HomeMy WebLinkAboutResolution #3005
RESOLUTION N0. 3005
A RE90LUT I ON APf°Fm1/ 1 NG AN A~uETfT BETWEEN TI-E CITY OF CAMi'ON AND
LAND TRUST # 2400601, CANTON STATE BANK, TRUSTEE AND DIRECTING TI-E
MAYOR AND CITY CLERK TO E~CUTE AND DELIVER SAID Ate' QV BE]-IALF
OF TI-E CITY OF G4NRpN, I LL I ND 1 S .
W-EREAS, the City of Canton, Illinois has entered into
negotiations with Land Trust # 2400601, Canton State Bank, Trustee for
the sale of 3.585 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".
NOIIV, ll-fEREFORE , BE I T RESOLVED BY TI-E C 1 TY OOINC I L OF TI-E CITY OF
CAMaV, 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
immediately upon its passage by the City Council of the City of
Canton, Illinois.
PASSED by the City Council of the City of Canton, Fulton County,
Illinois at a regular meeting this lst day of May 199C
upon a roll call vote as follows:
AYES: Aldermen Kovachevich, Zi11y, Steck, Sarff, Meade,
Bohler, May, Chapman,
NAYS: None.
ABSE,HT: None ,
APPF~JNm:
Donald E. Edwards, Mayor
ATTEST:
Nan Whites, City Clerk
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AG'~E]11E(Yi' PD.
~~vETff 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-Two (22) 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 and/or land use controls which Seller, or,
Seller's successors and assigns may place on said Lot #22,
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 Seventeen Thousand Nine Hundred
Twenty-Five Dollars ($17,925.00) in the manner following: The sum of
$3,585.00 upon execution and delivery hereof, and, payments of
$3,585.00 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).
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
2 North Main Street
Canton, Illinois 61520
OTHER TEWVIS AND CCI~D I T I ONS
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.
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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
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 #22.
IN WITNESS WHEREOF, 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
SELLER:
City of Canton, an Illinois
municipal corporation,
BY:
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
(CORPORATE SEAL)
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