R2005-08 AUTHORIZING AGREEMENT - Laserfiche WebLink

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./: 5575 12/l 7/04 CONTRACT OF SALE THIS CONTRACT OF SALE ("Contract") is by and between THE CITY OF DECATUR, an Illinois municipal corporation ("Seller"), and BSG-STAR, L.L.C., an Illinois limited liability company ("Buyer"). WITNESSETH: Seller agrees to sell and Buyer agrees to purchase upon the terms and conditions herein a tract of land, and all improvements thereon, commonly known as Lot 3 of Mound Center, Decatur, Illinois, and outlined on Exhibit A attached, including Seller's rights, title and interest in adjacent streets and all rights-of-way and easements benefiting the land, (the "Property"). 1 . Purchase Price. The purchase price for the Property is Three Hundred Fifty Thousand Dollars ($350,000.00). Buyer shall deposit $2,500.00 as earnest money with the Title Company within ten (10) days of the execution hereof by Seller and Buyer to be applied to reduce the purchase price at the closing. The purchase price for the Property shall be paid by wired funds at the closing, subject to the closing adjustments provided herein. 2. Seller's Re�resentations. Seller hereby represents and warrants to Buyer that: (a) Seller is the fee simple owner of the Properry and has the full right and authority to enter into this Contract and to sell the Property to Buyer in accordance with this Contract. (b) The Property contains no underground tanks or pipes of any kind and the Property contains no hazardous wastes or chemicals; the Property has never been used for chemical manufacturing, printing, waste disposal, storage or dispensing of gasoline, chemicals, or hazardous substances, or as a landfill or dump. Seller agrees to indemnify and hold Buyer harmless from any liability or costs incurred by Buyer, including legal fees and expenses, as a result of any breach by Seller of any of the above representations or warranties or because of any liability under the Resource Conservation and Recovery Act of 1976, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as now existing or as _� hereafter amended, or any similar act, statute or regulation resulting from any activity or use of the Property prior to the date of the closing of the sale under this Contract or from the condition of the Property as of the date of closing of the sale under this Contract. (c) The Property is not subject to any special assessments and there have been no public improvements made or authorized which can result in any special assessments against the Property. (d) Seller's representations and warranties shall survive the closing, shall not be merged in the deed or other ciosing documents and shall not be affected by any investigation by Buyer or approval by Buyer or Buyer's consultant(s). 3. Conditions Precedent. 3.1 This Contract is contingent upon Buyer obtaining by February i5, 2005 the approval of Starbucks Corp. to lease a portion of the Property from Buyer. If such approval is not obtained by February i5, 2oo5,then this Contract shall terminate. 1