Loading...
HomeMy WebLinkAbout93-104 with Purchase Agreement Resolution No. 93-104 RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT WITH NBD BANK (Southeast Corner of Douglas and Dexter Avenues) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Larry L. Rice, City Manager, and Dolonna Mecum, City Clerk, be and are hereby authorized and directed to execute a Purchase Agreement on behalf of the City of Elgin with NBD Bank, for the property located on the southeast corner of Douglas and Dexter Avenues in Elgin, for $80,000, a ' copy of which is attached hereto and made a part hereof by reference. s/ George VanDeVoorde George VanDeVoorde, Mayor Presented: April 14, 1993 Adopted: April 14, 1993 Omnibus Vote: Yeas 6 Nays 0 Recorded: Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk PURCHASE AGREEMENT THE CITY OF ELGIN, ILLINOIS, a municipal corporation of Elgin, Illinois ("Purchaser") agrees to purchase from NBD BANK, an Illinois banking corporation, formerly known as NBD Bank Elgin, ("Seller") and Seller agrees to sell, the following property and all buildings and improvements on it, situated in the City of Elgin, Kane County, Illinois, described as follows: Lots 9 and 10 in Block 2 of S. Newton Dexter's Addition for Elgin, in the City of Elgin, Kane County, Illinois being known as Civic Center Branch ("Property") and to pay therefore the sum of EIGHTY THOUSAND AND 00/100 DOLLARS ($80,000. 00) . 1. Sale. This agreement is subject to the existing building and use restrictions, easements, and zoning ordinances, if any. The sale is to be consummated by the delivery of a warranty deed conveying good and marketable title. Payment of purchase money shall be made in cash or by a certified check. 2. Evidence of Title. Seller shall order and furnish Purchaser a commitment for title insurance issued by a mutually acceptable title insurance company in an amount not less than the purchase price, dated later than the date of this agreement, with a final owner's policy to be issued insuring Purchaser. Seller shall pay all costs of said title insurance. 3 . Time of Closing. This sale shall close within a reasonable period of time as mutually agreed by the parties. 4. Default. In the event of default by either party, this agreement shall terminate and neither party shall be awarded damages. It is agreed that Purchaser's obligation under this Agreement shall be void and of no effect until approved by action of the Elgin, Illinois City Council. 5. Title Objections. If objection is made in the commitment for title insurance that the title is not in the condition required for performance under this agreement, or if the survey discloses a discrepancy or problem as set forth in paragraph 6, the Seller shall have 60 days from the date it is notified in writing of the particular defects claimed either (1) to fulfill the requirements in the commitment (2) resolve the survey discrepancy or problem or (3) to terminate this agreement if unable to furnish satisfactory title or remedy the defect. If the Seller is able to comply with such requirements or remedy such defects within the time specified as evidenced by written notification, revised commitment or endorsement to commitment, the Purchaser agrees to complete the sale within a reasonable period after receipt of such notice, or completion of environmental investigation, if any, whichever is later. If the Seller is unable to furnish satisfactory title within the time specified, this agreement shall terminate and neither party shall receive damages. • 6. Property Survey. The Property shall be surveyed by a licensed surveyor to determine boundaries, encroachments, if any, and size and location of improvements, if any. If there are any differences between the legal description of the Property as surveyed and the legal description contained in this agreement, or if the survey shows an encroachment, this shall be resolved by the parties in accordance with the provisions in paragraph 5. It is agreed that Seller will provide the survey, which may be either newly prepared or previously prepared within a reasonable period of time. 7. Condition of Property. Purchaser acknowledges and agrees with Seller that Purchaser is purchasing the Property in an "as is" condition. 8. Possession. On the date of closing, Seller shall deliver and Purchaser shall accept possession of the Property. This agreement shall be governed by the Uniform Vendor and Purchaser Risk Act as adopted in Illinois. 9. Taxes and Prorated Items. All taxes and assessments which have become a lien upon the land at the date of this agreement shall be paid by the Seller. Current taxes, if any, shall be prorated and adjusted as of the date of closing in accordance with due date basis of the municipality or taxing unit in which the Property is located. If no current tax bill is available, taxes shall be prorated based on 110% of the taxes assessed in the previous year. Interest, rents and water bills shall be prorated and adjusted as of the date of closing. 10. Deposit. The parties agree that no deposit shall be necessary; however, this agreement shall be null and void if closing does not take place within six months of the date of mutual execution, unless this time is extended by mutual agreement of the parties. 11. Notice. Notice from one party to another relating to this agreement shall be deemed effective if made in writing and delivered to the recipient's address set forth below by any of the following means: (a) hand delivery, (b) registered or certified mail, postage prepaid, with return receipt requested, (c) first class or express mail, postage prepaid, or (d) overnight courier service. Notice made in accordance with this section shall be deemed delivered upon receipt if delivered by hand, 3 business days after mailing if mailed by first class, registered or certified mail or one business day after mailing or deposit with an overnight courier service if delivered by express mail or overnight courier. PURCHASER: SELLER: CITY OF ELGIN NBD BANK 150 Dexter Court c/o NBD Property Management Elgin, Illinois 60120-5555 900 Tower Drive Attention: Bob Malm Suite 800 Troy, Michigan 48098 Attention: Scott Burke 12. Place of Closing. The closing of this sale shall take place at the Elgin, Illinois office of Seller or at a location mutually agreed to by the parties. 13 . Broker's Commission. No brokers have been employed by either party to this transaction. 14. The covenants in this agreement shall bind and inure to the benefit of the successors and assigns of the respective parties. 15. This agreement constitutes the entire agreement of the parties and is to be construed and enforced in accordance with Illinois law. Date: , 1993 WITNESS: CITY OF ELGIN, rchaser By: Its: CD,e1 4-€2-,Acer\ WITNESS: NBD BANK, Seller 0! By: ' ;e 44-14bIL kt Its: elginpu.cib 3/93