligations unacceptable to Buyer in connection with owning the Real Estate, then
226 Buyer may dedare this Contract null and void by giving Notice to Seller within five(5)Business Days after the
227 receipt of the documents land information required by this paragraph, listing those deficiencies which are
228 unacceptable to Buyer.If N¢tice is not served within the time specified,Buyer shall be deemed to have waived
229 this contingency,and this Contract shall remain in full force and effect.
230 f) Seller shall provide a certificate of insurance showing Buyer and Buyer's mortgagee,if any, as an insured.
231 16. THE DEED: Seller shall colhvey or cause to be conveyed to Buyer or Buyer's designated grantee good and
232 merchantable title to the Real Estate by recordable Warranty Deed, with release of homestead rights, (or the
233 appropriate deed if title is in trust or in an estate),and with real estate transfer stamps to be paid by Seller(unless
234 otherwise designated by local ordinance). Title when conveyed will be good and merchantable, subject only to:
235 covenants, conditions and restrictions of record and building lines and easements, if any,provided they do not
236 interfere with the current use and enjoyment of the Real Estate;and general real estate taxes not due and payable
237 at the time of Closing.
238 17. MUNICIPAL ORDINANCE,TRANSFER TAX,AND GOVERNMENTAL COMPLIANCE:
239 a) The Parties are cautioned that the Real Estate may be situated in a municipality that has adopted a pre-
240 dosing inspection or disclosure requirement, municipal Transfer Tax or other similar ordinances. Cost of
241 transfer taxes,inspection fres,f and any repairs required by an inspection pursuant to municipal ordinance shall
242 be paid by the Party desigated in such ordinance unless otherwise agreed to by the Parties.
243 b) The Parties agree to comply with the reporting requirements of the applicable sections of the Internal
244 Revenue Code, the Foreign Investment in Real Property Tax Act (FIRPTA), and the Real Estate Settlement
245 Procedures Act of 1974,asamended.
246 18. TITLE: At Seller's expen , Seller will deliver or cause to be delivered to Buyer or Buyer's attorney within
247 customary time limitations �d sufficiently in advance of Closing, as evidence of title in Seller or Grantor, a title
248 commitment for an ALTA title insurance policy in the amount of the Purchase Price with extended coverage by a
249 title company licensed to operate in the State of Illinois, issued on or subsequent to Date of Acceptance, subject
250 only to items listed in Paragraph 16 and shall cause a title policy to be issued with an effective date as of Closing.
251 The requirement to provide ejctended coverage shall not apply if the Real Estate is vacant land.The commitment
252 for title insurance furnished by Seller will be presumptive evidence of good and merchantable title as therein
253 shown, subject only to the exceptions therein stated. If the title commitment discloses any unpermitted
254 exceptions or if the Plat of Survey shows any encroachments or other survey matters that are not acceptable to
255 Buyer, then Seller shall ha I�e said exceptions, survey matters or encroachments removed, or have the title
256 insurer commit to either insure against loss or damage that may result from such exceptions or survey matters
257 or insure against any court-a�rdered removal of the encroachments.If Seller fails to have such exceptions waived
258 or insured over prior to Closing,Buyer may elect to take title as it then is with the right to deduct from the Purchase
259 Price prior encumbrances of definite or ascertainable amount.Seller shall furnish to Buyer at Closing an Affidavit
260 of Title covering the date of Closing,and shall sign any other customary forms required for issuance of an ALTA
261 Insurance Policy.
262 19. PLAT OF SURVEY: Not less than one (1) Business Day prior to Closing, except where the Real Estate is a
263 condominium,Seller shall, at Seller's expense,furnish to Buyer or Buyer's attorney a Plat of Survey that conforms
Buyer Initialottlyet Initial Seller Initial J: %1 Seller Initial
Address:412 Summit Street, Elgin,IL 60120 v7.0
Page 6 of 13
264 to the current Minimum Stand d of Practice for boundary surveys,is dated not more than six(6)months prior to
265 the date of Closing,and is prepred by a professional land surveyor licensed to practice land surveying under the
266 laws of the State of Illinois. ThelPlat of Survey shall show visible evidence of improvements, rights of way,
267 easements,use and measurements of all parcel lines.The land surveyor shall set monuments or witness corners at
268 all accessible corners of the land.All such corners shall also be visibly staked or flagged.The Plat of Survey shall
269 include the following statementplaced near the professional land surveyor's seal and signature:"This professional
270 service conforms to the current Illinois Minimum Standards for a boundary survey." A Mortgage Inspection, as
271 defined,is not a boundary survley and is not acceptable.
272 20. DAMAGE TO REAL ESTATES OR CONDEMNATION PRIOR TO CLOSING: If prior to delivery of the deed the Real
273 Estate shall be destroyed or materially damaged by fire or other casualty, or the Real Estate is taken by
274 condemnation, then Buyer shall have the option of either terminating this Contract (and receiving a refund of
275 Earnest Money) or accepting the Real Estate as damaged or destroyed, together with the proceeds of the
276 condemnation award or any insurance payable as a result of the destruction or damage, which gross proceeds
277 Seller agrees to assign to Buyer and deliver to Buyer at Closing. Seller shall not be obligated to repair or replace
278 damaged improvements.The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall
279 be applicable to this Contract,except as modified by this paragraph.
280 21. CONDITION OF REAL ESTA E AND INSPECTION:Seller agrees to leave the Real Estate in broom clean condition.
281 All refuse and personal prop that is not to be conveyed to Buyer shall be removed from the Real Estate at
282 Seller's expense prior to delivery of Possession. Buyer shall have the right to inspect the Real Estate,fixtures and
283 included Personal Property prior to Possession to verify that the Real Estate,improvements and included Personal
284 Property are in substantiallyI e same condition as of Date of Acceptance,normal wear and tear excepted.
285 22. SELLER REPRESENTATIONS: Seller's representations contained in this paragraph shall survive the Closing.
286 Seller represents that with respect to the Real Estate,Seller has no knowledge of,nor has Seller received any written
287 notice from any association or governmental entity regarding:
288 a) zoning,building,fire or health code violations that have not been corrected;
289 b) any pending rezoning;
290 c) boundary line disputes;
291 d) any pending condemnation or Eminent Domain proceeding;
292 e) easements or claims o easements not shown on the public records;
293 f) any hazardous waste?in the Real Estate;
294 g) real estate tax exemption(s)to which Seller is not lawfully entitled;or
295 h) any improvements to he Real Estate for which the required initial and final permits were not obtained.
296 Seller further represents that:
297 11Nrn s) There[CHECK ONE] O are m are not improvements to the Real Estate which are not
298 included in full in the determination of the most recent tax assessment.
299 ilrvm.aisl There[CHECK ONE]O are WI are not improvements to the Real Estate which are eligible
300 for the home improvement tax exemption.
301 lt,m us] There[CHECK ONE]O is m is not an unconfirmed pending special assessment affecting
302 the Real Estate by any association or governmental entity payable by Buyer after the date of Closing.
303 lIwm sl Title Real Estate[CHECK ONE]O is RI is not located within a Special Assessment Area or
304 Special Service Area,payments for which will not be the obligation of Seller after the year in which the Closing occurs.
305 All Seller representations shall be deemed re-made as of Dosing. If prior to Closing Seller becomes aware of
306 matters that require modification of the representations previously made in this Paragraph 22, Seller shall
Buyer Initialitiai Seller Initial J ‘ 0, Seller Initial
Address: 412 Summit Street, Elgin,IL 60120 v7.0
Page 7 of 13
307 promptly notify Buyer. If the matters specified in such Notice are not resolved prior to Closing, Buyer may
308 terminate this Contract by Notice to Seller and this Contract shall be null and void.
309 23. REAL ESTATE TAX ESCROW: In the event the Real Estate is improved,but has not been previously taxed for
310 the entire year as currently imjroved, the sum of three percent (3%) of the Purchase Price shall be deposited in
311 escrow with the title company with the cost of the escrow to be divided equally by Buyer and Seller and paid at
312 Closing.When the exact amour of the taxes to be prorated under this Contract can be ascertained,the taxes shall
313 be prorated by Seller's attorn at the request of either Party and Seller's share of such tax liability after proration
314 shall be paid to Buyer from the escrow funds and the balance,if any, shall be paid to Seller.If Seller's obligation
315 after such proration exceeds the amount of the escrow funds, Seller agrees to pay such excess promptly upon
316 demand.
317 24. BUSINESS DAYSIHOURS: B usiness Days are defined as Monday through Friday,excluding Federal holidays.
318 Business Hours are defined as8 a.m. to 6 p.m. Chicago time. In the event the Closing or Loan Contingency Date
319 described in this Contract does not fall on a Business Day,such date shall be the next Business Day.
320 25. ELECTRONIC OR DIGITAL SIGNATURES: Facsimile or digital signatures shall be sufficient for purposes of
321 executing, negotiating, finalizing, and amending this Contract, and delivery thereof by one of the following
322 methods shall be deemed delivery of this Contract containing original signature(s). An acceptable facsimile
323 signature may be produced by scanning an original,hand-signed document and transmitting same by electronic
324 means. An acceptable digital ignature may be produced by use of a qualified, established electronic security
325 procedure mutually agreed upon by the Parties. Transmissions of a digitally signed copy hereof shall be by an
326 established, mutually acceptaLble electronic method, such as creating a PDF ("Portable Document Format")
327 document incorporating the digital signature and sending same by electronic mail.
328 26. DIRECTION TO ESCROWEE: In every instance where this Contract shall be deemed null and void or if this
329 Contract may be terminated 1:I y either Party, the following shall be deemed incorporated: "and Earnest Money
330 refunded upon the joint written direction by the Parties to Escrowee or upon an entry of an order by a court of
331 competent jurisdiction."
332 In the event either Party has d dared the Contract null and void or the transaction has failed to close as provided
333 for in this Contract and if Escr wee has not received joint written direction by the Parties or such court order, the
334 Escrowee may elect to proceed as follows:
335 a) Escrowee shall give written Notice to the Parties as provided for in this Contract at least fourteen(14)days
336 prior to the date of intended disbursement of Earnest Money indicating the manner in which Escrowee intends
337 to disburse in the absence bf any written objection.If no written objection is received by the date indicated in
338 the Notice then Escrowee Shall distribute the Earnest Money as indicated in the written Notice to the Parties.
339 If any Party objects in writing to the intended disbursement of Earnest Money then Earnest Money shall be
340 held until receipt of joint written direction from all Parties or until receipt of an order of a court of competent jurisdiction.
341 b) Escrowee may file a S 't for Interpleader and deposit any funds held into the Court for distribution after
342 resolution of the dispute b tween Seller and Buyer by the Court.Escrowee may retain from the funds deposited
343 with the Court the amount necessary to reimburse Escrowee for court costs and reasonable attorney's fees
344 incurred due to the filing Of the Interpleader.If the amount held in escrow is inadequate to reimburse Escrowee
345 for the costs and attorney'$fees,Buyer and Seller shall jointly and severally indemnify Escrowee for additional
346 costs and fees incurred inding the Interpleader action.
347 27. NOTICE: Except as provided in Paragraph 30 c) 2) regarding the manner of service for"kick-out" Notices, all
348 Notices shall be in writing and shall be served by one Party or attorney to the other Party or attorney.Notice to
349 any one of the multiple person iI'arty shall be sufficient Notice to all.Notice shall be given in the following manner:
350 a) By personal delivery;dr
Buyer Initial -Biryer I itial Seller Initial ',7, 0► Seller Initial
Address:412 Summit Street, Eigin,IL 60120 v7.0
Page 8 of 13
351 b) By mailing to the addresses recited herein on Page 13 by regular mail and by certified mail, return receipt
352 requested.Except as otherwise provided herein,Notice served by certified mail shall be effective on the date of mailing or
353 c) By facsimile transmission►.Notice shall be effective as of date and time of the transmission,provided that the
354 Notice transmitted shall be sent on Business Days during Business Hours.In the event Notice is transmitted during
355 non-business hours,the effectiveldate and time of Notice is the first hour of the next Business Day after transmission;or
356 d) By e-mail transmission if an e-mail address has been furnished by the recipient Party or the recipient Party's
357 attorney to the sending Party or is shown in this Contract.Notice shall be effective as of date and time of e-mail
358 transmission,provided thatl in the event e-mail Notice is transmitted during non-business hours,the effective date
359 and time of Notice is the firstIhour of the next Business Day after transmission.An attorney or Party may opt out
360 of future e-mail Notice by a l y form of Notice provided by this Contract;or
361 e) By commercial overnigt delivery (e.g., FedEx). Such Notice shall be effective on the next Business Day
362 following deposit with the vernight delivery company.
363 f) If a Party fails to provide contact information herein, as required, Notice may be served upon the Party's
364 Designated Agent in any of ithe manners provided above.
365 g) The Party serving a Notice shall provide courtesy copies to the Parties'Designated Agents.Failure to provide
366 such courtesy copies shall not render Notice invalid.
367 28. PERFORMANCE:Time is off the essence of this Contract.In any action with respect to this Contract,the Parties
368 are free to pursue any legal remedies at law or inequity ;.. . .. . . ... .. .. . . .• . . _. . . ,... . - .. .. . : -:. -
370 THE FOLLOWING NUMBERED PARAGRAPHS ARE A PART OF THIS CONTRACT ONLY IF INITIALED BY THE PARTIES.
371 tINnim,L) 29. CONFIRMATION OF DUAL AGENCY: The Parties confirm that they have previously
372 consented to [LICENSEE]acting as a Dual Agent in providing brokerage services on
373 their behalf and specifically cosent to Licensee acting as a Dual Agent with regard to the transaction referred to in
374 this Contract.
375 30. SALE OF BUYER'S REAL ESTATE:
376 a) REPRESENTATIONS ABOUT BUYER'S REAL ESTATE:Buyer represents to Seller as follows:
377 1) Buyer owns real estate(hereinafter referred to as"Buyer's real estate")with the address of:
378
379 Address City State Zip
380 2) Buyer[CHECK ONE]O has O has not entered into a contract to sell Buyer's real estate.
381 If Buyer has entered into a contract to sell Buyer's real estate,that contract:
382 a) [CHECK ONE]O Is O is not subject to a mortgage contingency.
383 b) [CHECK ONE]O is O is not subject to a real estate sale contingency.
384 c) [CHECK ONE]O is O is not subject to a real estate dosing contingency.
385 3) Buyer[CHECK ONE]O hs O has not publicly listed Buyers real estate for sale with a licensed real estate broker
386 and in a local multiple listing service.
387 4) If Buyer's real estate is not publicly listed for sale with a licensed real estate broker and in a local multiple
388 listing service,Buyer[CHECK ONE]:
389 a) O Shall publid list real estate for sale with a licensed real estate broker who will place it in a local
390 multiple listing ce within five(5)Business Days after Date of Acceptance.
391 [FOR INFORMA ON ONLY]Broker:
392 Broker's Address: Phone:
393 b) O Does not intend to list said real estate for sale.
Buyer Initial . p r Initial Seller Initial 5;1) Seller Initial
Address:412 Summit Street, El' in, IL 60120 v7.0
Page 9of13
394 b) CONTINGENCIES BASE UPON SALE AND/OR CLOSING OF REAL ESTATE:
395 1) This Contract is contingent upon Buyer having entered into a contract for the sale of Buyer's real estate that is
396 in full force and effect ars of , 20 . Such contract should provide for a dosing date not
397 later than the Closing D ate set forth in this Contract.If Notice is served on or before the date set forth in this
398 subparagraph that Buyer has not procured a contract for the sale of Buyer's real estate,this Contract shall
399 be null and void.If Notice that Buyer has not procured a contract for the sale of Buyer's real estate is not
400 served on or before the--IIclose of business on the date set forth in this subparagraph,Buyer shall be deemed
401 to have waived all contingencies contained in this Paragraph 30,and this Contract shall remain in full force
402 and effect.(If this paragraph is used,then the following paragraph must be completed)
403 2) In the event Buyer has entered into a contract for the sale of Buyer's real estate as set forth in Paragraph 30 b)
404 1) and that contract is ' full force and effect,or has entered into a contract for the sale of Buyer's real estate
405 prior to the execution o this Contract,this Contract is contingent upon Buyer dosing the sale of Buyer's real
406 estate on or before , 20 . If Notice that Buyer has not closed the sale of Buyer's real
407 estate is served before the close of business on the next Business Day after the date set forth in the preceding
408 sentence,this Contract shall be null and void.If Notice is not served as described in the preceding sentence,
409 Buyer shall have deemed to have waived all contingencies contained in this Paragraph 30,and this Contract
410 shall remain in full force and effect.
411 3) If the contract for the salk of Buyer's real estate is terminated for any reason after the date set forth in Paragraph
412 30 b)1)(or after the date of this Contract if no date is set forth in Paragraph 30 b) 1)),Buyer shall,within three
413 (3)Business Days of such termination,notify Seller of said termination.Unless Buyer,as part of said Notice,
414 waives all contingencies in Paragraph 30 and complies with Paragraph 30 d),this Contract shall be null and
415 void as of the date of Notice. If Notice as required by this subparagraph is not served within the time
416 specified,Buyer shall lie in default under the terms of this Contract.
417 C) SELLER'S RIGHT TO CONTINUE TO OFFER REAL ESTATE FOR SALE: During the time of this contingency,
418 Seller has the right to continue to show the Real Estate and offer it for sale subject to the following:
419 1) If Seller accepts another bona fide offer to purchase the Real Estate while contingencies expressed in Paragraph
420 30 b) are in effect,Seller shall notify Buyer in writing of same. Buyer shall then have hours after Seller
421 gives such Notice to waive the contingencies set forth in Paragraph 30 b),subject to Paragraph 30 d).
422 2) Seller's Notice to Buyer(commonly referred to as a "kick-out"Notice)shall be in writing and shall be served
423 on Buyer,not Buyer's attorney or Buyer's real estate agent.Courtesy copies of such "kick-out"Notice should
424 be sent to Buyer's attorney and Buyer's real estate agent, if known. Failure to provide such courtesy copies
425 shall not render Notice invalid. Notice to any one of a multiple-person Buyer shall be sufficient Notice to all
426 Buyers.Notice for the purpose of this subparagraph only shall be served upon Buyer in the following manner:
427 a) By personal deliver effective at the time and date of personal delivery;or
428 b) By mailing to the a dress recited herein for Buyer by regular mail and by certified mail. Notice shall be
429 effective at 10 a.m.of the morning of the second day following deposit of Notice in the U.S.Mail;or
430 c) By commercial delivery overnight(e.g.,FedEx).Notice shall be effective upon delivery or at 4 p.m.Chicago
431 time on the next delivery day following deposit with the overnight delivery company,whichever first occurs.
432 3) If Buyer complies with the provisions of Paragraph 30 d)then this Contract shall remain in full force and effect.
433 4) If the contingencies set forth in Paragraph 30 b)are NOT waived in writing within said time period by Buyer,
434 this Contract shall be niill and void.
435 5) Except as provided in Paragraph 30 c)2)above,all Notices shall be made in the manner provided by Paragraph
436 27 of this Contract.
437 6) Buyer waives any ethical objection to the delivery of Notice under this paragraph by Seller's attorney or representative.
Buyer Initial nitial Seller Initial 1, O. Seller Initial
Address:412 Summit Street, Elgin,IL 60120 v7.0
Page 10 of 13
438 d) WAIVER OF PARAGRAPH 30 CONTINGENCIES: Buyer shall be deemed to have waived the contingencies in
439 Paragraph 30 b)when Buyerhas delivered written waiver and deposited with the Escrowee additional earnest
440 money in the amount of$ in the form of a cashier's or certified check within the time specified.
441 If Buyer fails to deposit then additional earnest money within the time specified,the waiver shall be deemed
442 ineffective and this Contract shall be null and void.
443 e) BUYER COOPERATION REQUIRED: Buyer authorizes Seller or Seller's agent to verify representations
444 contained in Paragraph 30 at any time,and Buyer agrees to cooperate in providing relevant information.
44531. CANCLLATIONIOF PRIOR REAL ESTATE CONTRACT:In the event either Party has entered
446 into a prior real estate contract,thus Contract shall be subject to written cancellation of the prior contract on or before
447 ,20 . In the event the prior contract is not cancelled within the time specified,this Contract
448 shall be null and void. If prio contract is subject to Paragraph 30 contingencies, Seller's notice to the purchaser
449 under the prior contract shout not be served until after Attorney Review and Professional Inspections provisions
Been 450 of this Contract have expired,i satisfied or waived.
451 32. HOME WARRANTY:Seller shall provide at no expense to Buyer a Home Warranty at a cost of
452 $ .Evidence of a fully pre-paid policy shall be delivered at Closing.
453 33. WELL OR SANITARY SYSTEM INSPECTIONS: Seller shall obtain at Seller's expense a well
454 water test stating that the well delivers not less than five(5)gallons of water per minute and including a bacteria and
455 nitrate test and/or a septic report from the applicable County Health Department, a Licensed Environmental Health
456 Practitioner,or a licensed well and septic inspector,each dated not more than ninety(90)days prior to Closing,stating
457 that the well and water supply and the private sanitary system are in operating condition with no defects noted.Seller
458 shall remedy any defect or dkficiency disclosed by said report(s) prior to Closing, provided that if the cost of
459 remedying a defect or deficiency and the cost of landscaping together exceed $3,000,and if the Parties cannot reach
460 agreement regarding payment of such additional cost, this Contract may be terminated by either Party. Additional
481 testing recommended by the report shall be obtained at the Seller's expense. If the report recommends additional
462 testing after Closing, the Parties shall have the option of establishing an escrow with a mutual cost allocation for
463 necessary repairs or replacements, or either Party may terminate this Contract prior to Closing.Seller shall deliver a
464 copy of such evaluation(s)to B i yer not less than ten(10)Business Days prior to Closing.
46534. WOOD DESTROYING INFESTATION:Notwithstanding the provisions of Paragraph 12,within
466 ten(10)Business Days after Date of Acceptance,Seller at Seller's expense shall deliver to Buyer a written report,dated
487 not more than six (6)months irior to the Date of Closing,by a licensed inspector certified by the appropriate state
468 regulatory authority in the subcategory of termites,stating that there is no visible evidence of active infestation by
469 termites or other wood destroying insects. Unless otherwise agreed between the Parties, if the report discloses
470 evidence of active infestation orr structural damage,Buyer has the option within five(5)Business Days of receipt of the
471 report to proceed with the purchase or to declare this Contract null and void.
472 35. POSSESSION AFTER CLOSING:Possession shall be delivered no later than 11:59 p:m on the
473 date that is[CHECK ONE]0 days after the date of Closing or Cl ,20_("the Possession Date").
474 Seller shall be responsible fo all utilities, contents and liability insurance, and home maintenance expenses until
475 delivery of possession.Seller sh Il deposit in escrow at Closing with an escrowee as agreed,the sum of$
476 (if left blank,two percent(2°x)of the Purchase Price)and disbursed as follows:
477 a) The sum of$ per day for use and occupancy from and including the day after Closing to
478 and including the day of delivery of Possession if on or before the Possession Date;
479 b) The amount per day equal to three(3)times the daily amount set forth herein shall be paid for each day after
480 the Possession Date s ' ,ed in this paragraph that Seller remains in possession of the Real Estate;and
Buyer initial 1"yer Initial Seller Initial 5,D, Seller Initial
Address:412 Summit Street, , lgin,IL 60120 v7.0
Page 11 of 13
481 c) The balance, if any,to er after delivery of Possession and provided that the terms of Paragraph 21 have
482 been satisfied.Seller's liability under this paragraph shall not be limited to the amount of the possession escrow
483 d a r :.. • to above.N ' g herein shall be deemed to create a Landlord/Tenant relationship between the Parties.
484 t" - 36. "AS IS" ONDITION:This Contract is for the sale and purchase of the Real Estate in its"As Is"
485 condition as of the Date of Offer.Buyer acknowledges that no representations,warranties or guarantees with respect
486 to the condition of the Real Estate have been made by Seller or Seller's Designated Agent other than those known
487 defects,if any, disdosed by SellTr. Buyer may conduct at Buyer's expense such inspections as Buyer desires. In that
488 event,Seller shall make the Real state available to Buyer's inspector at reasonable times.Buyer shall indemnify Seller
489 and hold Seller harmless from aid against any loss or damage caused by the acts of negligence of Buyer or any person
490 performing any inspection.In tile event the inspection reveals that the condition of the Real Estate is unacceptable
491 to Buyer and Buyer so notifies Seller within five(5)Business Days after Date of Acceptance,this Contract shall be
492 null and void.Buyer's notice SHALL NOT include a copy of the inspection report,and Buyer shall not be obligated
493 to send the inspection report tot Seller absent Seller's written request for same.Failure of Buyer to notify Seller or
494 to conduct said inspection operates as a waiver of Buyer's right to terminate this Contract under this paragraph and
495 this Contract shall remain in full force and effect.Buyer acknowledges that the provisions of Paragraph 12 and the
496 warranty provisions of ParagrafIth 3 do not apply to this Contract.Nothing in this paragraph shall prohibit the exercise
497 of rights by Buyer in Paragraph 33,if applicable.
49837. SPECIFIED PARTY APPROVAL: This Contract is contingent upon the approval of the Real
499 Estate by I Buyer's Specified Party,within five(5)Business Days after Date
500 of Acceptance.In the event Buyer's Specified Party does not approve of the Real Estate and Notice is given to Seller
501 within the time specified,this Contract shall be null and void.If Notice is not served within the time specified, this
502 prow' '.. . be deemed waived by the Parties and this Contract shall remain in full force and effect.
503 —. ' %. ... ATTACHMENTS:The following attachments,if any,are hereby incorporated into this Contract
504 [IDENTIFY BY TITLE]: Rider to real estate contract for the sale of 412 Summit Street, Elgin, IL 60120
505
50639. MISCELLANEOUS PROVISIONS: Buyer's and Seller's obligations are contingent upon the
507 Parties entering into a separate written agreement consistent with the terms and conditions set forth herein,and with
508 such additional terms as either Pa I y may deemnecessary,providing fix one or more of the following LCHECKAPPLICABLEBOXES):
509 U Artides of Agreement for Deed U Assumption of Seller's Mortgage U Commercial/Investment
510 or Purchase Money Mortgage U Cooperative Apartment U New Construction
511 U Short Sale U Tax-Deferred Exchange U Vacant Land
512 U Multi-Unit(4 Units or few• ) U Interest Bearing Account U Lease Purchase
Buyer Initial er Initial Seller Initial J, D, Seller Initial
Address:412 Summit Street, Elgin,IL 60120 v7.0
Page 12of13
513 THE PARTIES ACKNOWLEDGE THAT THIS CONTRACT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ILUNOIS AND IS SUBJECT TO THE
514 COVENANT OF GOOD FAITH AND FAIR D�ALING IMPUED IN ALL ILLINOIS CONTRACTS.
515 THIS DOCUMENT WILL BECOME A L EGALL I BINDING CONTRACT WHEN SIGNED BY ALL PARTES AND DELNERED TO THE PARTIES OR THER AGENTS.
516 THE PARTIES REPRESENT THAT THE TET OF THIS COPYRIGHTED FORM HAS NOT BEEN ALTERED AND IS IDENTICAL TO THE OFFICIAL MULTI-
517 BOARD RESIDENTIAL REAL ESTATE CONTRACT 7.0.
518 Ma 8, 2019
520 / , ,i/ `�`/!. DATE OF AC
t`hrIANCE o—2 — / f
`` O
521 :uyer Si; • '•chard G. ZSeller Signature
522 Attest, ' _
523 Buyer-Signature City Clerk Seller Signature
524 City of Elgin, an Illinois Municipal Corporation Jie Dumond
525 Print Buyer(s)Name(s)(REQUIRED] Print Seller(s)Name(s)(REQUIRED]
526 150 Dexter Court 519 S. Naperville Road
527 Address[REQUIRED] Address(REQUIRED]
528 Elgin,IL 60120 Wheaton,IL 60187
529 City,State,Zip[REQUIRED] City,State,Zip(REQUIRED]
3 3 i ,222.-3983 ' •l u , 7 09,na,'I, corn
530 847-931-56557
531 Phone E-mail Phone E-mail
532 FOR INFORMATION ONLY
533 N/A The Grander Group
534 Buyer's Brokerage IvvLS# State License li Seller's Brokerage MLS$ State License It
535 N/A I 808 S.Washington Street,Ste.100 Naperville 60540
536 Address City Zip Address City Zip
537 NIA Kerri Forest
538 Buyer's Designated Agent ts. LS I State License$ Seller's Designated Agent MLS I State License$
539 NIA 630-204-0880
540 Phone Fax Phone Fax
541 WA kerri@thegrandergroup.com
542 E-mail E-mail
543 William A.Cogley cogley_wcityofelgin.org Steven Stime stime@sbcglobai.net
544 Buyer's Attorney E-mail Seller's Attorney E-mail
545 150 Dexter Court Elgin IL 60120 5N928 Kettlehook Court St.Charles IL 60175
546 Address City State Zip Address City State Zip
547 847-931-5659 847-931-5665 331-444-6658
548 Phone Fax Phone Fax
549 N/A NIA
550 Mortgage Company Phone Homeowner's/Condo Association(if any) Phone
551 NIA N/A
552 Loan Officer Phone/Fax Management Co./Other Contact Phone
553 N/A NIA
554 than Officer E-mail Management Co./Other Contact E-mail
555 Illinois Real Estate License Law regt>i)fes all offers be presented in a timely manner Buyer requests verification that this offerwas presented.
556 Seller rejection:This offer was presented to Seller on ,20 at, a.m./p.m.and rejected on
557 ,20 at _a.m./pi.m._ [SP l FR INITIALS]
558 n 2018 B1irris Real Estate lmmyersAssudation.All rights reserved.Unauthorized k,,ti n or alteration of this form or any portion thereof is prohibited Oradf ixwr available id avc•,•aria 01;
559 (white ite oflW vis Red Estate Lawyers Association).App ural by the following organizations.December 2018:Bele Board ofREALTORSQ.•Chiaggu Association of REALTORS&•Gnaw Bar Association
560 -DuPage County Bar Association-Heartland REALTOR®Organization•Grundy Cody Bar Association•Hometown Association ofREALTORSIE:•Burnam Rad bide Lmw,fersAmoddrn-Blind Valley
561 Association of REALTORS&•Kane County Bar Association•Kankakee-hts uois-Ford County Association ofREALTOR9•Marsh-at Organization ofREALTORS&•McHenry County Bar Association•
562 North Shore-Berringhm Association of REALTORS&I North Suburban Bar Association•NoAhuaot Suburban Bar Association-Oat.Park Area Associate' of REALTOR-9B•REALIUR®Aasoaation of
563 the Fox Valley,loco•Three Rivas Association orfTC)RS•Will County BarAseodafiwn•
Address:412 Summit Street,Elgir,IL 60120 v7.0
Page 13 of 13
RIDER TO REAL ESTATE CONTRACT FOR THE SALE OF
4U SUMMIT STREET,ELGIN,ILLINOIS 60120
This Rider to threal estate contract is made and entered into by and between and the
City of Elgin, Illinois, municipal corporation (hereinafter referred to as the "Buyer") and Jie
Dumond(hereinafter re erred to as the "Seller"); and
WHEREAS,Buyer and Seller are concurrently with the entry into this Rider entering into
a real estate contract providing for the sale of 412 Summit Street, Elgin, Illinois 60120 from
Seller to Buyer (such property and all improvements thereon is hereinafter referred to as the
"Real Estate" and such contract is hereinafter referred to as the "Subject Contract"); and
WHEREAS,they parties wish to set forth their further agreements between them regarding
the sale of the Real Estate and incorporate this Rider into the Subject Contract.
NOW, THEREI ORE, for and in consideration of the mutual undertakings in the Subject
Contract, the undertaki$gs in this Rider, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged,the parties hereto agree as follows:
1. That the provisions of Section 36 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 Real Estate is being sold by the Seller to the Buyer in "as is"condition.
2. Seller represent and warrant to Buyer as follows:
(a) There a no existing leases affecting the Real Estate.
(b) There e no existing contracts or options to purchase the Real Estate.
(c) There a ists no management agreement,exclusive brokerage agreement or service
agreement of any kind relative to the Real Estate that will continue in force
beyond the closing date.
(d) As of the Closing Date,the Real Estate will be vacant and unoccupied.
(e) To the est of Seller's knowledge, there are no underground storage tanks on the
Real E tate.
3. That Section 18 of the Subject Contract entitled "TITLE" is amended in part to
provide that the Buyeishall pay the cost of the title insurance for the title specified in Section 18
of the Subject Contract.
4. That Section 19 of the Subject Contract entitled "PLAT OF SURVEY" is
amended in part to provide that the Buyer shall pay the first Five Hundred Dollars ($500.00)for
the cost of the plat of survey specified in Section 19 of the Subject Contract.
5. That the Subject Contract is hereby further amended by deleting therefrom
Section 15 entitled "C NDOMINIUM/COMMON INTEREST ASSOCIATIONS", Section 32
entitled "HOME WARiRANTY", Section 33 entitled "WELL OR SANITARY SYSTEM
INSPECTIONS" and Section 34 entitled"WOOD DESTROYING INFESTATION".
6. This Ridr and the Subject Contract are in and shall be deemed and construed to
be a joint and collective work product of the Buyer and the Seller, and, as such, this Rider and
the Subject Contract 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 oil conflict, if any, in the terms and provisions contained herein.
7. This Rider and the Subject Contract of which it is a part shall not be modified or
amended other than by written agreement signed by the parties hereto.
8. This Rider is incorporated into and made part of the Subject Contract. In the
event of any conflict btween the terms of this Rider and the terms of the Subject Contract, the
terms of this Rider shall control.
IN WITNESS I REOF, Seller and Buyer have entered into and executed this Rider to
as of the dates entered o elow their signatures.
BUYER: SELLER:
CITY OF ELGIN
By: .�i i�/ /L_'" �rI , .
Ci . .ager Jie Dumond
ATTEST:
City Clerk
DATED: May 8th ,2019 DATED: May 2 ,2019
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