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R2019-25 Resolution Authorizing Real Estate Contract For Property Located in the 2000 Block of South Imboden Court
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R2019-25 Resolution Authorizing Real Estate Contract For Property Located in the 2000 Block of South Imboden Court
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Last modified
1/13/2020 11:12:41 AM
Creation date
2/6/2019 9:29:42 AM
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Resolution/Ordinance
Res Ord Num
R2019-25
Res Ord Title
R2019-25 Resolution Authorizing Real Estate Contract For Property Located in the 2000 Block of South Imboden Court
Department
Econ and Com Dev
Approved Date
2/4/2019
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Buyer's sale of land described in Exhibit B to Central Dlinois Development Consortium, LLC. <br /> Said closing date may be extended or amended upon mutual written agreement by Seller and <br /> Buyer. At the settlement Buyer shall deliver to Seller or cause to be paid: <br /> (i) All documents as Seller's counsel may reasonably require. <br /> (ii) An amount equal to the cost of recording any release of indenture of <br /> mortgage or trust deed; and, <br /> (iii) An amount equal to the cost of Illinois revenue stamps if required to be <br /> affixed to Seller's quitclaim deed. <br /> (iv) An amount equal to any and all costs associated with the transfer of <br /> ownership to Property including but not limited to any real estate taxes unpaid <br /> and due after the date of closing prorated to the date of closing, based upon the <br /> last ascertainable real estate taxes on the Property; the fee charged by the Title <br /> Company for closing the sale; the fee for recording the deed; the cost of an <br /> survey; and the cost of the title commitment and policy. <br /> Seller shall deliver to Buyer: <br /> (i) Its executed quitclaim deed to the Property, containing only those <br /> exceptions listed in subparagraphs (i) through (v), inclusive, of paragraph 3.2 <br /> above. <br /> (ii) A sufficient release of any indenture of mortgage or trust which may <br /> be a lien on the Property; and, <br /> (iii) Such other documents as Buyer's counsel may reasonably require. <br /> 3.5 Buyer shall have the right to take possession of the Property on <br /> completion of the transaction of the date of closing. <br /> 3.6 While this Contract is in effect, Seller shall (i) not enter into or amend any <br /> contracts, options, leases, easements or other agreements adversely affecting the Property, and <br /> (ii) not take any action which would adversely affect the ownership or condition of the Property. <br /> 4. Environmental Conditions and Requirements <br /> 4.1 Buyer agrees that Borg Warner, Inc ("Borg Warner") and Flow Control <br /> US Holding Corp.("Flow Control")(collectively, the "Companies") are third party beneficiaries <br /> 302944379 v2 7 <br />
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