13-189 Resolution No. 13-189
RESOLUTION
AUTHORIZING EXECUTION OF AN ADDENDUM TO REAL
ESTATE CONTRACT BETWEEN THE DONALD J. LOBIANCO DECLARATION
OF TRUST, SELLER, AND THE CITY OF ELGIN, PURCHASER, FOR THE
PROPERTY COMMONLY KNOWN AS 254 N. STATE STREET,
ELGIN, ILLINOIS, AND 206 MILL STREET, ELGIN, ILLINOIS,
DATED JULY 24, 2013
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS,
that Sean R. Stegall, City Manager, be and is hereby authorized and directed to execute an
Addendum to Real Estate Contract Between the Donald J. LoBianco Declaration of Trust, Seller,
and the City of Elgin, Purchaser, for the Property Commonly Known as 254 N. State Street,
Elgin, Illinois, and 206 Mill Street, Elgin, Illinois, Dated July 24, 2013, a copy of which is
attached hereto and made a part hereof by reference.
s/David J. Kaptain
David J. Kaptain, Mayor
Presented: November 20, 2013
Adopted: November 20, 2013
Vote: Yeas: 9 Nays: 0
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk
ADDENDUM TO REAL ESTATE CONTRACT
BETWEEN THE DONALD J. LOBIANCO DECLARATION
OF TRUST, SELLER, AND THE CITY OF ELGIN, PURCHASER,
FOR THE PROPERTY COMMONLY KNOWN AS 254 N. STATE
STREET, ELGIN, ILLINOIS, AND 206 MILL STREET,
ELGIN,ILLINOIS,DATED JULY 24,2013
It is hereby agreed by and between the above named parties to the above named
contract that paragraph 3 of said contract shall be stricken in its entirety and the following
paragraph substituted in its place:
3. Payment Structure. The Purchase Price of $150,000.00, shall be paid as
follows: Initial earnest money of $15,000.00 shall be paid within thirty (30) days by the
Purchaser to the Seller's Attorney, Gary N. Topol, "Escrowee" in trust for the mutual
benefit of the parties. The balance of the Purchase Price, as adjusted by proration, shall
be paid at closing by wire transfer of funds, or by certified, cashier's, mortgage lender's or
title company's check.
The parties hereby ratify and incorporate all of the original terms of the contract
(with the exception of inspection issues) of said preliminary contract.
Dated: November 6, 2013.
Seller: Purchaser:
The Donald J. LoBianco Declaration The City of Elgin
of Trust
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Op 1 L. Lo co, u cessor Trustee Sean R. Stegall, City pager