HomeMy WebLinkAbout21-24Resolution No. 21-24
RESOLUTION
AUTHORIZING EXECUTION OF A REAL ESTATE CONTRACT
FOR THE PURCHASE OF 416 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
Integrity Investment REO Holdings, LLC, for the purchase of the property commonly known as
416 Summit Street for $52,500, a copy of which is attached hereto and made a part hereof by
reference.
s/ David J. Kaptain _
David J. Kaptain, Mayor
Presented: February 10, 2021
Adopted: February 10, 2021
Vote: Yeas: 9 Nays: 0
Attest:
s/ Kimberly Dewis
Kimberly Dewis, City Clerk
REA`,OF( 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 Elfin, an Illinois Municipal Corporation
3 Seller Name(s) [PLEASE PRINT] Integrity Investment RED Holdings, LLC
4 If Dual Agency applies, check here O 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 Bayer's designated grantee, the Real Estate with
7 approximate lot size or acreage of approximate _l1 5,985 square feet per survey commonly known as:
416 Summit Street Elgin IL 60120 Kane
9 Address Unit k (If applicable) city State Zip County
10 Permanent Index Number(s):06-12-381-017 0 Single Family Attached id Single Family Detached O Multi -Unit
11 If Designated Parking is Included: 9 of space(s) : identified as space(s) A location
12 )CHECK TYPE] O deeded space, PIN: 0 limited common element 0 assigned space.
13 If Designated Storage is Included: N of space(s) : identified as space(s) # : location
14 (CHECK TYPE] 0 deeded space, PIN: ❑ limited common element 0 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 ENt.MERATEAPPLICABLE iTTFms]:
19 _ Refrigerator -Wine/Beverage Refrigerator X Light Fixtures, as they exist _ Fireplace Gas Log(s)
20 _ Oven/Range/Stove _ Sump Pump(s) _ Built-in or attached shelving _ Smoke Detectors
21 _ Microwave _ Water Softener (unless rented) _ All Window Treatments & Hardware —Carbon Monoxide Detectors
22 _ Dishwasher _ Central Air Conditioning _ Satellite Dish _ Invisible Fence System Collar & 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 K Existing Storms & Screens _ Electronic or Media Air Filter(s) Outdoor Playset(s)
27 Attached Gas Grill _ Window Air Conditioner(s) _ Backup Generator System - Planted Vegetation
28Water Heater _ Ceiling Fart(s) _ Fireplace Screens/Doors/Grates _ Hardscape
29 Other Items Included at No Added Value:
30 Items Not Included:
34 Seller warrants to Buyer that all fixtures, systems and Personal Property ineluded in this Gontreet shall be
32
aa A system or item shall be deemed to be in aperating eendition if it perform-s
Or whieh it is intended,
34
35 If Home Warranty applies, check here 0 and complete Optional Paragraph 32.
36 4. PURCHASE PRICE AND PAYMENT: The Purchase Price is $ 52,500 . 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 closing 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, closing costs or both.
42 6) EARNEST MONEY. Eame9t Money of $ shall be tendered to Eserawee on or before
43 Business Days after Date ef 3dkeeeptartee. Additional Eat -nest Meney, if any, of $. -khetli be tendered
44 by— — by
Buyer lnilial u nitial Seller Initial Seller initial J
Address: 416 Summit Street, Elvin, IL 60120 v7
Page I of 13 - -
W
46 few ON4. 9 Seller's Brokerage; a 6cryer=s B-.,RkerAgrJ 9 "
4s
47 c) BALANCE DUE AT CLOSING: The Balance Due at Closing shall be the Purchase Price, plus or minus
48 proration, 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 March 12 J 20 21 or at such time as mutually agreed by the Parties in
5o 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]
---- -
biearlier,
66 pievide written evidenee fiern Buyer's lieensed lending institution confil-ning that Buyer has reeeived-4ftm
69 , matters of titlersumey,
66 as-fellews., fc-If F ePtE4 9 fixed ; A adjust-able,�{C-IIEGIE &NQ 9 tR,, 9 Fli !Pr; 9 *A-, 9 USDA,-
64 9 other _ °
r3,2 if required, with an interest rate (initial rate if -ftn adjustable rate Mortgage Used"T—n-, 96 per '
63 G of thee lean '
fees.64 Buyer shall pal I otigination Fee(s), elasing eastq eharged by lender, and title eempany eserel- e4esing
66 if Buyer, having applied for the lean speeified abov , is unabie te provide sueh,4ean appro a! and serves Notiee to
6s Seller not later than the Lean Gentingeney0ate, 4kis Gentreet 9hallbe null and .-id. !f8etyer i"nabie eprevidee
67 queIg vffitten e%xidenee not laier-fl-tan the date-speeified herein er by any extension date agreed to by the Partiet
68 Seller shall have the ept4an of deelaring this Gentraet terminated by giving Notiee to Buyer. if prier to the Selle
68 gervingsueh N&Nft
74 in fail core- and _ffee,,_
74 Upon t1ge expiration ef ten (40) Business Dayg after Date 4-Aceeptanee, if Buyer hag failed to make a lean
�t2 app1jeatien andrayell kes required for sueh app)ieat4an to preeeed and the appraisal to be performed, Seller shall
not later than five (5) Business Pays
,m3 have the option terminatedby --i-i-g-No
74 ter orm9yrtie9-tH-writing.
.76 A Party eatiging delay in the lea.. "r.— sl'all _I 1__ the right to terminate under I!&
76 subparagraph. in !he event neither Party et9-4 -dabove, or a
agreed,
79 Unless ethef%yise pie vided in Paragraphr
7a guyeeg existing real estate. 01 .69hed the An-Fineing eanditions ei this subparegrap
8A if--gyep ebtains a lean approve! in aeeerdanee with the terms ei thig gubparagraph even theugh the lean is
8} conditioned en khe gale arqtOer closing ei gtfyer��isting real estate.
62 if Buyer is seeking FHA, , er USDA finenein& required amendmentg or . id diselesures shall be attached to thi
83 ,
84 —_ _ _ b) CASH TRANSACTION WITH NO MORTGAGE: [ALL CASII1 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 disclosure 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 InitX ial Seller Initial Seller 1 t+azlj
Address: 416 Summit Street, Elvin, IL 60120 0.0
Page 2 of 13
89 to close. 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 closing fee equally. Unless otherwise provided in Paragraph 30, this Contract shall
93 not be contingent upon the sale and/or closing of Buyer's existing real estate.
94 ---- CASH ,
Buyep will pay at ell"im
88 ,
ss has quffieiem funds ayeeilable to satiqFf flie rrtMsims eF this
'�'�M-Brrye*-^15
W ferve9e
es Seller, Seller's attorney er Seller's bmker that may be reagenably mece,"ary to prove ?he availability of guffident fund!,
e9
400 RUyer may epp�- fer Ond 619tain a Mortgage loan er loans ifiekiding but not limited to providing aeeegg to the Reel
402 in a f4melymanner of all ei Mier's pre elesing obligatiom under this Gontraet; This Geivired she!' NOT be ee too ige 11
aaa upen Buyer obtaining firkeneing, Buyer understands and agrees thak
404 obligations under fitig Gentretei, ft" act or emission outside ef dge eentrel of er, whether intemfienal or not-,
405 prevents Buyer frem satisfying the Balw9ee Due at Gleging shall eensfitute a matetial breaeh of this Gentreet by 8wfer.
496 Buyer shall pay the title eempany eserew elesing fee if Buyer ebtains a mertgege,, provided l9eweven, if Buyer elects
aae , titis Geritraet shall not be eentingent upon the sale on"r closing of Bwyer�q e9eistin
109 leas estate:
110 8. STATUTORY DISCLOSURES: If applicable, prior to signing this Contract, Buyer:
111 [CHECK ONE] ❑ has 0 has not received a completed Illinois Residential Real Property Disclosure;
112 [CHECKoNE] 13 has 0 has not received the EPA Pamphlet, "Protect Your Family From Lead In Your Home;"
113 [CHECK ONE] Q has 0 has not received a Lead -Based Paint Disclosure;
114 [CHECK ONE] U has 0 has not received the IEMA, "Radon Testing Guidelines for Real Estate Transactions;"
115 [CHECK ONE] O has 0 has not received the Disclosure of Information on Radon Hazards.
116 9. PRORATIONS: The requirements contained in this paragraph shall survive the Closing. Proratabie 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 100 % of
123 the most recent ascertainable full year tax bill. All general real estate tax prorations 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 Associations)
130 fees are $ NIA per NIA (and, if applicable, Master/Umbrella Association fees are
131 $ N/A per NIA _ ). 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 T_:44�r nitial Seller Initial Seller Initial
Address: 416 Summit Street, Elgin, IL 60120 _ 0.0
Page 3 of 73
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.
468 12. PROFESSIONAL INSPECTIONS AND INSPEGTION NOT -'Greg! nnnm-z LIG4iizIF AAP.4GP.4PIfi416INfFi4I:
469 Buyer may eofteittet at Buyer's expense (unless payment for such expense is otherwise required by governmental
469 regulation) any -or all of the fe %ping inspeetions of -Ow H-i Estate by one or more licensed or certified inspection
4.64 services, home, raden; environmental, lead based paint, kead-based paint ha2ards er -weed destroying insect
4.62 infestation; or any other ii n9p, y Buyer in the exercise of reasonable due diligence. Seiler agrees to
483 Make all areas ....... \." u-Pon reasonable notice and to heve all toilities Kt
4"8ttyer-sJta4— fnnify Seller and hold Seller harmless from and against
466 .
466 a) The request for repairs shall cover only -the major-eemperients of the Real Estate, limited to central heating
467 and cooling qy9tem(s), plurnbing and well system, eleetrieel system, reef-, wal1q, windows; doors, eeilingsr,
468 floerg, appliances and feondat4en. A major component shall be deemed to be in operating conditio., and
469 therefore met defective will —*- of this paragraph, if it does not eanstittite a etirrent threat to health
440 or safety, and performs the furietien for 4 is interided, regardless of age er it is near or at the end of its
4-74 ti9ekt! life. Miner repairs, -mutil
4a2 nature, no 119.atter the eest te, remedy sante, defects; are net a part of this eantingeney and "hall
444 not be a b
4a4 Ote ien is ef this subparagraph shall allow Seller to declare this c=onireet-terntionated Matom
175 of guyeeg Earnest Money. if radon mitigation is performe* —0-1 lei 919all pay f".
Buyer Initial _ Buyer Initial Seller Initial Seller Initi
Address: 416 Summit Street, EI in, IL 60120 70
Page 4 of 73
ass attorney of. any major co iiponent del'
4Z8 for a lead based point or lea )dyj (tm_6��s
49einspeetien report, or any perm thereof-, as speeifteally requested-4tt wriliting by
494 after eNpiration of ten (49) Business % ' 1. — - Fikeeeptanee written agree has !&I been reached by
s4c
482 the Parties with respeet to re lution of all Party n_,Y
4" ,
484 C) NehVithatending any thing tc) tj e Contrary se t fe. th above in this paragi e pi te e ye.
reveals that the eenditiert of the Real Estate is unneeeptable-te Buyer and Buyer serves Pie1ice to Sellet within
486 five (5) BUSine99 Days after Date of Aeeeptenee, thig Ge itraet shall be null and void. Said 04eltmee shallmnet
4" 6) Failere of Buyer to eandoet said in9peetion(q) and neiify Seller whitin the time specified ope aleg as-*
489 waiver of &uyees rights to lenninatee thiss Contract under !his Paragraph !2 and this GerO -she!'
190 :_ full coree and effeet.
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
196 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 effecL
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 including 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 Closing 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 declare the Contract null and void.
216 d) Seller shall, within ten (10) Business Days from Date of Acceptance, apply for those items of disclosure
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 he
Buyer Initial�n ilia! Seller Initial Seller Initinl4
Address: 416 Summit Street, Elgin, IL 60120 W.0
Page 5 of 13
220 Declaration/CCRs. In the event the Condominium Association requires the personal appearance of Buyer or
221 additional documentation, Buyer agrees to comply with same.
222 e) In the event the documents and information provided by Seller to Buyer disclose that the existing
223 improvements are in violation of existing rules, regulations or other restrictions or that the terms and
224 conditions contained within 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 declare this Contract null and void by giving Notice to Seller within five (5) Business Days after the
227 receipt of the documents and information required by this paragraph, listing those deficiencies which are
228 unacceptable to Buyer. If Notice 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 convey 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 closing inspection or disclosure requirement, municipal Transfer Tax or other similar ordinances. Cost of
241 transfer taxes, inspection fees, and any repairs required by an inspection pursuant to municipal ordinance shall
242 be paid by the Party designated 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, as amended.
246 18. TITLE: At Seller's expense, Seller will deliver or cause to be delivered to Buyer or Buyer's attorney within
A 247 customary time limitations and 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 extended 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 have 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
267 or insure against any court -ordered 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 a 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 Initial yer ilia! Seller Initial __ Seller Initial
416 mmit Street, El in IL 60120 v7.0
u
Address: _ — S—�
/'age 6 of 13
61
264 to the current Minimum Standard of Practice for boundary surveys, is dated not more than six (6) months prior to
265 the date of Closing, and is prepared by a professional land surveyor licensed to practice land surveying under the
266 laws of the State of Illinois. The Plat 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
266 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 statement placed 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 survey and is not acceptable.
272 20. DAMAGE TO REAL ESTATE 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 ESTATE AND INSPECTION: Seller agrees to leave the Real Estate in broom clean condition.
281 All refuse and personal property 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 substantially the 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-
ect to the Real Estate, Seller has no knowledge of, nor has Seller received any written
285 Seller represents that with resp
287 notice from any association or governmental entity regarding:
P88 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 of easements not shown on the public records;
293 f) any hazardous waste on the Real Estate;
294 g) real estate tax exemption(s) to which Seller is not lawfully entitled; or
295 h) any improvements to the Rear Estate for which the required initial and final permits were not obtained.
296 Seller further represents that:
297 [INITIALS] — — — There [CHECK ONE] 0 are 0 are not improvements to the Real Estate which are no
298 included in full in the determination of the most recent tax assessment.
299 jixmALs] _ _----There [CHECK ONE] 0 are 0 are not improvements to the Real Estate which are eligible
300 for the home improvement tax exemption.
301 ]INITIALS] _---There [CHECK ONE] El is 0 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.
—The Real Estate [CHECK ONE] 0 is 0 is not located within a Special Assessment Area or
303 11NrrrALslon Closinoc
304 Special Service Area, lions shall be deemeds; for which re -made ast be the of
if prior toClosingSellerlbecomes ware of
3o5 All Seller representations
306 matters that require modification of the representations previously made in this Paragraph 22, Seller shall
Seller Initial Seller Ini'frr
Buyer India iyer nllial � 0.0
Address: - l Summit Street. EI in, IL 60120
Page 7 of 13
307 promptly notify Buyer. If the matters specified in such Notice are not resolved prior to Closing, Buyer may
30B 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 improved, 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 amount of the taxes to be prorated under this Contract can be ascertained, the taxes shall
313 be prorated by Seller's attorney 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 DAYSMOURS: Business Days are defined as Monday through Friday, excluding Federal holidays.
318 Business Hours are defined as 8 a.m. to 6 p.m. Clucago 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 signature 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 acceptable 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 by 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 declared the Contract null and void or the transaction has failed to close as provided
333 for in this Contract and if Escrowee 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 of 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 Suit for Interpleader and deposit any funds held into the Court for distribution after
342 resolution of the dispute between 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's fees, Buyer and Seller shall jointly and severally indemnify Escrowee for additional
346 costs and fees incurred in filing 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 Party shall be sufficient Notice to all. Notice shall be given in the following manner:
350 a) By personal deliver ;or
Buyer lnili Cs�y'e� ifial Seller Initial J _ Seller lnitia
��- v7.0
C/-
Address: 416 Summit Street, Elgin, IL 60120
Pnge 8 of 73
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, Noticeserved 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 effective date and time of Notice is the first hoar 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 that, in the event e-mail Notice is transmitted during non -business hours, the effective date
359 and time of Notice is the first hour of the next Business Day after transmission. An attorney or Party may opt out
360 of future e-mail Notice by any form of Notice provided by this Contract; or
361 e) By commercial overnight delivery (e.g., FedEx). Such Notice shall be effective on the next Business Day
362 following deposit with the oven -tight 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 the 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 of the essence of this Contract. In any action with respect to this Contract, the Parties
WS are free to pursue any legal remedies at law or in equity and the prevailft party in litigation shall be entitled to eaRee
369 reet—senable atterney- fees and eestg from the non prevailb-kg party as ordered by a court of eempe tent ittrisdietien,
370 THE FOLLOWING NUMBERED PARAGRAPHS AREA PART OF THIS CONTRACT ONLY IF INITIALED BY THE PARTIES,
371 11,vmarsl _ _ _ _ 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 consent 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:
378 150 Dexter Court
379 Address City State Zip
380 2) Buyer [CHECK ONE] ❑ has ❑ 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] ❑ is ❑ is not subject to a mortgage contingency.
383 b) [CHECK ONE] ❑ is 0 is not subject to a real estate sale contingency.
384 c) [CHECK ONE] ❑ is ❑ is not subject to a real estate closing contingency.
385 3) Buyer [CHECK ONE] 0 has ❑ has not publicly listed Buyer's 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) ❑ Shall publicly list real estate for sale with a licensed real estate broker who will place it in a local
390 multiple listing service within five (5) Business Days after Date of Acceptance.
391 [FOR INFORMATION ONLY] Broker: _
392 Broker's Address: Phone:
393 b) 0 Does not intend to list said real estate for sale.
Buyer /niti �U-Veritial Seller Initial Seller Initial
Address: 416 Summit Street, Elgin, IL 60120 a7.0
Page 9 of 13
394 b) CONTINGENCIES BASED 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 as of . 20 _ Such contract should provide for a closing date not
397 later than the Closing Date set forthin this Contract. If Notice is served on or before the date set forth in this
396 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 orbefore the close 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 fu)I 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 in full force and effect, or has entered into a contract for the sale of Buyer's real estate
405 prior to the execution of this Contract, this Contract is contingent upon Buyer closing 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 sale 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 be in default under the terns 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 delivery effective at the time and date of personal delivery; or
428 b) By mailing to the address recited herein for Buyer by regular mail and by certified mail. Notice shall be
429 effective at 10 a.m. on 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 null 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.
� a! Seller Initial
Buyer Init� uyer Initial Seller Inch
0.0
Address: 416 Summit Street, Elclin, IL 60120
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 Buyer has 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 the 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 Seiler or Sellers agent to verify representations
444 contained in Paragraph 30 at any time, and Buyer agrees to cooperate in providing relevant information.
445 _ _ __31. CANCELLATION OF PRIOR REAL ESTATE CONTRACT: In the event either Party has entered
446 into a prior real estate contract, this 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 prior contract is subject to Paragraph 30 contingencies, Seller's notice to the purchaser
449 under the prior contract should not be served until after Attorney Review and Professional Inspections provisions
45o of this Contract have expired, been 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 deficiency 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
461 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 Buyer not less than ten (10) Business Days prior to Closing.
465 _ _ _ _ 34. 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
467 not more than six (6) months prior 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 or 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] ❑ _ days after the date of Closing or ❑ _ 20 _ ("the Possession Date").
474 Seller shall be responsible for all utilities, contents and liability insurance, and home maintenance expenses until
475 delivery of possession. Seller shall deposit in escrow at Closing with an escrowee as agreed, the sum of $
476 (if left blank, two percent (2%) 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
476 and including the day of delivery of Possession if on or before the Possession Date;
479 b) T7-ie 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 specified in this paragraph that Seller remains in possession of the Real Estate; and
Bjiyer lnifin uyer lnifia! Seller Initial Seller lni ial
Address: 416 Summit Street, Elgin, IL 60120 v7.0
Page 1 I of 13
61
It
481 c) The balance, if any, to Seller 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 prxsesision escrow
483 deposit referred to above. Nothing herein shall Ixe deemed to create a Landlord/fenant relationship between the Parties.
484 _ _ _ _ 36. "AS IS" CONDITION: This Contract is for the sale anti purchase of the Real Estate in its "A, 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, disclosed by Seller. Buyer may conduct at Buyer's expense such inspections as Buyer desires, in that
488 event Seller shall make the Real Estate available to Buyer's inspector at reasonable times. Buyer shall indemnify Seller
489 and hold Seller harmless from and against any loss or damage caused by the acts of negligence of Buyer or any person
490 performing any inspection. In the 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 to 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 Paragraph 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.
498 _ _ _ _ 37. SPECIFIED PARTY APPROVAL: This Contract is contingent upon the approval of the Real
499 Estate by 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 A ithin the time specified, this Contract shall be null and void. If Notice is not served within the time specified, this
502 provision shall be deemed waived by the Parties and this Contract shall remain in full force and effect.
503 _ _ _ _ 38. ATTACHMENTS: The following attachments, if any, are hereby incorporated into this Contract
504 [rDEN77FYBy7r=]: Rider to real estate contract for the sale of 416 Summit Street, Elgin, IL 60120
505
506 _ 39. MISCELLANEOUS PROVISIONS: Buyers 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
5o8 such additional berms as either Party may deem necessary, providing for one or more of the following [amCKAPPIIOWLF BOXW'
509 ❑ Articles of Agreement for Deed Q Assumption of Sellers Mortgage ❑ Commercial/Investment
510 or Purchase Money Mortgage ❑ Cooperative Apartment ❑ New Construction
511 ❑ Short Sale ❑ Tax -Deferred Exchange ❑ Vacant Land
512 0 Multi -Unit (4 Units or fewer) ❑ Interest Bearing Account ❑ Lease Purchase
Buyer lnir. uyer lnilral Seller Initial _
Seller f,ii'fif y.:'
Address:
416 Summit Street, EI in, IL 60120 o7.tl
Page 12 of 13
513 THE PARTIES ACKNOWLEDGE THAT THIS CONTRACT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS AND IS SUBJECT TO THE
514 COVENANT OF GOOD FAITH AND FAIR DEALING IMPLIED IN ALL ILLINOIS CONTRACTS.
515 THIS DOCUMENTWMLL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL PARTIES AND DELIVERED TO THE PARTIES OR THEIR ACENTS.
516 THE PARTIES REPRESENT THAT THE TEXT OF THIS COPYRIGHTED FORM HAS NOT BEEN ALTERED AND IS IDENTICAL TO THE OFFICIAL MULTI-
517 BOARD RESIDENTIAL REAL ESTATE CONTRACT 7.0.
518 February 10, 2021 February 10,2021
519 Date of Of l .. DAB OF ACCEPTANCE
520s►L��
521
Buyer i X i
ler Si 1 e
522
Attest:
523
ity erk
SelleiSignature
524
City of Elgin, an Illinois Municipal Corporation
Integrity Investment REO Holdings, LLC
525
Print Buyer(s) Name(s) 1REQuiRED]
Print Seller(s) Name(s) [REQuiRED1
T
526
150 Dexter Court
201 W. Lake Street, #217
527
Address ]REQUIRED]
Address [REQUIRED]
528
EI in, IL 60120
_
Chicago, IL 60606
529
City, State, Zip [REQUIRED]
City, State, Zip [REQUIRED]
530
847-931-5655
531
Phone. E-mail
Phone E-mail
532
FOR INFORMATION ONLY
533
N/A
534
Buyer's Brokerage
MLS # State License #
Seller's Brokerage MLS #
State License A
535
NIA
536
Address
City Zip
Address City
Zip
537
NIA
538
Buyer's Designated Agent
MLS # State License #
Seller's Designated Agent MLS 1
State License 1
539
N/A
540
Phone
Fax
Phone
Fax
541
NIA
—
L,t f dt [L� =Sa. k1!g r ,
G4 w . CP•+-t
542
E-mail
E-mad '
543
William A. Cogley cogley_W(&_cityofel
iy n.ory
L.),'�
544
Buvel's Attorney E-mail
Sellers Attorney ErJ
545
150 Dexter Court Elgin
IL 60120
�r� 1_4 Lit [L T �
fd rLlF
546
Address City
State Zip
Address City
State Zip
547
847-931-5659
847-931-5665
2
548
Phone
Fax
Phone
Fax
549
NIA
N/A
550
Mortgage Company
Phone
Homeowner's/Condo Association (if any)
Phone
551
N/A
NIA
552
Loan Officer
Phone/Fax
Management Co./Other Contact
Phone
553
NIA
N/A
554
Loan Officer E-mail
Management Co./Other Contact E-mail
555 , Ilimois Real Estate License Law requires all offers be presented in a timely manneiy Buyer requests verification that tiffs offer was presenR 1
5561 Seller rejection: This offer was presented to Seller on 20 _ at _:_ a.m./p.m. and rejected on
557
558 C12018illiu us Real Estalc 1 r yrrs Asw.vdiaa. All nghla a ,rnod. Unnuthorire l drepllcation oraltaratio,r of thle fort" or nay portlo,r Nrnrof is Prohibited. 01rcial firnn munlnNenhranu.in9u.nr�
559 ha1.'1,gll1liunb Brat Eslalr Wryers Ass,iialionl. AlpmWby 0ref4lorning organitalions,Drre,alrcr201B: Reloi.lre Roard.fREALTORSO-Chiru%w L�rri.lim,fREALTURSO- ChinlSa Ba, Al—Wh
560 • Dolrage Ctunoy Bar Asarindon - Heard-d REALTORO Organir.huu • Grundy Cou.dy Bar Acsrr'ialim • Haarelornn Asa%'hdion, f REACTORS® • liffia, Real EshrM l n, pw .s Ask istour • lllhri Vallry
551 Aw Wh,., REALTORS®, Kaw Caurrly At, Awxitidu - Komar ln,q.adsFard Caunly Aev,eWhin.fREAL'TORSO- Muiustrerl Organubon ofREALMR99 AlMejoyCW,utyBdrAwridiw-
562 Will; Shor�&t inglan Assan'aliun of REALTORSe • North Sub,uinn At, Aarxialion • Norllim,61 Suburban Bar As ialhw • A& Pa,k Anti Ass ialiudof REALTORSO • REALTORM Aeenwli n of
563 d r For Valley, l w. 771,w Ri?em Aaaimlim,. f REAL7'ORS WW ra ,dy Bar Ass hWian
Address: 416 Summit Street, Elgin, IL 60120 _ _ _ 0.0
Page 13 of 13
RIDER TO REAL ESTATE CONTRACT FOR THE SALE OF
416 SUM NIIT STREET, ELGIN. ILLINOIS 60120
This Rider to the real estate contract is made and entered into by and between and the City
of Elgin, Illinois, a municipal corporation (hereinafter referred to as the 'Buyer") and Integrity
Investment REO Holdings, LLC/Owner of Record (hereinafter referred 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 416 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, the 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, THEREFORE, for and in consideration of the mutual undertakings in the Subject
Contract, the undertakings in this Rider, and other good and valuable consideration, the receipt
and sufficiency of which 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 are no existing leases affecting the Real Estate.
(b) There are no existing contracts or options to purchase the Real Estate.
(c) There exists 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 Rcal Estate will be vacant and unoccupied.
(e) To the best of Seller's knowledge, there are no underground storage tanks on the
Real Estate.
3. That Section 1 S of the Subject Contract entitled "TITLE" is amended in pail to
provide that the Buyer shall obtain and pay the cost of the title insurance for the title specified ii
Section 18 of the Subject Contract.
4. That Section 19 of the Subject Contract entitled "PLAT OF SURVEY" is amendci
in part to provide that the Buyer shall obtain and pay the cost of the plat of survey specified ii
Section 19 of the Subject Contract.
5. That the Subject Contract is hereby fu►iher amended by deleting therefrom Section
15 entitled "CONDOMINIUM/COMMON FNTEAE'ST ASSOCIATIONS", Section 32 entulcd
"HOME WARRANTY", Section 33 entitled "WIiLL OR SANITARY SYSTum INSF'EiCTIONS"
and Section 34 entitled "WOOD DESTROYING INFESTATION".
6. This Rider and the Subject Contract arc in and shall be deemed and construed to be
a join( and collective work product of the Buyer and the Seller, and, as such, this hider and the
Subject Contract shalt not be construed against the other party, as the otherwise purported drafter
of same by any court of competent jurisdiction or to resolve any inconsistency, ambiguity,
vagueness or conflict, if any, in the terns 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 patties hereto.
8. This Rider is incorporated into and made part of the Subject Contract. In the event
of any conflict between the terms of this Rider and the terns of the Subject Contract, the terms of
this Rider shall control.
IN WITNESS WHEREOF, Seller and Buyer have entered into and executed this Rider to
as of the dates entered below their signatures.
BUYER: SELLER:
CITY OF E
By: �/%amil-slC�fP_/lam.
City M ger Integrity Investment REO Holdls,gs,
LLC/Owner of Record
TT ELS:
City Clerk
DATED:February J0 , 2021 DATED:February 10 , 2021
:\Legal Deptaml EatuteaiderA 16 Sunvnit St-1-2S-21 dmx
2