HomeMy WebLinkAboutORDINANCES-1976-021-O-762-20-76
21-0-76
AN ORDINANCE
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�`' { 44♦ '' -Amending Sections -7 and .12 of.Exhibit A of Ordinance 66-0-75
''�< E• (Sales Agreement with Hawthorn Realty)
WHEREAS, the City of Evanston has entered into a contract to sell (here-
after "Agreement") certain real property, commonly known as the Sherman and
Grove Parking Lot, pursuant to Ordinance 66-0-75, adopted July 21, 1975;.and
WHEREAS,' the aforesaid• sale has'een.consummated; and
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WHEREAS, the Purchaser for the aforementioned property has been and is
attempting to comply with the terms of the aforesaid Agreement which Agreement
was, attached to and made a part of said Ordinance 66-0-75 as Exhibit A
thereof; %and,
ri,-ry:"s WHEREAS,'the Seller, City.of Evanston., and Purchaser,.Hawthorn Realty
Group, Inc.,'of the aforesaid Agreement, desire to clarify and amend certain
terns and conditions contained in the said Agreement, both in the light of
., .y=-.. certa.i n. events. that have transpi red , and to facilitate the Purchaser,. -in
opening,`its,cons.truction• loan• for!the..�.project; and '
WHEREAS, the City Council has been fully apprised of the pertinent facts
`..�' herein;
NOW, THEREFORE, BE -IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF '
EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That the present Section 7 of Exhibit A attached to and
made a part of Ordinance 66-0.-75, adopted July 21, 1975, be
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and hereby is deleted i.n.its. entirety and that the following be inserted in
lieu thereof:
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11.7. The remaining $815,000.`00 of the purchase price shall be
`
paid as follows: 1), the sum of $25,000.00 on the first anniversary '
of .the cl os:i ng, • to be secured by a one year Letter• of .Credi t
acceptable to Seller in the amount of $25,000o00.from a bank or
savings and loan association, drawn in favor of seller; 2) $790,000.00
at closing to be evidenced by a promissory note in the amount of
$790,000.00 by the First National Bank and Trust Company of Evanston,
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,: .•,-.rmot.:ind:i-vidually, but solely as Trustee under Trust Agreement No. R-1809,
which note shall be secured by a'27-year purchase money.mortgage, and
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,•shall.be payable, • in monthly installments, with interest at the rate .'
of:;,7-3/4% for the first ten (10) .years and with interest at the ..,rate. ,:,,*. .
of 10% for the remaining fifteen (15) years, in accordance with the
payment schedule attached hereto as Exhibit V . The unpaid principal
` balance of the note may be prepaid at any time subject to a 3%
prepayment penalty. At closing Purchaser shall furnish Seller with an
ALTA loan policy issued by Chicago Title Insurance Company, in the
amount of $790,000.00, insuring the mortgage. Said purchase money
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mortgage shall be subordinate to any construction loan(s) obtained
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e .. by Purchaser for development of -the property
p g as hereinafter r :•
provided in this Agreement, and steal 1 also be subordinate to any 5 ,° .,
'.;-,_permanent first mortgage on"the subject property. Purchaser's
construction lender(s) shall not be obligated to protect Seller's
interests in the property. At Purchaser's request, Seller small
execute a subordination agreement in form satisfactory to Purchaser's
construction lender(s), and permanent first mortgage lender. [lot -
withstanding the foregoing, the Seller shall not be required to sign
a subordination agreement or subordinate the lien of the purchase
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t money mortgage to the lien of,the construction lender(s)' mortgages) , .
and permanent first mortgage 'until Purchaser shall have delivered",-*
to .Sel 1 er an irrevocable Letter of Credit, acceptable to Seller,
in the amount of $790,000.00 from a bank or savings and loan assoc-
iation, drawn in favor of Seller'. Said Letter of Credit 'shall remain
in full force and effect until the project is substantially completed."
SECTION 2: That the present Section 12 of the aforementioned Exhibit A
be and hereby is deleted in its entirety 'and that the 3
�y. following be inserted in lieu thereof:
"12, Purchaser agrees to commence construction of a parking
garage as soon as reasonably possible after closing to provide
no less than 250 parking spaces for the use of the public, commencing
in the summer of 1977. Said parking garage shall, upon completion,
contai n. a total of not less than 380 parking spaces."
`•}'a r : SECTION 3 All ordinances or arts f f
.... p o ordinances in conflict herewith .
are hereby repealed.
SECTION 4: This ordinance shall be in full force and effect from and
,:: ►' �',' 4; after its passage by a vote of at least three -fifths of
the elected Aldermen now holding office, and approval in the manner provided by
law.
1, Introduced FPhriiary ��3
Adopted` . March 1,
ATTEST
i, .• . �. /s/ Maurice F. Brown
City Clerk
, 1976
1976
Approved March 1, �1976
Mayor
f fF r
Approved as to form: /s/ Jack M. Siegel
Corporation Counsel