HomeMy WebLinkAboutRESOLUTION - 77-20 - 11/17/2020 - 1550 E. Higgins Rd, Real Estate Contract, Oak Brook Regent, LLCRESOLUTION NO. 77-20
A RESOLUTION AUTHORIZING THE MAYOR AND VILLAGE CLERK TO
EXECUTE A REAL ESTATE SALES CONTRACT BETWEEN THE VILLAGE OF ELK
GROVE VILLAGE AND OAK BROOK REGENT, LLC (1550 E. HIGGINS ROAD)
BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove
Village, Counties of Cook and DuPage, State of Illinois as follows:
Section 1: That the Mayor be and is hereby authorized to sign the attached documents
marked:
REAL ESTATE SALES CONTRACT
a copy of which is attached hereto and made a part hereof as if fully set forth and the Village
Clerk is authorized to attest said documents upon the signature of the Mayor.
Section 2: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 171h day of November 2020.
APPROVED this 171h day of November 2020.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk
REAL ESTATE SALE CONTRACT
1. THE VILLAGE OF ELK GROVE VILLAGE, an Illinois Municipal Corporation,
having its principal office located at 901 Wellington Avenue, Elk Grove Village, Illinois, 60007,
(the "Purchaser"), agrees to purchase at a price of Two Million Eight Hundred Thousand and
No/100 Dollars ($2,800,000.00), the Purchase Price, on the terms set forth herein, the following
described real estate, in Cook County, Illinois (the'Property"):
See Legal Description Rider Attached Hereto As Exhibit 'A'
(Approximately 3.39 acres)
PIN:08-22-403-013-0000
Address: 1550 E. Higgins Road, Elk Grove Village, Illinois 60007
2. OAK BROOK REGENT, LLC, an Illinois Limited Liability Company, having its
principal office located at 4069 Joseph Drive, Suite B, Waukegan, Illinois 60087, (the "Seller'),
agrees to sell the real estate and the building/improvements thereon described above, (the
"Property"), at the price and terms set forth herein, and to convey or cause to be conveyed to
Purchaser, or its nominee, title thereto by a recordable Warranty Deed, subject only to: (a)
covenants, restrictions, building lines, private, public and utility easements, and roads and
highways, if any; (b) special taxes or assessments for improvements not yet completed; (c) any
unconfirmed special tax or assessment; (d) installments not due at the date hereof of any special
tax or assessment for improvements heretofore completed; and (e) general taxes for the year 2020
and subsequent years including taxes which may accrue by reason of new or additional
improvements during the year(s): and, (D existing leases as agreed and as further set forth herein.
3. Purchaser will pay $100,000.00 to Bond Title Services, Inc. , ("Escrowee"), as Earnest
Money concurrent with signing this Contract, to be applied on the Purchase Price, and agrees to
pay or satisfy the balance of the Purchase Price in cash, plus or minus prorations or conditions, as
set forth herein, at the time of Closing. Said Earnest Money shall be deposited in a Joint Order
Escrow with Bond Title Services, Inc. for the mutual benefit of the Parties. Any cost of the Joint
Order Escrow shall be divided equally between the Parties.
4. Closing shall be on December 30, 2020, or at such other date as mutually agreed and is
practicable by the Parties in writing, at Bond Title Services, Inc, provided title is shown to be good,
and provided the contingencies set forth in this Contract have been satisfied or resolved as herein
set forth.
5. Seller shall deliver possession of the vacant Units located at Property to Purchaser at
Closing and shall remove all personal property from the vacant Units located at the Property prior
to Closing. Except as set forth on the Rent Roll attached hereto as Exhibit 'B', the Seller certifies
to existing tenant leases at the time of Closing. Additionally, Seller shall provide copies of all
leases for the Units located at the Premises to the Purchaser within ten (10) days of the Contract
Date.
A. At the time ofClosing on December 30, 2020, the Parties anticipate that thirty-four-
(34) Units at the Property will continue to be occupied by the Seller's tenants under Current Leases
as set forth and identified in the Rent Roll attached to this Contract as Exhibit 'B'. At Closing, all
pre -paid monthly rent shall be pro -rated between the Parties as of the Closing Date, and all Current
Leases and tenant security deposits for the occupied Units at the premises shall be assigned to the
Purchaser. Seller shall retain the right to collect any rents not paid for the months of December
2020 and any month prior thereto. Purchaser agrees to cooperate, without expense to Purchaser,
with Seller with respect to Seller's efforts to collect any unpaid rent after Closing. Additionally,
Seller shall make a good faith effort to obtain and provide a Tenant Estoppel Certificate in the
manner set for on Exhibit 'C' for all of the Units located at the Premises completed and signed by
the tenant for each Unit, and dated not later than twenty-one (21) days after the date of this Contract
once this Contract is fully executed. In the event that Tenant Estoppel Certificate is not provided
by any current Tenant, then and in that event, Seller shall execute and provide such Tenant
Estoppel Certificate on behalf of said non -compliant Tenant.
6. Purchaser agrees to purchase the subject Property in its present "as is condition" and
acknowledges that Seller has not made any representations or warranties as to the building(s) or
any contents located on the Property. Seller shall not be required to pay or contribute toward any
expense for cost of repair to the Property unless otherwise agreed in writing as a part of the
Purchaser's due diligence.
7. Seller agrees to furnish Purchaser with any existing ALTA survey or otherwise for the
Property within fifteen (15) days of acceptance of this Contract by the Seller.
8. Further, Seller shall deliver or cause to be delivered to Purchaser or Purchaser's attorney,
at Seller's expense and not less than five (5) days prior to the time of Closing, a current ALTA
survey dated after the Seller's acceptance date of this Contract, and a title commitment for an
owner's title insurance policy issued by Bond Title Services, Inc. in the amount of the Purchase
Price, covering title to the Property, showing title in the intended grantor subject only to (a) the
general exceptions contained in the policy; (b) the title exceptions set forth in Paragraph 2 above;
(c) Encroachment of the blacktop on the land and over the northeasterly line of the land by 2 feet
and over the northwesterly line ofthe land by 0.6 feet as shown on the survey number 16056-2 by
Earl M. Smith and by varying amounts ranging from .92 feet to 1.79 as shown on the survey
number 963144 dated December 17, 1996 prepared by Gremley and Biedermann; (d)
encroachment of the blacktop pavement parking stalls over and across the Southwesterly and
Northwesterly lines ofthe property; (e) encroachment ofthe blacktop pavement parking stalls onto
10 foot easement recorded as document no. 20548449; and (f) title exceptions pertaining to liens
or encumbrances of a definite or ascertainable amount which may be removed by the payment of
money at the time of Closing and which the Seller may so remove at that time by using the funds
to be paid upon the delivery of the deed (all of which are herein referred to as the permitted
exceptions). The title commitment shall be conclusive evidence of good title as therein shown as
to all matters insured by the policy, subject only to the exceptions as therein stated. Seller also
shall furnish Purchaser an affidavit of title in customary form covering the date of Closing and
2
showing title in Seller subject only to the permitted exceptions in foregoing items (b),(c) (d), (e)
and (f), and unpermitted exceptions or defects in the title disclosed by the ALTA survey, if any,
as to which the title insurer commits to extend insurance. In the event that this transaction does
not Close for any reason, Purchaser shall reimburse the Seller for half of the cost of the ALTA
survey, which shall not exceed $1,600.00.
9. Ifthe title commitment or survey discloses either unpermitted exceptions or survey matters
(herein referred to as "exceptions"), Seller shall have fifteen (15) days from the date of delivery
thereof to have the exceptions removed from the commitment or to correct such survey defects, or
to have the title insurer commit to insure against loss or damage that may be occasioned by such
exceptions, and, in the event the title insurer commits to insure, the time of Closing shall be five
(5) days after delivery ofthe commitment, but not sooner that December 15, 2020, unless mutually
agreed by the Parties. If Seller fails to have the exceptions removed or correct any survey defects,
or in the alternative, to obtain the commitment for title insurance specified above as to such
exceptions or survey defects, or in the alternative, to obtain the commitment for title insurance
specified above as to such exceptions or survey defects within the specified time, Purchaser may
terminate this Contract or may elect, upon notice to Seller within three (3) working days after the
expiration of the fifteen (15) business day period, to take title as it then is and may propose a
deduction from the Purchase Price, liens or encumbrances of a definite or ascertainable amount.
Seller shall have three (3) business days to agree to said deduction. IfSeller does not agree to said
deduction, Purchaser may elect to thereafter terminate this Contract, without further actions ofthe
Parties, in which case neither Purchaser nor Seller shall have any further liability hereunder.
10. General taxes for 2020 and 2021 (if applicable) shall be prorated at Closing and shall be
credited to the Purchaser at 107.5% of the last ascertainable full year's real estate tax bill (2019 tax
bill) on PIN: 08-22-403-013-0000, and any additional PIN's assigned to the Property (if any).
Seller may have tax protests pending or in process and shall be entitled to continue those protests
and claims with respect to any period it owned the Property. Any refund of money associated with
Seller's tax protests shall be returned to the Seller, even if that occurs after closing. The cost of
the tax protests shall also be the responsibility of the Seller. Seller shall be responsible for any
other operational costs, including but not limited to utilities, through the date of Closing, and Seller
shall cooperate and furnish any documentation necessary to comply with all state, county and local
laws therewith.
11. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall
be applicable to this Contract. Seller shall be required to provide fire insurance coverage for any
structures located on the Property pending Closing as set forth herein, and the risk of loss due to
fire, other casualty, or condemnation remains with Seller. If, prior to Closing, any such loss occurs
or any condemnation action is filed, then Purchaser may terminate this Contract, in which case
neither Purchaser nor Seller shall have any further liability hereunder, unless Seller's acts or
omissions related to such loss or action violate its obligations under this Contract, including the
representations and warranties or the covenants and agreements set forth in this Contract, in which
case Purchaser may pursue any such remedy at law or equity.
12. Upon mutual agreement by the Purchaser and Seller, this sale may be closed through an
escrow with Bond Title Services, Inc, in accordance with the general provisions ofthe usual form
3
of Deed and Money Escrow Agreement then in use by Bond Title Services, Inc. , with such special
provisions inserted in the escrow agreement as may be required to conform with this Contract.
Upon the creation of such an escrow, anything herein to the contrary notwithstanding, payment of
Purchase Price and delivery of deed shall be made through the escrow and this Contract and the
earnest money shall be deposited in the escrow. All costs of the New York Style Escrow and
closing Escrow shall be divided equally between Seller and Purchaser. The Seller shall pay the
cost of the Owner's Policy with extended coverage. All other title charges and title endorsements
requested by Purchaser relating to the Owner's Policy and any lender policy, shall be paid by the
Purchaser , and the cost of recording the Warranty Deed and other Purchaser related charges shall
be paid by the Purchaser.
13. Seller represents that it is not a "foreign person" as defined in Section 1445 of the Internal
Revenue Code and is therefore exempt from the withholding requirements of said Section. Seller
will furnish Purchaser at Closing the Exemption Certification set forth in said Section.
14. In order to complete Purchaser's due diligence under this Contract:
A. From and after the execution of this Contract, Purchaser shall have reasonable
access to the subject Property, including all existing structures and buildings, for purposes of soil
boring and testing, surveying, engineering, examination and planning, and in order to conduct a
Phase I Environmental Site Assessment ("Phase I") which shall be paid for by the Purchaser. Such
Phase I shall be conducted and concluded by November 30, 2020 or at such later date as mutually
agreed upon by the Parties and as otherwise practicable. If the Phase I reveals environmental
concerns that necessitate a Phase II assessment, Purchaser shall share such concerns with Seller.
Purchaser, at its sole discretion, may order and pay for said Phase II or give written notice of
termination of the Contract on or before December 6, 2020 IfPurchaser proceeds with the Phase
II assessment, Purchaser shall have reasonable access to the subject Property for purposes of soil
testing, surveying, engineering, examination and planning, in order to conduct Phase II
Environmental Site Assessment ("Phase II"). Purchaser shall have until December 15, 2020, or
such later date as mutually agreed upon by the Parties and as otherwise practicable considering the
timing and receipt of prior due diligence requirements, to complete said Phase II assessment. If
the Phase II indicates no environmental concerns, this contingency shall be satisfied. Ifthe Phase
II raises additional concerns either Party may terminate this Contract by giving written notice
thereof, within five (5) business days of that Parties receipt of the Phase II assessment. With
respect to any and all assessments/inspections, Purchaser shall defend, indemnify and save and
hold harmless Seller from any costs or liabilities resulting from such access, soil boring and testing,
surveying, engineering, examination and planning and/or other act or action performed pursuant
to this paragraph, and Purchaser shall restore at its own cost the subject Property to its original
condition after each such inspection including but not limited to filling and repairing soil borings.
B. The provisions of paragraph 14.A. notwithstanding, and unless otherwise mutually
extended, the Purchaser shall have until December 15, 2020, to determine that as a result of any
environmental inspection of the subject Property, or for any other reason in the Purchaser's sole
discretion, the subject Property is not satisfactory for the uses contemplated by Purchaser. The
Purchaser shall then so notify the Seller in writing and terminate the Contract on or before
December 15, 2020. All Earnest Money previously deposited shall be refunded to the Purchaser
and in which case neither Purchaser nor Seller shall have any further liability hereunder.
C. As an alternative to contract termination, with respect to environmental concerns
related to the Phase I or Phase II Assessments on or before December 15, 2020, or for any other
reason in the sole discretion of the Purchaser on or before December 6, 2020, the Parties may elect
to negotiate a monetary settlement or other mutual resolution and the Contract shall in that event
remain in full force and effect.
D. Purchaser acknowledges that time is of the essence and will diligently pursue the
completion of the inspection process and will notify Seller in a timely manner if it elects to
terminate this Contract, for environmental issues on or before December 15, 2020 and for any
other matter on or before December 6, 2020.
15. Seller does hereby represent to Purchaser as follows:
A. As of the date of Closing, and with the exception of the Current Leases set forth
above in Paragraph S.A., there will be no leases, occupancy agreements, management agreements,
or maintenance agreements, except for the waste management contract with Veola which is a
month to month contract, relating to the subject Property that will affect any of the terms or
conditions of this contract, and Seller agrees not to enter into any such agreements relating to the
subject Property without the written consent of Purchaser. Seller will take commercially
reasonable actions necessary to terminate said Lease(s) and Agreement(s) prior to the closing of
the Property.
B. To the best of Seller's actual knowledge, other than the actions ofthe Purchaser that
resulted in this Contract, there are no other proceedings presenting, pending or threatened for the
taking by exercise of the power of eminent domain or, in any other manner, for a public or quasi -
public purpose, of all or any part ofthe subject Property except as disclosed in this Contract.
C. Except as disclosed in this Contract, to the best of Seller's actual knowledge, there
is no pending or threatened litigation or administrative proceeding involving in any manner the
subject Property.
D. Except as disclosed in those certain environmental reports commonly known as: 1)
Phase I Environmental Assessment Report prepared by Environmental Design International, Inc
March 31, 1999; and 2) Phase I Environmental Assessment performed at Regency Office Center,
1550 E. Higgins Road, Elk Grove Village, IL, prepared by Benchmark Environmental Services,
Inc on or about April 27, 2001, ( Collectively the 'Prior Phase I's) to the actual knowledge of the
Seller, there are no substances upon the subject Property nor are there activities engaged in the
subject Property which constitute a violation of any environmental law. In addition, except to the
extent disclosed in the Prior Phase I's, to Seller's actual knowledge, no toxic materials, hazardous
wastes, hazardous substances, pollutants or contaminants have been generated, released, stored or
deposited over, beneath or on the subject property from any source whatsoever, nor has any part
ofthe subject property been used for or as a land fill, the result of which could impose any liability
under applicable federal or state laws and regulations, including, but not limited to, the
Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C.
§9601 et seq.)and the Resource Conservation and Recovery Act (42 U.S.C. §6903 et seq.), and
Seller represents that it has not received any notice nor is it otheiwise actually aware of any actual
threatened claims, actions, proceedings, suits or demands by the EPA or any third Party relating
to environmental matters at, on or arising out of the subject property. Seller has received no written
notice of: (a) any pending or threatened action or proceeding arising out of the presence of
Hazardous Materials on or at the Property, or (b) any alleged violation of any environmental laws.
E. To the Seller's actual knowledge, there are no uncured violations of any law,
ordinance, order, regulation, rule or requirement of any governmental authority affecting the
subject Property.
F. Seller is vested with all necessary legal authority to enter into this Contract; has full
power, authority and legal right, and will have obtained all approvals and consents required to
execute this Contract and to carry out all of Seller's obligations under this Contract; and this
Contract will constitute the valid and binding obligation of Seller in accordance with its terms.
G. No notices or requests have been received by Seller from any governmental agency
or other utility with respect to the subject Property with which Seller has failed or refused to
comply. Any such notices or requests received prior to Closing shall be addressed by Seller at its
expense. If Seller does not elect to so comply, Purchaser may cancel the Contract and in which
case neither Purchaser nor Seller shall have any further liability hereunder„ or Purchaser may elect
to take title subject to such matters.
H. To the Seller's actual knowledge, there are no claims, demands, liabilities, actions,
special assessments or other governmental assessments or charges pending or threatened against
Seller or the subject Property (including, without limitation, pending or threatened condemnation
proceedings by any public or governmental agency or authority other than that disclosed in this
Contract) which:
(1) constitute or might result in a lien or claim against the subject Property,
(2) may result in a monetary or non -monetary obligation to be fulfilled by the
Purchaser, or
(3) could otheiwise deprive Purchaser of any portion of the subject Property.
I. There are no attachments, executions or assignments for the benefit of creditors, or
voluntary or involuntary proceedings in bankruptcy or under any other debtor relieflaws pending
or threatened by or against Seller or any of its partners.
J. Except as otherwise provided in this Contract, from and after the date hereof, Seller
shall (except in the case of emergency) refrain from (1) making any changes or improvements
upon or about the subject Property; (2) creating or incurring any mortgage lien, other lien, pledge
or other encumbrance in any way affecting the subject Property; and (3) committing any waste or
nuisance upon the subject Property. Seller shall maintain the subject Property in the same or similar
condition as it customarily has maintained the Property, keep the subject Property in compliance
with all laws, ordinances, regulations and restrictions affecting the subject Property and its use,
and shall pay all bills and expenses regarding the subject Property until the Closing.
K. There are no outstanding options or rights granted by Seller to acquire the subject
Property, or any part thereof, and there is no Party other than Purchaser having any right or option
to acquire the subject Property or any part thereof, except any foreclosure rights set forth in any
mortgages affecting the subject Property.
L. There are no agreements, whether written or oral, affecting the use, maintenance
and operation ofthe subject Property which survive the Closing that cannot be canceled with thirty
(30) days notice.
M. Seller shall pay any and all real estate commissions or finder's fees payable in
connection with this transaction and the sale of the Property to Purchaser. The total commission
to be paid by the Seller shall be five (5%) of the total net Purchase Price, which shall be divided
equally as follows: two and a half (2.5%) Percent to Lee and Associates (Purchaser's Broker); and,
collectively two and a half (2.5%) Percent to Brown Commercial Group and Metro Resources
(Seller's Brokers), which shall be split evenly among the Seller's Brokers. Seller agrees to
indemnify and hold Purchaser harmless from all loss, damage, costs and expenses (including
reasonable attorney's fees) that Purchaser may suffer as a result of any claim brought by any broker
or finder in connection with this transaction and this Contract. Purchaser represents and warrant
that it has no real estate broker other than Purchaser's Broker and shall defend indemnify, and hold
Seller harmless from any person claiming real estate commissions or finder's fees as an agent of
or on behalf of Purchaser.
16. Seller agrees to deliver possession of the subject Property at Closing in the same "as is
condition" as it is at the date ofthis Contract, ordinary wear and tear excepted.
17. All notices to be given hereunder shall be personally delivered, sent by facsimile
transmission, sent by overnight courier, or sent by U.S. mail, with postage prepaid, or by facsimile
transmission, to the Parties at the following addresses (or to such other or further addresses as the
Parties may hereafter designate by like notice similarly sent):
Purchaser: George B. Knickerbocker
Village Attorney
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, IL 60007
Tele: 847/357-4032
Fax No. 847/357-4044
gknickerbocker @elkerove.org
With a copy to: William I Payne
Attorney at Law
1100 W. Northwest Hwy., #103
Mount Prospect, IL 60056
Tele.: 847/483-5027
Fax No: 847/483-5029
williamjpayne7@.:aol.com
With a copy to: Matthew J. Roan
Deputy Village Manager
901 Wellington Avenue
Elk Grove Village, IL 60007
Tele.: 847/3574004
Fax No: 847/3574022
mroan@elkgrove.org
Seller: OAK BROOK REGENT, LLC
Stephen B. Schostok, Manager
4069 Joseph Drive
Waukegan, Illinois, 60087
Tele:
Fax No.:
Email:
With a copy to: Attorney at Law
Howard M. Zavell
Dickier, Kahn, Slowikowski & Zavell, Ltd.,
85 W Algonquin Rd, Suite 420,
Arlington Heights, IL 60005, Illinois
Tele: 847-593-5595 ext 205
Fax No.: 847-593-5632
Email: howard@dicklerlaw.com
All notices sent by mail shall be deemed effectively given on the business day next following the
date of such mailing. All notices personally delivered, sent by facsimile transmission or sent by
overnight courier shall be deemed effectively given on the date of such delivery.
18. This Contract and the exhibits attached hereto, if any, embody the entire agreement
between the Parties in connection with this transaction, and there are no oral or parole agreements,
representations, or inducements existing between the Parties relating to this transaction which are
not expressly set forth herein and covered hereby. This Contract may not be modified except by
a written agreement signed by all of the Parties. However, if any portion of this Contract is invalid
or unenforceable against any Party under certain circumstances, then this Contract will be deemed
to be amended by deleting such provisions. This Contract will be enforceable, as amended, to the
fullest extent allowed by law as long as the amendment does not result in a failure of consideration.
19. Defaults and remedies
A. Purchaser's Default. IfPurchaser fails to perform in accordance with the terms of
this Agreement, and such default is not cured within ten (10) days from the date of Purchaser's
receipt for Seller's written notice to Purchaser of such default, then, Seller shall be entitled to seek
any remedy at law or equity
B. Seller's Default. If Seller fails to perform in accordance with the terms of this
Contract and such default is not cured within ten (10) days from the date of Purchaser's written
notice to Seller of such default then Purchaser shall be entitled to seek any remedy at law or equity.
C. In the event either Purchaser or Seller defaults in the performance for any obligation
imposed upon it under the provisions of this Contract, the defaulting party shall pay all reasonable
attorneys' fees and expenses of the non -defaulting party incurred in any litigation or negotiation
undertaken to enforce any of the obligations of the defaulting party under this Contract, or in any
litigation or negotiation in which the non -defaulting party shall, without its fault, become involved
through or on account of this Contract.
20. The Seller shall reconfirm all representations and warranties set forth in this Contract as
true, accurate, and complete on and as ofthe Closing Date.
21. Tax -Deferred Exchan,e. Seller and/or Purchaser will, upon the request of the other Party,
cooperate as reasonably required to assist the other party in facilitating a tax -deferred exchange
under Section 1031 of the Internal Revenue Code. Notwithstanding the foregoing, neither party
will be required to undertake any liabilities or obligations or expend any sums of money in
connection with a proposed tax-free exchange for the benefit of the other Party, and any tax -
deferred exchange shall not delay or extend closing.
22. Seller's representations and warranties with respect to the leases which are in place shall
survive after Closing for three months, and Seller shall indemnify, hold harmless, and defend
Purchaser and its successors and assigns, from and against any and all damages of whatsoever
kind or nature which, directly or indirectly, are caused by, result from, arise out of, or occur in any
manner in connection with any material inaccuracy in the representations or warranties with
respect to the leases which are in place. The preceding indemnity and hold harmless shall not
apply to matters attributable to acts or omissions ofthe Purchaser or ofthird parties.
23. The Parties shall execute all documents and take all other actions consistent with this
Contract that are reasonably necessary to consummate the transaction contemplated in this
Contract.
24. The Parties hereto agree that time is of the essence in this transaction and that this Contract
may be executed in counterparts and shall be governed by and interpreted in accordance with the
laws of the State of Illinois.
25. Each Party hereto shall respectively pay the fees and charges of their attorneys and
consultants.
Vol
26. The Parties acknowledge that the obligations of this Contract will not be binding on the
Purchaser until formal Village Board action has been taken by the Corporate Authorities of the
Purchaser.
IN WITNESS WHEREOF, the Parties hereto have executed this Real Estates Sale Contract
this day of , 2020, the "Contract Date".
PURCHASER: SELLER:
THE VILLAGE OF ELK GROVE VILLAGE. OAK BROOK REGENT, LLC,
An Illinois Municipal Corporation An Illinois Limited Liability Company
By:
Craig B. Johnson, Mayor Stephen P. Schostock, Manager
ATTEST:
By: __ _ — — By
Loretta Murphy, Village Clerk
10
EX WIT 'A'
PARCELI:
LOT 1 IN THE SDK SUBDIVISION, BEING A SUBDIVISION IN THE SOUTHEAST OF THE
SOUTHEAST 14 OF SECTION 22 TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
PARCEL 2:
PERPETUAL, NON-EXCLUSIVE EASEMENT FOR THE BENEFIT OF PARCEL 1 FOR INGRESS
AND EGRESS AS CREATED BY CROSS -EASEMENT AGREEMENT RECORDED MAY 19, 1999
AS DOCUMENT 99485434 OVER THAT PART OF LOT 3 IN REGENT OFFICE CENTER PHASE 11,
A SUBDIVISION OF PART OF LOTS 2 AND 3 IN ASSESSOR'S DMSION OF THE EAST Yi OF THE
SOUTHEAST OF SECTION 22, TOWNSHIP 41 NORTH, RANGE i 1 EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS AS SHOWN ON EXHIBIT 'C' ATTACHED
TO SAID INSTRUMENT.
ADDRESS: 1550E. HIGGINS ROAD, ELK GROVE VILLAGE, ILLINOIS 60007
PIN: 08-22-403-013-0000
11
Ei XH1BIT 'B'
Page 1
RENT ROLL
1550 E.
Hiaains Road, Elk Grove Vlllaae, Illinois 60007
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894.00
11/012009
12/31/2020
134
1,060.00
1.19
12,720.00
14.23
0.00
0.00
988.00
Clearance Inc.
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102
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804.00
0
0.00
0.00
0.00
0.00
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103
Weida Freight
Commercial
894.00
09/01/2017
11/30/2021
51
972.00
1.09
11,664.00'
13.05
0.00
0.00
894.W
Systems, Inc
0
104
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894.00
0
0.00
0.D0
0.00
0.00
0.00
0.00
0.00
ro
105
Centro
Commercial
1,230.00
03/01/2018
11/30/2020
33
1,152.15
0.94
13,825.80
11.24
0.00
0.00
0.00
International
106
Centro
Commercial
1 M.00
10/01/2014
11/30/2020
74
2,240.25
1.82
25,883.00
21.86
0.52
0.00
2.050.00
+ro
International
ro
107
Centro
Commercial
1230.00
10/0112014
11/30/2020
74
0.00
0.00
0.00
0.00
0.00,
0.00
0.D0
Intemational
ro
108
Service Shipping
Commercial
1230.00
09/01/2004
IW31/2021
206
1,530.00
1.24
18,360.00
14.93
0.00
0.00
1,196.00
Inc.
ro
109
Reyes Group Ltd
Commercial
1,230.00
081152020
08/312021
13
2.613.75
2.12
31,365.00
25.60
0.00
0.00
2,613.75
'ro
110
Reyes Group Ltd
Commercial
1,230.00
08115=0
08/312021
13
0.00
D.00
0.00
0.00
0.00
0.00
0.00
pro
111
Mr Vadkn Cumrei
Corrvmercial
1,230.00
06101/2019
02/282021
21
1,133.00
0.92
13,596.00
11.05
0.00
0.00
1,100.00
dlb/a Fortis
Transponalon
ro
112
OCMC Trucking
Commercial
1.230.00
07/01/2018
06 302021
36
1,267.00
1.03
15,204.00
12.36
0.00
0.00
1,230.00
Inc
ro
113
Mr. Ranko
Commercial
706.00
06/012011
0
875.00
1.24
10.500.00
14.89
0.DO
O.DOI
_
1,400.00
Stankovic
ro
114
KMS Express
Commercial
894.00
01/012018
127312021
48
1,050.00
1.17
12,800.00
14.09
0.00
0.0Or
1,000.00
Grow
ro
115
Lama Express
Commercial
894.00
Oa/012016
0
960.00
1.06
11.400.00
12.75
0.00
0.00
1,341.00
ro
116
Western Overseas
Commercial
894.00
D6/012011
0
995.00
1.11
11,940.00
13.36
0.35
O.DOI
850.00
Corp.
ro
117
Mr. Kevin Moore
Commercial
894.DD
02/012018
01/312022
48
936.00
1.05
11,220.00
12.56
0.00
0.001
875.38
d/Wal Premier
Financial Network
6 Tax Advisors
ro
118
Mr. Predrag Mari:
Commercial
894.00
03/012020
022812022
24
894.00
1.00
10,728.00
12.00,
0.00'
0.D0;
894.00
dl6/a Time
Logistics
ro
119
Mr Mihat Magill
Commercial
894.00
08/012017
0
912.00
1.02
10,944.00
12.24
0.00
0.00
0.00
dWa Ecodriva Inc.
119
ro
120
Nub Freight USA
Commercial
894.00
D8/152011
04130/2022
129
950.00
1.06
11,400.00
12.75
0.35
0.00
820.00
Inc.
ro
121
Mrs. Dlnara
Commercial
894.DO
03/012020
0228/2021
12
894.00
1.00
10,728.00
12.00
0.00
0.00
894.00
Nusehova dAYa
Danny Eaves
Tuesday, November 03, 2020
10:08 AM
fro
122
Commercial
894.00
O4/01/2019
03/31/2021
24
920.00
1.03,
11,040.00
12.35
0.00
0.00
824.00
Tighline n
vro
123
Medyssey Co, Ltd
Commercial
1,230.00
12/012012
12/312020
97
1.306.87
1.06
15,682.44
12.75
0.16
0.00
1.230.00
ro
124
Medyssey Co Ltd.
Commercial
1.230.00
04/01/2016
12/312020
57
1,306.87.
1.08
15.682.44
12.75
0.00
0.00
0.00-
Property
Untrys)
Lease
LeaeType
Area
Lase
LaseTo
Tenn.
MonthlyRerd
Monthly
Annual Rent
Annual
Annual Annual
Security
From
Rent Per
RerrtPer Roc. Par Mbe Per
Deposit
Area
Area
Area
Area
ro
125
Mr. De�'enJakic
Commercial
1.230.00
02/01/2020,
0228/2022
25
1.200.00
0.98,
14,400.00
11.71
0.00,
0.00
1,200.00i
DB/A St One
Freight LLrong
C
ro
126
1 Bright Transport
Service
Commercial
1,230.00
10/0120181
09/30/2021
36
1.265.00,
1.03
15,180.00
12.34
0.00
0.00
1,230.001
ro
127
1AA9 Yun Wall AlMah
Commercial
1.230.00
07/012016
06I30/2021
60
12M.40
1.03,
15,232.80
12.38
0.00
0.00
3,500.001
Shia I Center, Inc.
ro
128
, Ali YunWall Allaah
Commercial
1,230.00
07/012016
06/302021
60
1,269.40
1.03
15,232.80;
12.361
0.00,
0.00
0.00''
Shia I Center, Inc. i
1
`ro
129
Mr. Georgi
Commercial
1,230.00
00/012012
0
1,325.00!
1.08
15,900.00,
12.93
0.14
0.00
1,180.001
Boshnekov DD31A
Buis Trans. I
;ro
130
Mrs. Veronica
1,230.00
07/012019
07/312021
25
1.230.001
1.00
14,760.00
12.00
0.00
0.00
1,200.00L
(Commercial
Abegunde dlb/a
Hamer Glen Mod
ro
131
Ms.1 ne AnlokhIv
Commercial
711.00
04/012015
03/312021
72
780.001
1.10
9.360.00
13.16
0.00.
0.00
719.001
132
Mrs. Gate Belen 1
Commercial
894.00
11/152018
0
920.00-
1.03
11,D40.00
12.35
0.00
0.00
894.00,
r dlb/a Elms
Transport
,ro
133
Mr. Howard Lee
Commercial
894.00
10/012015
09/30/2021
72
972.50
1.091
11,670.D0
13.05
0.00
0.00
894.00
ro
134
Mr. Howard Lee
Commercial
894.00
10/012015
D9130/2021
72
972.501
1.09
11,670.00
13.05
0.00
0.00
894.00'
Iro _
135
Toto Freight, Inc.
Commercial ercial
894.00
04/012019
0
894.00'.
1.00
10,728.D0
12.00
0.01),
0.00
894.00
•ro
138
Toto Freight, Inc.
Commercial
894.00
04/012019
0
894.00
1.00
10,728.D0
12.00
0.00
0,00
894.D0
Total Current
37,188.00
1
36,048.69
0.99
443,384.28
11.92
0.04-
0.00
33,749.13i
Total
Total Area
Pem"dep:
Monthly
Annual
Units
Rein
Rent
Occupied
34
35,4D0.00
95.19
36.948.69
443,384.
Vacant
2
1,788.00
4.80
0.D0
0.00
Total
36
37,198.00
36,948.69
443.364.