R2023-164 Resoluiton Authorizing the Purchase of Property Located at 1570 W Forest Avenue, in Decatur, Illinois

Home Browse Search

appurtenances and fixtures thereto, said monies to be paid to Seller at time of settlement. City and Buyer agree that settlement shall occur no later than thirty(30) days from the date of Seller obtaining clear and merchantable title to Property or at such other time and place as the parties hereto mutually agree, at which time City shall be entitled to possession of Property cleaned and free of all personal items. 4. Seller shall furnish to City a Commitment for an Owner's Title Insurance Policy insuring against defects in the merchantability of title up to the value of the purchase price set forth above for the Property. The City shall provide to Seller in writing within a reasonable time after receipt of the Policy and prior to settlement, any objection it may have thereto. Seller shall have a reasonable time to cure any objection interfering with or impairing the merchantability of the title to said real estate. If Seller is unable to cure any such objection and the Seller, at its sole expense, is unable to procure a title policy insuring over the same, then the City shall have the option of terminating this Agreement. This Agreement is expressly contingent upon Seller providing good and merchantable title to the Property. 5. At settlement, Seller shall deliver to City a warranty deed to the Property in such form and together with such documentation as shall be required for recording said deed concurrently with the closing of this transaction. Seller and City agree to each pay one-half of the costs for transfer tax stamps,the cost of recording with the Recorder of Deeds any of the documents necessary to complete the transfer of ownership and any other additional documents required. 6. Seller shall be responsible for all Real Estate Taxes due and owning and/or accruing prior to Settlement Date. 7. All notices, demands and requests that are required or allowed to be given by either party shall be in writing and shall be personally delivered or sent by certified mail, postage prepaid,to the address as set forth below or to such other address as either party may subsequently designate in writing: