92-0624 Elgin Development Corp r
RESOLUTION
AUTHORIZING EXECUTION OF A REAL ESTATE SALES CONTRACT
WITH ELGIN DEVELOPMENT CORPORATION
(Farm Colony Lands)
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that George VanDeVoorde, Mayor, and Dolonna Mecum,
City Clerk, be and are hereby respectively authorized and
directed to execute a Real Estate Sales Contract on behalf of
the City of Elgin with the Elgin Development Corporation, for
the property commonly known as the Farm Colony Lands, a copy
of which is attached hereto and made a part hereof by
reference.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: June 24 , 1992
Adopted: June 24 , 1992
Vote: Yeas 7 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
REAL ESTATE SALE AGREEMENT
THIS AGREEMENT is made and entered into this
day of June, 1992 , by and between ELGIN DEVELOPMENT
CORPORATION, an Illinois not-for-profit corporation,
(hereinafter referred to as "Seller" ) and THE CITY OF ELGIN,
ILLINOIS, a municipal corporation of the State of Illinois
(hereinafter referred to as "Purchaser" ) .
R E C I T A L S
A. BANK ONE, ELGIN ( formerly FIRST ILLINOIS VALLEY
BANK & TRUST) not personally but as Trustee under a Trust
Agreement dated August 24, 1989 , bearing Trust Number 0431
(the "Trustee" ) currently holds title to real estate -and
appurtenant rights including approximately 129 acres of land
located on the East side of McLean Boulevard near the
intersection of Bowes Road and McLean Boulevard, in the City
of Elgin, Kane County, Illinois, which real estate -is improved
with certain buildings and other facilities and is legally
described on Exhibit 1 attached hereto, being Chicago Title
Insurance Company preliminary commitment with effective date
of May 11, 1992 under Order No. 393-220, (the "Real Estate" ) .
B. The Seller holds 100% of the beneficial interest
in said trust and power of direction over the Trustee.
C. The Real Estate (together with another parcel
previously conveyed by Seller and not a part of this
transaction) was originally sold and conveyed by Purchaser to
Seller pursuant to that certain deed dated April 30, 1990 and
recorded May 10 , 1990 as Document No. 90K24163 .
D. Seller is an Illinois not-for-profit corporation
which was organized for the purpose, inter alia, of promoting
the development, establishment and expansion of industry and
business in the City of Elgin and to further the common good
and general welfare of the people of the City of Elgin (the
"Corporate Purpose" ) .
E . Although it was the intention of the Seller to
subdivide the Real Estate and to sell lots, the Seller has
subsequently determined that it will very likely to unable to
raise or borrow the capital which is expected to be required
in order to effectively develop and market the Real Estate for
the Corporate Purpose.
F. The corporate authorities of the Purchaser have
determined that it is in the best interests of the City of
Elgin to reacquire the Real Estate from Seller to promote the
commercial and industrial development of the real estate, the
creation of employment opportunities, and to enhance the tax
base of the Purchaser and other taxing districts so that the
Purchaser may, itself, proceed with development of the Real
Estate.
G. The Board of Directors of the Seller has
determined that the reconveyance of the Real Estate to the
Purchaser on the terms and conditions set forth below will
best promote the Corporate Purpose of the Seller.
C O N S I D E R A T I O N
In consideration of the mutual covenants and
promises of the parties, the receipt and sufficiency of which
is hereby acknowledged, Seller and Purchaser hereby agree as
follows :
A G R E E M E N T
1 . Seller agrees to cause the Trustee to reconvey
to Purchaser the Real Estate upon the terms and conditions
herein set forth. Seller shall also assign and transfer to
Purchaser at the Closing (hereinafter defined) the following:
a. All plans, drawings, proposals, and other
documents owned by Seller relating to the Real
Estate, including without limitation, all rights to
the subdivision proposal for Fox Bluff Corporate
Center.
b. All of Seller' s rights in and to insurance
coverage for bodily injury or property damage.
C. All of Seller' s right in and to a farm
lease for part of the Real Estate with Don Henninger
dated April 1, 1987 .
2 . Seller agrees to convey, or cause to be
conveyed, to Purchaser, or Purchaser ' s nominee, title "to the
Real Estate by a recordable, stamped Trustee ' s quit claim
deed, subject to the secured indebtedness of BANK ONE, ELGIN.
and other liabilities identified herein.
3 . Seller agrees to waive any and all rights,
claims, causes of action, obligation, or indebtedness it may
have against Purchaser as a result of this or any other
agreement, other than those which are expressly provided
herein.
4 . Seller agrees that it shall, prior to the
Closing (hereinafter defined) , draw against the available line
of credit of the Mortgage, up to $1, 100, 000, for the purpose
2
of settling all of its outstanding debts and that the unpaid
balance of the Mortgage as of the Closing shall be assumed and
paid by Purchaser.
5 . Seller represents to Purchaser that there are no
contracts, obligations or debts of Seller other than as
identified within this Agreement. Purchaser shall assume and
pay accrued real estate taxes for the 1991 tax year and the
1992 tax year up through and including the date of the
Closing, as hereinafter defined.
6 . Purchaser shall cancel any and all claims of
Purchaser against Seller for payment, reimbursement or
otherwise for expenses and costs related to the ownership and
management of the real estate, including without limitation,
asbestos removal and security services .
7 . Purchaser shall assume all obligations and
liabilities of Seller with regard to a farm lease with Don
Henninger dated April 1, 1987 .
8 . To the extent not previously contained in an
agreement between Seller and Purchaser dated SEPTbmgot 20 ,
1991 , Purchaser shall assume all obligations of Seller to
the United States of America - (FAA) with regard to that
fifteen ( 15) acre parcel previously conveyed to the Federal
Aviation -Administration by Seller, said obligations of Seller
to the Federal Aviation Administration are contained within a
certain Memorandum of Understanding between Seller and said
agency bearing the date of February 11, 1991, a copy of which
has been provided by Seller to Purchaser.
9 . Purchaser shall assume any and all obligations
of Seller, and Seller shall hereby convey to Purchaser, any
rights, arising out of or in connection with the transaction
described in a certain agreement between Seller and Purchaser
dated October 23, 1991, as subsequently amended, including
without limitation, any and all obligations or liabilities of
Seller to the Illinois Department of Transportation and/or Leo
Leichter.
10 . Purchaser shall assume all obligations and
requirements regarding the Real Estate and development thereof
imposed by any County, State or Federal agency or other
governmental body, including, without limitation, the Illinois
Historic Preservation Agency, the Army Corps of Engineers, the
Illinois Environmental Protection Agency and the federal
Environmental Protection Agency.
11 . The Purchaser shall forever indemnify, defend,
and hold Seller' s officers and directors ( identified as of the
date of this Agreement) , harmless from and against any and all
3
claims, losses, liabilities, demands, costs, and expenses
( including reasonable attorney' s fees) arising out of or in
connection with this property reconveyance and for any claims,
losses, liabilities, demands, costs, and expenses arising out
of or in connection with Seller' s ownership, possession or
development of the Real Estate. This indemnification, defense
and hold harmless obligation of Purchaser shall survive the
Closing (hereinafter defined) .
12 . Seller may pay for such necessary expenses and
costs, including, without limitation, title reports, legal
fees, appraisal costs, surveys, environmental studies from
Bank One, Elgin, mortgage or, in the event that the ' line of
credit is at its maximum or no further withdrawals are
permitted, then the Purchaser shall indemnify and pay Seller' s
costs and expenses regarding the extension or refinancing of
the Bank One, Elgin, mortgage and the costs, expenses, and
interest incurred by Seller in winding up its affairs and
dissolving.
13 . In consideration of the reconveyance of the Real
Estate to Purchaser and Purchaser' s assumption of the Mortgage
and other obligations of Seller' s herein, as identified in
this Agreement, Seller shall :
a. Until the dissolution of the Elgin
Development Corporation is complete, execute and
assign such documents and perform such acts as may
be reasonably requested by Purchaser in furtherance
of this Agreement or as may be necessary to assist
Purchaser in obtaining the refinancing of the
Mortgage.
b. Provide Purchaser with copy of any and all
notices as may be received from any municipal,
county, state or federal agency or other
governmental body.
14 . Seller represents that it has terminated all
existing contracts and agreements for professional services in
the development of the Real Estate.
15 . The parties acknowledge that Bank One, Elgin has
extended the maturity of the Mortgage and the underlying
indebtedness through and including June 30, 1992 , and that an
extension or refinancing of the Mortgage and underlying
indebtedness through January 31, 1993 has been requested of
Bank One, Elgin. Purchaser' s obligation to close hereunder is
expressly contingent upon the extension or refinancing of the
Bank One, Elgin Mortgage, in the minimum amount of
$1, 100, 000 . 00 through January 31, 1993 and its consent to
Purchaser' s acquisition of the property.
4
16 . Closing and Delivery of Possession:
a. The consummation of the transaction herein
described and the transfer of the Real Estate
(hereinafter referred to as the "Closing" ) shall be
on June , 1992, provided the Bank One, Elgin
Mortgage obligation has been extended through
January 31, 1993, unless subsequently mutually
agreed otherwise, at the office of the Corporation
Counsel of the City of Elgin or at the office of
Chicago Title & Trust Company in St. Charles,
Illinois (hereinafter referred to as "CTTC" ) or such
other location as is acceptable to Purchaser and
Seller, provided title is shown to be in the
condition required herein or is otherwise acceptable
to Purchaser. At the Closing, the parties shall
deliver all documents required by this Agreement.
b. Seller shall deliver and Purchaser agrees
to accept possession of the Real Estate on the day
of the Closing.
17 . Seller shall deliver the improvements on the
Real Estate; • namely , four building structures, in "as is"
condition as of the date of the Closing. Purchaser
acknowledges that ( i) neither Seller nor any party acting on
behalf of Seller has made any warranty or representation
concerning the Real Estate except as expressly set forth in
this Agreement, and ( ii) Purchaser is merely agreeing to
purchaser the Real Estate improvements in "as is" condition.
18 . Purchaser acknowledges that Seller has provided
Purchaser with a Chicago Title Insurance Company Commitment
for title insurance under Order No. 393-220 with an effective
date of May 11, 1992 , which Purchaser accepts as satisfactory
evidence of Seller' s obligation to provide evidence of title
hereunder, subject to a 100 foot public utility and services
easement granted by Seller, dated 1 1992 ,
along the south and east property lines of the real estate.
19 . It is hereby agreed that any Disclosure Document
required to be delivered by Seller to Purchaser pursuant to
the provisions of the Illinois Responsible Property Transfer
Act of 1988, as amended ( Ill . Rev. Stat . , ch. 30, sec . 901, et
seq. , and hereinafter referred to as "IRPTA" ) may be delivered
to Purchaser simultaneously with the Closing, and Purchaser
hereby waives the right to require the delivery of such
Disclosure Document prior thereto. At the Closing, Purchaser
hereby agrees to cause the said Disclosure Document to be
recorded and filed as required by law, at Purchaser' s expense,
and to indemnify and hold Seller harmless from any liability,
loss, claims, or expenses arising out of the failure to do so.
5
20 . Purchaser acknowledges that the Real Estate is
subject to and liable to real estate taxes for the 1991 tax
year and the 1992 tax year up through the date of the transfer
from Seller to Purchaser hereunder.
21 . Time is of the essence of this Agreement .
22 . All notices herein required shall be in writing
and shall be served on the parties at the following addresses :
If to Purchaser: City of Elgin
150 Dexter Court
Elgin, IL 60120
Attn: City Manager
with a copy to: Erwin W. Jentsch, Esq.
Corporation Counsel
City of Elgin
150 Dexter Court
Elgin, IL 60120
If to Seller: Elgin Development Corporation
c/o M. Edward Kelly
24 East Chicago Street
Elgin, IL 60120
with a copy to: Raymond F. Dalton, Jr. , Esq.
Ritt & Dalton
1130 N. McLean Boulevard
Elgin, IL 60123
and
Allen M. Anderson, Esq.
Ariano, Anderson, Bazos,
Hardy & Castillo
474 Summit Street
Elgin, IL 60120
The mailing of a notice by registered or certified mail,
return receipt requested, shall be sufficient service.
Notices shall be deemed served when delivered if delivered by
hand, or on the date of mailing, if mailed as described above.
23 . Seller shall not be required to provide a survey.
24 . This Agreement shall be governed by the laws of
the State of Illinois .
25 . If the date for closing or performance of an
obligation falls on a Saturday, Sunday or holiday, the date
6
shall be deferred until the first business day following. No
amendments, modifications or changes to this agreement shall
be binding upon a party unless set forth in a duly executed
document.
26 . Authority to Execute:
a. Purchaser and Seller hereby covenant that
the execution of this Agreement and the transaction
herein contemplated have been duly approved by all
necessary corporate action and that the parties
executing this Agreement on behalf of Purchaser and
Seller are authorized to execute same.
b. At the closing, Purchaser shall deliver to
Seller a certified copy of an ordinance or
resolution duly and properly adopted by the City
Council ' of the City of Elgin authorizing the
execution and performance of this Agreement by the
Purchaser.
c . . On or before the Closing, Seller shall
provide to Purchaser certified copies of the
resolutions of Seller' s Board of Directors
authorizing the execution and performance of this
Agreement by Seller.
27 . This Agreement contains the entire agreement of
the parties with respect to the sale and purchase of the Real
Estate. All previous and contemporaneous negotiations,
understandings and agreements between the parties hereto, with
respect to the transaction set forth herein, are merged in
this instrument, which alone fully and completely expresses
the parties ' rights and obligations . The preparation of this
Agreement has been a joint effort of the parties hereto and
the resulting documents shall not, solely as a matter of
judicial construction, be construed more severely against one
of the parties than the other.
28 . As used herein, the terms (a) "person" shall
mean an individual, a corporation, a partnership, a trust, an
unincorporated organization or any agency or political
subdivision thereof, (b) "including" shall mean including,
without limiting the generality of the foregoing, and (c) the
masculine shall include the feminine and the neuter.
29 . This Agreement shall be binding upon and shall
insure to the benefit of the parties hereto and their
respective heirs, executors, administrators, legal
representatives, successors and assigns . No assignment of
this Agreement shall relieve the assigning party of its
obligations hereunder.
7
IN WITNESS WHEREOF, the parties hereto have executed
this Real Estate Sale Agreement as of the day first above
written.
SELLER: PURCHASER:
ELGIN DEVELOPMENT CORPORATION, CITY OF ELGIN, an Illinois
an Illinois not-for-profit municipal corporation
corporation
12 17
AX)BY BY _
President Georg VanDeVoorde, Mayor
ATTEST: ATTEST:
Secretary Cler
8
ISSUING OFFICE:
CHICAGO TIT Lfi INSURANCE COMPANY
113 SOUTH THIRD STREET
GENEVA, IL 60134
(708)232-2750
CITY OF ELGIN
150 DEXTER COURT
ELGIN, ILLINOIS 60123
LEGAL DEPT
CTI ORDER NO. : 1410 000393220 KA
YOUR REFERENCE: FIRST ILLINOIS VALLEY
CHICAGO TITLE INSURANCE COMPANY
REPLY FORM
YOUR REFERENCE: FIRST ILLINOIS VALLEY ORDER NO.: 1410 000393220 KA
CHICAGO TITLE INSURANCE COMPANY APPLICANT:
113 SOUTH THIRD STREET CITY OF ELGIN
GENEVA, IL 60134 150 DEXTER COURT
ELGIN, ILLINOIS 60123
THIS FORM IS ENCLOSED FOR YOUR CONVENIENCE IN DEALING WITH THIS ORDER.
YOU CAN INDICATE BELOW YOU CAN INDICATE BELOW WHAT YOU WANT
WHAT YOU ARE SENDING US US TO DO NEXT ON THIS ORDER
COMMITMENT RECORD DOCUMENTS
DEED (AFFIX STAMPS, IF ANY)
TRANSFER DECLARATION(S) WAIVE EXCEPTION(S) NOW .
MORTGAGE DATE DOWN (LATER DATE)
ASSIGNMENT OF RENTS ISSUE LATER DATE, OR
TRUST DEED ISSUE POLICIES, IF CLEAR, OR SUBJECT
NOTE TO EXCEPTION NO(S) .
ASSIGNMENT OF MORTGAGE
RELEASE DEEDS)
CANCELLED TRUST DEED AND NOTE
PERSONAL INFORMATION AFFIDAVIT
TAX OR SPECIAL ASSESSMENT RECEIPTS
ALTA STATEMENT
MECHANICS' LIEN WAIVERS
JOINT TENANCY AFFIDAVIT
DEATH CERTIFICATE IF APPLICANT FOR LATER DATE IS DIFFERENT,
CHECK AMOUNT ($ ) FOR IDENTIFY BELOW.
ACCOUNT NO. (IF ANY) :
NAME AND ADDRESS:
BY: DATE:
ALL POLICIES, WHEN ISSUED, WILL BE SENT TO THE APPLICANT NOTED ABOVS UNLESS OTHER NAMES
AND ADDRESSES ARE FURNISHED BELOW:
SEND OWNER'S POLICY TO SEND LOAN POLICY TO
Chicago Title Insurance Company
113 SOUTH THIRD STREET, GENEVA, IL 60134
REFER INQUIRIES TO:
(708)232-2750
COMMITMENT FOR TITLE INSURANCE
CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, herein called the company, for a
valuable consideration, hereby commits to issue its policy or polices of title insurance, as identified in Schedule
A,in favor of the proposed Insured named in Schedule A,as owner or mortgagee of the estate or interest covered
hereby in the land described or referred to in Schedule A,upon payment of the premiums and charges therefor,
all subject to the provisions of Schedules A and B and to the Conditions and Stipulations which are hereby
incorporated by reference and are made a part of the Commitment.
This Commitment sball be effective only when the identity of the proposed Insured and the amount of the policy
or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the
issuance of this Commitment or by subsequent endorsement.
This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and
obligations hereunder shall cease and terminate six months after the effective date hereof or when the policy or
policies committed for such shall issue, whichever first occurs, provided that the failure to issue such policy or
policies is not the fault of the Company.
This commitment sball not be valid or binding until signed by an authorized signatory.
CHICAGO TITLE INSURANCE COMPANY
BY —LL 0-1.e�
AUTHORIZEt SIGNATORY
Providing?fide Related Services Since 1847
ORDER NO. : 1410 000393220 KA
CHICAGO TITLE INSURANCE COMPANY
RESIDENTIAL CO NT FOR TIME INSURANCE
SCHEDULE A
YOUR REFERENCE: FIRST ILLINOIS VALLEY ORDER NO. : 1410 000393220 KA
EFFECTIVE DATE: MAY 11, 1992
L POLICY OR POLICIES TO BE ISSUED:
LOAN POLICY: ALTA LOAN 1990
AMOUNT: TO COME'
PROPOSED INSURED: BANK ONE, ELGIN
2. THE ESTATE OR INTEREST IN THE LAND DESCRIBED OR REFERRED TO IN THIS COMUTMENT
AND COVERED HEREIN IS A FEE SDdPL E UNLESS OTHERWISE NOTED.
3. TITLE TO SAID ESTATE OR INTEREST IN SAID LAND IS AT THE EFFECTIVE DATE VESTED IN:
VALLEY BANK AND TRUST COMPANY NOW KNOWN AS FIRST ILLINOIS VALLEY BANK AND TRUST
COMPANY AS TRUSTEE UNDER TRUST AGREEMENT DATED AVG 24, 1989 AND KNOWN AS TRUST
NUMBER 0431
4. MORTGAGE OR TRUST DEED TO BE INSURED:
TO COME.
CHICAGO TTTLE INSURANCE COMPANY
RESIDENTIAL COMMITMENT FOR TITLE INSURANCE
SCHEDULE A (CONTIIVUED)
ORDER NO.: 1410 000393220 KA
5. THE LAND REFERRED TO IN THIS CO IS DESCRIBED AS FOLLOWS:
THAT PART OF SECTION 27, TOWNSHIP 41 NORTH, RANGE 8 FAST OF THE THIRD PRINCIPAL
MERIDIAN, DESCRIBED AS FOLLOWS: : BEGINNING AT THE NORTHEAST CORNER OF THE SOUTH
1/2 OF THE NORTHEAST 1/4 OF SAID SECTION 27; THENCE SOUTHERLY ALONG THE EAST LINE
OF THE NORTHEAST 1/4 OF SECTION 27, 1331.6 FEET TO THE MAST 1/4 CORNER OF SECTION
27; THENCE SOUTHERLY ALONG THE EAST LINE OF THE SOUTH FAST 1/4 OF SECTION 27, 495
FEET; THENCE WESTERLY PARALLEL WITH THE NORTH LINE OF THE SOUTH EAST 1/4 OF SAID
SECTION 27, 2628 FEET TO THE NORTH AND SOUTH CENTER LINE OF SAID SECTION 27;
THENCE NORTHERLY ALONG SAID NORTH AND SOUTH CENTER LINE OF SECTION 27, 161.9 FEET
TO A POINT 333.1 FEET SOUTH OF THE CENTER OF SAID SECTION 27; THENCE WESTERLY
PARALLEL WITH THE NORTH LINE OF THE SOUTHWEST 1/4 OF SECTION 27, 954.5 FEET TO
THE CENTER LINE OF MCLEAN BLVD (STATE AID ROUTE 18) ; THENCE NORTHERLY ALONG SAID
CENTER LINE, BEING ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF 899.85 FEET;
THENCE NORTHERLY ALONG SAID CENTER LINE, BEING TANGENT TO THE LAST DESCRIBED
CURVE, A DISTANCE OF 653.89 FEET; THENCE NORTHERLY ALONG SAID CENTER LINE, BEING
ALONG A LINE THAT FORMS AN ANGLE OF 00 DEGREES, 02 MINUTES, 0 SECONDS TO THE
RIGHT WITH THE PROLONGATION OF THE LAST DESCRIBED COURSE, 100 FEET TO THE NORTH
LINE OF THE SOUTH EAST 1/4'OF THE NORTHWEST 1/4 OF SAID SECTION 27; THENCE
EASTERLY ALONG THE NORTH LINE OF THE SOUTH MAST 1/4 OF THE NORTHWEST 1/4, 837.5
FEET TO THE NORTHWEST CORNER OF THE SOUTH 1/2 OF THE NORTHEAST 1/4 OF SAID
SECTION 27; THENCE EASTERLY ALONG THE NORTH LINE OF THE SOUTH 1/2 OF SAID
NORTHEAST 1/4, 2637.10 FEET TO THE POINT OF BEGINNING; (EXCEPT THAT PART OF THE
SOUTHEAST 1/4 OF THE NORTHEAST 1/4 OF SECTION 27, TOWNSHIP 41 NORTH, RANGE 8,
FAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT THE
NORTHEAST CORNER OF THE SAID SOUTHEAST 1/4 OF THE NORTHEAST 1/4 OF SECTION 27;
THENCE SOUTH 67 DEGREES 55 MINUTES, 52 SECONDS WEST ALONG THE NORTH LINE OF THE
SAID SOUTHEAST 1/4 OF THE NORTHEAST 1/4, 1188.00 FEET; THENCE SOUTH 02 DEGREES,
04 MINUTES, 08 SECONDS MAST, PERPENDICULAR TO THE LAST DESCRIBED COURSE, 596.29
FEET; THENCE SOUTH 50 DEGREES, 46 MINUTES 57, SECONDS EAST 418.91 FEET; THENCE
NORTH 39 DEGREES, 13 MINUTES 03 SECONDS EAST PERPENDICULAR TO THE LAST DESCRIBED
COURSE, 413.72 FEET; THENCE NORTHEASTERLY ALONG A CURVE TO THE RIGHT, TANGENT TO
THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 760.00 FEET, AN ARC DISTANCE OF
666.77 FEET; THENCE NORTH 89 DEGREES, 29 MINUTES, 06 SECONDS EAST, TANGENT TO
THE LAST DESCRIBED CURVE, 2.37 FEET TO THE EAST LINE OF. THE SAID SOUTHEAST 1/4 OF
THE NORTHEAST 1/4 OF SECTION 27; THENCE NORTH 00 DEGREES, 54 MINUTES, 05 SECONDS
WEST ALONG THE SAID MAST LINE 303.69 FEET TO THE POINT OF BEGINNING, AND ALSO
EXCEPT THAT PART DEDICATED FOR ROADWAY PURPOSES BY DOCUMENT 92KI0974 RECORDED
FEBRUARY 19, 1992) , IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS.
CHICAGO T=INSURANCE COMPANY
RESIDENTIAL COMMITMENT FOR TITLE INSURANCE
SCHEDULE B
ORDER NO. : 1410 000393220 KA
1, WE SHOULD BE FURNISHED A PROPERLY EXECUTED ALTA STATEMENT.
2. NOTE FOR INFORMATION: THE COVERAGE AFFORDED BY THIS COMMITMENT AND
ANY POLICY ISSUED PURSUANT HERETO SHALL NOT COMMENCE PRIOR TO THE
DATE ON WHICH ALL CHARGES PROPERLY BILLED BY THE COMPANY HAVE BEEN
FULLY PAID.
A 3. TAXES FOR THE YEAR 1991 ARE PAYABLE IN 2 INSTALLMENTS.
PERMANENT INDEX NUMBER 06-27-200-005
THE FIRST INSTALLMENT, AMOUNTING TO $1,218.07, IS NOT DELINQUENT BEFORE
JUNE 15, 1992.
THE SECOND INSTALLMENT, AMOUNTING TO $1,218.07, IS NOT DELINQUENT BEFORE
SEPTEMBER 15, 1992.
TAXES FOR 1992 NOT YET DUE OR PAYABLE.
TAXES FOR THE YEAR 1991 ARE PAYABLE IN 2 INSTALLMENTS.
PERMANENT INDEX NUMBER 06-27-400-001
THE FIRST INSTALLMENT, AMOUNTING TO $456.79, IS NOT DELINQUENT BEFORE
JUNE 15, 1992.
THE SECOND INSTALLMENT, AMOUNTING TO $456.79, IS NOT DELINQUENT BEFORE
SEPTEMBER 15, 1992.
TAXES FOR 1992 NOT YET DUE OR PAYABLE.
TAXES FOR THE YEAR 1991 ARE PAYABLE IN 2 INSTALLMENTS.
PERMANENT INDEX NUMBER 06-27-326-001
THE FIRST INSTALLMENT, AMOUNTING TO $106.59, IS NOT DELINQUENT BEFORE
JUNE 15; 1992.
THE SECOND INSTALLMENT, AMOUNTING TO $106.59, IS NOT DELINQUENT BEFORE
SEPTEMBER 15, 1992.
TAXES FOR 1992 NOT YET DUE OR PAYABLE.
TAXES FOR THE YEAR 1991 ARE PAYABLE IN 2 INSTALLMENTS.
PERMANENT INDEX NUMBER 06-27-126-005
THE FIRST INSTALLMENT, AMOUNTING TO $395.89, IS NOT DELINQUENT BEFORE
JUNE 15, 1992.
THE SECOND INSTALLMENT, AMOUNTING TO $395.89, IS NOT DELINQUENT BEFORE
SEPTEMBER 15, 1992.
TAXES FOR 1992 NOT YET DUE OR PAYABLE.
B 4. MORTGAGE DATED MARCH 13., 1991 AND RECORDED MAY 31, 1991 AS DOCUMENT
91827379, MADE BY FIRST ILLINOIS VALLEY BANK AND TRUST COMPANY, AS
TRUSTEE UNDER TRUST AGREEMENT DATED AUGUST 24, 1991, INOWN AS TRUST
NUMBER 0431, TO FIRST•ILLINOIS VALLEY BANK AND TRUST COMPANY, TO SECURE A
NOTE FOR $1,000,000.00.
L S. TERMS, POWERS, PROVISIONS AND LIMITATIONS OF THE TRUST UNDER WHICH TITLE
TO THE LAND IS HELD.
M 6. NOTE: THE FOLLOWING IS PROVIDED FOR YOUR INFORMATION AND IS NOT A PART OF
t .
CHICAGO TI'I'I.E INSURANCE COMPANY
RESIDENTIAL COMMITMENT FOR TIME INSURANCE
SCHEDULE B (CONTINUED)
ORDER NO. : 1410 000393220 KA
THIS COMMITHENT/POLICY.
THE FOLLOWING ENVIRONMENTAL DISCLOSURE DOCUMENT(S) FOR TRANSFER OF REAL
PROPERTY APPEAR OF RECORD WHICH INCLUDE A DESCRIPTION OF THE LAND INSURED OR
A PART THEREOF:
DOCUMENT NUMBER: 9OK24164 DATE OF RECORDING: MAY 10, 1990
N 7. NOTE: IF ANY CONTEMPLATED DEED OF CONVEYANCE OF THE LAND IS EXEMPT FROM THE
OPERATION OF THE PROVISIONS OF PARAGRAPH 1(A) OF CHAPTER 109 OF THE .ILLINOIS
REVISED STATUTES (COMMONLY KNOWN AS THE PLAT ACT) , SUCH DEED SHOULD BE
ACCOMPANIED BY A PROPER AFFIDAVIT ESTABLISHING TO THE SATISFACTION OF THE
RECORDER OF DEEDS OF COUNTY, ILLINOIS, THAT THE CONVEYANCE IS SO EXEMPT. IF
SAID CONVEYANCE IS NOT SO EXEMPT, COMPLIANCE SHOULD BE HAD WITH THE
PROVISIONS OF SAID PARAGRAPH 1(A) .
D S. RIGHTS OF WAY FOR .DRAIN TILES, DRAINAGE DITCHES, FEEDERS AND LATERALS.
E 9. RIGHTS OF THE PUBLIC, THE STATE OF ILLINOIS, COUNTY OF KANE AND THE
MUNICIPALITY IN AND TO THAT PART OF THE LAND TAKEN OR USED FOR ROAD PURPOSES.
F 10. EASEMENT GRANT RECORDED NOVEMBER 7, 1979 AS DOCUMENT 1526952 IN FAVOR OF
SANITARY DISTRICT OF ELGIN FOR A 20 FOOT WIDE SANITARY SEWER
SEE DOCUMENT FOR EXACT•LOCATION.
G 11. BASEMENT FOR GAS MAIN IN FAVOR OF NORTHERN ILLINOIS GAS COMPANY RECORDED MAY
1, 1980 AS DOCUMENT 1542262
SEE DOCUMENT AND DRAWING ATTACHED FOR LOCATION.
H 12. ORDINANCE OF CITY OF ELGIN ESTABLISHING FEES FOR CONNECTION AND USE OF
WATERMAIN IMPROVEMENTS RECORDED MARCH 13,• 1987 AS DOCQMfiNT 1828239.
1 13. PROVISIONS IN THE QUIT CLAIM DEED RECORDED OCTOBER 20, 1989 AS DOCUMENT
2003869 FROM THE COUNTY BOARD OF SCHOOL TRUSTEES OF KANE- COUNTY TO THE CITY
OF ELGIN THAT THE CONVEYANCE IS SUBJECT TO TERMS AND CONDITIONS OF THE
INTERGOVERNMENTAL AGREEMENT BETWEEN THE GRANTOR AND GRANTEE DATED JULY 14,
1988. .
0 14. INFORMATIONAL NOTE:
TO SCHEDULE KANE/KENDALL CLOSINGS, PLEASE CALL: (708)584-9566
FOR CLOSING INFORMATION/FIGURES:
IN ST. CHARLES & GENEVA, PLEASE CALL: (708)584-9566
IN AURORA AND YORKVILLE, PLEASE CALL: (708)892-3775 '
P 15. REFER INQUIRES REGARDING THIS COMMITMENT TO DAVID NELSON AT GENEVA, KANE
COUNTY OFFICE: (708)232-2750.
COPIES OF THE COMMITMENT HAVE BEEN SENT TO:
WtCSCHBC PAGE B 2
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CHICAGO TITLE INSURANCE COMPANY
RESIDENTIAL COMMITMENT FOR.TITLE INSURANCE
SCHEDULE B (CONTINUED)
ORDER NO. : 1410 000393220 KA
RITT & DALTON
1130 NORTH MCIM!N BOULEVARD
ELGIN, ILLINOIS 60123
RAY DALTON
HANK ONE
888 N. LAPDX ST
SOUTH ELGIN, ILLINOIS 60177
CITY OF ELGIN
150 DEXTER COURT
ELGIN, ILLINOIS 60123
LEGAL DEPT