14-123 Resolution No. 14-123
RESOLUTION
AUTHORIZING EXECUTION OF A REAL ESTATE CONTRACT
FOR THE PURCHASE OF 980 LAVOIE AVENUE
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 a real
estate contract on behalf of the City of Elgin with Mary Miller for the purchase of the property
commonly known as 980 Lavoie Avenue for $50,000, a copy of which is attached hereto and
made a part hereof by reference.
s/David J. Kaptain
David J. Kaptain, Mayor
Presented: September 10, 2014
Adopted: September 10, 2014
Omnibus Vote: Yeas: 9 Nays: 0
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk
MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 4.0
REAVOR of pny
1
I-THE PARTIES:Buyer and Seller are hereinafter referred to as the"Parties".
2
3 Buyer(s)(Please Print) City of Elgin, an Illinois municipal corporation
4 --
5 Seller(s)(Please Print) MARY MILLER Owner of Record
6
7 If Dual Agency applies,complete Optional Paragraph 41.
8
9 2.THE REAL ESTATE: Real Estate shall be defined to include the Real Estate and all improvements thereon.Seller
10 agrees to convey to Buyer or to Buyer's designated grantee, the Real Estate with the approximate lot size or acreage
11 of 50' ii 158' per commonly known as: 980 LAVOIE AVENUE, ELGIN ILLINOIS 60120
12 survey Address City State Zip
13 IZANE 06-24-486-016
14 County Unit#(if applicable) Permanent index Number(s)of Real Estate
15
16 If Condo/Coop/Townhome Parking is Included:#of space(s),;identified as Space(s)#
17 (check type) 0 deeded space; 0 limited common element;❑assigned space
18
19 3.FIXTURES AND PERSONAL PROPERTY:All of the fixtures and personal property stated herein are owned by
20 Seller and to Seller's knowledge are in operating condition on the Date of Acceptance,unless otherwise stated herein
21 Seller agrees to transfer to Buyer all fixtures, all heating, electrical, plumbing and well systems together with the
22 following items of personal property by Bill of Sale at Closing:(Check or enumerate applicable itentel
23 Rdrigomtor %Ali Tacked Down Carpeting —Fim&-Scsaen(s)Moor(s)Gmte(s) ,C.attralAwConditionma
24 �(ovewRangel'Stove JC All Window Treatments&Hardware . Fireplace Gan Logs Electronic or Media Air Filler
25 mcrowave Built-in or Attached shelving Existing storms&Scrams Comm]Humidifier
26 — Dishumber `smoke Dcaxtor(s) _S-arity sysw*s)(mvned) ,Somp Pumps)
27 ^Garbage Disposal Ceiling Fan(s) Intercom system Water Softener(owned)
28 Trash Compactor Tv Antenna system _—Centrni Va.&apipmeot —Outdoor shed
29 —Washer _Window Air Conditioner(s) —Electronic Garage Door Opcw(s) Attached Gas Grill
30 _Dryer XPlantcd Vegetation with all Transmitter(s) ZLight Fixtures,as they cdat
31 _satellite Dish —outdoor playsets _Invisible Fence System,Collar(s)and Box `Home Warranty S
32 Other items included:
33 Items NOT included: F�;y21+xk(
34 Seller warrants to Buyer that all fixtures, systems and personal property included in this Contract shall be in operating
35 condition at possession, except:
36 A system or item shall be deemed to be in operating condition if it performs the function for which it is intended,
37 regardless of age,and does not constitute a threat to health or safety.
38
39 4.PURCHASE PRICE:Purchase Price of ' 000 shall be paid as follows:fnial-
40 _
41 to by iaffeased to e-total er S b -rte b@ 606664 KW AG,-
42 «
43 Pet6esr The Wwoa-e€the Purchase Price,as adjusted by prorations,shall be paid at Closing by wire transfer of funds,
44 or by certified, cashier's, mortgage lender's or title company's check (provided that the title company's check is
45 guaranteed by a licensed title insurance company).
46
47 5. CLOSING: Closing or escrow payout shall be on October 17 , 20_14__, or at such time as
48 mutually agreed upon by the Parties in writing. Closing shall take place at the title company escrow office situated
49 geographically nearest the Real Estate or as shall be agreed mutually by the Parties.
50
51 6.POSSESSION: Unless otherwise provided in Paragraph 39, Seller shall deliver possession to Buyer at the time of
52 Closing.Possession shall be deemed to have been delivered when Seller has vacated the Real Estate and delivered keys
53 to the Real Estate to Buyer or to Listing Office.
Buyer Initial Btryer Initial Seller Initial - Seller Initial
Address 980 LAVOIE A 120
Pane 1
54 7.RESIDENTIAL REAL ESIATE AND D-B D NT i L : if applicable,prior to signing
! 55 this Contract,Buyer[check onellEt has f11 has not received a completed Illinois Residential Real Property Disclosure
56 Report;[check oneJ33 has r has not received the EPA Pamphlet,"Protect Your Family From Lead in Your Home";
57 [check oneOU hasrff has not received a Lead-Based Paint Disclosure.
58
59 8.PRORATIONS: Proratable items shall include, without limitation,rents and deposits(if any)from tenants,Special
60 Service Area tax for the year of closing only,utilities, water and sewer,and homeowner or condominium association
61 fees (and Master/Umbrella Association fees, if applicable). Accumulated reserves of a Homeowner/Condominium
62 Association(s)are not a proratable item.Seller represents that as of the Date of Acceptance Homeowner/Condominium
63 Association(s)fees are S r _ (and,if applicable,fees for a Master/Umbrella Association are
64 $_bi'A per .Seller agrees�to pay prior to or at Closing any special assessments(governmental or
65 association)confirmed prior to Date of Acceptance.Installments due after the year of Closing for a Special Service Area
66 shall not be a proratable item. The general Real Estate taxes shall be prorated as of the date of Closing based on
67 00 %of the most recent ascertainable full year tax bill. All proration shall be final as of Closing, except as.
68 provided in Paragraph 20.If the amount of the most recent ascertainable tax bill reflects a homeowner,senior citizen or
69 other exemption,Seller has submitted or will submit in a timely manner all necessary documentation to the Assessor's
70 Office,before or after Closing,to preserve said exemption(s).
71
72 9.ATTQRUY REMZWW:The respective attorneys for the Parties may approve,disapprove,or make modifications to
73 this Contract,other than stated Purchase Price,within five(5)Business Days after the Date of Acceptance. Disapproval
74 or modification of this Contract shall not be based solely upon stated Purchase Price. Any notice of disapproval or
75 proposed modification(s)by any Party shall be in writing.If written notice is not served within the time specified,this
76 provision shall be deemed waived by the Parties and this Contract shall remain in full force and effect.If prior to
77 the expiration of ten(10)Business Days after Date of Acceptance,written agreement is not reached by the Parties
78 with respect to resolution of proposed modifications,then this Contract shall be null and void.
79
80 10 PROFESSIONAL INSPEi'TIONSS: Buyer may secure at Buyer's expense (unless otherwise provided by
81 governmental regulations) a home, radon, environmental, lead-based paint and/or lead-based paint hazards (unless
82 separately waived), and/or wood destroying insect infestation inspection(s)of said Real Estate by one or more licensed
83 or certified inspection service(s). Buyer shall serve written notice upon Seiler or Seller's attorney of any defects
84 disclosed by the inspection(s) which are unacceptable to Buyer,.together with a copy of the pertinent page(s) of the
85 report(s) within five(5) Business Days (ten (10) calendar days for a lead based paint and/or lead-based paint hazard
86 inspection)after Date of Acceptance.If written notice is not served within the time specified,this provision shall be
87 deemed waived by the Parties and this Contract shall remain in full force and effect.If prior to the expiration of
88 ten(10)Business Days after Date of Acceptance,written agreement is not reached by the Parties with respect to
89 resolution of inspection issues, their this Contract shall be null and void. The home inspection shall cover p r�„yl ,
90 major components of the Real Estate,including but not limited to,central heating system(sA central cooling system(s),
91 plumbing and well system,electrical system,roof,wails,windows,ceilings,floors,appliances and foundation. A major
92 component shall be deemed to be in operating condition if it performs the function for which it is intended,regardless of
93 age,and does not constitute a threat to health or safety.The fact that a functioning component may be at the end of its
94 useful life shall not render such component defective for the purpose of this paragraph. Buyer shall indemnify Seiler
95 and hold Seller harmless from and against any loss or damage caused by the acts or negligence of Buyer or any person
96 performing any inspection(s). Buyer agrees minor repairs and routine maintenance items are not a part of this
97 contingency. If radon mitigation is performed,Seller shall pay for a retest.
98 _
99
100 Disclosure (see page 11). This Contract is contingent upon Bu er ob age commitment
101 (except for matters of title and r--- m uyees control)on or before ,20
102 ,
Buyer Initial Buyer Initial Seller In#JaF2j Seller Initial
Address 98 LAVOIE AVENUE, ELGIN, IL 60120
Page 2
103
104 required. The interest rate(initial rate, if applicable)shall not exceed %per annum, amortized over not le
105 years. Buyer shall pay loan origination fee andlor discount points not to exceed %of the amount.
106 Buyer shall pay the cost of application,usual and customary processing fees and closing costs c by lender. (if
107 PHA/VA, complete Paragraph 35.) (If closing cost credit, complete Paragraph 33.) Buy all make written loan
108 application within five (5)Business Days after the Date of Acceptance. Failure to o shall constitute an act of
109 Default under this Contract. If Buyer,having applied for the loan speciflo4d5ove,is unable to obtain such loan
110 commitment and serves written notice to Seller within the time sp ,this Contract shall be null and void.If
III written notice of Inability to obtain such loan commitment ij?atlerved within the time specified,Buyer shall be
112 deemed to have waived this contingency and this Contr s all remain in full force and effect. Unless otherwise
113 provided in Paragraph 31,this Contract shall n contingent upon the sale and/or closing of Buyer's existing
114 real estate. Buyer shall be deemed to have ed the financing conditions of this paragraph if Buyer obtains a loan
115 commitment in accordance with the of this paragraph even though the loan is conditioned on the sale and/or
116 closing of Buyer's existing r C. If Seiler at Seller's option and expense, within thirty(30)days after Buyer's
117 notice,procures for Buy c commitment or notifies Buyer that Seller will accept a purchase money mortgage upon
118 the same terms, tract shall remain in full force and effect.In such event, Seller shall notify Buyer within five(5)
119 Business after Buyer's notice of Seller's election to provide or obtain such financing,and Buyer shall furnish to
120 Sell ender all requested information and shall sign all papas necessary to obtain the mortgage commitment and to
121 —Age Am'FIRM
122
123 12. HQASOWNER INSURANCE: This Contract is contingent upon Buyer's securing evidence of insurability for an
124 Insurance Service Organization Homeowner 3 (ISOH03)or applicable equivalent policy at Preferred Premium rates
125 within ten(10)Business Days after Date of Acceptance. If Buyer is unable to obtain evidence of insurability and
126 serves written notice with proof of same to Seller within the time specified,this Contract shall be null and void.If
127 written notice is not served within the time specified,Buyer shall be deemed to have waived this contingency and
128 this Contract shall remain in full force and effect.
I29
130 13. FLOOD INSURANCE: Unless previously disclosed in the Illinois Residential Real Property Disclosure Report,
131 Buyer shall have the option to declare this Contract null and void if the Real Estate is located in a special flood hazard
132 area which requires Buyer to carry flood insurance. if written notice of the option to declare this Contract null and
133 void is not given to Seller within ten(10)Business Days after Date of Acceptance or within the term specified in
134 Paragraph 11 (whichever is later),Buyer shalt be deemed to have waived such option and this Contract shall
135 remain in full force and effect.Nothing herein shall be deemed to affect any rights afforded by the Residential Real
136 Property Disclosure Act.
137
1
139 contained in this paragraph,which may be contrary to other terms of this Contract,shall supersede any conflict. s.
140 (a) Title when conveyed shall be good and merchantable,subject to temrs,provisions,covenants onditions of
141 the Declaration of Condominium/Covenants,Conditions and Restrictions and all amen ;public and utility
142 easements including any easements established by or implied from the Decl Condom inium/Covenants,
143 Conditions and Restrictions or amendments thereto;party wall rights mcnts;limitations and conditions
144 imposed by the Condominium Property Act;installments due the date of Closing of general assessments
145 established pursuant to the Declaration of CondomiT versants,Conditions and Restrictions.
146 (b) Seller shall be responsible for all regular a ents due and levied prior to Closing and for all special
147 assessments confirmed prior to the Da cceptance.
148 (c) Buyer has,within true(5)Bus' ys from the Date of Acceptance,the right to demand from Seller items as
149 stipulated by the Illin ' ominium Property Act, if applicable, and Seller shall diligently apply for same.
150 This Co�* Ject to the condition that Seller be able to procure and provide to Buyer,a release or waiver
151 of an rst refusal or other pre-emptive rights of purchase created by the Declaration of
152 ominium/Covenants, Conditions and Restrictions within the time established by the Declaration of
153 ,
Buyer Initial Buyer Initial _.Seller Initial _Seller Initial
Address 9 LAVOIE AVENUE, ELGIN, IL 60120
Page 3
154 .
155 (d) In the event the documents and information provided by Seller to Buyer disclose that the eus i J ents
156 are in violation of existing rules,regulations or other restrictions or that the terms [lions contained
157 within the documents would unreasonably restrict Buyer's use of the or would result in increased
158 financial obligations unacceptable to Buyer in connection ' mg the Real Estate, then Buyer may
159 declare this Contract null and void by giving S tten notice within five(5)Business Days after the
160 receipt of the documents and infor equired by Paragraph 14 (c),listing those deficiencies which
161 are unacceptable to Bu ten notice is not served within the time specified,Buyer shall be deemed
162 to have waiv ntingency,and this Contract shall remain in full force and effect.
163 (e) Sel not be obligated to provide a condominium survey.
164 .
165
166 15: THE DEED: Seller shall convey or cause to be conveyed to Buyer or Buyer's designated grantee good and
167 merchantable title to the Real Estate by recordable general Warranty Deed, with release of homestead rights, (or the
168 appropriate deed if title is in trust or in an estate), and with real estate transfer stamps to be paid by Seller (unless
169 otherwise designated by local ordinance).Title when conveyed will be good and merchantable,subject only to: general
170 real estate taxes not due and payable at the time of Closing,covenants,conditions,and restrictions of record, building
171 lines and easements,if any,so long as they do not interfere with the current use and enjoyment of the Real Estate.
172
173 16. TITLE: At Seller's expense, Seller will deliver or cause to be delivered to Buyer or Buyer's attorney within
174 customary time limitations and sufficiently in advance of Closing, as evidence of title in Seller or Grantor, a title
175 commitment for an ALTA title insurance policy in the amount of the Purchase Price with extended coverage by a title
176 company licensed to operate in the State of Illinois,issued on or subsequent to the Date of Acceptance,subject only to
177 items listed in Paragraph 15.The requirement of providing extended coverage shall not apply if the Real Estate is vacant
178 land.The commitment for title insurance furnished by Seller will be conclusive evidence of good and merchantable title
179 as therein shown,subject only to the exceptions therein stated.If the title commitment discloses unpermitted exceptions,
180 or if the Plat of Survey shows any encroachments which are not acceptable to Buyer, then Seller shall have said
181 exceptions or encroachments removed,or have the title insurer commit to insure against loss or damage that may be
182 caused by such exceptions or encroachments.If Seller fails to have unpermitted exceptions waived or title insured over
183 prior to Closing,Buyer may elect to take the title as it then is,with the right to deduct from the Purchase Price prior
184 encumbrances of a definite or ascertainable amount.Seller shall furnish Buyer at Closing an Affidavit of Title covering
185 the date of Closing,and shall sign any other customary forms required for issuance of an ALTA Insurance Policy.
186
187 17. PLAT OF SURVEY: Not less than one (1) Business Day prior to Closing, except where the Real Estate is a
188 condominium(see Paragraph 14)Seller shall,at Seller's expense,furnish to Buyer or Buyer's attorney a Plat of Survey
189 dated not more than six(6)months prior to the date of Closing,prepared by an Illinois Professional Land Surveyor,
190 showing any encroachments,measurements of all lot lines, all easements of record,building set back lines of record,
191 fences,all buildings and other improvements on the Real Estate and distances therefrom to the nearest two lot lines.In
192 addition,the survey to be provided shall be a boundary survey conforming to the current requirements of the appropriate
193 state regulatory authority.The survey shall show all comers staked,flagged,or otherwise monumented.The survey shall
194 have the following statement prominently appearing near the professional land surveyor seal and signature: "This
195 professional service conforms to the current Illinois minimum standards for a boundary survey".A Mortgage Inspection,
I96 as defined,is not a boundary survey,and is not acceptable.
197
198 18.ESCROW CLOSING: At the election of either Party,not less than five(5)Business Days prior to the Closing,this
199 sale shall be closed through an escrow with the lending institution or the title company in accordance with the provisions
200 of the usual form of Deed and Money Escrow Agreement,as agreed upon between the Parties,with provisions inserted
201 in the Escrow Agreement as may be required to conform with this Contract.The cost of the escrow shall be paid by the
202 Party requesting the escrow. If this transaction is a cash purchase(no mortgage is secured by Buyer),the Parties shall
203 share the title company escrow closing fee equally.
204
Buyer Initial Biryerinitial Seller India Seller Initial
Address 980 LAVOIE AVENUE, ELGIN, IL 60120
Page 4
205 19 DAMAGE jQ REAL,ESTATE PRIOR TO CLOSING:If,prior to delivery of the deed,the Real Estate shall be
206 destroyed or materially damaged by fire or other casualty,or the Real Estate is taken by condemnation,then Buyer shall
207 have the option of either terminating this Contract(and receiving a refund of earnest money) or accepting the Real
208 Estate as damaged or destroyed, together with the proceeds of the condemnation award or any insurance payable as a
209 result of the destruction or damage, which gross proceeds Seller agrees to assign to Buyer and deliver to Buyer at
210 closing.Seller shall not be obligated to repair or replace damaged improvements.The provisions of the Uniform Vendor
211 and Purchaser Risk Act of the State of Illinois shall be applicable to this Contract,except as modified in this paragraph.
212
213 20 REAL ESTATE TAX ESCROW:In the event the Real Estate is improved,but has not been previously taxed for
214 the entire year as currently improved,the sum of three percent(31%)of the Purchase Price shall be deposited in escrow
215 with the title company with the cost of the escrow to be divided equally by Buyer and Seller and paid at Closing.When
216 the exact amount of the taxes prorated under this Contract can be ascertained, the taxes shall be prorated by Seller's
217 attorney at the request of either Party,and Seller's share of such tax liability after reproration shall be paid to Buyer from
218 the escrow funds and the balance,if any,shall be paid to Seller.If Seller's obligation after such repromtion exceeds the
219 amount of the escrow funds,Seller agrees.to pay such excess promptly upon demand.
220
221 21,_SELLER REPRESENTATIONS: Seller represents that Seller has not received written notice from say
222 Governmental body or Homeowner Association regarding(a)zoning,building, fire or health code violations that have
223 not been corrected; (b)any pending rezoning;(c)any pending condemnation or eminent domain proceeding; or(d) a
224 proposed or confirmed special assessment and/or Special Service Area affecting the Real Estate. Seller represents,
225 however,that,in the case of a special assessment and/or Special Service Area,the following applies:
226 1.There[check one]is 01 is not fN a proposed or pending unconfirmed special assessment affecting the Real
227 Estate not payable by Seller after date of Closin .
228 2.The Real Estate(check onel is iy is not located within a Special Service Area,payments for which will
229 not be the obligation of Seller after date of Closing.
230 If any of the representations contained herein regarding non-Homeowner Association special assessment or
231 Special Service Area are unacceptable to Buyer, Buyer shall have the option to declare this Contract null and
232 void. If written notice of the option to declare this Contract null and void is not given to Seller within ten(10)
233 Business Days after Date of Acceptance or within the term specified in Paragraph 11 (whichever is later Buyer
234 shall be deemed to have waived such option and this Contract shall remain in full force and effect.Seller further
235 represents that Seller has no knowledge of boundary line disputes,easements or claims of easement not shown by the
236 public records,any hazardous waste on the Real Estate or any improvements for which the required permits were not
237 obtained.Seller represents that there have been no improvements to the Real Estate which are not either included in full
238 in the determination of the most recent real estate tax assessment or which are eligible for home improvement tax
239 exemption.
240
241 22. CONDITION OF REAL ESTATE AND INSPECTION: Seller agrees to leave the Real Estate in broom clean
242 condition.All refuse and personal property that is not to be conveyed to Buyer shall be removed from the Real Estate at
243 Seller's expense before possession.Buyer shall have the right to inspect the Real Estate,fixtures and personal property
244 prior to possession to verify that the Real Estate,improvements and included personal property are in substantially the
245 same condition as of the Date of Acceptance,normal.wear and tear excepted
246
247 23.GOV%RNMENTAL COMPLIANCE: Parties agree to comply with the reporting requirements of the applicable
248 sections of the Internal Revenue Code and the Real Estate Settlement Procedures Act of 1974,as amended.
249
250 24. BUSINESS DAYS/HOURS: Business Days are defined as Monday through Friday, excluding Federal holidays.
251 Business Hours are defined as 8:00 A.M.to 6:00 P.M.Chicago rime.
252
253 25- FACSIMILE: Facsimile signatures shall be sufficient for purposes of executing, negotiating, and finalizing this
254 Contract.
Buyer Initial Buyer Initial _Seller Initial ��Seller Initial
Address 980 LAVOIE AVENUE, ELGIN, IL 60120 1
Page 5
255 26.DIRECTION TO ESCROWEE: In every instance where this Contract shall be deemed null and void or if this
256 Contract may be terminated by either Party,the following shall be deemed incorporated:"and earnest money refunded to
257 Buyer upon written direction of the Parties to Escrowee or upon entry of an order by a court of competent jurisdiction".
258
259 27,N Jam:All Notices, except as provided otherwise in Paragraph 31(C)(2),shall be in writing and shall be served
260 by one Party or attorney to the other Party or attorney. Notice to any one of a multiple person Party shall be sufficient
261 Notice to all.Notice shall be given in the following manner:
262 (a) By personal delivery of such Notice;or
263 (b) By mailing of such Notice to the addresses recited herein by regular mail and by certified mail,return receipt
264 requested.Except as otherwise provided herein,Notice served by certified mail shall be effective on the date of
265 mailing;or
266 (c) By sending facsimile transmission. Notice shall be effective as of date and time of facsimile transmission,
267 provided that the Notice transmitted shall be sent on Business Days during Business Hours. In the event fax
268 Notice is transmitted during nor-business hours,the effective date and time of Notice is the fast hour of the next
269 Business Day after transmission;or
270 (d) By sending e-mail transmission.Notice shall be effective as of date and time of e-mail transmission,provided
271 that the Notice transmitted shall be sent during Business Hours,and provided further that the recipient provides
272 written acknowledgment to the sender of receipt of the transmission (by e-mail, facsimile, regular mail or
273 commercial overnight delivery). In the event e-mail Notice is transmitted during non-business hours, the
274 effective date and time of Notice is the first hour of the next Business Day after transmission;or
275 (e) By commercial overnight delivery (e.g., FedEx). Such Notice shall be effective on the next Business Day
276 following deposit with the overnight delivery company,
j 277
278 2&PERFORMANCE:Time is of the essence of this Contract.In any action with respect to this Contract,the Parties
279 are free to pursue any legal remedies at law or in equity
280 r There
281 shall be no disbursement of earnest money unless Escrowee has been provided written agreement from Seller and Buyer.
282 Absent an agreement relative to the disbursement of earnest money within a reasonable period of time,Escrowee may
283 deposit funds with the Clerk of the Circuit Court by the filing of an action in the nature of interpleader.Escrowee shall
284 be reimbursed from the earnest money for all costs, including reasonable attorney fees, related to the filing of the
285 interpleader action.Seller and Buyer shall indemnify and hold Escrowee harmless from any and all conflicting claims
286 and demands arising under this paragraph.
287
288 29,CHOICE OF LAW/GOOD FAIT_N_: All terms and provisions of this Contract including,but not limited to,the
289 Attorney Review and Professional Inspection paragraphs,shad be governed by the laws of the State of Minois and are
290 subject to the covenant of good faith and fair dealing implied in all Illinois contracts.
291
292 30. OTHER PROVISIONS: This Contract is also subject to those OPTIONAL PROVISIONS selected for use and
293 initialed by the Parties which are contained in the following paragraphs and attachments,if any:
294
295
296 THE FOLLOWING OPTIONAL PROVISIONS APPLY ONLY IF INITIALED BY ALL PARTIES
297
298 `31.SALE OF BUYER'S REAL ESTATE:
299 Initials
300 (A)REPRESENTATIONS ABOUT BUYER'S REAL ESTATE:Buyer represents to Seller as follows:
301 (1) Buyer owns real estate commonly known as(address):
302 _
303 (2) Buyerlcheck onel 0 h-sAL-1 has not entered into a contract to sell said real estate.If Buyer has entered into a contractto
304 sell said real estate,that contrrcontract.ac
305 (a) ( one]FU is;u is not subject to a mortgage contingency.
Buyer Initial Buyer Initial Seller Initia Seller Initial
Address 980 LAVOIE AVENUE, ELGIN, IL 60120 _
Page 6
r-
306 (b) [check one] 1❑ isi❑ is not subject to a real estate sale contingency.
307 (c) [dheck one] F isfa is not subject to a real estate closing contingency.
308 (3) Buyer{dhedc oneaI has has not listed said real estate for sale with a licensed real estate broker and in a local
309 multiple listing service.
310 (4) If Buyer's real estate is not listed for sale with a licensed real estate broker and in a local multiple listing service,
311 Buyer ft ckonel
312 (a) ❑ Shall list said real estate for sale with a licensed real estate broker who will place it in a local multiple listing
313 service within five(5)Business Days after the Date of Acceptance.
3I4 For information only:Broker:
315 Broker's Address: Phone:
r-
316
(b)11❑Does not intend to list said real estate for sale.
317 (B)CONTINGENCIES BASED UPON SALE AND/OR CLOSE OF BUYER'S REAL ESTATE:
318 (1) This Contract is contingent upon Buyer having entered into a contract for the sale of Buyer's real estate that is in full force
319 and effect as of 20 .Such contract shalt provide for a closing date not later than the Closing
320 Date set forth in this Contract. if written notice Is served on or before the date set forth in this subparagraph that
321 Buyer has not procured a contract for the sale of Buyer's real estate,this Contract shall be null and void.If written
322 notice that Buyer has not procured a contmet for the sale of Buyer's real estate is not served on or before the close
323 of business on the date sec forth in this subparagraph, Buyer shall be deemed to have waived all contingencies
324 contained in this Paragraph 31,and this Contract shall retrain in full force and effect.(If this paragraph is used,then
325 the following paragraph must be completed.)
326 (2) In the event Buyer has entered into a contract for the sale of Buyer's real estate as set forth in Paragraph 31(B)(I)and that
327 contract is in full force and effect,or has entered into a contract for sale of Buyer's real estate prior to the execution of this
328 Contract, this Contract is contingent upon Buyer closing the sale of Buyer's real estate on or before
329 20 .Nwritten notice that Buyer has not dosed the sale of Buyer's real estate is
330 served before the close of business on the next Business Day after the date set forth in the preceding sentence,this
331 Contract shall be null and void.If written notice is not served as described In the preceding sentence,Buyer shall be
332 deemed to have waived all contingencies contained in this Paragraph 31,and this Contract shall remain in full force
333 and effect.
334 (3) If the contract for the sale of Buyer's real estate is terminated for any reason after the date set forth in Paragraph 31(B)(1)
335 (or after the date of this Contract if no date is set forth in Paragraph 31(B)(1)),Buyer shall,within three(3)Business Days
336 of such termination,notify Seller of said termination.Unless Buyer,as part of said notice,waives all contingencies in
337 Paragraph 31 and complies with Paragraph 31(D),this Contract shag be null and void as of the date of notice.If
338 written notice as required by thin subparagraph is not served within the time specified,Buyer shall be in default
339 under the terms of this Contract.
340 (C)SELLER'S RIGHT TO CONTINUE TO OFFER REAL ESTATE FOR SALE:During the time of this contingency,Seller
341 has the right to continue to show the Real Estate and offer it for sale subject to the following:
342 (1) If Seller accepts another bona fide offer to purchase the Real Estate while the contingencies expressed in subparagraph(B)
343 are in effect,Seller shall notify Buyer in writing of same.Buyer shall then have hours after Seller gives such
344 notice to waive the contingencies set forth in Paragraph 31 (B),subject to Paragraph 31(D).
345 (2) Shcer's notice to Buyer (commonly referred to as a "kick-out' notice) shall be served on Buyer, not Buyer's
346 attorney or Buyer's real estate agent.Courtesy copies of such°kick-out"notice should be sent to Buyer's attorney and
347 real estate agent;if known.Failure to provide such courtesy copies shall not render notice invalid.Notice to any one of a
348 multiple-person Buyer shall be sufficient notice to all Buyers.Notice for the purpose of this subparagraph only shall be
349 served upon Buyer in the following manner:
350 (a) By personal delivery of such notice effective at the time and date of personal delivery;or
351 (b) By mailing of such notice to the addresses recited herein for Buyer by regular mail and by certified mail. Notice
352 served by regular mail and certified mail shall be effective at 10:00 AM on the morning of the second day following
353 deposit of notice in U.S.Mail;or
354 (c) By commercial overnight delivery(e.g.,FedEx).Such notice shall be effective upon delivery or at 4:00 P.M. Chicago
355 time on the next delivery day following deposit with the overnight delivery company,whichever first occurs.
356 (3) If Buyer complies with the provisions of Paragraph 31(D)then this Contract steal I remain in full force and effect
357 (4) If the contingencies set forth in Paragraph 31 (B) are NOT waived in writing within said time period by Buyer, this
358 Contract shall be null and void.
359 (5) Except as provided in subsections to subparagraph(C) (2)above,all notices shall be made in the manner provided by
Buyer Initial Buyer Initial Seller Initial --Seller Initial
Address 980 LAVOIE AVENUE, ELGIN, IL 60120
Page 7
360 Paragraph 27 of this Contract.
361 (6) Buyer waives any ethical objection to the delivery of notice under this paragraph by Seller's attorney or representative.
362 (D)WAIVER OF PARAGRAPH 31 CONTINGENCIES:Buyer shall be deemed to have waived the contingencies in Paragraph
363 31 (B)when Buyer has delivered written waiver and deposited with the Fwrowee the additional sum of S
364 earnest money within the time specified. If Buyer falls to deposit the additional earnest money within the time specified,the
365 waiver shall be deemed ineffective and this Contract shall be null and void.
366 (E) BUYER COOPERATION REQUIRED: Buyer authorizes Seller or Seller's agent to verify representations contained in
367 Paragraph 31 at any time;and Buyer agrees to cooperate in providing relevant information.
368
369 ____32 CANCELLATION OF PRIOR REAL ESTATE CONTRACT:In the event either Party has entered
370 into a prior real estate contract, this Contract shall be subject to written cancellation of the prior contract on or before
371 .20 .In the event the prior contract is not cancelled within the time specified,this Contract shall be
372 null and void.Notice to the purchaser under the prior contract should not be served until after Attorney Review and
373 Professional Inspections provisions of this Contract have expired,been satisfied or waived.
374
375 __ 33. LDSIN COST CRI�7T: Provided Buyer's lender permits such credit to show on the HUD-1
376 Settlement Statement, and if not, such lesser amount as the larder permits, Seller agrees to credit to Buyer
377 s at closing.
378
379 ___34 INTEREST BEARING ACCOUNT:Earnest money(with a completed W-9 and other required forms),
380 shall be held in a federally insured interest bearing account at a financial institution designated by Escrowee.All interest earned on
381 the earnest money shall accrue to the benefit of and be paid to Buyer.Buyer shall be responsible for any administrative fee(not
382 to exceed 5100)charged for setting up the account.In anticipation of Closing,the Parties direct Escrowee to close the account no
383 sooner than ten(10)Business Days prior to the anticipated Closing date.
384
385 __ 33iVA OR FHA FINAN M:If Buyer is seeking VA or FHA financing,this provision shall be applicable:
386 Buyer may terminate this Contract if the Purchase Price set forth herein exceeds the appraised value of the Real Estate, as
387 determined by the Veterans Administration(VA) or the Federal Housing Administration (FHA). However,Buyer shall have the
388 option of proceeding with this Contract without regard to the amount of the appraised valuation.If VA,the Funding Fee,or if FHA,
389 the Mortgage Insurance Premium(NUP) shall be paid by Buyer and[check one] than f U shall not be added to the mortgage
390 loan amount.Seller agrees to pay additional miscellaneous expenses required by lender not to exceed$200.00.Required FHA or
391 VA amendments shall be attached to this Contract. It is expressly agreed that notwithstanding any other provisions of this
392 Contract,Buyer shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture
393 of earnest money deposits or otherwise unless Buyer has been given, in accordance with HUD/FHA requirements, a written
394 statement by the Federal Housing Commissioner setting forth the appraised value of the property(excluding Closing costs)of not
395 less than s .Buyer shall have the privilege and option of proceeding with the consummation of the
396 Contract without regard to the amount of the appraised valuation.The appraised valuation is arrived at to determine the maximum
397 mortgage the Department of Housing and Urban Development will insure(guarantee.HUD and the mortgagee do not warrant the
398 value nor the condition of the property, Buyer should satisfy himsefflherself that the price and condition of the property are
399 acceptable.
400
401 ____3t',.INT iM FIN ffC'IIV This Contract is contingent upon Buyer obtaining a written commitment for
402 interim financing on or before 20 in the amount of S .If Buyer is unable
403 to secure the interim financing commitment and gives written notice to Seller within the time specified,this Contract than be
404 nug and void.If written notice is not served within the time specified,this provision shall be deemed waived by the Parties
405 and this Contract shall remain in full force and effect.
406
407 ___ 37 WELL AND/OR SEPTICISANITARY INSPECTIONS Seller shall obtain at Seller's expense a well
408 water test stating that the well delivers not less than five(5)gallons of water per minute and including a bacteria and nitrate test(and
409 lead test for FHA loans)and/or a septic report from the applicable County health Department,a Licensed Environmental Health
410 Practitioner,or a licensed well and septic inspector,each dated not more than ninety (90)days prior to Closing,stating that the well
411 and water supply and the private sanitary system are in proper operating condition with no defects noted_ Seller shall remedy any
412 defect or deficiency disclosed by said report(s)prior to Closing;provided that if the cost of remedying a defect or deficiency and the
413 cost of landscaping together exceed$3,000.00,and if the Parties cannot reach agreement regarding payment of such additional cost,
414 then this Contract may be terminated by either NEV. Additional testing recommended by the report shall be obtained at Seller's
Buyer Initial Buyer,Initial Seller Initial Seller Initial
Address 980 LAVOIE AVENUE ELGIN IL 60120
Page 8 --
415 expense.If the report recommends additional testing after Closing,the Parties shall have the option of establishing an escrow with a
416 mutual cost allocation for necessary repairs or replacements,or either Party,may terminate this Contract prior to Closing.Seller shall
417 deliver a copy of such evaluation(s)to Buyer not less than one(1)Business Day prior to Closing.
418
419 __ 38.WQQD DESTROYINg INFESTATION; Notwithstanding the provisions of Paragraph 10,within ten
420 (10)Business Days after the Date of Acceptance,Seller at Seller's expense shall deliver to Buyer a written report,dated not more
421 than six(6)months prior to the date of Closing,by a licensed inspector certified by the appropriate state regulatory authority in the
422 subcategory of termites,stating that there is no visible evidence of active infestation by termites or other wood destroying insects. .
423 Unless otherwise agreed between the Parties, if the report discloses evidence of active infestation or structural damage,Buyer has
424 the option within five(5)Business Days of receipt of the report to proceed with the purchase or declare this Contract null and void.
425 This paragraph shall not apply to condominiums or to newly constructed property having been occupied for less than one year
426 following completion of construction
427
428 _39—POST-CLOSING POSSESSION:Possession shall be delivered no later than 11:59 P.M.on the date that
429 is days after the date of Closing("the Possession Date"). Seller shall be responsible for all utilities,contents and liability
430 insurance, and home maintenance expenses until delivery of possession, Seller shall deposit in escrow at Closing
431 with . /choose are/ 11-1 ore percent (1 0%) of the Purchase Price or p the sum of $
432 to be paid by Escrowee as follows: a)The sum of$ per day for use and occupancy from and including the
433 .day after Closing to and including the day of delivery of possession,if on or before the Possession Date, b)The amount per day
434 equal to five(5) times the daily amount set forth herein shall be paid for each day after the Possession Date speed in this
435 paragraph that Seller remains in possession of the real estate,and c)The balance,if any,to Seller after delivery of possession and
436 provided that the terms of Paragraph 22 have been satisfied. Seller's liability under this paragraph shall not be limited to the amount
437 of the possession escrow deposit referred to above. Nothing herein shall be deerned to create a Landlord/Tenstet relationship
438 between the Parties.
439
440 ,___40. "AS IS" CONDITION: This Contract is for the sale and purchase of the Real Estate and personal
441 property in its"As Is"condition as of the Date of Offer.Buyer acknowledges that no representations,warranties or guarantees with
442 respect to the condition of the Real Estate and personal property have been made by Seller or Seller's Agent other than those known
443 defects, if any, disclosed by Seller. Buyer may conduct an inspection at Buyer's expenses In that event; Seller shall make the
444 property available to Buyer's inspector at reasonable times.Buyer shall indemnify Seller and hold Sella harmless from and against
445 any toss or damage caused by the acts or negligence of Buyer or any person performing any inspection(s). In the event the
446 inspection reveals that the condition of the improvements,fixtures or personal property to be conveyed or transferred Is
447 unacceptable to Buyer and Buyer so notifies Mer within five(5)Business Days after the Date of Acceptance,this Contract
448 shall be nuH and void.Failure of Buyer to notify Seller or to conduct said inspection operate#as a waiver of Buyer's right to
449 terminate this Contract under this paragraph and this Contract shall remain in full force and effect.Buyer acknowledges the
450 provisions of Paragraph 10 and the warranty provisions of Paragraph 3 do not apply to this Contract
452 __41.CONFIRMATION OF DUAL AGENCY:The Parties confirm that they have previously consented to
453 (Licensee)acting as a Dual Agent in providing brokerage services
454 on their behalf and specifically consent to Licensee acting as a Dual Agent with regard to the transaction referred to in this Contract.
455
456 `__ 42,SPECIFIED PARTY APPROVAL:This'Contract is contingent upon the approval of the Real Estate by
457 Buyer's specified party,
458 within five(5)Business Days after the Date of Acceptance. In the event Buyer's specified party does not approve of the Real
459 Fatale and written notice is given to Seller within the time specified,this Contract shag be null and void.If written notice is
460 not served within the time specified,this provision shall be deemed waived by the Parties and this Contract shall remain in
461 full force and effect
462
463 /_,43.MISCELLANEOUS PROVISIONS:Buyer's and Seller's obligations are contingent upon the Parties
464 entering into a separate written agreement consistent with the terms and conditions set forth herein,and with such additional terms
465 as either Party may deem necessary,providing for one or more of the following: (check applicable bavtes))
466 ❑ Assumption of Seller's Mortgage ❑ New Construction
467 ❑ Commercial/Investment/Starker Exchange ❑ Vacant Land
468 ❑ Cooperative A=ent ❑ Articles ofAgreententfor Deed or PurchaseMoney Mortgage
Buyer Initial Buyer Initial Seller Initialp':�� Seller Initial
Address 980 LAVOIE AVENUE, ELGIN, IL 60120
Page 9
467 THIS DOCUMENT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL
468 PARTIES AND DELIVERED TO THE PARTIES OR THEIR AGENTS.
469
470 The Parties represent that text of this form has not been altered and is identical to the official Multi-Board Residential
471 Real Estat . ntract 4.0.
472 Se er 3 20 14 20
473 DA A
474
475 buyerpsufnature SEAN 1R. S ALL, CITY e e g we
476 MANAGER
477 uyer tgnature Seller iggnature
478 C' of Agin Ma Mlller
479 rent Buyers Name(s) [Required] Print Seller(s) ame(s eyuire
480 150 Dexter ourt 980 Lavoie Avenue
481 A ress Address
482 Elgin IL 60120 Elgin IL 60120
483 Citv State Zip City -State Zip
484 (8471931-5655
485 Phone E-mail one E-mail
486 FOR INFORMATION ONL V
487 N/A
488 -S-e-Iling Office MLS# Listing Office
489 N/A
490 Bu y er s Designated Agent MLS4 Seller's Designated Agent
491 N/A
492 Phone Fax Phone Fax
493 NIA
494 E-mail E-mail
495 William A.Co le S!!Rln� c ltyofelqln.org
496 Buyer's Attomey E-mail a er s Attorney E-mail
497 (847)931-5659 (847)931-5665
498 Phone Fax Phone ax
499 NIA
500 Mortgage Company Phone Homeowner's/Condo Association(if any one
501 N/A
502 Loan officer Fax Management Co./Other Contact Phone
503
504 02006, Illinois Real Estate Lawyers Association. All rights reserved. Unauthorized duplication or alteration of this form or any
505 portion thereof is prohibited. Official form available at www.reallaw.org(web site of Illinois Real Estate Lawyers Association).
506
507 Approved by the following organizations February 2006.
508 Illinois Real Estate Lawyers Association.Aurora Tri-County Association of REALTORS®,Chicago Association of REALTORS.
509 DuPage County Bar Association.Kane County Bar Association,Lake County Bar Association,McHenry County Association of
510 REALTORS.North Shore-Barrington Association of REALTORS".Northwest Suburban Bar Association,Oak Park Board of
511 REALTORS*',REALTOR'Association of the Fox Valley,REALTOR*Association of the Northwest Chicagoland,
512 Mainstreet Organization of REALTORS®,Three Rivers Association of REALTORS®,West Towns Board of REALTORS'
513
514
515
516
517
518 Seller Rejection: This offer was presented to Seller on 20 at AM/PM
519 and rejected on 20 at_ AM/PM
520 (Seller initials) (Seller initials)
Buyer Initial Buyer Initial Seller Initi Seller Initial
Address 980 LAVOIE AVENUE ELGIN,IL 60120
Page 10 of 11
......._.. _..___
Loan Status Disclosure
524
525 Benewers/t3tty
526 Current Address:
527 Street address
528
529 Cky or Town State Zip code
530 Purchase Price dollar amount prequaGfied,pr"pproved,or approved for
531 $ ,Loan Amount$ with a total monthly payment not to
532 exceed$
! 533
534 The current status of prequalification or application status of the borrowers/buyers is:
535
536 �[L]PrequaliGcation,WITHOUT credit review*:
537 The borrowers/buyers listed on this form have INQUIRED with our firm about financing to pu se a home and the
538 documentation they provided regarding income and down payment has been reviewed by oan originator listed
539 below. It is the opinion of said loan originator that the borrowers/buyers should/would qua' r the terms listed in the
540 attached letter.
541
542 (f Prequalification,WITH credit review*:
543 The borrowersibuyers listed on this form have INQUHM with our firm about acing to purchase a home and the
544 dxumentation of income,down payment and credit report have been revi by the loan originator listed below.After
545 careful review,it is the opinion of said loan originator that the bormwerslb ers should/would quality for the terms listed
546 in the attached letter.
547 This Prequalification is)WITH oJ()WTTROUT Automated Unde ling approval.
548
549F[_)Pre-Approval*:
550 The borrowers/buyers have APPLIED with our firm for a m age ban to purchase a home and the loan application
551 has been approved by an Automated Underwriting Syst issued or accepted by FNMA,FHLMC,HUD or Nationally
552 recognized purchaser/p/an tgage loans,and a ditional commitment has been issued. See attached
553 commitment
554
555 [L Approval*:
556 The borrowers/buyers hD with r firm for a mortgage hart to purchase a home and the loan application
557 has been reviewed by tder's erwriter and conditional commitment has been issued.See attached
558 commitment
559
560 Tisase note that nothinherein constitutes a loan commitment or guarantee of financing and is used for
561 disclosure purposes onlal commitment letter for specific conditionstrequirements of the lender.All approvals
562 are subject to satisfacto ,title,and no material change to borrowers)financial status.
563
564 nfarmation on o i uin r uai o n,pre-aoproval or approval
565
566 Originating Com 's Name:
567
568 Company Ad ss:
569 Street address city or Town state Zip Code
570 Compan hone:( Fa)c(_—)
571
572 Loa riginator's name: LO Reg.# Date:
573
574
575
576 Use Recommended by:IAMB;IAR;and IRELA Rev 1124/04
Buyer Initial Buyer Initial Seller Initial Seller Initial
Address 980 L_A_V_0_IE_AVENUE, ELGIN, IL 60120
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