10-219 Resolution No. 10-219
RESOLUTION
AUTHORIZING EXECUTION OF SECOND AMENDMENT TO
REAL ESTATE SALES CONTRACT 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 a second amendment to real estate sales contract 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: December 1, 2010
Adopted: December 1, 2010
Omnibus Vote: Yeas: 7 Nays: 0
Attest:
s/Diane Robertson
Diane Robertson, City Clerk
ELGIN
THE CITY IN THE SUBURBS'
DATE: December 6, 2010
TO: Barb Furman, Paralegal
FROM: Jennifer Quinton, Deputy City Clerk
SUBJECT: Resolution No. 10-219, Adopted at the December 1, 2010, Council Meeting
Enclosed you will find the agreement listed below. Please distribute this agreement to the other
party and keep a copy for your records if you wish. 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.
• Second amendment to real estate sales contract with The Residential Land Fund I, L.P.
(Fire Station No. 9)
e
SECOND AMENDMENT TO
REAL ESTATE SALES CONTRACT
THIS SECOND AMENDMENT,made and entered into this 1st day of December,
2010, by and between the CITY OF ELGIN, Illinois, an Illinois municipal corporation
("Purchaser"), 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 dated July 23, 2008,
amended by Amendment to Real Estate Sales Contract dated July 22, 2009 ("Contract")
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, 2010.
C. Purchaser and Seller have agreed to extend the closing date for one (1) year,to no later
than December 31, 2011.
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. Closin . 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, 2011, 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.
C Documents and Settings\KatieNy Documents\REAL ESTATE TRANSACTIONS\Amendment to RE Contract2[1].doc
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CITY OF ELGIN, THE RESIDENTIAL LAND FUND I, L.P.
an Illinois municipal corporation a Delaware limited partnership
By: By: Residential Land Management, L.L.C.
rty Manager a Delaware limited liability company
Its: Sole General Partner
Attest:
By: Terrestris RLM, Ltd.
By: an Illinois corporation
City Clerk
=Sel l iag Member
BL
Denms A Cortesi, Presi ent
City of Elgin The Residential Land Fund, L.P.
Attn.: City Manager Attn. Dennis A. Cortesi
150 Dexter Court 1301 Wes 22nd 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
C:Documents and Settings\Katie\My Documents\REAL ESTATE TRANSACTIONS\Amendment to RE Contract2[1].doc