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HomeMy WebLinkAboutRESOLUTION - 61-94 - 11/15/1994 - AGRMT/REAL ESTATE SALE CONTRACT RESOLUTION NO. 61-94 A RESOLUTION AUTHORIZING THE VILLAGE PRESIDENT AND VILLAGE CLERK TO EXECUTE AN AGREEMENT FOR A REAL ESTATE SALE CONTRACT BETWEEN THE VILLAGE OF ELK GROVE VILLAGE AND ALAN BUSSE NOW, THEREFORE, BE IT RESOLVED by the President 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 Village President 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 Village President. Section 2 : That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 15th day of November , 1994. APPROVED this 15th day of November , 1994. Dennis J. Gallitano Village President ATTEST: Patricia S. Smith Village Clerk REAL ESTATE SALE CONTRACT THIS AGREEMENT made and entered into this 15th day of November , 1994 by and between the VILLAGE OF ELK GROVE VILLAGE, an Illinois municipal corporation ( "Purchaser" ) and ALAN BUSSE ( "Seller" ) . In consideration of the mutual and several covenants and agree- ments hereinafter set forth, the Purchaser agrees to purchase and the Seller agrees to sell, on the terms set forth herein, certain real estate contiguous to the Village of Elk Grove Village located in the County of Cook, State of Illinois, consisting of approxi- mately 1 . 5 acres, the exact legal description of which shall be set forth in a Plat of Survey to be prepared by Purchaser, which property is generally located as follows : North of Oakton Street; West of the West property line of the Commonwealth Edison right- of-way and the property lines of existing industrial buildings ad- jacent thereto; and East of the West boundary line of the Bonnie Lane right-of-way North of Oakton extended. 1 . DESCRIPTION OF PROPERTY. The property is vacant property and will consist of approximately 1. 5 acres plus or minus as de- picted on a Plat of Survey, which Survey will be prepared by Pur- chaser and attached hereto when completed as an Exhibit upon its dimension being approved by Purchaser and Seller. 2 . SALES PRICE. The agreed upon sales price for the property is Five ($5.00) Dollars per square foot with the exact price to be determined on the basis of the square footage depicted on the afore- mentioned Plat of Survey. 3 . TERMS OF PAYMENT. Purchaser shall pay the entire purchase price, plus or minus prorations on January 2 , 1995, or at such other time after closing which is agreeable to Seller. 4 . SURVEY/TITLE INSURANCE. Purchaser shall cause the pre- paration of a Plat of Survey and deliver same to Seller for Seller' s approval not less than ten ( 10 ) days prior to the time of closing which Plat of Survey shall show the exact dimensions of the pro- perty being conveyed and the square footage thereof. In addition, Purchaser shall order a title commitment for an Owner' s Title In- surance Policy in the amount of the purchase price, covering title to the real estate on or after the date hereof, showing title in the Seller subject only to (a ) the general exceptions contained in the Policy, (b) title exceptions pertaining to liens or encum- brances 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 shall furnish Purchaser an Affidavit of Title in customary form covering the date of closing and showing the title in Seller subject only to the Permitted Exceptions above set forth. The cost of the title insurance policy shall be the standard cost nor- mally incurred by a seller and purchaser of real estate. 5 . CLOSING/CONVEYANCE. A. Closing or escrow payout shall be on October 1, 1994 or at such other time as mutually agreed upon in writing, provided title has been shown good and mer- chantable or has been accepted by Purchaser, by con- veyance or stamped recordable Warranty Deed (or other appropriate deed if title is vested in trust ) and payment of the purchase price plus or minus appro- priate prorations . B. The sale shall be closed at the office of Purchaser' s attorney or at title company escrow closing office situated geographically nearest the property, or as shall be agreed mutually by the parties hereto. 6 . SOIL BORINGS. Purchaser shall have the right of entry of the property to prepare a Plat of Survey and to conduct such soil boring testing as Purchaser deems necessary, at Purchaser' s cost, to determine the suitability of the property for the construction of a fire station. Should the results of the soil boring test con- clude that the property is not suitable for such construction then and in that event the Purchaser shall have the right to deem this Contract null and void and be under no further obligation to pur- chase same from Seller. 7 . PRORATIONS. Real estate taxes based upon the most recently ascertainable real estate tax bill and other proratable items shall be prorated to the date of the actual closing. The last full year tax bill shall be deemed to be the most recently ascertainable tax bill for purposes of proration. 8 . POSSESSION. Possession shall be delivered at the date of closing. 9 . REPRESENTATION OF SELLER. Seller hereby represents that there are no persons in possession or occupancy of the property or who have any lease rights thereto that will extend beyond the date of closing. -2- 10 . TRANSFER TAXES. Seller shall pay the amount of any stamp tax imposed by State law on the transfer of the title to the pro- perty, and shall furnish. a completed Real Estate Transfer Declara- tion signed by the Seller or the Seller' s agent in the form required pursuant to the Real Estate Transfer Tax Act of the State of Illi- nois . Any tax required by local ordinance shall be paid by the Seller unless the ordinance imposes the obligation for payment upon the Purchaser, in which case the tax shall be paid by the party upon whom the ordinance places the obligation. 11. BROKER. Both Seller and Purchaser represent and warrant to the other that they have not engaged the services of a real es- tate broker in connection with the transaction contemplated herein, and know of no claim of any broker for a brokerage fee arising out of this transaction. Each party shall indemnify and save the other party harmless from any such claim to a broker ' s fee. 12 . ESCROW CLOSING. This sale shall be closed through an es- crow with the title company providing title insurance, in accordance with the general provisions of the usual form of deed and money es- crow agreement then in use by said company, with such special pro- visions inserted in the escrow agreement as may be required to con- form with this Contract. The parties by mutual agreement may waive the necessity of an escrow closing if circumstances dictate the non- necessity of said closing. The cost of any escrow shall be paid by the Purchaser unless the escrow closing is requested exclusively by the Seller in which event the escrow closing shall be paid by the Seller. 13 . POSSESSION. Seller shall surrender possession of the pro- perty to Purchaser at the time of closing. IN WITNESS WHEREOF the parties set forth their hands and seals this 15th day of November 1994 . PURCHASER: SELLER: VILLAGE OF ELK GROVE VILLAGE ALAN BUSSE By: Dennis J. Gallitano Its : Village President ATTEST: Patricia S. Smith Village Clerk -3-