Published in pamphlet form by authority of the City Council of the City of Monticello, Piatt

Transcription

1 CITY OF MONTICELLO PIATT COUNTY, ILLINOIS RESOLUTION NO RESOLUTION AUTHORIZING PURCHASE OF REAL ESTATE Bruce T. and Nang J. Abraham Pro eemy " ADOPTED BY THE CITY COUNCIL CITY OF MONTICELLO THIS 25`x' DAY OF August, 2008 Published in pamphlet form by authority of the City Council of the City of Monticello, Piatt County, Illinois, this 29h day of August, 2008.

2 CITY OF MONTICELLO PIATT COUNTY, ILLINOIS RESOLUTION NO RESOLUTION AUTHORIZING PURCHASE OF REAL ESTATE Bruce T. and Nancy J. Abraham Property)" WHEREAS, Bruce T. Abraham and Nancy J. Abraham are the owners of the following described real estate, to-wit: the same; and Lot " I" of the Resubdivision of Outlet No. One ( 1) of Noecker' s Third Addition of Outlots to the City of Monticello, according to plat made by J. Robert Bower, Illinois Land Surveyor on March 9, 1957, and recorded in Plat Book No. 3 at page 84 of the records of Piatt County, Illinois. Said premises are situated in Piatt County, Illinois. WHEREAS, Sellers are desirous of selling said real estate and Buyer wishes to purchase WHEREAS, the parties have reached mutually agreeable terms for the purchase and sale of said real estate; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Monticello as follows: Section 1. The City Council hereby finds that all of the recitals contained in the preambles to this resolution are full, true and correct and does incorporate them into this resolution by this reference. Section 2. That on behalf of the City, the Superintendent of City Services of the City of Monticello is hereby authorized and directed to enter into a Contract for Sale of Real Estate with the owners of the above- referenced property for the purchase thereof, said Contract being substantially in the form attached as " Exhibit All hereto, and he is further authorized and directed

3 to execute a closing statement, transfer declaration undertaking, title insurance endorsement and other documents that may be necessary or required to close on the purchase of said property. Section 3. That this Resolution shall be in full force and effect forthwith upon its passage. PASSED by the City Council of the City of Monticello this 25h day of August, 2008, by the following roll-call vote: AYES NAYS: Allman, Vanderkloot, McHale, Corrie, Kuetemeyer, Hiller, Brown, Hayes None ABSENT: None City Clerk, City of Monticello, Piatt County, Illinois Approved by the Mayor of the City of Monticello, Piatt County, Illinois, this 25th day of August, Mayor, City of Monticello, Pia Illinois County, ATTEST: City Clerk, City of Monticello, Piatt County, Illinois L

4 CERTIFICATE I, Rened Fruendt, City Clerk of the City of Monticello, Piatt County, Illinois, do hereby certify that the foregoing and attached" Resolution Authorizing Purchase of Real Estate" is a true and correct copy of said Resolution duly passed and enacted by the City Council at its Regular 25th on the day of August, 2008, by the following roll-call vote: ayes City Council meeting 8_, nays_ 0_, absent_ 0_. Dated this 25`h day of August, i City Clerk, City of Piatt County, Illinois t onticello, 4 WAReal Estate\City of Monticello\Resolution purchase of real authorizing estate.doc

5 CONTRACT FOR SALE OF REAL ESTATE EXHIBIT" A" This Contract made and entered into by and between Bruce T. Abraham and Nancy J. Abraham hereinafter " Sellers"), hereinafter" Buyer"), WITNESSETH: follows: and the City of Monticello, Piatt County, Illinois, a municipal corporation, WHEREAS, Sellers are the owners of a parcel of real estate, which is described as same; and Lot " I" of the Resubdivision of Outlet No. One ( 1) of Noecker' s Third Addition of Outlots to the City of Monticello, according to plat made by J. Robert Bower, Illinois Land Surveyor on March 9, 1957, and recorded in Plat Book No. 3 at page 84 of the records of Piatt County, Illinois. Said premises are situated in Piatt County, Illinois. WHEREAS, Sellers are desirous of selling said real estate and Buyer wishes to purchase the WHEREAS, the parties have reached mutually agreeable terms for the purchase and sale of said real estate and wish to reflect their agreement in writing; NOW, THEREFORE, in consideration of the premises, which are hereby incorporated hereinafter by reference, and the agreements, covenants and conditions hereinafter set forth, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows: 1. Mutual Covenants. Sellers agree to sell and convey to Buyer, and Buyer agrees to purchase from Sellers, the said real estate on the terms and conditions hereinafter set forth. 2. Purchase Price. Buyer hereby agrees to pay to Sellers for the said real estate the total purchase price of Twenty Thousand and No/ 100 Dollars($ 20,000.00), payable as follows:

6 i) Earnest money deposit, receipt of which is hereby acknowledged by Sellers...$ ii) Cash due 2008, which amount shall be adjusted by prorations and credits allowed the parties by this Contract...$ Total...$ 20, The earnest money deposit, which is made by Buyer contemporaneously with the execution hereof, shall be retained by Sellers' attorney or agent in escrow until closing and then applied to the purchase price. 3. Condition of Premises. ( a) Sellers warrant that there are no underground fuel storage tanks located on the real estate and that to the best of their knowledge, information and belief, no substance defined as " toxic" or " hazardous" under the laws of the United States or the State of Illinois are present, have been used, disposed of, stored or released on or in said real estate and/or the improvements located thereon. b) Buyer acknowledges that it accepts the real estate and any personal property thereon in their present condition without reliance upon any oral or written representation or warranties by Sellers, which are hereby expressly disclaimed by Sellers, except as otherwise noted herein. The real estate improvements, if any, are sold " As Is." SELLERS DISCLAIM ALL WARRANTIES OF CONDITION, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF FITNESS FOR PURPOSE, AND SELLS THE REAL ESTATE AND IMPROVEMENTS IN " AS IS" CONDITION. 4. Removal of Fixtures and Personal Property by Sellers. The parties agree that Sellers shall have the ability to remove, prior to closing, any personal property and fixtures, including, but not limited to, window treatments, light fixtures, ceiling fans, stove, refrigerator, washer, dryer, furnace, air conditioner, shelving and interior doors. Notwithstanding the foregoing, Sellers shall leave all buildings 2

7 in a sealed and structurally stable condition, and all electrical, plumbing and/or gas connections properly capped, should the fixtures attached thereto be removed. 5. Deed of Conveyance. At closing, Sellers shall furnish a duly executed Warranty Deed to the real estate, subject only to the exceptions to title hereinafter permitted, sufficient in form to transfer good and merchantable title to the real estate to Buyer, in fee simple. 6. Evidence of Title. (a) Within a reasonable time prior to closing, Buyer shall acquire as evidence of title a commitment for title insurance issued by a title insurance company regularly doing business in the county within which the real estate is located, committing the company to issue a policy of title insurance in the usual form, insuring merchantable title to the real estate in Buyer, in the amount of the purchase price set forth above. b) Permissible exceptions to title shall include only the lien of current general taxes; zoning laws and building ordinances, which are not violated by the current use of the property; easements of record which do not underlie the improvements or unreasonably interfere with the quiet enjoyment of the property; covenants and restrictions of record which are not violated by the present use of the property and which do not restrict reasonable use of the property; rights of the public, the State of Illinois, the County, the Township and the City in and to any part of the premises taken, used or dedicated for roads or highways; existing mortgages, if any, which shall be removed by Sellers at or prior to closing; and any other standard exceptions customarily included in title insurance policies issued in the county within which the real estate is located, if title insurance is supplied. c) Within a reasonable time after receipt of the evidence of title, Buyer shall point out in writing to Sellers any objection which Buyer may have thereto, and unless so pointed out, the evidence of title shall be conclusively presumed to be accepted by Buyer. Sellers shall have a reasonable L time to cure any objection. If Sellers are unable to cure any such objection and are unable to procure a 3

8 title policy insuring over such objection, then Buyer shall have the option of terminating this Contract, in which case Buyer shall be entitled to the return of all moneys theretofore paid by Buyer, without interest, or of accepting title subject to such objections and proceeding to close without any reduction in the purchase price, in which case such objections shall be deemed permissible exceptions to title. d) The evidence of title, including the cost of an owner' s policy of title insurance in the full amount of the purchase price, issued by the company making the title insurance commitment shall be at the sole expense of Buyer. 7. Possession and Closing. The closing of this transaction shall be held on or before December 31, 2008, at the offices of Buyer' s attorney, or at such other place and time as the parties may mutually agree, at which time possession of the premises shall be delivered to Buyer. 8. Taxes. Assessment and Prorations. General taxes and assessments for the year 2007, due and payable in 2008, and all prior years shall be Sellers' expense. General taxes and assessments for the year 2008, due and payable in 2009, apportioned up to and including the date of closing, and estimated on the basis of the most accurate, current information, including confirmed multipliers and current assessed valuations, shall be Sellers' expense. General taxes and assessments for periods commencing with the date of closing shall be assumed by Buyer. Real estate transfer tax, if any, shall be Buyer' s expense. All such taxes and assessments chargeable to Sellers may be taken by Buyer at closing as a credit against the purchase price. Buyer' s acceptance of such credit shall release Sellers from any further liability to Buyer in connection therewith unless otherwise agreed between the parties. 9. Termite Inspection. Buyer waives any requirement that Seller provide it with an inspection of said property for termites or any other wood destroying insects or pests and waives any claim that it might have for pest infestation or structural or functional damage due to infestation. 4

9 10. Lead Paint Warning. Buyer acknowledges receipt of a Disclosure and Acknowledgement form, a copy of which is attached hereto, and an EPA pamphlet entitled " Protect Your Family From Lead In Your Home" from Sellers. Buyer waives the opportunity to conduct a risk assessment or inspection of the property for the presence of lead-based paint and/ or lead-based paint hazards. 11. Attorney' s Fees. Default by Buyer or Sellers shall entitle the nondefaulting party to claim and recover as damages all reasonable costs, attorneys' fees and expenses incurred in connection with the enforcement of this Contract. 12. Notices. All communications and notices, required by this Contract to be served upon either party shall be made in writing and shall be delivered or sent by United States Mail, certified postage prepaid, to the following addresses: To Sellers: To Buyer: Bruce T. and Nancy J. Abraham City of Monticello 401 Prairie Lane P. O. Box 437 Monticello, IL Monticello, IL With copies mailed to: Luke M. Feeney Miller, Tracy, Braun, Funk& Miller, Ltd. 316 S. Charter St., P. O. Box 80 Monticello, IL

10 Any notice required by this Contract to be served upon either party shall be effective when actually received by the party upon which service is to be made or when mailed by certified mail, return receipt requested to such party. 13. Brokerage Disclosure. The parties acknowledge that said real estate is not listed for sale with any licensed real estate broker or agent and warrant that they have dealt with no agent or broker in connection with this transaction, who claims a commission as a result of their involvement. 14. Time of the Essence. The time for performance of the obligations of the parties hereto is of the essence of this Contract. 15. Succession of Obligations. All terms of this Contract shall be binding upon the heirs, legatees, devisees, personal representatives, successors and assignees ofthe parties. 16. Execution. ( a) This Contract may be executed in counterparts, and any party hereto may sign any counterpart. This Contract shall be effective when each party hereto shall have signed a counterpart, and a set of counterparts bearing the signature of each party hereto shall constitute the agreement as fully as if all of the parties shall have signed a single document. b) The parties agree that facsimile copies of signatures on this Contract and on closing documents ( other than the deed of conveyance and real estate transfer declaration) shall have the same effect as original signatures. 6

11 Any notice required by this Contract to be served upon either party shall be effective when actually received by the party upon which service is to be made or when mailed by certified mail, return receipt requested to such party. 13. Brokerage Disclosure. The parties acknowledge that said real estate is not listed for sale

12 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals, the date and year appearing opposite of their signatures below. SELLERS: Date: August27, 2008 Date: August 27, 2008 BUYER: Bruce T. Abraham N c. Abraham Date: August 27, 2008 CIT F ONTICELLO, Aftest:l Mayor City Clerk WAReal Estate\ City of Monticello\Contract for Sale ofreal Estate( Buyer pays costs)- Abrahams.doc 7