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ANNEXATION AGREEMENT <br /> THIS AGREEMENT, made and entered into this _2[d_ day of <br /> cA2r�_, 1986 , by and between the VILLAGE OF ELK GROVE <br /> VILLAGE, a municipal corporation orgaGized and existing under and <br /> by virtue of the laws of the State of Illinois (the "Village" ) by <br /> and through its President and Board of Trustees ( the "Corporate <br /> Authorities" ) and PARKWAY BANK AND TRUST CO . , as Trustee under <br /> Trust Agreement dated April 22, 1986 and known as Trust No . 7732 <br /> (the "Petitioner/Owner" ) , <br /> W I T N E S S E T H: <br /> WHEREAS, the Owner is the current owner of record of <br /> certain real estate comprising approximately 32,894 square feet <br /> and located on the Northeast corner of Devon Avenue and Tonne <br /> Road, the legal description of which is set forth as Exhibit "A" , <br /> attached hereto and, by this reference , made a part hereof and <br /> incorporated herein (the "Subject Property" ) ; and <br /> WHEREAS , the Subject Property adjoins , abuts and is <br /> contiguous to corporate limits of the Village and is not within <br /> the corporate limits of any other municipality; and <br /> WHEREAS, the Petitioner is the contract purchaser of the <br /> Subject Property and has petitioned the Village for annexation <br /> and rezoning of the Subject Property ; and <br /> WHEREAS , the Subject Property constitutes territory <br /> which may be annexed to the Village in accordance with Article 7 <br /> of the Illinois Municipal Code ( Ill . Rev. Stat . Ch. 24 , Article <br /> 7) ; and <br /> WHEREAS , the Owner and the Petitioner desire to have the <br /> Subject Property annexed to the Village upon certain terms and <br /> conditions hereinafter set forth ; and <br /> WHEREAS , pursuant to the provisions of Section 11 - 15 . 1 - 1 <br /> et sect. of the Illinois Municipal Code ( 111 . Rev. Stat . Ch. 241 <br /> 511- 15 . 1- 1 et seg. ) , a proposed annexation agreement in substance <br /> and form the same as this Agreement was submitted to the Corpo- <br /> rate Authorities and a public hearing held thereon pursuant to <br /> notice , as provided by statute ; and <br /> - 1- <br />