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, • riook : .�r:�s ���e : 557 <br /> ASSIGNMENT OF OPTION ON REAL ESTATE <br /> This ASSIGNMENT OF OPTION ON REAL ESTATE (this "ASSIGNMENT") is <br /> entered into this �� day of November, 2006, by and between the CITY OF DECATUR, an Illinois <br /> home rule municipal corporation (the "Municipality"), and Reynolds Development, LLC (the <br /> "Developer"). <br /> PREAMBLE <br /> WHEREAS, Developer purchased an Option on Real Estate ("Exhibit A") from <br /> Regions Bank, as Trustee Under Land Trust No. 2395 for the sum of Two Thousand Five Hundred <br /> Dollars ($2,500.00) on October 1 l, 2006 (the "Option") to purchase certain real estate for the purchase <br /> price of Two Hundred Seventy Five Thousand Dollars ($275,000.00), which said real estate is legally <br /> described as follows: "Lot Thirteen (13) ofthe Resurvey of Snyder's Addition and Lots 1,2, and 3, Block <br /> 2 of Central Addition, as per Plat recorded in Book 149 Page 303 of the records in the Recorder's Office <br /> of Macon County,Illinois (the"Premises"). <br /> WHEREAS, Municipality has requested that Developer assign the Option to <br /> Municipality for the sum of Two Thousand Five Hundred Dollars ($2,500.00) in order to facilitate certain <br /> contingencies within a separate Redevelopment Agreement entered into between Municipality and <br /> Developer. <br /> NOW, THEREFORE, THE MUNICIPALITY AND THE DEVELOPER, FOR <br /> GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH <br /> IS HEREBY ACKNOWLEDGED, agree as follows: <br /> 1. The Municipality hereby agrees to pay to Developer, within 7 business days <br /> following the date of this Assignment, the sum of Two Thousand Five Hundred Dollars <br /> ($2,500.00)to acquire the Option from Developer. <br /> 2. The Developer hereby transfers and assigns the Option to Municipality to be <br /> exercisable by the Municipality pursuant to the terms therein. <br />