R2003-26 AUTHORIZING PURCHASE OF REAL PROPERTY

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REAL ESTATE PURCHASE CONTRACT , MILLIKIN UNIVERSITY,an Illinois Not-for-profit corporation(Seller),agrees to sell,and CITY OF DECATUR(Buyer)agrees to purchase at the price of$90,000.00,the following described real estate (Premises) situated in Decatur, Macon County, Illinois and commonly called the Black � Building: ' Lots Five and Six of the Master in Chancery's Subdivision of Lot One in Block Two I� of Cowan&Hostetler's Addition to the Town,now City of Decatur,and the 12-foot I alley West of and adjoining said Lot Five, as per Plat recorded in the Circuit Court I�I Record 18, page 463 of the Records in the Circuit Clerk's office of Macon County, �I Illinois; and, I The East Forty-eight feet of the North Forty-tive feet of Lot Two in Block Two of li Cowan & Hostetler's Addition to the city of Decatur, as per Plat recorded in Book A, page 201 of the Records in the Recorder's Office of Macon County, Illinois; Commonly known as: 125 E. North Street, Decatur, Illinois. IT IS FURTHER AGREED: 1. Buyer has paid $0. as earnest money to be held by Seller's attorney and credited to Buyer at Settlement. If Buyer defaults, Seller may accept earnest money as liquidated damages, or may pursue any available legal remedy. If Seller defaults,earnest money shall be refunded to Buyer, without prejudice to any legal remedy available. 2. Seller shall promptly furnish Buyer a commitment for an owner's title insurance policy insuring against defects in merchantability of title up to the value of the purchase price. Title evidence shall show that there are no financing statements on file affecting any personal property or fixtures included in the purchase. Title may be subject to coal and mineral rights if now reserved or conveyed of record and to all easements and building and use restrictions now of record which do not restrict reasonable use. Buyer shall promptly advise Seller of any claimed defects in title evidence to permit resoiution nerare Setilement. Selier shaii pay tne initial title search charge and title insurance premium. Buyer shall pay the search charge as to Buyer,the cost of mortgagee's title insurance policy, if any, and the cost of all necessary endorsements to the title insurance policy. 3. Buyer shall pay Seller the balance of purchase price at the office of Keith Casteel, Samuels,Miller, Schroeder,Jackson&Sly,Decatur,Illinois,on,ar upon mutual agreement before, Apri123, 2003,which event is called Settlement. 4. At Settlement, Seller shall deliver to Buyer a Trustee's Deed to the Premises from First National Bank of Decatur,Trust#4464, subject only to those matters to which the title may be subject as provided in paragraph 2 and conveying the benefits of all easements appurtenant of record prior to the execution of this contract, if any, in such form and together with such documentation as shall be required for recording said deed. Seller shall also furnish Buyer, at Settlement,all documentation necessary to protect Buyer from mechanics'liens. Seller agrees to pay for transfer tax stamps.