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OPTION
<br /> KNOW ALL MEN BY THESE PRESENTS, that DAVID B. BROWN AND ANGELA
<br /> M.BROWN, ("Owners"),for and in consideration of the sum of Five Hundred Dollars($500.00)
<br /> in hand paid by the CITY OF DECATUR,ILLINOIS,an Illinois municipal corporation, One Gary
<br /> K. Anderson Plaza,Decatur,Illinois,("City"),does hereby agree to hold until the 30th day of July
<br /> 2021, at 5:00 P.M., and not to convey to anyone other than the City, alienate or otherwise
<br /> encumber, time being of the essence and an important part of this Option, subject to the order of
<br /> the said City,or its assigns,the following described real estate:
<br /> Lots Two(2),Three(3),Four(4),Five(5), Six(6), Seven(7)and Eighteen(18)in
<br /> Block 5 of Morningside Place, an Addition to the City of Decatur, Illinois as per
<br /> Plat recorded in Book 646, Page 292, of the Records in the Recorder's Office of
<br /> Macon County, Illinois. Situated in Macon County, Illinois,
<br /> commonly known as 3550 E. Chestnut Ave., Decatur, IL ("Premises") and to transfer the same
<br /> Premises at any time, within the time above described, to said City, or such person or persons as
<br /> it may direct,by a good and sufficient Deed,with release of all homestead and dower rights at and
<br /> for the price of One Hundred Eighty-Two Thousand Five Hundred Dollars ($182,500.00), good
<br /> and lawful money of the United States of America,payable on the following terms:
<br /> 1. The full purchase price for the premises shall be due and paid in full on delivery of the
<br /> Deed to the Premises. City shall be given credit against the purchase price for the money paid to
<br /> obtain this Option.
<br /> 2. The Owners grant the City the right to go onto the Premises to survey and make any
<br /> necessary engineering,environmental or other tests. The City shall notify the Owners in advance
<br /> of any inspections and schedule such inspections at times that are mutually agreeable to the parties.
<br /> A representative of the Owners shall be entitled to observe any inspections. The City shall
<br /> indemnify the Owners from any and all costs and damages in connection with such inspections.
<br /> 3. A Memorandum of Option in the form attached as Exhibit A shall be executed by the
<br /> parties and may be recorded by either party with the Macon County Recorder of Deeds at the
<br /> City's expense. In the event a Memorandum of Option is recorded and this Option expires
<br /> unexercised, the City shall, upon request by the Owners, execute and deliver to the Owners a
<br /> recordable Quit Claim Deed to the Premises or any other instrument reasonably requested by the
<br /> Owners to evidence the release of the City's interest in the Premises.
<br /> 4. In the event the City shall decide to purchase the Premises at the above price and terms
<br /> within the same time,then, and in that case,the said amount paid for this Option shall be credited
<br /> upon the said purchase price, but in the event the City does not conclude the purchase of the
<br /> Premises within the time prescribed, then, and in that case, the said amount paid for this Option
<br /> EXHIBIT A
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