R99-93 AUTHORIZING PURCHASE OF REAL PROPERTY

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i � � , { ', ; , REAL ESTATE PURCHASE CONTRACT 1. WAKS INVESTMENTS L.L.C., an Illinois Limited Liability Company, as Seller, agrees to sell and CITY OF DECATUR, ILLINOIS, a municipal corporation, as Buyer, agrees to purchase at the price of One Hundred Ninety-One Thousand Five Hundred Dollars ($191,500.00) the following legally described real estate ("premises") situated in Macon County, Illinois: Lots Twelve (12), Thirteen (13), Fourteen (14), Fifteen (15) and Sixteen (16) in Block Three (3) of Higgins Addition to the City of Decatur, as per Plat recorded in Book 97 Page 115 of the records in the Recorder's Office of Macon County, Illinois, commonly known as 1128, 1134 and 1162 North Water Street, Decatur, Illinois. The Tax ID numbers for the property are: 04-12-11-302-001; 002 and 003. 2. Seller shall promptly furnish to Buyer 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 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 resolution before settlement. Seller shall pay the initial title search charge and title insurance premium. Buyer shall pay the search charge as to the Buyer, the cost of mortgagee's title insurance policy, if any, and the cost of all necessary endorsements to the title insurance ' policy. Buyer and Seller shall furnish immediately upon request all information legally required for financing or transfer of title. Any fee for settlement of this contract shall be divided between Seller and Buyer. 3.. Buyer shall pay Seller the purchase price at the office of the City's Corporation Counsel, One Gary K. Anderson Plaza, Decatur, Illinois, on or before settlement, as defined herein. 4. Settlement will occur, as follows: (a) The premises currently contains three (3) buildings, one of which, 1162 North Water Street, is commonly known as Mr. Lucky's Tavern and for which City of Decatur Liquor License #951A ("license") had been issued. The license was revoked by Mayor Terry M. Howley ("Mayor Howley"), Local Liquor Control Commissioner, on January 25, 1999, and that revocation has been appealed to the State of Illinois Liquor Control Commission ("Commission"), as Appeal No. 99 SA 34 ("appeal"). (b) Mayor Howley and Seller wish to resolve the disposition of said license without resort to further litigation. Accordingly, the resolution thereof set out herein shall not be 1