HomeMy WebLinkAbout83-0914 First National Bank •
83-0914
:� : - ��•st N4+4 A
OPTION TO PURCHASE REAL ESTATE
In consideration of the sum of $5,500.00 dollars,
receipt of which is hereby acknowledged, First National Bank Trust #3536
herein called Optionor, grants to CITY OF ELGIN, a municipal corporation, and
its assigns, the option to purchase for a purchase price of $ 55,000.00
inclusive of the consideration paid for this option the following described real
estate situated in Kane County, Illinois:
- 177 South Grove Avenue (number 06-13-352-010)
201 South Grove Avenue (number 06-13-352-016)
158 Wellington Avenue (number 06-13-352-023)
162 Wellington Avenue (number 06-13-352-024)
commonly known as all in Elgin. Illinois 60120 , and with approximate
lot dimensions of 26.136 sq. ft, together with the following property presently
located thereon:
Optionee may exercise this option at any time on or before
February 28 , 1984 , by written notice to Optionor delivered personally
or mailed to Optionor at the address shown below.
Upon exercise of the option granted as provided herein Optionor
agrees to sell the real estate and the property described above, if any, at
the price and terms set forth herein, and to convey or cause to be conveyed
to Optionee or nominee title thereto by a recordable warranty deed, with
release of homestead rights, if any, and a proper bill of sale, subject only
to: (a) covenants, conditions and restrictions of record; (b) private, public
and utility easements and roads and highways, if any; (c) party wall rights
and agreements, if- any; (d) special taxes or assessments for improvements not
• yet completed; (e) installments not due at the date hereof of any special tax
or assessment for improvements heretofore completed; (f) general taxes for
the year 1983 and subsequent years including taxes which may accrue by reason
of new or additional improvements during the year 1983.
Optionee shall pay the balance of the purchase price, plus or minus
prorations, at the time of closing.
The time of closing shall be not later than thirty (30) days after
exercise of the option granted, or at such time as the parties may mutually
agree, at the office of the Optionee.
Optionor shall deliver a title commitment for an owner's title
insurance policy issued by the Chicago Title Insurance Company in the amount
of the purchase price, covering title to the real estate on or after the date
hereof, showing title in the intended grantor subject only to (a) the general
exceptions contained in the policy, (b) the title exceptions set forth above,
and (c) title exceptions pertaining to liens or encumbrances of a definite or
ascertainable amount which may be removed by the payment of money at the time
of closing and which the Optionor may so remove at that time by using the
funds to be paid upon the deliver of the deed (all of which are herein referred
to as the permitted exceptions) . The title commitment' shall be conclusive
evidence of good title as therein shown as to all matters insured by the policy,
subject only to the exceptions as therein stated. Optionor also shall furnish
Optionee an affidavit of title in customary form covering the date of closing
and showing title in Optionor subject only to the permitted exceptions in
foregoing items.
This agreement subject to terms and conditions of lease expiring
12/31/83.
-2-
ter_
•
Optionor shall not enter into any leasehold agreements for the
subject real estate and property during the option term without the approval
of the Optionee. Any leasehold agreement entered into during the option
term shall include a provision that lessee waives any and all rights the
lessee may have to relocation benefits otherwise payable as a result of
Optionee's acquisition of the subject property.
Upon exercise of the option, the provisions of the Uniform Vendor
and Purchaser Risk Act of the State of Illinois shall be applicable to this
contract.
Time is of the essence of this agreement.
All notices herein required shall be in writing and shall be
served on the parties at the addresses following their signatures. The
mailing of a notice by registered or certified mail, return receipt requested,
shall be sufficient service. •
Dated: 09J14/83
First tional Ba of Elgin,Trustee,
Trus No . 5
BY: 6 Fountain Square Plaza
0 I NOR r s t 0 f ' r ADDRESS
Elgin, Illinois 60120
CITY OF ELGVIN a " 'c al \ TP°ration
P
By City of Elgin
ADDRESS
150 Dexter Ct. , Elgin, IL 60120
-3-
Z►et
LICENSE
WHEREAS, the Security of property and the safety of shoppers in the
Central Business District is a concern of the City of Elgin and owners of
property in that area; and
WHEREAS, adequate lighting of streets and alleys deters criminal
activity; and
WHEREAS, certain locations in the downtown area are in need of addi-
tional lighting which would benefit the City of Elgin and the property owner.
NOW, THEREFORE, in consideration of one dollar and other good and valu-
able consideration, the undersigned, hereinafter referred to as Licensor,
hereby grants to the City of Elgin, a municipal corporation, the license,
right and privilege to install and maintain a wall mounted light fixtures
located at 15, 17 and 19 Ziegler Court, Elgin ___-----
with the right of ingress and egress over the land of the Licensor, necessary
or convenient for the installation and maintenance of said light fixtures,
The City of Elgin agrees to purchase, install and provide maintenance
for the repair of said light fixtures,
The Licensor agrees to allow the light fixture:ito be connected to the
electrical supply of its building and to pay for the cost of its operation.
The license herein granted shall become effective November 18, 1980
and shall remain in force until canceled by either party upon thirty (30)
days notice in writing, or at any date which may be mutually agreed upon.
All light fixtures and hardware placed upon said property by the City
of Elgin shall remain its property and shall be removed by it within sixty
(60) days upon the expiration or termination of this license.
Dated this 17th day of November , 1980
LICENSOR
Accepted: l
C T OF LGI 1