HomeMy WebLinkAboutORDINANCE - 1950 - 3/8/1988 - REAL ESTATE PURCHASE AGREEMENTORDINANCE NO. 1950
AN ORDINANCE AUTHORIZING THE VILLAGE PRESIDENT AND
VILLAGE CLERK TO EXECUTE A REAL ESTATE SALE CONTRACT
BETWEEN THE VILLAGE OF ELK GROVE VILLAGE AND
PALATINE NATIONAL BANK, A NATIONAL BANKING ASSOCIATION
AS TRUSTEE UNDER TRUST AGREEMENT DATED SEPTEMBER 29, 1980
AND KNOWN AS TRUST NUMBER 3482 (GRANTZ)
WHEREAS, the Village of Elk Grove Village, pursuant to
Ordinance No. 1899, duly adopted and approved by the President
and Board of Trustees on June 9, 1987, is authorized to acquire
by condemnation or negotiated sale certain properties legally
described in said Ordinance; and
WHEREAS, the Village of Elk Grove Village through its author-
ized agents has negotiated for the purchase of certain parcels
of property to the extent that the Village is prepared to enter
into a Real Estate Sale Contract with Richard A. Grantz and
Norma C. Grantz, his wife, the beneficiaries of Palatine National
Bank Trust Number 3482, a copy of said Sale Contract being attached
hereto and incorporated herein as Exhibit 1 to this Ordinance;
and
WHEREAS, the Village of Elk Grove Village is a Home Rule
Village and this Ordinance is adopted in accordance with the
authority invested in Home Rule municipalities by the Constitution
of the State of Illinois;
NOW, THEREFORE, BE IT ORDAINED, by the President and Board
of Trustees of the Village of Elk Grove Village, Counties of
Cook and DuPage, Illinois as follows:
Section 1: That the Village President and Village Clerk
are hereby authorized to execute a Real Estate Sale Contract
between the Village of Elk Grove Village and Richard A. and
Norma C. Grantz for a certain parcel of property including land,
all damages to remainder property and all special improvements,
including without limitation lawn, curbing, paving and all land-
scaping.
Section 2: That this Ordinance shall be in full force
and effect from and after its passage and approval according
to law.
VOTES: AYES: 5
ATTEST:
Ilafern R. Snick
DEPUTY VILLAGE CLERK
NAYS: 0 ABSENT: 1
APPROVED:
Charles J. Zettek
VILLAGE PRESIDENT
PASSED this 8th day of March , 1988.
APPROVED this -78th day of March , 1988.
EXHIBIT A
That part of Lot 63 lying South of a line drawn from the
Southeast corner thereof to a point in the Westerly line thereof
11.05 feet Northeasterly of the Southwest corner thereof in the
Plat of Resubdivision #4 of a portion of Winston Grove Section
23-B, in part of the Southeast Quarter of Section 26, Township 41
North, Range 10, East of the Third Principal Meridian, according
to the plat thereof recorded October 3, 1985 as document 85218845
and corrected by certificate of correction recorded May 9, 1986
as document 86185953, in Cook County, Illinois.
RIDER TO REAL ESTATE SALE CONTRACT BY AND
BETWEEN VILLAGE OF ELK GROVE VILLAGE (PURCHASER)
AND PALATINE NATIONAL BANK, A NATIONAL BANKING ASSOCIATION
AS TRUSTEE UNDER TRUST AGREEMENT DATED SEPTEMBER 29, 1980
AND KNOWN AS TRUST NUMBER 3482 (SELLER)
7. DEFAULTS, REMEDIES AND TERMINATION
A. Defaults - General
Failure or delay by either party to perform any term or
provision of this Contract within the time specified herein shall
constitute a default under this Contract. The party who so fails
or delays must, within thirty (30) days of written notice of the
existence of such default, immediately commence to cure, correct,
or remedy such failure or delay, and shall complete such cure,
correction or remedy with diligence.
The party claiming such default shall give written notice of
the alleged default to the party alleged to be in default,
specifying the default complained of by the injured party.
Failure or delay in giving such notice shall not constitute a
waiver of any default, nor shall it change the time of default.
If, after thirty (30) days written notice, the party in
default shall have not cured the default, then the nondefaulting
party shall have the right, but not the obligation, to perform
any defaulted act in the event of such performance the defaulting
party shall be obligated on demand to reimburse the nondefaulting
party for all costs and expenditures incurred with respect to
such performance.
Except as otherwise expressly provided in this Contract, any
failure or delay by either party in asserting any of its rights
or remedies as to any default or alleged default shall not
EXHIBIT B
operate as a waiver of any such default or of any rights or
remedies it may have as a result of such default, nor shall it
deprive either such party of its right to institute and maintain
any actions or proceeding which may deem necessary to protect,
assert or enforce any such rights or remedies.
B. Institution of Legal Actions
In addition to any other rights or remedies available at law
or equity either party may institute legal action to cure,
correct or remedy any default, to recover damages for any
default, or to obtain any other remedy consistent with the
purpose of this Contract.
In the event either party shall institute legal action
because of breach of any agreement or obligation contained in
this Contract on the part of either party to be kept or
performed, and a breach shall be established, the prevailing
party shall be entitled to recover all expenses incurred therefor
including reasonable attorneys' fees.
C. Applicable Law
The laws of the State of Illinois shall govern the
interpretation and enforcement of this Contract.
D. Rights and Remedies are Cumulative
Except as otherwise expressly stated in this Contract, the
rights and remedies of the parties are cumulative, and the
exercise by either party of one or more of such rights or
remedies shall not preclude the exercise by it, at the same time
or different times, of any other rights or remedies for the same
default or any other default by the other party.
8. GENERAL PROVISIONS
A. Nonliability of Village Officials and Employees
No member, official or employee of the Village of Elk Grove
Village shall be personally liable to Seller in the event of any
default or breach by the Village of Elk Grove Village or for any
amount which may become due to Seller under the terms of this
Contract.
B. Approvals
Wherever this Contract requires Seller or Purchaser to
approve any document or other matter, such approval shall not be
unreasonably withheld.
C. Real Estate Commissions
Neither Seller nor Purchaser shall be liable for any real
estate commissions, brokerage fees or finder's fees by reason of
this Contract.
D. Entire Contract and Waivers
This Contract includes pages and exhibits attached which
constitute the entire understanding and agreement of the parties.
This Contract integrates all of the terms and conditions
mentioned herein or incidental hereto, and supersedes all
negotiations and previous agreements between the parties with
respect to all or any part of the subject matter hereof.
All waivers of any of the provisions of this Contract must
be in writing and signed by the appropriate authorities of
Purchaser and Seller.
E. Partial Invalidity
If any portion of this Contract shall be held or deemed to
be invalid or in violation of any law, such portion shall be
deemed to be exised herefrom and the invalidity thereof shall not
affect any of the other portions contained herein which portions
remain in full force and effect.
F. Amendment
This Contract may be amended in writing by mutual agreement
of Seller and Purchaser.
G. Binding contract
This Contract shall be binding upon and shall inure to the
benefit of the parties hereto and their respective executors,
administrators, heirs, legatees and successors in interest.
9. SURVIVAL
The warrantees, covenants and acknowledgements contained in
this Contract shall not merge with the delivery of the deed from
Seller to Purchaser, but will survive thereafter until full
performance by all parties.
SELLER
r �
PUM
village Pn si nt
ATTEST-
Deputy yi1re Cler
Pratt, Calabrese & O'Donnell, Ltd
ATTORNEYS AT LAW
635 STEBLIxo AvENUE
PAL&TINE. ILLINOIS 60067
(312) 991-4200
March 4, 1988
George Knickerbocker
Samelson, Knickerbocker
and Associates
575 Lee Street
Des Plaines, IL 60016
Re: RICHARD GRANTZ
Dear George:
SAMELSON & KNICItiRBOCKE4
Enclosed please find the executed Real Estate Sale Contract. Kindly
forward to my attention an executed copy of same.
Please keep me advised as to the progress of the closing.
Very truly yours,
PRATP, CAIABRESE & O'DCNNELL, LTD.
I
evi On Ibnnell
KODjhk
Enclosure
CHICAGO TIl ...ASURANCE COMPANY • I"INOIS FORM A•
O Real Estate Sale Contract
1 tillage of Elk Grove Village (Purchaser)
agrees to purchase at a price of $ 9,350.00 on the terms set forth herein, the following described real estate
in Cook County, Illinois; "' including land, alldamages to
remainder property and all special improvements, including without limitation,
lawn, curbing, paving and all landscaping.
SEE ATTACHED EXHIBIT A
authorized to insert thereafter.)
commonly known as
with approximate lot dimensions of
(strike items not applicable) (a) storm and screen
carpeting; (e) window shades and dr
(h) water softe igerator(s); 0)
, and
[o Following personal property presently located thereon:
s_wsndo (b)c) outdoor television antenna; (d) wall-to-wall, hallway and stair
fixtures; (I) venetian blinds; (g) electric, plumbing and other attached fixtures as installed;
— range(s); (k) garage door opener with transmitters; (1) radiator covers;
Palatine National Bank, a national banking association, as trustee
2. under trust agreement dated Sept. 29, 1980 & known as Trust No. 3482(Seller)
(Insert names of all owners and their respective spouses)
agrees to sell the real estate and the property, if any, described above at the price and terms set forth herein, and to convey or cause to be conveyed to
Purchaser or nominee title thereto (in joint tenancy) by a recordable warranty deed, with release of homestead rights, and a preperbill
of so's subject only to: public and utility easements and roads and highways, if any;{o
rariy wall nghts end asieente its, if any, (d) existing leases and terns teies, (e) speeial twees at assess ne its fvn iniptoyet. ents t otjetess evicted, (
oneartfiresed speent! tax at assessment, (g) istallittents tet due at the date hereof of
eampleted, (it) tire tgage ot trust deed speeified be!@ k, iF* , general taxes for the year N and subsequent years
applied on the purchase price, and agrees to pay or satisfy the balance of the purchase price, plus or minus proration, at the
(Strike subparagraph inapplicable)
(a) The payment of $
(b) The acceptance of the title to the real estate by Purchaser subject to a mortgage (trust deed) of
Purchaser [does] [does not] agree to assume) aggregating S ear
payment of a sum which represents the difference between the amount due o?r tk ndebtedness
price.
r securing a principal indebtedness (which the
Ing interest at the rate of %a year, and the
at the time of closing and the balance of the purchase
4. This contract is subject to the condition that Pur er be able to procure within days a firm commitment for a loan to be secured by a
mortgage or trust deed on the real�er=
unt of $ , or such lesser sum as Purchaser accepts, with interest not to exceed
%a Year to be amortizeyears, the commission and service charges for such loan not to exceed %. If, after making
every reasonable effort, P nercure such commitment within the time specified herein and so notified Seller thereof within that time,
this contract sh come null and void and all earnest money shall be returned to Purchaser; provided that if Seller, at his option, within a like period of
time Ing Purchaser's notice, procures for Purchaser such a commitment or notifies Purchaser that Seller will accept a purchase money mortgage .
earlier as agreed by the parties
3 . The time of closing shall be on 6Iareh 1 , 1988 , or
(.whiehever date is later), unless subsequently nittioally agreed atherwime at the office of r �
, provided title is shown to be good or is accepted by Purchaser.
at closing.
- Seller shall deliver possession to Purchaser Seller agrees to pay Purchaser the sum of
$ 1 `� • li for each day Seller remains in possession between the time of closing and the time possession is delivered.
j . J. Seller agrees to deliver possession of the real estate in the same condition as it is at the date of this contract, ordinary wear and tear excepted.
ler–'h-dapticatcort , shall be deli cied to t! e Parchmem within �dayq
fiont the date below, othe. ,nn, at the Parchaset's option, th . emnact shall becon e , all a id void a id the ca. test ...... cy shall be 1,ftluded to the
Pmchaser.
This Contract is subiect to and includes the attached Rider, Exhibit B.
This contract is subject to the Conditions and Stipulations set forth on the back page hereof, which Conditions and Stipulations are made a part of this
contract.
Dated
Purchaser
Pure aser
Seller
Sellcr
-Form normally used for sale of residential property of four or fewer units.
(Address)
(Address)
(Address)
(Address)
CONDITIONS AND STIPULATIONS
Purchaser will pay for
I. , at itle commitment for
an owners title insurance policy issued by the Chicago Title Insurance Company in the amount of the purchase price, covering title tothe real estate on or
after the date hereof, showing title in the intended grantor subject only to (a) the general exceptions contained in the policy unless the real estate is
improved with a single family dwelling or an apartment building of four or fewer residential units, (b) the title exceptions set forth above, and (c) 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 closingand showing
title in Seller subject only to the permitted exceptions in foregoing items (b) and (c) and unpermitted exceptions, if any, as to which the title insurer
commits to extend insurance in the manner specified in paragraph 2 below. Purchaser will pay all title, release,
recording and transfer fees, and Seller's attorney's fee herefor to a maximum,
of $300.00. until closing
2. If the title commitment discloses unpermitted exceptions, Seller shall have JQ day, foom A- A. - -f •'^'�•�--•� "a_e^f to havethe exceptions removed
from the commitment or to have the title insurer commit to insure against loss or damagethat may be occasioned by such exceptions,end, in 9"ehevem,
t! e thne of closing shall be 35 days aftey deli vei y of H e cc tit i tine it in H e t ne 9peeified i i pai agnip! 5 a i the fiont page i eteaf-, v 'tie! e e 3 . If
Seller fails to have the exceptions removed, or in the alternative, to obtain the commitment fortitle insurance specified above as to such exceptions within
the specified time, Purchaser may terminate this contract or may elect, upon notice to Seller within 10 days after the expiration of the 30 -day period, to
take title as it then is with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so
elect, this contract shall become null and void without further actions of the parties.
All prorations are final unless otherwise provided herein. , shall H en he assigned to Putelmsei
Seller shall furnish a completed Real Estate Transfer
Declaration signed by the Seller or the Sellers agent in the form required pursuant to the Real Estate Transfer Tax Act of the State of Illinois and shall
furnish any declaration signed by the Seller or the Seller's agent or meet other requirements as established by any local ordinance with regard to a transfer
or transaction tax;
4. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this contract.
At the election of Seller or Purchaser upon notice to the other party not less than 5 days prior to the time of closing, this sale shall be closed through an
escrow with Chicago Title and Trust Company, in accordance with the general provisions of the usual form of Deed and Money Escrow Agreement then
in use by Chicago Title and Trust Company, 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. The cost of the escrow shall be dividede�aftybeerreert'
c_ ,__ __d o..'-`-'-- .c._,._ ________,.� :r_..__r__u,. Gaid A°I the
electing part:.
O • /. Time is of the essence of this contract.
7 and their attorneys*
All notices herein required shall be in writing and shall be served on the parties at the addresses following their signatures. The mailing of a notice by
registered or certified mail, return receipt requested, shall be sufficient service.
9. Pa.chasei and Sellm hmeby ape, to make .11 disclome. and do .11 tl i S. necessary to con1piy "ith the applicable pitivisio is of the Real Estate
Settlement Procedam Act
breach un the pat t eF said pa i�.
Seller - Kevin O'Connell, 835 Sterling Ave., Palatine, IL 60067
Purchaser - Barry ,:.. Springer, 33 N. Dearborn St., Chicago, IL 60602
FORM 3772 R. 3179