R2022-69 Resolution Authrorizing City Manager to Purchase Property Located at 805 East Johns Avenue, Decatur, Illinois

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OPTION KNOW ALL MEN BY THESE PRESENTS, that FLORA BANK & TRUST, A BANKING CORPORATION, OF FLORA, CLAY COUNTY, ILLINOIS, AS TRUSTEE UNDER A TRUST AGREEMENT DATED DECEMBER 12, 1985, KNOWN AS TRUST NUMBER 105, ( "Owner"), for and in consideration of the sum of Five Thousand Dollars ($5000.00) in hand paid by the CITY OF DECATUR, ILLINOIS, an Illinois municipal corporation, One Gary K. Anderson Plaza, Decatur, Illinois, ("City"), does hereby agree to hold until the 15th day of April, 2022, at 5:00 P.M., and not to convey to anyone other than the City, alienate or otherwise encumber,time being of the essence and an important part of this Option, subject to the order of the said City, or its assigns, the following described real estate: Lot Four(4) in Block Two (2) of William Martin's 2nd Addition of Out Lots to Decatur, as per Plat recorded in Book 17, Page 364 of the Records in the Recorder's Office of Macon County, Illinois. Situated in Macon County, Illinois.("Premises"), commonly known as 805 E. Johns Avenue, Decatur, IL ("Premises") and to transfer the same Premises at any time, within the time above described, to said City, or such person or persons as it may direct, by a good and sufficient Deed, with release of all homestead and dower rights at and for the price of One Hundred Ninety Thousand Dollars ($190,000.00), good and lawful money of the United States of America, payable on the following terms: 1. The full purchase price for the premises shall be due and paid in full on delivery of the Deed to the Premises. City shall be given credit against the purchase price for the money paid to obtain this Option. 2. The Owner grants the City the right to go onto the Premises to survey and make any necessary engineering, environmental or other tests. The City shall notify the Owner in advance of any inspections and schedule such inspections at times that are mutually agreeable to the parties. A representative of the Owner shall be entitled to observe any inspections. The City shall indemnify the Owner from any and all costs and damages in connection with such inspections. 3. A Memorandum of Option in the form attached as Exhibit A shall be executed by the parties and may be recorded by either party with the Macon County Recorder of Deeds at the City's expense. In the event a Memorandum of Option is recorded and this Option expires unexercised, the City shall, upon request by the Owner, execute and deliver to the Owner a recordable Quit Claim Deed to the Premises or any other