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R2011-197 AUTHORIZING REAL ESTATE CONTRACT
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R2011-197 AUTHORIZING REAL ESTATE CONTRACT
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Last modified
8/31/2015 10:43:29 AM
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8/31/2015 10:43:29 AM
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Resolution/Ordinance
Res Ord Num
R2011-197
Res Ord Title
AUTHORIZING REAL ESTATE CONTRACT FOR PROPERTY LOCATED AT MOUND CENTER
Approved Date
12/19/2011
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Contract" means the date that both parties have executed this Contract and received a fully <br /> executed original of this Contract. <br /> 3.2 Buyer's obligations under this Contract are subject to the following <br /> conditions: <br /> (a) Buyer obtaining a title commitment from the Title Company showing <br /> marketable fee simple title to the Property in Seller and that the Property is not subject to <br /> any liens, encumbrances, restrictions, conditions, easements or other agreements (other <br /> than encumbrances which will be paid at the closing), which will prevent Buyer's proposed <br /> development of the Property. Such title commitment will disclose that the Property is <br /> subject to an Operation and Easement Agreement between Seller and Target Corporation, <br /> recorded in Book 3445 at Page 207 as Document No. 1647689 in the Macon County, <br /> Illinois Recorder's Office, as amended by an Amendment to Operation and Easement <br /> Agreement, recorded in Book 3740 at Page 540 as Document No. 1714438 in such <br /> Recorder's Office (as amended, the "OEX)and an Agreement of Easements, Covenants <br /> and Restrictions dated September 16, 2006 between Seller and GMRI, Inc., recorded in <br /> such Recorder's Office (the "Olive Garden Agreement"). The OEA and Olive Garden <br /> Agreement restrict the development and use of the Property, including without limitation, a <br /> limit of 10%of the floor area of the non-Target buildings in Mound Center Shopping Center <br /> collectively being used for"Retail Office" such as by banks, stock brokerage and insurance <br /> companies. <br /> (b) Buyer obtaining boring, percolation and other soil tests of the Property <br /> showing the Property is not contaminated and the soil and the physical characteristics of <br /> the Property are satisfactory for Buyer's proposed development. <br /> (c) That the survey of the Property described in Paragraph 5 below does <br /> 3 <br />
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