Resolution 2012-36 Resolution No. 2012- J�v
A RESOLUTION APPROVING A REAL ESTATE AGREEMENT WITH
IMPERIAL INVESTMENTS LLC FOR THE SALE OF PROPERTY OWNED
BY THE UNITED CITY OF YORKVILLE, ILLINOIS
(LOT 6 Van Emmon Street)
Whereas, the United City of Yorkville (the "City") is a duly organized and
validly existing non home-rule municipality created in accordance with the Constitution
of the State of Illinois of 1970 and the laws of the State; and,
Whereas,the Mayor and City Council of the City have determined that it is no
longer necessary, appropriate or in the best interests of the City that it retain title to
certain real property, and that the real property is not required for the use of, or profitable
to the City. The real property is legally described as:
Part of Lot 6, Block 1, Black's Addition to Yorkville, as described in Deed Records
Book 63, page 290 in the Recorder's Office of Kendall County, Illinois as more
particularly described as follows: Beginning at the Southwest corner of Lot 6 of Block 1
of Black's Addition to the Village of Yorkville, Kendall County, Illinois; running thence
Northerly along the East line of an alley, 87 feet; thence Easterly along the North line of
said Lot 6, 57 feet; thence Southerly 87 feet more or less, to the North line of Van
Emmon Street; thence Westerly along said Van Emmon Street, 57 feet to the place of
beginning, in the United City of Yorkville, Kendall County, Illinois (the "Subject
Property")
and commonly known as Lot 6 on Van Emmon Street and currently used as a
public parking facility; and,
Whereas,pursuant to section 11-76-2 of the Illinois Municipal Code (65 ILCS
11-76-2) the City adopted an ordinance seeking bids for the sale of the Subject Property;
and,
Whereas,the City solicited bid proposals for the purchase of the Subject Property
and finds that the proposal received from Imperial Investments, LLC to be in the best
interest of the City with such terms incorporated into an agreement for the sale of the
Subject Property.
NOW, THEREFORE, BE IT RESOLVED, by the Mayor and City Council of
the United City of Yorkville, Kendall County, Illinois, as follows:
Section 1. That the REAL ESTATE SALE AGREEMENT FOR THE SALE OF
PROPERTY OWNED BY THE UNITED CITY OF YORKVILLE, ILLINOIS (Lot 6, Van
Emmon Street) attached hereto and made a part hereof by reference as Exhibit A, be and
is hereby approved and Bart Olson, City Administrator is authorized to execute the
agreement on behalf of the City.
Resolution No. 2012-�(0
Page 1
Section 2. That Bart Olson, City Administrator is further authorized to execute
any additional documents necessary for the completion of the sale of the Subject Property
pursuant to the Agreement.
Section 3. That this Resolution shall be in full force and effect upon its passage
and approval as provided by law.
Passed by the City Council of the United City of Yorkville, Kendall County,
Illinois this _day of eyo , . y- , 2012.
CITY CLERK
ROSE ANN SPEARS DIANE TEELING
KEN KOCH JACKIE MILSCHEWSKI
CARLO COLOSIMO MARTY MUNNS
CHRIS FUNKHOUSER `, LARRY KOT
Approved by me, as Mayor of the United City of Yorkville, Kendall County,
Illinois, this g day of DECEM 6E e- , 2012.
J Z U- ,
�4AYVI
Resolution No. 2012- 3(o
Page 2
REAL ESTATE SALE AGREEMENT FOR THE SALE OF PROPERTY OWNED
BY THE UNITED CITY OF YORKVILLE,ILLINOIS
(Lot 6, Van Emmon Street)
This AGREEMENT ("Agreement") is made this N day of December, 2012
between The United City of Yorkville, a municipal corporation of the County of
Kendall, Illinois ("Seller"), and Imperial Investments, LLC, an Illinois limited
liability company("Purchaser")
RECITALS
WHEREAS, Seller published notice of the proposed sale of Seller's property
currently used as a public parking lot and commonly known as Lot 6 at the northeast
corner of West Alley and West Van Emmon Street; and
WHEREAS, the notice advertising the property for sale was published once a
week for three successive weeks with the first notice at least 30 days before the date set
for the opening of those bids pursuant to Section 11-76-2 of the Illinois Municipal Code
(65 ILCS 5/11-76-2) including the provision of off-street parking as a consideration of
the sale;and
WHEREAS, the Seller received one proposal and after deliberation determined
that the proposal of the Purchaser dated November 12, 2012 attached hereto and made a
part hereof by reference as Exhibit A is in the best interest of the Seller; and,
WHEREAS, Seller, through Bart Olson, its City Administrator, is the City's
designated agent for purposes of execution of this Agreement; and
WHEREAS, Seller desires to sell, and Purchaser desires to buy, the real estate
hereafter described, at the price and on the terms and conditions hereinafter set forth.
WITNESSETH
NOW, THEREFORE, in consideration of mutual covenants hereafter set forth,
and other good and valuable consideration, the receipt and sufficiency of which are
mutually acknowledged by Seller and Purchaser it is agreed by and between the parties as
follows:
1. Purchase and Sale - Purchase Price. Purchaser agrees to purchase, and
Seller agrees to sell, on the terms and provisions set forth herein and pursuant to the
Illinois Municipal Code, the real estate legally described as:
Part of Lot 6, Block 1, Black's Addition to Yorkville, as described in
Deed Records Book 63, page 290 in the Recorder's Office of Kendall
County, Illinois as more particularly described as follows: Beginning at
the Southwest corner of Lot 6 of Block 1 of Black's Addition to the
Village of Yorkville, Kendall County, Illinois; running thence Northerly
along the East line of an alley, 87 feet; thence Easterly along the North
line of said Lot 6, 57 feet; thence Southerly 87 feet more or less, to the
North line of Van Emmon Street; thence Westerly along said Van Emmon
Street, 57 feet to the place of beginning, in the United City of Yorkville,
Kendall County , Illinois.
The property is currently used as a public parking facility, with Property Index Number
of 02-32-283-009 located at the northeast corner of West Alley and West Van Emmon
Street in the United City of Yorkville, Illinois(the "Property"), which has approximately
5,500 square feet and the aforesaid Property is sold and purchased in its present "as is"
condition, for a Purchase Price of Thirteen Thousand Five Hundred Dollars ($13,500)
("Purchase Price"), subject and according to the terms and conditions set forth in this
Agreement. Purchaser acknowledges that no representations, warranties or guarantees
with respect to the condition of the Property have been made by Seller or Sellers's
employees or agents.
2. Payment of Purchase Price
(a) Purchaser represents and warrants to Seller that Purchaser has reserve funds
on deposit to pay the Purchase Price, at the Closing, by wire transfer or
certified check.
(b) Purchaser agrees to deposit, as earnest money with Seller, Five Thousand
Dollars ($5,000) (the "Earnest Money") upon execution of this Agreement by
the Purchaser. The balance of the Purchase Price shall be paid at closing.
3. Title/Conveyance.
Permitted Title Exceptions. Seller agrees to convey the Property to Purchaser free
and clear title thereto by recordable Warranty Deed, as of the Closing, with said
Deed to be subject only to the following listed title exceptions ("Permitted Title
Exceptions"):
(A)Encroachment by a building owned by the Purchaser; and
(B)Easement/s for public utilities including a blanket easement over the entire
Property for existing and future City and public utilities. The City agrees
that upon use of the Property pursuant to the blanket easement, that the
City shall restore the Property used by the City to not less than the
condition of the Property prior to the City's use; and
(C)A covenant or restriction by deed that the Property shall only be used by
Purchaser for an off-street parking facility and pedestrian mall open to the
general public at no charge for use and no building or structure, except
Purchaser's existing building, shall be constructed on the Property.
Purchaser agrees to maintain the off-street parking facility and shall fully
improve the off-street parking facility on the Property in 2013 in
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compliance with all ordinances of the Seller. Furthermore it is the
understanding of the Seller that certain improvements to this Property may
be completed prior to completion of this Agreement and the Closing, that
shall be considered improvements (a sidewalk and pavement repairs and
replacement), and will be recognized as a part of the requirements to meet
a portion of the minimum expenditure stated here in. Purchaser agrees
and represents that the cost of the demolition of the existing lot and
improvements to the lot and new pedestrian mall located on the lot shall
be no less than $15,000. Seller understands that installation of the
pedestrian mall will result in the loss of parking spaces on the lot which
shall be no less than all of the spaces located within the eastern half of the
said lot as they may be shown on Exhibit 6 attached hereto.
Additionally, the Purchaser may utilize a portion of the pedestrian mall to
offer outdoor seating that shall be for food and drink service for the
patrons of Cobblestone Bakery and Bistro or any of the other restaurants
and or establishments located on the West Side of Bridge Street between
Van Emmon Street and Hydraulic Street as the same may be assigned or
transferred to another owner and/or lessee at anytime and as is shown on
Exhibit b attached hereto and/or, any other documents associated with
this said Agreement.
4. Evidence of Title.
(a) Title Commitment. Seller, at its cost shall deliver, or cause to be delivered to
Purchaser or Purchaser's attorney, a Title Commitment for an Owner's Title
Insurance Policy with extended coverage issued by Chicago Title Insurance
Company, ("the Title Insurer") in the amount of the Purchase Price, covering
title to the Property on or after the date hereof, showing title to the Property in
the Seller, subject only to the foregoing Permitted Title Exceptions. The Title
Commitment shall be conclusive evidence of good title as therein shown as to
all matters to be insured by the policy, subject only to the exceptions as
therein stated.
(b) Unpermitted Title Exceptions. If the Title Commitment, discloses either
unpermitted exceptions or boundary overlaps, unpermitted easements, or
encroachments, except Purchaser's building, ("Title Defects") Seller shall
have thirty-five (35) days from the date of delivery thereof to have the
exceptions removed from the Commitment or to correct such Title Defects or
to have the Title Insurer commit to insure against loss or damage that may be
occasioned by such exceptions or Title Defects and, in such event, the time of
Closing shall be thirty-five (35) days after delivery of the Commitment, or the
Closing Date as specified in paragraph 6, whichever is later. If Seller fails to
have the exception/s removed, or correct any Title Defects, or in the
alternative, to obtain for the Commitment for Title Insurance specified above
waivers as to such exceptions, within the specified time, Purchaser may
terminate this Agreement or may elect, upon notice to Seller within ten (10)
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days after the expiration of the Thirty-five (35) 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
Agreement shall become null and void without further action of the parties
and the earnest money returned by Seller to Purchaser within 30 days.
5. Survey.
(a) Seller, at Seller's expense, agrees to furnish not less than two (2) business
days prior to closing to Purchaser a survey for the Property which meets
ALTA Minimum Standard Detail Requirements for Land Title Surveys
per latest date ALTA/ACSM Standards("the Survey").
The Survey shall be certified, by the licensed surveyor, or Civil Engineer,
preparing the Survey, to Seller, Purchaser, and the Title Company, as
follows: (i) to be in compliance with the specified ALTA/ASCM
minimum standards for land title surveys; (ii) show the boundary lines of
the Property; and the length of each boundary line; (iii) show the location
and course of all visible and recorded easements and rights of way; (iv)
show access from the Property to public rights of way; (v) show any
utilities, including water, sanitary sewer, storm sewer, and gas lines to the
point of connection with the public system, if any such connection exists,
or else access to such systems, if any, from the Property; and (vi) certify
the number of square feet and portions thereof lying with the boundary
lines of the Property.
(b) If the legal description of the Property, as set forth on the Survey, varies
from the legal description set forth on Exhibit A the legal description from
the Survey shall prevail and shall be used by the Seller for the Deed and
by the Title Insurer for the Title Commitment.
6. Escrow Closing and Prorations. The Closing on this transaction shall after
Seller has delivered the Survey, at the offices of the Title Insurer as agreed to by the
attorneys for Seller and Purchaser; or at such earlier, or later date, as agreed upon in
writing by the Purchaser and Seller, or by their attorneys, provided all conditions hereof
have been fulfilled, and this Agreement has not been terminated pursuant to Seller's
default, or by Purchaser pursuant to the provisions hereof.
(a) Closing. This transaction shall be closed through an Escrow with the Title
Insurer, in accordance with the general provisions of the usual form of deed
and money escrow agreement then in use by the Title Insurer, with such
special provisions inserted in the Escrow Agreement as may be required to
conform with this Agreement. On the creation of such escrow, anything
herein to the contrary notwithstanding, payment of the Purchase Price and
delivery of Deed shall be made through the Escrow and this Agreement. The
cost of the Escrow shall be divided by Purchaser and by Seller. The closing
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shall take place not more than ninety (90) days from the date of this
Agreement or the Agreement shall be void.
(b) Prorations. This Property is currently exempt from Real Estate Taxes.
7. Broker's Commission.
Seller represents that Seller has not contacted any broker and has not engaged
a real estate broker in the connection with the execution of this Agreement, or
in connection with the sale of the Property. Seller represents that, as a
consequence of Seller's execution of this Agreement, and as a consequence of
the intended sale, no broker shall be entitled to a commission at the Closing,
or otherwise, as a consequence of Seller's actions.
8. Representations, Warranties and Covenants of Seller. Seller hereby makes
the following representations, warranties and covenants to and with Purchaser, each of
which representations, warranties and covenants are material and true as of the date
hereof and which shall continue to be true at the Closing and shall where applicable
survive the Closing:
(a) There is not pending or, to the best of Seller's knowledge any threatened,
litigation or proceedings before any court, tribunal or other governmental
agency respecting the Property, or the ownership of the Property by Seller.
(b) There are no pending or, to the best of Seller's knowledge, any threatened,
condemnation or eminent domain proceedings against the Property, or any
part thereof. Seller will advise Purchaser of any notice of condemnation or
eminent domain proceedings which Seller receives. Further, there are no
claims or causes of action, nor is there any other litigation or proceeding or
pending threatened with respect to the ownership, occupancy or development
of the Property, or any part thereof.
(c)There are no leases affecting any portion of the Property and there exists
no contracts, verbal or written, including without limitation, service
contracts or maintenance contracts, affecting the Property, which will
survive the Closing.
(d)
i) Seller hereby agrees that Purchaser shall have thirty (30) days after
Purchaser's receipt of this Agreement, executed by Seller ("Feasibility
Period") to use whatever efforts, at Purchaser's sole cost, it deems
necessary to satisfy itself, by visual examination and physical inspection
of the Property, and that all physical aspects and conditions of the
Property are acceptable to Purchaser. If Purchaser is not satisfied, in its
sole and absolute discretion, with respect to the physical aspects and
conditions of the Property, Purchaser shall have the right to terminate this
5
Agreement by delivering a written notice of such termination to Seller on
or before the last day of the Feasibility Period, in which event all
obligations of the parties hereunder shall cease and this Agreement shall
be of no further force and effect and the earnest money shall be returned
by the Seller to the Purchaser. If Purchaser fails to deliver to Seller, on or
before the expiration of the Feasibility Period, such a written notice of
termination, then Purchaser shall be deemed to have waived its right to
terminate this Agreement and all other provisions of this Agreement shall
remain in full force and effect.
ii) Purchaser, and Purchaser's Agents, are granted the license of access to the
Property, during the Feasibility Period, and Purchaser may inspect the
Property immediately before the Closing(the "Closing Inspection").
9. Conditions to Purchaser's Obligation to Close. Purchaser shall not be
obligated to proceed with the Closing unless and until each of the following conditions
has been either fulfilled or waived by Purchaser:
(a) There shall have been no uncured breach of any material representation,
warranty or covenant given by Seller herein which was untrue as of the
date hereof or as of Closing. Seller shall have a period of fifteen (15) days
to cure a breach under this subparagraph (a), such cure period to com-
mence upon the date of Seller's receipt of written notice from Purchaser
that such breach exists.
(b) This Agreement shall not have been previously terminated pursuant to any
other provision hereof or by reason of any default by Seller.
(c) Seller shall be prepared to deliver to Purchaser all instruments and docu-
ments to be delivered to the Title Insurer and Purchaser, at the Closing,
pursuant to Paragraph 11 or any other provision of this Agreement.
(d) There shall not exist any environmental contamination of the Property or
other environmental condition of the Property unacceptable to Purchaser
whereby Purchaser has terminated this Agreement.
10. Conditions to Seller's Obligation to Close. Seller shall not be obligated to
proceed with the Closing unless and until each of the following conditions has been
fulfilled or waived by Seller:
(a) Purchaser, or the Title Insurer shall be prepared to pay to Seller the Net
Purchase Price to be paid to Seller at the Closing pursuant to the
provisions of this Agreement and the Closing documents;
(b) This Agreement shall not have been previously terminated pursuant to any
other provision hereof or by reason of any Purchaser default.
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11. Closing Deliveries.
(a) At the Closing, Seller shall deliver or cause to be delivered to Purchaser,
through the escrow each of the following:
(i) The Deed to the Property provided for in Paragraph 3 hereof;
(ii) An Affidavit of Title to Purchaser, and an ALTA Statement to
Purchaser and to the Title Insurer, certifying that there are no tenants
or manager of the Property and that Seller has not performed any work
on the Property or ordered any materials therefor which would give
rise to a mechanic's lien against the Property;
(iii) Such other documents and instruments as may be specifically required
by any other provision of this Agreement or as may reasonably be
required to carry out the terms and intent of this Agreement.
(b) At the Closing, Purchaser shall deliver or cause to be delivered to Seller,
through the escrow each of the following:
(i) The Net Purchase Price due to Seller per the Closing Statement as
approved by the Seller's and Purchaser's attorneys, which Closing
Statement will contain all prorations for recording releases of Seller's
liens, and other credits to Purchaser for the payment of Seller's Closing
expenses, if any,which are to be paid via the Closing; and
(ii) Such other documents and instruments as may be specifically required
by any other provision of this Agreement or as may reasonably be
required to carry out the terms and intent of this Agreement.
12. Expenses. At the Closing the expenses shall be paid as follows:
(a) One half(1/2) of escrow fees, all Title charges for an Owner's Policy and all
other Seller's closing costs, charges and expenses, shall be borne and paid by
Seller. Purchaser represents that the conveyance provided for herein is an
Exempt transaction pursuant to 35 ILCS 200/31-45 (b)(1) and that no real
estate transfer taxes shall be payable to the State of Illinois, the County of
Kendall, or the Seller as a consequence of this conveyance. Purchaser shall
provide Purchaser's Exempt Stamp for the Deed and the application therefor,
at the Closing.
(b) One half(1/2) of escrow fees, and all of the charges for recording fees for the
Deed, shall be paid by Purchaser.
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(c) Seller shall pay any recording charges for release documentation or title
clearance matters caused by Sellers lien/s or Seller's Title Defects.
(d) Each party shall pay its own respective attorneys' fees and costs.
13. Inspection/Access. Purchaser and Purchaser's designated agents and
representatives shall be permitted reasonable access of the Property prior to Closing for
the Feasibility Period and the Closing Inspection as provided for in this Agreement.
14. Miscellaneous Provisions.
(a) This Agreement constitutes the entire agreement and understanding of the
parties with respect to the subject matter hereof, and supersedes any prior or
contemporaneous written or oral agreements, undertakings, promises,
representations, warranties or covenants not contained herein, all of which
prior agreements are hereby terminated and of no force or effect.
(b) This Agreement may be amended only by a writing executed by both
Purchaser and Seller.
(c) This Agreement may not be assigned by Purchaser, prior to the sale of this
said Property. As of the closing date of this transaction the Purchaser as
owner of this said property will have the right to transfer, assign, and or sell
this Property to another entity without restriction and or approval for any
reason and shall not in anyway be considered a default. It is understood that
any future change of ownership that may occur must abide by any and all
provisions and/or agreements that are valid and in place at the time of a
change of ownership of this Property in its entirety and without offset.
(d) No waiver of any provision or condition of this Agreement by either party
shall be valid unless in writing signed by such party. No such waiver shall be
taken as a waiver of any other or similar provision or of any future event, act,
or default.
(e) In the computation of any period of time provided for in this Agreement or by
law, the day of the act or event from which said period of time runs shall be
excluded, and the last day of such period shall be included, unless it is a
Saturday, Sunday, or legal holiday, in which case the period shall be deemed
to run until the end of the next day which is not a Saturday, Sunday, or legal
holiday.
(f) In the event that any provision of this Agreement shall be unenforceable in
whole or in part, such provision shall be limited to the extent necessary to
render the same valid, or shall be excised from this Agreement, as circum-
stances require, and this Agreement shall be construed as if said provision had
8
been incorporated herein as so limited, or as if said provision had not been
included herein, as the case may be.
(g) Headings of paragraphs are for convenience of reference only, and shall not
be construed as a part of this agreement.
(h) This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto, and their respective lawful successors. This Agreement shall
continue and be valid beyond the closing until the Purchaser has reconstructed
the parking lot pursuant to paragraph 3 above.
(i) Whenever a written notice is required or permitted pursuant to this Agreement
notice shall be delivered pursuant to this clause when notice is delivered to the
courier, or deposited for delivery by the U.S. Postal Service. All notices
required or desired to be given hereunder shall be deemed given if and when
delivered personally, or on the day of being deposited with a national
overnight courier service, or on the day of being deposited in the Untied States
certified or registered mail, return receipt requested, postage prepaid,
addressed to a party at its address set forth below, or such other address as the
party to receive such notice may have designated to all other parties by notice
in accordance herewith:
If to Purchaser: Imperial Investments, LLC
204 Boombah Blvd.
Yorkville, IL 60560 p
Phone: 2a 1—Sb3' 'Z -�
Attention: Stuart Oseroff
With a copy to:
If to Seller: United City of Yorkville
800 Game Farm Road
Yorkville, IL 60560
Phone: 630-553-8537
Attention: Bart Olson
With a copy to: Kathleen Field Orr&Associates
53 West Jackson Blvd. Suite 935
Chicago, IL 60604
Phone: 312-382-2113
Attention: James Binninger
(j) Time is of the essence of this Agreement.
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SELLER:
The United City of Yorkville
By:
Its: M AVO
Date: -b ECEM66P $ ' 2012
PURCHASER:
Imperial Investments,LLC l
By:
Its: P"a
Date: 2012
10
IMPERIAL INVESTMENTS, LLC
November 12, 2012
Bid Response - Lot 6
United City of Yorkville, Illinois
800 Game Farm Road
Yorkville, Illinois 60560
Attention: Mr. Bart Olson, City Administrator
Subject: Imperial Investments, LLC., Bid submittal to purchase a public parking lot (Lot
6)within the downtown region of Yorkville, Illinois from the owner and operator, The
United City of Yorkville, Illinois
Dear Mr. Olson:
In response to the Request For Proposal, Imperial Investments, LLC ("the Buyer") greatly
appreciates the opportunity to submit this formal Bid to purchase real property from the United
City of Yorkville, Illinois (the"Seller"). This said property is presently a municipal outdoor parking
lot located within the downtown region of Yorkville and more specifically, to the West of
Cobblestone Bakery and Bistro and adjacent to West Van Emmon Street, also referred to as
Lot 6. As further confirmation per this bid submittal, please take note of"Exhibit A" attached
hereto as it contains an aerial photograph outlining the said parcel in its entirety.
As a part of this formal Bid submittal and included below are two sections. Section "A"
represents a transparent overview explaining both Imperial Investments thought process and
reasons for acting on this RFP, and the fact that this is a win/win for both parties involved.
Section "B" contains the business terms and conditions that we would like the Seller to consider
and accept so that we may finalize this process with the intention to close on this property as
soon as possible.
Imperial Investments Bid 11/12/2012(cont.)
202 Boombah Blvd
Yorkville, IL 60560
A. Defining reasons and intentions for the acquisition of Lot 6.
1. Imperial Investments will cover all costs to fully improve Lot 6 which will include
demolishing/grinding of existing surface down to the dirt base, and to construct a new
lot inclusive of restriping. The timing for completion is weather based and cannot be
installed properly until spring. In the mean-time we will patch and clean until the
weather breaks in the spring.
2. It is estimated that the cost to demolish and repair the existing lot will range from
$15,000 to $25,000.
3. Lot 6 will become much more prevalent and a focal point based on the repositioning of
the commercial store fronts. As part of the Imperial Investments rehabilitation plan the
primary point of entry for all of the West side buildings, with the exception of the Rivers
Edge Theater, will now face to the West and thus the parking lot becomes part of the
primary landscape. As mentioned above our goal is to make those upgrades happen to
Lot 6.
4. Lot 6 will remain as a public parking lot to all residents and visitors of Yorkville's
downtown.
5. Imperial Investments will be responsible to maintain Lot 6 ongoing, thus removing the
maintenance and repair burden and associated costs away from the United City of
Yorkville.
6. A sale to a private entity such as Imperial will place the property on the Tax Roll which
will benefit the United City of Yorkville.
B. Business Terms and Conditions
1. Property Description. Lot 6, Van Emmon Street, Yorkville, IL 60560. A 5,500
square foot municipal parking lot including approximately 15 parking spots.
Furthermore and as noted per the Kendall County GIS Map, Parcel Number 05-38-
283-009 (the "Property") and as shown on "Ex. A" attached hereto, a 5,500 square
feet municipal parking lot
2. Legal Description. Part of Lot 6, Block 1, Black's Addition to Yorkville, as described
in Deed Records Book 63, page 290 in the Recorder's Office of Kendall County,
Illinois as more particularly described as follows: Beginning at the Southwest corner
of Lot 6 of Block 1 of Black's Addition to the Village of Yorkville, Kendall County,
Illinois; running thence Northerly along the East line of an alley, 87 feet; thence
Easterly along the North line of said Lot 6, 57 feet; thence Southerly 87 feet more or
less, to the North line of Van Emmon Street; thence Westerly along said Van Emmon
Street, 57 feet to the place of beginning
Imperial Investments Bid 11112/2012(cont.)
202 Boombah Blvd
Yorkville, IL 60560
3. Purchase Price. Thirteen Thousand & Five Hundred Dollars ($13,500)
4. Property Conditions. AS IS
5. Escrow. Shall be handled through a title company or other approved method by the
United City of Yorkville.
6. Deposit. Buyer shall deposit with Escrow Agent $5,000.00 (the "Earnest Money")
within five (5) days after bid is accepted.
7. Documents. If available the Seller shall provide the Buyer with all books, records,
legal documents, and other information concerning the physical condition of the
Property, including, but not limited to, surveys, title insurance policies, permits, plans
and specifications, covenants, conditions and restrictions, soil tests, environmental
assessment reports, documents concerning pending or threatened legal actions,
notices of violations of laws, Reciprocal Easement Agreement and any Development
Agreement that may affect this Property.
8. Due Diligence Period. This shall be for a period commencing the date that the
contract is fully executed which shall be no longer than 30 days.
9. Delivery of the Property. Seller will deliver the Property free and clear of any and all
liens, encumbrances, or any and all matters directly or indirectly related to legal
actions against the seller for any reason that may be pending or that may occur prior
to closing. Furthermore the seller will fully indemnify the buyer against any such
actions.
10.Closing. The close of escrow shall occur within fifteen (15) days after the contract is
fully executed by the Buyer and Seller unless agreed to otherwise by both parties.
11. Purchase Agreement. A formal and binding contract further discussing any and all terms and
conditions will be prepared by the Seller and will be fully executed by both the Seller and the
Buyer prior to the closing.
Thank you for your time and consideration.
Sincerely,
I&
Stuart Oseroff
Imperial Investments, LLC
204 Boombah Blvd
Yorkville IL, 60560
202 Boombah Blvd
Yorkville, IL 60560
Exhibit A
Site Plan
202 Boombah Blvd
Yorkville, IL 60560
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