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HomeMy WebLinkAboutEscrow Deposit Agreement for 92 Kedzie StreetESCROW DEPOSIT AGREEMENT This ESCROW DEPOSIT AGREEMENT (the "Agreement") dated as of this 22nd day of June, 2012 by and between the City of Evanston, an Illinois municipal corporation and a home rule unit of the State of Illinois (the "City") and Terrance Boyle, an individual (the "Homeowner"). The City and the Homeowner shall be collectively referred to herein as the "Parties". WHEREAS, the Homeowner desires to demolish any and all structures and improvements located on the real property located at 92 Kedzie Street, Evanston, Illinois 60202 (the "Real Estate"); WHEREAS, in order for the Homeowner to demolish the Real Estate, the water service at the Real Estate must be disconnected at the water main on Sheridan Road, Evanston, Illinois 60202 ("Sheridan Water Main"); WHEREAS, Sheridan Road within the City of Evanston was resurfaced within the last several months and per the City of Evanston Code, Sheridan Road cannot be excavated to reach the Sheridan Water Main for a period of three years following the resurfacing, other than in circumstances of emergency, which are not applicable in this situation; WHEREAS, the City has agreed to certain escrow agreement terms with the Homeowner only as set forth in this Agreement, and in exchange the Homeowner can deposit certain funds into an escrow fund for the future costs of disconnection of the water service at the Sheridan Water Main; NOW THEREFORE, in consideration of the premises and the covenants herein contained, the parties hereto, intending to be legally bound, agree as follows: AGREEMENT 1. Recitals. The above referenced Recitals are acknowledged by the Parties as true and accurate and are incorporated herein by reference. 2. Escrow Fund. The Homeowner will deposit the sum of $6,000.00 (Six Thousand and no/100 Dollars) (the "Funds") in an escrow account with the City's Finance Department for the Funds (the "Account") within 5 business days of execution of the Agreement. There is hereby created and established with the City, a special and irrevocable escrow Account to be held in the custody of the City separate and apart from other funds of or held by the City. The City shall have no power or duty to invest any moneys held hereunder or to sell, transfer or otherwise dispose of, or to make substitutions of, the Funds within the Account. This Agreement creates irrevocable instructions to the City which shall hold the Funds in trust for the use and purposes as set forth in this Agreement for a period of three years to December 31, 2013 at 5:00 CST ("Agreement Period"). During the term of this Agreement, the City shall hold the Funds subject to the terms and conditions of this Escrow Agreement. 3. Withdrawals. The Homeowner shall not have the right to withdraw all or any portion of the Funds during the term of this Agreement, absent the City's written consent. (a) The City's written consent to release the Funds will only be given after the Homeowner, or his designee, has completed the disconnection of the water service for 92 Kedzie Street at the Sheridan Road Water Main on or before the expiration of the Agreement period. The Homeowner will obtain all of the required permits prior to disconnection and provide notice to the City of completion of the discomiection of the water service at the Sheridan Water Main. The City's Water & Sewer Division will inspect the disconnection of the water service at the Sheridan Water Main and determine if the work has been completed properly. If any further work needs to be completed, the City will give the Homeowner specific items that need to be addressed prior to the release of the Funds and the Homeowner shall complete the remaining construction work within a reasonable period of time. (b) If, at the expiration of the Agreement Period, the Homeowner has not commenced or completed the excavation and disconnection of the water service at the Sheridan Water Main, the City will contract for the work to be performed ("City Disconnection Construction"). The total cost incurred by the City for the City Disconnection Construction will be deducted from the Account. (c) If the total cost of the City Disconnection Construction exceeds the Funds in the Account, the difference will be added to the Homeowner's water bill for his other property located at 90 Kedzie Street, Evanston, Illinois. 4. Representations. Homeowner hereby represents and warrants to City that as of the date of this Agreement, each of the representations and warranties set forth in the Agreement are true and correct. Homeowner is the legal owner of the Real Estate and has the authority to enter into this Agreement and conduct the activities described in the Agreement. Homeowner entered into this Agreement voluntarily and with no intent to defraud any creditors of the Homeowner. Homeowner has had the opportunity to retain counsel in connection with the negotiation of this Agreement, and the transactions contemplated hereunder are the free and voluntary act of Homeowner and such actions were not made under duress. 5. Release. Homeowner and on behalf of his successors, assigns, heirs, administrators, and personal representatives, release, waive and forever discharge and relieve City from any and all claims ("Claim"), which Homeowner ever had, now has, or which may result from the past or present state of things, against or related to City related to this Agreement. Homeowner agrees to assume the risk of releasing any and all unknown, unanticipated or misunderstood Claim(s) hereby. 6. Indemnification. Homeowner hereby indemnifies, defends, and holds harmless City from and against any and all Claims, which the City may incur as a direct or indirect consequence of or in relation to any of: (i) the Funds; (ii) the Account; (iii) this Agreement, (iii) any and all acts or omissions of Homeowner or any third party and (iv) any Claim that City is liable, in any way, for any act, omission or liability of Homeowner for any reason under any legal theory. In all cases involving claims against City by third parties, City shall provide Homeowner notice of the relevant Claim and the right to defend the same. The City shall not be liable to the Homeowner for indirect, punitive, -2- Escrow Agiccment-92 Kedzie special or consequential damages or loss, including, but not limited to, lost profits. 7. Controlling Law. This Agreement, including any attachments hereto, shall be construed in accordance with and governed by the laws of the State of Illinois, without regard to its principles of conflicts of law and that venue for any disputes shall be in Cook County, Illinois. 8. Waiver of Trial by Jury/Forum. Each Party to this Agreement agrees that any suit, action or proceeding, whether claim or counterclaim, brought or instituted by any Party hereto or any successor or assign or any Party on or with respect to this Agreement or the Account or any event, transaction or occurrence arising out of or in any way connected with this Agreement or the dealings of the Parties with respect thereto, shall be tried only by a court and not by a jury. EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDINGS. Homeowner acknowledges and agrees that this paragraph is a specific and material aspect of this Agreement between the Parties and that City would not agree to the terms of this Agreement without this provision. EACH OF THE PARTIES IRREVOCABLY SUBMITS AND CONSENTS TO THE EXCLUSIVE PERSONAL JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT SITTING IN COOK COUNTY, ILLINOIS. Each of the Parties hereto agrees that a final judgment in any such action, suit or proceeding may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Further, each Party hereby irrevocably and unconditionally waives, to the fullest extent they may legally and effectively do so, any objection to which it may now or hereafter have to the laying of venue or inconvenient forum of any suit, action or proceeding arising out of or relating to this Agreement in any Illinois state or federal court. 9. Severability/Survival. To the extent any provision herein violates any applicable law, that provision shall be considered void and the balance of this Agreement shall remain unchanged. If any provision of this Agreement shall be held by a court of competent jurisdiction to be contract to the law, the remaining provisions of this Agreement shall remain in full force and effect. Unless otherwise expressly stated herein, the provisions of this Agreement shall survive termination of the Agreement Period. 10. Entire Agreement. This Agreement sets forth the entire agreement and understanding of the Parties hereto in respect to the subject matter hereof. Any oral agreements in regard to such subjects are hereby terminated. The terms herein may not be changed verbally but only by written agreement signed by the Party against which enforcement of the change is sought. 11. Reaffirmation. Homeowner represents warrants and agrees that he has received competent and independent legal advice of counsel about the meaning and legal effect of this Agreement and about the advisability of making the agreements provided for herein and fully understands the same and has entered into this Agreement voluntarily, without duress and of their own accord. 12. Notices. All notices or communications under this Agreement shall be mailed, postage prepaid, or delivered as follows: -3- Escrow Agreement — 92 Kedzie The City of Evanston: Attn: David Stoneback 555 Lincoln Street Evanston, IL 60201 Terrance Boyle Terrance Boyle 90 Kedzie Evanston, IL 60202 13. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original, and all of which shall constitute but one and the same instrument. For purposes of this Agreement, facsimile and scanned signatures shall be considered the same as original signatures and shall be treated as valid and binding upon the parties hereto. [SIGNATURES ON FOLLOWING PAGE] -4- Escrow Agreement — 92 Kedzie IN WITNESS WHEREOF, the parties hereto have each caused this Escrow Deposit Agreement to be executed by their duly authorized officers as of the date first above written. CITY OF EVANSTON an Illinois municipal corporation By: Its: City Manager STATE OF ILLINOIS ) ss: COUNTY OF COOK ) On 1, 0,v ;2-5 , 2012, before me, SU.50iv�w Rct(( , Notary Public, personally appeared Wally Bobkiewicz, an authorized representative of The City of Evanston who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of Illinois that the foregoing paragraph is true and correct. WITNESS my hand and official seal. a Notary Public bFF1CK SEAL St1S"E A HALL NOTARY PU841C • STATE OF ILIdN01& .....; a Approved as to form: MY CONRtISS10N EXPIRE a.. W. Grant Farrar Corporation Counsel -5- Escrow Agcment-92 Kedzie TERRANCEBOYLE By� STATE OF ILLINOIS ) ss: COUNTY OF COOK ) On cJJv� 02 2012, before me, �US�`t �Gt Notary Public, personally appeared Terrance Boyle who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of Illinois that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Notary Public L FFICIALSEALSANNE A HALL BLIC • STATE OF ILINOISISSION E*IRES:10/1&14 rol Entow Agreement - 92 Kedzie