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

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instrument reasonably requested by the Owner to evidence the release of the City's interest in the Premises. 4. In the event the City shall decide to purchase the Premises at the above price and terms within the same time, then, and in that case, the said amount paid for this Option shall be credited upon the said purchase price, but in the event the City does not conclude the purchase of the Premises within the time prescribed, then, and in that case, the said amount paid for this Option shall be retained by the Owner in full satisfaction for holding the property subject to the order for the said time. 5. It is understood and agreed that the parties shall obtain a commitment for title insurance policy in the amount of the purchase price, showing good and merchantable title in the Owner, and that conveyance is to be made free and clear of all encumbrances whatsoever, except the lien of current real estate taxes, coal and mineral rights if now reserved or conveyed of record and easements and building and use restrictions now of record. Closing shall occur ninety (90)days after notice of the exercise of this Option, or such earlier date as mutually agreed by the parties. 6. Notice of election to exercise this Option herein granted shall be given by the City to the Owner at any time before the date and time stated above and shall be deemed given on the date on which service is personally made on the Owner, or when such notice is deposited in the U.S. Mail, at Decatur, Illinois, addressed as below, mailed first class with postage prepaid. 7. In case there should be any delay in perfecting the title to the Premises for more than ten (10) days after notice of the election of the City to purchase the Premises, then, and in that case, the City reserves the right to cancel this Option and receive back the consideration therefor, or to extend the time until the said title is perfected, in which case this Option shall remain in full force and effect until title is perfected. 8. The Owner agrees that during the term of this Option, it shall not approve, consent to or allow any of the following regarding the Premises without the prior written consent of the City: (i) Any lease affecting all of any portion of the Premises, unless such lease is terminable at any time during its term on 25 or fewer days notice. (ii) Any grant, sale, transfer or other conveyance of all or any portion of the Premises, or any interest in the Premises, including but not limited to any grant of an easement. (iii) Any mortgage, lien or other encumbrance (except those existing as of the date of this Option) of all or any portion of the Premises, unless such document expressly states, without reservation, that it is in all respects subordinate and subject to the interest of the City hereunder.