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HomeMy WebLinkAboutResolution #5401 - contract proposal for the sale of surplus real estate located on North Dal Bar RoadRESOLUTION NO. q b A RESOLUTION ACCEPTING A CONTRACT PROPOSAL FOR THE SALE OF SURPLUS REAL ESTATE LOCATED ON NORTH DAL BAR ROAD WHEREAS, the City of Canton, Fulton County, Illinois ("City"), is a non -home rule unit of government; WHEREAS, Section 11-76-4.1 of the Illinois Municipal Code (65 ILCS 5/11-76-4.1) provides: Sale of surplus real estate. The corporate authorities of a municipality by resolution may authorize the sale or public auction of surplus public real estate. The value of the real estate shall be determined by a written MAI certified appraisal or by a written certified appraisal of a State certified or licensed real estate appraiser. The appraisal shall be available for public inspection. The resolution may direct the sale to be conducted by the staff of the municipality; by listing with local licensed real estate agencies, in which case the terms of the agent's compensation shall be included in the resolution; or by public auction. The resolution shall be published at the first opportunity following its passage in a newspaper published in the municipality or, if none, then in a newspaper published in the county where the municipality is located. The resolution shall also contain pertinent information concerning the size, use, and zoning of the real estate and the terms of sale. The corporate authorities may accept any contract proposal determined by them to be in the best interest of the municipality by a vote of two-thirds of the corporate authorities then holding office, but in no event at a price less than 80% of the appraised value. WHEREAS, the City currently owns the following described surplus real estate (hereinafter the "Surplus Real Estate") Part of the Northeast Quarter of Section 30, Township 7 North, Range 5 East of the Fourth Principal Meridian, more particularly described as follows: Beginning at an iron rod at the southeast corner of Lot 20 in Old Beach Addition, as shown on Plat of Survey recorded November 7, 2017 as Document No. 1778527 in Slide 539, thence South 05 degrees 36 minutes 57 seconds West (bearings based on Illinois State Plane Coordinate System, NAD83 (2011), West Zone) 166.29 feet to a fence post; thence North 88 degrees 10 minutes 25 seconds West 132.72 feet to an iron rod; thence North 01 degrees 09 minutes 00 seconds East 128.37 feet to an iron rod at the southwest corner of said Lot 20; thence North 77 degrees 19 minutes 27 seconds East along the southerly line of said Lot 20 a distance of 150.00 feet to the Point of Beginning. The above described tract contains 20,359 square feet, more or less, or 0.467 acres, more or less. WHEREAS, the corporate authorities, by Resolution No. 5386 (adopted July 19, 2022), determined that the Surplus Real Estate is no longer necessary, appropriate, required for the use of, profitable to, or for the best interests of the City; WHEREAS, consistent with Resolution No. 5386, the Mayor has received a contract proposal (titled "Offer and Real Estate Sale Agreement") from the JOHN W. AND GLORIA DAVIS LAND TRUST NUMBER 1 (the "Davis Land Trust"), which is attached hereto as "Exhibit A" (the "Contract Proposal"); WHEREAS, the Contract Proposal offers to purchase the Surplus Real Estate for an amount that is at least 80% of the appraised value of the Surplus Real Estate, as determined by a written certified appraisal from a State certified or licensed real estate appraiser (Chad Beekman); WHEREAS, the corporate authorities have determined that it is in the best interests of the City to sell the Surplus Real Estate to the Davis Land Trust. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS AS FOLLOWS: 1. That the Recitals set forth above, and all facts and statements contained therein, are found to be true and correct and are hereby incorporated and adopted as part of this Resolution; 2. The Contract Proposal, attached hereto as "Exhibit A," is hereby ACCEPTED and APPROVED; 3. The Mayor is authorized to execute the Contract Proposal and any and all other necessary documents in order to sell the Surplus Real Estate to the Davis Land Trust; 4. The Mayor is authorized to modify the Contract Proposal, as deemed necessary, after consulting with Attorney John McCarthy, in order to effectuate the sale substantially on the same terms and conditions as in the Contract Proposal, provided that the sale price does not decrease; and 5. This Resolution shall be in full force and effective immediately upon its passage by the City Council of the City of Canton and approval by the Mayor thereof. PASSED AND APPROVED THIS 20h day of December, 2022. AYES: Mayor Kent McDowell, AlbeR-Pez5btiS Ch►aw�bez ��` ► , Neismi, LoOe-H, NAYS: NnNL l,i VA C -f rM r C-(0 5esr ABSENT: No V3 APPROVED: By: M), Kent McDoAeil, Mayor ATTEST: ��&44�F Andrea . Smith -Walters, Acting City Clerk 0a OFFER AND REAL ESTATE SALE AGREEMENT Pursuant to CITY OF CANTON Resolution No. 5386, regarding the sale of surplus public real estate located on North Dal Bar Road, to the JOHN W. AND GLORIA DAVIS LAND TRUST NUMBER 1, this OFFER AND REAL ESTATE SALE AGREEMENT ("Agreement") is made as of theday of December, 2022 (the "Effective Date"), by and between the CITY OF CANTON, 2 N. Main Street, Canton, Illinois 61520, an Illinois municipal corporation, hereinafter referred to as "Seller" or the "City", and JOHN W. AND GLORIA DAVIS LAND TRUST NUMBER 1, hereinafter referred to as "Purchaser". In consideration of the mutual covenants, payments and conditions heretofore and hereinafter set out, the parties hereto agree as follows: 1. DEFINITIONS: . (a) The parties to this contract shall be known as the "Seller" or 'Purchaser" as required by the context of the agreement. (b) The singular tense includes the plural and the masculine gender includes the feminine. (c) Titles to the paragraphs of this agreement are descriptive only and do not alter, limit, expand or amend the substance of the section itself. (d) The 'Property" or 'Premises" means the real estate described on Exhibit "A", which is generally located on or about Dal Bar Road in Canton, Illinois, and together with all fixtures therein or thereon which are now a part of said premises. 2. SALE AGREEMENT: Seller agrees to sell to Purchaser and Purchaser agrees to purchase from Seller, subject to all the terms and conditions of this Agreement, the Property, being vacant land, all privileges, rights, easements, hereditaments and appurtenances thereunto belonging. Seller shall convey merchantable title to the Property to Purchaser by special warranty deed, free and clear of all liens and encumbrances, and not subject to any easements, covenants, restrictions, dedications or rights of way, or other matters affecting title to the Property or use of the Property, except for those title exceptions (a) accepted by Purchaser pursuant to Section 7 of this Agreement; (b) related to any encroachments, encumbrance, violation, variation, overlaps, boundary line disputes, 1 matters of survey, or adverse circumstances affecting title that would be disclosed by an accurate and complete land survey of the Property or related to the use of the Property in any way by any person or entity for residential purposes, including but not limited to the presence, parking or use of any boats, trailers, or other personal property on the Property; and (c) related to any agreements, leases, pre- annexation agreements, easements, covenants, or restrictions approved by the City pursuant to Section 12 below (collectively the "Permitted Objections"). Said Special Warranty Deed shall be delivered by the Seller to the Purchaser simultaneously with the closing of this Real Estate Sale Agreement upon full compliance with the terms and conditions hereof. Seller shall cause said Special Warranty Deed and Illinois Real Estate Transfer Declaration ("PTAX-203") to be prepared at Seller's expense and Seller shall attach the appropriate revenue stamps required by Form PTAX-203 to said Special Warranty Deed in order to make same recordable or allow a credit to the Purchaser at the time of closing for the amount of such stamps. Purchaser shall pay the recording costs for said deed once the appropriate revenue stamps have been purchased by the Seller (if any) and affixed to the Special Warranty Deed. 4. PURCHASE PRICE: The Purchaser will pay to the Seller, as consideration for said conveyance and for the covenants of the Seller the sum of Nine Thousand Two Hundred Fifty and No/100 Dollars ($9,250.00) in the manner following: (1) One Thousand and No/100 Dollars ($1,000.00) upon the execution of this Agreement (the "Earnest Money"); and (2) the remaining balance of Eight Thousand Two Hundred and Fifty and No/100 ($8,250.00) at closing, simultaneously with the delivery ofthe Special Warranty Deed hereinabove provided, which then conveys merchantable title in accordance with this Agreement to the Purchaser. 5. PRORATIONS: a. Real Estate Taxes: Taxes for any year prior to the year in which this sale closes shall be paid by Seller, if any. Taxes for the year in which the sale closes shall be prorated, with Seller paying that portion accruing prior to the date of closing and Purchaser paying that portion accruing on and after the 2 date of closing. If the amount of real estate taxes for any year cannot be ascertained by the time of closing, then the taxes for that particular year shall be computed on the basis of the best available tax information at the time of closing. Taxes for any year after the year in which this sale closes shall be paid by the Purchaser. b. Utilities: All utilities, if any and any other proratable items such as rent shall be prorated to the day prior to the date of closing, with the Seller paying or receiving that portion accruing to the Seller prior to the date of closing and the Purchaser paying or receiving that portion accruing to the Purchaser on and after the date of closing. C. Adiustment: All prorations and adjustments required to be made under this Paragraph shall be made at the time of the closing of this transaction with an appropriate cash payment or a credit to the purchase price and all such adjustments or payments, once made, shall be final. 6. INSURANCE: All existing insurance now carried on the improvements on said real estate, together with any existing public liability insurance, shall be kept in force at the expense of the Seller until 12:00 Noon, local time, on the Closing Date, at which time Seller may cancel the existing insurance on the premises. 7. TITLE COMMTMENT AND POLICY: Seller shall have fifteen (15) days from the Effective Date to provide Purchaser with a title commitment ("Title Commitment") for the most current ALTA form Owner's Title Insurance Policy ("Title Policy"), including extended coverage, issued by a reputable title insurance company selected by the Seller ("Title Insurer"), covering the Property in the amount of the Purchase Price showing merchantable record title to the Property to be in Seller. At Closing, Seller, at Purchaser's expense, shall cause Title Insurer to issue the Title Policy to Purchaser (in accordance with the Title Commitment provided for in this Section 7), with all general exceptions deleted or endorsed over (including without limitation possession, encroachments, overlaps, boundary line disputes, matters of survey, easements, mechanic liens and taxes or special assessments not shown as existing by the public records exceptions), except those general exceptions which are a Permitted Objection and subject only to the Permitted Objections and other matters approved or waived in writing by Purchaser. (a) Objections to Title of Record. Within fifteen (15) days after Purchaser's receipt of the aforesaid Title Commitment, Purchaser shall furnish to Seller written notification of any objections to or defects in title of record set forth in the Title Commitment. If Purchaser fails to give said notice within said fifteen (15) day period, Purchaser shall be deemed to have accepted all matters then affecting title to the Property set forth in the Title Commitment. If Purchaser does give said notice, Purchaser shall be deemed to have accepted all matters set forth in the Title Commitment not set forth in the notice (provided Purchaser shall not be deemed to have waived any general exceptions). After receipt of said notice, Seller shall have the right, at its election, to endeavor to cure such objections to or defects in title set forth in the notice and shall notify Purchaser of such election within ten (10) days. If Seller does elect to endeavor to cure such objections to or defects in title, it shall promptly commence and diligently pursue efforts to cure such objections. (b) Failure to Cure Objections. In the event Seller fails to cure Purchaser's objections to or defects in title within twenty (20) days of receiving notice of such objections to or defects in title, or if Seller shall determine that its efforts to cure will not be successful, Purchaser may either (i) waive such title objections to or defects in title and proceed with closing hereunder or (ii) terminate this Agreement as provided herein. CLOSING AND POSSESSION: This transaction shall be closed at office of John McCarthy, or another reputable title insurer selected by Seller, on or before December 30, 2022 (the "Closing Date"). Purchaser shall pay the cost of the expenses of the closing including, without limitation, title searches, recording fees, title insurance premiums, the preparation of the closing statements, disbursement sheets, attendance at closing by the closing agents and the preparation and any reporting to IRS on such forms as may be required by law. Each party shall be responsible for their own attorney's 4 fees. Possession of the entire premises shall be delivered simultaneously with the closing of this transaction. 9. SELLER'S WARRANTIES: a. PURCHASER AGREES TO PURCHASE THE PROPERTY "AS IS" AND, "WITH ALL FAULTS" AND ACKNOWLEDGES THAT SELLER MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY NATURE. d. Both Purchaser and Seller acknowledge that it is not necessary to exchange radon disclosures, Lead Paint Disclosure form, nor Residential Real Property Disclosure form, since the premises is not residential real estate as of the time of the execution of this Agreement. e. Each of the parties represent and warrant to the other that neither has contacted any broker, agent, "finder", or other party who would be entitled to a fee upon the closing of this transaction. Each party shall assume and hold the other harmless against all such fees and expenses. 10. DEFAULT: "Default" means the failure of either party to perform any required act or make any required payment pursuant to the terms of this agreement. In the event the Purchaser shall default, the Seller shall have any one or a combination of more than one of the following remedies: a. Seller may forfeit the rights of the Purchaser under this agreement and retain the Earnest Money made pursuant to Section 4 hereof. b. Seller may sue the Purchaser for specific performance of the Purchaser's obligations hereunder as well as exercise any other rights and remedies available at law or in equity. In the event the Seller shall default, the Purchaser may sue the Seller for specific performance of the Seller's obligations hereunder, of for Purchaser's damages flowing from a breach of this agreement by the Seller, as well as the exercise any other rights and/or remedies available at law or in equity.to the Purchaser. �1 In the event of default, the defaulting party shall reimburse non -defaulting party for all reasonable attorney's fees and reasonable expenses of litigation incurred by the non -defaulting party in the enforcement of the obligations hereunder or in such amounts as may be determined by a court. 12. CONTINGENCIES: In the event that any of the contingencies provided in this Section 12 are not satisfied on or before the Closing Date, in Seller's sole discretion, then Seller may terminate this Agreement without penalty and without any further obligation for performance, and this Agreement shall then become null and void as to the parties. In the event this Agreement is terminated as set forth in this Section 12, then the earnest money shall be refunded to the Purchaser. This Agreement is contingent upon each of the following items: a. Zoning: This Agreement is contingent upon the premises being rezoned to Residential (R- 1) under Title 10 of the Canton Municipal Code. Said rezoning may be made contingent upon closing by the Canton City Council. Purchaser agrees to cooperate with the City and not object to or challenge any rezoning of the Property to Residential (R-1) by the City of Canton, or its representatives, at any time, including but not limited to rezoning requests made after the Closing Date. Before or after the Closing Date, the Purchaser and the City shall petition to rezone the Property to Residential (R-1). The Property is subject to the terms, conditions and provisions of the Declaration of Covenants and Restrictions; East Lake Development, dated August 17, 2022 and recorded August 18, 2022 as Document No. 2203370 of the Land Records of Fulton County, Illinois. This provision shall survive closing. b. Easements/Restrictions/Covenants: This Agreement is contingent upon easements, restrictions and/or covenants being recorded against the Property on or before the Closing Date, and said easements, restrictions and/or covenants shall be subject to the City's approval and satisfaction prior to recording. Unless waived by the City, such easements, restrictions and/or covenants shall, at a minimum, include a purchase option for the City to purchase the Property after five (5) years at a purchase price that shall not exceed the purchase price contained herein for the undeveloped lots then being purchased by the City. The easements, restrictions and/or covenants recorded against the C.1 Property may include provisions for a timely development of the Property to the City's satisfaction. This provision shall survive closing and shall not merge with the recording of the deed. C. Evidence of Authorization: This Agreement is contingent upon receipt of evidence satisfactory to Seller and Title Insurer that Purchaser is authorized to execute this Agreement and proceed with the transactions provided for in this Agreement, including but not limited to the purchase of the Real Property and the execution of any other documents contemplated by or necessary for this Agreement. d. Other Documents: This Agreement is contingent upon receipt of such other documents, instruments, covenants, restrictions, agreements, certifications, confirmations, and other documents as may be required by Seller or Title Insurer to fully effect and consummate the transactions contemplated by this Agreement and the development goals of the City. This provision shall survive closing and shall not merge with the recording of the deed. 13. PUBLICATION IN NEWSPAPER: Seller or Purchaser shall be authorized to publish any notice of this Agreement or sale, including without limitation any Ordinance related thereto, or any other publication required under Illinois law, in a newspaper or newspapers of general circulation in Fulton County in order to abide by any such laws governing municipalities. The Closing Date may be extended, at the option of the Purchaser, in the event additional time is needed to properly and timely comply with Illinois law and/or the publishing requirements set forth therein. 14. MISCELLANEOUS: The following miscellaneous provisions shall also apply to and be a part of the agreement between the parties hereto: a. This Agreement represents the total agreement of the parties and there are no other agreements, written or oral, which are not made a part hereof. 7 b. Purchaser shall be free to obtain a survey at Purchaser's sole expense and without any expense to the Seller hereunder. Seller shall cooperate to make the premises available to the Purchaser's surveyor. C. Each party will hold the other harmless from any and all brokers' commissions, finders' fees, consultants' fees or auctioneer fees due upon the closing of the transaction herein contemplated to any auctioneer, broker, salesman, agent, finder or consultant claiming to have acted on either party's behalf. d. This Agreement shall be binding upon the heirs, successors, executors, administrators and assigns of the parties hereto. e. Any warranties, agreements and obligations of either of the parties hereto which provide for future performance shall not be deemed merged in the delivery of any deed or delivery of any document at the closing of this transaction, but shall remain in full force and effect and fully enforceable as a part of this contractual agreement and shall not be deemed merged or destroyed as a result of the closing of this transaction. f. Time shall be in all things of the essence of this Agreement and all of the covenants and agreements contained herein. WITNESS the hands and seals of the parties hereto on the day and year first above written. PURCHASER: JOHN W. AND GLORIA D. DAVIS L UST ER 1 B e tel^ John W. Davis . o -Trustee By: Gloria D. Davis Its: Co -Trustee 0 SELLER: CITY OF CANTON KVO�- 0( 1A �� %,JJJ Kent McDowell, Ma Atte a�- �ndi Walters, City Clerk EXHIBIT A Part of the Northeast Quarter of Section 30, Township 7 North, Range 5 East of the Fourth Principal Meridian, more particularly described as follows: Beginning at an iron rod at the southeast corner of Lot 20 in Old Beach Addition, as shown on Plat of Survey recorded November 7, 2017 as Document No. 1778527 in Slide 539, thence South 05 degrees 36 minutes 57 seconds West (bearings based on Illinois State Plane Coordinate System, NAD83 (2011), West Zone) 166. 29 feet to a fence post; thence North 88 degrees 10 minutes 25 seconds West 132.72.feet to an iron rod; thence North 01 degrees 09 minutes 00 seconds East 128. 37 feet to an iron rod at the southwest corner of said Lot 20; thence North 77 degrees 19 minutes 27 seconds East along the southerly line of said Lot 20 a distance of 150. 00 feet to the Point of Beginning. The above-described tract contains 20, 359 square feet, more or less, or 0. 467 acres, more or less. w Closing Protection Letter TG - Seller ATTORNEYS' TITLE GUARANTY FUND, INC. Addressee: City of Canton Date: December 22, 2022 Name of Issuing Agent: John J. McCarthy 2492 209 East Chestnut Street, Suite 1 Canton, IL 61520 or Attorneys' Title Guaranty Fund, Inc., 1 South Wacker Drive, 24th Floor, Chicago, Illinois, 60606-4654, or both. TRANSACTION (the "Real Estate Transaction"): Attorneys' Title Guaranty Fund, Inc., Commitment for Title Insurance Number: 220249201804 Buyer: John W. and Gloria Davis Land Trust Number 1 Seller: City of Canton Property Address: Dal Bar Road Canton, IL 61520 Lender: N/A Re: Closing Protection Letter Dear City of Canton: In consideration of Your acceptance of this letter, Attorneys' Title Guaranty Fund, Inc. ("ATG®"), agrees to indemnify You for actual loss of Funds incurred by You in connection with the closing of the Real Estate Transaction conducted by the Issuing Agent on or after the date of this letter, subject to the Conditions and Exclusions set forth below and provided: (A) ATG issues or is contractually obligated to issue a Policy for Your protection in connection with the closing of the Real Estate Transaction; (B) You are to be the seller of the Title; (C) the aggregate of all Funds transmitted to the Issuing Agent for the Real Estate Transaction does not exceed $2,000,000; and (D) Your loss is solely caused by: 1. failure of the Issuing Agent to comply with Your written closing instructions that relate to: (a) the disbursement of Funds necessary to establish the status of the Title; or (b) the obtaining of any document, specifically required by You, but only to the extent that the failure to obtain the document affects the status of the Title-, or 2. fraud, theft, dishonesty, negligence, or misappropriation of the Issuing Agent in handling Your Funds or documents in connection with the closing, but only to the extent that the fraud, theft, dishonesty, negligence, or misappropriation relates to the status of the Title. Conditions and Exclusions 1. Your transmittal of Funds or documents to the Issuing Agent constitutes Your acceptance of this letter. 2. For purposes of this letter: One South Wacker Drive 241' Floor Chicago, IL 60606-4654 Phone: 312.372.8361 Fax: 312.372.9509 ATG FORM 4129-B Toll Free: 800.252.0402 Offices throughout the Chicago area, © ATG (REV. 3120) www.atgf.com Metro East and Champaign, Illinois, and Waukesha, Wisconsin. N�l FOR USE IN: IL, IN a. "Commitment" means ATG's written contractual agreement to issue the Policy. b. "Funds" means the money received by the Issuing Agent for the Real Estate Transaction. C. "Policy" or "Policies" means the contract or contracts of title insurance, each in a form adopted by the American Land Title Association, issued or to be issued by ATG in connection with the closing of the Real Estate Transaction. d. "You" or "Your" means the Addressee of this letter. e. "Indebtedness," "Insured Mortgage," "Land," and "Title" have the same meaning given them in the American Land Title Association Loan Policy (06-17-06). 3. ATG shall have no liability for loss arising out of: a. failure of the Issuing Agent to comply with Your closing instructions that require title insurance protection inconsistent with that set forth in the Commitment. Your written closing instructions received and accepted by the Issuing Agent after issuing the Commitment that require the removal, where allowed by state law, rule, or regulation, of specific Schedule B Exceptions from Coverage or compliance with the requirements contained in the Commitment shall not be deemed to require inconsistent title insurance protection; b. loss or impairment of Your Funds in the course of collection or while on deposit with a bank due to bank failure, insolvency, or suspension, except loss or impairment resulting from failure of the Issuing Agent to comply with Your written closing instructions to deposit the Funds in a bank that You designated by name; C. any constitutional or statutory lien or claim of lien that arises from services, labor, materials, or equipment, if any Funds are to be used for the purpose of construction, alteration, or renovation. This subsection does not affect the coverage, if any, as to any lien for services, labor, materials, or equipment afforded in the Policy; d. fraud, theft, misappropriation, dishonesty, or negligence of Your employee, agent, attorney, or broker; e. Your settlement or release of any claim without ATG's written consent; f. any matters created, suffered, assumed, or agreed to or actually known by You; g. the periodic disbursement of Funds to pay for construction, alteration, or renovation on the Land relating to the Real Estate Transaction; or h. the Issuing Agent acting in the capacity of a qualified intermediary or facilitator for tax deferred exchange transactions as provided in Section 1031 of the Internal Revenue Code. 4. When ATG shall have indemnified You pursuant to this letter, it shall be subrogated to all rights and remedies You have against any person or property had You not been indemnified. ATG's liability for indemnification shall be reduced to the extent that You have impaired the value of this right of subrogation. 5. ATG's liability for loss under this letter shall not exceed the least of the amount of Your Funds. 6. The Issuing Agent is ATG's agent only for the limited purpose of issuing Policies. The Issuing Agent is not ATG's agent for the purpose of providing closing or settlement services. ATG's liability for Your loss arising from closing or settlement services is strictly limited to the contractual protection expressly provided in this letter. Other than as expressly provided in this letter, ATG shall have no liability for loss resulting from the fraud, theft, dishonesty, misappropriation, or negligence of any party to the Real Estate Transaction. 7. In no event shall ATG be liable for a loss if the written notice of a claim is not received by ATG within one year from the date of the transmittal of Funds. The condition that ATG must be provided with written notice under this provision shall not be excused by lack of prejudice to ATG. 8. You must promptly send written notice of a claim under this letter to ATG at P. O. Box 9136, Champaign, Illinois 61826-9136. If ATG is prejudiced by Your failure to provide prompt notice, ATG's liability to You under this letter shall be reduced to the extent of the prejudice. 9. ATG shall have no liability under this letter if: a. the Real Estate Transaction has not closed within one year from the date of this letter; or b. at any time after the date of this letter, but before the Real Estate Transaction closes, ATG provides written notice of termination of this letter to the Addressee at the Property Address set forth above. 10. The protection of this letter extends only to real estate in Illinois and Indiana, and any court or arbitrator shall apply the law of the jurisdiction where the Land is located to interpret and enforce the terms of this letter. In neither case shall the court or arbitrator apply its conflicts of law principles to determine the applicable law. Any litigation or other proceeding under this letter must be filed only in a state or federal court within the United States of America or its territories having appropriate jurisdiction. 11. Either ATG or You may demand that any claim arising under this letter be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association, unless You have a Policy for the Real Estate Transaction with an Amount of Insurance greater than $2,000,000. There shall be no right for any claim under this letter to be arbitrated or litigated on a class action basis. If You have a Policy for the Real Estate Transaction with an Amount of Insurance greater than $2,000,000, a claim arising under this letter may be submitted to arbitration only when agreed to by both ATG and You. If the Real Estate Transaction solely involves a one -to -four family residence and You are the purchaser or borrower, ATG will pay ATG FORM 4129-B FOR USE IN: IL, IN ©ATG (REV. 3/20) Page 2 of 3 the costs of arbitration. This closing protection letter supersedes and cancels any previous letter or similar agreement for closing protection that applies to the Real Estate Transaction. *IATTORNEYS' TITLE GUARANTY FUND, INC. By -11 eborah Fra Feinen,ce P sident ATG FORM 4129-B FOR USE IN: IL, IN ©ATG (REV. 3/20) Page 3 of 3 �A. U.S. Department of Housing and Urban Development E. Name, Address, and Tax ID Number of Seller City of Canton 2 North Main Street Canton, IL 61520 B. Type of Loan 1. ❑ FHA 2. ❑ FmHA 3. ❑ Conv Settlement Statement ATTORNEYS' TITLE GUARANTY FUND, INC Place of Settlement John J. McCarthy 209 East Chestnut Street, Suite 1 Canton, IL 61520 I. Settlement Date 12/28/2022 Fund: 12/28/2022 1 South Wacker P.O. Box 9136 ATG Lombard 120 West Main Street 4. ❑ VA 5. ❑ Conv 6. ❑ Seller 24th Floor Champaign, IL 61826-9136 1 East 22nd Street, Suite Suite 201 100. Gross Amount Due from Borrower Ins. Finance Chicago, IL 60606-4654 (217) 359-2000 220 Belleville, IL 62220-1554 101. Contract Sales Price 401. Contract Sales Price (312) 372-8361 Lombard, IL 60148-4980 (618) 277-9440 (630) 627-7441 6. File Number 402. Personal Property 7. Loan Number 103. Settlement Charges to borrower 220249201804 104. r 404. 8. Mortgage Ins Case Number C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked "(n.o.c.)" were paid outside the closine: thev are shown here for informational ourooses and are not included in the totals. D. Name and Address of Borrower John W. and Gloria Davis Land Trust Number 1 24784 East Old Beach Road Canton, IL 61520 E. Name, Address, and Tax ID Number of Seller City of Canton 2 North Main Street Canton, IL 61520 F. Name and Address of Lender G. Property Location (Complete address, including legal description, if necessary) Dal Bar -Road Canton, IL 61520 H. Settlement Agent Name, Address and Tax ID Number John J. McCarthy 209 East Chestnut Street, Suite 1 Canton, IL 61520 Tax ID: 37-1227632 Closer: MEMBER CLOSER Place of Settlement John J. McCarthy 209 East Chestnut Street, Suite 1 Canton, IL 61520 I. Settlement Date 12/28/2022 Fund: 12/28/2022 J. Summary of Borrower's Transaction K. Summary of Seller's Transaction 100. Gross Amount Due from Borrower 400. Gross Amount Due to Seller 101. Contract Sales Price 401. Contract Sales Price $9,250.00 102. Personal Property 402. Personal Property 103. Settlement Charges to borrower 403. 104. r 404. Adjustments for items paid by seller in advance Adjustments for items paid by seller in advance 106. County Property Tax 406. County Property Tax 107. County Property Tax 407. County Property Tax 108. 408. 120. Gross Amount Due From Borrower 420. Gross Amount Due to Seller $9,250.00 200. Amounts Paid By Or in Behalf Of Borrower 500. Reductions in Amount Due to Seller 201. Deposit or earnest money 501. Excess Deposit 202. Principal amount of new loan(s) 502. Settlement Charges to Seller (line 1400) $1,353.00 203. Existing loan(s) taken subject to 503. Existing Loan(s) Taken Subject to 204. Loan Amount 2nd Lien 504. Payoff of first mortgage loan 205. 505. Payoff of second mortgage loan 206. 506. Earnest money 207. 507. Adjustments for items unpaid by seller Adjustments for items unpaid by seller 210. County Property Tax 510. County Property Tax 211. County Property Tax 511. County Property Tax 212. 512- 220. Total Paid By/For Borrower 220. 520. Total Reduction Amount Due Seller $1,353.00 300. Cash At Settlement From/To Borrower 600. Cash At Settlement To/From Seller 301. Gross Amount due from borrower (line 120) 601. Gross Amount due to seller (line 420) $9,250.00 302. Less amounts paid by/for borrower (line 220) 602. Less reductions in amt. due seller (line 520) $1,353.00 303. Cash From Borrower 603. Cash To Seller $7,897.00 Previous Edition is Obsolete Printed at: 3:20 PM December 21, 2022 HUD -1 (3/86) L. Settlement Charges 700. Total Sales/Broker's Commission based on price $9,250.00 @ % _ $0.00 Division of Commission (line 700) as follows: 701. to 702. to 703. Commission Paid at Settlement 800. Items Payable in Connection with Loan 900. Items Required by Lender To Be Paid in Advance 1000. Reserves Deposited With Lender 1100. Title Charges 1101. Closing/Escrow Fee to John J. McCarthy 1102. Deed Preparation to John J. McCarthy 1103. ARM Endorsement to 1104. Condo Endorsement 1105. Location Note 1106. Buyer's Attorney fees 1107. Seller's Attorney fees (includes above items numbers: to to to to John J. 1108. Title insurance to ATG/John J. (includes above items numbers: 1109. Lender's coverage $0.00 / $0.00 1110. Owner's $9,250.00 / $200.00 1 111. Search & Exam Fee to John J. McCarthy 1200. Government Recording and Transfer Charges 1201.Recording Fee - Deed Deed $77.00 ; Mortgage ; Releases 1202.County tax stamps Deed ; Mortgage to 1203. State tax stamps Deed ; Mortgage to 1204. City tax stamps to 1205. Record Survey to Fulton County Recorder 1206. Record Amended Covenants to Fulton County Recorder 1207. State Regulatory Fee 1300. Additional Settlement Charges 1301. Survey 1302. Pest Inspection 1303. Statutory CPL Buyer to ATG Fees & Transfers to to to ATG Fees & Transfers 1304. Statutory CPL Seller to ATG Fees & Transfers 1400. Total Settlement Charges (enter on lines 103, Section J and 502, Section K) Paid From Paid From Borrower's Seller's Funds Funds at at Settlement Settlement $200.00 $125.00 $600.00 $200.00 $175.00 $3.00 $50.00 $1,353.00 I have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it is a true and accurate statement of all receipts and disbursements made on my account or by me in this transaction. I further certify that I have received a copy of the HUD -1 Settlement Statement. City of Canton B44)Vt Kent A. McDowel , ayor i The HUD -1 Settlement Statement which I have prepared in a true and accurate account of this transaction. I have caused or will cause the funds to be disbursed in accordance with this statement. L December 28, 2022 John J. Mc y Settleme t ent TAXPAYER IDENTIFICATION NUMBER SOLICITATION You are required by law to provide the closing agent with your correct taxpayer identification number. If you do not provide the closing agent with your correct taxpayer identification number, you may be subject to civil or criminal penalties imposed by law. Certification — Under penalties of perjury, I certify that the taxpayer identification number and address shown in Box E of this Settlement Statement are correct. City of Canton B Kent A.cDo ell ayor By�i ,, % t — An�rea J. Sm—iih-Walters, Acting City Clerk SELLER INSTRUCTIONS: If this real estate was your principal residence, file Form 2119, Sale or Exchange of Principal Residence, for any gain, with your income tax return; for other transactions, complete the applicable parts of Form 4797, Form 6252 and/or Schedule D (Form 1040). SUBSTITUTE FORM 1099 SELLER STATEMENT: The information contained in blocks E,. G, H and I and in line 401 (or, if line 401 is asterisked, lines 403 and 404) is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a negligence penalty or other sanction will be imposed upon you if this item is required to be reported and the IRS determines that it has not been reported.