HomeMy WebLinkAbout89-0313 Farm Colony Real Estate Contractf .(
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Real Estate Sale Contract
1, Elgin Development Corporation, an Ililinois not-for-profit corporation
134 , 000 . 00 (Purchaser)
agrees to purchase at a price of Son the terms set forth herein, the following described real estate in
Kane County,111inois:cons isting of : land
located east of the intersection of Bowes Road and McLean Blvd. in Elgin, .Illinois
as legally described on Exhibit A. • . • ' ,
(If legal description is not included at time of czecuilon, is
authorized to insert thereafter.)
commonly known as - '
and
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Z• City of Elgin, an Illinois municipal- corporation • • • (Seller)
(insert names of all owners and their rcspective spouses) •
agrees to sell du real estate and the property,if any,described above at the price and terms set forth herein,and to convey or eau c to be conveyed to
Purchaser or nominee tide thercto(inioirrtiermiNer)byarecordable corporate deal, •
nf-calp subject only to: a .(b)private,public and utility casements and roads and highways.if any;(u)
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tsav; f=arryr(1) general tuxes for the year 1988 and subsequent years d
erirtg4lrayarlt —tw the terms and conditions of a Rider
attached hereto and. made a part hereof. ,
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plus or minus prorations , at the time of closing by the payment of $134, 000. 00. •1
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S. The timc of closing Shall be on (see attached) ,or7c1si iu•>-nratr,-Il„r•rim;, ,. , -;r..i,,,,,,-i„z,g,bl,ite-i-,, tti,e-i
or on the date.If any,.to which such time is extended by reasons of paragraph 2 of the Conditions and Stipulations hereafter becoming vpbrltivc(whichever
date isIater),unlesssubaequentlyMutuallyagrccdotherwise,nttheofficeof Purchaser' s At torney or of the mortgage lender.if
any,provided title is shown to be good or is Accepted by Purchaser.
at closing '
6. Seller shall deliver possession to Purchascr,�in+aerbufarr dnys-/Ir ci-chr-ri 401-ks errs .pu0h•Ror4l l
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9.Seller agrees to deliver possession of the real cstatc in the same condition us it is at the date of this contract, ordinary wear and tear excepted.
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This contract is subject to the Conditions and Stipulations set forth on the hack page hereof,which Conditions and-Stipulations ure mode it part of this ••
contract. •
Dated March 13. 1989
l'un:haber Elgin Development Corporation (Address) 1130 North McLean Blvd. , •Elgin, IL
60123
Purchaser BY: �� /�(� - � %�r (Address) • ' •
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Its j� .
Seller •' t ' in (Addttiss) 150 Dexter Court, Elgin, IL 60123
• •• By: - -,(`c''r../� /77 / • • •
Its . ='��: .
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CONDITIONS AND STIPULATIONS .
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' , ', ' ('subject to Purchaser reimbursing Seller
for such• costs incurred as provided in*
ShcerShull deliver or cause to be delivered to Purchaser or Purchaser's agent,not lease than 5 days prior to the time of closing.a title commitment for an
)wnt:r'%title insurance policy issued by the Chicago Title Insurance Company In the amount of the purchase price.covering;title tit the real estate on or after
he date hereof:showing title in the intended grantor subject only to(a;-tltu-garter ti•c eptions.e to toned-tat-lee-policy-trnler•tin-renl-e,t„te4s-i t)►r.lvell.,rytlr
`ratritW'f+►r»ily-•dwuilit rr-tttt-opaft+ 'shunt , (b) the title exceptions set forth above. and (c) title exceptions
)crtainin);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
he Seller muy.so remove at that time by using the funds to be paid upon the delivery of the deed (all of which arc herein referred in-as the permitted
:xceptiuns).The litic.commitment shall be conclusive evidence or good tide as therein shown as to all matters insured by the policy subject only to the
z.xeeptiunc as therein slated.Seller also shall furnish Purchaser an affidavit of title in customary form covering the date ofelosiny and showing title in Seller
subject only to the permitted exceptions in foregoing; items(b) and (e)unpermitted exceptions, if any.as to which the title insurer commits to extend
Insurance In the manner specified in paragraph 2 below.
*Rider paragraph 21) •
..•1f the title commitment discloses unpermitted exceptiuns,'Sellcr shall have 30 days front the date of delivery thereof to have the exceptions removed from
the commitment or to have the(itic insurer commit to insure against loss or damage that may be occasioned by such exceptions,and,in such event,the time
ufclosing shall be 35 days after delivery of commitment or the time specified in paragraph S.on the front pare hereof,whichever is later.IfSeller fails to
have the exceptions removed.or in the alternative,to obutin the commitment for title insurance specified above as to such exceptions within the specified
time.Purchaser may terminate this contract or may elect,upon notice to Seller within 10 days alter the expiration of the 30-day period,to take title as it then
is with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount.If Purchaser does not so elect,this contract
shall become null and void without further actions of the parties.
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Scllcr shall pay the amount of any stamp tax imposed by State law on the transfer of the title,and shall furnish a completed Real Estate Transfer Declaration
signed by the Seller or the Seller's agent in the Corti required pursuant to the Real Estate Tran fer Tax Act of the State of Illinois and shall furnish any
declaration signed by the Seller or the Seller's agent or meet other requirements as established by any local nrdinacc with regard to a transfer or transaction
tlx:such tax requiretdly local ordinance shz11 be paid by the party upon whom such ordinance places responsibility therefor.If such ordinance does not Mt
place responsibility,the tax shall be paid by the(Purchaser)(Seller). (.tu•ikc one.)
4.The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this contract.
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5. If this contract is terminated without Purchaser's fault,the earnest money shall be returned to the Purchaser,but if the termination is caused by the
Purcba;cr's fault,then at the option of the Seller and upon notice to the Purchaser,the earnest money shall be forfeited to the Seller and applied first to the
payment of Seller's expenses and then to payment of broker's commission;the balance, if any.to be retained by the Seller as liquidated damages.
G. At the election of Seller or Purchaser upon notice to the other party not less than 5 days prior to the time of closing,this sale shall be closed through an
escrow with Chicago Title and Trust Company,in accordance with the general provisions of the usual form or Deed and Money Escrow Agreement then in
use by Chicago Title and Trust Company,with such special provisions inserted in the escrow agreement as may be required to conform with this contract.
Upon the creation or such an escrow,anything herein to the contrary notwithstanding, paymenr of purchase price and delivery of deed shall be made
through the escrow and this contract and the earnest money shall be-deposited In the escrow.The cost or the escrow shall be divided equally between Seller
and Purchaser. (Strike pamxmph_r if inoppllcublc.)
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7.Time is of the essence of this contract. , •
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8. All notices herein required Shall be in writing and shall be served on the panics at the.addresses following their signatures.The mailing of a notice by
registered or certified mail.return receipt requested, shall be sufficient service.
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9. Purchaser and Seller hereby agree to make all disclosures and do all things necessary to comply witli•the applicable provisions of the } sal P;state
Settlement Procedures Act of 1974.In the event that either party shall fail to make appropriate disclosure when asked,such failure shall be considered a
breach on the part of said party. •
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10, Alternative l; , t
.Seller represents that he is not A "foreign person" as defined in Section 1445.of the Internal Revenue Code and.is.therefore exempt !'four the
withholding requirements of said Section.Seller will furnish Purchaser at closing the Exemption Certification set forth in said Section.
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RIDER ATTACHED TO AND MADE A PART OF REAL ESTATE CONTRACT
BETWEEN ELGIN DEVELOPMENT CORPORATION, AS PURCHASER,
AND CITY OF ELGIN, AS SELLER
11. In the event of conflict between the terms of this Rider and the
terms of the Real Estate contract to which it is attached, the
provisions of this Rider shall govern and be controlling.
12 . The provisions of this Contract and Rider shall survive the
closing hereunder.
13. Description of Property. The Property being sold consists of
land commonly known as "the Farm Colony" located east of the
intersection of Bowes Road and McLean Boulevard in the City of
Elgin, Kane County, Illinois . The land is improved with four (4)
brick buildings, a house and other smaller structures . Sellers have
a contract to purchase the property from Elgin School District U-46 .
The property being sold is shown on Exhibit "A" attached to and made
part hereof.
14 . Conditions to Closing. Purchaser's obligation to proceed to
close this transaction is contingent upon the satisfaction of several
contingencies specifically described below (herein called the
"Conditions to Closing" ) by December 15, 1989 . For purposes of this
Agreement and with reference to any of the several below-described
contingencies, "satisfaction" of these contingencies shall mean that
Purchaser, in its sole and reasonable discretion, shall be fully
satisfied as to the occurrence thereof.
A. Financing. Purchaser shall have until December 15, 1989,
to procure a firm commitment for a loan to be secured by a mortgage
or trust deed on the real estate in the amount of $134,000 or such
lesser sum as Purchaser accepts, with interest not to exceed the so-
called prime rate, with the principal to be paid by "balloon
payment" in not less than three ( 3) years, and with a loan service
fee or origination fee not to exceed 1% . If, after making every
reasonable effort, Purchaser is unable to procure such commitment
within the time specified herein and so notifies Seller within that
time, this contract shall become null and void.
B. Zoning. Seller shall promptly petition the appropriate
governmental body to have the Property rezoned to an M-1
classification (or a classification with equivalent restrictions and
permitted uses) .
C. Utility Easements and Soil Conditions . Purchaser shall be
satisfied that all necessary easements to bring water, sewer, storm
sewer, gas, electricity and telephone service to the real estate
have been obtained. Purchaser shall also be permitted to obtain
soil tests and soil borings and shall be satisfied that such soil
tests do not indicate any restrictions upon Purchaser's intended
development of the real estate, that being any permitted use under
the City of Elgin M-1 zoning classification..
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D. Other Conditions, Covenants and Restrictions. Purchaser
shall be satisfied that all other conditions , covenants and
restrictions affecting the property shall not impair the development
and use of the property as allowed pursuant to M-1 zoning (or a
classification with equivalent restrictions and permitted uses) at
the date of closing.
E. Extended Coverage on Title. In addition to the
requirements of Paragraph 1 of the Conditions and Stipulations,
Seller shall cause the title insurance company to provide extended
title insurance coverage up to a total amount of $ 134,000 . 00
(subject to Purchaser reimbursing Seller for such costs incurred as
provided in paragraph 21 below) .
F. ALTA Survey. Seller shall provide to Purchaser on or
before the date of Closing a survey prepared in accordance with ALTA
standards certified to Purchaser and its lending institution
(subject to Purchaser reimbursing Seller for such costs incurred as
provided in paragraph 21 below) .
15 . Real Estate Taxes . Seller and Seller's predecessor in title
are not subject to general real estate taxes, being tax-exempt
corporations . Seller agrees to pay any real estate taxes, if any,
assessed against the real estate for periods of time prior to the
date of Closing. Purchaser shall pay any real estate taxes assessed
against the real estate for any period subsequent to the date of
Closing.
16 . Closing. Closing shall occur within sixty (60) days after the
satisfaction of all of the Conditions of Closing specified in
Paragraph 14 above, but in no event later than February 15, 1990. •
17 . Representation and Warranties . Seller represents and warrants
to Purchaser that:
A. There are no suits or litigation pending or threatened
against Seller or the real estate with respect to the real estate.
B. Seller represents that no real estate broker is entitled to
a commission as a result of this transaction.
C. That Seller holds and will continue to hold a valid
contract or contracts to purchase the real estate subject to this
contract and will not terminate or default under such contracts .
18 . Access . Seller agrees to cooperate with and assist Purchaser
and its contractors, architects and other consultants to obtain
access to the real estate at all reasonable times prior to closing.
Purchaser shall indemnify Seller and the legal title holder from
whom Seller is purchasing the real estate from and against any loss
or damage to the real estate caused by the acts of negligence of
Purchaser or Purchaser's agents .
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19 . Seller. The terms "Seller" or "Sellers" used herein and in the
contract shall mean and include title holder and beneficiaries .
20. Intergovernmental Agreement. Purchaser acknowledges the
existence of an Intergovernmental Agreement between Seller and Elgin
School District U-46; which contains provisions for various leases
and licenses concerning the real estate. Purchaser agrees to take
the real estate subject to the terms and provisions of the
Intergovernmental Agreement and respect such leases and licenses
provided that Seller does not extend or renew any such lease or
license prior to Closing without the express written consent of
Purchaser.
21. Seller's Expenses . At the closing, Purchaser will reimburse
Seller for Seller's out-of-pocket expenses incurred in connection
with this transaction, including the cost of title insurance (and
extended coverage) and surveys . Seller and Purchaser shall each be
responsible for its own attorney's fees .
Dated � �� , 1989
PURCHASER: SELLER:
ELGIN DEVELOPMENT CORPORATION CITY OF ELGIN
By: �� B :
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