Laserfiche WebLink
REAL ESTATE TRANSFER AGREEMENT <br /> THIS AGREEMENT made by and between the CITY OF DECATUR, <br /> ILLINOIS ("City"), a municipal corporation, and ABG ILLINOIS, LLC ("Archway"), <br /> a Delaware limited liability company licensed to conduct business in the State of <br /> Illinois. <br /> 1. Archway is the owner of the property located at 337 North Water <br /> Street, Decatur, Illinois and legally described as follows: <br /> The South Eight (8) inches of Lot Five (5) and all of Lots Six (6) and <br /> Seven (7) of a Resurvey of Snyder's Addition and Lots 1, 2, & 3 in <br /> Block 2 of Central Addition as per plat recorded in Book 149, page <br /> 203 of the records in the Recorder's Office of Macon County, <br /> Illinois. <br /> 2. City agrees to purchase the real property described in Paragraph 1 <br /> above, for and in consideration of the purchase price of One Hundred Twenty <br /> Thousand Dollars and No Cents ($120,000.00), good and lawful money of the <br /> United States of America, subject to the following terms. <br /> 3. Within ten (10) days of execution of this agreement, Archway shall <br /> furnish to the City a title commitment for an owner's title insurance policy insuring <br /> against defects in merchantability of title, at the value of the purchase price. Title <br /> may be subject to coal and mineral rights if now reserved or conveyed of record <br /> and to all easements and building and use restrictions now of record which do <br /> not restrict reasonable use. Archway will promptly advise the City of any claimed <br /> defects in title evidence to permit resolution prior to settlement. Each party will <br /> pay their respective search charges, costs of title insurance policy, if any, and the <br /> cost of all necessary endorsements to the title insurance policy. Any fee for <br /> settlement of this agreement shall be divided equally between the parties. The <br /> City may cancel this agreement where title defects cannot be resolved prior to <br /> the final Closing date. <br /> 4. Neither Archway nor its predecessors (specifically Nextmedia Group, <br /> LLC) have received or are aware of any pending notices, suits or judgments <br /> relating to the premises. <br /> 5. Archway shall be responsible for accrued and unpaid general real <br /> estate taxes against the property up to the date of closing, if any. <br /> 6. At settlement Archway shall deliver to the City a Warranty Deed, <br /> conveying and relinquishing its interest in the property, in such form and together <br /> with such documentation as shall be required for recording said deed. Archway <br /> 1 <br />