R-843 - 04/22/2003 - TAX - ResolutionsRESOLUTION 2003- AG -TX- PRPTY- EX1 -R- 843
A RESOLUTION AUTHORIZING EXECUTION OF REAL ESTATE SALE CONTRACT
(A Portion of Lot 5 -- Sports Core /Westchester Park Subdivision)
WHEREAS, the Village of Oak Brook is the owner of the following described real estate
That part of lot 5 in Sports Core /Westchester Park Subdivision, being a
subdivision in the East half of the Southwest Quarter of Section 25, Township 39
North, Range 11, East of the Third Principal Meridian, in DuPage County
,recorded on November 6, 2002 as Document Number R2002- 302921, described
las follows
Parcel 1
Beginning at the northwest corner of said lot 5, then proceeding N890- 58' -16 "E
along the north line of said lot 5 a distance of 140 19 feet to the northeast corner
of said lot 5, then S00°- 03' -04 "W along the east line of said lot 5 a distance of
20 00 feet more or less to the north line extended of lot 1 of Becker's
Resubdivision, being a subdivision in the East half of the Southwest Quarter of
Section 25, Township 39 North, Range 11, East of the Third Principal Meridian, in
DuPage County recorded on October 9, 1997 as Document Number R97-
154108, then S890- 58' -16 "W along the north line of said lot 1 of Becker's
Resubdivision a distance of 140 20 feet more or less to a point on the west line of
said lot 5 (said point being the northwest corner of said lot 1 of Becker's
IResubdivision), then N00°- 04' -41 "E along the west line of said lot 5 a distance of
20 00 feet more or less to the point of beginning, and
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Parcel 2
Commencing at the northwest corner of said lot 5, then proceeding N89°- 58' -16 "E
along the north line of said lot 5 a distance of 140 19 feet to the northeast corner
Hof said lot 5, then S00°- 03' -04 "W along the east line of said lot 5 a distance of
20 00 feet more or less to a point on the north line extended of said lot 1 of
Becker's Resubdivision, said point being the Point of Beginning, then continuing
S00 °- 03' -04 "W along the east line of said lot 5 a distance of 75 04 feet more or
less to the south line extended of said lot 1 of Becker's Resubdivision, then N89°-
56' -50 "W along the south line extended of said lot 1 of Becker's Resubdivision a
distance of 10 00 feet more or less to the southeast corner of said lot 1, then
N00°- 03' -04 "E along the east line of said lot 1 a distance of 75 04 to the northeast
corner of said lot 1, then N890- 58' -16 "E along the north line extended of said lot 1
a distance of 10.00 more or less to the Point of Beginning, and
Parcel 3
Commencing at the northwest corner of said lot 5, then proceeding N89°- 58' -16 "E
along the north line of said lot 5 a distance of 140 19 feet to the northeast corner
I
f said lot 5, then S00 °- 03' -04 "W along the east line of said lot 5 a distance of
95 04 feet more or less to a point on the south line extended of said lot 1 of
Becker's Resubdivision, said point being the Point of Beginning, then continuing
S00 °- 03' -04 "W along the east line of said lot 5 a distance of 35 39 feet more or
less to the south line of said lot 5, then N890- 57' -03 "W along the south line of said
lot 5 a distance of 140 26 feet to the southwest corner of said lot 5, then N00° -04'-
41 "E along the west line of said lot 5 a distance of 35 37 feet more or less to the
southwest corner of said lot 1 of Becker's Resubdivision, then S890- 56' -50 "E
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Resolution 2003- AG -TX- PRPTY- EX1 -R- 843
Authorizing the Execution of Real Estaite
Sale Contract , Page 2
along the south line of said lot 1 a distance of 140 00 feet more or less to the
Point of Beginning
Permanent Parcel (Part) No 06 -25- 302 -044
r i
i
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which real property is a vacant parcel shaped like a "u" on its side with 20 feet of frontage
on Lincoln Road on the north "arm ", ten feet on the rear or west "arm" and 35 feet of
frontage on Lincoln Road on the south "arm" and contains approximately 8,526 square
feet, ( "th,e Subject Property'), and
WHEREAS, pursuant to Section 11 -76 -4 1 of the Illinois Municipal Code, 65 ILCS
5111-764 1, on January 28, 2003, the Village Board passed "A Resolution Authorizing the
Sale of Surplus Public Real Estate" in which the Village Board declared the Subject
Property as surplus public real estate and authorized and directed the staff to solicit
written sealed offers to enter into a real estate sale contract with the Village at a proposed
sale price of not less than the appraised value of Sixty Thousand Dollars ($60,000 00),
and
WHEREAS, one (1) sealed offer to enter into a real estate sale contract with the
Village for the proposed purchase of the Subject Property was opened at 5 00 p m on
April 4, 2003, and
WHEREAS, the offer by Samuel Vinci, (sometimes referred to as the
"Purchaser "), to enter into a real estate sale contract with the Village at a purchase price
of Sixty Thousand, and No /One Hundredths Dollars ($60,00 00) was the offer at the
highest proposed purchase price, and
WHEREAS, the purchase price proposed by the Purchasers meets the appraised
value of Sixty Thousand Dollars ($60,000 00), and
WHEREAS, the Purchaser has signed and submitted a Real Estate Sale
Contract with the Village at the proposed purchase price, a copy of which Contract is
attached I hereto as Exhibit "A ", and has furnished to the Village an earnest money check
in the amount of Six Thousand Dollars ($6,000 00), and
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WHEREAS, the Real Estate Sale Contract submitted by the Purchaser is in
substantial conformity with the form of real estate sale contract which was part of the
Offeror's Package provided to prospective offerors by the Village, and
WHEREAS, the corporate authorities find and determine that the best interests of
the Village of Oak Brook will be served by the acceptance of the Real Estate Sale
Contractisigned by the Purchaser,
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the j
Village of Oak Brook, DuPage and Cook Counties, Illinois, as follows
Section 1 That the foregoing recitals are incorporated herein as findings of the corporate
authorities
Section 2 That the Village President and Village Clerk are hereby authorized and
directed to execute a Real Estate Sale Contract with Samuel Vinci for the sale of a portion of Lot 5
in Sports 1,Core /Westchester Park Subdivision in the amount of Sixty Thousand, and No /One
Hundredths ($60,000 00) The Board hereby approves said Contract, a copy of which is attached
hereto and labeled Exhibit "A ".
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Resolution 2003- AG -TX- PRPTY -EX1 -R -843
Authorizing the Execution of Real Estate
Sale Contract, Page 3
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Section 3 That upon satisfaction of the terms of the aforesaid Real Estate Sale Contract
and upon the payment of the sales price in the manner provided in said Contract, the Village
President is hereby authorized and directed to convey and transfer the Subject Property to the
Purchaser by proper deed of conveyance, and the Village Clerk is hereby authorized to
acknowledge and attest such deed and to affix thereto the seal of the Village of Oak Brook
Section 4 That the Village President and Village Clerk are hereby authorized and
directed, respectively, to execute and attest such other documents as may be necessary for the
conveyance herein authorized
Section 5 That this resolution shall be in full force and effect from and after its passage,
by a vote of at least two - thirds (2/3) of the corporate authorities now holding office, and approval in
the manner provided by law
PASSED AND APPROVED this 22ndday of April , 2003 by the President and
Board of Trustees of the Village of Oak Brook, DuPage and Cook Counties, Illinois, according to a
roll call vote as follows -
Ayes Trustees Aktipis, Caleel, Craig, Korin and M�l_ogos `
Nays Nnnn
Absent Trustee Savino
Abstain None
e �
Village Presi hl '
u F: a .l �i�, � F 3,w,,•,.�.
`+' ,�� �Fw, gyp..• Sn"�'E, I
REAL ESTATE SALE CONTRACT — VACANT LAND
1. PURCHASER(S) SAMUEL
VINCI +
Address 3025 Lincoln Road Village Oak Brook State Illinois ZIP
60523
agrees to purchase, and SELLER(S), Village of Oak Brook, a municipal corporation 1200 Oak Brook Road, Oak
Brook. IL 60523
agrees to sell to Purchaser(s) at the PRICE of Sixty Thousand and No /100 Dollars
($601000 00)
Property located at approximately 3025 Lincoln Road in the Village of Oak Brook, County of DuPage, IL, and legally described as
follows
(Legal description has been attached hereto as Exlubit A)
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(hereinafter referred to as "the prenuses" or "the Property") with approximate lot dimensions of 140' x 130'
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2 EARNEST MONEY Purchaser shall pay earnest money in the amount of $6,000 when Purchaser signs and
submits this Real Estate Sale Contract, and is payable in the form of a certified or casluer's check made payable to
the order of Chicago Title Insurance Company, as Escrow Agent, and delivered at the time of signing this Contract,
receipt of which is hereby acknowledged The Escrow Agent shall hold the earnest money in a non - interest bearing
account
3 BALANCE OF PURCHASE PRICE: Purchaser shall pay the balance of the purchase price at the closing in la
certified or cashier's check payable to Seller No checks may be endorsed Third party checks are not acceptable
In lieu of accepting checks, Seller reserves the right to require Purchaser to pay the balance of the purchase price by
wire transfer to a bank account designated by Seller
4 DELIVERY OF DEED: The acceptance by Purchaser of the delivery of the deed at the closing shall be and be
deemed to be full performance and discharge of every agreement and obligation (either express or implied) on the
Part of Seller to be performed pursuant to tlus Contract and no representation, warranty or agreement, express or
iniphed, of Seller shall survive the Closing except those which are herein specifically stated to survive the Closing
I J
5i CASH PURCHASE: This is an all-cash sale and purchase and is NOT contingent upon obtaining financing
even though Purchaser may apply to a lending institution of Purchaser's choice for a loan Purchaser understands
and agrees that neither his receipt of a commitment from such a lending institution, his acceptance of such a
commitment, nor lus satisfaction of any condition set forth m such a commitment shall in any way be a condition of
Purchaser's obligations under this Contract Seller makes no representation or warranty as to Purchaser's ability to
obtam financing
6, THE CLOSING DATE: Closing will take place on or before May 8 , �a Chicago Title Insurance
Company, 2400 S Wolf Road, Suite 100, Westchester, IL 60514 In the event that Closing shall be delayed due to
the fault of Purchaser and Purchaser requests a delay in Closing, then Seller m its sole discretion may elect, upon
written notice to Purchaser, to extend the Closing, in which event Purchaser shall pay at Closing, in addition to all
other sums then due hereunder, the sum of Fifty Dollars ($50) per day for each day or part thereof that the Closing
is delayed after the Standard Closing Date, representing an adjournment fee Not withstanding the foregoing, TIME
IS OF THE ESSENCE
POSSESSION: Possession shall be granted to Purchaser(s) at the time of closing
S CLOSING DOCUMENTS: At the Closing, Seller shall deliver to Purchaser, at Seller's sole cost and expense
the following
a A duly executed and acknowledged Warranty Deed in recordable form conveying title in fee supple to the premises
described on Exhibit A as Parcel A and a Quit Clain Deed to the premises described on Exhibit A as Parcel B, free i
and clear of any and all liens and encumbrance which can be satisfied through the payment of money, and subject to
the following "permitted exceptions" , if any (1) Building, building line (as set forth on the Plat of Sports
Core/Westclnester Park Subdivision) and use or occupancy restrictions, conditions and covenants of record, (2)
Zoning laws and ordinances, (3) Easements for public utilities (as set forth on the Plat of Sports Core/Westchester
Park Subdivision), (4) Public roads and highways and easements pertanung thereto, (5) acts done or suffered by, of
judgments against Purchaser(s), or those claming by, through or under Purchaser(s), and (g) exceptions 5, 7, and 8
set forth in the attached title commitment no 1410- 002307654 dated February_ 25, 2003 by Chicago Title Insurance
Company,
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b A later dated Title Comnutment at closing and, subsequently to closing, an Owner's Policy of Title hnsurance (the
"Title Policy ") issued by Chicago Title Company in the full amount of the Purchase Price, dated as of closing;
insuring Purchaser's fee simple title to the real estate subject only to the Permitted Title Exceptions listed above, the
standard printed exceptions and additional exceptions contained in the usual form of Owner's Title Policy,
c Internal Revenue Code reporting requirements or disclosure including FIRPTA,
d Customary transfer declarations, and
All other documents that are reasonably customary to close this transaction, in accordance with the terms acid
conditions of tlus Contract
9 TITLE: Chicago Title Insurance Company's letter of commitment no 1410- 002307654 dated February 25,
2003 is attached to this Contract Seller shall furnish Purchaser with a later dated title conumutment prior to closing
If the updated title commitment discloses unpermitted exceptions, Seller(s) shall have thinly (30) days from the date
of
deliver thereof to have the said exceptions waived, or to have the title insurer comnut to msure against loss or
damage that may be caused by such exceptions and the closing date shall be delayed, if necessary, during said 30-
day period to allow Seller(s) tine to have said exceptions waived If Seller(s) fails to have unpermitted exceptions
waived or, in the alternative. to obtain a commitment for title insurance specified above as to such exceptions,
within the specified tune, Purchaser(s) may terminate the Contract between the parties, or may elect, upon notice to
Seller(s) witlun ten (10) days after the expiration of the 30 -day period, to take the title as it then is, with the right to
deduct from the purchase price, hens or encumbrances of a definite or ascertainable amount If Purchaser(s) does
not so elect, this Contract between the parties shall become null and void without further action of the parties, and
all momes paid by Purchaser(s) hereunder shall be refunded (Clucago Title Insurance Company shall be
conclusive evidence of good tale as therein shown, as to all matters insured by the policy, subject only to special
exceptions therein stated '
10 PLAT OF SUBDIVISION: Seller has furnished to Purchaser a Plat of Subdivision and Plat of Abrogation
Purchaser represents it has reviewed and accepts the contents and condition of the Plat of Subdivision and Plat of
Abrogation as it depicts the property and is purchasing the property subject to the condition as depicted on the Plat
of Subdivision and Plat of Abrogation
I1 PRORATIONS: None
12 DEFAULT: Unless otherwise provided for herein, if Purchaser fails to comply with the terms and conditions
hereof, Seller may terminate this Contract, in which event the earnest money shall be due and payable the Seller as
its mnuumum liquidated damages The parties agree that actual damages in the event of default are difficult to
ascertain and further agree that the amount set forth as liquidated damages is a reasonable estimate of the damages
to Seller in the event of Purchaser's default Such sum is intended to be liquidated damages, and not a penalty If
Seller refuses or is unable to deliver title as herein provided or to carry out any material obligation or covenant
hereunder to be performed by it prior to Closing, or if this Contract is terminated prior to the time of Closing for any,
reason other than a default of Purchaser, the sole and exclusive remedy of Purchaser shall be the return of his/her
earnest money deposit Seller's sole liability shall be Hinted to the return of such funds to Purchaser Purchaser
acknowledges and agrees that under no circumstances shall Seller be liable for Purchaser's damages, consequential,
actual, punitive, speculative, or otherwise The provisions of the Uniform Vendor Purchaser Risk Act of the State
of Illinois shall apply to this Contract
13 EARNEST MONEY ESCROW: The earnest money is deposited with Escrow Agent with the understanding
thiat the Escrow Agent (a) does not assume or have any liability for performance or non - performance of any party,
and (b) has the right to require in writing from all signatories (i) a written release of liability of the Escrow Agent,
except for gross negligence or fraud and (i) authorization to disburse the earnest money at Closing as such
disbursement is provided for herein At Closing, the earnest money shall be applied to payment of the Purchase
Price ry ce A refund or payment of the earnest money under this Contract, pursuant to a default, shall be reduced by
the amount of any actual expenses incurred by Escrow Agent arising out of the acceptance and distribution of funds
pursuant to a deternmmatmon as to which party is entitled to such funds
14 RIGHT TO NOTICE: Purchaser and Seller hereby agree that in the event Seller notifies Escrow Agent that
Purchaser has breached this Contract by reason of Purchaser's failure to timely deposit the earnest money or to
timely close the transaction or for any other reason as set forth in this Contract and that Seller has thereby elected to
declare Purchaser's earnest money earned, the Escrow Agent shall notify the Purchaser as to the same Purchaser
shall have five (5) business days from the date Escrow Agent notifies Purchaser of Seller's default notice to dispute
Seller's notice In the event Purchaser fails to dispute such notice, within said five -day period, then Escrow Agent
is hereby authorized by purchaser and Seller to remit the earnest money and any accrued interest to Seller, reduced
by the Escrow Agent's actual expenses described above Purchaser hereby agrees to indemnify, save harmless and
agree to defend Escrow Agent from and against any claims, demand, costs or damages (mcluding reasonable
attorney's fees) incurred by Escrow Agent and arising from or out of or with respect to Escrow Agent's complying
with such demand by Seller Seller and Purchaser promise and agree to indemnify and save Escrow Agent harmmless
from any claims, every kind and nature of which may be incurred by Escrow Agent by reason of his acceptance of,
and Ins performance under thus Real Estate Sale Contract
15 ESCROW CLOSING: At the election of Seller(s) or Purchaser(s), upon notice to the other party not less than
five (5) days prior to the closing date, the sale shall be closed through an Escrow with Chicago Title Insurance
Company in accordance with the general provisions of a deed and money escrow agreement consistent with the
terms of this Contract Upon creation of such an Escrow, anything in this Contract between the parties to the
contrary notwithstanding payment of the purchase price and delivery of the Deed
shall be made through the Escrow The cost of the Escrow shall be divided equally between Seller(s) and
Purchaser(s), except that Purchaser(s) shall pay the money lender's escrow charges
16 REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER:
a Seller hereby represents and warrants to Purchaser which representations and warranties shall lie
deemed made by Seller to Purchaser also as of the Closing Date that
(1) Seller is duly authorized and empowered to sell the Premises,
(2) All obligations of Seller ansing from the ownership and operation of the Premises, which accrue
prior to the Closing Date, have been paid as they became due or will be paid as they become due
Except for obligations for which provisions are herein made for adjustments at Closing, there will be no
obligations of Seller with respect to the Premises outstanding as of the Closing Date,
(3) Seller is not aware of any unrecorded liens caused by Seller against the Premises
(4) Seller has no knowledge of receiving any written notice from any govermnental department or agency
Having jurisdiction as to conditions affecting the Premises that alleges a violation of law or governmental
ordinances, order or requirements relating to the Premises
From the Effective Date of this Contract until the Closing Date or earlier termination of this Contract, Seller
covenants to
(1) Advise Purchaser promptly of any litigation, arbitration or administrative hearing before any
governmental body or agency of which Seller is notified, concerning or affecting the Premises which is instituted
after the date hereof, and
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(2) Not take, or omit to take any action that would have the effect of violating any of the material
representations, warranties, covenants, and agreements of Seller contained m this Contract
c If any representations or warranty in this Contract is known by Purchaser, prior to Closing, to be untrue to
a material extent or Purchaser knows that any covenant has not been performed or is not remedied by
Seiler prior to Closing except those liens, charges or unpaid bills or expenses that can be remedied by
funds paid by Seller at Closing out of the Purchase Price, Purchaser may as its sole remedy (i) terminate
this Contract whereupon the earnest money shall be refunded to Purchaser, and neither party shall have
any further rights or obligations pursuant to this Contract, or (ii) waive its objections and close the
transaction without reduction of the Purchase Price
17 REPRESENTATION, WARRANTIES AND COVENANTS OF PURCHASER: Purchaser represents,
warrants and covenants to Seller as follows
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a Purchaser is a sophisticated purchaser and has reviewed all materials and/or had all materials reviewed
by its own experts and consultants,
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b Purchaser is purchasing the Premises in its "As Is, Where Is" condition with no warranties by Seller as to
merchantability, suitability or fitness for any particular use, it being understood and agreed that Purchaser is relying
solely on its own inspections, engineering studies and reports, and examinations of the Premises and Purchaser "s
own determination of the condition and value of the Premises
c Purchaser has all requisite power and authority to consummate the transaction contemplated by this Contract and
has by proper proceedings duly authorized the execution and delivery of this Contract and the consummation of the
transaction contemplated hereby
d The Contract, when executed and delivered by Purchaser and Seller, will constitute the valid and binding agreement
of Purchaser enforceable against purchaser in accordance with its terms,
e To Purchaser's knowledge, neither the execution and delivery of this Contract nor the consummation of the
transaction contemplated hereby will violate or be in conflict with (m) any applicable provisions of law, (u) any
order of any court or governmental agency having jurisdiction over the Purchaser, or (um) any agreement or
instrument to which Purchaser is a party or under which Purchaser is bound,
f There are no actions, suits, claims or other proceedings pending or, to the best of purchaser's knowledge.
contemplated or threatened against Purchaser that could affect Purchaser's ability to perform its obligations under
thus Contract, and
g Purchaser has sufficient funds available to consummate the Closing of the transaction described in this Contract
18 CONDITION OF AND DAMAGE TO PROPERTY: The Premises shall be conveyed in its present
condition, ordinary wear and tear and damage by casualty excepted
19 DISCLAIMER:
a Except as otherwise specifically stated in this Contract, Seller hereby specifically disclaims any warranty,
guaranty or representation, oral or written, past, present, or future of, as to, or concerning the nature and
condition of the property, including, without limitation, the water, soil and geology, and the suitability
thereof and of the property for any and all activities and uses which Purchaser may elect to conduct
thereon
b Except as specifically stated in this Contract, Seller has not made and is not making any representation or warranty
regarding merchantability or fitness for any particular purpose, environmental conditions, zoning or the availability
of permits
c Purchaser acknowledges that having been given a sufficient opportunity to inspect the property, and to review the
offerees' information packet or other material given to Purchaser, Purchaser is relying solely on its own
investigation of the property and financial analysis of the revenue and expenses that may be received or incurred in
arriving at its decision to purchase the property and has not relied upon any plans, selling brochures,
advertisements, representations, warranties, statements or estimates of any nature written or oral by Seller or
Seller's agent in deciding to purchase the property at the stated price
d Purchaser is purchasing the property m its present condition, "As Is, Where Is ", and Seller has no obligation to
construct any improvements thereon, or to perform any other act regarding the property, except as expressly
provided herein
e Any factual information such as property dimensions, square footage, or sketches shown to Purchaser or set fords
herein are or may be approxninate and purchaser represents to Seller that they have inspected and venfied the facts
and information prior to the execution of this Contract No liability for any inaccuracies, errors or omissions is
assumed by the Seller, or its agents
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f The Seller's employees and agents in this transaction have no expertise with respect to environmental matters
Proper inspections of the Property by qualified experts are an absolute necessity to determine whether or not there
are any current or potential environmental concerns relating to the property The Seller's employees and agents in
this transaction have not made, nor will they make, any representations, either expressed or implied, regarding the
existence or non - existence of any such environmental concerns in or on the property Problems mvolving
enviromiental concerns can be extremely costly to correct It is the responsibility of purchaser to retain qualified
experts to deal with the detection and correction of such matters Irrespective of the terms of this subparagraph I9
f Seller represents it has not received notice of, nor does it have knowledge of, any adverse environmental
conditions or matters concerning the Property
20 NOTICES: All notices required pursuant to this Contract shall be in writing and signed by Seller or Purchaser or their
attorney or attorney in fact and shall be given by (a) certified or registered mail, return receipt requested, and sent to the
Parties or their attorneys at the addresses recited herein, which notice shall be effective on the date of post mark in the U'S
mail, or (b) personally served on the Seller, Purchaser or the attorney, or (c) transmission of notice between the parties or
their attorneys via facsimile shall be sufficient, provided that the notice transmitted shall be sent on business days (Monday
through Fnday excluding weekends and legal holidays), during business hours (9 00 a m to 5 00 p m ) If the facsimile is
sent on a Saturday, Sunday or legal holiday or after 5 00 p m Monday through Friday, the effective date shall be the nett
business day Notice to any one of a multiple person party shall be sufficient notice to all The following addresses shall
be the only addresses deemed sufficient for the purposes of providing notice The Purchaser's Walter J O'Brien Il,
O,'Bnen & Associates, P C , 1900 Spring Road, Suite 501, Oak Brook Illinois, 60523, Fax (630) 684 -0243, the Seller's
attorneY Richard A Martens, 20 North Wacker Drive, Suite 1660, Chicago, Illinois 60606, Fax (312) 606- 7077and (630)
990 -0876.
21 TRANSFER TAX STAMPS: This transaction is exempt from transfer taxes Seller shall prepare the form's
declaring Seller's exemption from transfer taxes
22 COMMISSION: Seller(s) shall pay no real estate commissions in this transaction
23 STATUTORY COMPLIANCE: Purchaser(s) and Seller(s) shall provide and consent to the reporting of all
information regarding the sale required by any act, regulation or statute, including all amendments thereto, of the
United States of America, or the State of Illinois or any agency or subdivision thereof 1
24 ENTIRE AGREEMENT: This Contract constitutes the entire agreement between the parties No
representations, undertaking or promises, whether oral or written, implied or otherwise, can be made or have been
made by either Seller or its agents, to Purchaser or to anyone, unless expressly stated herein or unless mutually
agreed in writing by both parties All amendments, supplements or riders hereto if any shall be in writing and
executed by both parties Purchaser shall not record tlus Contract or any memorandum thereof, and any purported
recordation by Purchaser shall constitute a default by Purchaser
25 NO ASSIGNMENT: Purchaser shall not assign, set over or transfer this Contract or any of Purchaser's rights
or interest hereunder without the prior written consent of Seller, and any purported assignment shall be void
26 CONSULT YOUR ATTORNEY: Tlus is intended to be a legally banding agreement Read it carefully No
representation or recommendation is made by Seller, or its agents or employees as to the legal sufficiency, legal
effect, or tax consequences of this document or the transaction relating thereto These are questions for your
attorney Consult your attorney before signing The Seller, its employees or agents cannot give you any legal
advice
27 IRREVOCABLE OFFER: This Contract, when executed by Purchaser and delivered to Seller together with
the aforesaid earnest money, shall constitute an irrevocable offer to purchase the premises for a period of twenty
(20) business days after the date of execution hereof by Purchaser In the event Seller executes this Contract and
delivers a copy thereof to Purchaser within said twenty (20) day period, the offer shall be deemed accepted and the
Contract made In the event this offer is not accepted within. twenty (20) days after the date of execution hereof by
Purchaser, Seller may consider Purchaser's offer to be a continuing offer which may be accepted by Seller at any
time prior to Seller's receipt of a written revocation of said offer from Purchaser If Seller rejects Purchaser's offer,
I Purchaser revokes Purchaser's offer after said twenty (20) days period and prior to acceptance by Seller, all
deposits made shall be returned by Seller to Purchaser and the offer shall be deemed withdrawn
28 APPROVAL BY THE OAK BROOK CORPORATE AUTHORITIES: This Contract is subject to the
I ondition that on or before April 24, 2003, the corporate authorities of the Village of Oak Brook, by a two - thirds
Vote, pass a resolution approving this Contract If the corporate authorities fail to so pass a resolution approving
this Contract within the tune specified herein, this Contract shall automatically be null and void and all earnest
money shall be refunded to the Purchaser
29 TIME: Tune is of the essence of this Contract
30 GOVERNING LAW: This Contract shall be construed in accordance with the laws of the State of Illinois
22 , 2003
PURCHASER(S)
an Ilhnons municipal ffration
Samuel Vmcn
Tax ID /SS No
Village President
CCVfjfj) q Y
COD
UNIX ,
9,tl::, h
Date of Acceptance April
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VILLAGE OF OAK BROOK,
Karen M Bushy,
Linda K Gonnella,