09-171 Resolution No. 09-171
RESOLUTION
AUTHORIZING EXECUTION OF AN AMENDMENT TO
REAL ESTATE SALES CONTRACT DATED JULY 23, 2008, WITH
THE RESIDENTIAL LAND FUND I, L.P.
(Fire Station No. 9)
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,ILLINOIS,that
Sean R. Stegall, City Manager, and Diane Robertson, City Clerk,be and are hereby authorized and
directed to execute an amendment to the real estate sales contract dated July 23,2008,on behalf of
the City of Elgin with The Residential Land Fund I, L.P., a copy of which is attached hereto and
made a part hereof by reference.
s/Ed Schock
Ed Schock, Mayor
Presented: July 22, 2009
Adopted: July 22, 2009
Omnibus Vote: Yeas: 5 Nays: 0
Attest:
s/Diane Robertson
Diane Robertson, City Clerk
AMENDMENT TO REAL ESTATE SALES CONTRACT
THIS AMENDMENT,made and entered into this 2a day of 3, , 2009,by and
between the CITY OF ELGIN, Illinois, an Illinois municipal corporation(" chaser"), and
THE RESIDENTIAL LAND FUND I,L.P.,a Delaware limited partnership("Seller"):
WITNESSETH:
A. Purchaser and Seller entered into a Real Estate Sales Contract("Contract")dated July 23,
2008,covering the conveyance by Seller to Purchaser of two parcels of real estate
described in Exhibit A attached thereto.
B. The closing of the conveyance contemplated in the Contract is scheduled to take place no
later than December 31, 2009.
C. Purchaser and Seller have agreed to extend the closing date for one (1)year,to no later
than December 31,2010.
NOW,THEREFORE,for and in consideration of the mutual covenants and agreements
set forth herein, and for other good and valuable consideration,the receipt and sufficiency of
which the parties hereby acknowledge,the parties hereby agree as follows:
I. Paragraph 5 of the Contract is hereby deleted in its entirety and the following is inserted
in its place:
445. Closing. The time of Closing ("Closing"or"Closing Date")shall (i)be on or
before the thirtieth(30th)day following the receipt by Seller of final plat approval
by Purchaser for the balance of Spring Creek Farm property adjacent to the Real
Estate ("Plat"), containing approximately 19.75 acres,but in no event shall the
Closing Date be later than December 31, 2010,or(ii) such other date as may
hereafter be agreed to by the parties,or(iii)on the date,if any,to which such time
is extended by reason of Section 8 hereafter becoming operative. Unless
subsequently mutually agreed otherwise, Closing shall take place at the office of
the Escrowee (as hereinafter defined in Section 17),provided title is shown to be
good or is accepted by Purchaser. The Plat shall be in substantial conformance to
"Exhibit D"attached hereto and incorporated herein by this reference."
II. In all other respects the Contract shall remain in full force and effect as originally
executed and as amended herein.
CADocuments and Settings\OwnerrNy Documents\Amendment to RE Contract.doc
CITY OF ELGIN, THE RESIDENTIAL LAND FUND I,L.P.
an Illinois munic' corporation a Delaware limited partnership
By: By: Residential Land Management, L.L.C.
City anager a Delaware limited liability company
Its: Sole
General Partner
Attest:
By: Terrestris RLM, Ltd.
By. \ ? an Illinois corporation
I Sole Mana ' ber
By
e s A Cortesi, President
City of Elgin The Residential Land Fund, L.P.
Attn.: City Manager Attn. Dennis A. Cortesi
150 Dexter Court 1301 Wes 22' Street, Suite 201
Elgin, Illinois 60120-5555 Oak Brook, Illinois 60523
with a copy of any notice to: with a copy of any notice to:
William A. Cogley,Esq., Richard L. Heimberg, Esq.
Corporate Counsel, City of Elgin Brady &Jensen, LLP
150 Dexter Court 2425 Royal Boulevard
Elgin,Illinois 60120-5555 Elgin, Illinois 60123
(847) 931-5659 (847) 695-2000
(847) 931-5665 facsimile (847)695-3243 facsimile
CADocuments and Settings\OwnerNy Documents\Amendment to RE Contract.doc
• Memorandum
r City of Elgin
Date: July 27, 2009
To: Mary Giffort, Paralegal
From: Jennifer Quinton, Deputy City Clerk
Subject: Resolution No. 09-171, Adopted at the July 22, 2009, Council Meeting
Enclosed you will find the agreement listed below. Please retain a copy for your records. If you
have any questions please feel free to contact our office 847-931-5660 and we will do our best to
assist you. Thank you.
• Amendment to Real Estate Sales Contract Dated July 23, 2008 with The
Residential Land Fund 1, L.P. (Fire Station No. 9)