Loading...
18-133 Resolution No. 18-133 RESOLUTION AUTHORIZING EXECUTION OF A REAL ESTATE CONTRACT FOR THE PURCHASE OF 706 MCBRIDE STREET BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that pursuant to Elgin Municipal Code Section 5.02.020B(9) the City Council hereby finds that an exception to the requirements of the procurement ordinance is necessary and in the best interest of the city; and BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Richard G. Kozal, City Manager, be and is hereby authorized and directed to execute a real estate contract on behalf of the City of Elgin with Douglas Studt for the purchase of the property commonly known as 706 McBride Street for $105,000.00, a copy of which is attached hereto and made a part hereof by reference. s/ David J. Kaptain David J. Kaptain, Mayor Presented: December 19, 2018 Adopted: December 19, 2018 Omnibus Vote: Yeas: 8 Nays: 0 Attest: s/Kimberly Dewis Kimberly Dewis, City Clerk 0] 7ALT0rt MULTI-BOARD RESIDENTIAL REALE TATE CONTRACT 6.1 r 1 1. THE PARTIES: Buyer and Seller are hereinafter referred to as the "Parties". 2 Buyer Name(s)[please print] City of Elgin,an Illinois Municipal Corporation 3 Seller Name(s)[please print] Douglas Studt 4 If Dual Agency Applies, Complete Optional Paragraph 31. 5 2. THE REAL ESTATE: Real Estate shall be defined as the property',, all improvements, the fixtures and Personal 6 Property included therein. Seller agrees to convey to Buyer or to Buyer's designated grantee, the Real Estate 7 with approximate lot size or acreage of 4,990 square feet/per survey commonly known as: g 706 McBride Street,Elgin,Illinois 60120 9 Address City State Zip 10 Kane 06-11-401-008 11 County Unit N(If applicable) Permanent Index Number(s)of Real Estate 12 If Condo/Coop/Townhome Parking is Included: #of spaces(s) identified as Space(s)# 13 [check type]❑deeded space,PIN: ❑limited common element❑assigned space. 14 3. PURCHASE PRICE:The Purchase Price shall be$ 105,000 . After the payment of 15 Earnest Money as provided below, the balance of the Purchase Price, as adjusted by prorations, shall be paid at 16 Closing in"Good Funds" as defined by law. 7.'O ❑ � "-34 •T� QN5Y;-EnslMmersl�aH-E -in•r t#. ben LL _. L 7CIIC1q BrekeraL',❑i l3gi�e,❑As atherwige-a9mee . 39 e d�e3--13a 20 eye€$ hp 21 5. FIXTURES AND PERSONAL PROPERTY AT NO ADDITIONAL COST: All of the fixtures and included Personal 22 Property are owned by Seller and to Seller's knowledge are in operating condition on the Date of Acceptance, 23 unless otherwise stated herein. Seller agrees to transfer to Buyer all fixtures, all heating, electrical, plumbing, 24 and well systems together with the following items of Personal Property at no additional cost by Bill of Sale at 25 Closing[Check or enumerate applicable items]: 26 ❑Refrigerator [:]Central Air Conditioning ❑Central Humidifier 1]Light Fixtures,as they exist 27 ❑Oven/Range/Stove ❑Window Air Conditioner(s) ❑Water Softener(owned) [a Built-in or attached shelving 28 ❑Microwave ❑Ceiling Fan(s) [:]Sump Pump(s) [ZI All WindowTreatmenls&Hardware 29 ❑Dishwasher ❑Intercom System [:]Electronic or Media Air Filter(s) ❑+ Existing Storms and Screens 30 ©Garbage Disposal [:]Backup Generator System ❑Central Vac& quipment ❑Fireplace Screens/Doors/Grates 31 ❑Trash Compactor [:]Satellite Dish ❑Security System(s)(owned) ❑Fireplace Gas Log(s) 32 ❑Washer ❑Outdoor Shed 0 Garage Door Opener(s) ❑Invisible Fence System,Collar&Box 33 ❑Dryer ElPlantEd Vegetation with all Transmitters ❑Smoke Detectors 34 ❑Attached Gas Grill ❑Outdoor Play Set(s) d All Tacked Dorn Carpeting ❑Carbon Monoxide Detectors 35 Other Items Included at No Additional Cost: _ 36 37 Items Not Included: 38 39 Seller warrants to Buyer that all fixtures, systems and Personal I Iroperty included in this Contract shall be in 40 operating condition at Possession except: 41 A system or item shall be deemed to be in operating conditio if it performs the function for which it is 42 intended,regardless of age,and does not constitute a threat to hei th or safety. 43 If Home Warranty will be provided,complete Optional Paragrar h 34. Buyer Initial_ �Initial Seller Initial LIFV Seller Initial et 706 McBride Stre ,Elgin,Address. g n, Illinors 60120 v6.1 Page 1 of 13 44 6. CLOSING: Closingshall be on January 18 20 19 or at such time as mutually agreed b the �— Y Y 45 Parties in writing. Closing shall take place at the escrow office of the title company(or its issuing agent)that will 46 issue the Owner's Policy of Title Insurance,situated nearest the Real Estate s or as shall be agreed mutually by the Parties. 47 7. POSSESSION: Unless otherwise provided in Paragraph 40,Seller shall deliver possession to Buyer at Closing. 48 Possession shall be deemed to have been delivered when Seller has vacated the Real Estate and delivered keys 49 to the Real Estate to Buyer or to the office of the Seller's Brokerage. �8QKM If 94 �t36 r - &2 T+A&42-or�et-i oh�¢e�lE esu}❑41 ,❑a�jtrstable;-[elteek-em]❑eenverti onf,�- 3 ❑ flftr-leC]e4te. lout-€o �6 &4 ftt1 9 rfltlt'e /Tn If)�3 q1' ...]�c�vPtCn arHMFL 9�iettL-�3Ri�i'8'riutc 1 Ln 55 tx'djustahle-rate aiortgege-useA)-net��d �o-}ser-ern rn%'a g`e�s: Buye"IM11- lees ' e Meeed fu M W ah u a - reees ir4g ` -a 108 er-f C-Mete-Fadi€ 6SYFITIV &9 �-slItxll-mi n-laan pplieatien-wr i —i { /-)Iusiness the-Date-efaAuft-+e 66 6� da)a--eP�dshr4s E et-atertlt b}} _ - 8. {i€- e-d erllvverrt -one(�1�f . e�rthe-Badef-9eeepteBtt9er-g1. - dsti#C-Miep 63eonfirmyy lAras-prevoidtion CT 1T['TP[� � ^L aL.. lam., d-a3ptlisdl Pivicccivri-Beiica'cc-un& lend .'•L"Y 65 i -Trf� __idefswg--this -gi�efiiee to-tl�e ewer- -n$ sa�er-LIRe-elite Speei -ltei fl-er-a -e c 3sierrd-4eUgreed-te'hy�t n-writi� �kr}--W T-L I-L.-r-ihttrr_ :40 --(fie-da* -at-e° -after-the ------------- r^ate^ ^f[ljcVV­. ]_._xip6bci EL . ..:aa.... _.C-].. 3 endiftge l3R$ti l i6R -79 Lzor mLt alp, l..a[ricf 44 is tt"algle .gj.7�}#}g .:,1..ftefte- elf. R- "dee1Q s 74 Gontraei e-a' -t6 to sties-ittw .74 7Ac'1 ' ._ 75 pre c._ v,.,.. t=te- 2i`:if J 45 a V 4` irc-s A.M to L e}�-tltei�-t�4i�-�@#tt1'191 9�1811-EB:ttklkN�-ii4- i�l: + V eet iffi tO a"4ean emtitgenties i rx��icao-a`c��ri7P Fi I9E'-Pi'@4xi , this Geentrad-shalltB ek-im eloging of 0- r's-e is{ug real estate:I3r L ai.^ntar ' red4e- d-th�eirr�een ions-e tris aleers-ee eLr-9-viii 81 leftn is-eend ierteel-ert a`sale-exd�er-elesi �f-Sine ' 82 9. STATUTORY DISCLOSURES: If applicable,prior to signing this Contract,Buyer: 83 [check one]Cl has 171 has not received a completed Illinois Residential Real Property Disclosure; 84 [check one]❑has 0 has not received the EPA Pamphlet, "Protect Your Family From Lead In Your Home"; 85 [check one]❑has IZI has not received a Lead-Based Paint Disclosure; 86 [check one]❑has 1]has not received the IEMA, "Radon Testing Guidelines for Real Estate Transactions"; Buyer Initial 4 .yer Initial Seller Initial Seller Initial Address: 706 McBride Street,Elgin;Illinois 60120 v6.1 Page 2 of 13 87 [check one]❑has ❑has not received the Disclosure of Information on Radon Hazards. 88 10. PRORATIONS: Proratable items shall include without limitation, rents and deposits (if any) from tenants; 89 Special Service Area or Special Assessment Area tax for the year of Closing only;utilities,water and sewer;and 90 Homeowner or Condominium Association fees (and MasterqJmbrella Association fees, if applicable). 91 Accumulated reserves of a Homeowner/Condominium Association(s) are not a proratable item. Seller 92 represents that as of the Date of Acceptance Homeowner/Condominium Association(s)fees are$ N/A 93 per N/A (and,if applicable Master/Umbrella Association fees are$ NIA per N/A ) 94 Seller agrees to pay prior to or at Closing any special assessments (by any association or governmental entity) 95 confirmed prior to the Date of Acceptance. Special Assessment Area or Special Service Area installments due 96 after the year of Closing shall not be proratable items and shall be paid by Buyer. The general Real Estate taxes 97 shall be prorated as of the date of Closing based on 105 % of the most recent ascertainable full year tax bill. All 98 prorations shall be final as of Closing, except as provided in Paragraph 22. If the amount of the most recent 99 ascertainable full year tax bill reflects a homeowner, senior citizen or other exemption, a senior freeze or senior 100 deferral, then Seller has submitted or will submit in a timely manner all necessary documentation to the 101 appropriate governmental entity, before or after Closing,, to preserve said exemption(s). The requirements of 102 this Paragraph shall survive the Closing. 103 11. ATTORNEY REVIEW: Within five (5) Business Days after Date �f Acceptance,the attorneys for the respective 104 Parties,by Notice,may: 105 a) Approve this Contract,or 106 b) Disapprove this Contract,which disapproval shall not be based solely upon the Purchase Price;or 107 c) Propose modifications except for the Purchase Price. If within ten (10) Business Days after the Date of 108 Acceptance written agreement is not reached by the Parties with respect to resolution of the proposed 109 modifications, then either Party may terminate this Contract by serving Notice, whereupon this Contract 110 shall be null and void;or 111 d) Propose suggested changes to this Contract. If such suggestions are not agreed upon, neither Party may 112 declare this Contract null and void and this Contract shall remain in full force and effect. 113 Unless otherwise specified, all Notices shall be deemed made pursuant to Paragraph 110. If Notice is not 114 served within the time specified herein, the provisions of this paragraph shall be deemed waived by the 115 Parties and this Contract shall remain in full force and effect. 116 12. PROFESSIONAL INSPECTIONS AND INSPECTION NOTICES: Buyer may conduct at Buyer's expense (unless 117 otherwise provided by governmental regulations) any or all of the following inspections of the Real Estate by 118 one or more licensed or certified inspection services: home, radon,environmental, lead-based paint, lead-based 119 paint hazards or wood-destroying insect infestation. 120 a) Buyer agrees that minor repairs and routine maintenance items of the Real Estate do not constitute defects 121 and are not a part of this contingency. The fact that a functioning major component may be at the end of 122 its useful life shall not render such component defective for purposes of this paragraph. Buyer shall 123 indemnify Seller and hold Seller harmless from and again any loss or damage caused by the acts of 124 negligence of Buyer or any person performing any inspection. The home inspection shall cover only the 125 major components of the Real Estate, including but not limiteJ to central heating system(s), central cooling 126 system(s), plumbing and well system, electrical system, r of, walls, windows, doors, ceilings, floors, 127 appliances and foundation. A major component shall be deemed to be in operating condition if it performs 128 the function for which it is intended,regardless of age, and does not constitute a threat to health or safety. If 129 radon mitigation is performed,Seller shall pay for any retest. Buyer Initial er Initial Seller Initial Seiler Initial Address: 706 McBride Street,Elgin, Illinois 60120 v6.1 Page 3 of 13 130 b Buyer shall serve Notice upon Seller or Seller's attorney of an (defects disclosed b an inspection for which ) Y p Y Y Y Y Pe 131 Buyer requests resolution by Seller, together with a copy of the pertinent pages of the inspection reports 132 within five (5) Business Days (ten (10) calendar days for a 1 ad-based paint or lead-based paint hazard 133 inspection) after the Date of Acceptance. If within ten (10) Business Days after the Date of Acceptance 134 written agreement is not reached by the Parties with respect to(resolution of all inspection issues,then either 135 Party may terminate this Contract by serving Notice to the other Party, whereupon this Contract shall be 136 null and void. 137 c) Notwithstanding anything to the contrary set forth above inl this paragraph, in the event the inspection 138 reveals that the condition of the Real Estate is unacceptable to Buyer and Buyer serves Notice to Seller 139 within five(5) Business Days after the Date of Acceptance, this Contract shall be null and void. Said Notice 140 shall not include any portion of the inspection reports unless requested by Seller. 141 d) Failure of Buyer to conduct said inspection(s) and notify Seller within the time specified operates as a 142 waiver of Buyer's rights to terminate this Contract under this Paragraph 12 and this Contract shall remain 143 in full force and effect. 144 13. HOMEOWNER INSURANCE:This Contract is contingent upon Buyer obtaining evidence of insurability for an 145 Insurance Service Organization HO-3 or equivalent policy at standard premium rates within ten (10) Business 146 Days after the Date of Acceptance. If Buyer is unable to obtain evidence of insurability and serves Notice 147 with proof of same to Seller within time specified, this Contract shaIl be null and void. If Notice is not 148 served within the time specified, Buyer shall be deemed to hav waived this contingency and this Contract 149 shall remain in full force and effect. 150 14. FLOOD INSURANCE: Buyer shall have the option to declare this Contract null and void if the Real Estate is 151 located in a special flood hazard area. If Notice of the option to declare contract null and void is not given to 152 Seller within ten (10) Business Days after the Date of Acceptance or by the time specified in Paragraph 8 b), 153 whichever is later,Buyer shall be deemed to have waived suchI tion and this Contract shall remain in full 154 force and effect. Nothing herein shall be deemed to affect any ri;s afforded by the Residential Real Property 155 Disclosure Act, 4S6 46,--COKl0MIN11 PMICOM SSAGATIANS- {1 3§7 eentftin ether -arms a any 488 eeffll: -I- aj--title-t er eetye terms, 460 of I- 494 �e LxVtie-eutd--t li -eftements--inek*d4ft� estalglishiAmprkt i-fire x-tve 4f lifflitftfiens --oofo------- 164 the 4?ee."1"LLWKLj 16S b) feller-shpier- 0-11 €er-al-1 466 speeial a99essrni tt­een€i—ed'-pr-o`r�th-T-%ynte-ef A--- a "-�L e) Seger-sherl pesed-speeta any-regular-assess�et n 468 osi�e-parties-s#a - te��etnertt "9 relative to pay"tentof. w b-9e.1 L- _ .11 e`r - -v�t�'�Ei-iia'�ll^QFt�$i� 170 d) Seller-ShEdl_ fi �4 e ae items of eliselo9ttre 1-74 upeft male aq deser4bedd in the e-same-i3ra-fiintely menref,bet 4 L2 rtlater-trEurtlRe#ii'Cte pened-prayideel4aw .'.v-rm9-Go ttfti 4.9-m�et to the Buyer Initial Initial Seller Initial Seller Initial Address: 706 McBride Street, Elgin,Illinois 60120 7 v6.1 Page 4 of 13 , ►iv �t-e'€f r9t Te �3 er-ef-a�`�`rgk, axe-en�pf�v+�-rrgltts-te 444 rut—hase-ere-sted-by-the-Deelaratien effla'...— 0. ei on-requi-res-the persona' 44-& appearmtee ei Buyer Or —FlY with . 1 , -;7 -1-74 fterR9 are in p , n.i-ilrr ur 14 restri— Or '1779 - , theift Y Buyer 'ar the 494reeeipt of the do A-4 ar 3 , i$3 , er. 185 heirr n , as-srr-irtsitred: 186 16. THE DEED: Seller shall convey or cause to be conveyed to B oyer or Buyer's Designated grantee good and 187 merchantable title to the Real Estate by recordable Warranty Deed, with release of homestead rights, (or the 188 appropriate deed if title is in trust or in an estate), and with real. estate transfer stamps to be paid by Seller 189 (unless otherwise designated by local ordinance). Title when conveyed will be good and merchantable, subject 190 only to: covenants, conditions and restrictions of record and building lines and easements,if any, provided they 191 do not interfere with the current use and enjoyment of the Real Estate;and general real estate taxes not due and 192 payable at the time of Closing. 193 17. MUNICIPAL ORDINANCE,TRANSFER TAX,AND GOVERNMENTAL COMPLIANCE: 194 a) The Parties are cautioned that the Real Estate may be situated in a municipality that has adopted a pre- 195 closing inspection requirement, municipal Transfer Tax or oth r similar ordinances. Transfer taxes required 196 by municipal ordinance shall be paid by the Party designated in such ordinance. 197 b) The Parties agree to comply with the reporting requirements of the applicable sections of the Internal 198 Revenue Code and the Real Estate Settlement Procedures Act of 1974, as amended. 199 18. TITLE: At Seller's expense, Seller will deliver or cause to be delivered to Buyer or Buyer's attorney within 200 customary time limitations and sufficiently in advance of Closing, as evidence of title in Seller or Grantor, a title 201 commitment for an ALTA title insurance policy in the amount of the Purchase Price with extended coverage by 202 a title company licensed to operate in the State of Illinois, issued on or subsequent to the Date of Acceptance, 203 subject only to items listed in Paragraph 16.The requirement to provide extended coverage shall not apply if the 204 Real Estate is vacant land.The commitment for title insurance furnished by Seller will be presumptive evidence 205 of good and merchantable title as therein shown, subject only to the exceptions therein stated. If the title 206 commitment discloses any unpermitted exceptions or if the Plat of Survey shows any encroachments or other 207 survey matters that are not acceptable to Buyer, then Sellers all have said exceptions, survey matters or 208 encroachments removed, or have the title insurer commit to either insure against loss or damage that may 209 result from such exceptions or survey matters or insure against any court-ordered removal of the 210 encroachments.If Seller fails to have such exceptions waived or i sured over prior to Closing, Buyer may elect 211 to take title as it then is with the right to deduct from the Purchase Price prior encumbrances of a definite or. 212 ascertainable amount.Seller shall furnish Buyer at Closing an Affidavit of Title covering the date of Closing,and 213 shall sign any other customary forms required for issuance of an ALTA Insurance Policy, 214 19. PLAT OF SURVEY: Not less than one (1) Business Day prior to Closing, except where the Real Estate is a 215 condominium (see Paragraph 15) Seller shall, at Seller's expense, �Urnish to Buyer or Buyer's attorney a Plat of Buyers �� Seller�a t a� £el�let4ni W Ad+t."8 706cB�reet,Elgin,Illinois 60120 216 Survey that conforms to the current Minimum Standard of Practice for boundary surveys, is dated not more 217 than six (6) months prior to the date of Closing, and is prepared by a professional land surveyor licensed to 218 practice land surveying under the laws of the State of Illinois. The',Plat of Survey shall show visible evidence of 219 improvements, rights of way, easements, use and measurements of all parcel lines. The land surveyor shall set 220 monuments or witness corners at all accessible corners of the land. All such corners shall also be visibly staked 221 or flagged.The Plat of Survey shall include the following statement placed near the professional land surveyor's 222 seal and signature: "This professional service conforms to the, current Illinois Minimum Standards for a 223 boundary survey." A Mortgage Inspection, as defined,is not a boundary survey and is not acceptable. 224 20. DAMAGE TO REAL ESTATE OR CONDEMNATION PRIOR TO CLOSING: If prior to delivery of the deed the 225 Real Estate shall be destroyed or materially damaged by fire or {ether casualty, or the Real Estate is taken by 226 condemnation, then Buyer shall have the option of either terminating this Contract (and receiving a refund of 227 earnest money) or accepting the Real Estate as damaged or destroyed, together with the proceeds of the 228 condemnation award or any insurance payable as a result of the destruction or damage, which gross proceeds 229 Seller agrees to assign to Buyer and deliver to Buyer at Closing. Seller shall not be obligated to repair or replace 230 damaged improvements. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois 231 shall be applicable to this Contract,except as modified by this parajgraph. 232 21. CONDITION OF REAL ESTATE AND INSPECTION: Seller agrees to leave the Real Estate in broom clean 233 condition. All refuse and personal property that is not to be conveyed to Buyer shall be removed from the Real 234 Estate at Seller's expense prior to delivery of Possession. Buyers iall have the right to inspect the Real Estate, 235 fixtures and included Personal Property prior to Possession to verify that the Real Estate, improvements and 236 included Personal Property are in substantially the same conditin as of the Date of Acceptance, normal wear 237 and tear excepted. 238 22. REAL ESTATE TAX ESCROW:In the event the Real Estate is improved,but has not been previously taxed for 239 the entire year as currently improved, the sum of three percent(3%) of the Purchase Price shall be deposited in 240 escrow with the title company with the cost of the escrow to be di�ided equally by Buyer and Seller and paid at 241 Closing. When the exact amount of the taxes to be prorated undler this Contract can be ascertained, the taxes 242 shall be prorated by Seller's attorney at the request of either Part and Seller's share of such tax liability after 243 proration shall be paid to Buyer from the escrow funds and the ballance, if any, shall be paid to Seller. If Seller's 244 obligation after such proration exceeds the amount of the escrow funds, Seller agrees to pay such excess 245 promptly upon demand. 246 23. SELLER REPRESENTATIONS: Seller's representations contained in this paragraph shall survive the Closing. 247 Seller represents that with respect to the Real Estate Seller has no knowledge of nor has Seller received any 248 written notice from any association or governmental entity regarding: 249 a) zoning,building, fire or health code violations that have not been corrected; 250 b) any pending rezoning; 251 c) boundary line disputes; 252 d) any pending condemnation or Eminent Domain proceeding; 253 e) easements or claims of easements not shown on the public records; 254 f) any hazardous waste on the Real Estate; 255 g) any improvements to the Real Estate for which the required initial and final permits were not obtained; 256 h) any improvements to the Real Estate which are not induded in full in the determination of the most recent tax assessment,or 257 i) any improvements to the Real Estate which are eligible for thehome improvement tax exemption. 258 Seller further represents that: Buyer Initialnitial Seller Initial Seller Initial Address: 706 McBride Street,Elgin, Illinois 60120 v6.1 Page 6 of 13 259 tlnitialsl There [check one] ❑ is CI is not a pending or unconfirmed special assessment 260 affecting the Real Estate by any association or governmental entity,payable by Buyer after the date of Closing. 261 The Real Estate [check one] ❑ is 0 is not located within a Special Assessment Area or 262 Special Service Area,payments for which will not be the obligation of Seller after the yearin which the Closing oomm 263 All Seller representations shall be deemed re-made as of Closing, If prior to Closing Seller becomes aware of 264 matters that require modification of the representations previously made in this Paragraph 23, Seller shall 265 promptly notify Buyer. If the matters specified in such Notice are not resolved prior to Closing, Buyer may 266 terminate this Contract by Notice to Seller and this Contract shall be null and void. 267 24. BUSINESS DAYSMOURS: Business Days are defined as Monday through Friday, excluding Federal 268 holidays.Business Hours are defined as 8:00 A.M. to 6:00 P.M.Chicago time. 269 25. FACSIMILE OR DIGITAL SIGNATURES: Facsimile or digitalignatures shall be sufficient for purposes of 270 executing, negotiating, and finalizing this Contract, and delivery thereof by one of the following methods shall 271 be deemed delivery of this Contract containing original signature(s). An acceptable facsimile signature may be 272 produced by scanning an original, hand-signed document and transmitting same by facsimile. An acceptable 273 digital signature may be produced by use of a qualified, established electronic security procedure mutually 274 agreed upon by the Parties. Transmissions of a digitally signed copy hereof shall be by an established,mutually 275 acceptable electronic method, such as creating a PDF ("Portable Document Format") document incorporating 276 the digital signature and sending same by electronic mail. 277 26. DIRECTION TO ESCROWEE: In every instance where this Contract shall be deemed null and void or if this 278 Contract may be terminated by either Party, the following shall be deemed incorporated: "and Earnest Money 279 refunded upon the joint written direction by the Parties to Escrowi,ee or upon an entry of an order by a court of 280 competent jurisdiction." 281 In the event either Party has declared the Contract null and void or the transaction has failed to close as 282 provided for in this Contract and if Escrowee has not received joint written direction by the Parties or such court 283 order,the Escrowee may elect to proceed as follows: 284 a) Escrowee shall give written Notice to the Parties as provided for in this Contract at least fourteen (14) days 285 prior to the date of intended disbursement of Earnest Money indicating the manner in which Escrowee 286 intends to disburse in the absence of any written objection. I� no written objection is received by the date 287 indicated in the Notice then Escrowee shall distribute the Earnest Money as indicated in the written Notice 288 to the Parties. If any Party objects in writing to the intended'disbursement of Earnest Money then Earnest 289 Money shall be held until receipt of joint written direction from all Parties or until receipt of an order of a 290 court of competent jurisdiction. 291 b) Escrowee may file a Suit for Interpleader and deposit any funds held into the Court for distribution after 292 resolution of the dispute between Seller and Buyer by the Court. Escrowee may retain from the funds 293 deposited with the Court the amount necessary to reimburlse Escrowee for court costs and reasonable 294 attorney's fees incurred due to the filing of the Interpleader. If the amount held in escrow is inadequate to 295 reimburse Escrowee for the costs and attorney's fees,Buyer and Seller shall jointly and severally indemnify 296 Escrowee for additional costs and fees incurred in filing the Interpleader action. 297 27. NOTICE:Except as provided in Paragraph 32 c)2) regarding the manner of service for"kick-out" Notices,all 298 Notices shall be in writing and shall be served by one Party or att rney to the other Party or attorney. Notice to 299 any one of the multiple person Party shall be sufficient Notice to all.Zotice shall be given in the following manner: 300 a) By personal delivery; or Buyer Initial er Initial Seller Initial Seller Initial Address. 706 McBride Street,Elgin, Illinois 60120 v6.1 Page 7 of 13 301 b) By mailing to the addresses recited herein by regular mail and by certified mail,return receipt requested.Except 302 as otherwise provided herein,Notice served by certified mail shall be effective on the date of mailing;or 303 c) By facsimile transmission. Notice shall be effective as of date and time of the transmission, provided that the 304 Notice transmitted shall be sent on Business Days during Business Hours. In the event Notice is transmitted 305 during non-business hours, the effective date and time of Notice is the first hour of the next Business Day after 306 transmission;or 307 d) By e-mail transmission if an e-mail address has been furnished',by the recipient Party or the recipient Party's 308 attorney to the sending Party or is shown in this Contract.Notice shall be effective as of date and time of e-mail 309 transmission, provided that, in the event e-mail Notice is transmitted during non-business hours, the effective 310 date and time of Notice is the first hour of the next Business Day after transmission.An attorney or Party may 311 opt out of future e-mail Notice by any form of Notice provided by this Contract,or 312 e) By commercial overnight delivery (e.g., FedEx). Such Notice''shall be effective on the next Business Day 313 following deposit with the overnight delivery company. 314 28. PERFORMANCE: Time is of the essence of this Contract.In any',action with respect to this Contract,the Parties 315 are free to pursue any legal remedies at law or in equity tiling,TrIrte- 4f.9 ttiert-sl lbe enfitleelo 316 eaket-reasembleatterK 71d-sesta-Prem� i� _..,..1 _a a bYa c�et rt of-ee rpeten c�r3 317 28. CHOICE OF LAW AND GOOD FAITH: All terms and provisions of this Contract including but not limited to the 318 Attorney Review and Professional Inspection paragraphs shall be governed by the laws of the State of Illinois and 319 are subject to the covenant of good faith and fair dealing implied in 6:11 Illinois contracts. 320 30. OTHER PROVISIONS: This Contract is also subject to those OPTIONAL PROVISIONS initialed by the Parties 321 and the following additional attachments,if any: - 322 323 OPTIONAL PROVISIONS(Applicable ONLY It initialed by all Parties) 324 anitiaw 31. CONFIRMATION OF DUAL AGENCY:',The Parties confirm that they have previously 325 consented to (Licensee)acting as a Dual Agent in providing 326 brokerage services on their behalf and specifically consent to Licensee acting as a Dual Agent with regard to the 327 transaction referred to in this Contract. 328 32. SALE OF BUYER'S REAL ESTATE: 329 a) REPRESENTATIONS ABOUT BUYER'S REAL ESTATE:Buyer represents to Seller as follows: 330 1) Buyer owns real estate(hereinafter referred to as"Buyer's real estate")with the address of: 331 332 Address City State Zip 333 2) Buyer[check oriel❑has ❑has not entered into a contract to',sell Buyer's real estate. 334 If Buyer has entered into a contract to sell Buyer's.real estate,that contract: 335 a) [check one]Elis EJ is not subject to a mortgage contingency. 336 b) [check oriel❑is ❑is not subject to a real estate sale contingency. 337 c) [check one]❑is ❑is not subject to a real estate closing contingency. 338 3) Buyer[check one]❑has ❑has not listed Buyer's real estate for sale with a licensed real estate broker and 339 in a local multiple listing service. 340 4) If Buyer's real estate is not listed for sale with a licensed real estate broker and in a local multiple listing 341 service,Buyer[check one]: Buyer Initial Initial Seller Initial Seller Initial Address: 706 McBride Street, Elgin, Illinois 60120 v6.1 Page 8 of 13 342 a) ❑Shall list real estate for sale with a licensed real estate broker who will place it in a local multiple 343 listing service within five(5)Business Days after Date of Acceptance. 344 [For information only]Broker: 345 Broker's Address: Phone: 346 b) ❑Does not intend to list said real estate for sale. 347 b) CONTINGENCIES BASED UPON SALE AND/OR CLOSING OF REAL ESTATE: 348 1) This Contract is contingent upon Buyer having entered into a contract for the sale of Buyer's real estate that 349 is in full force and effect as of ,20 I . Such contract should provide for a closing 350 date not later than the Closing Date set forth in this Contract. If Notice is served on or before the date set 351 forth in this subparagraph that Buyer has not procured a contract for the sale of Buyer's real estate,this 352 Contract shall be null and void. If Notice that Buyer has not procured a contract for the sale of Buyer's 353 real estate is not served on or before the close of business on the date set forth in this subparagraph, 354 Buyer shall be deemed to have waived all contingencies contained in this Paragraph 32, and this 355 Contract shall remain in full force and effect.(If this paragraph is used,then the following paragraph must 356 be completed.) 357 2) In the event Buyer has entered into a contract for the sale of Buyer's real estate as set forth in Paragraph 32 358 b) 1) and that contract is in full force and effect, or has entered into a contract for the sale of Buyer's real 359 estate prior to the execution of this Contract, this Contract.is contingent upon Buyer closing the sale of 360 Buyer's real estate on or before 20 If Notice that Buyer has not closed the sale 361 of Buyer's real estate is served before the close of business on the next Business Day after the date set 362 forth in the preceding sentence,this Contract shall be null and void.If Notice is not served as described 363 in the preceding sentence, Buyer shall have deemed to have waived all contingendes contained in this 364 Paragraph 32,and this Contract shall remain in full force and effect. 365 3) If the contract for the sale of Buyer's real estate is terminated for any reason after the date set forth in 366 Paragraph 32 b) 1) (or after the date of this Contract if no date is set forth in Paragraph 32 b)1)),Buyer shall, 367 within three (3)Business Days of such termination,notify Seller of said termination. Unless Buyer,as part 368 of said Notice,waives all contingencies in Paragraph 32 and complies with Paragraph 32 d),this Contract 369 shall be null and void as of the date of Notice, If Notice as required by this subparagraph is not served 370 within the time specified,Buyer shall be in default under the terms of this Contract. 371 c) SELLER'S RIGHT TO CONTINUE TO OFFER REAL ESTATE FOR SALE: During the time of this contingency, 372 Seller has the right to continue to show the Real Estate and offer it for sale subject to the following: 373 1) If Seller accepts another bona fide offer to purchase the Real Estate while contingencies expressed in 374 Paragraph 32 b)are in effect,Seller shall notify Buyer in writing of same.Buyer shall then have 375 hours after Seller gives such Notice to waive the contingencies set forth in Paragraph 32 b), subject to 376 Paragraph 32 d). 377 2) Seller's Notice to Buyer(commonly referred to as a'kick-out'Notice)shall be in writing and shall be served 378 on Buyer,not Buyer's attorney or Buyer's real estate agent.Courtesy copies of such'kick-out'Notice should 379 be sent to Buyer's attorney and Buyer's real estate agent, if known. Failure to provide such courtesy copies 380 shall not render Notice invalid.Notice to any one of a multiple-person Buyer shall be sufficient Notice to all 381 Buyers.Notice for the purpose of this subparagraph only shall be served upon Buyer in the following manner: 382 a) By personal delivery effective at the time and date of personal delivery;or 383 b) By mailing to the address recited herein for Buyer by regular mail and by certified mail.Notice shall be 384 effective at 10:00 A.M.on the morning of the second day following deposit of Notice in the U.S.Mail;or Buyer Initi Bu er Initial Seller Initial (Seller Initial Address: 706 McBride Street, Elgin,Illinois 60120 v6.1 Page 9 of 13 385 c) By commercial delivery overnight (e.g., FedEx). Notice shall be effective upon delivery or at 4:00 P.M. 386 Chicago time on the next delivery day following deposit with the overnight delivery company, 387 whichever first occurs. 388 3) If Buyer complies with the provisions of Paragraph 32 d)then dIds Contract shall remain in full force and effect. 389 4) If the contingencies set forth in Paragraph 32 b) are NOT waived in writing, within said time period by 390 Buyer,this Contract shall be null and void. 391 5) Except as provided in Paragraph 32 c) 2) above, all Notices shall be made in the manner provided by 392 Paragraph 27 of this Contract. 393 6) Buyer waives any ethical objection to the delivery of Notice under this paragraph by Seller's attorney or 394 representative. 395 d) WAIVER OF PARAGRAPH 32 CONTINGENCIES: Buyer shall be'deemed to have waived the contingencies in 396 Paragraph 32 b)when Buyer has delivered written waiver and deposited with the Escrowee additional earnest 397 money in the amount of$ in the form of,a cashier's or certified check within the time 398 specified.If Buyer fails to deposit the additional earnest money!,within the time specified,the waiver shall be 399 deemed ineffective and this Contract shall be null and void. 400 e) BUYER COOPERATION REQUIRED:Buyer authorizes Seller or Seller's agent to verify representations contained 401 in Paragraph 32 at any time,and Buyer agrees to cooperate in providing relevant information. 402 33. CANCELLATION OF PRIOR REAL ESTATE CONTRACT: In the event either Party has entered 403 into a prior real estate contract,this Contract shall be subject to written cancellation of the prior contract on or before 404 ,20 In the event the prior contract isnot cancelled within the time specified, this 405 Contract shall be null and void. Seller's notice to the purchaser under the prior contract should not be served 406 until after Attorney Review and Professional Inspections provisions of this Contract have expired, been 407 satisfied or waived 408 34. HOME WARRANTY: Seller shall provide at no expense to Buyer a Home Warranty at a cost 409 of$ Evidence of a fully pre-paid policy shall be delivered at Closing. 410 36. CREDIT AT CLOSING: Provided Buyer's leader permits such credit to show on the HUD-1 411 Settlement Statement or Closing Disclosure, and if not,such lesseramount as the lender permits,Seller agrees to 412 credit$ to Buyer at Closing to be applied to prepaid!expenses,closing costs or both. 413 _ _ 36. TRANSACTIONS NOT CONTINGENT ON FINANCING: IF EITHER OF THE FOLLOWING 414 ALTERNATIVE OPTIONS IS SELECTED, THE PROVISIONS OF THE MORTGAGE CONTINGENCY PARAGRAPH 8 415 SHALL NOT APPLY[CHOOSE ONLY ONE]: 416 a) Transaction With No Mortgage(All Cash):If this selection is made,Buyer will pay at closing, 417 in the form of "Good Funds" the difference (plus or minus prorations) between the Purchase Price and the 418 amount of the Earnest Money deposited pursuant to Paragraph 4 above. Buyer represents to Seller, as of the 419 Date of Offer,that Buyer has sufficient funds available to satisfy the provisions of this paragraph.Buyer agrees 420 to verify the above representation upon the reasonable request of Seller and to authorize the disclosure of such 421 financial information to Seller,Seller's attorney or Seller's broker that may be reasonably necessary to prove the 422 availability of sufficient funds to close.Buyer understands and agrees that, so long as Seller has fully complied 423 with Seller's obligations under this Contract, any act or omission outside of the control of Seller, whether 424 intentional or not, that prevents Buyer from satisfying the balance due from Buyer at closing, shall constitute a 425 material breach of this Contract by Buyer. The Parties shall share the title company escrow closing fee equally. 426 Unless otherwise provided in Paragraph 32, this Contract shall not be contingent upon the sale and/or 427 closing of Buyer's existing real estate. Buyer Initial Initial Seller Initial Seller Initial Address. 706 McBride Street, Elgin,Illinois 60120 v6.1 Page 10 of 13 428 b) Transaction, Mortgage Allowed: If this selection is made, Buyer will pay at closing, in the 429 form of"Good Funds"the difference(plus or minus prorations)between the Purchase Price and the amount of 430 the Earnest Money deposited pursuant to Paragraph 4 above.Buyer represents to Seller, as of the Date of Offer, 431 that Buyer has sufficient funds available to satisfy the provisions of this paragraph. Buyer agrees to verify the 432 above representation upon the reasonable request of Seller and to authorize the disclosure of such financial 433 information to Seller, Seller's attorney or Seller's broker that may be reasonably necessary to prove the 434 availability of sufficient funds to close. Notwithstanding such representation, Seller agrees to reasonably and 435 promptly cooperate with Buyer so that Buyer may apply for and;obtain a mortgage loan or loans including but 436 not limited to providing access to the Real Estate to satisfy Buyer's obligations to pay the balance due (plus or 437 minus prorations) to close this transaction. Such cooperation shall include the performance in a timely manner 438 of all of Seller's pre-closing obligations under this Contract. This Contract shall NOT be contingent upon 439 Buyer obtaining financing. Buyer understands and agrees that, so long as Seller has fully complied with 440 Seller's obligations under this Contract, any act or omission outside of the control of Seller,whether intentional 441 or not, that prevents Buyer from satisfying the balance due from Buyer at Closing shall constitute a material 442 breach of this Contract by Buyer. Buyer shall pay the title company escrow closing fee. Unless otherwise 443 provided in Paragraph 32, this Contract shall not be contingent upon the sale and/or closing of Buyer's 444 existing real estate. 445 37. VA OR FHA FINANCING: If Buyer is seeking VA or FHA financing, required FHA or VA 446 amendments and disclosures shaU be attached to this Contract. If VA, the Funding Fee, or if FHA, the Mortgage 447 Insurance Premium(MIP)shall be paid by Buyer and[check one]L7 shall C+7 shall not be added to the mortgage loan amount. 448 38. WELL OR SANITARY SYSTEM INSPECTIONS: Seller shall obtain at Seller's expense a well 449 water test stating that the well delivers not less than five (5) gallons of water per minute and including a bacteria 450 and nitrate test and/or a septic report from the applicable County Health Department, a Licensed Environmental 451 Health Practitioner, or a licensed well and septic inspector, each dated not more than ninety (90) days prior to 452 Closing, stating that the well and water supply and the private sanitary system are in operating condition with no 453 defects noted.Seller shall remedy any defect or deficiency disclosed by said report(s)prior to Closing,provided that 454 if the cost of remedying a defect or deficiency and the cost of landscaping together exceed $3000.00, and if the 455 Parties cannot reach agreement regarding payment of such additional cost, this Contract may be terminated by 456 either Party. Additional testing recommended by the report shall be obtained at the Seller's expense. If the report 457 recommends additional testing after Closing, the Parties shall have the option of establishing an escrow with a 458 mutual cost allocation for necessary repairs or replacements, or either Party may terminate this Contract prior to 459 Closing. Seller shall deliver a copy of such evaluation(s) to Buyer not less than ten (10) Business Days prior to 460 Closing. 461 39. WOOD DESTROYING INFESTATION: Notwithstanding the provisions of Paragraph 12, 462 within ten(10) Business Days after the Date of Acceptance,Seller at Seller's expense shall deliver to Buyer a written 463 report dated not more than six (6) months prior to the Date of Closing, by a licensed inspector certified by the 464 appropriate state regulatory authority in the subcategory of termites, stating that there is no visible evidence of 465 active infestation by termites or other wood destroying insects. UnXess otherwise agreed between the Parties,if the 466 report discloses evidence of active infestation or structural damage, Buyer has the option within five (5) Business 467 Days of receipt of the report to proceed with the purchase or to declare this Contract null and void. 468 40. POST CLOSING POSSESSION:Possession Shall be delivered no later than 11:59 P.M.on the 469 date that is days after the date of Closing ("the Possession Date"). Seller shall be responsible for all 470 utilities, contents and liability insurance, and home maintenance expenses until delivery of possession. Seller shall Buyer Initialitiai Seller Initial Seller Initial Address: 706 McBride Street, Elgin, Illinois 60120 v6.1 Page 11 of 13 471 deposit in escrow at Closing with r [check one]❑one percent(1%) 472 of the Purchase Price or❑the sum of$ to be palid by Escrowee as follows: 473 a) The sum of$ per day for use and occupanc�from and including the day after Closing to 474 and including the day of delivery of Possession,if on or before the Possession Date; 475 b) The amount per day equal to three (3) times the daily amount siet forth herein shall be paid for each day after 476 the Possession Date specified in this paragraph that Seller remains in possession of the Real Estate;and 477 c) The balance,if any,to Seller after delivery of Possession and provided that the terms of Paragraph 21 have been 478 satisfied. Seller's liability under this paragraph shall not be limited to the amount of the possession escrow 479 deposit referred o above. othjng herein shall be deemed to create a Landlord/Tenant relationship between the Parties. 480 .00 0 1(4 SIS" CONDITION: This Contract is for the sale and purchase of the Real Estate in its"As 481 Is" con tion as of the Date of Offer. Buyer acknowledges that no representations, warranties or guarantees with 482 respect to the condition of the Real Estate have been made by Seller or Seller's Designated Agent other than those 483 known defects,if any, disclosed by Seller.Buyer may conduct an inspection at Buyer's expense.In that event,Seller 484 shall make the Real Estate available to Buyer's inspector at reasonable times. Buyer shall indemnify Seller and hold 485 Seller harmless from and against any loss or damage caused by the acts of negligence of Buyer or any person 486 performing any inspection. In the event the inspection reveals that the condition of the Real Estate is 487 unacceptable to Buyer and Buyer so notifies Seller within five (5) Business Days after the Date of Acceptance, 488 this Contract shall be null and void. Buyer's notice SHALL NOT include a copy of the inspection report, and 489 Buyer shall not be obligated to send the inspection report to Seller absent Seller's written request for same. 490 Failure of Buyer to notify Seller or to conduct said inspection operates as a waiver of Buyer's right to terminate 491 this Contract under this paragraph and this Contract shall remain in full force and effect. Buyer acknowledges 492 that the provisions of Paragraph 12 and the warranty provisions of Paragraph 5 do not apply to this Contract. 493 42. SPECIFIED PARTY APPROVAL: This Contract is contingent upon the approval of the Real 494 Estate by 495 Buyer's Specified Party, within five (5) Business Days after the Date of Acceptance. In the event Buyer's Specified 496 Party does not approve of the Real Estate and Notice is given to Seller within the time specified, this Contract shall 497 be null and void. If Notice is not served within the time specified, this provision shall be deemed waived by the 498 Parties and this Contract shall remain in full force and effect. 499 43. INTEREST BEARING ACCOUNT: Earnest money (with a completed W-9 and other 500 required forms),shall be held in a federally insured interest bearing account at a financial institution designated 501 by Escrowee.All interest earned on the earnest money shall accrue to the benefit of and be paid to Buyer. Buyer 502 shall be responsible for any administrative fee (not to exceed'$100) charged for setting up the account. In 503 anticipation of Closing, the Parties direct Escrowee to close the account no sooner than ten (10) Business Days 504 prior to the anticipated Closing date. 505 44. MISCELLANEOUS PROVISIONS: Buyer's and Seller's obligations are contingent upon the 506 Parties entering into a separate written agreement consistent with the terms and conditions set forth herein, and 507 with such additional terms as either Party may deem necessary,providing for one or more of the following[deck a pplirable bores]: 508 ❑Articles of Agreement for Deed ❑Assumption of Seller's Mortgage ❑Commercial/Investment 509 or Purchase Money Mortgage ❑Cooperative Apartment ❑New Construction 510 ❑Short Sale ❑Tax-Deferred Exchange ❑Vacant Land Buyer Initial uyer Initial Seller Initial Seller Initial AddreSS: 706 McBride Street, Elgin, Illinois 60120 v6.1 Page 12 of 13 511 THIS DOCUMENT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL PAR:TIES AND DELWERED TO THE PARTES OR THEIR AGENTS. 512 THE PARTIES REPRESENT THAT THE TEXT OF THIS COPYRIGHTED FORM HAS 146T BEEN ALTERED AND IS IDENTICAL TO THE OFFICIAL 513 MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 6.1. 514 December 19, 2018 515 Date of Offer DATE OF AC PT CE 516 517 B e Seller Signatures 518 519 Buyer Signature Seller Signature', 520 City of Elgin,an Illinois Municipal Corporation Douglas Studt 521 Print Buyer(s)Name(s)[Required] Print Seller(s)I4ame(s)[Required] 522 150 Dexter Court 2433 Fox Mea ow Court 523 Address Address 524 Elgin IL 60120 Northfield IL 60093 525 City State Zip City State Zip 526 847-931-5655 312-758-0435 doug@tglass.com 527 Phone E-mail Phone E-mail 528 FOR INFORMATION ONLY 529 NIA N/A 530 Buyer's Brokerage MLS# State License# Seller's Brokerage MLS# State License# 531 N/A N/A 532 Address City Zip Address City Zip 533 NIA N/A 534 Buyer's Designated Agent MLS# State License# Seller's Designated Agent MLS# State License# 535 N/A NIA 536 Phone Fax Phone Fax 537 NIA NIA 538 E-mail E-mail 539 William A. Cogley wgley_wQcityatalgln.org 540 Buyer's Attorney E-mail Seller's Attorne� E-mail 541 150 Dexter Court Elgin IL 60120 542 Address City State Zip Address City State Zip 543 847-931-5659 847-931-5665 544 Phone Fax Phone Fax 545 N/A NIA 546 Mortgage Company Phone Homeowner'skondo Association(if any) Phone 547 N/A NIA 548 Loan Clfficer Phone/Fax Management Cp./Other Contact Phone 549 N/A NIA 550 Loan Officer E-mail Management dodotber Contact E-mail 551 Illinois Real Fjstate License Law requires all offers be presented in a timely mannex JZyetrequemsvedficafion thatthis offerwas presented. 552 Seller rejection:This offer was presented to Seller on_ 20 at A.M./P.M.and rejected on 553 .20 at_:____A.M./P.M. _ ___[Seller Initials] 554 ©2015,Illinois Real Estate Lawyers Assoclation.All rights rewtut.Uhtaathortzed duplication or alteration f this form or arty portion thereof is prohibited Ofciat form.available at 555 w zw_ _ elnmq(wdWte of IDinols Reat Estata IRwyers Association).Approved by the following organimtivns,Septentberl20M:1111wis Real Estatelawyers Association DuPage County Bar Association- 556 McHemy county Bar Asaoc*lion�Northwest Suburban BarAssoclation•[MB County Bar Association•Belvidere Bomal ofREALTOR9'-Chiargo Association of REALTOR9'•Kavlland REALTOR 557 Organiuuion Hometown Association of REALTORS'•Mint Valley Association of REALTORS'- Kankakee-Tr uols-Ford County Association of RE4LTORS11•Ma ustred Organlurtion of 558 REALTORS' North Shore-Barrington Association of REALTORS''•Oak Park Area Association of REAL'T'OR REALTOR'Association of the Fox Valley,Inc.•Three Rhxrs Associatimi of 559 REALTORS' Bu er In itial4� —� yer Initial Seller Initial Seller Initial AddreS9, 706 MCBride Street, Elgin, Illinois 60120 v6.1 Page 13 of 13