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HomeMy WebLinkAboutORDINANCE - 1959 - 4/12/1988 - REAL ESTATE PURCHASE/1991 VERNON CTNO. 1959 AN ORDINANCE AUTHORIZING THE VILLAGE PRESIDENT AND VILLAGE CLERK TO EXECUTE A REAL ESTATE PURCHASE AGREEMENT BETWEEN THE VILLAGE OF ELK GROVE AND JAMES R. PECORELLI AND SUSAN A. PECORELLI, HIS WIFE (1991 VERNON CIRCLE) 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 authorized 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 Purchase Agreement with James R. Pecorelli and Susan A. Pecorelli, his wife, a copy of said Pur- chase 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 as authorized and defined by the Constitution of the State of Illinois and this Ordinance is adopted in accordance with the authority invested in Home Rule Municipalities by said Constitution; 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 Purchase Agreement between the Village of Elk Grove Village and James R. Pecorelli and Susan A. Pecorelli, his wife, 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 landscaping. Section 2: That this Ordinance shall be in full force and effect from and after its passage and approval according to law. VOTES: AYES: 6_ NAYS: 0_ ABSENT: 0 APPROVED: Charles J. Zettek VILLAGE PRESIDENT ATTEST: Patricia S. Smith VILLAGE CLERK PASSED this 12th day of April 1988. APPROVED this 12th day of April 1988. REAL ESTATE PURCHASE AGREEMENT This Agreement made and entered into this 12th day of April , 1988, by and between JAMES R. PECORELLI AND SUSAN A. PECORELLI, his wife (collectively "SELLER") and the VILLAGE OF ELK GROVE VILLAGE, a municipal corporation (here- inafter referred to as "PURCHASER"); NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, it is agreed as follows: 1. PREMISES SELLER is the owner of the real property legally described in Exhibit A attached hereto and made a part hereof ("SUBJECT PROPERTY"). 2. SALE SELLER agrees to sell and PURCHASER agrees to purchase the SUBJECT PROPERTY including land, all damages to remainder property and all special improvements, including without limita- tion lawn, curbing, paving and all landscaping, for the price, upon the terms and conditions, and subject to the contingencies hereinafter contained. 3. PURCHASE PRICE The purchase price for the SUBJECT PROPERTY shall be TWENTY- THREE THOUSAND ($23,000.00) Dollars. 4. PAYMENT OF PURCHASE PRICE AT CLOSING The closing shall be on May 1 1988. The purchase price shall be paid at closing by Village of Elk Grove check, cashier's check or a certified check in the amount of TWENTY-THREE THOUSAND ($23,000.00) allocated as follows: FAIR CASH MARKET VALUE OF PROPERTY ACTUALLY TAKEN (1,858 sq. ft.) INCLUDING LANDSCAPING $18,000.00 DAMAGE TO REMAINDER $ 5,000.00 TOTAL 5. CONVEYANCE $23,000.00 SELLER shall convey to PURCHASER or its nominee fee simple title to the SUBJECT PROPERTY by recordable Warranty Deed (the "DEED") in a form mutually satisfactory to PURCHASER, and Chicago Title Insurance Company, which will insure title to the SUBJECT PROEPRTY, consistent with the terms of this Agreement. At closing, such title shall be free and clear of all encumbrances whatsoever, including any existing mortgage or Trust Deed, except those hereinafter permitted, and shall vest in the PURCHASER upon delivery of the DEED at closing and thereafter be recorded in accordance with the escrow agreement hereinafter described. 6. ESCROW This transaction may be closed through a Deed and money escrow with Chicago Title Insurance Company, at their offices in Chicago, Illinois, in accordance with standard escrow instruc- tions to be agreed upon by the parties. Such escrow instructions shall include a provision for payment of closing proceeds to SELLER upon deposit of the DEED, clearance of title in accordance with the title conditions of this Agreement and written authoriza- tion from the attorneys for PURCHASER. The escrow instructions shall provide that the DEED shall be delivered to PURCHASER -2- and recorded and all other documents be delivered to PURCHASER upon deposit in escrow and payment to SELLER of the closing proceeds. The attorneys for SELLER and PURCHASER are authorized to execute the escrow instructions, any amendments thereto, and all directions or communcations thereto. All payments required hereunder, the delivery of the DEED and all other documents and all transactions contemplated by this Agreement may be made through the escrow, provided however, that the terms of the escrow instructions shall not supersede the terms of this Agree- ment. Ths cost of any escrow shall be paid by PURCHASER. 7. PERMITTED EXCEPTIONS AND CONDITION OF TITLE The term "permitted exceptions" as used herein and in any escrow instructions to be established between the parties shall include the following: (1) real estate taxes for the year 1987 and 1988; and (2) easements for public utilities. Notwithstanding anything to the contrary contained herein, any mortgage or Trust Deed encumbering the SUBJECT PROPERTY shall not be considered a permitted exception hereunder. SELLER shall deliver or cause to be delivered to PURCHASER at PURCHASER's expense, prior to closing, a commitment for an ALTA Form B Owner's Title Insurance Policy for the SUBJECT PRO- PERTY, issued by Chicago Title and Trust Company in the amount of the purchase price, evidencing title to the SUBJECT PROPERTY on or after the date of execution hereof, showing title to be vested in SELLER and subject only to the permitted exceptions, defined herein. -3- If such evidence of title discloses defects other than the permitted exceptions, SELLER shall have until closing to cure such defects and notify PURCHASER. If SELLER is unable to cure such defects, PURCHASER may, at its election, accept evidence of title to the SUBJECT PROPERTY as it then exists (with the right to deduct from the funds at closing, liens or encumbrances of a definite or ascertainable amount) by notifying SELLER and tendering performance, or withhold payment of funds at closing until SELLER cures all such defects. SELLER shall also furnish PURCHASER at closing an Affidavit of Title covering the date of closing and showing title to the SUBJECT PROPERTY to be vested in SELLER subject only to the permitted exceptions as defined herein, and unpermitted exceptions or defects in title as described by the survey, if any, as to which the title insurer commits to extend insurance. 8. TAXES SELLER agrees to pay all general real estate taxes, special assessments and special taxes due or to become due for the SUBJECT PROPERTY up to the date of closing. It is understood that PURCHASER will apply for a tax division and a tax exemption for the SUBJECT PROPERTY. Due to the delay in the processing of said exemption, SELLER may be required to pay real estate taxes as presently assessed and levied for the SUBJECT PROPERTY and the remainder property. In that event SELLER shall be entitled to any reimbursement occasioned by said full payment and the resulting reduction as a result of the issuance of a tax exemption. 9. POSSESSION SELLER shall deliver full and complete possession of the SUBJECT PROPERTY and all improvements thereon on the date of closing. 10. EMINENT DOMAIN SELLER and PURCHASER acknowledge that this Agreement is being entered into in lieu of PURCHASER's proceeding with Eminent Domain, and further acknowledge that PURCHASER has the power to acquire the SUBJECT PROPERTY by Eminent Domain proceedings and intends to do so. 11. BILL OF SALE At closing, SELLER shall deliver to PURCHASER a Bill of Sale for all personal property on the SUBJECT PROPERTY including planted vegetation and landscaping. 12. SCREENING/FENCING PURCHASER agrees, subsequent to the closing date and as a part of its road program relating to Biesterfield Road extended, to construct a solid stockade fence on that portion of the SUBJECT PROPERTY abutting SELLER's newly established lot line along � -A --Y- Biesterfield Road. The fence shall be approximately six (6'--Y- feet feet in height and shall be maintained by the PURCHASER. If deemed necessary and provided adequate land is available, PURCHASER shall also install a metal traffic barrier adjacent to and for the protection of said fence. -5- 13. DEFAULTS, REMEDIES AND TERMINATION a. Defaults - General Failure of delay by either party to perform any term or provision of this Agreement within the time specified herein shall constitute a default under this Agreement. The party who so fails or delays must, within five (5) 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 to delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. If, after five (5) 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 and in the event of such performance the de- faulting party shall be obligated on demand to reimburse the non -defaulting party for all costs and expenditures incurred with respect to such performance. In the event of a default by PURCHASER which default remains uncured, SELLER shall have the right to declare this Agreement void and to retain the funds paid at closing as liquidated damages as SELLER's sole remedy in lieu of any other right or remedy available to SELLER at law or in equity, provided that PURCHASER shall cause return of the DEED to SELLER or shall reconvey the SUBJECT PROPERTY to SELLER in the event the DEED has been previously recorded. Except as otherwise expressly provided in this Agreement, any failure or delay by either party in asserting any of its rights or remedies as to any default or alleged default shall not 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 it may deem necessary to protect, assert or enforce any such rights or remedies. I. 14. b. Institution of Legal Actions In addition to any other rights or remedies avail- able 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 Agreement. In the event either party shall institute legal action because of breach of any agreement or obli- gation contained in this Agreement 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 Agree- ment. d. Rights and Remedies are Cumulative Except as otherwise expressly stated in this Agree- ment, 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. GLWERAL PROVISIONS a. Notices, Demand and Communications Formal written notices, demands, correspondence and communications between SELLER and PURCHASER shall be sufficiently given if dispatched by registered or certified mail, postage prepaid, return receipt requested to the following parties on behalf of SELLER and PURCHASER: SELLER: Guy Karm 1600 W. Golf Road Mt. Prospect, IL 60056 PURCHASER: George B. Knickerbocker Samelson, Knickerbocker & Associates 575 Lee Street Des Plaines, IL 60016 -7- b. 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 or any obligation under the terms of this Agreement. c. Approvals Wherever this Agreement requires SELLER or PURCHASER to approve any document or other matter, such approval shall not be unreasonably withheld. d. Assurance of Cooperation SELLER agrees to cooperate with PURCHASER in exe- cuting all documents and agreements upon reasonable request of PURCHASER in connection with PURCHASER's proposed use of the SUBJECT PROPERTY. SELLER agrees and acknowledges that from the date hereof PURCHASER, its representatives, successors and assigns shall have the right to enter the SUBJECT PROPERTY at all reasonable times to examine, inspect, measure and make tests in connection with PURCHASER's intended use of the SUBJECT PROPERTY. e. 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 Agreement. f. Time Time is of the essence of this Agreement. g. Entire Agreement and Waiver This Agreement is executed in two (2) duplicate originals, each of which is deemed to be an ori- ginal. This Agreement includes pages and exhibits attached which constitute the entire understanding and agreement of the parties. This Agreement integrates all of the terms and conditions mentioned herein or incidental hereto, and supersedes all negotiations and previous agree- ments between the parties with respect to all or any part of the subject matter hereof. All waivers of any of the provisions of this Agreement must be in writing and signed by the appropriate authorities of PURCHASER and SELLER. �E h. Partial Invalidity If any portion of this Agreement shall be held or deemed to be invalid or in violation of any law, such portion shall be deemed to be excised herefrom and the invalidity thereof shall not affect any of the other portions contained herein which portions remain in full force and effect. i. Amendment This Agreement may be amended only by mutual written agreement of SELLER and PURCHASER. j. Binding Contract SELLER agrees and acknowledges that PURCHASER shall have the right to assign this Agreement and PURCHASER's rights under this Agreement without the consent of SELLER. This Agreement 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. 15. Upon execution of this Agreement by SELLER and PURCHASER, either party at its own expense, may record this Agreement with the Cook County Recorder of Deeds. 16. SURVIVAL The warrantees and covenants contained in this Agreement shall not merge with the delivery of the DEED from SELLER to PURCHASER, but will survive thereafter until full performance by all parties. 17. LIENS a. SELLER, or those claiming by, through or under SELLER, shall not suffer or permit any mechanics' lien, judgment lien or other lien of any nature whatsoever to attach to or be against the SUBJECT PROPERTY hereinafter. b. Each and every contract for repairs or improvements on the SUBJECT PROPERTY, or any part thereof shall be approved by PURCHASER prior to execution by SELLER; provided, however, that PURCHASER may withhold its approval for any reason. Each and every contract shall contain an express, full and complete waiver and release of any and all lien or claim of lien against the SUBJECT PROPERTY, and no contract or agreement, oral or written, shall be executed by SELLER, or those claiming by, through or under SELLER, for repairs or im- provements upon the premises, except if the same shall contain such express waiver or release of lien upon the part of the party contracting, and a copy of each and every such contract shall be promptly delivered to PURCHASER. IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands and seals in duplicate, the day and year first above written. SELLER: PURCHASER: VILLAGE OF ELK GROVE VILLAGE, a mun c pa corpo on By�G / ATTEST: / 1 1 -1O- 'Village Clerk EXHIBIT A The Southerly 10.0 feet of Lot 64 and that part of Lot 64 lying Southwesterly of a line drawn from a point on the South line thereof 50.0 feet Easterly of the Southwest corner thereof to a point on the Westerly line thereof 50.0 feet Northerly of said Southwest corner, all 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, 1966 as document 86185953, in Cook County, Illinois