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AGREEMENT <br /> ,. , <br /> THIS AGREEMENT ("Agreement") is entered into as of the :��` day of <br /> C:,�; , � , 2016 by and between the Board of Library Trustees of the City of Decatur <br /> ("Library") and the City of Decatur("City"). <br /> RECITALS <br /> A. The City is a city as set forth by the Illinois Municipal Code, 65 ILCS 5/1-1-1, et. <br /> seq. <br /> B. The Library is a semi-autonomous municipal entity as set forth in the Illinois <br /> Local Library Act, 75 ILCS 5/1-01, et. seq., and desires to transfer 130 North Franklin Street, <br /> Decatur, Illinois ("Property"), which current serves as the public library, to the City; and <br /> C. The City desires to accept such transfer and agrees to enter into a certain lease <br /> allowing the Library to continue to utilize space in the above listed property as more specifically <br /> set forth in a Lease Agreement between the parties contemporaneously dated hereinwith. <br /> NOW, THEREFORE, for good and valuable consideration, the receipt, sufficiency and <br /> adequacy of which are hereby acknowledged, the Library and City a��ree as follows: <br /> 1. The fore�oing recitals are incorparated herein as a fully stated as a part of this <br /> Agreement. <br /> 2. The Library shall transfer the Property to the City and the City shall accept the <br /> Property from the Library. <br /> 3. The foregoing transfer is expressly contingent upon the Library and City entering <br /> into a Lease that is in substantially the same fortn as the Lease attached hereto and incorporated <br /> herein as Exhibit A. <br /> 4. The Library shall not provide title insurance, however, the City may obtain title <br /> insurance in its own discretion and at its own cost. <br /> 5. At settleinent, the Library shall deliver to the City a warranty deed to the Property <br /> and conveying the benefits of all easeinents of record prior to the execution of this contract, if <br /> any, in such fonn and together with such documentation as shall be required for recording said <br /> deed. The City agrees to pay for transfer tax stamps, prepare the real estate transfer declaration <br /> fonn and any environmental discloslire requirement documei�ts. City agrees to pay for the cost <br /> of recording with the Recorder of Deeds any of the documents necessary to coinplete the transfer <br /> of ownership. Additionally, at settlement the parties shall execute the Lease Agreement attached <br /> as Exhibit. A. <br />