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HomeMy WebLinkAboutResolution #3403"', RESOLUTION NO. 3403 A RESOLUTION APPROVING AN AGREEMENT FOR THE SALE OF REAL ESTATE BETWEEN THE CITY OF CANTON AND PATRICIA COLBERT- FOOSE (123 EAST OLIVE STREET, CANTON, II.61520) WHEREAS, on November 25, 1997 the Mechanical Committee of the Canton City Council received a bid from Patricia Colbert-Foose in the amount of $5,300,00 to purchase the vacant lot at 123 East Olive Street, Canton, Illinois; and, WHEREAS, a written agreement has now been prepared for signing by the City of Canton and Patricia Colbert-Foose; and, WHEREAS, the City Council of the City of Canton, Illinois has determined that it is in the best interest of the City of Canton to approve said Agreement providing for the sale of the real estate at 123 East Olive Street, Canton, Illinois. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Illinois as follows: 1. That said Agreement providing for the sale of certain city owned realty, a copy of which is attached hereto and made a part hereof as Exhibit A, is hereby approved, said Agreement be subject to and effective pursuant to the terms and conditions set forth therein. 2. That the City Attorney shall conclude the transaction with Patricia Colbert- Foose in accordance with the ordinances heretofore adopted by obtaining execution of the sale, obtaining title evidence, preparing deed, etc. in order to close said transaction on or before January 10, 1998. 3. That this Resolution shall be in full force and effect immediately upon its passage by the City Council of the City of Canton, Fulton County, Illinois and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Fulton County, Illinois, at a regular meeting this 2ndday of December, 1997, upon a roll call vote as follows: AYES• Aldermen Shores, Nidiffer, Sarff, Phillips, Hartford, • Mayor Edwards. NAYS: None . ABSENT• Aldermen May, Meade, Molleck. A OVED: Donald E. Edwards, ayor Attest: ~~ Nancy White ,City Clerk. AGREEMENT NO. AN AGREEMENT PROVIDING FOR THE SALE OF CERTAIN CITY OWNED REALTY WHEREAS, the City of Canton, an Illinois municipal corporation, is the owner of certain real property hereinafter more particularly described which such real property has been by said City determined to be no longer necessary, appropriate, required for the use of, profitable to, or for the best interest of the City of Canton; and, WHEREAS, Patricia Colbert Foose desires to purchase such real property from the City of Canton. NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 1. SELLER: The Seller of the real property hereinafter described is the City of Canton, an Illinois municipal corporation, having its main office located at 210 East Chestnut Street, Canton, Illinois 61520, hereinafter to as the "City". 2. BUYER: The Buyer of the real property hereinafter described is Patricia Colbert-Foose permanent mailing address is 107 E. Olive, Canton, Illinois, hereinafter referred to as the "Buyer". 3. SUBJECT MATTER: The subject matter of this agreement is certain real property located within the corporate limits of the City of Canton, Fulton County, Illinois with common address of 123 East Olive Street, Canton, Illinois. Said real property is legally described as follows, to-wit: Lot 11 in Keeling and Bilby's Addition to the Town, now City of Canton, situated in Fulton County, Illinois, also part of the Northeast Quarter of Section 27, Township 7 North, Range 4 East of the Fourth Principal Meridian, described as follows: Beginning at the Northeast corner of Lot 11 in Keeling and Bilby's Addition to the Town now City of Canton, running thence North 33 feet, thence West 50 feet, thence South 33 feet to the Northwest corner of said Lot 11, thence East along the North line of said Lot to the place of beginning, situated in Fulton County, Illinois, all situated in the City of Canton, County of Fulton and State of Illinois. AKA: 123 East Olive Street, Canton, Illinois 61520 4. CONSIDERATION: (a) The consideration supporting this agreement is made up of the mutual covenants and agreements herein set forth and payment of the cash sum of Five Thousand Three Hundred Dollars and no cents ($5300.00) from the Buyer to the City (b) Buyer has thus far made no down payment. The balance of the purchase price, less any credits shall be paid at the time of closing. 5. CONVEYANCE: The City shall convey title to said real property to Buyer by a good an s i t arr~r~ty c~ee~i. ~~ ~he rty s al1l show proof of merchantable title in said real property to Buyer by either, in the City's sole discretion, supplying Buyer with an updated abstract of title or a commitment to insure title in the amount of the cash sum set forth in paragraph 4, above. In the event an abstract is provided by the City, it shall be updated only once at the City's expense. Proof of merchantable title as aforesaid shall be furnished by the City to Buyer within 30 days of the date of this agreement or, for good cause shown, at such other or further time as the parties may agree to; and such extension of time shall be accomplished by an instrument in writing. 7. DEFECTS IN TITLE: In the event Buyer makes objection to the status of title and, in the opinion of the City Attorney, such objection sets forth a bona fide defect causing title to not be merchantable, the City shall, in its sole discretion, cure such defect within 60 days of Buyer's making of such objection or declare this agreement to be null and void provided, however, that the City return to Buyer any earnest money deposit without interest and, still further, providing that Buyer release to the City the original of the abstract of title or commitment to insure title. 8. CLOSING: Closing shall take place on or before January 10, 1998 at the City's main office as set forth in paragraph 1, above. 9. TAXES AND UTILITIES: General real estate taxes, utilities and special assessments, if any, shall be prorated between the City and Buyer according to their respective time of possession of the premises. The City shall be responsible for all general real estate taxes, utilities and special assessments, if any, which are levied or placed against said premises in any year preceding the instant year and which are now legally cognizable, due and owing. The City may, at its election, allow some or all of its share of such general real estate taxes, utilities and special assessments, if any, as a credit against the cash sum due and owing to the City from the Buyer, all as set forth in paragraph 4, above. If such credit is given by the City to the Buyer, the Buyer hereby covenants and agrees to hold the City whole and harmless on account thereof. 10. ZONING AND USE OF PREMISES: The Above described premises are zoned R-2, Residential District, under the City of Canton's zoning ordinance(s), as amended. The use of the premises shall be governed by reference to the City's zoning ordinances as the same presently exist and as such zoning ordinance may be amended. No notice has been received by the City concerning any zoning code violations. 11. INSPECTION: Buyer shall be permitted reasonable inspection of the premises prior to closing. 12. PERFORMANCE: Time is of the essence of this contract. Should Buyer fail to perform this contract, then at the option of Seller and upon written notice to Buyer, the earnest money,if any, shall be forfeited by Buyer as liquidated damages and this contract shall thereupon become null and void and sellers shall have the right, if necessary and applicable, to reenter and take possession of the premises aforesaid, and all right and title to the premises and any and all improvements made upon such premises by Buyer shall vest in Seller. In the event of Buyer's failure to perform, Seller shall not be limited to the earnest money deposited as liquidated damages for Buyer's default. Buyer or Seller shall pay all reasonable attorney fees and costs incurred by the prevailing party and enforcing the terms and provisions of this contract including forfeiture or specific performance, or in defending any proceeding to which Buyer or Seller are made a party as a result of the acts or admissions of the other party. 13. NOTICES: All notices required to be given under this contract shall be construed to mean notice in writing signed by or on behalf of the party giving same, and served upon the other party or attorney personally or deposited properly addressed to such party at the address herein set forth in the U. S. Mail postage paid, certified or registered mail, return receipt requested. 14. TRANSFER TAX STAMPS: Seller shall pay for the State of Illinois and County Real Estate Transfer Tax Stamps. 15. MERGER OF AGREEMENT: This Agreement contains the entire agreement between the parties hereto. All negotiations between the parties are merged in this Agreement and there are no understandings or agreement other than those incorporated in this Agreement. 16. ENVIRONMENTAL MATTERS: The City will provide BUYER with an affidavit that it has no knowledge of any environmental problem and that, to its knowledge, it has done nothing to cause an environmental problem on the premises. BUYER agrees he will not seek reimbursement or damages from the City should an unknown environmental problem be discovered after the closing of this transaction unless the City's affidavit is materially false or unless the City knowingly suffered or permitted such environmental problem during the term of the City's ownership of the property. IN WITNESS WHEREOF the City and Buyer have set their hands and seals to two originals thereof this day of Attest: ancy Whit ,City Clerk (Corporate Seal) 1997. CITY OF CANTON, an Illinois municipal Corporatio By: Donald E. Edwards, Mayor Patricia Colbert-Foose, Buyer