HomeMy WebLinkAboutResolution #4021 RESOLUTION NO. 4021
A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF CANTON AND
LAVERDIERE CONSTRUCTION, INC.
WHEREAS, the City of Canton, Illinois, has vacant, surplus property at the Enterprise
Industrial Park; and
WHEREAS, the purchasers desire to buy Lots # 14, 16, 17 and Out Lot #2 for development;
and
WHEREAS, the City Council of the City of Canton, Illinois, has reviewed the terms of the
proposed agreement, a copy of which is attached hereto and made a part hereof as Exhibit A; and,
WHEREAS, the City Council of the City of Canton, Illinois, has determined that it is
necessary and in the best interest of the City of Canton to approve said agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CANTON, FULTON COUNTY, ILLINOIS, AS FOLLOWS:
1. That the Agreement between the City of Canton and Laverdiere Construction, Inc., a copy of
which is attached hereto and incorparated herein as Exhibit A, is hereby approved by the
Canton City Council and said agreement to be subject to and effective pursuant to the terms and
conditions set forth therein
2. That the Mayor and the City Clerk of Canton, Illinois, are hereby authorized and directed to
execute and deliver said agreement on behalf of the City of Canton.
3. That the Mayor and the City Clerk of Canton, Illinois, are hereby authorized and directed to
execute and deliver any other documents necessary to realize the real estate transaction.
4. 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, Illinois, at a regular meeting this day of
April, 2013, upon a roll call vote as follows:
AYES: Aldermen Pickel, Hartford, Schenck, Pasley, West, Ellis, Fritz, Nelson
NAYS: None
ABSENT: None
APPROV D:`,.~:~
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;
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~ . 4~... ~
Kevin R. Meade, Mayor
ATT ST:
D" a vley, City erk
May z2 13 10:04a Laverdiere 3098375818 p.5
CUV'1"ttr~CT FOr PCIIZCEIASI~= Uk' L~EAL EST~~ITC
I,~verc~icre ConstrucCiort, 1nc., an Illinois corporation ("Qu}'er") tivl~ose address is 4~55
W. .T~tekson Street, Mzc~~nh, Illinois 61455, oClcrs t~ ~urchasc from tlte City o1 Canton, Illinots
("Seller"), ~vho ~e address is Z North Main Strect, Cat~ton, Illinois Ci 1~20, appruxi~lately 12.8U
s,cres ol' rcal esta~e located in Canton, lllinois, cornmonl_y ~lo~vn 1s Lot 14, Lot 16, I,t~~ 17 ~nd
Uullol 2 of tl~e Lntcr~rise lndu5lrial Yark and mare particularly describcd ~~ra Exhibit "A"
~ttaehecI herelo cii1C~ v~ rcferencc m~de a parl hcrcof, tc~gether with all easctnents, ci~llts ol w~y
anci t~pput~tenlnces tllel'CLU and 111 it~lprove~ncnts tl~crcon (c~llcctivcly lhc °`Re~l L'stale") to be
coaveVCd by ~;c>>cr,il ~.~,~~ln~~ut[y ciccd fr~~n1 Scllc.r to Buycr, ~tl ~ foc~rn approvcd by Buycr (t11e
"llccd"), on the tcrms and subjcct to thc fallowi.n~ condiliuns:
1_ Y~lrcha ;e Pricc, "Tl~c total purch~sc price lor lhe Real ~statc s~tall be $5,000 pcr
acrus fot' a total of si;;t~~-four tlious~nd doll~trs ($64,000.00) (or Che "Purch;ise ~'rice").
Thc Purchase Price sl~all bc P,~~ic~ as follu~vs:
1.1 C:onsidtr~~tion. In eonsideration oE ten pcrcei~t of the purehase ~ricc or six
lhousand foui• hundred dollars ($6,40f1.00) paid ~y L't~ver to 5cller ~lnd other good
and valuable cansicicrZtio~, tf~e receipt a~d sufficicncy of ~vhich is hereby
,ielulowled~ed, Scller and 13uy~n c~rcbY agree to the ~er.r~~s of tlus Contr~et.
` 1.? t'avment ~n C:lc~tiing. At the Closing, Buycx shall pay thc 1'uechase Price,
lc~s creclils aiiil pt'~~ rations us l~ei•e.in providcd, iii immediatel}• availablc i'unds, to
Seller. .
1.3 ~lccep~:~ncc Uatc. 1~~,e date iipon rvhich the last of 13uyer or Scllcc•
e~eetites tl~is Contr~~c~ is the "~1ec~pt~t~ce Datc."
Conclilioi~. of Closing. a«~~er's obli~at.i~n to cl~se ~nd j~urcll3se tllc Rcal Etit~ile
i5 subject Co t.he Salisfaclion or waiver iit ~v.eiiillg Uy Buy~cr of each of tl~e followin~,
conclitioiis \N1t~11I1 thirry (3~) d'ays lrom the llcccP[anee Datc (the "Due Dili~ence
Periad"):
?,l Titlc. Wit~~in ten (10) ilays from t11c Acccptance Date, Sellcr shall de~iver
tu I3uycr a eommitment for ~s~ AL`l'A Ocwner's roliey of Title lnsurance (the
"Commitmct~t") ~rcpa.r~d hy John J, McCarth)', as a~ent for Attorneys' Title
Guarulty Ftmd, Inc. (the "'1'itlc Compar~y") whiclt shall insure markctable title to
the Real Cstate (includin~ any appurtenant casements neCC55arY for thc full
utiliz.ntian iltcreo~, frcc and elear of .ill Iie~s and eneumbrances of any z~ature
whaty~eve;r in the an~ount af $64,OOO,UU ~fter delivery of the Deed to Buyer from
Seller. Tk~e e~pensc ol' the Coalmitment ~u1d prcrnium. for the Ownex's I'olicy of
Titlc: Insura~ice sl~all be p~icl b}' Scller. Elny endorsemertts rcquested by Buyer
sii~l( be a~ Buycr's expet~se. The Titlc C~mpany shall furnish ,-L'uycr with copies
of all recordcd docum~nts sho~vn on the Commitmcnt, If within the Duc
Diligcnce Period, Suycr has an objection to items disclosed in thc Conunitrnci~t,
IIuyer shall tnake tivrillcn ob,jections tu 5ellcr within 15 days after recciPt oC the
Ma~ 22 13 10:04a Laverdiere 3088375818 p.6
St~rvey, tl~e Comi1~iu~~ent <<nd all such instrument~,. Scller sl~all thetl have 1~ d~iys
froin the dal~ sucl~ objeetions are disclosed to cure the s~me. S~llcr ~Srees to
utiliz~ reason~~blc efforts to cure such objcciions, if any. I~ thc objections are nul
~iucd within such titne peric~ii, oi• in the cvent any title oUjections ari5c or ~tre
discovered aftcr the expiratiun of tl,e llt~e Diligence Periad, Buycr may (i)
ICi'i11111~t1C this Contr~ict, (ii} cur~ suc~~ objections on bel~alf ot Se11er (aild Seller
shall rcasonlL~ly~ cuop~rate wi[h L'uyer in ConllcGtiOn thcrcwith) ancl Scll.cr sh~~ll
reinibui'sc 13uyer fo~' the cost of such curc, or. (iii} ~vaive tl~e unciacd objections
~ind C~OSC tllG ~I;uis.lC~lp[l.
~.2 reasibilitv of the l~ec~l F,state. Wilhin th~ llue Diligcnce Period, Buyer
.;Yiall eietexmine wl~et3~et' lhe Rcal ~state is acccptable to Buyct' in ~3uyer's sole
discretion. Seller shall fuily c~opera~e witr~ and assisC I3uyer in obtaining
inforn~~Cion reg~rciin~ the ReZI Fstzte. At ~ny time within the llue Dtlige~lce
1'criod, if Ruye~• detes•mincs that the he,il Estate is not acecrlable to BLlyCl~ 117
I3u1~er's solc discretian, Buyer m~y t~rminate this Contract_
2,; "/,~nin~. Duyer sh'~ill ha~~c eonfi~~~ed thal the currcnt zoninb classilication
and/or eoven:ints ~nd/or commitmei1ts ~irfcctin~ the Real Cstate are: sufticient to
pc.r~nit L'u,rcr's ataticipated us~.
2,4 Restrictivc Covet~~nt~. ` E3uycr reco~ni~es that ScUcr h~ts de~~elopcd
restric.tiv~ ci~ven~inls and ~~~her land usc controls t1~~t appl.y to thL Enterprise
IriClustrial L~iStrict. 13uycr furti~er adrec~ th~t it shall ta,<e title to t11e z'eal propcrly
subj~Ct to said restriClit'c covenants a~1d land use controls, ~
2.~ 1'ermits. Bu}'~r wil! obtuiit ~~Il liccrts~s and approvals nccesslYy ~Or
El?ycr'S alltlcap~~~d u5e, includin~; ~ocal building permits. Sc11er will rcasoz~1bly
cooperace with k~uyer in all sueh procecdin~s to secure such pem'iits and
ap}~rovals, including lilin~ anY apizlications oa' actions therefbr or ,joinin~ ~vith
L'uvcr therein.
?.6 Condition n1~ Peal L-:st.tte. I3uyer shall havc dctcc•~nineci, in its solc
discretion, thaC tllc Rc~l Eslate is adequalc loc~ Buyer's ~nticipsted use.
3. Fropcrtv_ ~~?c~ Other 'l'a;;cs. Sc~ler sl»11 pay all asses;mcnts, ~vhe:[~~cr ~;~ncral or
special, a~sesscd a~zi~tst the ~'~c~1 l:state pri~r to Closin~. ~U1 t•eal cstate taxes for thc
lte:al Tis[rite ass~ssed for cuiy ptior c~.leiidar ycar and remainin~ tuz~:iid sh~ll be paid by
Seller, tind r~ll rcal estate taxes for such Real EsCate assessed for ihe current calendar year
sltall be pmrated bctween Seller azld k3tiyer on Z calendar year basis 1s ot'the day of the
Closin~. Any t~.~ces and asscsst~ents not assu~~~ed by Buyer shall bc paid by Scllcr ~t or
prior lc~ ~:losin~.
Condcmnation. If at 1ny tin~.e ~.iier tt~c Acceptartce Uate: (a) the Real Estate shall
1,~, cn~~demned, i~~ ~vhole or in ~art, ~r (b) any noticc of condemnation tiI1a11 be ~ivet~, tk~cn
L'uycr, at its sole option, m3y tcrminate Chis A~recmenC or waive thc samc ~lid. pTOCeed
^
May 22 13 10:05a Laverdiere 3098375818 p.7
~vith thc Closing. II' Buycr clccls to pmceed witlt lhc Glosing, thcn 13~ryer may (i) apply
tEae prUCeeds of ~nV eot~dei»n~tion a~vard to reciuce ihe 1'urchiiSG Price, or (ii) ucce~l an
a.;signnlcnt of sucli procecds from Seller v~~ichouC a»y reduction iii Purch<:sc Price. In
h~rtherance ox~ the above, Auyer 5ha11 have thc ri ;ht to appcar ~nd defen~l tn. <u1y suck~
conde~nnation proceedings in connecti.on ~~~ith the Real ~state.
Ri~„ h( c~.f fi~it~y. On a»d aflcr tl]e tl,ccept~nce Date, Bi~~'er shall have tlle risht to
~:nter ~nd inspect the Rc~il F.:;tate, to pcr..mii survcyurs, eriginecrs, soil testin~ eomp~uues
~~ncl other asents m e~iter upo~~. thc Rc~~l ~state for the put~osc or' ohl.2iniag surveys, soil
tc~~s, inspeeti.on reporls ~in~l otk~cr infortx~~~ic~n. Buyer shalE indenZnify ~tnd ~iold Sellcr.
l.ia~mless Fron~ and a~ainst ~u,y 1oss, damage ar injury oC any nature wl~atsocver arising as
a dircct re;ult of Buy~r's (or iCs a~ents') ~xe;rcisc oI'the riRht of entry under tlus Section.
6. Closin~,aan~[ PnsSessicm.
Ci.l Clc~sii~F_ 1~'this offer is accepted as hcrcin providcd, the trans~ctiop sl~all
b~ closed at thc oflices oi~ thc ~~itlc Company on or belore ten (10) days afic:r
expiration of thc Duc [~iligencc 1'criod (th~ "Cl~sin~"). Seller shaLl not .Z~ree to or
exeCUte Al1V a~i'een~ents conccmin;; the R~al L-'stale nr any portion thereo~ from
the ~~cce}~t~~lnce Date t~ th~ time vl~ the Closing e?:ecpt upon the priar ~r7itten
~~PP~'~~'~1 of 13uyer. At lhc Closin~, 5eller shall c>:ceutc 1nd delivcr [o $llycr tl~e
foll~~w;ne itc~l~s: `
(<<~ thc Dec~t in r~cordahle i'o~,n coc~vcyin~ thc Rea1 ~sti~~1e [o Buyer;
(b) Z~ U~•~ncr's rlftidlvit sul'licicnt ~o cause the Titlc Conlpciny to rcmove thc
~tandar~j exceptions From the m~vn~r's titl~ policy;
(c) a c~rt~fic;ite re~ft?r~nins as oi~tlle date of t~lc Ciosing cach and ~tll of tllc
Scll~r's rcpresentation~ t;nd ~varr.mtic~ ~et Co~~th in this ConU•act;
(cl) a Closin; Statement;
(~j any otl~er instrumci~t ns reasonahly rcc~uircd oc requcstcd by Buycr pr thc
Title Conlpany.
~t the Closing, Buycr shall ~,~ty clle b,?lance of the Purch~sc 1'ric~ in c~sh ~nd
exccutc and delivcr a Closin~ St~tement, t4ae Memor~ndum of Option and any
other instruntent as reasonably required or requestc:d by Sellcr c~r the Title
Company. Scller :uid }3uyer shall each be respon~zble for on~-half of ih~ Closiug
costs.
6,2 P~SSCSSion. ~~:clusi~e possession of the P.eal Cstste sha11 hc delivcrcd la
L'uyez- at tirnc of tkac Closin~,
7. 5cllc;r Reu~•~sc;nt~r.ions ~uld W~irra~~tie~. Seller rcpresents and w~tx<u~ts to Buyer
thal:
,
,
May 22 13 10:05a Laverdiere 3098375818 p.8
7.1 ;1~~ihority to Fntcr i»to Contr~ct. Seller h~ss tulf right ancl autitority to
cntcr into and c:uTy out the ternis and p?•ovisions oT this Coi~tract and dle
~ransttetlons eontemplated I~ercby, iticluding the sale, transfcr, conve}•ance anJ
dclivcry of che C'~eal Fstatc t~ ~3uyer, without ol~t•aining thc approval ~1' conSent of
~~?ty other part.l, Scll~r's caccution, delivcr)' and pcri'orrna~ce of this Corttract and
~11~ UlI1Cl' il~;l'L'ClllCt]ts or instrurnents contcmplated hereby ~vill be Ic~;<i1, vzlid ~nd
bindin~ obli~ations ot~ Seller, enlorccable in ;~eeordance with tl~eir resp~ctive
lcrirt~.
7,2 I~itib.~tion.. Seller has no l:~~owledge ~f, tias no rcason to belicve of, an<i
1i1~ not bcen served «rith notice or, any 2lCLLlaI ~r tlu'c~lened litigation, ~ctiori
l~gal, aclrr~inistrative, ~*bifration, condemn~tioi7, asscssmei~t or othcr proceeding
akainst. r.he IZcaL ~SlZtc or any pni~ Chcreof.
7.:~ C:~rtl~lianC~ with Lav~~s. To Sc:11ei's kno~vledgc, lhc Real C;st~tte is (i) in
coinplia~ic-~ witl~ applic~,ble slatti~es, law>:, c~des, ordinane~s, regt~l<itioras and
('CC]UII"1:111C11~,`i 1'el:l~l[1~', t0 7.Olllll~?~ 5UUt~1V~,r,1011~ )J~ilIlI11TIP,~ ~ll1~C~1Cl~?~ f1rC~ safety~
h~alth, in5urabiLity ar envit'~nmei~~al matters, (ii) in compli~tncc. wilh envenanls,
conditions and i'cstricli<,ns (~vlletftes' or not of re-cor~j) pet2aininc l,o thi; tille to tlic
R~~~1 T.;state, ~ind (iii) in compliiii~ce with ~ ll o~her local. zn~uueip;il, t'e~,ional, sliicc
oe Tedcral statutcs, laws, c~des, oc'din.incus, rc~;t~latials and requirements ~iflcetic~g
thc lZca1 Fsc~~tc,
7.q : pntrZCts anc~ ~~~r~~1nents. ~e`ller is not a parly 1o any contr-acl to scll the
keal Estul~s otlter lll~u~ ehis Colltract, FLlYlIlei', Seller is not a p:~ri_v to any contract,
a~rccinent. lcasc or ~thc:r ~ummitment wl~icl~ is i'el:tl~ci to the [~cal Escatc ~vhich
witl be bincling fo1l~~win~ Closing.
~.ti _l i.tl~:. (i) Seller is tl~e ~ole owncz' ~f the hcal Lsta.ic, (iil Sellcr o~vns fee
si~nple title to ihe Re;~l Estate, and (iii) no rar~y c~thcr than Seller is in posse5si0a
or o~cup~uicy of tl~~ Real Lstate or claxn~s a~~y unreeorded or undisclc~s~J le~al oi-
ec~uit~tble interest thetcin.
7,(i t~ecess. The Real ~:stat~ 1~:vs full and l~rce ~cce:;s t~ ~~.~~d zxo.m pubiic
hi~h~vsys, ~treets, or roads and thcrc is no pcnc3in~ procecding th~tt would irnptiir
or resull in the tcrtnination of such acccs5.
7. % Canclitions, Excent as sct fortl~ in tliis Coiitract, with re5pcct to the lteal
T;state, ScI1cK Il~s no knowle~ee nor has Seller rc:ccl'ved notice, ~f (i) flny
conclitlon, defeet or inadec~uacy whicl~, if not corrected, woulcl result in
tem~in~tion or insurancc coveragc or incrcase its cost; (ii) any violations of
building eodcs andJor zoninb ordinances or othcr gvvenintent~l laws, regulations
c~r orders; (iii) pending coi~den~natiu,i proceedings; (iv) any procccdings ~vhich
could cause the changc, rcdefi~ution or othe~ mo~liricatiun of the zoning
elassificatio~l or of ot~~er leg~l requit•ements ~pplicable to the Real .Eslale or any
May 22 13 10:05a Laverdiere 3098375818 p.8
part tl~crcof~ or to tl~e pcrttiiUed us~5 ?~F the h~~~l Lstate; (v} spc;cial taa or
;~ssessment tt~ be tevied agaillst tlic lteal Eslale; (vi) ch~iri~c in thc t3x aSSeS5ril~nl
of thc lteal Eslalc or (~~ii f.iny otlaer matt~rs matcrial to thc Rcal T:statc ur ~he use
thcrcof. Scller has noe knuwiribly witl~lZeId fxom T3uycr inforl'n~tion relltin~ to any
matea•ial defect~ in the Rc~tl ~state or any mattcc's ~vhich rnibhi adverscly affect the
development of thc Rcal I:titat~.
~111 of thc fore~oinG rcpr~;entaCio~s ancJ wartt~.nties shall be considered to bc t~1~e
ancl e;orrect as of the Acceplancc 1~)ate and sh~?ll survi~~c thc Clo.~ing. Scller shall
incleniniCy, d~I'cnd ~~nd holci liarinle:; Luycr i.'rom and a~ain,st any :~nd all ctaims,
(IeIlltlIlCJS, ~Ic.`L~1~11:1eS~ dama~cs, SU7~5~ i1Ct10I1S~ )UC1~YTleT1tS~ ~11(%S~ pcnaltics~ LOSS~ COSt ~t71C~
expensc (incluiling, wiihout limitation., rc~~sun~blc ~ttorneys' tces) ~risit~~ or resultin~
li-~m, or tuffered, sustaincd or incurrcd hy Buyer as a resui~ of or rclated in ~u~y ~vay to (i)
thc mis?•eprescntation or brcach of any of llle foregoing represe~ltationti ur wart'Ziltie5 by
Seller to Buyer; oz' (ii) any Unkno~vn pre-E~astitl~ ~nvironmental Co~idition.
5, Brokers. S~lle~ and L3uycr re:present to e~eh oih,~r tl~at thcy have not used any real
estatc broker5 or <<gcnts ~~~ith respect to tlus trZns~.ction who would have a ri~ht to any
brui;er'~ or ?i?ider's fec or co~nmission, and each abrccs to defcnci, indemnity and hold
harmlcss t)le OtliCl- z~b~uTtSt. atld rrOill ~t7y ~i~jbility (tne~udin,~ reasonable ariome;~~s' fees)
resultinr; i~ram a claitn of any brokcr or a~ent claimin,v, throueh th~ iniicmi~ifying parry.
9, heeorc~inF~. Thit; clc~cuutCtlt sliall not Ue recordeci. ~1l the option of eitJ~er party,
Scller zni~ Bu~~r shall enter into a~a~rittc;z~ rnernorandun~ in recordablc C~rm setting for[h
th~ terms ~ind conditions of tllis doc~~ment which m<<y be reeoi•de~l by eithei~ P~~rty, at its
cxp~tlse.
10. Notices. All t~otices rec~uiced tindcr tliis C~ntracl shall b~ d~e~lied to be propcrly
s~r~•ccl if persanall~' delivercd, ~r sent by registered or cereilied mail ~vilh return t'eceipf
t'equcstccl, postage preptiici, scn~ by rcco~nized overnight cauricr, I.o Se11er or Buyer ~~~t
the ti~ldl'ess as speciticd on che first page of lhis Cancract, or to sucla otlier ad~lresses
which Scller or Bt~yer n~ay dcsigi~ate in writin~ dclivcrccl to the o~her parly ~or Such
p~upose. Datc: ui ~cr•ricc of a notice served by m~il or overnight delivezy shall bc thc date
on ~vhich such noticc is depositecl ici a~nst oC(ice of the LTnited St.~tcs Postal Service Date
or ~vith the uvcrni~Ili COLICICI'.
I I. Timc of the ~ssencc.. Time for the pect~ol~llance of thc obli~ations o~'the paz2ies is
of the esscnce of this Contract.
12. A:,signm~nt• ~ucc~ssion of (~bligations. The ri~hts and ohligations of f3uycr
undez' this Cot~kract may not be assignccl bV F3uyer witEtout Seller's consent, which sllall
not to be unreasoiiably withhcld; provided, ho~veve:r, 8uyer may assign thi5 Concract
~vith~ut Seller's con5ent to ~~l entity Wl~ich is c~ntrolled by BtFy'er or an affiliate ot~Buyer.
All tetn~s o.C thi5 Contract sh.~ll bc bindin~; upon the paitics heret~, their succcssors ~~nd
permiLte~l assionees.
5
May 22 13 10:06a Laverdiere 3098375818 p.10
1:~. lnv~lid Prnvisionti. If~ any provision ~i' ihis Cuntract is hclcl to be illebal, int~alid
or unenforceablc, slid pi-ovisior~ shall Ue fully sevet'<<blc; this Conlract sliall be cor~st~~ued
<ind enf~rcecl as iP such illegal, inv~lid or uneniorceable provision ltad ttcver comprisecl a
}~~R oF this Contr~.ct; and thc rcm~uniz~g rrovision:: of tl~is Coiltract sha~1 c•cmait~ in t~t~l1
C~rce ,ind eCfect ~nd sh~11 not I~c •~iffected by thc ille~a.l, invtilia c~r uncnforceable
provision or by its scvcrance from this Co~itract.
1~1. I~lulti~le Colante~~r~irts, This Coatr~ct m<<y he e:cecuted i~i ~ nuiraber of iaentical
~nunteipZrts iiicl~icli~~~ facsi~'iZile cuunterpai-ts. If so executcd, each of.~ such wur~terptiri;s
shall b~ dec~zleci t~n ori~;in~~l for all pui-poses, anc! alI sueh eoutlterp~irls shall, colleclivel~,
coi~stiCUte one a~;r~cment.
] S, A~«l'il~'~$' 1=ccs_ 'fhc p~rt,y who is thc pi'evailing p~t~ty in ~n~ lcgal or cquitlble
proce~ding against tl~e ~Chct pai~ty in cannec~ioi~ with ~hi5 Cot~ttact shall l~e e~ititled tu
rccovc:r fi•om th~ non-prcvailin~ p~-ly reasonablc attorne}~s' lees <<nd exp~nses incurred_
1~. Miscellaneot~s, ".l~his doc~imcrtt incluair~~ all altaeYunents Cully se~s f'orth all
aL~r~emenls and underst~indings of the ~artics to iL1is Contract with respect co tlle subjcct
nlattcr liereaf. V'Jlie;ncvcr used l~crein, thc sit~^ular shall indicatc tl~e pli~r21, the plural
~hall include the sinsular, thc: plural ~~nd singular <<nd any bcnder shal] inctude all gendcrs
and the ~~cutcr. C;a~ations co the prow~isions ot this C~oneract are in~ended and usrd solely
for put-poscs o~ identi(ic.~.tion and do no~ :i:~Zit or enlargc ~tpon tl~c ..vrittcn provisi~ns o(~
thiti C:ontn~ct.
~ 7. l:eme~lies. In tl~e e~~ent of' a defatilt by Scll~n c~t'cuzider, in addition li~ all othe;r •
ri~hls :inil ren~edies ~vailablc ~~t l:~~v ar in equity, P,uycr shall hav~ the ri~,E~t of specitic
p~rf~rmance. Ii~. thc cvent of' a default by Buyer 1~crcu~~+Jer, thc I;arncst Nloncy sh:~Ll bc
forfeite;cl lu Seller as liquidatc~l dama~cs w1~.ich sh~ll be Sellcr's ;;~te and exciusive
r~~ned~~ at law or in cquity.
l;s. Dur~tion of Offer. 'I'his offcr shlll espire if wTitccn accepiance endorscd hereon is
ziol delivered to Scllcr on or be[ore 5;00 o'elock P.M., ~~pril 30, 201;3.
D~TEn: :~pril 20 ~ 3.
Lavcrdiere ~onti~ruct}:~11, Inc.
B ~ i-
~
Yi
.i ~f ~verdierc, President
_
A ttcs l:
.
By;
P~.lriek 1b1et'id~t Secretary ~
I
6
Ma~ 2Z 13 1~:06a Laverdiere 3098375818 p.ii
:~ccr_~~~r.a~rc~ o~ orr~.i~
Sellcn c~~•eby ~tccep~s tlle f~oregoin~ otTcr ~nd ackn~wlc~l~es receipt of Six Tl~ous~~nd Four
T•Tunclrcd pollars ($6,~I0().UU) as cot~siderati~n p~icl by B~_~yen c~ceunder.
nA'fED::~Pril--_ ~~13_
City of C:antun, 11Einais
By:
~C in . . ea e, a}'or
Attest:
i
13y:_
i~i~n avlcy, ity Cler
7
May Z2 13 10:06a Laverdiere 3098375818 p.lZ
I:XE-1113IT
(Le:~;~il Dc~c~~iption of' cili; Real Lstate)
Lc>t Number Fourtccn (.14) of' chc Ec~tcrprise I~~dus[Ciai Uistricl pursu~tnt to lhe Subdivision ('lat
thercof ti7ecl in lh~ Fulton Count~ (Illinois) Rceorder's ~fricc on October 26, 1984, as
InsTrum.ent i~unzbcr 84-~9Gq, conl;~inin~ 1.Z acres, more or less, subjcet Lo ~I1 present an~ future
ca~crnen[s, covenants, a~id, reStt7CClOtiS, 1l1 of thc l.oregoi~ie real pto[~crty hcing siCuatcd 11~ tlie
Cii.y c~f Canton, ~ott~~tti~ of h'~tltoi~ and St~itc af lllinois.
(~ut Lot N~unbcr 'l~wo {2) of th~ Entcrp.rise Indus~rial i,~istrict Pt~rsuant to the Subdivision Plat
tl~c:~'cof filcd i?1 tl~e 1=~.ilto~i County (Illinois) F.eeorder's Offcc on Uctober 26, 1954, ~~s
Jnstr~ttnen~ Nui~tber o~-o9(i0, concaining 6. I acres, more or less, suUject to all ~resent and luture
cZSCments, covcnanls, ~ncl, restricliot~s, at! cif the fot'cgoin~; rcai ptupct'ty beinc sit~iated in thc
City of Canto~~, C.OLSI]ty of l~ulton and St~i~e of Illinois.
I,ot Number Si~~een (1G) of t,hc rnterprise lndustrial Di5trlct Pursu~z~t t~ ~hc Suhdivision Plat
rhereof filed in lhe l~ulton C'ou~lty (I1linois) Recorder's Of~tce on Octobcr 20, 1954, as
Instrt~n~e~~t Numbe•r 8~-8960, containin~ 2.2 acres, more or le.;s, subjee[ to all ~re;cnt :~nd future
c;45~IT]CI1r5, co~'cn:tnts, ~nd, reslrietions, <ill oC lhe fore~oing real prvpert~% bein4 situatecl in fhe
City~ of CanCOi~, County of~ Fulton ai~d State of Illino~s.
I,ot Nur:ibcr ~e~'enteen (17) of the ~nterprisc [i~dustrial Discri.ct Pursu~ult to thc tiuvdivision Plat
tklcreof Iiled in the Fultori Caunty (I1linoi:) jZecorder's Uffice o~i Occober ?6, 19~4, as
Tnstruntent Nufltbcr ~~-b960, cotttaining 3.3 :~crc~, morc or l~ss, sul~_{ccl lu ~tL] pti;scnt and futurc
easemenCS, coven~nts, tt.n~f, ru:;~rictions, ~ill of the forcgoii~o Yc~l property bcine~ situ~itcd in lh~
City oI' C~ntrnZ, County ot r•ult~r. ~ind Statc ~f 111inois.
S
Ma~ 22 13 10:07a Laverdiere 3098375818 p.13
CA_~t GETaGH -iHiS P'vRTION AND RCTi~IN Fn~{ YC~UN Htf_ONps iv1ACOM0, ILLINOIS f,14;,G V.~ 1 ~J 'Y
DATE INVOICE NQ. ~ESCRIPTION 1NVOICE AMOUNT D~DUCTION BAIANC~
~l/19/1J JLOT54/19;! 3 LOTS DOWNPAYMFNT 6~100.00 .00 G400.00
DATEK a~~~~~~~ NUML~GR 97759 TOTALS 6q00.00 .00 5400.00
LAVERDIERE CONSTRUCTION, INC. F~H~'( MANKFHj 7Q'`O ~ J-~
Tf1U~~T GVMI'ANY, N A ~ ~
GENERAL CONTRACTORS u+~irvcv i~~m~ow
4055 bVGST JACKSON ~TRF_ET
MACOML', II,I,INpIS f~1455 '
(309) 837-1259 • FAX (30~> 833-4g~3
ay; ****~~"~*********~*******~*Six thousanci four hundred dollars ancl no cents
DATE CHlCK NO, P.MOUNT
Apri1 19, 201~ 9775~ S******6,400.Q0
City of Canton jl ~
~ ,
PAY #2 North Nlai.n Street ~~y ~ . ,
ro rru. -~...:FJ ~ ~T,,,ti•~';.~,,:. ~.:.;.a'
ORDER Canton, IL 61520
Of' ' ~ J v
l•~.~-."~L''.'.~^~'~ M
/
i~'09775~,~~' ~:08 L 20U586~: 006 299 2~i'
W
CONTRACT FOR PURCHASE OF REAL ESTATE
Laverdiere Construction, Inc., an Illinois corporation ("Buyer") whose address is 4055
W. Jackson Street, Macomb, Tllinois 61455, offers to purchase from the City of Canton, Illinois
{"Seller"), whose address is 2 North Main Street, Canton, Illinois b1520, approxixnately 12.80
acres of real estate located in Canton, Illinois, commonly known as Lot 14, Lot 16, Lot 17 and
Outlot 2 of the Enterprise Industrial Park and more particularly described on Exhibit "A"
attached hereto and by reference made a part hereof, together with all easements, rights of way
and appurtenances thereto and all improvements thereon (collectively the "Real Estate") to be
conveyed by general warranty deed from Seller to Buyer, in a form approved by Buyer (the
"Deed"), on the terms and subject to the following conditions:
1. Purchase Price. The total purchase price for the Real Estate sha11 be $S,OQO per
acres for a total of sixty-four thousand dollars ($64,000.~0) (or the "Purchase Price").
The Purchase Price shall be paid as follows:
l.l Consideration. In consideration of ten percent of the purchase price or six
#housand four hundred dollars ($6,400.00) paid by Buyer to Seller and other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Seller and Buyer hereby agree to the terms of this Contract.
1.2 Pa~ment on Closin~. At the Closing, Buyer shall pay the Purchase Price,
less credits and pro rations as herein provided, in immediately available funds, to
Seller.
1.3 Acce~,tance Date. The date upon which the last of Buyer or Seller
executes this Contract is the "Acceptance Date."
2, Conditions of Closin~. Buyer's obligation to close and purchase the Real Estate
is subject to the satisfaction or waiver in writing by Buyer of each of the following
conditions within thirty (30) days from the Acceptance Date (the "Due Diligence
Period"):
2.1 Title. Within ten (10) days fram the Acceptance Date, Seller shall deliver
to Buyer a commitment for an ALTA Owner's Policy of Title Insurance (the
"Commitment") prepared by John J. McCarthy, as agent for Attorneys' Title
Guaranty Fund, Inc. (the "Title Company") which shall insure rnazketable title to
the Real Estate (including any appurtenant easements necessary for the full
utilization thereo~, free and clear of all liens and encumbrances of any nature
whatsoever in the amount of $64,000.40 after deiivery of the Deed to Buyer from
Seller. The expense of the Commitment and premium for the Owner's Policy of
Title Insurance shall be paid by Seller. Any endorsements requested by Buyer
shall be at Buyer's expense. The Title Company shall furnish Buyer with copies
of all recorded documents shown on the Comxnitrnent. If within the Due
Diligence Period, Buyer has an objection to iterns disclosed in the Commitment,
Buyer shall make written objections to Seller within 15 days after receipt of the
Survey, the Commitment and ali such instruments. Seller shall then have 15 days
from the date such objections are disclosed to cure the same. Seller agrees to
utilize reasonable efforts to cure such objections, if any. If the objections are not
cured within such time period, or in the event any title abjections arise or are
discovered after the expiration of the Due Diligence Period, Buyer may (i)
terminate this Contract, (ii) cure such objections on behalf of Seller (and Seller
shall reasonably cooperate vvith Buyer in connection therewith) and Seller shall .
reimburse Buyer for the cost of such cure, or (iii} waive the uncured objections
and close the transaction.
2.2 Feasibilitv of the Real Estate. Within the Due Diligence Period, Buyer
shall determine whether the Real Estate is accepta.ble to Buyer in Buyer's sole
discretion. Seller shall fully cooperate with and assist Buyer in obtaining
infornnatian regarding the Real Estate. At any time within the Due Diligence
Period, if Buyer determines that the Real Estate is not acceptable to Buyer in
Buyer's sole discretion, Buyer may terminate this Contract.
2.3 Zonin . Buyer shail have confirmed that the current zoning classification .
and/or covenants and/or commitments affecting the Real Estate are sufficient to
pezmit Buyer's anticipated use.
2.4 Restrictive Covenants. Buyer recognizes that Seller has developed
restrictive covenants and other land use controls that apply to the Enterprise
Industrial District. Buyer further agrees that it shall take title to the real property
subject to said restrictive covenants and land use controls.
2.5 Permits. Buyer will obtain all licenses and approvals necessary for
Buyer's anticipated use, including local building permits. Seller will reasonably
cooperate r~vith Buyer in all such proceedings to secure such permits and
approvals, including filing any applications or actions therefor or joining with
Buyer therein.
2.6 Condition of Real Estate. Buyer shall have determined, in its sole
discretion, that the Real Estate is adequate for Buyer's anticipated use.
3. Pro ert and Other Taxes. Seller shall pay all assessments, whether general or
special, assessed against the Real Estate prior to Closing. All xeal estate taxes for the
Real Estate assessed for any prior calendar year and remaining unpaid shall be paid by
Seller, and all real estate taxes for such Real Estate assessed for the current calendar year
shall be prorated between Seller and Buyer on a calendar year basis as of the day of the
Closing. Any taxes and assessments not assumed by Buyer shall be paid by Seller at or
prior to Closing.
4. Condemnation. If at any time after the Acceptance Date: (a) the Real Estate shall
be condemned, in whole or in part, or (b} any notice of condemnation sha11 be given, then
Buyer, at its sole option, may terminate this Agreement or waive the same and proceed
2
with the Closing. If Buyer elects to proceed with the Closing, then Buyer rnay (i) apply
the proceeds of any condemnation award to reduce the Purchase Price, or (ii) accept an
assignment of such proceeds from Seller without any reduction in Purchase Price. In
furtherance of the above, Buyer shall have the right to appear and defend in any such
condemnation proceedings in connection with the Real Estate.
5. Ri~ht of Entrv. On and after the Acceptance Date, Buyer shall have the right to
enter and inspect the Real Estate, to permit surveyors, engineers, soil testing companies
and other agents to enter upon the Real Estate for the purpose of obtaining surveys, soil
tests, inspection reports and other informatian. Buyer shall indemnify and hold Seller
harmless frorn and against any loss, damage or injury of any nature whatsoever arising as
a direct result of Buyer's {or its agents'} exercise of the right of entry under this Section.
6. Closing,and Possession.
6.1 Closin . If this offer is accepted as herein provided, the transaction shall
be ciosed at the offices of the Title Company on or before ten (10) days after
expiration of the Due Diligence Period (the "Closing"}. Seller shall not agree to or
execute any agreements concerning the Real Esta.te or any portion thereof from
the Acceptance Date to the time of the Closing except upon the prior written
approval of Buyer. At the Closing, Seller shall execute and deliver to Buyer the
following items:
(a) the Deed in recordable form conveying the Real Estate to Buyer;
(b} an Owner's Affidavit sufficient to cause the Title Campany to remove the
standard exceptions from the owner's title policy;
(c) a certificate reaffirming as of the date of the Closing each and all of the
Seller's representa.tions and warranties set forth in this Contract;
{d) a Closing Statement;
(e) any other instrument as reasonably required or requested by Buyer or the
Title Company.
At the Closing, Buyer shall pay the balance of the Purchase Price in cash and
execute and deiiver a Closing Statement, the Memorandum of Option and any
other instrument as reasonably required or requested by Seller or the Title
Company. Seller and Buyer shall each be responsible for one-half of the Closing
costs.
6.2 Possession. Exclusive possession of the Real Estate shall be delivered to
Buyer at time of the Ctosing.
7. Seller Representations and Warranties. Seller represents and warrants to Buyer
that:
3
7.1 Authoritv to Enter into Contract. Seller has full right and authority to
enter into and carry out the terms and provisions of this Contract and the
transactions contemplated hereby, including the sale, transfer, conveyance and
delivery of the Real Estate to Buyer, witl~out obtaining the approval or consent of
any other party. Seller's execution, delivery and performance of this Contract and
all other agreements or instruments contemplated hereby will be legal, valid and
binding obligations af Seller, enforceable in accordance with their respective
tenns.
7.2 Liti ag
tion. Seller has no knowledge of, has no reason #o believe of, and
has not been served with notice of, any actual or threatened litigation, action or
legai, administrative, arbitration, candemnation, assessment or other proceeding
against the Real Estate or any part thereof.
7.3 Compliance with Laws. To Seller's knowledge, the Reai Estate is (i) in
compliance with applicable statutes, laws, codes, ordinances, regulations and
requirements relating to zoning, subdivision, planning, building, fire, safety,
health, insurability or environmental matters, (ii) in compiiance with covenants,
conditions and restrictions (whether or not of record} pertaining to the title to the
Real Estate, and (iii) in compliance with all other local, municipal, regional, state
or federal statutes, laws, codes, ordinances, regulations and requirements affecting
the Real Estate.
7.4 Coi~tracts and Agreements. Seller is not a party to any contract to sell the
Real Estate other than this Contract. Further, Seller is not a pariy to any contract,
agreement, lease or other commitment which is related to the Real Esta.te which
will be binding following Closing.
7.5 Title. (i) Seller is the sole owner of the ReaI Estate, (ii) Seller owns fee
simple title to the Real Estate, and (iii} no party ather than Seller is in possession
or occupancy of the Real Estate or claims any unrecorded or undisclosed legal or
equitable interest therein.
7,6 Access. The Real Estate has full and free access to and from public
highways, streets, or roads and there is no pending proceeding that would impair
or result in the termination of such access.
7.7 Conditions. Except as set forth in this Contract, with respect to the Real
Estate, Seller has no knowledge nor has Seller received notice, of (i) any
condition, defect or inadequacy which, if not corrected, would result in
termination of insurance coverage or increase its cost; (ii) any violations of
building codes and/or zoning ordinances or other governmental laws, regulations
or orders; (iii) pending condemnation proceedings; (iv} any proceedings which
could cause the change, redefinition or other modificahon of the zoning
classification or of other legal requirements applicable to the Real Estate or any
4
part thereof or to the permitted uses of the Rea1 Estate; (v) special ta7c or
assessnient to be levied against the Rea1 Estate; (vi) change in the tax assessment
of the Real Estate or (vii) any other matters material to the Real Estate or the use
thereof. Seller has not knowingly withheld from Buyer information relating to any
materiai defects in the Real Estate or any matters which might adversely affect the
development of the Real Estate.
All of the foregoing representations and warranties shall be considered to be true
and correct as of the Acceptance Date and shall survive the Closing. Seller shall
indemnify, defend and hold harmless Buyer from and against any and all claims,
demands, liabilities, damages, suits, actions, judgments, fines, penalties, loss, cost and
expense (including, without limitation, reasonable attorneys' fees) arising or resulting
from, or suffered, sustained or incurred by Buyer as a result of or related in any way to (i}
the misrepresentation or breach of any of the foregoing representations or warranties by
Seller to Buyer; or (ii} any Unknown Pre-Existing Environmental Condition.
8. Brokers. Seller and Buyer represent to each other that they have not used any real
estate brokers or agents with respect to this transaction who would have a right to any
broker's or finder's fee or commission, and each agrees to defend, indemnify and hold
harmless the other against and from any liability (including reasonable attorneys' fees)
resulting from a claim of any broker or agent claiming through the indemnifying party.
9. Recordin~. This document shall not be recorded. At the option of either party,
Seller and Buyer shall enter into a written mernorandum in recordable form setting forth
the terms and conditions of this document which may be recorded by either party, at its
expeiise.
10. Notices. All notices required under this Contract shall be deemed to be properly
served if personally delivered, or sent by registered or certified mail with return receipt
requested, postage prepaid, or sent by recognized overnight courier, to Seller or Buyer at ~
the address as specified on the first page of this Contract, or to such other addresses
which Seller or Buyer may designate in writing delivered to the other party for such
purpose. Date of service of a notice served by mail or overnight delivery shall be the date
on which such notice is deposited in a post office of the United States Postal Service Date
or with the oveniight courier.
11. Time of the Essence. Time for the performance of the obligations of the parties is
of the essence of this Contract.
12. Assignment; Succession of Obligations. The rights and obligations of Buyer
under this Contract may not be assigned by Buyer without Seller's consent, which shall
not to be unreasonably withheld; provided, however, Buyer may assign this Contract
witl~out Seller's consent to an entity which is cantrolled by Buyer or an ~liate of Buyer.
All terms of tl~is Contract shall be binding upon the parties hereto, their successors and
permitted assignees.
5
13. Invalid Provisions. If any provision of this Contract is held to be illegal, invalid
or unenfarceable, said provision shall be fully severable; this Contract shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a
part of this Contract; and the remaining pxovisions of this Contract shall remain in fitll
force and effect and shali not be affected by the illegal, invalid or unenforceable
provision or by its severa.nce from this Contract.
14. Multi~Ie Counter.parts. This Contract may be executed in a number of identical
counterparts including facsimile counterparts. If so executed, each of such counterparts
shall be deemed an original for all purposes, and all such counterparts shall, collectively,
constitute one agreement.
15. Attorneys' Fees. The party who is the prevailing party in any legal or equitable
proceeding against the other party in connection with this Contract shall be entitled to
recover from the non-prevailing party reasonable attorneys' fees and expenses incurred.
16. Miscellaneous. This document including a11 attachments fully sets forth all
agreements and understandings of the parties to this Contract with respect to the subject
matter hereof, VJhenever used herein, the singular shall indicate the plural, the plural
shall include the singular, the plural and singular and any gender shall include all genders
and the neuter. Captions to the provisions of this Contract are intended and used solely
for purposes of identification and do not limit or enlarge upon the written provisions of
this Contract.
17. Remedies. In the event of a default by Seller hereunder, in addition to a11 other
rights and remedies available at law or in equity, Buyer shall have the right of specific
performance. In the event of a default by Buyer hereunder, the Earnest Money shall be
forfeited to Seller as liquidated damages which shall be Seller's sole and exclusive
remedy at law or in equity.
18. Duration of Offer. This offer shall expire if written acceptance endorsed hereon is
not delivered to Seller on or before 5:00 o'clock P.M., Apri130, 2013.
DAT'ED: April , 2013.
Laverdiere Construction, Inc.
By:
Jack Laverdiere, President
Attest:
By:
Patrick Meridith, Secretary
6
ACCEPTANCE OF 4FFER
Seller hereby accepts tl~e foregoing offer and acknowledges receipt of Six Thousand Four
Hundred Dollaxs ($6,400.04) as consideration paid by Buyer hereunder.
DATED: April , 2013.
City of Canton, Illinois
By:
Kevin R. Meade, Mayor
Attest:
By:
Diana Favley, City Clerk
7
EXHIBIT A
(Legal Description of the Rea1 Estate)
Lot Number Fourteen (14) 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-$960, containing 1.2 acres, more or less, subject to all present and future
easements, covenants, and, restrictions, all of the foregoing real property being situated in the
City of Cantoi~, County of Fulton and State of Illinois.
Out Lot Number Two (2) 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, conta.ining 6.1 acres, more or less, subject to all present and future
easements, covenants, and, restrictions, all of the foregoing real properly being situated in the
City of Canton, County of Fulton and State of Illinois.
Lot Number Sixteen (16) of the Enterprise Industrial District Pursuant to the Subciivision Plat
thereof filed in the Fulton County (Illinois) Recorder's Office on October 26, 19$4, as
Instrument Number 84-89b0, containing 2.2 acres, more or less, subject to ali present and future
easements, covenants, and, restrictions, alI of the foregoing real property being site~ated in the
City of Canton, County of Fulton and State of Illinois.
Lat Number Seventeen (17) 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, containing 3.3 acres, more or less, subject to a11 present and future
easements, coveiiants, and, restrictions, all of the foregoing real property being situated in the
City of Canton, County of Fulton and State of Illinois.
8
A. U.S. Department of Housing and Urban Development . Type of Loan
Settlement Statement 1. ? FHA 2. ? FmHA s. ? conv
ATTORNEYS' TITLE GUARANTY FUND, INC
1 South Wacker P.O. Box 9136 2500 South Highland Ave 120 West Main Street 4. ? VA 5. ? Conv Ins. 6. ? Seller
24th Floor Champaign, IL 61826-9136 Suite 330 Suite 201 FinanCe
Chicago, IL 60606-4654 (217) 359-2000 Lombard, IL 60148-5363 Belleville, IL 62220-1554
(312)372-8361 (630)627-7441 (618)277-9440
6. File Number 7. Loan Number
130249200944
S. Mortgage Ins Case Number
C. Note: This fonn is fumished [o give you a statement of actual settlement costs. Amounts paid to and by the setUement ~ ent are shown. Items marked "(p.o.c.
were aid outside the closin ; the are shown here for infonnational ui oses and are not included in the totals.
D. Name and Address of Bo?rower E. Name, Address, and Tax ID Number of Seller F. Name and ddress of Lender
Laverdiere Construction, Inc., an Illinois City of Canton, an Illinois municipal corporation
corporation 2 North Main Street
4055 West Jackson Street Canto~y IL 61520
Macomb, IL 6t455
G. Property Location (Complete address, including legal desciiption, if H. Setdement Agent Name, Address and Tax l Number
necessary)
John J. McCarthy
45 E. Side Square, #301
Enterprise Drive Canton, IL 61520
Canton, IL 61520 Tax ID:
See Addendum Closer: MEMBER CLOSER
Place of Setdement L Settlement Date
John J. McCartl?y 5/23/2013
45 E. Side Square, #30l Fund: 5/23/2013
Canton, IL 61520
J. Summary of Borrower's Transaction K. Summary of Seller's Transaction
Il10. Cross Amount Due from Borrower 4W. Cross Amount Due to Seller
101. Contract Sales Price $64,000.00 40 L Contract Sales Price $64,000.00
102. Personal property 402. Personal Property
103. Settlement Charges to borrower 5706.00 403.
104. 404.
105. 405.
Adjustments for items paid by seller in advance Adjustments for items pai by seller in advance
106. 406.
107. County Property Tax 407. County Propeny Tax
I08. 408.
109. 409.
I lU. 410.
~~I. 411.
112. 412.
113. 413.
114. 414.
IIS. 415.
116. 416.
120. Cross Amount Due From Borrower $64,706.00 420. Cross Amount Due to Seller 564,000.00
200. Amounts Paid By Or in Behalf Of Borrower 500. Reductions in Amount Due to Seller
201. Deposit or eamest money 56,400.U0 501. Earnest money held by seller $6,400.00
202. Principal amount of new loan(s) 502. Settlement Charges to Seller ( line 140U) $293.OU
203. Existing loan(s) taken subject to 503. Existing loan(s) taken subject to
204. 504. Payotl'First Mortgage
205. 505. Payot7'Second Mortgage
206. 506.
207. 507.
208. Portion of Owner's Policy Paid by Seller $475.00 508. Portion of Owner's Policy Paid by Sellei $475.00
209. 509. Payot7'First Mortgage
Adjustments for items unpald by seller Adjustments for item unpaid by seller
210. 510.
211. County Property Tax S I I. County Property Tax
212. 512.
213. 513.
214. 514.
215. 515.
216. 516.
217. 517.
218. 518.
219. S19.
220. Total Paid By/For Borrower 56,875.00 520. Total Reduction Amount Due Seller 57,16fi.00
300. Cesh At Settlement From/To Borrower 600. Cash At Settlement To/From Seller
301. Gross Amount due from borrower (line 120) 564,706.00 601. Gross Amount due to seller (line 420) $64,000.00
302. Less amounts paid by/for borrower Qine 220) $6,875.00 602. Less reductions in amt. due seller (line 20) $7,168.00
303. Cash From Borrower $57,831.00 603. Cash To Seller $56,832.U0
Previous Edition is Obsolete Printed t 2:19 PM May I5, 2013 HUD-I (3/86)
. ,
L. Settlement Char es
700. Total Sales/Broker's Commission based on price $64,UUOAU (d~ $O.UO Paid From Paid From
Division of Commission (~ine 700) as follows: Borrower's Seller's Funds at
Funds at Settlement
~O Settlement
702. to
7U3. Commission Paid at Setdement $0.00 $OAO
SIIO. Items Payable in Connection with Loan
801. Loan Origination Fee 0 to
802. Loan Discount to
803. Appraisal Fee to
804. Credit Report to
805. Lender's Inspec;tion Fee to
806. Application Fee to
807. Assumption Fee to
808. Document Preparation Fee to
809. Tax Service Fee to
810. Flood Certification Fee to
900. Items Required by Lender To Be Paid in Advance
901. lnterest from 5/23/2013 to 6/1/2U13 @$0/day
902. Mortgage Insurance Premium f'or months to
903. Hazard Ins Premimn for years 10
IU00. Reserves Deposited With Lender
1001. Hazard insurance months (cil per month
I W2. Homeowner's insurance months per month
1003. County property taxes months @ per month
1004. County property taxes months u~ per month
1005. Spec;ial Assessment months L per month
1006. Homeowner Asc Dues months @ per month
1007. Flood insutance months ~u) per month
I W8. Other taxes months per month
]01 I. Aggregate Reserve Adjustment
I 100. Title Charges
I 10 LSettlement or closing fee to John J. McCarthy $ISO.OU $150.00
I 102. EPL Endorsement ta
! 103. ARM Endorsement to
I 104. Condo Endorsement to
I 105. L.~cation Note to
I 106. Buyer's Attomey fees to
I 107. Seller's Attomey fees (Doc Prep Fee) to John J. MeCarthy ~yp,pp
(includes above items numbers: , ~ ~€a~,~
I 108. Title insu~ance to ATC/John J. McCartliy $475.00
(includes above items numbers: (Detail Report Attached) )
I 109. Lender's coverage $O.UO / SO.OU
I I 10. Owner's coveiage $64,OOU.00 /$475.U0
12U0. Covernment Recording and Transfer Charges
1201.Recording Fees Deed $56.00 ; Mortgage ; Releases $56A0
12U2.County tax stamps Deed ; Mortgage to
1203 Real Estate Transfer Fee Deed ; Mortgage to
1204. City tax stamps to
1205. Record Assignment of Mortgage to
1206. Release Status Veritication /Cert of Rel to
1207. State Regulatory Fee to ATG Fees and Transfers $0.00 $3A0
13W. Additional Settlement Charges
1301. Survey to
1302. Pest Inspec;tion to
1303. Statutory CPL Buyer to ATC Fees and Transfers $25.00 $UAU
1304. Statutory CPL Seller to ATC Fees and Transfers $U.00 $50.00
1307. Payoti'Second Mortgage to $p,pp
1400. Total Settlement Charges (enter on lines 103, Section J and 5U2, Section K) $706.U0 $293.OU
,
I have carefully reviewed the HIJD-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 HLTD-1 Settlement Statement.
Laverdiere Construction, Inc., an Illinois corporation City of Canton, an Illinois municipal corporation
y~ ' It~- , BY: ~..~iJi~
ack Laverdiere, President Je~f
r'ey A. Mayor
The HUD-1 Settlement Statement which I have prepared is a true and accurate account of this transaction.
I have caused or will cause the funds to be disbursed in accordance with this statement.
~ May 23, 2013
John J. McCarthy, Se nt Agent
T R 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 ta~cpayer ldentification number and address
shown in Box E of this Settlement Statement are correct.
City of Canton, an Illinois municipal corporation
BY~ ~~.-rr~~.~~
7~ffrey A. ' z, Mayor
SELLER INSTRUCTIONS: If this real estate was your principal residence, file Form 2ll9, 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.
Receipts and Disbursement Report
Bu er Laverdiere Consiruction, Inc., an Illinois co oration
Seller Ci of Canton, an Illinois munici al co oration
Closin Date Ma 23, 2013
GF Number 130249200944
Pro e Address Ente rise Drive, Canton, Illinois 61520
Closer John J. McCarth
Recei ts
Pa ee Amount
Laverdiere Construction, Inc., an Illinois co oration 57 831.00
TOTAL RECEIPTS $57,831.00
Check Totals
Pa ee Amount
John J. McCarthy $943.00
(Closing Fees, Document Preparation, Closing Protection Letters, State
Re ulato Fee and Title Insurance)
Fulton County Recorder $56.00
(Recordin Fees)
City of Canton, an Illinois municipal corporation 56 832.00
(Balance Due
TOTAL CHECKS $57,831.00