Ordinance 2008-079 i
STATE OF ILLINOIS )
ss.
COUNTY OF KENDALL )
Ordinance No. 2008-
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY,
ILLINOIS, APPROVING AN AGREEMENT FOR PURCHASE AND SALE OF REAL ESTATE
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 City desires to purchase from Betzwiser Development, LLC (the "Seller "),
approximately 3.54 acres of certain real property (the "Subject Property "), as described in the attached
Agreement for Purchase and Sale of Real Estate (the "Agreement') for the purpose of storing public
works and maintenance equipment owned by the City; and,
WHEREAS, the Subject Property is located within the City limits and the Seller is the owner of
the Subject Property; and,
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 attached Agreement for Purchase and
Sale of Real Estate by and between Betzwiser Development, LLC, and the United City of Yorkville.
Section 3. This Ordinance shall be in full force and effect upon its passage, approval, and
publication as provided by law.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this 40
day of ; , A.D. 2008.
C CL
ROBYN SUTCLIFF is JOSEPH BESCO
ARDEN JOE PLOCHER �, WALLY WERDERICH
GARY GOLINSKI MARTY MUNNS
ROSE SPEARS BOB ALLEN b
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this a to
j day of
l� YJ U'JI.CD�
MAYOR
2
AGREEMENT FOR PURCHASE AND SALE OF REAL ESTATE
THIS AGREEMENT for the purchase and sale of real estate (the "Agreement "), is
entered into as of 66Pr9rt 6E4P, 10, 2008, by and between Betzwiser Development, LLC of
6369 White Tail Ridge Court, Yorkville, Illinois, a Limited Liability Company (the "Seller ") and
the United City of Yorkville, Illinois (the "Purchaser ").
WITNESSETH
WHEREAS, Seller is the owner of the certain parcels of property (as identified below);
and
WHEREAS, Purchaser desires to purchase from the Seller and the Seller desire to sell to
Purchaser all of said property on the terms and conditions set forth below.
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
ARTICLE 1
AGREEMENT TO PURCHASE AND SELL
1.1 Subject Property. Subject to Section 1.2 below, Seller agree to sell and convey to
Purchaser, and Purchaser agrees to purchase from Seller, upon the terms and
conditions set forth in this Agreement, Seller's right, title and interest in and to the
parcels of property identified below and legally described on Exhibit A attached
hereto and made a part hereof, (collectively, the "Subject Property "), generally
consisting of approximately 3.54 acres (more or less) of real property currently
improved with such structures as noted, all being located off at or near Wolf Street in
the United City of Yorkville, Illinois. The Subject Property consists is defined as Lot
1 of the Final Plat of the United City of Yorkville Subdivision depicted on Exhibit A-
1 attached hereto and made a part hereof.
In the event of any conflict or discrepancy between the general descriptions of the
Subject Property in this paragraph and the legal description, the legal description shall govern.
The Purchaser acknowledges that the property will be encumbered by an easement in favor of
the adjoining parcel of property at 181 Wolf Street (identified as Parcel One on Exhibit A -1) for
the right of ingress and egress (identified on Exhibit A -1). It is understood that Purchaser's
obligation to complete the purchase shall be contingent upon Purchaser's approval of the
description of the parcels and easement area as the property or easements within five (5) business
days from the date said property has been legally identified by Seller's surveyor, Purchaser shall
be deemed to have provided its approval and this contingency shall be deemed met.
1.2 Title. The Seller shall convey to Purchaser upon payment in full of the Purchase
Price as established in Section 2.1 below, plus or minus prorations, (the "Closing "), Seller's right,
title and interest in and to the Subject Property. It is understood and agreed that the Purchaser
accepts title to the structure, in an "as is" condition as of the date of Closing.
1.3 Possession. Possession of the Property shall be delivered to the Purchaser at
Closing, as hereinafter set forth.
ARTICLE 2
PURCHASE PRICE
2.1 Purchase Price. The purchase price (the "Purchase Price ") to be paid by the
Purchaser to the Seller for the Subject Property described below is $1,250,000.00, plus or minus
prorations. Said sales price shall be allocated as follows: ,$770,000.00 for the structure on the
Subject Property and $480,000.00 for the land and shall be payable at Closing (as hereinafter set
forth) as follows:
(a) $312,500.00 in cash or check drawn on the Purchaser's account;
(b) $937,500, plus or minus prorations payable by a note executed by the
Purchaser amortized over 20 years with interest at the rate of 6.26%
payable in monthly installments commencing thirty (30) days after the
Closing and continuing for sixty (60) months (the "Initial Note
Term "). There shall be a prepayment penalty of 6.26% on the balance
of due and owing if paid in full during the Initial Note. After the
Initial Note Term, the interest rate on the then balance shall be
recalculated every sixty (60) months and shall be the interest rate as of
the date of recalculation established for a five (5) year U.S. Treasury
bill plus 3% until the balance due and owing is paid in full. After the
Initial Note Term, the Purchaser shall have the right to prepay the
principal balance due at any time without penalty.
2.2 Earnest Money. None.
2.3 Closing Costs. The Seller shall pay all of the Seller's customary closing costs
associated with the execution of this Agreement including but not limited to the following: Title
Policy; Title Endorsement; one -half of all escrow fees; and one -half of all other fees in
connection with the Closing. Purchaser shall be responsible for all Purchaser's customary
closing costs, including, but not limited to: one half of any closing fee, purchaser's title insurance
and recording fees. Each party shall pay its own legal fees.
2.4 Closing Proration and Adjustments. All items of income or expense, including
taxes and assessments, shall be prorated as of the date of the Closing. Closing prorations and
adjustments shall be payable by credits to Purchaser at Closing.
ARTICLE 3
TITLE INSURANCE AND SURVEY
3.1 Title Commitment. Within twenty (20) days after the execution of this Agreement
(the "Effective Date "), Seller shall deliver to Purchaser: an ALTA/ACSM land title survey of the
Subject Property (the "Survey ") prepared in accordance with 2005 ALTA/ACSM Land Survey
Standards for Urban Properties and a commitment for Title Insurance in the amount of the
Purchase Price showing fee simple title vested in the Purchaser, which policy, when issued, shall
include extended coverage over the general title exceptions. (NOTE: Pursuant to section 4.2
hereof, it is the Purchaser's responsibility to acquire, at their expense, an ALTA Survey.)
3.2 Title and Survey Objections. Within twenty (20) days after Purchaser receives the
Title Commitment, the Title Documents, and the Survey, Purchaser shall deliver to Seller: (a) a
list of any objections to title and survey matters with respect to the Subject Property (the "Title
Objections "); and the manner in which such Title Objections may be cured to Purchaser's
satisfaction; and (b) a list of those endorsements that Purchaser requires be included as part of
the Title Policy (the "Title Endorsements "). The Seller shall be obligated to cause any Title
Objections relating to financing liens, mechanic's, materialmen's or similar liens, tax liens or
delinquent taxes, and leases or other occupancy rights or agreements. to be deleted from the Title
Commitment prior to the Closing, and if the Seller fails to do so, Purchaser may, in addition to
all other rights and remedies, deduct from the Purchase Price any liens or encumbrances of a
definite or ascertainable amount. If the title commitment - discloses Title Objections which are
not cured, Seller shall have thirty (30) calendar days from the date of delivery thereof to have the
said exceptions waived, or to have the title insurer commit to insure against loss or damage that
may be caused by such exceptions and the closing date shall be delayed, if necessary, during said
thirty (30) calendar day period to allow Seller time to have said exceptions waived. If Seller fails
to have the Title Objections waived or, in the alternative, to obtain insurance over such
unpermitted exceptions within the time specified, Purchaser may terminate the Contract between
the parties or may elect, on notice to Seller within ten (10) calendar days after the expiration of
the thirty (30) calendar day period to take the 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 elects _ ..
to terminate the Contract, this Contract shall be null and void and all moneys paid by Purchaser
hereunder shall be refunded.
ARTICLE 4
COVENANTS, REPRESENTATIONS AND WARRANTIES
4.1 Representations. The Seller (and any persons executing this instrument on behalf
of the Seller) represents and warrants that the Seller is the owner in fee simple of the Subject
Property, that the Seller is fully authorized and empowered to execute and deliver this
instrument, and that there is no lien, encumbrance, contract or governmental prohibition against
the execution and delivery of this instrument and the performance by the Seller of all of Seller's
obligations hereunder. Purchaser (and any persons executing this instrument on behalf of
Purchaser) represents and warrants that Purchaser is fully authorized and empowered to execute
and deliver this instrument, and undertake the performance and enforcement of this instrument
and the obligations hereunder.
Purchaser acknowledges that Seller's ability to transfer title to the subject
property is contingent upon Seller being able to successfully separate the property in question
from the Master Association. Purchaser's obligation to purchase the property shall be contingent
upon Seller's being able to successfully separate the subject property from the existing
covenants, conditions and restrictions of condominium.
4.2 Agreements. Neither the execution and the delivery of this Agreement by each
party, nor the consummation of the transactions contemplated hereby will result in any breach or
violation of or default under any judgment, decree, order, law, mortgage, lease, agreement,
indenture or other instrument to which such party is a party or by which the Subject Property or
such party is bound.
i
The parties agree that the Seller will not be responsible for providing the
Purchaser with a survey of the property in question. If the Purchaser requires a survey (whether
for extended title coverage, lender requirements or otherwise) the same shall be provided by
Purchaser at Purchaser's expense.
4.3 No Conveyances or Further Liens. From and after the execution of this
- Agreement, the Seller shall not: (i) cause, suffer or permit any act which results in any additional
exceptions to title affecting the Subject Property or any portion thereof, (ii) sell transfer, alienate,
lease or encumber any part of the Subject Property or any interest therein to or in favor of any
person or entity other than the Purchaser, or (iii) take any action that would alter any of the
matters depicted, or create matters not depicted, on the Survey.
4.4 Litigation. Each party represents to the other that they are aware of no pending
litigation, proceeding, claim or investigation, including, without limitation, any condemnation
proceeding, pending or to the best of their knowledge, threatened, which affects or could
reasonably be expected to affect them, the Subject Property, the transactions contemplated by
this Agreement, or the other party's intended use of the Subject Property.
4.5 Inconsistent Actions. The Seller and Buyer shall not take any actions that are
inconsistent with their - obligations under- this Agreement, or that may delay or interfere with the
consummation of the transactions contemplated by this Agreement.
4.6 Surviving Agreements. There are no unrecorded leases, contracts, agreements, or
other documents affecting the Subject Property that will survive the closing and be binding upon
Purchaser of the Subject Property.
ARTICLE 5
THE CLOSING
5.1 Closing.
(a) Once the title commitment displays good title, subject only to permitted
exceptions, then, within thirty (30) days thereafter the Purchaser is obligated to take title or
elects to take title (as the case may be), then Purchaser will pay to Seller the Purchase Price, plus
or minus prorations as set forth in Section 2.1 of this Agreement.
(b) The Seller warrants that no party in possession, no contractor who has furnished
labor or materials, and no other person has any right, title, interest, lien, claim or charge against
the property
(c) This Agreement has been executed in two duplicate originals by the parties. This
Agreement, however, will not confer any legal or equitable estate or interest in the property on
the Purchaser until the Purchaser has fully performed this Agreement.
(d) The Seller warrants that no notice from any city, village or other governmental
authority of a dwelling code violation had been received by the contract seller, or their principal
or agent, within 5 years of the date of this installment contract.
(e) The Seller shall provide Purchaser with a credit for the 2007 & 2008 real estate
taxes due up to and including the date of closing based upon the most recent available real estate
tax bill for the property. Said tax proration shall be final.
(f) The Closing shall take place at the offices of the Purchaser or the Title Company.
5.2 Conveyance to Purchaser. Pursuant this contract at the Closing, Purchaser will
be entitled to receive a Warranty Deed to the property; Bill of Sale for the structure; Affidavit of
Title; ALTA Statements; and, such other documents as deemed necessary to convey Title subject
only to permitted exceptions as stated above.
5.3 Purchaser's Deliverables. At the Closing, Purchaser shall deliver or cause to be
delivered to Seller directly or, if either party elects, through an Escrow, the following, each of
which shall be in a form reasonably satisfactory to Seller and (if applicable) the Title Insurer:
(a) A certified copy of Purchaser's ordinance (if required) authorizing this
Agreement. _.
(b) Such other certificates and documents as may be required by the Title Insurer;
and,
(c) The Purchase Price in the form of cash or check and a note, plus or minus
prorations, all as set forth in Section 2.1 hereof.
5.4 Documents to Be Jointly Delivered By Seller and Purchaser At Closing. At the
closing, the Seller and Purchaser shall each execute and deliver, directly, or if either party elects,
through the Escrow, the following, each of which shall be in the form reasonably satisfactory to
both parties and (if applicable) the Title insurer.
(a) Applicable transfer tax declarations for the State of Illinois, Kendall county and
necessary municipal transfer declarations;
(b) A Closing Statement;
(c) ALTA Statements as required by the Title Insurer;
(d) Grant of Easement in the form attached hereto as Exhibit B; and,
(e) All other instruments and documents as may be reasonably required in order to
carry out the purposes of this Agreement and to consummate the Closing under this Agreement.
ARTICLE 6
DEFAULTS AND REMEDIES
61 Default. If the transaction contemplated hereby does not close by reason of a
default by either party in any of the terms hereof, and any such default is not cured within thirty
(30) days after written notice of said default is given by the other party, then the non - breaching
party may: (a) terminate this Agreement and (b) pursue an action against the breaching party for
all remedies available in law and/or equity, including specific performance of the Agreement.
62 Costs Of Enforcement. In the event any action or proceeding is brought by either
party to enforce or interpret the terms of this Agreement, the prevailing party in such action or
proceeding shall be entitled to have all costs, fees (including, without limitation, reasonable
attorneys' fees) and expenses, paid or reimbursed by the non - prevailing party. -
ARTICLE 7
MISCELLANEOUS
7.1 Entire Agreement; Construction. This Agreement embodies the entire
understanding of the parties and there are no further or other agreements or understandings,
written or oral, in effect between the parties relating to the subject matter hereof except as may
be set forth in writing executed by both parties contemporaneously with or subsequent to this
Agreement. This Agreement may not be construed more strictly against one party hereto than -
against the other party merely by virtue of the fact that it may have been prepared primarily by
counsel for one of the parties. It is understood and recognized that both parties have contributed
substantially and materially to the preparation of this Agreement.
7.2 Severability. If any term of this Agreement or any application thereof shall be
invalid or unenforceable, the remainder of this Agreement and other applications thereof shall
not be affected thereby.
7.3 Governing Law. This Agreement has been executed and delivered, and is to be
performed, in the State of Illinois, and this Agreement and all rights, obligations, liabilities
i
hereunder shall be governed by, and construed in accordance with, the internal laws of the State
of Illinois. Venue, for purposed of this Agreement, shall be Kendall County, Illinois.
7.4 Time Is Of The Essence. Time is of the essence of this Agreement.
7.5 Waiver. No waiver by a parry of any breach of this Agreement or any warranty or
representation hereunder by the other party shall be deemed to be a waiver of any other breach
by such other party and no acceptance of payment or performance by a party after any breach by
the other party shall be deemed to be a waiver of any breach of this Agreement or of any
representation or warranty hereunder by such other party whether or not the first party knows of
such breach at the time it accepts such payment or development.
7.6 Condemnation. The parties agree that in the event any portion of the subject
property is taken for eminent domain, all proceeds derived from the condemnation action shall
belong to the Seller.
IN THE WITNESS HEREOF, the parties have executed this Agreement as of the date
first written above.
United City of Yorkville, an Illinois
municipal corporation
By:
Mayor
Attest:
bEAcTY City Clerk
Betzwiser Development, LLC, a Limited
Liability Company
By:
Its President v `�
EXHIBIT "A"
LEGAL DESCRIPTION
THAT PART OF THE NORTHWEST QUARTER OF SECTION 4 AND THE NORTHEAST
QUARTER OF SECTION 5, TOWNSHIP 36 NORTH, RANGE 7 EAST OF THE THIRD
PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST
CORNER OF LOT 1, BLOCK 2, FOX INDUSTRIAL PARK, UNIT 4, KENDALL COUNTY, IL;
THENCE NORTH 01 DEGREES 44 MINUTES 07 SECONDS WEST ALONG THE WEST LINE
OF SAID LOT, 390.00 FEET TO THE NORTHWEST CORNER THEREOF; THENCE NORTH 81
DEGREES 52 MINUTES 08 SECONDS WEST ALONG THE SOUTH LINE OF WOLF STREET
AND THE SOUTH LINE OF LOT 5, BLOCK 2, FOX INDUSTRIAL PARK, KENDALL COUNTY,
ILLINOIS, UNIT 5, A DISTANCE OF 470.59 FEET TO THE SOUTHWEST CORNER OF SAID
LOT 5; THENCE SOUTH 01 DEGREES 44 MINUTES 07 SECONDS EAST ALONG THE WEST
LINE OF SAID LOT 5 EXTENDED SOUTHERLY, 390.00 FEET TO THE SOUTH LINE OF SAID
LOT ONE EXTENDED WESTERLY; THENCE SOUTH 81 DEGREES 52 MINUTES 08
SECONDS EAST ALONG SAID EXTENDED SOUTH LINE 470.59 FEET TO THE POINT OF
BEGINNING, EXCEPTING THE FOLLOWING DESCRIBED PARCEL: COMMENCING AT THE
SOUTHWEST CORNER OF SAID LOT 1; THENCE NORTH 01 DEGREES 44 MINUTES 07
SECONDS WEST ALONG THE WEST LINE OF SAID LOT, 390.00 FEET TO THE
NORTHWEST CORNER THEREOF; THENCE NORTH 81 DEGREES 52 MINUTES 08
SECONDS WEST ALONG THE SOUTH LINE OF SAID WOLF STREET AND THE SOUTH LINE
OF SAID LOT 5,240.22 FEET; THENCE SOUTH 01 DEGREES 44 MINUTES 07 SECONDS
EAST, 27.59 FEET; THENCE SOUTH 01 DEGREES 44 MINUTES 07 SECONDS EAST, 155.04
FEET; THENCE SOUTH 88 DEGREES 15 MINUTES 53 SECONDS WEST, 171.79 FEET;
THENCE NORTH 01 DEGREES 44 MINUTES 07 SECONDS WEST, 155.04 FEET; THENCE
NORTH 88 DEGREES 15 MINUTES 53 SECONDS EAST, 171.79 FEET TO THE POINT OF
BEGINNING, ALL IN THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS.
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