HomeMy WebLinkAboutRESOLUTION - 32-97 - 7/8/1997 - FIRST AMENDMENT TO REDEV. AGRMTRESOLUTION NO. 32-97
A RESOLUTION AUTHORIZING THE VILLAGE PRESIDENT AND VILLAGE
CLERK TO EXECUTE THE FIRST AMENDMENT TO THE REDEVELOPMENT
AGREEMENT (GROVE MALL SHOPPING CENTER)
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:
FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT
(GROVE MALL SHOPPING CENTER)
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, provided, however,
that the adoption of this Resolution is subject to the condition that the
Village and former owner agree to the shared payment of all costs
concerning asbestos and soil remediation. Absent such an agreement this
Resolution shall be deemed null and void.
VOTE: AYES:
6
NAYS: 0
ABSENT:
0
PASSED this
8th
day of
July
1997.
APPROVED this
8th
day of
July
, 1997.
ATTEST:
Patricia S. Smith
Village Clerk
Craig B. Johnson
Village President
FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT (this "Amendment'), is made and entered into as of
the _ day of July, 1997, by and between the Village of Elk Grove Village, Illinois, an
Illinois municipal corporation located in Cook County, Illinois (the "Village"), and Elk
Grove Town Center, L.L.C., an Illinois limited liability company (the "Developer").
RECITALS
A. The Village and the Developer entered into a Redevelopment Agreement
dated as of March 11, 1997 (the "Agreement'). The Agreement provided for the Village
to sell the Property to the Developer, and for the Developer to construct the Village
Green Improvements and to construct the Commercial Center.
B. Based on the Environmental Reports, Village was aware that the Property
contained certain environmental contaminants (the "Cleaning Contamination") on that
portion of the Property where a dry cleaning store was previously located, and in the
Agreement, Developer and Village agreed to enter into a Soil Remediation Agreement,
pursuant to which, Developer would hire a consultant, develop a remediation plan, and
remediate the Cleaning Contamination on behalf of the Village.
C. The Developer hired Emcon, an environmental consultant which prepared
a Phase III report (the "Emcon Report") dated , 1997, describing the scope of
the Cleaning Contamination. Emcon then prepared a remediation plan (the
"Remediation Plan") for cleaning up the contaminated area. The Remediation Plan
was submitted to the Illinois Environmental Protection Agency ("IEPA") and approved
by letter dated June _, 1997.
D The Village had acquired the Property through a condemnation suit No.
95 L 50049 which resulted in an agreed order (the "Agreed Order"). The Agreed Order
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gave title to the Property to the Village, but required the previous owners to pay the
cost of cleaning up any environmental contamination, and based upon its rights in the
Agreed Order, in the Agreement the Village agreed to assume the cost of cleaning up
the contamination.
E. Developer and Village have now agreed to enter into this Amendment in
lieu of the Soil Remediation Agreement, and to make certain other amendments to the
Agreement.
NOW, THEREFORE, for valuable consideration, receipt and adequacy of which
is hereby acknowledged, the Agreement is hereby amended as follows:
1. Definition of Terms. As used herein, all terms not specifically defined
herein shall have the same meaning as set forth in the Agreement.
2. Agreement in full force and effect. Except as specifically modified hereby,
the Agreement shall remain in full force and effect and unmodified.
3. Closing Date and Commencement of Construction. The Closing Date is
hereby extended to not later than August 1, 1997. Developer shall deliver the fifteen
day notice of Closing on or before July 15, 1997. Developer shall commence
construction within thirty days of closing on the Property.
4. Clean up of Environmental Contamination/Emcon Report. The Village
hereby agrees to indemnify and hold harmless the Developer for the costs of cleaning
up the Dry Cleaning Contamination described in the Emcon Report. Developer hereby
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agrees that clean up shall be completed in accordance with the Remediation Plan and
further agrees and warrants that it will use the lowest responsible bidders for
completing the clean-up. Payments for said clean-up will be made through the
Construction Escrow.
5. Clean-up of Additional Contamination. In the event Developer discovers
on the Property any toxic or hazardous substances other than those disclosed in the
Environmental Report or the Emcon Report, including, without limitation, underground
storage tanks, Developer shall have the right to seek reimbursement for the reasonable
costs of any required remediation from the previous property owners by way of the
Agreed Order. The Village will, at the expense of the Developer, cooperate fully in
assisting the Developer in recovering the costs of any remediation, other than that
contemplated in the Remediation Plan, from the previous owners.
6. Approval of Plans. The Village hereby agrees that the Developer shall
have the right, to close on the Property without first having obtained the following
approvals:
A. a lighting plan showing each lighting fixture to be used and its location;
B. a detailed schedule of when the Village Green Improvements, the TIF
Improvements, and each specific building depicted on the Site Plan will be built;
C. a detailed depiction of the water features for the Village Green and the
Commercial Center;
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3
D. A detailed depiction of the benches and any other streetscape to be
placed on the Commercial Center and the Village Green; and
E. A detailed depiction of the walkway and driveway materials and colors.
The parties hereto agree that the purpose of this provision is to extend the
deadline for Developer obtaining Village approval of the foregoing and not to relieve
Developer of the obligation to obtain such approval. Village shall have no obligation to
issue a permit for, or make a reimbursement for, any improvement included in the
foregoing for which Developer has not obtained the required approval of the Village.
7. Construction Contract and General Contractor. The Agreement required
that Developer solicit competitive bids from no less than three general contractors for
the construction of the Redevelopment Project, and then negotiate a contract with the
general contractor. Developer and Village hereby agree that Developer shall have the
right to hire a construction manager in lieu of a general contractor. The construction
manager shall be paid four percent (4%) of the actual costs of materials and labor.
Developer and construction manager will bid each subcontract to no less than three (3)
subcontractors, and based on said bids, will hire the lowest responsible bidder. In
hiring all subcontractors for the Commercial Center, Developer may, after consultation
with the Village, take into consideration the subcontractor's ability to meet Developer's
construction schedule.
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0
8. Counterparts. This Amendment may be executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and the
same agreement.
9. Recordation of Amendment. The Parties agree to execute and deliver the
original of this Amendment in proper form for recording with the Cook County Recorder
of Deeds.
IN WITNESS WHEREOF, the Parties have duly executed this Agreement
pursuant to all requisite authorizations as of the date first above written.
ATTEST:
Patricia S. Smith
Clerk
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VILLAGE OF ELK GROVE VILLAGE, an
Illinois municipal corporation
By: Craig B. Johnson
5
Its President
STATE OF
SS.
COUNTY OF
1, , a Notary Public, in and for said County, in the
State aforesaid, DO HEREBY CERTIFY that , a
member of Elk Grove Town Center L.L.C., an Illinois Limited Liability company,
is personally known to me to be the same person whose name is subscribed to
the foregoing instrument as such Member, appeared before me this day in
person and acknowledged that he signed and delivered said instrument as his
own free and voluntary act and as the free and voluntary act of said limited
liability company, for the uses and purposes therein set forth.
GIVEN under my hand and Notarial Seal, this day of July, 1997.
Notary Public
My Commission expires:
C W-DATAIELKGROVEIAMEND.DOC
08/30/87 258 PM
SPECIAL WARRANTY DEED
This Indenture, made this —day of July, 1997, between
THE GRANTOR, THE VILLAGE OF ELK GROVE VILLAGE, a
Municipal Corporation created and existing under and by virtue
of the laws of the State of Illinois and duly authorized to
transact business in the State of Illinois, for the consideration
of TEN and 00/100 DOLLARS, and pursuant to authority given
by the Board of Trustees of said corporation, does REMISE,
RELEASE, ALIEN and CONVEY to ELK GROVE TOWN
CENTER, L.L.C., a Limited Liability Company organized and
existing under by virtue of the laws of the State of Illinois
having its principal office at the following address 300 Park
Boulevard, Itasca, Illinois, FOREVER, all the following
described real estate, situated in the County of Cook and State
of Illinois known and described to wit:
SEE EXHIBIT "A" ATTACHED
Together with all and singular the hereditaments and appurtenances thereunto belonging, or in anywise
appertaining, and the reversion or reversions, remainder or remainders, rents, issues and profits thereof,
and all the estate, right, title, interest, claim or demand whatsoever, of the party of the first part, either in
law or equity of, In and to the above-described premises, with the hereditaments and appurtenances:
TO HAVE AND TO HOLD the said premises, above described, with the appurtenances, unto the party of
the second part, forever.
SEE EXHIBIT "B" ATTACHED
And the party of the first part, for itself, and its successors, does covenant, promise and agree to and with
the party of the second part, and successors, that it has not done or suffered to be done, anything
whereby the said premises hereby granted are, or may be, in any manner encumbered or charged,
except, as herein recited; and that it WILL WARRANT AND DEFEND, the said premises against all
persons lawfully claiming, or to claim the same, by, through or under it, subject only to:
In Witness Whereof, said Grantor has caused its corporate seal to be hereto affixed, and has caused its
name to be signed to these presents by its President, and attested by its Clerk, this _ day of
19
VILLAGE OF ELK GROVE VILLAGE
IMPRESS BY: Craig B. Johnson
CORPORATE SEAL Craig B. Johnson, Village President
HERE ATTEST: Patricia S. Smith
Patricia Smith, Village Clerk
State of Illinois, County of Cook as. I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that Craig B. Johnson personally known to me to be the President of
the Village of Elk Grove Village.
municipal corporation and Patricia S. Smith personally known to me to
be the Clerk of said corporation, and personally known to me to be the
This Instrument was prepared by Mary Riordan, Potsky 8 Riordan, Ltd., 205 N. Michigan Ave., Suite 3909, Chicago, IL 60601
George B. Knickerbocker
MAIL TO: 575 Lee Street SEND SUBSEQUENT TAX BILLS TO:
Des Plaines. IL 60016_ Hamilton Partners, 300 Park Blvd, Itasca, IL 60143
same persons whose names are subscribed to the foregoing
Instrument, appeared before me this day In person and severally
acknowledged that as such President and Clerk, they signed and
IMPRESS
delivered the said instrument and caused the corporate seal of said
NOTARIAL SEAL
corporation to be affixed thereto, pursuant to authority given by the
HERE
Board of Trustees of said corporation, as their Nee and voluntary act,
and as the free and voluntary act and deed of said corporation, for the
uses and purposes therein set forth.
Given under my hand and official seal, this _ day of
19_
Commission expires , 19_
NOTARY PUBLIC
This Instrument was prepared by Mary Riordan, Potsky 8 Riordan, Ltd., 205 N. Michigan Ave., Suite 3909, Chicago, IL 60601
George B. Knickerbocker
MAIL TO: 575 Lee Street SEND SUBSEQUENT TAX BILLS TO:
Des Plaines. IL 60016_ Hamilton Partners, 300 Park Blvd, Itasca, IL 60143
Illinois UeparLment of kevenue
Local Government Services Bureau
REAL ESTATE TRANSFER DECLARATION
THE FOLLOWING INFORMATION IS REQUIRED BY THE REAL ESTATE TRANSFER TAX LAW (35
ILLS 200/31.25). PAGES 1 THROUGH 3 ARE TO BE FILLED OUT BY THE SE I ERS' AND
BUYERS' OR THEIR AGENTS ANY WILLFUL FALSIFICATION OR WILL FILL OMISSION OF IN
FORMATION IS A CLASS B MISDEMEANOR (35 ILCS 200,31-50)
EXCEPT AS TO EXEMPT TRANSACTIONS. THE COUNTY RECORDER IS PROHIBITED BY LAW
FROM ACCEPTING ANY DEED OR TRANSFER OF BENEFICIAL INTEREST OF A LAND TRUST
(TRUST DOCUMENT) FOR RECORDATION UNLESS IT IS ACCOMPANIED BY THIS DECLARA-
TION CONTAINING ALL OF THE INFORMATION REQUESTED HEREIN (35 ILCS 200/31-25).
PROPERTY IDENTIFICATION
Address of Property
.e u. r iwity r,,,ower s or,,e
Permanent Real Estate Index No. See Attached Legal Description
Enter Legal Description on Page 2 of this form.
NOTICE: The State of Illinois has enacted a Smoke Detector Act.
Lot Size
Acreage 115.4 _
Check type of improvement on property
❑ Vacant land/lot
❑ Residence (Single family or duplex)
I -I Mobile home (see note on page 2)
❑ Apartment bldg. (6 units or less)
Ll Commercial apartment Over 6 units)
11 Store, office, commercial bldg.
❑ Industrial bldg.
I 1 Farm, land only
❑ Farm, with bldgs.
or Village Township
_ Date of Deed
for Trust 00ou"'10 (Month/Year)
Type of Deed
for Trust Dommenl)
ng questions must be answe
NOTE: You do not have to complete the Finance Questions at the bottom of this page or the Finance Schedule at
the top of pages 2 and 3 of this form, it you answer any of the following questions "Yes'.
Yes No
1 Is this a transfer between relatives or related parties? I1
2. Is this a compulsory transaction in lieu of foreclosure, V�
divorce, court order, condemnation, probate. etc 7 C R
3. Was this a transfer in settlement of an installment contract
for deed initiated prior to the year of recording? I I
It "Yes', enter ccntract year
SPECIAL NOTE: If contract year ,s the same as year of recording, answer this question "No'(
4. Was the deed any of the following types: 'Ll
• Sheriff's Deed • Judge's Deed • Quit Claim Deed • Conveyance of Less than full Interest
• Trust Document which Refers to COLLATERAL ASSIGNMENT of Beneficial Interest of Trust
Full Actual Consideration (Sale Price)
Less amount of personal property included in purchase (Do not deduct value of beneficial Interest of a land Trust)
Net consideration for real property ... .. .. .
Less value of other real property transferred to seller as part of full consideration
Less outstanding amount of mortgage to which the transferred real property remains subject
Net taxable consideration subiect to transfer tax . .
$ 3,210,924
0
$ 3,210,924
$0
Amount of State of Illinois tax stamps ($.50 per $500 or part thereof of taxable consideration) $ EXEMPT
Amount of county tax stamps ($.25 per $500 or part thereof of taxable consideration) $ EXEMPT
Total Transfer Tax Collected $ EXEMPT
Use this space to describe any special circumstances involving this transaction:
THIS TRANSACTION IS EXEMPT FROM TRANSFER TAXES PER #% ILCS 200/31-45(b)(1)
FINANCE QUESTIONS: a the answer is
^No" to all M the above Sale Information questions. ALL of the following questions must be answered If any of the
questions below are answereU "Yes" the buyer' or
buyer's' representative MUST complete the Rnance Schedule on the top of pages 2 and 3
Yes No
If FINANCE QUESTIONS
1. Does property REMAIN SUBJECT to a mortgage such as an assumed mortgage?
I through 5
2 Did the seller' provide a rnortgage in partial or full consideration?
are answered "No's,
3. Did the seller' pay points to secure the buyer's' mortgage, including VA and FHA insured loans? J [J
DO NOT complete
Finance Schedule
4 Did the seller's' mortgagee make interest concessions to the buyer'. i le offer a "blended"
interest rate below market but greater than the seller's existing nwrigage rater lL Ll
on Pages 2 and 3.
5 Was the financing In any other manner unique or specifically associated with the property
being transferred e.g.. builder "boy down." of interest, etc v 1 11
' If this hansacbon u a transfer
of a beneficial interest of a land trust. substitute the word Assignor for Seller and Assignee for Buyer
PTAX 201 R 4 94i
Page 1 of 4
Finance Schedule Instructions:
The Real Estate Transfer Tax Law (35 ILCS 20013125) requires information regarding the financing of the
purchase price of this property.
Lines A and C through I of the Finance Schedule must be filled out by the buyer- or buyer's' represen.
tative to account for financing of the purchase. Columns I through VI must be completed for each loan
involved.
Information required in each column:
I Principal of loan; for an assumed mortgage
show principal being assumed.
II Length of time on which monthly payments were
calculated. If not applicable mark with an
asterisk and explain repayment schedule in Box
J on Page 3. For an assumed mortgage show
years remaining from time of sale until ban is
fully amortized (paid).
III If applicable, length of time until mortgage loan
must be paid off or renegotiated, or time until
balloon payment is due.
IV Nominal interest rate as stated in loan docu.
ment. If Prime Rate is used, state rate used at
time of transfer.
V Indicate if this loan has a FIXED interest rate
by entering F in the column, adjustable rate by
entering A, or renegotiable by entering R in the
column.
VI Show the number of points and dollars paid.
Enter points paid by the seller- only.
Box J may be used to show more information
regarding financing if necessary.
SPECIAL NOTE: If your financing involves other than equal monthly payments you must ex-
plain in Box J on Page 3.
PARTIAL INTEREST (Complete if applicable.)
If less than a full interest in the real estate is being transferred, state the part being
TYPE OF FINANCING: Enter cash downpayment on line A.
Account for financing the remainder of the purchase price on lines C
through I. (If lines A through I do not add up to full consideration shown
on Page 1 of declaration, explain in Box J.)
A. Enter Cash Downpayment
(include earnest money) - E
B. Enter remainder of Purchase Price on Lines C through I:
C. Purchase Money Mortgage to Seller -
D. New 1st Mtg. [specify, type**
E. New 2nd Mtg. [specify type" ]
F New 3rd Mtg. specify type" ]
G. Assumption of existing 1st Mtg.
H. Assumption of existing 2nd Mtg.
I. Other Financing (specify type"' ]
Specify type: e.g., Blend, Conventional, Seller' Financed,
✓AIFHA insured, etc.
LEGAL DESCRIPTION
Section 32 Township 41 North Range 11 East
Enter complete legal description in this area:
See attached legal description
Yes No
NOTE: If a mobile home is included in the sale price, is the value of the mobile home being deducted as personal property on page I? ❑ ❑
BENEFICIAL INTEREST OF LAND TRUST (Complete if applicable.)
If this transaction is the transfer of a beneficial interest of a land trust, check this box:
Page 2 of 4 PTAX-203 (R-4194)
FINANCE SCHEDULE — DO NOT coml
this schedule if FINANCE QUESTIONS 1 throug' In Page 1 are all answered "No"
Amount of Amortization
V
Principal Period
III
Term To
($'S) (Years Remaining)
A. XXXXXXXXX XXXXXXXX
Q V Y V Y V Y Y Y Y Y Y Y Y Y Y Y Y
this schedule if FINANCE QUESTIONS 1 throug' In Page 1 are all answered "No"
C.
IV
V
VI
III
Term To
Interest
Type of
Points Paid by SELLER'
Balloon or
Rate
Interest
To Obtain Financing
Renegotiation
Rate
DO NOT SHOW POINTS PAID BY BUYER
(Years)
0
a S's
XXXXXXXX
XXXXXXX
XXXXX
XXXXXX XXXXXXXXX
Y Y Y Y Y Y Y Y
Y Y X X Y X Y
X X X X X
X X X X X X X X X X X X X X X
C.
XXXXXX XXXXXXXXX
`
D.
c
E.
F.
i
u
G.
sE
H.
0
r
J. Use this space to explain replies in Finance Schedule if necessary and to explain any characteristics of the financing of this transaction that may have impacted the sale
price.
BUYER*:
I hereby declare the Finance Schedule on Pages 2 and 3 of this declaration to be true and correct. (NOTE: Any person who willfully falsifies or omits any informa-
tion required in this declaration shall be guilty o/ a Class B Misdemeanor.)
Buyer or Name of person filling out the Finance Schedule for the buyer:
Please Print Signature
Address Telephone( ) —
(If you prefer the Department contact the lending institution if further financing information is required, also provide the institution's name. address, and telephone number below.)
Name of Lending Institution Address Telephone
BUYER* & SELLER*:
The buyer- and seller' hereby declare the full actual consideration and above fits contained in this declaration (excluding the Finance Schedule) to be true and correct. If this
transaction imulves any real estate located in Cook Courtly, the seller" or his agent hereby certifies that to the best of his knowledge, and the buyer" or his agent hereby
certifies that, the name of the buyer- sham on the deed or assignment of beneficial interest in a land trust is either a natural person, an Illinois corporation or foreign
corporation authorized to do business or acquire and hold title to real estate in Illinois, a partnership authorized to do business or acquire and hold title to real estate in
Illinois, or other entity recognized as a person and authorized to do business a acquire and hold title to real estate under the laws of the State of Illinois. (NOTE. Any person
who wilfully falsifies a omits any m(ormatan rreeqquired in this declaration shall be guilty of a Class B Misdemearor. Anyy person who knowingly submits a /a statement
concerning the identity, of a grantee shall be gwtty of a Class C Misdemearar for the first offense and o/ a Class A Mrsdemeanor for subsequent ol/enses.)
Vi of Elk Grove Village, Illinois, an Illinois municipal corporation, in Cook County
I
j�pe
Norrie a Current Residence of Seller' (Please Print)
Name and Address of Trustee a this is a transfer of beneficial interest of a land trust. Trust Number
signature: Craig B. Johnson
Seller" or Agent
Elk Grove Town Center_ L L C an Illinois limited liability company
Name and Current Residence of Buyer' (Please Print)
Signature:
Buyer" or Agent
Mailtaxbillio:James L. Sheridan, Hamilton Partners. 300 Park Blvd., Itasca 60143
Name street city
PREPARER:
Section 31-25 of the Property Tax Code (35 ILLS 20013125) requires the following information to be completed:
Name of person filling out the real estate transfer declaration for the buyer" and seller": Mary Riordan, Polsky & Riordan, Ltd.
Please Print
Address 205 N. Michigan Ave Suite 3909, Chicago 60601 Tlephone(312 ) 540-0200
THIS BOX FOR USE BY DEPARTMENT OF REVENUE ONLY:
Initial Date
PTAX-203 (RA194) " If this transfer is an assignment of a beneficial interest of a land trust, substitute the word Assigry for Seer and Assignee for Br4'e+ Page 3 of 4
EXHIBIT A
LEGAL DESCRIPTION
P. 1. N. S: 08-32-202-014; 08-32-202-015, 08-32-202-017,
08-32-202-018, 08-32-202-019
THAT PART OF THE SOUTHWEST 1/4 OF THE NORTHEAST 1/4 OF SECTION 32, TOWNSHIP 41
NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS:
BEGINNING AT THE INTERSECTION OF A LINE 765.00 FEET, AS MEASURED ALONG THE NORTH
LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4, WEST OF AND PARALLEL WITH THE
EAST LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4, WITH THE SOUTH LINE OF
BIESTERFIELD ROAD AS OCCUPIED, BEING A LINE 60.00 FEET, AS MEASURED AT RIGHT
ANGLES, SOUTH OF AND PARALLEL WITH THE NORTH LINE OF SAID SOUTHWEST 1/4 OF THE
NORTHEAST 1/4; THENCE SOUTH 88 DEGREES 57 MINUTES 06 SECONDS EAST PARALLEL
WITH THE NORTH LINE SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4,520.00 TO A LINE 245.00
FEET, AS MEASURED ALONG THE NORTH LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST
1/4, WEST OF AND PARALLEL WITH THE EAST LINE OF SAID SOUTHWEST 1/4 OF THE
NORTHEAST 1/4; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS EAST PARALLEL
WITH THE EAST LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4, 199.99 FEET TO A
LINE 260.00 FEET, AS MEASURED ALONG THE EAST LINE OF SAID SOUTHWEST 1/4 OF THE
NORTHEAST 1/4, SOUTH OF AND PARALLEL WITH THE NORTH LINE OF SAID SOUTHWEST 1/4
OF THE NORTHEAST 1/4; THENCE SOUTH 88 DEGREES 57 MINUTES 06 SECONDS EAST
PARALLEL WITH THE NORTH LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4, 199.99
FEET TO THE WEST LINE OF ARLINGTON HEIGHTS ROAD AS WIDENED, BEING A LINE 45.00
FEET, AS MEASURED AT RIGHT ANGLES, WEST OF AND PARALLEL WITH THE EAST LINE OF
SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4, THENCE SOUTH 00 DEGREES 00 MINUTES 00
SECONDS EAST PARALLEL WITH THE EAST LINE OF SAID SOUTHWEST 1/4 OF THE
NORTHEAST 1/4, 793.50 FEET TO THE NORTHEAST CORNER OF LOT 1 IN SERFECZ
SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED JANUARY 23, 1984 AS
DOCUMENT NO. 26939494; THENCE NORTH 88 DEGREES 57 MINUTES 06 SECONDS WEST
ALONG THE NORTH LINE OF SAID LOT 1, 125.02 FEET TO THE NORTHWEST CORNER OF SAID
LOT 1; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG THE WEST LINE
OF SAID LOT 1, 196.50 FEET TO THE SOUTHWEST CORNER OF SAID LOT 1, BEING A POINT ON
A LINE 1250.00 FEET, AS MEASURED ALONG THE EAST LINE OF SAID SOUTHWEST 1/4 OF THE
NORTHEAST 1/4, SOUTH OF AND PARALLEL WITH THE NORTH LINE OF SAID SOUTHWEST 1/4
OF THE NORTHEAST 1/4; THENCE NORTH 88 DEGREES 57 MINUTES 06 SECONDS WEST
PARALLEL WITH THE NORTH LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4, 248.97
FEET TO A LINE 419.00 FEET, AS MEASURED ALONG THE NORTH LINE OF SAID SOUTHWEST
1/4 OF THE NORTHEAST 1/4, WEST OF AND PARALLEL WITH THE EAST LINE OF SAID
SOUTHWEST 1/4 OF THE NORTHEAST 1/4; THENCE NORTH 00 DEGREES 00 MINUTES 00
SECONDS EAST PARALLEL WITH THE EAST LINE OF SAID SOUTHWEST 1/4 OF THE
NORTHEAST 1/4, 80.00 FEET TO A LINE 1170.00 FEET, AS MEASURED ALONG THE EAST ON
LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4, SOUTH OF AND PARALLEL WITH THE
NORTH LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4; THENCE NORTH 88 DEGREES
57 MINUTES 06 SECONDS WEST PARALLEL WITH THE NORTH LINE OF SAID SOUTHWEST 1/4
OF THE NORTHEAST 1/4, 391.00 FEET TO A LINE 810.00 FEET, AS MEASURED ALONG THE
NORTH LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4, WEST OF AND PARALLEL
WITH THE EAST LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4; THENCE NORTH 00
DEGREES 00 MINUTES 00 SECONDS EAST PARALLEL WITH THE EAST LINE OF SAID
SOUTHWEST 1/4 OF THE NORTHEAST 1/4, 884.99 FEET; THENCE SOUTH 88 DEGREES 57
MINUTES 06 SECONDS EAST PARALLEL WITH THE NORTH LINE OF SAID SOUTHWEST 1/4 OF
THE NORTHEAST 1/4, 45.00 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS
EAST PARALLEL WITH THE EAST LINE OF SAID SOUTHWEST 1/4 OF THE NORTHEAST 1/4,
225.00 FEET TO THE POINT OF BEGINNING IN COOK COUNTY, ILLINOIS.
C:\M-0ATAkELKGR0VE\LEGLDESC.D0C
EXHIBIT B
1. The Contract by and between the Village of Elk Grove Village, Cook County, Illinois,
and M & R Wrecking dated July 10, 1996, as amended on December 5, 1996, for
certain demolition work to be performed.
2. The Redevelopment Agreement by and between the Village of Elk Grove Village,
Cook County, Illinois, and Elk Grove Town Center, L.L.C.,, dated as of May 11, 1997.
3. The Reciprocal Easement Agreement by and among the Village of Elk Grove
Village, Cook County, Illinois, Elk Grove Town Center, L.L.C., and the Elk Grove
Village Library Board dated as of May 11, 1997.
4. A Store Lease between Village of Elk Grove Village, and Tivioli Enterprises, Inc.
dated June 1, 1996, as amended by letter agreement dated December 13, 1996.
5. The lease between Chicago Title and Trust Company, Corporation of Illinois as
Trustee under Trust Agreement dated December 7, 1962 and known as Trust Number
45125 and Walgreen Company dated November 22, 1962, as subsequently amended.
SENT BY:NEAR NORTH NAT'L TITLE; 6-30-97 ; 2:29PM ; CHICAGO 312 540 0207;# 2/ 2
JUN 3e '97 01:31PM
ALTA LOAN AND EXTENDED COVERAGE POLICY STATEMENT
tgrstAme,dean Tilk Insurance Company Commitment No.:N9700122 Date., , 1997
With respect to the land described in the above commitment number, the signatories herein
make the following statements forthe purpose of inducing First American Title Insurance Company to
issue the subject title policies.
STATEMENT OF SELLER(S) AND PURCHASER(S)
The sellers) and purchaser(s) certify that, to the best of their knowledge and belief:
1) No contracts for the furnishing of any labor or material to the land or the improvements
thereon, and no security agreements or leases in respect to any goods or chattles that have or
are to become attached to the land or any improvements thereon as fixtures h ve bepn given
or are outstanding that have not been fully performed and satisfied;exceoi: or tite demolition
contract with M&R Wrecking Company.
2) No unrecorded leases to which the land may be subject are for more than a three-year term or
contain an option to purchase, right of renewal or other unusual provisions;
3) That there are no unrecorded contracts, deeds, mortgages, leases or options affecting the
subject property, except as follows:
4) That the only occupants of the subject property are the sellers or purchasers. (If other than
sellers or purchasers, give names and Interest held)
STATEMENT OF MORTGAGOR(S)
The mortgagor(s) (if any) certifies that the mortgage and the principal obligations it secures are
good and valid and free from all defenses; that any person purchasing the mortgage and the obligations It
secures, or otherwise acquiring any Interest therein, may do so In reliance upon the truth of the matters
heroin recited; and that this certification is made for the purpose of better enabling the holder or holders,
from time to time, of the above mortgage and obligations to sell, pledge or otherwise dispose of the same
freely at any time, and to insure the purchasers or pledgees thereof against any defenses thereto by the
mortgagor or the mortgagor's heirs, personal representative or assigns.
INDIVIDUALSIBENEFICIARIES OF TRUSTS IN DIVIDUALSIBENEFICIARIES OF TRUSTS
Seller(s) Purchaser(s)
—, --._ (Seal) _
CORPORATIONS CORPORATIONS
IN WITNESS WHEREOF, _Village of IN WITNESS WHEREOF, _
Elk Grove Vi has has caused these __ has caused these
presents to be signed by its Pr- a; Ao..r._.....presents to be signed by its
President and attested by its President and attested by its
Secretary under its corporate seal on the above Secretary under its corporate seal on the above
date. dale.
By Craig -B. Johnson By President Prasld•nt
ATTEST:,, Patricia S. Smith ATTEST:
Village C1eT�ceretmy t eu.tary
LENDER'S DISBURSEMENT STATEMENT
The. undersigned hereby certifies that the proceeds of the loan secured by the mortgage to be in-
sured under the loan policy to be Issued pursuant to the above commitment number were fully disbursed
to or on the order of the mortgagor on .... ; and, to the best knowledge and belief
of the undersigned, the proceeds are not to ho used to finanrn the making of future improvements or
repairs on the land.
Dated___.., _,.. .... Signature
1102-97A (1 7_/90)
CLOSING STATEMENT
SELLER: VILLAGE OF ELK GROVE VILLAGE
BUYER: ELK GROVE TOWN CENTER, L.L.C.
PURCHASE PRICE DUE SELLER: $3,216,924
CREDIT TO BUYER FOR SURVEY (6,000)
BALANCE DUE SELLER: $3,210,924
By: Craig B. Johnson By:
For Seller For Purchaser
Dated:
STATE OF )
SS.
COUNTY OF )
I, , a Notary Public, in and for said County, in the
State aforesaid, DO HEREBY CERTIFY that Craig B. Johnson, the President
of Elk Grove Village, an Illinois municipal corporation, is personally known to me
to be the same person whose name is subscribed to the foregoing instrument as
such President, appeared before me this day in person and acknowledged that
he signed and delivered said instrument as his own free and voluntary act and
as the free and voluntary act of said municipal corporation, for the uses and
purposes therein set forth.
GIVEN under my hand and Notarial Seal, this day of July, 1997.
Notary Public
My Commission expires:
C W-DATAELKGROVOAMEND. DOC
06=197 2'.56 PM