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Home My WebLink AboutRESOLUTION - 47-02 - 11/19/2002 - REAL ESTATE CONTRACTRESOLUTION NO. 47-02 A RESOLUTION AUTHORIZING THE MAYOR AND VILLAGE CLERIC TO EXECUTE A REAL ESTATE SALE CONTRACT BETWEEN THE VILLAGE OF ELK GROVE VILLAGE AND ROGERS INDUSTRIAL PARK (1741-43 Carmen Drive) NOW, THEREFORE, 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 SALE 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 19th day of November 2002. APPROVED this 19th day of November 2002. APPROVED: Craig B. Johnson, Mayor ATTEST: Ann I. Walsh Village Clerk ResReal&stateCar nDr2.doc REAL ESTATE CONTRACT (Sale Agreement) 1. Elk Grove Village a municipal corporation (Purchaser) agrees to purchase at aprice of $35.000:00 on theterms set forthherein, the following described real estate in Cook County, Illinois: See Legal Description Rider attached and made a part hereof . y3 8 Carmen Drive, Elk Grove Village, Illinois, andwith approximate lot dimensions of300 x426, together withthe following NONE the Land is vacant and herein defined as ("Sale Parcel") 2. Rogers Industrial Park. an Illinois limited partnership (Seller) agrees to sell the Sale Parcel, and to convey or cause to be conveyed to Purchaser or nominee title thereto by a recordable special warranty deed, with release ofhomestead rights, subject only to: (a) covenants, conditions and restrictions ofrecord; (b) private, public and utility easements and roads and highways, if any; (c) general taxes for the year 2002; and to the matters set forth on the form of Special Warranty Deed attached and made a part hereof as Exhibit "E". 3. Purchaser has paid _ $ -0- as earnest money to be applied on the purchase price, and agrees to pay or satisfy the balance of the purchase price, plus or minus proratious, at the time of closing as follows. (strike subparagraph not applicable) (a)1he payment of $35,000.00. 4. Seller, at Purchaser's expense, agrees to furnish Purchaser a current plat of survey of the Sale Parcel made, and so certified by surveyor as having been made, in compliance with the Illinois Land Survey Standards. 5. 'Die time of closing shall be on December 30, 2002 or on the date, if any, to which such time is extended by reason ofparagmph 2 or 10 of the "Conditions and Stipulations" attached and made a part hereof hereafter becoming operative (whichever date is later), unless subsequently mutually agreed otherwise, at the office of Seller, provided title is shown to be good or is accepted by Purchaser. 6. Sella agrees to pay a broker's commission to None — Purchaser warrants and reguents that it has not engaged a real estate broker in this transaction and has negotiated directly with Sella. Earnest money shall be held by N/A for the mutual benefit of the parties. 8. Sella warrants that none of Sella, its partners, agents or employees have received any notices from the Village of Elk Grove or other governmental body asserting any authority over zoning, building, fire or health code violations in respect to the Sale Parcel that have not been heretofore corrected. 704839515584546 MOO -11001 M -k 5584546x1 282247 9. A duplicate original of this contact shall be duly executed by Purchaser and Seller and delivered to the other on the date hereof. This contract is subject to the Conditions and Stipulations and is binding upon and shall inure to the benefit ofthe Purchaser and Seller and their respective grantees, successors, assigns and personal representatives. Dated: I —$` C 120Q? PURCHASER: ELK GROVE VII LAGE, A ILLINOI CIP C RPO TION Ey:tow Addr sor Service: `l�/ �t/6/ilb7��ll It Ott, E SELLER OGE USTRIAL PARK All ILL t PAR HIP By. Address For Service: 5584546v1 282247 Address / z! 704539515584546_13)OC-MMI MA CONDITIONS AND STIPULATIONS 1. Seller at Purchaser's cost shall deliver or cause to be delivered to Purchaser or Purchaser's agent, not less than 5 days prior to the time of closing, a title commitment for an owner's title insurance policy issued by a title company licensed to do business in the State ofMinois on the current forth ofAmerican Land Title Association Owner's Policy (or equivalent policy) in the amount of the purchase price, covering title to the real estate on or atter 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 the time by using the funds to be paid upon the delivery of the deed (all of which are herein refaced 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 showing title in Seller subjeaonly to the permitted exceptions in foregoing items (b) and (c) and impermitted exceptions, if any, as to which the title insurer commits to extend insurance in the manner specified in paragraph 2 below. 2. If the title commitment discloses unpermitted exceptions, Seller shall have 30 days from the date ofdelivery thereof to have the exceptions removed from the commitment or to have the title insurer commit to insure.against loss or damage that may be occasioned by such exceptions, and, in such event, the time of closing shall be 35 days after deliver of the commitment or the time specified in paragraph Son the front pagehemot; whichever is later. If Sellerfails to have the exceptions removed, or in the alternative, to obtain the commitment fortitle insurance specified above as to such exceptions withinthe specified time, Purchaser may terminate this contract or may elect, upon notice to Sellerwithin 10 days atter the expiration ofthe 30 -day period, to take title as itthen is with 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. 3. There shall be no proration of real estate taxes for the calendar year 2002 and the Purchase Price is absolutely net to the Seller and Purchaser shall pay all expenses of Sale excluding however Seller's attorneys fees but including Title, Escrow, Survey, Transfer and other like costs, transfer Taxes (state, county and village) and taxes for the years 1985 and 2002. 4. The provisions of the Uniform Vendor and Purchaser Risk Act of the Site of Illinois shall be applicable to this contract. 5. If this contract is terminated without Purchaser's fault, the earnest money shall be returned to the Purchaser, but ifthe termination is caused by the Purchaser's fault, then upon notice to the Purchaser, the earnest money shall be forfeited to the Seller and applied first to the payment of the Seller's expenses and then to payment of broker's commission; the balance, if any, to be retained by the Seller as liquidated damages. 6. 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 atide company licensed to do business in the State of Illinois, in accordance with the general provisions of the usual form ofDwd and Money Escrow Agreement then in sue by the title company, with such special provisions inserted inthe asmow agreement as may by required to conform with this contract. Upon the creation of such an escrow, anything herein to the contrary notwithstanding, payment of purchaser 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 divided equally between Seller and Purchaser. (Strike pamgmph if inapplicable.) 7. Time is of the essence of this contract 8. All notices herein required shall be in writing and shall be saved on the parties atthe addresses following their signatures. The mailing of a notice by registered or certified mail, return receipt requested shell be sufficient service. 9. Alternative It 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 ser forth is said Section. 10. (A) Purchaser and Seller agree that the disclosure requirements of the Illinois Responsible Property Transfer Act (do) (do not) apply to the transfer contemplated by this contract. (If requirements do not apply strike (B) and (C) below.) (B) Purchaser agrees to notify Seller in writing of the name and post office address of each mortgage lender who has issued a commitment to finance the purchase hereunder, or any part thereof, such notice shall be famished within 10 days after issuena of any such commitment, but in no event less than 40 days prior to delivery of the deed hereunder out=weivedby such tender or lenders. Purchase further agrees to place of record, simultaneously with the deed recorded pursuant to this contract, any disclosure statement furnished to Purchaser pumuanttoparegraph 10(B) and within 30 days after delivery of the deed hereunder, to file a true and correct copy of said disclosure document with the Illinois Environmental Protection Agency. 7049395/5584546_i DD6HC01 DS2A 5584546v1292247 EXHIBIT A LEGAL DESCRIPTION LEGAL DESCRIPTION RIDER +/23 THE SOUTH 438.0 FEET OF THE WEST 300.0 FEET OF THE EAST 325.0 FEET OF LOT 4 IN ROGERS INDUSTRIAL SUBDIVISION, UNIT NO. 2IN THE NORTHWEST QUARTER OF SECTION 36, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN IN COOK COUNTY, ILLINOIS. PIN: 08-36-102.043-0000 /7Y! -YJ ADDRESS' 344D CARMEN DRIVE, ELK GROVE VILLAGE, ILLINOIS 60007 5584516v1282247 7048395/5584546 1370C.HC01_DS2A