11-200 Resolution No. 11-200
RESOLUTION
AUTHORIZING EXECUTION OF THIRD 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 Kimberly A. Dewis,City Clerk,be and are hereby authorized and
directed to execute a third amendment to real estate sales contract on behalf of the City of Elgin with
The Residential Land Fund 1, L.P., a copy of which is attached hereto and made a part hereof by
reference.
s/David J Kaptain
David J. Kaptain, Mayor
Presented: December 7, 2011
Adopted: December 7, 2011
Omnibus Vote: Yeas: 6 Nays: 0
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk
THIRD AMENDMENT TO
REAL ESTATE SALES CONTRACT
THIS THIRD AMENDMENT, made and entered into this 7th day of December,
2011, 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, and amended
by Second Amendment to Real Estate Sales Contract dated December 1, 2010,
("Contract") covering the conveyance by Seller to Purchaser of two parcels of real estate
described in Exhibit A attached to the July 23, 2008 document referenced above.
B. The closing of the conveyance contemplated in the Contract is scheduled to take place no
later than December 31, 2011.
C. Purchase and Seller have agreed to extend the closing date for one (1) year, to no later
than December 31, 2012.
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:
4C5. Closin . The time of Closing("Closing" or"Closing Date") shall (i) be on or
before the thirtieth (30`'') 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 by later than December 31, 2012, 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."
Il. In all other respects the Contract shall remain in full force and effect as originally
executed and as amended herein.
s
CITY OF ELGIN, THE RESIDENTIAL LAND FUND I, L,P.
an Illinois municipal corporation a Delaware limited partnership
By: 1 Bv: Residential Land Management, L.L.C.
City Manager a Delaware limited liability company
Its: Sole General Partner
Attest:
By: Terrestris RLM, Ltd.
By: _ an I11ino' 'corporation
City Clerk ts: Sole Managing Member
By:
nnis A. Cortesi, President
City of Elgin The Residential Land Fund, L.P.
Attn: City Manager Attn: Dennis A. Cortesi
150 Dexter Court 4413 W. Roosevelt Road
Elgin, Illinois 60120-5555 Suite 105B
Hillside, Illinois 60162
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
2011 Real Estate\Residential Land Fund\City of ElginiThird Amendment to Sales Contract