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HomeMy WebLinkAbout82-0512 Flasher FILED FOR RECORD / cr_., i i KANE COUNTY, iLL. 1615272 1982 AUG 30 AlI0a30 AGREE'1ENT IN LIEU OF SPECIAL ASSESSMENT "'`°� "0•set d RECORDER OF DEEDS This agreement, made and entered into on the 12 day of May , 1982 , by and between the City of Elgin, hereinafter referred to as "City"; and the undersigned owner of record of property hereinafter described, hereinafter referred to as "Owner"; witnesseth: WHEREAS, Owner and City mutually agree that it is necessary and desirable to make local improvements along and upon the westerly side of McLean Boulevard between 310 North McLean Boulevard and 532 North McLean. Boulevard consisting of street resurfacing and pavement along with curb, gutter and sidewalk installation; and WHEREAS, said improvements could be paid for by special assess- ment upon the adjoining properties benefitted thereby; and WHEREAS, Owner is owner of record of certain real estate fronting on the portion of McLean Boulevard proposed to be improved, more specifically described as: SEE ATTACHMENT and commonly known as 530 N. McLean Blvd. which would be subject to special assessment in the event a special assess- ment was levied; and WHEREAS, City and Owner desire to enter into an agreement in lieu of special assessment providing for the sharing of costs for the replacement, construction and maintenance to the said portion of McLean Boulevard above described upon the terms and conditions contained herein; and WHEREAS, that portion of the cost of the proposed improvement to be borne by Owner is anticipated to be less than the cost of making the improvement by special assessment. NOW, THEREFORE, it is agreed by and between City and Owner that: • 1. For purpose of this agreement "abutting owners" shall be those persons who are owners of record of the real property fronting and adjoining the west side of McLean Boulevard along the area to be improved. 2. That the City will cause the construction of a local improve- ment in the public right of way known as McLean Boulevard located on the west side of the street between 310 North McLean Boulevard and 532 North McLean Boulevard in the City of Elgin, County of Kane, Illinois, consisting -1- 6 T61. 5272 !r\\ . Ab of street resurfacing and pavement, along with curb, gutter and sidewalk installation. Said construction shall begin no later than August 15, 1982. Provided, however, the City shall have no duty to make or cause said local improvements unless all abutting owners have entered into agreement with the City on terms and conditions as contained herein, no later than May 28, 1982. 3. In the event all abutting owners fail or refuse to enter into a written agreement with the City as provided in paragraph 2 above, City, at City's option: 1) may proceed to make the above described local improvements in which case this agreement shall remain binding and effective, or; 2) may reject all agreements previously entered into for said local improvements in which case Owners shall be released from the terms and conditions of this agreement. 4. Owner agrees to pay and shall pay $3,819.84 as his share of the cost for said improvements. Payment shall be made in full within sixty (60) days of the execution of this agreement, provided Owner may, at Owner's option, pay Owner's share of the cost of improvements by payment in ten installments with interest at a rate of nine percent per annum. Should Owner choose to pay by installment the first installment shall be due on or before January 1, 1983 and shall be a sum equal to $399.84 plus nine percent interest as provided above. A11 subsequent installments shall be made on or before January 1 of each sub- sequent year for nine (9) subsequent years and shall be a sum equal to $380.00 plus interest as provided above. Provided, that Owner may, at any time, pay the entire outstanding balance, including any accrued interest and shall then be relieved of any further obligations hereunder. 5. Owner's payment shall be made at the office of the City Finance Director, 150 Dexter Court, Elgin, Illinois. 6. That this agreement, upon execution, shall be recorded with the Recorder of Deeds at Kane County, Illinois and shall constitute and be construed as a lien agreement in lieu of special assessment as security for payment of Owner's share of the improvement described herein. A legal description of property subject to said lien is attached hereto and made a part hereof by reference. This agreement shall be binding on Owners, successors, heirs and assigns. -2- I, 6I5272 y Signature of Owners of Record or Trustee Held Street Address of Number of Feet Owned �t Property 0►mer or Represented a T. Pa.,el IcQ. V. 1a2DserrT,tL 13Roc_ gShER-- , („oost.,, • STATE OF I LL I NOI S ) ) SS COUNTY OF KANE ) ACkNOW1EDGE\ENT I, the undersigned, a Notary Public in and for said Corm y, in ^' 6 the State aforesaid, DO HEREBY CERTIFY that , Q- i- - - personally known to me to be the same persons whose names are subscri•ed -,, to the foregoing instrument appeared before me this day in person, and ,;,va54",'n1ll1• -- acknowledged that they signed, sealed and delivered the said instnuner'tfe,i ,.;;,, ; :pf.„,'• as their free and voluntary act, for the uses and purposes therein .s.ct \'l\_-,, s �e �'= • forth. t .,6-;-ar s, ..�`• -,,.' _ t 7% Given under my nd and official seal this / g-day of • p �.:�.: H - , 19 .2. .• •'• CI . .-% ' a 4i: 7-- -Z mY _mi_.„, dues lone I5177 Ft(((i�1 .. ; , Canaission Expires , 19 • CITY F ELGIN, fi4tf j'jl,-�d �4�' ' Attest,••-'+'..... .' i v`t 1 Q .)' City Clerk'-' /c),.•`( This Instrument Prepared By: Daniel P. Blondin • 150 Dexter Court Elgin, IL 60120-5555 312-695=6500- - - " - - - -3- 1615272 3 • 530 N. McLean Boulevard • That part of the Southwest Quarter of Section 10, Township 41 North, Range 8 East of the Third Principal Meridian . described as follows : beginning at the intersection of the West right-of-way line of North McLean Boulevard with the E�> South right-of-way line of Eagle Road; thence Westerly, along said South right-of-way line, a distance of 150 .0 feet ; thence Southerly, along a line parallel with the West right-of-way line of North McLean Boulevard, a distance of 75.0 feet ; thence Easterly a distance of 150.0 feet to a point on the Westerly right-of-way line of North McLean Boulevard being 75 .0 feet Southerly of the place of beginning; thence Northerly, along said West right-of-way line a distance of 75 .0 feet to the place of beginning.