R2016-47 AUTHORIZING EXECUTION OF QUITCLAIM DEED - 1022 W. Macon

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EXHIBIT A QUIT CLAIM DEED STATUTORY DOCUMENT NO. Tax Bill To: TAX EXEMPT THE GRANTOR, CITY OF DECATUR, ILLINOIS, a Municipal Corporation, for and in consideration of Ten Dollars ($10.00) and other good and valuable consideration in hand paid, conveys to DECATUR PILOT NFP the real estate legally described in Exhibit A attached hereto and hereby made a part hereof, which is situated in the County of Macon, State of Illinois, with the following restrictions: Buyer, its successors and assigns (excluding Seller), shall: (1) Utilize the Premises to construct a single family dwelling; and (2) Substantially complete construction of said dwelling within three (3) years of the date of closing (subject only to force majeure delay); and (4) If Buyer, its successors or assigns (except Seller), fails to substantially complete said dwelling within three (3) years of the date of closing, Buyer shall, within thirty (30) days of a written request by the Seller to do so, transfer ownership of the Premises back to Seller or its assignee. If Buyer transfers the Premises to Seller, Buyer shall be responsible for any and all costs associated with the transfer, including transfer taxes, recording fees, closing costs, due and unpaid real estate taxes, and all costs associated with remediating any changes or improvements made to the Premises by Seller, its successors and assigns as deemed necessary in the sole judgment of Seller. Substantial Completion or Substantially Complete means complete construction of the shell and core, with finished interiors of common areas to the point of qualification for the issuance of certificates of occupancy pursuant to codes of the City, except for minor and ancillary alterations or additional work. IN WITNESS WHEREOF, the Grantor has hereunto set its hand and seal this day of April, 2016. CITY OF DECATUR, ILLINOIS, a Municipal Corporation, By Timothy Gleason, City Manager