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CONTRACT FOR SALE OF REAL ESTATE <br /> THIS CONTRACT FOR SALE OF REAL ESTATE (this"Contract"), is entered into <br /> between CITY OF DECATUR, ILLINOIS ("Seller") and GARFIELD SCHOOL ASSOCIATES, LP, an <br /> Illinois limited partnership or its assigns ("Purchaser"), as of December 9, 2025 (the "Effective Date"). <br /> Seller and Purchaser may be referred to collectively as the"Parties"or individually as a"Party". <br /> NOW,THEREFORE,in consideration of the mutual covenants and agreements herein contained,it <br /> is mutually covenanted and agreed as follows: <br /> 1. Property. Seller hereby sells and agrees to convey to Purchaser and Purchaser hereby <br /> purchases from Seller: <br /> Approximately 124,730 square feet of certain real property, being a portion of a parcel totaling <br /> approximately 2.86 acres, designated as Lot One (1) of Garfield School Apartments Addition per <br /> Plat 2025R-008723 in the Records of the Recorder's Office of Macon County,Illinois.The property <br /> is further described in Exhibit A and commonly known as 1077 W. Grand Ave., Decatur, Illinois <br /> (the"Property"). <br /> 2. Purchase Price. Seller agrees to sell,and Purchaser agrees to buy the Property for the total <br /> consideration, equal to Two Hundred Seventy Five Thousand and 00/100 Dollars ($275,000) (the <br /> "Purchase Price"). . The Purchase Price shall be paid at closing. <br /> 3. Taxes. Real estate taxes assessed by Macon County, Illinois or other applicable taxing <br /> jurisdiction for the year of closing shall be prorated as of the date of closing for the year, and taxes for each <br /> subsequent year thereafter shall be paid by Purchaser. <br /> 4. Title.Title merchantable in fact shall be conveyed by Quitclaim Deed free and clear of all <br /> encumbrances except as herein provided. Should Seller be unable to convey good title acceptable to <br /> Purchaser's Attorney and Title Company, Seller shall refund all sums advanced by Purchaser to Seller and <br /> neither party shall have any further rights under this Contract. <br /> 5. Title Insurance. Prior to closing,Purchaser shall have received a Title Commitment for an <br /> ALTA(Form B)Policy of Title Insurance in an amount equal to the Purchase Price. Said Commitment shall <br /> obligate the Title Insurance Company to insure the Title to the Property in the name of Purchaser or its <br /> assigns,subject only to customary standard exceptions in said policy form. <br /> 6. Seller's Warranties. Seller represents and warrants that Seller has no knowledge that (i)the <br /> premises and improvements thereon are not currently and have never been subject to hazardous or toxic <br /> substances or wastes or their effects and(ii)there are no claims,litigation,administrative or other proceedings, <br /> whether actual or threatened,or judgments or orders,relating to any hazardous or toxic substances or wastes, <br /> discharges, emissions or other forms of pollution relating in any way to the Property or the improvements <br /> thereto. <br /> 7. Closing and Costs.The closing date of this Contract shall occur within one hundred twenty <br /> days(120)days after the Effective Date(the"Closing Date"). Possession shall be granted to Purchaser on the <br /> Closing Date. Purchaser shall pay all closing costs including document preparation, survey costs, title <br /> insurance,and recording fees,and any costs associated with Purchaser's financing of the property,which shall <br /> also be the responsibility of Purchaser. <br /> 1 <br /> WA 13521814.3 <br />