R2023-227 Resolution Authorizing Farmland Real Estate Purchase in Dewitt County Pursuant to the Water Consultant's Recommendations (Intera)

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DocuSign Envelope ID:B6AD9789-9E00-4D4B-A4D2-BODECF42C8E5 15. PERFORMANCE In the event of default by either party under the terms of the Contract,the non-defaulting party shall have all rights and remedies available in law and equity. if eitheF E3uyeF 9F Seller bFings an aGtiGn a gain6t the other with the FeSpeGt t9 the C;GRtaGt,the pFevaiIiR9 pa;4y shall be 16. COMMISSION Seller shall be responsible for any real estate brokerage commission owed to a listing broker utilized by Seller. 17. EARNEST MONEY ESCROW The earnest money funds shall be held in escrow for the mutual benefit of the Parties by X the Seller's Broker/ the Buyer's Broker/ Other agreed to party, namely, , as"Escrowee". Initial Earnest Money of $ 143,500.00 shall be tendered to Escrowee on or before 2 days after Date of acceptance for the mutual benefit of the parties,and shall be disbursed according to the terms of this Contract. 18. IAITDC s se held s;hal! 19. TAX DEFERRED EXCHANGE(check if applicable_ X Seller X and/or Buyer_may elect to perform an Internal Revenue code Section 1031 tax deferred exchange with respect to the transfer of the Property, and in such event, each party agrees to cooperate in such exchange and take all steps reasonably necessary to allow its completion; provided, however,the party electing such exchange shall hold the other party harmless from and against any and all claims,costs, liabilities,expense or delays in time resulting from such an exchange. 20. DUAL AGENCY CONFIRMATION (check if applicable__J The undersigned confirm that they have previously consented to ("Licensee") acting as a Dual Agent in providing brokerage services on their behalf and specifically consent to Licensee acting as a Dual Agent in regard to the transaction referred to in this document. Seller-Client initials: Seller-Client initials: Buyer-Client initials: Buyer-Client initials: 21. RETURN OF EARNEST MONEY In the event that the transaction does not close and the Escrowee is holding earnest money in its escrow account on behalf of the Buyer and Seller,said earnest money will be returned or held by Escrowee in accordance with the following terms: A. Escrowee holding the earnest money shall give 30 days written notice to the parties to the transaction as to the Escrowee's proposed distribution of the earnest money; B. Written notice to the parties shall be given either by personal delivery or sent via U.S.Mail,first class with postage fully paid addressed to the parties at their respective addresses as appear above in this Contract. Notice sent by U.S. Mail shall be deemed to be delivered on the third business day after being deposited in the mail; C. If the Escrowee does not receive an objection to its proposed distribution within said 30 day time frame,it shall be considered that the Buyer and Seller agree with the Escrowee's proposed distribution, and Escrowee shall distribute the proceeds in the manner set forth in the Escrowee's notice. Buyer and Seller acknowledge that as long as Escrowee returns earnest money in accordance with the above written procedures and in accordance with the 30 day notice given by Escrowee,this Contract provision is considered as written consent to disburse said earnest money funds. In the event that the Buyer and the Seller fail to reach an agreement regarding dispersal of the earnest money,the escrow agent is authorized to file an interpleader action,and the parties agree that the escrow agent will be reimbursed from the earnest money for all costs including reasonable attorney's fees. 22. GENERAL CONDITIONS AND STIPULATIONS A. Time shall be considered to be of the essence of this Contract. The warranties and agreement herein contained shall extend to and be obligatory upon the heirs,executors,administrators,successors and assigns of the parties hereto. If there be more than one Seller or Buyer,the word"Seller"or"Buyer"wherever used herein shall, respectively, be construed to mean Sellers and 4 Ds ©REALTORS®LAND I S IITUTE©ILLINOIS CHAPTER FOR THE USE OF MEMBERS ONLY—2022 ff��11��((,, 1 Seller's Initials Seller's Initials Buyer's Initis i'rl v) Buyer's Initials