S-100 - 09/14/1965 - AGREEMENT - Ordinances -�° 9-14••65 1 aka ce:
f
AN 0"INAM AUT UUN TU PUMA" or
AIN MU ESTATI BY US MALME of
t OOK AN ILLINOIS MWICIPAL MPORATMO
OR A14 MITALLMMa BASIS AND PROV101M FOR
TU APPROPRIATION Of CMAXW FUNDS
0M mini
HRXX"s to Village of Oakbrook (hereinafter referred to
as "Village*) is a municipal corporation duly organized and exist-
ing under the Statutes ttutes of the State of Illinois; and
WHERFASO the Pre s ide:nt and Board of Trustees of said
Vill * hom deemed it advisoblev necessary and in the best
interests of said "Village that the Village acquire certain real
estate located therein; and
BRAS, the owners of said real "tote have indicated
their willingness to sell said real estate to that Village for the
purchase primer of One Hundred Thirty Thousand and /104 llaatrs
($130*000.00)f payable can an installment basis more particularly
hereinafter described; and
WR S* the President and Board of Trustees are of the
opinion that this purchase pricer represents a reasonable and fair
market value for said real estate; and
WRLMUSI, the President and Board of trustees have found
and determined that sufficient funds are net on hand at the present
time to pay the full consideration for the ptwchaso of said property;
WW, THLUFOREj U IT ORDALUD by the President and board
of Trustees of the Village of Oakbrook, DuPage Country$ Illinois, as
follows:
gggliga,14 That the Village of Oakbrook shall enter into
an installment contract to purchase the following described real
estatee, toovit
That port of the Southwest Quarter of the Southeast
Qugrzor of section 26, Township 39 forth, F4494 11 Za st
DuPage County, Illinois, commencing at the Southwest
corner of to Southwest F�uaxter of the Southeast ter
of said Section 26; thence South 89'51010", last aloes the
centerlize of Oak Brook Rod a distance of 251 toot for a
plan of beginning ing t a point; thence North 0'0055" West
ti s
'. k 4 � Y ... .` ,t,3 it -.. M: y .,.•. ;..a ,� w e ;: rt ;,: � ;:. .... ..
all dei d is of said purdutso price jkball beer interett
at tbAk rate of fog percent (0) per o , provideds ba"Ver,, that
such interest shall first be deducted from the paymants horein&bove
sot forth and the balance applied to principal,, mid provided furtbw
that in 40 *V t shell,the V94WR pa more than Ten Thousand and
N+1100ths Dollars ( 100000.Q l` in interest.
AMU".As That said, contract shall fur..her provide that
the Seller aball deliver possession of said premises ses to the villfto
immodietoly' upon the execution of the contract and than dellveI7 of
the original payment hereinabove set forth in the amount of `orty
Thousand and No/100ths Dollars ($40,000.00) and that the Village will
assume and pay` all taxes,, special assessments and lties levied
after such date, current taxes and insurance to be prorated as of
the date of delivery of possession.
142t A. That such coat act shall further provide that
whelk the Village shall have paJA the Seller all of the payments ctue
by the term tbereofo the -seller shall, by Trustee's Dead, convey
to the Village a good and merchantable title to said real estate
subject tea
(a) General taxes and special assessments whit village
covenants to pay;
(b) Zoning and building laves or ordinances;
(a) Easement,, building, building line and use or occupan+�",l"`
restri.ctions, conditions, reservations and covenants
of records if
(4) Rests Of ali parties claiming by, through or under
Village,
(c) Public roads and highways
(f) Public utility easements of record
j ,.. ,i ,..g That such contract shall further provide that
this Seller shall furnish to the Village an owner's title guarantee
policy of Chicago Title and Trust Compeny,, brought down to the date
of the contwoot showing good title in Sellers, which said POISAY
shall be In the amount of the purchase price.
§SMIJAQ..7. That such contract shall further provide de
the Village may not assign or tr+ for its interest under tb*
contract without prior opprovol of the Seller and that the
cove is and obligations in such contract shall extend to and
be obligatory upon the successors and assigns of the parties thereto,
That there is hereby appropriated for each
year such contract is in force, in addition to all other appropria-
tions hereinbefore or hereafter made by the l l.age s such sum or
sum as shall be needed to meet the minimum payment obligations
for the purse of said real estate as herein set forth.
W That after the adoption of this ordinance and
the approval b ► the prasi.dent a copy thereof stall be published
for two successive i.ve s in the Oakbrook Uoingss, a newspaper having
a generi aL circulation ation i n the Villages, it having heretofore been
found and determined that no awspaper of Senegal circulation is
published within the Village.
That upon this ordinance becoming valid, as
by ststute in such cases made and provided, the President and Clerk
are hereby authorized and directed to execute the contract afore-
describeds and the Treasurer be and he is hereby authoriz44 and
directed thereupon to issue a draft or Eck upon the corporate
funds of the Village of Oakbrook in the amount of Forty Thousand
and No/100the ol.l. rs (440,000.00) payable to the Seller of said
real. ostste.
Sgtjgg„ js That all ordinances, resolutions or orders,
or parts thereof, in conflict herewith be and the same are hereby
repealed, and this ordinance shall, take full force and effect as
by statute in such cases made and provided.
.0 4 -
Pass" and approvod by the Pra8 ide nt and Boyd of
Trustees of the Village of Oakbrook this _ day of
19b5,
Approvod
Attest:
C l;r
Ay ?}