R2008-56 AUTHORIZING TRANSFER OF REAL ESTATE

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w f � REAL ESTATE TRANSFER AGREEMENT 1. THE CITY OF DECATUR, ILLINOIS, a Municipai Corporation, as SELLER, agrees to convey, and BRYAN A. KITE, as BUYER, agrees to purchase an improved parcel of real property legally described as: Lot Forty-Five (45) of Moser Addition to the City of Decatur, as per Plat recorded in Book 335 Page 570 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. Commonly known as 2540 East North Street, Decatur, Illinois, (the "Property"), for good and valuable consideration, to wit: One Thousand Eight Hundred Dollars ($1,800.00). 2. The Permanent Index Number for the property is: 04-12-13-227-022. 3. BUYER acknowledges that the Property is currently zoned R-3 Single Family District. 4. BUYER acknowledges that SELLER has not furnished a binding commitment for owner's title insurance policy insuring against defects in the merchantability of title of the Property, and further acknowledges that SELLER makes no warranties regarding merchantability of title. SELLER shall convey, and BUYER shall accept such title as is equitably vested in SELLER at the date of execution of this contract. BUYER acknowledges that SELLER'S interest in the Property is subject to coal and mineral rights if now reserved or conveyed of record, and easements and building and use restrictions now of record. BUYER acknowledges that SELLER'S interest in the Property may be subject to potential title defects. 5. SELLER shall provide BUYER written releases of all valid liens and encumbrances against the Property recorded or held in favor of SELLER only, and shall forgive and forbear to pursue all expenses and costs of maintaining the Property up to the date of closing. No notices, suits or judgments relating to the Property and not described above have been received by the SELLER. 6. BUYER shall be responsible for all accrued and unpaid general real estate taxes against the Property, if any. 7. Prior to settlement, the BUYER shall execute a quit claim deed signed by the BUYER, transferring the Property in question, to the City to be held by the City and recorded if, and only if, the BUYER fails to bring the Property up to standard of city codes and ordinances by November 1, 2008. If the BUYER complies by the date set forth herein, the SELLER agrees to return the quit claim to the BUYER. BUYER shall demonstrate to SELLER the ability to finance the rehabilitation of structures on the Property to city code. Financial ability shall be demonstrated in the form of a guaranteed bank loan, credit line or letter of credit from a