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<br /> AGREEMENT FOR DEED
<br /> DECATUR FORESIGHT, INCORPORATED, an Illinois corporation
<br /> (Seller), and THE BOARD OF LIBRARY TRUSTEES OF THE CITY OF
<br /> DECATUR, ILLINOIS, a municipal corporation (Buyer), make this agreement.
<br /> 1. If Buyer shall first perform as herein agreed, Seller shall convey by
<br /> warranty deed, to Buyer, fee simple title to the property described on Exhibit A
<br /> attached, commonly known as 130 North Franklin, Decatur, Illinois,
<br /> (Premises) together with the benefits of all easements appurtenant, free and
<br /> clear of encumbrances, but subject to the following if existing, conveyed or
<br /> reserved of record prior to the time Seller and Buyer contracted for the sale of
<br /> Premises: coal and mineral rights, and easements and building and use
<br /> restrictions which do not restrict reasonable use.
<br /> 2. Buyer shall pay to Seller the total sum of Two Million Four
<br /> Hundred Thousand Dollars ($2,400,000) (Purchase Price) in the following
<br /> manner: When Seller and Buyer have signed this Agreement for Deed and
<br /> The City of Decatur, Illinois has signed indicating its approval of the
<br /> Agreement and the City has guaranteed Buyer's obligations and Seller has
<br /> delivered to Buyer the waiver of Sears described in paragraph 5, Buyer shall
<br /> pay Seller Four Hundred Thousand Dollars ($400,000); Buyer shall pay Seller
<br /> One Million Six Hundred Thousand Dollars ($1,600,000) on September 30,
<br /> 1998; Buyer shall pay Seller the balance of Four Hundred Thousand Dollars
<br /> ($400,000), without interest, by three payments, the first payment on
<br /> September 30, 1999, in the amount of One Hundred Thirty-three Thousand
<br /> Three Hundred Thirty-four pollars ($133,334), the second payment on
<br /> September 30, 2000, in the amount of One Hundred Thirty-three Thousand
<br /> Three Hundred Thirty-three Dollars ($133,333), and the third payment on
<br /> September 30, 2001, in the amount of One Hundred Thirty-three Thousand
<br /> Three Hundred Thirty-three Dollars ($133,333).
<br /> 3. Seller shall promptly furnish to Buyer a commitment for an
<br /> owner's title insurance policy insuring against defects in the merchantability
<br /> of title up to the value of the purchase price. This commitment for a title
<br /> insurance policy, this Agreement, Seller's deed, and other pertinent papers,
<br /> shall be delivered to Decatur Title Company as Escrow Agent. All payments,
<br /> except down payment, due hereunder shall be paid to Escrow Agent. Buyer
<br /> shall pay escrow charges. Escrow Agent is authorized to use the funds
<br /> hereunder payable to Seller to pay any obligation assumed by Seller under
<br /> this Agreement. Upon final payment by Buyer of all sums due, Escrow Agent
<br /> shall deliver to Buyer the deed, a check from Seller's fund for required
<br /> transfer tax stamps and all other papers held, except its copy of this
<br /> Agreement. Buyer shall have the option when the payment of One Million
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