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HomeMy WebLinkAboutResolution #3004RESOLUT I aN NJ • 3 0 0~.- A RESOLUTION APPF~1/ 1 PC AN AtGREEMENff BEl11YEEN ll-E C I TY OF CANffpV AM LAM TRUST # 2400601 , CANTON STATE BANG, TRUSTEE AND D I RECT I N3 1}-E MAYOR AM C 1 TY CLERK TO E~CUTE AND DELIVER SA I D AG~uEN'lf QV BEFIALF OF TI-E C 1 TY OF G4NTON, I LL 1 N~ I S . W-EREAS, the City of Canton, Illinois has entered into negotiations with Land Trust # 2400601, Canton State Bank, Trustee for the sale of 5.155 acres in the City's Enterprise Industrial District; and, W-EREAS, the Canton City Council has determined that it is necessary and in the best interest of the City of Canton to enter into an agreement with Land Trust # 2400601, Canton State Bank, Trustee hereto attached and herein incorporated as Exhibit "A". NOW, ll-EREFORE, BE I T RESOLVED BY TIf C I TY OOl1VC 1 L OF Tt-E C I TY OF CAWTON, Fulton County, Illinois as follows: 1. That the agreement hereto attached as Exhibit "A" between the City of Canton and Land Trust # 2400601, Canton State Bank, Trustee is made a part hereof and hereby approved, said Agreement to be subject to and effective pursuant to the terms and conditions set forth therein. 2. That the Mayor and City Clerk are hereby authorized and directed to execute and deliver said agreement on behalf of the City of Canton, Illinois. 3. That this Resolution shall be in full force and effect irm~ediately upon its passage by the City Council of the City of Canton, Illinois. 1 PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this lst day of May 1990 upon a roll call vote as follows: AYES: Aldermen Chapman, May, Bohler, Meade, Sarff, Steck, Zilly, Kovachevich, NAYS: None. gggp~; None . APPF>K71/ED: ~' Donald E. Edwards, Mayor ATTEST: ~~~~~~ Nancy White City Clerk -2- PD. AC~E]u~VT FOR SALE OF REAL ESTATE ARTICLES OF AGREEMENT, made as of this day of , 1990 between the City of Canton, an Illinois municipal corporation, hereinafter called "Seller", and Land Trust # 2400601, Canton State Bank, Trustee, hereinafter called "Buyer" witnesseth, that, if the Buyer shall first make the payments and perform the covenants hereinafter mentioned on its part to be made and performed, the Seller hereby covenants and agrees to convey merchantable title to the Buyer by a good and sufficient Quit-Claim Deed, the lot, pieces, or parcel of ground, situated in the City of Canton, County of Fulton and State of Illinois, described as follows, to-wit: Lot Number Twenty-One (21) of the Enterprise Industrial District pursuant to the Subdivision Plat thereof filed in the Fulton County (Illinois) Recorder's Office on October 26, 1984, as Instrument Number 84-8960, subject to all easements of record and, further, subject to all restrictive covenants andlor land use controls which Seller, or, Seller's successors and assigns may place on said Lot #21, all being situated in the City of Canton, County of Fulton and State of Illinois. And the Buyer hereby covenants and agrees to pay to the Seller at the office of the City Clerk, City Building, 210 East Chestnut Street, Canton, Illinois 61520 the sum of Twenty-Five Thousand Seven Hundred Seventy-Five Dollars ($25,775.00) in the manner following: The sum of $5,155.00 upon execution and delivery hereof, and, payments of $5,155.00 each on or before the first, second, third, and fourth anniversary date of this agreement. Possession to be given upon execution and delivery hereof. A title insurance policy in owner of record at date of conveyance shall be furnished by Seller for examination by Buyer not less than thirty (30) days before the last scheduled payment. Both Seller and Buyer agree that the subject property is part of the Enterprise Industrial district being developed by Seller. Buyer agrees to use the above described real property only in conformity with City of Canton Zoning Ordinance (now codified as Title 10, Chapter 1 through 20, inclusive, of the Canton Municipal Code) as the same is now promulgated and as the same may hereafter be amended. Buyer agrees to use the above described real property in conformity with all applicable rules or regulations of the State of Illinois environmental Protection Agency, of the Federal Environmental Protection Agency, and of the Federal Aviation Administration (with respect to the height and placement of improvements on the subject real property, as well as other associated matters). ti Buyer recognizes that Seller is now in the process of developing restrictive covenants and other land use controls to be hereafter applied to the Enterprise Industrial District, of which the above described real property is a part. Buyer hereby irrevocably agrees that it shall take title to the above described real property subject to any and all such restrictive covenants or land use controls to be hereafter developed by the City of Canton. Notice shall be given to any party hereto by United Sates mail, certified mail, return receipt requested, and directed to the following addresses: To Seller: City Clerk City Building 210 East Chestnut Street Canton, Illinois 61520 Any notice given to the Seller shall include an informational copy, mailed as aforesaid, and addressed to the attention of the city Attorney at the above stated address. To Buyer: Land Trust # 2400601 Canton State Bank, Trustee 2 North Main Street Canton, Illinois 61520 OTHER TERMS AND COLDITIONS: Both Seller and Buyer covenant and agree that the covenants, terms and conditions of this Agreement shall survive the closing herein contemplated and shall continue to be binding upon each of said parties. Both Seller and Buyer irrevocably covenant and agree that part of the mutual consideration supporting this Agreement is the Buyer's agreement to retain existing jobs in the Enterprise Industrial District or Buyer's agreement to create new jobs in the Enterprise Industrial District. In the event that the Buyer has not created or retained those permanent jobs represented by Buyer to Seller to be created then Seller may, in its sole and exclusive option, declare this agreement a nullity and enter upon and retake possession of the aforesaid premises without notice to Buyer and without process of law. Buyer shall from the date hereof and during the pendency of this agreement pay all general real estate taxes on the above described premises and pay all special assessments thereon, if any, saving Seller whole and harmless therefrom. Buyer shall not allow any liens or encumbrances of any nature or description to attach to the above described real property unless Seller first gives its written consent thereto. Except for notification to the Fulton County Assessor's -2- .~ office of the existence of this agreement, Buyer shall not file either this agreement or any memorandum thereof with the Fulton County Recorder of Deeds. Buyer shall, contemporaneously therewith, execute and deliver to Seller its quit-claim deed in form and content satisfactory to Seller's attorney which quit-claim deed shall be held in escrow by Seller during the life of this agreement; and, in the event Buyer defaults in any provision hereof, or, in the event Seller declares a default in the premises of this agreement, Buyer hereby irrevocably authorizes Seller to file said quit-claim deed of record and to reenter and take possession of said Lot #21. IN WITNESS VuF-iEREOF, Seller and Buyer have executed duplicate originals of this Agreement for Sale of Real Estate as of the date first above-mentioned. BUYER : Land Trust # 2400601 Canton State Bank, Trustee BY: SELLER: City of Canton, an Illinois municipal corporation, BY: I t s Mayo r DATE: ADDRESS: 2 North Main Street Canton, Illinois 61520 PHONE: (309) 647-5380 DATE: ADDRESS: 210 East Chestnut Street Canton, Illinois 61520 PHONE: (309) 647-0065/0020 ATTEST: City Clerk (OORPORATE SEAL) -3-