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HomeMy WebLinkAboutRESOLUTION - 39-26 - 5/26/2026 - FIRST AMENDMENT TO PSA CENTRIC HOSPITALITYRESOLUTION NO.39-26 A RESOLUTION AMENDING RESOLUTION NO. 26-26 AND AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXECUTE A FIRST AMENDMENT TO THE PURCHASE AND SALE AGREEMENT BETWEEN THE VILLAGE OF ELK GROVE VILLAGE AND CENTRIC HOSPITALITY, LLC (1000 BUSSE ROAD) 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 document marked: FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT 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 document 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 2611 day of May 2026 APPROVED this 26t' day of May 2026 Mayor Craig B. Jo son Village of Elk Gr a Village ATTEST: . t & -rW44V"- J ' er S. NVhon, Village Clerk FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT ("First Amendment") is dated this ZNay of May, 2026 ("First Amendment Effective Date"), and is by and among the VILLAGE OF ELK GROVE VILLAGE, an Illinois home rule municipal corporation with offices located at 901 Wellington Avenue, Elk Grove Village, Illinois ("Purchaser"), and CENTRIC HOSPITALITY, LLC, an Illinois limited liability company with offices located at 1000 Busse Road, Elk Grove Village, Illinois, ("Seller") (collectively, the Seller and Purchaser are the "Parties" and, sometimes, individually, a "Party"). RECITALS A. Purchaser and Seller previously executed and delivered that certain Purchase and Sale Agreement dated April 14, 2026 (the "Purchase Agreement'), for the purchase and sale of certain real property located at 1000 Busse Road, in Elk Grove Village, Cook County, Illinois, 60007, as more particularly described in the Purchase Agreement. B. Purchaser previously served notice on Seller terminating the Purchase Agreement due to the Parties' inability to satisfactorily address certain diligence matters during the Due Diligence Period. C. The Parties now wish to re-enter into the Purchase Agreement, as modified by this First Amendment. AGREEMENTS: NOW THEREFORE, in consideration of the Recitals and Agreements contained herein, the Parties agree as follows: 1. All initially capitalized terms not otherwise defined herein shall have the same meanings ascribed to them in the Purchase Agreement. The foregoing recitals are incorporated into this Section by reference. 2. The Parties hereby approve the Purchase Agreement, as modified by this First Amendment. 3. Purchase Agreement Section 4(c) is amended to provide that the Due Diligence Period will expire on June 25, 2026. 4. Except as modified by this Amendment, the Purchase Agreement remains in full force and effect. To the extent there is any inconsistency or conflict between the terms and provisions of the Purchase Agreement and this First Amendment, the terms and provisions of this First Amendment shall govern to the extent necessary to resolve such inconsistency or conflict. 5. This First Amendment may be executed in any number of identical counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same instrument. [Intentionally left blank; signature page follows] IN WITNESS WHEREOF, the parties have executed and delivered this First Amendment as of the date first written above. SELLER: CENTRIC HOSPITALITY LLC, an Illinois limited liability company Pagel, By: Name: Ghanshyam Patel Title: Member [Signature Page to First Amendment of Purchase and Sale Agreement] PURCHASER: VILLAGE OF ELK GR�VILLAGE, an Illinois home rule � tcioa comoration By: Name: j/'Q rQ (115(} n, Title: h A yov [Signature Page to First Amendment of Purchase and Sale Agreement]