HomeMy WebLinkAboutResolution #2072RESOLUTION NO. 2072
A RE90LUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF CANTON AND
NELLIE ZINK AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE AND
DELIVER SAID AGREEMENT.
WHEREAS, 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 Nellie Zink hereto attached and herein
incorporated as Exhibit "A".
NOW, THEREP~ORE, BE IT RESOLVED BY THE CITY QOUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois as follows:
1. That the agreement hereto attached as Exhibit "A" between
the City of Canton and Nellie Zink is hereby approved.
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.
3. That this Resolution shall be in full force and effect
immediately upon its passage by the City Council of the City of
Canton.
PASSED by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this iCt day of august ,
1989, upon a roll call vote as follows:
AYES: Aldermen Chapman, May, Meade, Sarff, Steck, Zilly, Kovachevich.
NAYS: None.
ABSENT: Aldermen Bohler.
ATTEST:
NN nJ~te Cit Clerk
Y
APPROVED:
Donald E. Edwards, Mayor
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THIS AGREEMENT, made this 1st day of August, 1989, by and
between, NELLIE ZINK hereinafter called the SELLER, and the CITY of
CANTON, an Illinois municipal corporation, hereinafter called the BUYER,
WITNESSETH, if the BUYER shall first make the payments and perform
the covenants hereinafter mentioned to be performed by the BUYER, then
the SELLER hereby covenants and agrees to convey and assure to the BUYER
in fee simple, free and clear of all encumbrances, except as herein provided,
by a good and sufficient warranty deed, the following described real estate,
to-a•it:
( The legal description is appended as Exhibit A )
1. PURCHASE PRICE: The BUYER hereby covenants and agrees to pay
to the SELLER at the Elson Law Office, 1522 East Ash Street, Canton, Illinois,
or at such other place as the SELLER may direct in writing, the sum of
$72,000.00 in the manner following:
a. Earnest money in the sum of $2,000.00 at the time of
the execution of this agreement. If BUYER defaults, the SELLER,
at its sole option, may either retain the earnest money as
liquidated damages, or seek any other remedy, legal or equit-
able. If the SELLER defaults, the earnest money, at the option of
the BUYER, shall be refunded to the BUYER, but the refunding
shall not terminate the BUYER'S right to seek other legal or
equitable remedies.
b. Balance of the purchase price, subject to prorations shall be
paid together with interest thereon at the rate of nine percent
(9 ~) per annu m on a monthly schedule beginning not later than
January 1, 1990 of at least $4,000.00 per month until fully paid.
Interest. shall accrue beginning January 1, 1990, or upon date of
possession, if earlier.
2. POSSESSION: Possession of said premises to be given to the BUYER
on or before the 1st day of January, 1990 provided that BUYER may enter
upon the premises for purposes of surveying and erosion control upon the
execution of this agreement but shall be responsible for any damages to
crops and, in the event this contract not be completed by BUYER, for any
damage to the land.
3. TAXES: General taxes for the year 1989, shall be paid by SELLER.
BUYER agrees to pay, when due, all subsequent general taxes or special
assessments which may hereafter be levied against premises.
4. DEED: Upon complete payment and performance of the covenants
herein contained, SELLER will deliver to BUYER a properly executed
Warranty Deed and Revenue Declaration conveying the premises in fee
simple to BUYER. SELLER will be responsible for any transfer tax applicable
to this transfer.
5. TITLE EVIDENCE: SELLER will provide BUYER with evidence of title
in the form of an abstract of title or a preliminary commitment for title
insurance, showing merchantable title in SELLER in accordance with the
standards of the Illinois State Bar Association, clear of all encumbrances
except as herein provided, within 60 days hereafter, and shall be examined
by the BUYER'S attorney within a reasonable time, and if defects exist, a
written opinion thereon furnished to the SELLER, who shall have a
reasonable time thereafter, not exceeding two months, to correct curable
defects therein. If such defects shall not be cured within the time above
limited, or any written extension thereof, the BUYER shall have the option to
accept the title as it then exists, or to rescind this agreement and demand the
return of all monies paid by him. Upon completion of the transaction, if title
insurance be used, BUYER shall receive a title insurance policy, insuring title
to the real estate in the amount of the purchase price. SELLER shall be
responsible for but one payment for a title insurance policy or alternatively
for one continuation of abstract.
6. SELLER'S WARRANTIES: SELLER warrants as of the date of this
Contract and within ten years of its execution neither he nor his agent has
received any notice issued by any government authority of a dwelling code
violation concerning the property. The same representation applies at time
of closing. SELLER makes no other warranties.
7. INSURANCE. Liability insurance will be maintained by SELLER until
January 1,1990, thereafter it will be maintained by BUYER until this contract
be completed.
8. NOTICES: Required notices shall be in writing and shall be deemed
served when mailed to the BUYER or SELLER at the address shown on the
Contract, by certified mail with return receipt requested.
9. TIME OF ESSENCE: Time is of the essence of this agreement.
10. DISCLOSURES: BUYER and SELLER agree to make all disclosures
and do all acts necessary to comply with the provisions of the Real Estate
Settlement Procedures Act of 1974. BUYER and SELLER further agree to
make all disclosures and do all acts necessary to satisfy the requirements of
the mortgage lender or closing agent to permit compliance with the
provisions of the Internal Revenue Code and other federal and state laws
and regulations. In the event that either party shall fail to make appropriate
disclosures or take proper actions when asked, such failure shall be
considered a breach by that party.
11. DEFAULT: In the event of failure of the BUYER to perform as
provided in this agreement, SELLER may enforce same by specific
performance in addition to other remedies contained herein.
12. LIEN: During the term of this agreement, the BUYER agrees that
no lien shall be allowed to attach to the premises. In the event a lien be
asserted, BUYER may contest same, but failing to pay or failing to contest or
unsuccessfully contesting and failing to pay, the SELLER may pay same and
add the sum to the balances due hereunder.
13. BINDING EFFECT: This agreement shall be binding upon the heirs,
administrators, executors, successors and assigns of the respective parties.
IN WITNESS WHEREOF, the parties have hereunto set their hands and
seals on the day and year first above written.
SELLER: BUYER:
The City of Canton
By:.
Attest:
EXHIBIT "A"
Part of the ylsst Hal! of tectZon 24, Zbsasa~p T 18th, Rangs t Bast ~ the Pburtls
~ Meridian, l~ltoq Oo~onty, Zl].i:sats, soap particiil~enclf described as 1~11awss
Eel at the Souttseast comer of the HaatbMest Quarbeuc a! Raid l~seti~on 24,
and Range as ai'aneeaid, ther;c~e Dioacth aLocsg ltse cssste~r line #~ Section 24 far a
of 547 fast, tl~assas i~test 1086 feet, l2secsos Morth S58 feet,! ttsanae Rorth 40 degrees
10aet ;1100 feet, thassos Iib~t3s 7.Z deyr+ees 30 mdnutee hest 32rt5 test, tlaanae ltoetb 598
feet, ttss~os Salt 1555 feet ~ tied center lice os Seatl+d[i 24, thus l~io~th aLang said
oeoter line 1030 feet bo the No~tlsee~st `o~rier o! -tree. i~isth Half of tree l~oa'l3saest
Quarte~c oz said F~ectiran ~4, tfiacsoe West el+bnq flea Nr~th ; line of said South Hal! of
said Norttar~est Quarter of eectian 24, _.2665 feet to _'tA~d Feet • ling' of 8ecti,on 24,
ttseaa~e South aloaq said`:i4est ltssa 397"! ~teert bo !tie Sot:tb~est ooo~issac of said Section
24, theses Last alasg tbf South dine of s+e6,d Section 242633 lest to the podnt oz
b, 183 ec'Yes~ cow cc lrs, s~ec.~t be a1Y~eeeeosots dad ric~tsts
a t.Yiioit o! 3.865 acz+~s described as: at the Sarthwsst corne~oc
o~ 8outhMest Qusrbe;r of said Secti,an 24; t3seisoe South 89 degrees 59 adnutes
57 seconds Bast al~oag the South line of ter 9outl~seest. Quarter of eal,d Seotias 24,
a distarsoe cf 810.28 feet to the paint of Beginning of the tract bo bs desczibed;
thence eontinuing South 89 dec~es 59 sidstute~s 57 seconds Fast along the South line
of the Soutbeaest Quarter of said Seeti,as 24, a di,sta~sce of 500.00 feet; t~sesae
North 0 degrees 42 adnutses 15 seconds East, a distance of 300.00 feet; thersoe
Noacth 77 degrees 18 adnutes 00 sevanda west, a distance of 321.83 feet; thesoe
South 69 degs+ees 33 minutes 22 seconds t~et, a distance of 202.48 feet; thecsae
South 0 degs+ees 00 mina=Ce~s 03 seconds Best, a dista~e of 300.00 feet bCt the
Point of Beginss3aq, eontainitsg 3.868 ~cs~.+e, sitnabs, lying and being in the
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