HomeMy WebLinkAbout83-1122 First National Bank OPTION TO PURCHASE REAL ESTATE
In consideration of the sum of $15,400 dollars, ,/
The First National Bank of Elgin as-Trustee of the Elmer Schic
receipt of which is hereby acknowledged, Ezstatexacf-xfifferctzkiotacisgoGr.agotlesinge,x
Residuary Trust
herein called Optionor, grants to CITY OF ELGIN, a municipal corporation, and
its assigns, the option to purchase for a purchase price of $ 154,000
inclusive of the consideration paid for this option the following described real
estate situated in Kane County, Illinoi
Wellington Avenue (number 06-13-352-020)� South Grove (number 06-13=352=009)
�I (number 06-13-352-021)
(number 06-13-352-011 )
(number 06-13-352-022)
(number 06-13-352-025)
(number 06-13-352-026)
163 & 179 South Grove Avenue
commonly kmown as 150,152,156,164-168 & 170 Wellington , and-with approximate
lot dimensions of 38,082-::Sq. Ft. , together with the following property presently
located thereon:
A masonry two (2) story three (3) unit residential structure at 150 Wellington Avenue,
A masonry one (1 ) story commercial structure at 163 South Grove Avenue .
Optionee may exercise this option at any time on or before
May 31 , 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 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
4i -
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 at his own expense furnish Optionee a current plat
of survey of the above real estate, made and certified by a surveyor as having
been made in compliance with Illinois Land Survey Standards.
Optionor shall deliver or cause to be delivered to Optionee or
Optionee's agent, not less than 5 days prior to the time of closing, the plat
of survey (if one is required to be delivered under the terms of this contract)
and 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.
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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: 11(22/83
The First National Bank of Elgin as Trustee of the Elmer Schick
Res ru t i
by: 100 West Mall Drive
IONOR Rob t J . Sabin ADDRESS
Trust Officer
Carpentersville, IL 60110
CI ' OF ELGIN, n ipar corporation
BY A 150 Dexter Court
L o Nelson C ADDRESS
City Manager
Elgin, IL 60120
* The parties hereto acknowledge that the subject real estate is subject to a
month-to-month tenancy with John Reeves Oldsmobile-Cadillac, Inc. , which
tenancy is expected to terminate in December, 1983, and the tenancy is exempt
from operation of this paragraph.
This agreement subject to acceptance within fourteen (14) days of the date
shown above. -3-