HomeMy WebLinkAboutRESOLUTIONS-1987-086-R-8712/17/87
A RESOLUTION
Authorizing the City Manager.to
Contract for and Complete the Purchase of
• Certain C.T.A. Property in Evanston
WHEREAS, the City Manager has heretofore been
authorized on behalf of the City of Evanston to negotiate the
purchase of certain C.T.A. property in Evanston and legally
described as follows:
From the South line of Elgin Road.to the North line of
University Place, a strip of land 70 ft. wide, described
as the East 34 ft. of Lot 8 and the West 36 ft. of Lot 7,
all in Block 6 in the E 1/2 of the NW 1/4 of Section 18,
Town 41 North, Range 14, East .of the 3rd Principal
Meridian, except that portion lying under the right-of-way
of Elgin Road, Cook County; Illinois.
From the South line of University Place to the North line
of Clark Street, a strip of land 35 ft. wide described as
follows: the West 35 ft. of the East 100 ft. of Lots 1, 2,
3, 4 and 5 in Block 7 of Village of Evanston, Illinois, in
the E 1/2 of the NW 1/4 of#Section 18, Town 41 North,
Range 14, East of the 3rd Principal Meridian, in Cook
County, Illinois.
• From the South line of Clark Street to the North line of
Church Street, a strip of Land 35 ft. wide described as
follows: The West 35 ft. of the East 100 ft. of Lots 1, 2,
3, 4, 5 and 6 in Block 18 in the Village of Evanston, in
the E 1/2 of the NW 1/4 of Section 18, Town 41 North,
Range 14, East of the 3rd Principal Meridian, in Cook
County, Illinois.
Also, a strip 35 ft. wide in that portion of vacated Clark
Street described as the West 35 ft. of the vacated East
100 ft. of Clark Street lying between Blocks 7 and 18 in
the Village of Evanston, Illinois, in the E 1/2 of the NW
1/4 of Section 18, Town 41 North, Range 14, East of the
3rd Principal Meridian, in Cook County, Illinois.
WHEREAS, said property is a valuable acquisition in
the best interest of the City's economic development; and
WHEREAS, a real estate sales contract has been
negotiated by the parties for the sale of the aforedescribed
property for Three Hundred Thirty Thousand Dollars ($330,000),
including purchase price and other associated expenses;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Evanston that the City Manager be and hereby is
authorized and directed to enter into a contract for, negotiate
86-R-87
additional terms as necessary and desirable, and take title to
the aforedescribed property for the sum of Three Hundred.Thirty
Thousand Dollars ($330,000), which includes the purchase price
and other associated expenses. Such contract shall be in
• substantial conformance with Exhibit A attached hereto and
incorporated herein by reference.
This resolution shall be in full force and effect
from and after its passage, approval, and publication in the
manner provided by law.
•
•
l�! Mayor
ATTE T: _
City Clerk
��Adopted: i2 .(�-��2��� , 1987 .
SM
Real Estate Sale Contract
1 CITY OF EVANSTON (Purchaser)
agrees p p 3 000• 00 on the terms set forth herein, the following described real estate
a ees to purchase at a rice of S � 0 ►
in. Cook County. Illinois:
See Exhibit A
(If legal description is not included at time of execution, is
authorized to insert thereafter.) Vacant parcels extending from Church to Emerson Streets by the westerly
commonly known as edge of the CTA right of way and as deGcri hed on map mrked as Exh, h, t R , an
i approximate lot dimensions of x w►g•(lerat
uawrt
Subject property is vacant.
2. Chieaao Transit Authoritv (Sever)
(Insert names of all owners and their respective spouses)
agrees to sell the real estate and the property, if any, described above at the price and terms set forth herein, and to convey or cause to be conveyed to
Purchaser or nominee title thereto (in joint tenancy) by a recordable warranty deed, and a proper bill
of sale, subject only to: (a) covenants, conditions and restrictions of record; (b) privaie, public and utility easements and roads and highways if any; (c)
party wall rights and agreements, if any; (d) existing leases and tenancies; (e) special taxes or assessments -for improvements not yet completed; (0 any
unconfirmed -special tax or assessment; (g) installments not due at the date hereof of any special tax or assessment for improvements heretofore
completed; (h) mortgage or trust deed specified below, if any-, (i) general taxes for the year 1986 and subsequent years includings taxes which may
accrue by reason of new or additional improvements during the year(s) 1987 ; and to proration of 1987 taxes as,
set forth in paragraph 3 of Conditions and Stipulations.
3. Purchaser has paid 51, nOf) - On ( searnest money=be
and agrees to pay o)ytthe balance of the purchase price, plus or minus proration, at the time of closing -as follows:
(Strike subparagraph inapplicable) .
'a) The payment of s- • 111 00
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5. The time of closing shall be on July 30, 1987
unless subsequently mutually agreed otherwise, at the office of Purchaser or Title Comnanv or
of the mortgage lender, if any, provided title is shown to be good or is accepted by Purchaser.
losing
b. Seller shall deliver possession to Purchases ot Seller agrees to pay Purchaser the sum of
for each day Seller remains in possession between the time of closing and the time possession is delivered.
7. Seller agrees to pay a broker's commission to None..
in the amount set forth in the broker's listing contract or as follows: Purchaser and Sa.l 1 ar warrant that nobroker
was utilized by either of them.
9. Seller agrees to deliver possession of the real estate in the same condition as it is at the date of this contract, ordinary wear and tear excepted.
10. A duplicate original of this contract, duly executed by the Seller W6.6.,J=. shall be delivered to the Purchasers within 14 days
from the date below, otherwise, at the Purchasers option, this contract shall become null and void and the earnest money shall be refunded to the
Purchaser.
1.Ontract is subject to the Conditions and Stipulations set fdrth on the back page hereof, which Conditions and Stipulations are made a part of this -
contract.
>atcd
I'llrcn:,.er CITY OF EVANSTON t Addressi 2100 Ridge, Evanston, IL 60204
\ddr..a
CONDITIONS AND STIPULATIONS
•:XYtiCif:C?'.:C'iQ:.'C?'.:C'{}{}::C.:)�.�C.X: .t :. .
as %%nff .:i:. ...�tl(anc: :1C nlca Lit Ix�C IiLl:f... ..it... :�:,_�' u9i �I .:le rurcha,: _ .... ,.
alter the dale hereof. <hnaln-_ :a:r .ne Intended izrantor gun'::,. lal the _entra! C\iC^tlons con —lined In the unless the i%
improved with a .ingle lam;l,. d Aellin_• .lr an apartment bui:ding, _:..r le%%er residential units, (.bl the titic exceptions yet forth above. and Icl tithe
exceptions pertaining to liens or encumbrances of a definite or a<:ert .nablc amount which ma\ be removed by the payment of money at the time (it
closing and which the Seller may so remo�, a at that time by using the iun,N to he paid upon the deliver[ of the dead (all of «hick are herein relerred 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. SellerXKKshall furnish Purchaser an affidavit of title in customary form covering the date of closing and showing
title in Seller subject only to the permitted exceptions in foregoing items (b) and (c) and unpermitted exceptions, if any, as to which the title insurer
commits to extend insurance.in. the manner specified in paragraph 2 below.
chaser shall at its own expense provide a survey.
2. if the title commitment discloses unpermitted exceptions, Seller shall have 30'days from the date of delivery thereof to have the exceptions removed
from the commitment or to have the title insurer commit to insure aiainst loss oi'damage that may be occasioned by such exceptions, and, in such event,
the time of closing shall be 35 days after delivery of the commitment or the time specified in paragraph 5 on the front page hereof, whichever is later. If
Seller fails to have the exceptions removed, or in the alternative, to obtain the commitment for title insurance specified above as to such exceptions within
the specified time, Purchaser may terminate this contract or may elect. upon notice to Seller within 10 days after the expiration of the 30-day period, to
take title as it then is with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so
elect, this contract shall become null and void without further actions of the parties.
3. Rents, premiums under assignable insurance policies, water and other utility charges, fuels, prepaid service contracts, general taxes, accrued interest
on mortgage indebtedness, if any, and other similar items shall be adj��•''jj��:d &atabty as of the time of closing. If the amount of the current general taxes is
not then ascertainable, the adjustment thereof shall be on the basis o, t amou� of the most recent ascertainable taxes. The amount of any general taxes
which may accrue by reason of new or additional improvements shall be adjusted as follows: CutstaridinQ 1987 taxes shall
be prorated to date of closing and Purchaser shall roraiya r-1 nqi na CrEldi t fnr that amnitnt.
All prorations are final unless otherwise provided herein. Existing leases and assignable insurance policies, if any, shall then be assigned to Purchaser.
Seller shall pay the amount of any stamp tax imposed by State law on the transfer of the title, and shall furnish a completed Real Estate Transfer
Declaration signed by the Seller or the Seller's agent in the form required pursuant to the Real Estate Transfer Tax Act of the State of Illinois and shall
furnish any declaration signed by the Seller or the Seller's agent or meet other requirements as established by any local ordinance with regard to a transfer .
or transaction tax; such tax required by local ordinance shall be paid by the party upon whom such ordinance places responsibility therefor.t
conies of all tax bills to Purchaser. Seller shall provide
•4. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this contract.
• If this contract is terminated without Purchaser's fault, the earnest money shall be returned to the Purchaser, but if the termination is caused by the
Purchaser's fault, then at the option of the Seller and upon notice to the Purchaser, the earnest money shall be forfeited to the Seller and applied first to
the payment of Seller's expenses the balance, if any, to be retained by the Seller as liquidated damages.
6. At the election of Seller or Purchaser upon notice to the other party not less than 5 days prior to the time of closing, this sale shall be closed through an
escrow with Chicago Title and Trust Company, in accordance with the general provisions of the usual form of Deed and Money Escrow Agreement then
in use by Chicago Title and Trust 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 noiwithstanding, 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. The cost of the escrow shall be divided equally between
Seller and Purchase+. (Strike paragraphs if inapplicable.)
7. Time is of the essence of this contract.
8. All notices herein required shall be in writing and shall be served on the parties at the addresses following their signatures. The mailing of a notice by
registered or certified mail, return receipt requested, shall be sufficient service.
9.. Purchaser and Seller hereby agree to make all disclosures and do all things necessary to comply with the applicable provisions of the Real Estate
Settlement Procedures Act of 1974. In the event that either party shall fail to make appropriate disclosure when asked, such failure shall beconsidered a
breach on the part.of said party.