R2025-284 Resolution Authorizing Agreement between City of Decatur, Illinois and Love Learning and Laughter Daycare

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LEGAL DESCRIPTION: Lots Eleven(11), Twelve (12), Thirteen(13), Fourteen(14), Fifteen(15), Sixteen (16),Seventeen(17),Eighteen(18),Nineteen(19)and that part of Lot Twenty(20) lying West of Jasper St. in Block Eighteen(18)of Carver's Addition to the City,of Decatur as per Plat recorded in Book T on Page 238 of the Records in the Recorder's Office of Macon County, Illinois. (Except coal and other minerals underlying the surface of said land and all rights and easements in favor of the Estate of said coal and other minerals). Situated in Macon County, Illinois. The parties agree and acknowledge that in the event the cost of repairs to the City as set forth in Ex. A exceed the maximum amount set forth in this section,LLLD shall have the option to proceed and pay the additional amount necessary to complete the repairs or terminate this Agreement. LLLD must notify the City within sixty(60)days of notice from the City of the cost of repairs exceeding the maximum amount of its decision to proceed or to terminate this Agreement or the Agreement will be terminated without penalty to either party. Section 3. LLLD may employ at its sole cost, a licensed building inspector following completion of the repairs as set forth above for purposes of inspecting the repairs for compliance with City codes.The entire cost of said inspection shall be the responsibility of and paid for by LLLD. If City fails to make the repairs as set forth above in accordance with City codes and pass inspection by a licensed building inspector prior to October 1,2026,LLLD shall have the right to immediately terminate this Agreement by providing written notice to City. Section 4. If desired by LLLD,LLLD shall obtain a commitment for an owner's title insurance policy insuring against defects in the merchantability of title up to the estimated value of the Property. 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. LLLD shall promptly advise the City of any claimed defects in title evidence to permit resolution before Settlement. LLLD shall pay all the title fees. LLLD and City shall furnish immediately upon request all information legally required for fmancing or transfer of title. Section 5. LLLD shall pay City the purchase price at the time of closing. Said closing shall occur within thirty(30)days following completion of the repairs set forth in Ex.A by the City("Closing Date"). The closing fees for Settlement shall be paid by LLLD. Section 6. At Settlement,City shall deliver to LLLD a quitclaim deed to the Property being acquired with a deed restriction as set forth below in Section 14, 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. LLLD agrees to pay for the transfer tax stamps, if any applicable, and real estate transfer declaration form and any environmental disclosure requirement documents. LLLD agrees to pay for the cost of recording with the Recorder of Deeds any of the documents necessary to complete the transfer of ownership. Section 7. LLLD shall pay all Real Estate Taxes accruing after the Closing Date. 2