S-387 - 10/24/1977 - AGREEMENT - Ordinances ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF A
CERTAIN AGREEMENT ENTITLED "FIRST AMENDMENT TO
AGREEMENT BY AND BETWEEN THE VILLAGE OF OAK BROOK
AND THE BUTLER COMPANY, DATED MAY 31, 1977. "
WHEREAS, the Village of Oak Brook pursuant to authorization under
Ordinance No. S-375 adopted on May 31, 1977, entered into an agreement with
The Butler Company dated May 31, 1977, pursuant to which the Village of
Oak Brook agreed to purchase and The Butler Company agreed to sell ap-
proximately 269 net acres of property and improvements therein described and
commonly referred to as the Butler International Sports Core at a price of
$9,420,000; and
WHEREAS, the provisions of paragraph 3 of said purchase agreement
provide the manner of payment of said purchase price of $9,420,000, which
manner of payment the parties have now determined that it is in their respective
best interests to modify Mi certain regards; and
WHEREAS, an amendment to said purchase agreement incorporating
said modification entitled "First Amendment to Agreement by and between the
Village of Oak Brook and The Butler Company, dated May 31, 1977" has been
prepared and submitted to the Corporate Authorities of the Village; and
WHEREAS, the Corporate Authorities of the Village of Oak Brook
deem the passage of this Ordinance to be in the best interest and in furtherance
of the general welfare of the citizens of the Village of Oak Brook.
NOW, THEREFORE, BE IT ORDAINED by the President and Board of
Trustees of the Village of Oak Brook, DuPage and Cook Counties, Illinois, that:
SECTIONI : The provisions of the preamble hereof are herein restated.
SECTION 2: The President of the Village be and he is hereby authorized,
empowered, and directed for and on behalf of the Village to execute and deliver
that certain First Amendment to Agreement by and between the Village of Oak
Brook and The Butler Company, dated May 31, 1977, in substantially the form
presented to, read, and considered by the President and Board of Trustees of
the Village, a copy of which First Amendment to Agreement is annexed to
this Ordinance as Exhibit A and by this reference incorporated herein as
though herein fully set forth.
SECTION 3: The Village Clerk is hereby authorized and directed to attest
to the execution of said agreement, affix the Village Seal thereto, and to
certify the passage of this Ordinance, all as otherwise provided by the ordinances
of the Village of Oak Brook and the laws of the State of Illinois.
SECTION 4: This Ordinance shall be in full force and effect from and after its
passage and approval as provided by law. This Ordinance shall be published in
pamphlet form.
PASSED and APPROVED this 44-' day of UCVA 1977.
APPROVED:
esident .
ATTEST:
Village Clerk
AYES:
NAYS:
ABSENT:
Filed in the Office of the Village Clerk and published in pamphlet form by
authority of the Corporate Authorities the Village of Oak Brook, DuPage
and Cook Counties, Illinois, this as day of aZtA� 1977.
Village Clerk
APPROVED AS TO FORM:
r
Village Attorney
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FIRST AMENDMENT TO AGREEMENT
BY AND BETWEEN THE VILLAGE OF OAK BROOK
AND THE BUTLER COMPANY,
DATED MAY 31, 1977
THIS AGREEMENT entitled "First Amendment to Agreement by and
between the Village of Oak Brook and The Butler Company, dated May 31,
1977" is made as of the day of October, 1977, by and between the
VILLAGE OF OAK BROOK, an Illinois municipal corporation (hereinafter
sometimes referred to as the "Purchaser") and THE BUTLER COMPANY,
an Illinois corporation (hereinafter sometimes referred to as the "Seller").
WITNESSETH :
WHEREAS, the parties hereto under date May 31, 1977, entered into
a certain Agreement wherein the Village of Oak Brook agreed to purchase and
The Butler Company agreed to sell approximately 269 net acres of property
and improvements commonly referred to as the Butler International Sports Core
in Oak Brook, Illinois, in consideration for, among other things, the sum of
NINE MILLION FOUR HUNDRED TWENTY THOUSAND and no/100ths DOLLARS
($9,420, 000. 00) (the said Agreement being sometimes hereafter referred to as
the Agreement"); and
WHEREAS, Paragraph 3 of said Agreement, among other things,
provides the manner of payment of said purchase price; and
WHEREAS, the parties have now determined it to be in their respective
interests to modify in part the manner of payment provided under said Paragraph
3 and to this end to make, execute, and deliver an amendment to said Agreement.
NOW, THEREFORE, in consideration of the sum of TEN DOLLARS
($10. 00) and other. good and valuable consideration, the receipt and sufficiency
of which is hereby mutually acknowledged, the parties hereto do hereby agree
4� as follows:
1. The provisions of subparagraph (A) of Paragraph 3 of the Agree -
vIOT A
ment shall be and the same are hereby amended and
ended and modified shall read in full
modified, and as am _ .
as follows:
n 3. Mir of Payment
or minus prorations,
(A)
Purchaser shall pay $820, 000, plus
at the time of closing, and agrees to pay the balance of
the purchase price as follows:
(a) $3, 225 000 on January 2, 1978,
(b) $1,000, 000 on January 2, 1979,
(c) $1, 000, 000 on January 2, 1980,
;• �" 1981,
(d) $3, 375, 000 on Januar y 2,
to ether with interest as set forth below on the balance
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remaining unpaid from time to time; provided that
if the closing shall take place in 1978, then the
purchaser shall pay $3, 245,000 plus or minus pro-
rations at the time of closing and agrees to pay the
balance of the purchase price as follows:
(a) $1, 800, 000, January 2, 1979,
(b) $1, 000, 000, January 2, 1980,
_ (c) $3, 375, 000, January 2, 1981,
together with interest as set forth below on the balance
remaining unpaid from time to time.
Interest shall run from January 2, 1978, or date of
closing, whichever is later, and shall be due and payable
c g
annually on January 2 of each year beginning with 1979.
All payments shall be made. at the office of Seller, in
Oak Brook, n bnois, or at such other place designated
in writing by Seller. This agreement shall evidence
I
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Purchaser's obligation to make the aforesaid pay-
ments of both principal and interest as each becomes
l ,.
due. In the event of any default in the payment of
any installment of either principal or interest when due,
which default shall continue for thirty (30) days after
written notice of default is given to Purchaser, then at
the option of Seller and by written notice to Purchaser,
the entire principal sum remaining unpaid, together witli
accrued interest thereon, shall become at once due and
able. In the event of the death of Paul Butler, of Oak
p a y
S Z �
Brook, Illinois, the entire principal sum remaining un P aid,
together with accrued interest thereon, shall automatically
be accelerated and become due and payable on the first
anniversary of the date of said death, except to the extent
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that such sum may be payable sooner pursuant to the terms
hereof.
2, This Agreement is intended and shall be so construed to amend and
modify only the provisions of subparagraph (A) of Paragraph 3 of
mo y Y
the Agreement in the manner set forth in Paragraph 1 hereof. No
l ent shall be nor shall
other provision or paragraph of the Ag reem
be amended or modified hereby.
the same be construed to
i eeme,A
}
parties hereto have executed thisgr� .� tr
IN WITNESS WHEREOF, the p ,, }
as of the date first above written. >> ;
VILLAGE OF OAK BROO
ATTEST
�s� � By ge B. Howell,
Marianne Lakosil, resident
Clerk
THE BUTLER COMPANY
ATTEST:
By
Paul Butler,
David M. Gooder, President
Assistant Secretary