HomeMy WebLinkAboutResolution #3543t.
RESOLUTION NO. 3543
RESOLUTION AUTHORIZING EXECUTION OF AMENDMENT TO REAL
ESTATE PURCHASE AGREEMENT BETWEEN THE CITY OF CANTON AND
NORWEST BANK
WHEREAS, the City Council on February 1, 2000 approved the purchase of the
Norwest Bank Building property at 2 North Main Street in Canton; and,
WHEREAS, the purchase and sale was subject to the written approval of the
legal documents involved by both parties; and,
WHEREAS, the parties have discussed the possibility of partial possession in
advance of closing so that the City might begin needed modification of the building; and,
WHEREAS, said approval has occurred.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF CANTON, Fulton County, Illinois as follows:
1. That the municipal officers be and they are hereby authorized to execute the
Amendment to Real Estate Purchase Agreement for the purchase of the Norwest building
allowing for early partial possession by the City.
2. 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, Fulton County, Illinois, at a
regular meeting this 7th day of November , 2000, upon a roll call vote as follows:
AYES: ~~~ ray , Shores , Meade , Nidiffer, Phillips , Sarff ,
Hartford, Molleck.
NAYS: None.
ABSENT: None.
APPROVED:
r~z~ ~ ~~.-~~
Donald E. E ar yor
Attest: `~~~ ~
anc Whites ity Clerk.
~'
AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
The parties to this Amendment, WELLS FARGO PROPERTIES, INC. and the
CITY OF CANTON, an Illinois Municipal corporation have heretofore entered into an
agreement dated March, 2000 for the purchase of real estate in Canton, Illinois by the
City of Canton from Wells Fargo Properties, Inc. For One Dollar and other good and
valuable consideration, the sufficiency of which is hereby acknowledged, the parties
Amend said Purchase Agreement as follows:
1. Pazagraph 12 shall be amended to allow the Purchaser to enter upon the
premises involved in the sale for the purpose of constructing a so-called sally port prior to
the closing of the transaction.
2. Purchaser will notify Seller in advance, in writing of the proposed date of this
partial use of the premises.
3. In the contemplated construction of the addition, the purchaser, its agents,
employees and contractors, will not interfere with the banking operations of Wells Fazgo
and will confine all of its activities to construction of an extension to the exterior of the
building.
4. All plans for construction shall be submitted as an informational matter to
Wells Fazgo Properties, Inc. prior to the initiation of construction for review by it. Wells
Fazgo Properties, Inc. shall have the right of reasonable disapproval of these plans.
Should there be question, all inquiries shall be directed to the architects for the City of
Canton, Phillips and Associates of Canton, Illinois.
5. The azea involved shall be secured from the remainder of property so that entry
on the construction site will be limited to authorized persons.
6. Purchaser shall require all construction activities to be limited to the purpose
set forth in this amendment and to the azea designated by the parties for same.
7. The Purchaser further will require that all activities will be fully insured and
further will require that a Certificate of Insurance naming the Seller will be issued to it as
an additional insured.
8. The purchaser will pay all chazges incurred by it for materials, labor and any
other expenses involved in the proposed construction of what will be an extension of the
existing building by adding what is referred to as a sally port appendage. The Purchaser
will save Wells Fargo Properties, Inc. harmless in this regard. Further, said city will not
allow any liens to attach to the property involved arising from said activity and will
remove any filings at its sole expense, including attorneys fees, should any liens be filed,
erroneous or not.
~~
a
' 9. Seller agrees to furnish to Purchaser such evidence of title as Purchaser may
reasonably require prior to the initiation of the construction, but in no instance shall such
evidence be in excess of that required by the basic agreement between the parties. If
additional title evidence is required by Purchaser prior to closing, it shall be at the
expense of Purchaser, however the basic requirement for an Owner's policy of title
insurance shall not shift from the Seller and such a policy shall be furnished at the
conclusion of the transaction.
10. In the event that Purchaser fails to complete the basic contract for purchase of
the existing bank building and grounds, Purchaser shall pay to Seller a sum representing
the cost of removal of the improvements contemplated herein. Seller shall have the
option of removal or to be paid for any reduction in value of the building and grounds as
determined by agreement of two appraisers -one for the Seller and one for the Purchaser.
If the two cannot agree, then and in that event, the two shall select a third appraiser to
facilitate agreement. Each party shall compensate its own appraiser and the cost of the
third, if needed, shall be evenly divided between Seller and Purchaser.
11. In all other respects, the agreement of March , 2000 shall remain in full
force and effect.
IN WITNESS, the parties have executed this document at Minneapolis,
Minnesota and Canton, Illinois on the dates indicated.
LANDLORD:
By: Wells Fargo Properties, Inc.
corporation,
By:
~t-s-Ag~nf ~j
` ~~
TENANT:
City of Canton, an Illinois municipal
~,.
Donald E. Edwards, Mayor