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REAL ESTATE TRANSFER AGREEMENT <br /> THIS AGREEMENT made by and between the City of Decatur, Illinois <br /> ("City"), a municipal corporation, and KARL E. MEURLOT ("MeurloY'). <br /> 1. City is the owner of Municipal Parking Lot 3 located at 417-421 North <br /> Main Street, Decatur, Illinois and legally described as follows: <br /> South 12 feet of Lot One (1) and all of Lot Two (2) in Block One (1) <br /> of Cowen & Hostetler's Addition, as per Plat recorded in Book A, <br /> Page 201 of the records in the Recorder's Office of Macon County, <br /> Illinois. <br /> 2. Meurlot is the owner of the property commonly known as 331-335 <br /> North Water Street, Decatur, Illinois, and legally described as follows: <br /> Lots Eight (8) and Nine (9) of the Resurvey of Snyder's Addition <br /> and of Lots One (1), Two (2) and Three (3) in Block Two (2) of <br /> Central Addition to Decatur, as per Plat recorded in Book 149, <br /> Page 303 of the record's in the Recorder's Office of Macon County, <br /> Illinois. <br /> 3. City and Meurlot hereby agree to exchange ownership of the real <br /> properties described in paragraphs 1 and 2 above. <br /> 4. The transfer of real properties described in this Agreement is <br /> contingent upon the Decatur City Council adopting an Agreement between the <br /> City and Reynolds Development, LLC to redevelop the east side of the 300 Block <br /> of North Water Street. <br /> 5. The property described in paragraph 1 above, and known as Parking <br /> Lot 3 shall be conveyed to Meurlot in "as is" condition. The City makes no <br /> warranties as to its condition. Meurlot will accept conveyance of said Lot 3 in <br /> whatever condition it presently exists, and with all faults, whether or not <br /> immediately apparent. <br /> 6. City and Meurlot will promptly furnish to each other a title <br /> commitment for an owner's title insurance policy insuring against defects in <br /> merchantability of title. Title may be subject to coal and mineral rights if now <br /> reserved or conveyed of record and to all easements and building and use <br /> restrictions now of record which do not restrict reasonable use. Each party will <br /> promptly advise the other party of any claimed defects in title evidence to permit <br /> resolution prior to settlement. Each party will pay their respective search <br /> charges, costs of title insurance policy, if any, and the cost of all necessary <br /> 1 <br />