R91-145 AUTHORIZING REAL ESTATE PURCHASE AGREEMENT - DREDGING STORAGE BASIN

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� • , . • ' • � 3 l. AGREEMENT OF PURCHASE-PURCHASE PRICE: Lawson agrees to sell and City agrees to puzchase Tracts 1, 2 and 3 at the total purchase price of $367 , 347 .50 ("Purchase Price") and with said Purchase Price being delineated on a per acre basis for each Tract as follows: Price Tract Per Acre Price # of Acres �Rr�unded) 1 $2, 100 106. 83 $224,400.00 2 2 , 100 46 . 10 96.800.00 Subtotal 152 .93 $321,200.00 3 1, 750 26. 37 46,147.50 Total Purchase Price . . $367, 347 .50 2 . TITLE EVZDENCE: City, at City' s expense, may acquire a commitment for an owner' s title insurance policy insuring against defects in merchantability of title to the value of the Purchase Price. The title evidence shall show that there are no financing statements on file which affect merchantability of title. 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 � or intended use. City shall promptly advise Lawson of any claimed defects in title evidence to permit resolution before settlement as hereinafter defined. 3 . BETTLEMENT DATE: The parties agree that the Purchase Price will be paid at the office of the City' s Legal Department, on the Third Floor of the Civic Center Building, #1 Civic Center Plaza, Decatur, Illinois 62523, at 11: 30 0 o'clock A.M. on or upon mutual agreement before October 9, 1991, which event is called "Settlement. " Upon mutual agreement, the parties may change the time or place of Settlement. 4 . TITLE CONVEYANCE: At Settlement, Lawson shall deliver to City a Trustee's Deed to all tracts, subject only to those matters to which the title may be subject as provided in Paragraph 2 and conveying the benefit of all easements appurtenant of record prior to the execution of this Agreement, if any, in such form and together with such documentation as shall be required for recording said deed. It is acknowledged by the parties that because City is a municipal corporation transfer tax stamps will not be required. The form of the Trustee' s Deed is attached hereto and is approved by City. 5. CREDIT FOR GENER.AL REAL ESTATE TAXES: It is acknow- ledged that the 1990 general real estate taxes levied on said tracts have been paid in full . At Settlement, Lawson shall give credit to City for the 1991 general real estate taxes payable in 1992 with such credit to be computed on the basis of the 1990 general taxes payable 1991 as levied on said tracts.