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<br /> ST�NDARD REAL ESTATE PURCHASE AGREEMENT
<br /> Prepared For Decatur Association of REALTORS
<br /> X��t��i�3�'�x���!���8X�'�Y.
<br /> THIS IS A LEGALLY BINDING CONTRACT. UNI.ESS FULLY UNDERSTOOD, CONSULT AN ATTORNEY
<br /> BEFORE SIGNING. ' �
<br /> Philip Hecht Estate _ (Seller)agrees to sell, and
<br /> City of Decatur _ (Buyer)agrees to purchase at the
<br /> price of $ 77.500.00 _, the foUowing described real estate(Premises)situated in
<br /> County, Illinois,
<br /> commonly known as 142 E. Prairie
<br /> C��; Decatur , 1L, and presendy zoned . Tax ID# 04-12-15-278-024
<br /> IT IS FURTHER AGREED:
<br /> (1) Buyer has paid $ 1,000.00 , ��check, as eamest money to be deposited in Selling Bruker's non-interest
<br /> bearing escrow account no later than the next business date foUowing acceptance of this contract and credited to the Buyer
<br /> at Setdement. If Buyer defaults, Seller may accept earnest money as liquidated damages, or may pursue any available legal
<br /> rerr�edy. If Seller defaults, eamest money shall be refunded to Buyer,without prejudice to any legal remedy available.
<br /> (2) Seller shall promptly fumish Buyer a current(DELETE ONE) abstract of tide showing merchantable tiUe to the
<br /> Premises/commitment for an owner's tide insurance policy insuring against defects in merchantability of title
<br /> to the value of the purchase price. Tide evidence shall show that there are no financing statements on file affecting any
<br /> personal property or fixtures included in the purchase. Title may be subject to coal and mineral rights if now reserved or
<br /> conveyed of record and to all easements and building and use restrictions now of record which do not restrict reasonable use.
<br /> Buyer shall prompdy advise SeAer of any claimed defects in tide evidence to permit resolution before Setdement. Selter shall
<br /> pay the initial tide search charge and the title insurance premium charge. Buyer shall pay the search charge as to Buyer, the
<br /> cost of the mortgagee's tide insurance policy, if any, and the cost of all necessary endorsements to the Tide Insurance Policy.
<br /> 'n or transfer of tide.
<br /> (3) Buyer and Seller shall furnish all information legally required for financi g
<br /> (4) Buyer shall pay SeUer the balance of purchase price at the office of lst of Ame��r� �nk --- ,
<br /> on, or upon mutual agreement before, June 15, 1992 , which event is called Settlement. (Cash
<br /> Transaction if Financial Addendum is not attached).
<br /> (5) At Settlement, Seller shall deliver to Buyer a Warranty Deed to the Premises, subject only to those matters to which
<br /> the tide may be subject as provided in paragraph (2}and conveying the benefits of all easements appurtenant of record prior
<br /> to the execution of this contract, if any, in such form and together with such documentation as shall be required for recording
<br /> said deed. Seller shall also furnish Buyer, at Setdement, all documentation necessary to protect Buyer from mechanic's liens.
<br /> SeUer agrees to pay for transfer tax stamps.
<br /> (6) Except as may be provided by Agreement for Deed, at or before Settlement, Seller shall pay for or give Buyer credit
<br /> for general real estate taxes for aU prior years and for Seller's pro rata share of such ta�ces for the year of Settlement. Seller
<br /> shall further pay or give Quyer credit for aU special assessments now a lien against the Premises, rents (if any), and all water
<br /> or sewer bills or water main or sewer connection charges incurred and unpaid as of Settlement. Credit to Buyer for general
<br /> real estate taxes not yet payable shaU be computed on the bases of the MOST CURRENT TAX INFORMAT[ON availabie
<br /> at the time of Settlement. Subject to I'enants Right
<br /> (7) Buyer shall be entitled to possession of Premises b�----------�'E1esl�----�P4,-e�da�e-�Sattla�eA�—Sellerinay�
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<br /> (8) At least FIVE (5) but no more than 30 calendar days prior to closing, Buyer may, at Buyer's expense, (on V.A.
<br /> agreements, Seller(s) pay), obtain a written professional report that the residential dwelling, attached and/or detached garage
<br /> and outbuildings are free of visible evidence of active termites. If active termites are found, the improvements shall be treated
<br /> at Seller's expense. If substantial structural damage due to termites is found, repairs shall be made at Seller's expense, or this
<br /> contract shall become null and void and earnest money shall be refunded.
<br /> (9) It is expressly agreed between Buyer and Seller that there have been no representations, warranties or guarantees
<br /> made conceming the condition of plumbing, electrical, heating, air conditioning, other mechanical systems or any appliances.
<br /> No representations, warranties or guarantees have been made concerning the water supply, sewers, sewage disposal system,
<br /> roof or structural soundness of the property subject of this agreement. No notice, suits or judgements relating to violations at
<br /> the Premises of zoning, fire, air poAution or health laws and regulations have been received by Seller, except:
<br /> See attached Addendum
<br /> (10) It is agreed between Buyer and Seller:
<br /> A. Buyer, at their expense, may have the premises inspected within � business days, excluding Saturdays,
<br /> Sundays and Federal Holidays after the date of acceptance of this Contract.
<br /> B In the event said inspection(s)reveals a material defect in the structure of the subject property, roof, plumbing,
<br /> heating, co�ling, ventilation or electrical systems which are unacceptable to Buyer, Buyer shall give written notice to
<br /> Seller within THREE(3)business days, excluding Saturdays, Sundays and Federal Holidays, after the date of such
<br /> inspection, stating the nature of such inspection, the defect(s), and estimated cost of repair.
<br /> C. Within THREE(3)business days, excluding Saturdays, Sundays and Federal Holidays, from receipt of such
<br /> notice, SeUer shall notify Buyer in writing of his election of one or more of the following options:
<br /> 1. To correct such defect{s)prior to closing in accordance with Buyer(s)written inspection report and written cost
<br /> estimate.
<br /> 2. To obtain the Buyer's Agreement to apportion the cost necessary to conect said defects.
<br /> 3. To declare this Contract null and void, and retum tt�e earnest money set forth in Paragrapli One(1) to the Buyer.
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