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HomeMy WebLinkAbout93-277 Resolution No. 93-277 RESOLUTION AUTHORIZING EXECUTION OF A REAL ESTATE SALES CONTRACT ( 105 Adelaide Street) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Robert O. Malm, Interim City Manager, be and is hereby authorized and directed to execute a Real Estate Sales Contract on behalf of the City of Elgin with Paul Tanner and Patricia Tanner, for the property commonly known as 105 Adelaide Avenue, Elgin, for $100,000, a copy of which is attached hereto and made a part hereof by reference. s/ George VanDeVoorde George VanDeVoorde, Mayor Presented: October 27, 1993 Adopted: October 27, 1993 Vote: Yeas 6 Nays 1 Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk • REAL ESTATE SALES CONTRACT 1. CITY OF ELGIN, a municipal corporation (Purchaser) agrees to purchase at a price of $100,000 on the terms set forth herein, the following described real estate in Kane County, Illinois: Parcel 1: West half of Lots One (1) and Two (2) in Block Three (III) of Sadler's Addition to Elgin, in the City of Elgin, Kane County, Illinois. Parcel 2: The East half of Lots One (1) and Two (2) in Block Three (III) of Sadler's Addition to Elgin and the North half of that part of vacated Steel Street lying between Blocks Two (II) and Three (III) of Sadler's Addition to Elgin, in the City of Elgin, Kane County, Illinois. Commonly known as 105 Adelaide Avenue, and with approximate lot dimensions of 198 feet X 132 feet, together with all existing improvements and fixtures, if any, which shall be left on the Premises and included in the sale price, and shall be transferred to the Purchaser by bill of sale at the time of closing; including but not limited to: hot water heater; plumbing and electrical fixtures; sump pumps; central heating and cooling; humidifying and filtering equipment; fixed carpeting; equipment; water softener (except rental units) ; storm and screen windows and doors; attached shutters; window treatment hardware; blinds and shades; shelving systems; fire place screens; roof or attic television antenna; all planted vegetation; electric garage door openers and car units; and the following items of personal property: except patio bricks; and 2. Paul and Patricia Tanner (Seller) agrees to sell the real estate and the property, if any, described above at the price and terms set forth herein, and to convey or cause to be conveyed to Purchaser or nominee title thereto by a recordable warranty deed, with release of homestead rights, and a property bill of sale, subject only to: (a) public and utility easements and roads and highways, if any; (b) special taxes or assessments for improvements not yet completed; (c) installments not due at the date hereof of any special tax or assessment for improvements heretofore completed; (d) general taxes for the year 1993 and subsequent years including taxes which may accrue by reason of new or additional improvement during the year(s) 1993. 3. Purchaser agrees to pay $100,000; plus or minus prorations, at the time of closing. 4. The time of closing shall be on November 18, 1993, or on the date, if any, to which such time is extended by reason of paragraph 2 of the Conditions and Stipulations hereafter becoming operative (whichever date is later) , unless subsequently mutually agreed otherwise, at Chicago Title Insurance Company, provided title is shown to be good or is accepted by Purchaser. 5. A duplicate original of this contract, duly executed by the Seller shall be delivered to the Purchaser within 5 days from the date below, otherwise, at the Purchaser's option, this contract shall become null and void and the earnest money shall be refunded to the Purchaser. This contract is subject to the Conditions and Stipulations set forth on the attached pages hereof, which Conditions and Stipulations are made a part of this contract. Rider A and Rider B are attached hereto and made a part hereof by reference. • ( Dated ,O 211i_� Purchaser ,-.1---- (Address) is Com' 1 b-t_.P' L C-6 f e 4, City M nager !"{> `�; - , , �e ,,-7,; Seller 64 G (Address) A ((' C��( �‘ Paul Tanner J Seller (_SGL .('1 4, k/u'r11.-71 1 (Address) /Ks'G(d Lz,sem 44j( ., Ilea: Patricia Tanner CONDITIONS AND STIPULATIONS 1. Seller shall deliver or cause to be delivered to Purchaser or Purchaser's agent, not less than 5 days prior to the time of closing, a title commitment for an owner's title insurance policy issued by Attorney's Title Guaranty Fund 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 unless the contract price is $100,000 or less and the real estate is improved with a single family dwelling or an apartment building of four or fewer residential units, (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 moved by the payment of money at the time of closing and which the Seller may so remove at that time by using the funds to be paid upon the delivery 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. Seller also shall furnish Purchaser an affidavit of title in customary form covering the date of closing and showing title in Seller subject only to the permitted exceptions in foregoing items (b) and (c) and unpermitted exceptions, if any, as to which the title insurer commits to extend insurance in the manner specified in paragraph 2 below. 2. If the title commitment discloses unpermitted exceptions, Seller shall have 30 days from the date of delivery thereof to have the exceptions removed from the commitment or to have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions, and, in such event, the time of closing shall be 35 days after the delivery of the commitment or the time specified in paragraph 5 on the front page hereof, whichever is later. If Seller fails to have the exceptions removed, or in the alternative, to obtain the commitment for the title insurance specified above as to such exceptions within the specified time, Purchaser may terminate this contract of may elect, upon notice to Seller within 10 days after 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. 3. Rents, premiums under assignable insurance policies, water and other utility charges, fuels, prepaid service contracts, general taxes, accrued interest on mortgage indebtedness, if any, and other similar items shall be adjusted ratably as of the time of closing. If the amount of the current general tax is not then ascertainable, the adjustment thereof shall be on the basis of the amount of the most recent ascertainable taxes. All prorations are final unless otherwise provided herein. Existing leases and assignable insurance policies, if any, shall then be assigned to Purchaser. Seller 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 form required pursuant to the Real Estate Transfer 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 ordinance with regard to a transfer or transaction tax; such tax required by local ordinance shall be paid by the Purchaser. 4. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this contract. 5. This sale shall be closed through an escrow with Chicago Title and Trust Company, in accordance with the general provisions of the usual form of 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 of such an escrow, anything herein to the contrary notwithstanding, payment 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 of the escrow shall be divided equally between the Seller and Purchaser. 6. Time is of the essence of this contract. 7. 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. 8. Purchaser and Seller hereby agree to make all disclosures and do all things necessary to comply with the applicable provisions of the Real Estate 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. 9. Seller shall deliver possession to Purchaser on or before November 24, 1993 at 5:00 p.m. Possession shall be deemed to have been delivered when seller has vacated the premises and delivered keys to the premises to the purchaser or purchaser's designated agent. Seller shall deposit in escrow with the title company at closing the sum of two percent (2%) of the sale price to guarantee that possession of the property will be _ _delivered to purchaser on or before the date specified in this paragraph in as good a condition as of the date of closing, reasonable wear and tear excepted. If possession is /loi so delivered, seller shall pay to the purchaser $100 per day for use and occupancy for each day possession is withheld from the purchaser after the specified date. Upon �" delivery of possession, the escrowee shall pay over to the purchaser from the escrow funds ",, the total per day charges due from the seller with the balance of the escrow fund, if any, to be paid to the seller. In the event that the seller does not vacate and surrender the possession on the date provided herein notwithstanding the foregoing, the purchaser shall not be restricted in its right to seek possession by any available means authorized in law or equity. Seller hereby agrees to indemnify and hold the purchaser harmless from any and all claims, demands, actions, causes of action, damages, expenses, losses, attorney's fees or liability arising in any way from or out of seller's possession of the property after closing. Seller further agrees to maintain homeowner's insurance for the subject property until delivery of possession of the subject property to purchaser. 10. Prior to closing date, seller shall at seller's expense deliver to buyer or buyer's attorney a spotted survey of the premises, dated not more than 6 months prior to the closing date, certified by a licensed surveyor, having all corners staked and showing all improvements, easements, and building lines existing as of this contract date. If requested, seller shall provide an affidavit verifying that no changes and improvements have been made since the date of the survey. RIDER "A" THIS RIDER is attached to and made a part of the Contract for the Sale of Real Estate ("Contract") between Paul and Patricia Tanner, ("Seller") , and City of Elgin, a municipal corporation, ("Purchaser") relative to the property commonly known as 105 Adelaide Street, Elgin, Illinois. In the event of a conflict or inconsistency between the provisions contained in the Contract and this Rider, the provisions of this Rider shall prevail. 1. Seller hereby represents and warrants (but only to the extent of Seller's actual knowledge) to Purchaser the following for the purpose of inducing Purchaser to enter into this Agreement, which representations and warranties shall be true as of the date hereof and of the Closing Date and shall survive the Closing: a. neither the Improvements, if any, nor the Premises contain any friable asbestos and no polychlorinated biphenyls (PCBs) are located in, on or under the Premises (including, without limitation, in, on or under any equipment located thereon) ; b. there are not now, nor have there ever been to Seller's knowledge, any Underground Storage Tanks (whether in service or closed) located at, on or under the Premises; c. no hazardous materials or substances have been located on the Premises or have been released into the environment, or discharged, placed or disposed of, at or under the Premises; d. the Premises have never been used as a dump for waste material; e. the Premises and its prior uses comply with and at all times have complied with any applicable governmental law, regulation or requirement relating to environmental and occupational health and safety matters and hazardous materials or substances. 2. In the event Seller shall have actual knowledge of the existence of any of the environmental conditions effecting the property as set forth in Article 1 of this Rider and Seller fails to disclose to Purchaser Seller's knowledge of such environmental conditions, then Seller shall protect, indemnify, defend, reimburse and hold Purchaser harmless from and against any and all loss, cost, penalty, fine, damage, liability or expense (including, without limitation, attorneys fees and costs) , arising or resulting from or in any way connected with the inaccuracy of any representation or warranty, or for any matter which existed prior to the Closing Date and which fails to comply with the environmental laws in effect as of the Closing Date. Seller's obligations under this Paragraph shall survive the closing. This Paragraph shall be binding upon and inure to the benefit of the parties hereto and their respective executors, administrators, legal representatives, heirs, successors and assigns. SELLER: PURCHASER: City�f Elsin, a municipal corporation BY: .% By: Paul Tanner City Manager Dated: 74'//qC/ j Dated: (0 Z-' 1 qi3 BY: QZ-Le-ne t✓ cl LC-'ty ru Patricia Tanner Dated: //,. /9-3 RIDER "B" This Rider is made part of the real estate contract dated C C C .�. 19 -3 between the City of Elgin, as Purchaser, and Paul and Patricia Tanner, as Seller of the property commonly known as 105 Adelaide Avenue, Elgin, Illinois. The parties hereto understand and agree that this contract is subject to the condition that the City of Elgin completes an environmental investigation and/or testing of the subject matter property. Seller hereby agrees to allow the City reasonable access limited to subsurface investigations. If after making any and all such environmental investigations and/or testing, and the City determines in its sole discretion that the property is unsuitable for acquisition, this contract shall become null and void with any monies previously paid by the City to be returned to the City. The parties hereto waived unless or until the City specifically notifies Seller in writing that the subject matter property is in satisfactory condition or that the City is otherwise waiving this contingency. PURCHASER SELLER By fit✓ By Ci y anager Paul Tan er By i_..,14,6e,"-C. Patricia Tanner