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Ordinance 2022-29 STATE OF ILLINOIS ) ) ss. COUNTY OF KENDALL ) Ordinance No. 2022-29 AN ORDINANCE OF THE UNITED CITY OF YORKVILLE,KENDALL COUNTY,ILLINOIS, APPROVING A VACANT LAND SALES CONTRACT (Lot 4, Yorkville Business Center) 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, under Section 11-76.1-1 of the Illinois Municipal Code (65 ILCS 5/1-1-1 et seq.), the Mayor and City Council, (the"Corporate Authorities") are authorized to purchase real property for public purposes upon an affirmative vote of two-thirds (2/3ds) of the Corporate Authorities; and, WHEREAS, the Corporate Authorities have received a Vacant Land Sales Contract for the property commonly known as Lot 4, Yorkville Business Center, Yorkville, Illinois (the "Subject Property") in the form attached hereto and made a part hereof and have reviewed all of the terms and conditions as set forth therein; and, WHEREAS, the Corporate Authorities believe the acquisition of the Subject Property would be in the best interests of the residents of the City as it would provide the potential location for a new public works facility. NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the United City of Yorkville, Kendall County, Illinois, as follows: Section 1. The above recitals are incorporated and made a part of this Ordinance. Section 2. The Corporate Authorities hereby approve the Vacant Land Sales Contract (the "Contract") between the United City of Yorkville (the "Purchaser") and Tahir Hatam or assigns (the "Seller") concerning the property commonly known as Lot 4, Yorkville Business Center, Yorkville, Illinois, in the form attached hereto and made a part hereof. Section 3. The Mayor and City Clerk are hereby authorized to execute the Contract and the Mayor, City Clerk, City Administrator, City Finance Director and City Attorney are hereby authorized to take such actions as deemed necessary to implement its terms. Section 4. This Ordinance shall be in full force and effect upon its passage, approval, and publication as provided by law. Ordinance No.2022-29 Page 1 Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this 23rd day of August, A.D. 2022. CIT CLERK KEN KOCH AYE DAN TRANSIER AYE ARDEN JOE PLOCHER AYE CRAIG SOLING AYE CHRIS FUNKHOUSER ABSENT MATT MAREK AYE SEAVER TARULIS AYE JASON PETERSON AYE APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois this day of 1 u&-i- , A.D. 2022. MAYOR Attest: 129t hiPlj CIT CLERK Ordinance No.2022-29 Page 2 DocuSign Envelope ID:DD9FB4CC-7F19-4A85-84BC-092BAA080DF9 It MAINSTREET ORGANIZATION OF REALTORS® ell VACANT LAND SALES CONTRACT REALroa (This is not to be used for Tear Down) o..o..�.,. 1 1.THE PARTIES:Buyer and Seller are hereinafter referred to as the"Parties". 2 3 Buyer(s)(Please Print)United City of Yorkville or assigns 4 5 Seller(s)(Please Print)Tahir Hatam or assigns 6 7 If Dual Agency applies,complete Optional Paragraph 32. 8 9 2. THE REAL ESTATE: Real Estate shall be defined to include the Real Estate and all improvements thereon. Seller agrees to 10 convey to Buyer or to Buyer's designated grantee,the Real Estate with the approximate lot size or acreage 11 of Approx.+/-12 Acres commonly known as: Lot 4 Yorkville Business Center Yorkville IL 60560 12 Address City State Zip 13 Kendall 02-17-400-013 14 County Permanent Index Number(s)of Real Estate 15 16 3. PURCHASE PRICE:Purchase Price of$ 1,350,000.00 Not Contingent on Financing shall be paid as follows: Initial earnest 17 money of$ -0- N/A by(0 check),(1=1 cash),OR❑ note due on ,20 ) to be 18 increased to a total of$ by ,20 . The earnest money and the original of this 19 Contract shall be held by the Listing Company, as "Escrowee", in trust for the mutual benefit of the Parties. The balance of the 20 Purchase Price, as adjusted by prorations, shall be paid at Closing by wire transfer of funds, or by certified, cashier's, mortgage 21 lender's or title company's check(provided that the title company's check is guaranteed by a licensed title insurance company). 22 23 4.CLOSING: Closing or escrow payout shall be on November 25th ,20 22 , or at such time as mutually agreed upon 24 by the Parties in writing. Closing shall take place at the title company escrow office situated geographically nearest the Real Estate or 25 as shall be agreed mutually by the Parties. 26 27 5. POSSESSION: Possession shall be granted to Buyer(s) at the completion of closing unless otherwise agreed in writing by the 28 parties. 29 30 6. PRORATIONS: Proratable items shall include, without limitation, rents and deposits(if any) from tenants; Special Service Area 31 or Special Assessment Area tax for the year of Closing only; utilities,water and sewer; and Homeowner or Condominium Association 32 fees (and Master/Umbrella Association fees, if applicable). Accumulated reserves of a Homeowner/Condominium Association(s) are 33 not a proratable item.Seller represents that as of the Date of Acceptance Homeowner/Condominium Association(s)fees are 34 $TBD per (and,if applicable,Master/Umbrella Association fees are$ 35 per . Seller agrees to pay prior to or at Closing any special assessments (by any association or governmental entity) 36 confirmed prior to the Date of Acceptance.Installments due after the year of Closing for a Special Assessment Area or Special Service 37 Area shall not be a proratable item and shall be payable by Buyer. The general Real Estate taxes shall be prorated as of the date of 38 Closing based on%of the most recent ascertainable full year tax bill.All prorations shall be final as of Closing. 39 40 7. ATTORNEY REVIEW: Within five (5)Business Days after the Date of Acceptance,the attorneys for the respective Parties, by 41 Notice,may: 42 (a) Approve this Contract;or 43 (b)Disapprove this Contract,which disapproval shall not be based solely on the Purchase Price;or 44 (c) Propose modifications except for the Purchase Price. If within ten (10)Business Days after the Date of Acceptance written 45 agreement is not reached by the Parties with respect to resolution of the proposed modifications, then either Party may 46 terminate this Contract by serving Notice,whereupon this Contract shall be null and void;or 47 (d)Propose suggested changes to this Contract. If such suggestions are not agreed upon,neither Party may declare this Contract 48 null and void and this Contract shall remain in full force and effect. 49 Unless otherwise specified, all Notices shall be deemed made pursuant to Paragraph 7 (c). If Notice is not served within the 50 time specified herein,the provisions of this Contract shall be deemed waived by the Parties to and this Contract shall remain in 51 full force and effect. 52 53 8. INSPECTIONS: Seller agrees to allow Buyer's inspectors reasonable access to the property upon reasonable notice and gives 54 Buyer's inspectors permission to perform tests on the property, including invasive testing, if the inspections and the tests are 55 reasonably necessaj to satisfy the contingencies in this Contract. Buyer agrees to promptly provide copieesc fall such inspection ' TH Buyer Initial Buyer Initial Seller Initial Seller Initial PP Address Approx.+/-12 Acres on Boombah Blvd PIN 02-17-400-013 (Page 1 of 6)Rev.3.2012—© MAINSTREET ORGANIZATION OF REALTORSC DocuSign Envelope ID:DD9FB4CC-7F19-4A85-84BC-092BAA080DF9 56 reports to Seller, and to listing broker, if property is listed. Furthermore,Buyer agrees to promptly restore the property to its original 57 condition and agrees to be responsible for any damage incurred while performing such inspections. Seller authorizes Buyer's 58 inspectors to take soil samples which may detect environmental contamination which may be required to be reported to the 59 appropriate governmental authorities. Buyer agrees to hold harmless and indemnify Seller from any liability for the actions of 60 Buyer's agents and representatives while conducting such inspections and tests on the property. Notwithstanding anything to the 61 contrary set forth in the above in this paragraph,in the event the inspection reveals that the condition of the Real Estate is unacceptable 62 to Buyer and Buyer serves Notice to Seller within five(5)Business Days after the Date of Acceptance,this Contract shall be null and 63 void. 64 65 9. MORTGAGE CONTINGENCY: Seller[check one] D has ❑ has not received a completed Loan Status Disclosure. This 66 Contract is contingent upon Buyer obtaining a firm written mortgage commitment (except for matters of title and survey or matters 67 totally within Buyer's control)on or before ,20 for a (choose one) ❑ fixed ❑ adjustable; (choose one) 68 ❑ conventional ❑other loan of$ or such lesser amount as Buyer elects to take, plus private 69 mortgage insurance(PMI),if required.The interest rate(initial rate,if applicable)shall not exceed % per annum, 70 amortized over not less than years.Buyer shall pay loan origination fee and/or discount points not to exceed 71 of the loan amount.Buyer shall pay the cost of application, usual and customary processing fees and Closing costs charged by lender. 72 Buyer shall make written loan application within five(5)business days after the Date of Acceptance. Failure to do so shall constitute 73 an act of default under this Contract. If Buyer, having applied for the loan specified above, is unable to obtain such loan 74 commitment and serves written notice to Seller within the time specified, this Contract shall be null and void. If written notice of 75 inability to obtain such loan commitment is not served within the time specified, Buyer shall be deemed to have waived this 76 contingency and this Contract shall remain in full force and effect. Unless otherwise provided herein,this Contract shall not be 77 contingent upon the sale and/or closing of Buyer's existing real estate. Buyer shall be deemed to have satisfied the financing 78 conditions of this paragraph if Buyer obtains a loan commitment in accordance with the terms of this paragraph even though the loan is 79 conditioned on the sale and/or closing of Buyer's existing real estate. If Seller at Seller's option and expense, within thirty(30)days 80 after Buyer's notice, procures for Buyer such commitment or notifies Buyer that Seller will accept a purchase money mortgage upon 81 the same terms, this Contract shall remain in full force and effect. In such event, Seller shall notify Buyer within five (5) Business 82 Days after Buyer's notice of Seller's election to provide or obtain such financing, and Buyer shall furnish to Seller or lender all 83 requested information and shall sign all papers necessary to obtain the mortgage commitment and to close the loan. 84 85 10. FLOOD INSURANCE: Buyer shall have the option to declare this Contract null and void if the Real Estate is located in a special 86 flood hazard area If written notice of the option to declare this Contract null and void is not given to Seller within ten (10) business 87 days after Date of Acceptance, Buyer shall be deemed to have waived such option and this Contract shall remain in full force and 88 effect. 89 90 11. CONDOMINIUM/COMMON INTEREST ASSOCIATIONS: (If applicable)The Parties agree that the terms contained in this 91 paragraph,which may be contrary to other terms of this Contract,shall supersede any conflicting terms. 92 (a) Title when conveyed shall be good and merchantable, subject to terms, provisions, covenants and conditions of the 93 Declaration of Condominium/Covenants, Conditions and Restrictions and all amendments; public and utility easements 94 including any easements established by or implied from the Declaration of Condominium/Covenants, Conditions and 95 Restrictions or amendments thereto; party wall rights and agreements; limitations and conditions imposed by the 96 Condominium Property Act; installments due after the date of Closing of general assessments established pursuant to the 97 Declaration of Condominium/Covenants,Conditions and Restrictions. 98 (b) Seller shall be responsible for all regular assessments due and levied prior to Closing and for all special assessments 99 confirmed prior to the Date of Acceptance. 100 (c) Buyer has,within five(5)Business Days from the Date of Acceptance,the right to demand from Seller items as stipulated by 101 the Illinois Condominium Property Act, if applicable, and Seller shall diligently apply for same. This Contract is subject to 102 the condition that Seller be able to procure and provide to Buyer,a release or waiver of any option of first refusal or other pre- 103 emptive rights of purchase created by the Declaration of Condominium/Covenants, Conditions and Restrictions within the 104 time established by the Declaration of Condominium/Covenants,Conditions and Restrictions. 105 (d) In the event the documents and information provided by Seller to Buyer disclose that the existing improvements are in 106 violation of existing rules, regulations or other restrictions or that the terms and conditions contained within the documents 107 would unreasonably restrict Buyer's use of the premises or would result in financial obligations unacceptable to Buyer in 108 connection with owning the Real Estate, then Buyer may declare this Contract null and void by giving Seller written notice 109 within five (5) Business Days after the receipt of the documents and information required by Paragraph 11 (c), listing those 110 deficiencies which are unacceptable to Buyer. If written notice is not served within the time specified,Buyer shall be deemed 111 to have waived this contingency,and this Contract shall remain in full force and effect. 112 113 12. THE DEEI�eelller shall convey or cause to be conveyed to Buyer or Buyer's designated grantee good and merchantable title to DS Buyer Initial JP Buyer Initial Seller Initial Seller Initial Address Approx.+).12 Acres on Boombah Blvd PIN 02-17-400-013 (Pine 2 of 6)Rev.3.2012—© MAINSTREET ORGANIZATION OF REALTORS" DocuSign Envelope ID:DD9FB4CC-7F19-4A85-84BC-092BAA080DF9 114 the Real Estate by recordable general Warranty Deed,with release of homestead rights,(or the appropriate deed if title is in trust or in 115 an estate), and with real estate transfer stamps to be paid by Seller (unless otherwise designated by local ordinance). Title when 116 conveyed will be good and merchantable, subject only to: general real estate taxes not due and payable at the time of Closing, 117 covenants, conditions, and restrictions of record, building lines and easements, if any, so long as they do not interfere with the current 118 use and enjoyment of the Real Estate. 119 120 13.ZONING: Seller represents to the best of Seller's knowledge,without duty to investigate,that the Real Estate is zoned: 121 M-1 122 123 14. TITLE: At Seller's expense, Seller will deliver or cause to be delivered to Buyer or Buyer's attorney within customary time 124 limitations and sufficiently in advance of Closing, as evidence of title in Seller or Grantor, a title commitment for an ALTA title 125 insurance policy in the amount of the Purchase Price by a title company licensed to operate in the State of Illinois, issued on or 126 subsequent to the Date of Acceptance, subject only to items listed in Paragraph 12. The commitment for title insurance furnished by 127 Seller will be conclusive evidence of good and merchantable title as therein shown,subject only to the exceptions therein stated. If the 128 title commitment discloses unpermitted exceptions, or if the Plat of Survey shows any encroachments which are not acceptable to 129 Buyer, then Seller shall have said exceptions or encroachments removed, or have the title insurer commit to insure against loss or 130 damage that may be caused by such exceptions or encroachments. If Seller fails to have unpermitted exceptions waived or title insured 131 over prior to Closing, Buyer may elect to take the title as it then is, with the right to deduct from the Purchase Price prior 132 encumbrances of a definite or ascertainable amount. Seller shall furnish Buyer at Closing an Affidavit of Title covering the date of 133 Closing,and shall sign any other customary forms required for issuance of an ALTA Insurance Policy. 134 135 15.BUILDING AND SEWAGE PERMITS CONDITION: This Contract is subject to the condition that Buyer(s)obtain within 136 N/A business days after the date of this contract, at Buyer's expense, a building permit and an acceptable septic 137 percolation test or sewage tap-on permit from the applicable governmental agency having jurisdiction over the subject Property. If 138 Buyer(s)has properly,diligently,and promptly applied for said permits and approvals and has been unable to obtain the permits within 139 the times specified, Buyer(s) may, at Buyer's option, within one (1) business day of the time specified, serve written notice of such 140 failure and inability to obtain the necessary permits upon Seller(s)or Seller's attorney, and in such event this Contract shall become 141 null and void and all earnest money paid by Buyer(s)shall be refunded to Buyer(s). IN THE EVENT BUYER(S)DOES NOT SERVE 142 WRITTEN NOTICE WITHIN THE TIME SPECIFICED HEREIN, THIS PROVISION SHALL BE DEEMED WAIVED BY ALL 143 PARTIES HERETO AND THIS CONTRACT SHALL CONTINUE IN FULL FORCE AND EFFECT. 144 145 16.SOIL TEST/FLOOD PLAIN CONDITION: This Contract is subject to Buyer obtaining within 45 business days 146 from date of acceptance a soil boring test and/or Flood Plain Determination at a site or sites of Buyer's choice on the Property to obtain 147 the necessary permits from the appropriate governmental authorities for the improvement contemplated by the Buyer. Such 148 determination and tests shall be at Buyer's expense. In the event Flood plain Determination and such tests are unsatisfactory, at the 149 option of Buyer, and upon written notice to Seller within one (1) business day of the time set forth above, this contract shall be null 150 and void and earnest money shall be refunded to Buyer upon mutual written direction of Seller and Buyer or the escrow agent. In the 151 event the Buyer does not serve written notice within the time specified herein, this provision shall be deemed waived by all parties 152 hereto and this contract shall continue in full force and effect. 153 154 17. PLAT OF SURVEY: Not less than one (1) business day prior to Closing Seller shall, at Seller's expense, furnish to Buyer or 155 Buyer's attorney a Plat of Survey dated not more than six(6) months prior to the date of Closing,prepared by an Illinois Professional 156 Land Surveyor, showing any encroachments, measurements of all lot lines, all easements of record, building set back lines of record, 157 fences, all buildings and other improvements on the Real Estate and distances therefrom to the nearest two lot lines. In addition, the 158 survey to be provided shall be a boundary survey conforming to the current requirements of the appropriate state regulatory authority. 159 The survey shall show all corners staked, flagged, or otherwise monumented. The survey shall have the following statement 160 prominently appearing near the professional land surveyor seal and signature: "This professional service conforms to the current 161 Illinois minimum standards for a boundary survey." A Mortgage Inspection, as defined, is not a boundary survey, and is not 162 acceptable. 163 164 18. ESCROW CLOSING: At the election of either Party, not less than five(5)Business Days prior to the Closing,this sale shall be 165 closed through an escrow with the lending institution or the title company in accordance with the provisions of the usual form of Deed 166 and Money Escrow Agreement, as agreed upon between the Parties, with provisions inserted in the Escrow Agreement as may be 167 required to conform with this Contract. The cost of the escrow shall be paid by the Party requesting the escrow. If this transaction is a 168 cash purchase(no mortgage is secured by Buyer),the Parties shall share the title company escrow closing fee equally. 169 170 19. DAMAGE TO REAL ESTATE PRIOR TO CLOSING: If prior delivery of the deed, the Real Estate shall be destroyed or 171 materially damapilly fire or casualty, or the Real Estate is taken by condemnation,then Buyer shall have th pj on of terminating Buyer Initial JP Buyer Initial Seller Initial Seller Initial • PP Address A rox.+/-12 Acres on Boombah Blvd PIN 02-17-400-013 (Page 3 o(6)Rev.3.2012—© MAINSTREET ORGANIZATION OF REALTORS 4 DocuSign Envelope ID:DD9FB4CC-7F19-4A85-84BC-092BAA080DF9 172 this Contract and receiving a refund of earnest money or of accepting the Real Estate as damaged or destroyed, together with the 173 proceeds of any insurance payable as a result of the destruction or damage, which proceeds Seller agrees to assign to Buyer. Seller 174 shall not be obligated to repair or replace damaged improvements. The provisions of the Uniform Vendor and Purchaser Risk Act of 175 the State of Illinois shall be applicable to this Contract,except as modified in this paragraph. 176 177 20. SELLER REPRESENTATIONS: Seller represents that Seller has not received written notice from any Governmental body or 178 Homeowner Association regarding (a) zoning, building, fire or health code violations that have not been corrected; (b) any pending 179 rezoning; (c) any pending condemnation or eminent domain proceeding; or (d) a proposed or confirmed special assessment and/or 180 Special Service Area affecting the Real Estate. Seller represents, however, that, in the case of a special assessment and/or Special 181 Service Area,the following applies: 182 1. There[check one] ❑ is ❑✓ is not a proposed or pending unconfirmed special assessment affecting the Real Estate not 183 payable by Seller after date of Closing. 184 2. The Real Estate[check one] El is ❑✓ is not located within a Special Service Area, payments for which will not be the 185 obligation of Seller after date of Closing. 186 If any of the representations contained herein regarding non-Homeowner Association special assessment or Special Service 187 Area are unacceptable to Buyer, Buyer shall have the option to declare this Contract null and void. If written notice of the 188 option to declare this Contract null and void is not given to Seller within ten (10) Business Days after Date of Acceptance or 189 within the term specified in Paragraph 9 (whichever is later), Buyer shall be deemed to have waived such option and this 190 Contract shall remain in full force and effect. Seller further represents that Seller has no knowledge of boundary line disputes, 191 easements or claims of easement not shown by the public records, any hazardous waste on the Real Estate or any improvements for 192 which the required permits were not obtained. Seller represents that there have been no improvements to the Real Estate which are not 193 either included in full in the determination of the most recent real estate tax assessment or which are eligible for home improvement 194 tax exemption. 195 196 21.CONDITION OF REAL ESTATE AND INSPECTION: Seller agrees to leave the Real Estate in a clean condition. All refuse 197 and personal property that is not conveyed to Buyer shall be removed from the Real Estate at Seller's expense before closing. Buyer 198 shall have the right to inspect Real Estate within 72 hours prior to closing to verify that the Real Estate is in substantially the same 199 condition as of the Date of Offer of this Contract,normal wear and tear expected. 200 201 22. GOVERNMENTAL COMPLIANCE: The Parties agree to comply with the applicable reporting requirements of the Internal 202 Revenue Code and the Real Estate Settlement Procedures Act of 1974,as amended. 203 204 23. BUSINESS DAYS/HOURS: Business Days are defined as Monday through Friday, excluding Federal holidays. Business Hours 205 are defined as 8:00 A.M.to 6:00 P.M.Chicago time. 206 207 24.FACSIMILE:Facsimile signatures shall be sufficient for purposes of executing,negotiating,and finalizing this Contract. 208 209 25. DIRECTION TO ESCROWEE: In every instance where this Contract shall be deemed null and void or if the Contract may be 210 terminated by either Party,the following shall be incorporated by reference: "the Earnest Money shall be refunded to the Buyer upon 211 written notice of the Parties to the Escrowee". 212 213 26.NOTICE: All Notices shall be in writing and shall be served by one Party or attorney to the other Party or attorney.Notice to any 214 one of a multiple person Party shall be sufficient Notice to all.Notice shall be given in the following manner: 215 (a) By personal delivery of such Notice;or 216 (b) By mailing of such Notice to the addresses recited herein by regular mail and by certified mail, return receipt requested. 217 Except as otherwise provided herein,Notice served by certified mail shall be effective on the date of mailing;or 218 (c) By sending facsimile transmission. Notice shall be effective as of date and time of facsimile transmission, provided that the 219 Notice transmitted shall be sent on Business Days during Business Hours. In the event fax Notice is transmitted during non- 220 business hours,the effective date and time of Notice is the first hour of the next Business Day after transmission;or 221 (d) By sending e-mail transmission.Notice shall be effective as of date and time of e-mail transmission, provided that the Notice 222 transmitted shall be sent during Business Hours, and provided further that the recipient provides written acknowledgment to 223 the sender of receipt of the transmission(by e-mail,facsimile,regular mail or commercial overnight delivery).In the event e- 224 mail Notice is transmitted during non-business hours, the effective date and time of Notice is the first hour of the next 225 Business Day after transmission;or 226 (e) By commercial overnight delivery(e.g., FedEx). Such Notice shall be effective on the next Business Day following deposit 227 with the overnight delivery company. 228 229 27. PERFORMAIIWE: Time is of the essence of this Contract. In any action with respect to this Contract, the Parties are free to r—DS Buyer Initiax. a� Buyer Initial Seller Initial Seller Initial TH l Address Appro +/-17Acres on Boombah Blvd PIN 02-17-400-013 (Page 4 of 6)Rev.3.2012—© MAINSTREET ORGANIZATION OF REALTORS4 DocuSign Envelope ID:DD9FB4CC-7F19-4A85-84BC-092BAA080DF9 230 pursue any legal remedies at law or in equity and the prevailing Party in litigation shall be entitled to collect reasonable attorney fees 231 and costs from the losing Party as ordered by a court of competent jurisdiction. There shall be no disbursement of earnest money 232 unless Escrowee has been provided written agreement from Seller and Buyer. Absent an agreement relative to the disbursement of 233 earnest money within a reasonable period of time, Escrowee may deposit funds with the Clerk of the Circuit Court by the filing of an 234 action in the nature of interpleader. Escrowee shall be reimbursed from the earnest money for all costs, including reasonable attorney 235 fees, related to the filing of the interpleader action. Seller and Buyer shall indemnify and hold Escrowee harmless from any and all 236 conflicting claims and demands arising under this paragraph. 237 238 28.CHOICE OF LAW/GOOD FAITH: All terms and provisions of this Contract including,but not limited to,the Attorney Review 239 and Professional Inspection paragraphs, shall be governed by the laws of the State of Illinois and are subject to the covenant of good 240 faith and fair dealing implied in all Illinois contracts. 241 242 29. OTHER PROVISIONS: This Contract is also subject to those OPTIONAL PROVISIONS selected for use and initialed by the 243 Parties which are contained on the succeeding pages and the following attachments,if any: Destruction of Crops Provision 244 If while the buyer is performing any soil test or borings and crops are destroyed,the buyer may be subject to a Crop Damage fee of up to$3000.00 245 246 THE FOLLOWING OPTIONAL PROVISIONS APPLY ONLY IF INITIALED BY ALL PARTIES 247 248 30. CANCELLATION OF PRIOR REAL ESTATE CONTRACT: In the event either Party has entered into 249 a prior real estate contract, this Contract shall be subject to written cancellation of the prior contract on or before 250 , 20 . In the event the prior contract is not cancelled within the time specified, this Contract shall be 251 null and void and earnest money refunded to Buyer upon written direction of the Parties to Escrowee.Notice to the purchaser 252 under the prior contract should not be served until after Attorney Review and Professional Inspections provisions of this 253 Contract have expired,been satisfied or waived. 254 255 31. INTEREST BEARING ACCOUNT: Earnest money (with a completed W-9 and other required forms), 256 shall be held in a federally insured interest bearing account at a financial institution designated by Escrowee. All interest earned on the 257 earnest money shall accrue to the benefit of and be paid to Buyer. The Buyer shall be responsible for any administrative fee(not to 258 exceed $100) charged for setting up the account. In anticipation of Closing, the Parties direct Escrowee to close the account no 259 ser thanp32. usiness Days prior to the anticipated Closing date. 260 261 �� CONFIRMATION OF DUAL AGENCY: The Parties confirm that they have previously consented to 262 Jason Pesola (Designated Agent) acting as a Dual Agent in providing brokerage services on 263 their behalf and specifically consent to Designated Agent acting as a Dual Agent with regard to the transaction referred to in this 264 Contract. 265 266 33. INTERIM FINANCING: This Contract is contingent upon Buyer obtaining a written commitment for 267 interim financing on or before ,20 in the amount of$ . If Buyer is unable 268 to secure the interim financing commitment and gives written notice to Seller within the time specified, this Contract shall be 269 null and void.If written notice is not served within the time specified,this provision shall be deemed waived by the Parties and 270 this Contract shall remain in full force and effect. 271 272 _ 34.SPECIFIED PARTY APPROVAL: This Contract is contingent upon the approval of the Real Estate by_ 273 . Buyer's specified party, within five(5)Business Days after the Date of Acceptance. In 274 the event Buyer's specified party does not approve of the Real Estate and written notice is given to Seller within the time 275 specified,this Contract shall be null and void. If written notice is not served within the time specified, this provision shall be 276 deemed waived by the Parties and this Contract shall remain in full force and effect 277 278 35.CREDIT AT CLOSING: Seller agrees to credit to Buyer at Closing$ 279 to be applied to prepaid expenses,closing costs or both. 280 281 282 ,—DS DS 284 \ JP83 "In addition to Attorney review,this Contract is subject to the approval of the Yorkville City Council" �H 285 286 287 DS '—Ds Buyer Initial JP Buyer Initial Seller Initial Seller Initial TH Address Approx.+t-12 Acres on Boombah Blvd PIN 02-17-400-013 (Pape 5 of 6)Rev.3.2012—© MAINSTREET ORGANIZATION OF REALTORS' DocuSign Envelope ID:DD9FB4CC-7F19-4A85-84BC-092BAA080DF9 288 THIS DOCUMENT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL PARTIES AND 289 DELIVERED TO THE PARTIES OR THEIR AGENTS. 290 291 The Parties represent that text of this form has not been altered and is identical to the official Vacant Land Contract of the Mainstreet 292 Organization of REALTORS®. 293 8/12/2022 8/12/2022 294 Dga„s,a„�a uy: 20 20 2295 96 'L f era rilrognittEPTANCE (� 297 R'' Aitgiadxe,A. [(e� �}L� 298 eCdE�FC4EiT13�4EF. 299 Buyer Signature Seller Signature 300 John Purcell/United City of Yorkville Tahir Hatam 301 Print Buyer(s)Name(s) [Required) Print Seller(s)Name(s) [Required) 302 800 Game Farm Rd 893 Wellington Circle 303 Address Address 304 Yorkville IL 60560 Aurora IL 60506 305 City State Zip City State Zip 306 630-553-4350 630-401-6764 arsenaldispatch@gmail.com 307 Phone E-mail Phone E-mail 308 309 FOR INFORMATION ONLY 310 Commercial Affiliated,LLC. 20131 Commercial Affiliated,LLC. 20131 311 Selling Office MLS# Listing Office MLS# 312 Jason Pesola 8918 Jason Pesola 8918 313 Buyer's Designated Agent MLS# Seller's Designated Agent MLS# 314 630-486-7321 630-486-7321 315 Phone Fax Phone Fax 316 jpesolacommercial@gmail.com jpesolacommercial@gmail.com 317 E-mail E-mail 318 Kathy Orr kfo@kfoassoc.com Gregg Ingemunson greggingemunson@hotmail.com 319 Buyer's Attorney E-mail Seller's Attorney E-mail 320 630-553-5622 321 Phone Fax Phone Fax 322 N/A Yorkville Business Center 630-988-2030 323 Mortgage Company Phone Homeowner's/Condo Association(if any) Phone 324 Julie Schlichting 630-988-2030 325 Loan Officer Fax Management Co./Other Contact Phone (—DS r—DS Buyer Initial JP Buyer Initial Seller Initial Seller Initial T Address Approx.+/-it Acres on Boombah Blvd PIN 02-17-400-013 (Pure 6 of 6)Rev.3.2012—© MAINSTREET ORGANIZATION OFREALTORS*