R2002-217 AUTHORIZING EXECUTION OF AGREEMENT

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, �, ("purchase price"), the following legally described real estate ("Premises") situated in Macon County, Illinois: The North Half of the Northeast Quarter of the Northeast Quarter of Section 34, Township 17 North, Range 2 East of the Third P.M., in Macon County, Illinois, except that portion dedicated to public right of way, commonly known as Mound School and Sunnyside School properties located on the southwest corner of the intersection of Mound Road and U.S. Rt. 51 (3789 North Water Street and 303 West Mound Road), Decatur, Illinois. The Tax ID number for the Premises is 07-07- 34-226-001. 2. The CITY shall make an earnest money payment to the BOARD in the sum of Ten Thousand Dollars ($10,000.00) within thirty (30) days after the approval of this Agreement by the BOARD. It is understood that said payment shall not be held in a special account and can be used by the BOARD subject to the terms of this paragraph. At settlement, the CITY shall receive credit towards the purchase price for said payment; however, without credit for any interest earned on said deposit. Should the sale not be consummated due to the fault of the BOARD or because the BOARD chooses not to meet the demand of the CITY to correct deficiencies revealed by a Phase II Environmental Assessment or archeological survey, the $10,000.00 earnest money shall be returned to the CITY. 3. The BOARD shall promptly furnish to the CITY a commitment for an owner's title insurance policy insuring against defects in the merchantability of title up to the value of the purchase price set forth above. Title insurance shall show that there shall be no financing statements on file affecting 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. The CITY shall promptly advise the BOARD of any claimed defects in title evidence to permit resolution before settlement, as further described in section 4 hereof ("Settlement"). The BOARD shall pay the initial title search charge and title insurance premium. The CITY shall pay the search charge as to the CITY and the cost of all necessary endorsements to the title insurance policy. The BOARD shall furnish immediately upon request all information legally required for financing or transfer of title. 4. (a) Not more than sixty (60) days after the execution of this Agreement, the BOARD shall furnish to the CITY an executed and completed copy of a Phase I environmental assessment of the Premises in full compliance with the requirements therefor set out in Exhibit A hereof. The BOARD shall also comply with all applicable provisions of the Illinois Responsible Property Transfer Act of 1988 (765 ILCS 90/1 et seq.), if any. (b) If the Phase I environmental assessment of the Premises furnished to the CITY in accordance with Exhibit A hereto recommends that a Phase II environmental assessment be performed, then the CITY, in its sole discretion and at its cost, may perform such assessment prior to settlement, and the date and time of settlement shall be extended if necessary to permit the CITY a reasonable opportunity to perform same.