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HomeMy WebLinkAboutRESOLUTION - 42-20 - 6/16/2020 - Real Estate Sales Contract between the Village and B & W Real Estate, LLC 1932 E. HigginsRESOLUTION NO.42-20 A RESOLUTION AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXECUTE A REAL ESTATE SALES CONTRACT BETWEEN THE VILLAGE OF ELK GROVE VILLAGE AND B & W REAL ESTATE, LLC (1932 E. HIGGINS 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 documents marked: REAL ESTATE SALES 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:O PASSED this 16th day of June 2020. APPROVED this 16th day of June 2020. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Loretta M. Murphy, Village Clerk REAL ESTATE SALE CONTRACT 1. THE VILLAGE OF ELK GROVE VILLAGE, an Illinois Municipal Corporation.,. having its principal office located at 901 Wellington Avenue, Elk Grove Village, Illinois. 60007, (the "Purchaser"), agrees to purchase at a price of One Million Three hundred Fifty Thousand and No,'100 Dollars ( 1,350,000.00), the Purchase Price. on the terms set firth herein, the following described real estate, in Cook County, Illinois (the "Property"): See Legal Description Rider Attached I-lereto As Exhibit'A' (approximately 1.50 acres) PIN: 08-26-101-016-0000 Address: 1932 E. Higgins Road, Elk Grove Village, Illinois 60007 2. B & W REAL ESTATE, LLC, an Illinois Limited Liability Company, having its principal office located at 45 Lake View Lane, Barrington, Illinois, 60010, (the "Seller"), agrees to sell the real estate and the building/improvements thereon described above, (the "Property"), at the price and terms set forth herein, and to convey or cause to be conveyed to Purchaser or its nominee title thereto by a recordable Warranty Deed, subject only to: (a) covenants, restrictions, building lines, private, public and utility easements, and roads and highways, if any; (b) special taxes or assessments for improvements not yet completed; (c) any unconfirmed special tax or assessment; (d) installments not due at the date hereof of any special tax or assessment for improvements heretofore completed; and (e) general taxes for the year 2019 and subsequent years including taxes which may accrue by reason of new or additional improvements during the year(s). 3. Purchaser will pay S50,000.00 to Chicago Title Insurance Company, ("Escrowee"), as Earnest Money concurrent with signing this Contract, to be applied on the Purchase Price, and agrees to pay or satisfy the balance of the Purchase Price in cash, plus or minus prorations or conditions, as set forth herein, at the time of Closing. Said Earnest Money shall be deposited in a Joint Order Escrow with Chicago Title Insurance Company for the mutual benefit of the Parties. Any cost of the Joint Order Escrow shall be divided equally between the Parties. 4. Closing shall be on June 26, 2020, or at such other date as mutually agreed and is practicable by the Parties in writing, at the Rolling Meadows Office of Chicago Title Insurance Company, provided title is shown to be good, and provided the contingencies set forth in this Contract have been satisfied or resolved as herein set forth. 5. Seller shall deliver possession of the Property to Purchaser at Closing, and shall remove any personal property that the seller chooses to remove prior to Closing. Seller certifies and warrants that no portion of the Property shall be subject to any written or oral leases or tenant occupancy of any type or kind at the time of Closing. 6. Purchaser agrees to purchase the subject Property in its present "as is condition" and acknowledges that Seller has not made any representations or �,v arranties as to the building(s) or any contents located on the Property. Seller shall not be required to pay or contribute toward any expense for cost of repair to the Property unless otherwise agreed as a part of the Purchaser's due diligence. 7. Seller agrees to furnish Purchaser with any existing ALTA survey or otherwise for the Property within fifteen (15) days of acceptance of this Contract by the Seller. 8. Further, Seller shall deliver or cause to be delivered to Purchaser or Purchaser's atiornev. at Seller's expense and not less than thirty (30) days prior to the time of Closing, a current ALTA survey dated after the Seller's acceptance date of this Contract, and a title commitment for an owner's title insurance policy issued by Chicago Title Insurance Company in the amount of the Purchase Price, covering title to the Property, showing title in the intended grantor subject only to (a) the general exceptions contained in the policy; (b) the title exceptions set forth in Paragraph 2 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 Closing and shoeing title in Seller subject only to the penmitted exceptions in foregoing items (b) and (c), and unpermitted exceptions or defects in the title disclosed by the ALTA survey, if any, as to which the title insurer commits to extend insurance. 9. If the title commitment or survey discloses either unpennitted exceptions or survey matters (herein referred to as "exceptions"), Seller shall have fifteen (15) days from the date of delivery thereof to have the exceptions removed from the commitment or to correct such survey defects, or to have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions, and, in the event the title insurer commits to insure, the time of Closing shall be five (5) days after delivery of the commitment, but not sooner that June 26, 2020, unless mutually agreed by the Parties. If Seller fails to have the exceptions removed or correct any survey defects, or in the alternative, to obtain the commitment for title insurance specified above as to such exceptions or survey defects, or in the alternative, to obtain the commitment for title insurance specified above as to such exceptions or survey defects within the specified time, Purchaser may terminate this Contract or may elect, upon notice to Seller within three (3) working days after the expiration of the fifteen (15) business day period, to take title as it then is and may propose a deduction from the Purchase Price, liens or encumbrances of a definite or ascertainable amount. Seller shall have three (3) business days to agree to said deduction. If Seller does not agree to said deduction, Purchaser may elect to thereafter terminate this Contract, without further actions of the Parties. 2 10. General taxes for 2019 and 2020 shall be prorated at Closing and shall be credited at 115% of the last ascertainable full year's real estate tax bill (2018 tax bill). Seller shall be responsible- for any other operational costs, including but not limited to utilities, through the date of Closing, and Seller shall cooperate and furnish any documentation necessary to comply with all state, county and local laws therewith. 11. The provisions of the Uniform Vendor and Purchaser Risk Act of -the State of Illinois shall be applicable to this Contract. Seller shall be required to provide fire insurance coverage for any structures located on the Property pending Closing as set forth herein, and the risk of loss due to fire, other casualty, or condemnation remains with Seller. If, prior to Closing, any such loss occurs or any condemnation action is filed, then Purchaser may tenninate this Contract, in which case neither Purchaser nor Seller shall have any further liability hereunder, unless Seller's acts or omissions related to such loss or action violate its obligations under this Contract, including the representations and warranties or the covenants and agreements set forth in this Contract. in which case Purchaser may pursue any such remedy at law or equity. 12. Upon mutual agreement by the Purchaser and Seller, this sale may be closed through an escrow with Chicago Title Insurance Company, in accordance with the general provisions of the usual form of Deed and Money Escrow Agreement then in use by Chicago Title Insurance 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. All costs of the New York Style Escrow and closing Escrow shall be divided equally between Seller and Purchaser. The Seller shall pay the cost of the extended coverage endorsement. All title charges and title endorsements requested by Purchaser relating to the Owner's Policy shall be paid by the Seller, and the cost of recording the Warranty Deed and other Purchaser related charges shall be paid by the Purchaser. 13. 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 set forth in said Section. 14. In order to complete Purchaser's due diligence under this Contract: A. Purchaser shall have full access, including all existing structures and buildings, to the subject Property, for purposes of soil boring and testing, surveying; engineering, examination and planning, and from and after the execution of this Contract in order to conduct a Phase I Environmental Site Assessment ("Phase I") which shall be paid for by the Purchaser. Such Phase I shall be conducted and concluded by May 31, 2020 or at such later date as mutually agreed upon by the Parties and as otherwise practicable. If the Phase I reveals environmental concerns that necessitate a Phase 11 assessment, Purchaser shall share such concerns with Seller. Purchaser, at its sole discretion, may order and pay for said Phase II or give notice of tennination of the Contract. If Purchaser proceeds with the Phase II assessment, Purchaser shall have full access to the subject Property for purposes of soil testing, surveying, engineering, examination and planning, and from and after the execution of this Contract in order to conduct Phase II Environmental Site Assessment ("Phase II"). Purchaser shall have until June 12. 2020, or such later date as mutually agreed upon by the Parties and as otherwise practicable considering the timing and receipt of prior due diligence requirements, to complete said Phase I1 assessment. If the Phase II indicates no environmental concerns, this contingency shall be satisfied. If the Phase 11 raises additional concerns either Party may terminate this Contract. )A7ith respect to any and all assessments/inspections, Purchaser shall save and hold harmless Seller from any costs or liabilities resulting from such access, and Purchaser shall restore the subject Property to its original condition after each such inspection including but not limited to filling and repairing soil borings. B. The provisions of paragraph l 4.A. notwithstanding, and unless otherwise mutually extended, the Purchaser shall have until May 31, 2020, to determine that as a result of any environmental inspection of the subject Property. or for any other reason in the Purchaser's sole discretion, the subject Property is not satisfactory for the uses contemplated by Purchaser. The Purchaser shall then so notify the Seller in writing and terminate the Contract. All Earnest Roney previously deposited shall be refunded to the Purchaser. C. As an alternative to contract termination. with respect to environmental concerns related to the Phase I or Phase II Assessments, or for any other reason in the sole discretion of the Purchaser, the Parties may elect to negotiate a monetary settlement or other mutual resolution and the Contract shall in that event remain in full force and effect. D. Purchaser acknowledges that time is of the essence and will diligently pursue the completion of the inspection process and will notify Seller in a timely manner if it elects to tenninate this Contract. 15. Seller does hereby represent to Purchaser as follows: A. As of the date of Closing. there will be no leases, occupancy agreements, management agreements, or maintenance agreements relating to the subject Property that will effect any of the terms or conditions of this contract, and Seller agrees not to enter into any such agreements relating to the subject Property without the written consent of Purchaser. Seller will take all actions necessary to tenninate said Lease(s) and Agreement(s) prior to the closing of the Property. B. To the best of Seller's actual knowledge, other than the actions of the Purchaser that resulted in this Contract, there are no other proceedings presenting, pending or threatened for the taking by exercise of the power of eminent. domain or, in any other manner, for a public or quasi - public purpose. of all or any part of the subject Property except as disclosed in this Contract. C. Except as disclosed in this Contract, to the best of Seller's actual knowledge, there is no pending or threatened litigation or administrative proceeding involving in any manner the subject Property. 4 D. To the best of Seller's knowledge, there are no substances upon the subject Property nor are there activities engaged in the subject Property which constitute a violation of' any environmental law. In addition, to the best of Seller's knowledge. no toxic materials. hazardous wastes, hazardous substances, pollutants or contaminants have been generated. released, stored or deposited over., beneath or on the subject property from any source whatsoever, nor has any part of the subject property been used for or as a land fill. the result of which could impose any liability under applicable federal or state lases and regulations. including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. ' 9601 el seq.)and the Resource Conservation and Recovery Act (42 U.S.C. ' 6903 et seq. ), and Seller warrants and represents that it has not received any notice nor is it otherwise aware of anv actual threatened claims, actions, proceedings, suits or demands by the EPA or any third Party relating to environmental matters at, on or arising out of the subject property. Further, and to the best of Seller's knowledge_ (a) any use of the Property for the generation, storage or disposal of any (1) asbestos, (2) petroleum, (3) explosives, (4) radioactive materials. wastes or substances. or (5) any substance defined as "hazardous substances or "toxic substances" in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended; 42, U.S.C. 9601, et seq., the Hazardous Materials Transportation Act (49 U.S.C. 1802), the Resource Conservation and Recovery Act (42 U.S.C.6901), or in any other Applicable Law governing environmental matters ("Environmental Laws") (collectively, "Hazardous Materials") has been in compliance with all Environmental Laws, (b) there are not any Hazardous Materials present on the Property, (c) the Property is currently in compliance with all Environmental Lases; and (d) there arc currently no Storage Tanks on the Property and any Storage Tanks formerly located on the Property were removed in compliance with all Environmental Laws;. and, Seller has received no written notice of. (a) any pending or threatened action or proceeding arising out of the presence of Hazardous Materials on or at the Property, or (b) any alleged violation of any environmental laws. E. To the best of Seller's knowledge, there are no uncured violations of any law, ordinance, order, regulation, rule or requirement of any governmental authority affecting the subject Property. F. SelIer is vested with all necessary legal authority to enter into this Contract; has full power, authority and legal right, and will have obtained all approvals and consents required to execute this Contract and to carry out all of Seller's obligations under this Contract; and this Contract will constitute the valid and binding obligation of Seller in accordance with its terms. G. No notices or requests have been received by Seller from any governmental agency or other utility with respect to the subject Property with which Seller has failed or refused to comply. Any such notices or requests received prior to Closing shall be complied with by Seller at its expense. If Seller does not elect to so comply, Purchaser may cancel the Contract, or Purchaser may elect to take title subject to such matters. 5 H. To the best of Seller's knowledge, there are no claims. demands, liabilities, actions. special assessments or other governmental assessments or charges pending or threatened against Seller or the subject Property (including, without limitation, pending or threatened condemnation proceedings by any public or govermmental agency or authority other than that disclosed in this Contract) which: (1) constitute or might result in a lien or claim against the subject Property, (2) may result in a monetary or non -monetary obligation to be fulfilled by the Purchaser, (3) could prevent, prohibit, delay or interfere with Purchaser's use of the subject Properly for its intended uses and purposes, or (4) could otherwise deprive Purchaser of any portion of the subject Property. 1. There are no attachments, executions or assignments for the benefit of creditors, or voluntary or involuntary proceedings in bankruptcy or under any other debtor relief laws pending or threatened by or against Seller or any of its partners. J. Except as otherwise provided in this Contract, from and after the date hereof, Seller shall (except in the case of emergency) refrain from (1) making any changes or improvements upon or about the subject Property; (2) creating or incurring any mortgage lien, other lien, pledge or other encumbrance in any way affecting the subject Property; and (3) committing any waste or nuisance upon the subject Property. Seller shall maintain the subject Property, keep the subject Property in compliance with all laws, ordinances, regulations and restrictions affecting the subject Property and its use, and shall pay all bills and expenses regarding the subject Property until the Closing. K. There are no outstanding options or rights granted by Seller to acquire the subject Property, or any part thereof, and there is no Party other than Purchaser having any right or option to acquire the subject Property or any part thereof, except any foreclosure rights set forth in any mortgages affecting the subject Property. 11. There are no agreements, whether written or oral. affecting the use, maintenance and operation of the subject Property which survive the Closing that cannot be canceled with thirty (30) days notice. M. Seller shall pay any and all real estate commissions or finder's fees payable in connection with this transaction and the sale of the Property to Purchaser. The total commission to be paid by the Seller shall be 2.50% of the total net Purchase Price, which shall be divided equally as follows: Fifty (50%) Percent to Lee and Associates (Purchaser's Broker), and, Fifty (50%) Percent to Sergio & Banks Realty (Seller's Broker). Seller agrees to indemnify and hold Purchaser harmless from all loss, damage, costs and expenses (including reasonable attorney's 6 fees) that Purchaser may suffer as a result of any claim brought by any broker or finder in connection with this transaction and this Contract. 16. Seller agrees to deliver possession of the subject Property at Closing in the same "as is condition" as it is at the date of this Contract. ordinary wear and tear excepted. 17. All notices to be given hereunder shall be personally delivered, sent by facsimile transmission, sent by overnight courier. or sent by U.S. mail, with postage prepaid. or by facsimile transmission; to the Parties at the following addresses (or to such other or further addresses as the Parties may hereafter designate by like notice similarly sent): Purchaser: George B. Knickerbocker Village Attorney Village of Elk Grove Village 901 Wellington Street Elk Grove Village. IL 60007 Tele: 847/357-4032 Fax No. 847/357-4044 kn i ckerbocker..e,lkgrove. ore With a copy to: William J. Payne Attorney at Law 1100 W. Northwest Hxvy- �103 Mount Prospect, IL 60056 Tele.: 847/483-5027 Fax No: 847/483-5029 williamjpavne7a aol.com With a copy to: Matthew J. Roan Deputy Village Manager 901 Wellington Ave. Elk Grove Village, IL 60007 Tele.: 847/357-4004 Fax No: 847/357-4022 mroangelkgrove.org Seller: B & W REAL ESTATE, LLC Geralyn Q. Cecola, Manager Sam Cecola 45 Lake View Lane Barrington, Illinois, 60610 Tele: Fax No.: Email: 7 With a copy to: Nicholas J. l;tikas Attornev at Law Law Offices of Samuel VP Banks 211 N LaSalle St, Suite 3800 Chicago, Illinois 60601 Tele: 312i782-1983 Fax No.: 312!7822433 Email: Nick a samba_nkslaw.com All notices sent by mail shall be deemed effectively given on the business day next folloNNing the date of such mailing. All notices personally delivered, sent by facsimile transmission or sent by overnight courier shall be deemed effectively given on the date of such delivery. 18. This Contract and the exhibits attached hereto. if any, embody the entire agreement between the Parties in connection with this transaction, and there are no oral or parole agreements_ representations, or inducements existing between the Parties relating to this transaction which are not expressly set forth herein and covered hereby. This Contract may not be modified except by a. written agreement signed by all of the Parties. However, if any portion of this Contract is invalid or unenforceable against any Party under certain circumstances, then this Contract «ill be deemed to be amended by deleting such provisions. This Contract will be enforceable, as amended, to the fullest extent allowed by law as long as the amendment does not result in a failure of consideration. 19. Defaults and remedies: A. Purchaser's Default. If Purchase (i) fails to perform in accordance with the terms of this Agreement, and such default is not cured within ten (10) days from the date for Purchaser's receipt for Seller's written notice to Purchaser of such default, or (ii) breaches a representation or warranty hereunder, then, as Seller's sole and exclusive remedy for such default, Seller shall be entitled to retain the earnest money and any interest earned thereon; it being agreed between Purchase and Seller that the amount of the earnest money shall be liquidated damages for a default of Purchaser hereunder, because of the difficulty, inconvenience and uncertainty of ascertaining actual damages for such default in view of the uncertainties of the real estate market, fluctuating, property values, and differences of opinion with respect to damages for breach of a real estate transaction. B. Seller's Default. If Seller fails to perform in accordance with the terms of this Contract and such default is not cured within ten (10) days from the date of Purchaser's written notice to Seller of such default, Purchaser may, at its option: (a) receive a refund of all monies deposited by Purchaser hereunder, together with all interest earned thereon, and collect all damages to which Purchaser may be entitled, includinu costs incurred in connection with this Contract: (b) specifically enforce the terms and conditions of this Contract, or (c) exercise any other right or remedy available to Purchaser at law or in equity. 8 C. In the event either Purchaser or Seller defaults in the performance for any obligation imposed upon it under the provisions of this Contract. the defaulting party shall pay all reasonable attorneys' fees and expenses of the non -defaulting party incurred in ay litigation or negotiation undertaken to enforce any of the obligations of the defaulting party under this Contract, or in any litigation or negotiation in which the nondefaulting party shall, without its fault, become involved through or on account of this Contract. 20. The Seller shall reconfirm all representations and warranties set forth in this Contract as true, accurate, and complete on and as of the Closing Date. 21. Illinois Tax Withholding. At least five (5) business days prior to Closing, Seller shall deliver to Purchaser a certificate issued by the Illinois Department of Revenue stating that no assessed, but unpaid tax, penalties or interest are due in connection with the sale of the Property to Purchaser under Section 9.02(d) ("Section 9.02(d)") of the Illinois Income Tax Act ("Act"). If the certificate is not so delivered to Purchaser, as aforesaid, Purchaser may extend the Closing until such certificate is delivered, or if the certificate is so delivered and requires that funds be withheld pursuant to the terms thereof, then Seller shall, or Purchaser may, at the Closing, deduct and withhold from the proceeds that are due to Seller the amount necessary to comply with the withholding requirements imposed by Section 9.02(d). Purchaser shall deposit the amount so withheld in escrow with the Closing Escrowee pursuant to the terms and conditions acceptable to Escrowee and Purchaser, but in any event complying with Section 9.02(d) 22. Seller's representations and warranties shall survive after Closing, and Seller shall indemniA!, hold harmless, and defend Purchaser and its successors and assigns, from and against any and all claims, demands, losses, liens, costs, expenses (including reasonable attorneys' fees and court costs), damages, liabilities, judgments or decrees of whatsoever kind or nature which, directly or indirectly, are caused by, result from, arise out of, or occur in any manner in connection with any material inaccuracy in the representations or warranties contained herein. The preceding indemnity and hold harmless shall not apply to matters attributable to acts or omissions of the Purchaser of third parties. 23. The Parties shall execute all documents and take all other actions consistent with this Contract that are reasonably necessary to consummate the transaction contemplated in this Contract. 24. The Parties hereto agree that time is of the essence in this transaction and that this Contract may be executed in counterparts and shall be governed by and interpreted in accordance with the laws of the State of Illinois. 25. Each Party hereto shall respectively pay the fees and charges of their attorneys and consultants. 26. The Parties acknowledge that the obligations of this Contract will not be binding on the Purchaser until formal Village Board action has been taken by the Corporate Authorities of the Seller. 9 IN WITNESS WHEREOF, the Parties hereto have executed this Real Estates Sale Contract this l4th day of MAY , 2020. the `'Contract Date". PURCHASER: THE VILLAGFXF ELK GROVE VILLAGE By: B. Jo4&6n, Mayor ATTEST: SELLER: 13 & W REAL ESTATE, LLC, An Illinois Limited Liability Company B B L etta Murphy, illa Cle U EXHIBIT 'A' LEGAL DESCRIPTION RIDER THAT PART OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 26, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE CENTER LINE OF HIGGINS ROAD, 935.0 FEET SOUTHEASTERLY OF THE NORTH LINE OF SECTION 26 AFORESAID; THENCE NORTH 49 DEGREES 25 MINUTES 49 SECONDS EAST AT RIGHT ANGLES TO SAID CENTER LINE 257.02 FEET; THENCE NORTH 43 DEGREES 48 MINUTES 56 SECONDS EAST 0.34 FEET; THENCE SOUTH 61 DEGREES 04 MINUTES 23 SECONDS EAST72.84 FEET; THENCE NORTH 13 DEGREES 49 MINUTES, 25 SECONDS EAST 88 FEET TO A POINT ON THE SOUTHWESTERLY LINE OF PROPERTY CONVEYED TO THE NORTHERN ILLINOIS GAS COMPANY (BY DEED DATED NOVEMBER 10, 1958 AND RECORDED AS DOCUMENT#17408538 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS) WHICH POINT IS 58.96 FEET NORTHWESTERLY OF THE SOUTHEAST CORNER THEREOF: THENCE SOUTHEASTERLY ALONG A LINE 82.5 FEET SOUTHWESTERLY OF AND PARALLEL WITH THE SOUTHWESTERLY LINE OF SAID TOLL ROAD TO A POINT IN THE EAST LINE OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 26 AFORESAID, 556.97 FEET NORTH OF THE CENTER LINE OF HIGGINS ROAD: THENCE SOUTH ON SAID EAST LINE 556.97 FEETTO THE CENTER LINE OF HIGGINS ROAD; THENCE NORTHWESTERLY ALONG THE CENTER LINE OF HIGGINS ROAD; 494.28 FEET TO THE POINT OF BEGINNING (EXCEPTING THEREFROM THAT PART TAKEN FOR HIGGINS ROAD AS WIDENED) IN COOK COUNTY, ILLINOIS. ADDRESS: 1932 E. HIGGINS ROAD, ELK GROVE VILLAGE, ILLINOIS 60007 PIN: 08-26-101-016-0000