R2024-222 Resolution Authorizing an Agreement to Transfer Property to the Staley Musuem, an Illinois Not-for-Profit Corporation

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3. If desired by Buyer, Buyer shall obtain 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. Title may be subject to coal and mineral rights if now reserved or conveyed of record and to all easements and building and use restrictions now of record which do not restrict reasonable use. Buyer shall promptly advise City of any claimed defects in title evidence to permit resolution before Settlement. Buyer shall pay all the title fees. Buyer and City shall furnish immediately upon request all information legally required for financing or transfer of title. 4. Buyer shall pay City the purchase price at the time of closing. The closing fees for Settlement shall be paid by Buyer. 5. At Settlement, City shall deliver to Buyer a quitclaim deed to the Property being acquired with a deed restriction as set forth below in Section 11, and subject only to those matters to which the title may be subject as provided above and conveying the benefits of all easements of record prior to the execution of this Agreement, if any. Buyer agrees to pay for the transfer tax stamps, if any applicable, and real estate transfer declaration form and any environmental disclosure requirement documents. Buyer agrees to pay for the cost of recording with the Recorder of Deeds any of the documents necessary to complete the transfer of ownership. 6. Buyer shall be responsible for all Real Estate Taxes accruing subsequent to Settlement date. 7. Buyer shall be entitled to possession of the Property immediately after Settlement. 8. City agrees to zone the Property to a classification that will allow Buyer's use of Property as a parking lot. 9. As an express condition of this Agreement, Buyer must construct a landscaped parking lot on Property no later than December 31, 2026, or such date as the Parties mutually agree to in writing. Such improvements shall be in accordance with all applicable federal, state, and city laws, ordinances, codes and regulations. 10. If Buyer fails to construct a landscaped parking lot on Property as agreed to and set forth in Section 9 above, Buyer shall return and transfer to the City the Property acquired under the terms of this Agreement within seven(7) days of demand by the City. 11. The Parties agrees that the Property shall be transferred with the following deed restriction which shall be recorded: Exhibit A