Laserfiche WebLink
� / • . <br /> the purchase price; and in the event the option is not exercised, <br /> the City shall have the right to keep said $100. 00 as agreed and <br /> liquidated damages. <br /> 3. Partnership will demolish the existing building on the <br /> premises and build a new building thereon suitable for use by the <br /> Illinois Department of Public Aid. <br /> 4 . Partnership agrees that the new building will be used by <br /> the Illinois Department of Public Aid for a period of not less <br /> than five (5) years. <br /> 5. In the event the option is exercised, City agrees to <br /> convey said premises to Partnership and to furnish an Owner' s <br /> Title Insurance Policy insuring against defects in <br /> merchantability of title for $100 ,000 . 00 . Title will be subject <br /> to coal and mineral rights if now reserved or conveyed of record <br /> and to all easements and building and use restrictions now of <br /> record. <br /> 6 . Partnership shall be entitled to possession upon <br /> exercising said option and paying an additional $99,900 .00 to <br /> City. <br /> 7 . In the event City now pays any taxes on said premises, <br /> City shall give Partnership credit for City' s pro rata share of <br /> taxes for the year of settlement. <br /> 8. City and Partnership agree that Partnership is <br /> purchasing said Premises "as is" . <br /> 9 . City and Partnership agree that the option must be <br /> exercised in writing. <br />