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� � <br /> • ' � Real Estate Sales Contract <br /> • Sale of Property Located At <br /> 4191 U.S. Route 36 West, Decatur, Illinois (Hotel) <br /> 1. Parties. <br /> Seller: MACON COUNTY REAL ESTATE INVESTMENTS, LLC, (James R. Randall, Manager/Sole <br /> Member) <br /> Attn: Stephen Willoughby <br /> Attorney at Law <br /> 420 East Prairie Street <br /> P.O. Box 1336 <br /> Decatur, IL 62525 <br /> PH: (217)428-4544 <br /> FX: (217)428-4124 <br /> Purchaser: CITY OF DECATUR <br /> #1 Gary K. Anderson Plaza <br /> Decatur, IL 62523 <br /> Steve Garman <br /> #1 Garv K. Anderson Plaza. Decatur, IL 62523 <br /> PH: (217)424-2802 <br /> FX: (217)424-2732 <br /> 2. Purchase Price <br /> 2.1.Purchase Price $6,500,000.00 <br /> 2.2.N/A <br /> 2.3.Purchase Price(2.1 + 2.2) $6,500,000.00 <br /> 2.4.N/A <br /> 2.5.Initial Earnest Money Deposit $1,000,000.00 <br /> 2.6.N/A <br /> 2.7.Balance of Purchase Price Due at Closing (2.3-2.4) $5,500.000.00 <br /> 3. Aqreement to Sell and Purchase. Seller agrees to sell to Purchaser and Purchaser agrees to purchase from <br /> Seller, at the price and on the terms set forth herein ("ContracY'), the following described real estate("Property"): <br /> LEGAL DESCRIPTION:See Exhibit A <br /> PERMANENT INDEX NUMBERS: <br /> (P.I.N. 04-12-07-300-012), (P.I.N. 04-12-18-101-001), (P.I.N. 04-12-18-102-001), <br /> (P.I.N. 04-12-18-102-004), (P.I.N. 04-12-18-105-001), (P.I.N. 04-12-18-105-006), <br /> (P.I.N. 04-12-18-105-007), (P.I.N. 04-12-18-126-001) <br /> COMMONLY KNOWN AS: Decatur Conference Center and Hotel, 4191 U.S. Route 36 West, <br /> Decatur, Illinois (Hotel) <br /> in the County of Macon, Illinois, together with all improvements and appurtenances thereon, upon the <br /> terms set forth in this Contract. <br /> 4. All Cash Transaction. This is an all-cash sale and purchase; and is NOT contingent upon Purchaser <br /> obtaining financing even though Purchaser may apply to a lending institution of Purchaser's choice for a <br /> mortgage loan. Purchaser understands and agrees that neither their receipt of a commitment from such a <br /> lending institution, their acceptance of such a commitment, nor their satisfaction of any condition set forth in such <br /> a commitment shall in any way be conditions of Purchaser's obligations under this Contract. Seller makes no <br /> representation or warranty as to Purchaser's ability to obtain financing. <br /> 5. Earnest Monev. Purchaser shall deposit the Initial Earnest Money Deposit set forth in Paragraph 2.5 with <br /> Central Illinois Bank("CIB")for delivery to CIB at the time of Closing, and receipt is hereby acknowledged. All <br /> moneys deposited shall be a credit to the Purchaser at Closing, but if said Purchaser fails to close for any <br /> reason, said money shall be non-refundable and shall be forfeited to CIB as liquidated damages, except for the <br /> happening of those events set forth in paragraphs 13, 14 and 17.1 hereunder, wherein the earnest money shall <br /> be refunded to purchaser. The balance of the Purchase Price, adjusted by pro-rations and credits allowed the <br /> parties by this Contract, shall be paid to CIB at closing in cash, by cashier's check, by check issued by a lending <br /> institution, or other form of Payment acceptable to CIB. <br /> 6. Closinq. The purchase and sale of the Property shall be closed ("Closing")within 60 days of the execution of <br /> this contract("Closing Date"). Closing shall take place at the offices of Purchaser's lender, Seller's attorney, the <br /> title company or at such other place as the parties may agree. At or before Closing, Seller shall deliver to <br />