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5714 DEMPSTER
4 % r Illinois Department of Revenue �'. % Office of Local Government Services, 3-520 s °' 101 West Jefferson Street �' Springfield, Illinois 62702 e Illinois Department of Revenue docket no.: 00- 16-1508 Telephone: 217 785-2252 County reference no.: 91380 Non-homestead Property Tax Exemption Certificate (35 ILCS 200/8-35, 16-70, and 16-130) Property owner or applicant: VILLAGE OF MORTON GROVE County: Cook 971i ?51(err Property index number, legal description, or both: 10-17-429-048-0000 Based on the statement of facts and supporting documentation in the application, we hereby issue this certificate approving the exemption for 5% of the 2000 assessment year. For most exemptions, 35 ILCS 200/15-10 requires the filing of an annual certifi- cate of status form with the chief county assessment officer on or before January 31 of each year. This form is available at the county assessment office. The Illinois Department of Revenue docket number shown above is your exemption certificate number. Refer to this number on the annual certificate of status form and in all future correspondence regarding this property. If you do not agree with this decision, you must send us a written request for a formal hearing within 20 days of the decision date shown below. In your request, concisely state the mistakes alleged to have been made or the new evidence to be presented as required by 35 ILCS 200/8-35. Decision date: June 21, 2001 Illinois Department of Revenue Glen L. Bower, director This is an important legal document and should be retained as part of your permanent records. PTAX-301-C (R-3/96) 10-0000321 Office of Cook county , 2000 Second Installment Property Tax Bill i I firer - Maria PaPPas Properly Index Number(PIN) Volume Code Tax Year (Payable in) Township 118 Norpth�Cl'a'r^k Street ) 10-17-429-048-0000 115 24017 2000 (2001 ) NILES 1 112 S` 416-000120076 T 1 Chicago, IL. 60602 1st Installment 2nd Installment ivrw✓cookamr;r .easurer_c I Tax due 3/1/2001 Penalty Tax due 11/1/2001 Penalty 312-443-5100 0.00 0.00 9,646.99 0.00 10/23/2001 ; :., TREM( ��[p u' 2:2- 119 04-jam 0.00 0.00 9,646.99 144.70 OR: Marla Pam 1999 Equalized Assessed Value(EAV) 01 Cook Cg81tY ] - 0.00 0.00 9,646.99 289.40 237,572 Thank you for your 1st Installment payments of 9,104.95 Tax C011ectiat ! Current Last payment received on 02-27-01 1ectio� Through 1/15/2ooz you may pay at any LaSalle Bank 101742904490000 2000 2 $ 8709.39 Cook County Assessor's Office at 312-603-7509.) • RTON GROVE IL 60053 3040 dotal 2000 Assessed Value k mrf mr $ o0r'/u0f,9�.39 2000 Tax 2000 Rate Pension 1999 Tax 1999 Rate = 105,564 4 eck 0001734 $ 5709.39- 6,579.34 2.377 103.27 5,419;02 2.281 2000 State Equalization Factor 235 +1101' $ 0.00 0.00 0.000 0.00 0.000 2000 Equanzed Assessed Value(EAV) - 2,696.96 1.149 176.04 2,634.67 1.109 234,722 ;, • Thank You for Your Payment 873.17 0.372 748.35 0.315 2000 Local Tax Rate 1,039.82 0.443 82.15 1,019.18 0.429 X 7 og_w 499.96 0.213 4.69 482.27 0.203 HIGH SCHOOL DISTRICT 219 1 4,854.05 2.068 23.47 4,521.00 1.903 2000 T Before Exemptions N SHORE MOSQUITO ABATEMENT 25.82 0.011 26.13 0.011 = 18,751.94 WATER RECLAMATION DIST 974.10 0.415 61.02 995.43 0.419 Less Homeowner Exemption - NILES GENERAL ASSISTANCE 7.04 0.003 7.13 0.003 0'00 ROAD AND BRIDGE NILES 0.00 0.000 0.00 0.000 Less Senior Citizen Exemption -TOWN OF NILES 86.85 0.037 87.90 0.037 0'00 CONSOLIDATED ELECTIONS 0.00 0.000 54.64 0.023 Less Senior Freeze Exemption r SUBURBAN T B SANITARIUM 18.78 0.008 19.01 0.008 0.00 FOREST PRESERVE DISTRICT 161.96 0.069 7.04 166.30 0.070 COUNTY OF COOK 1,420.05 0.605 384.94 1,468.19 0.618 COOK COUNTY HEALTH FACIL. 514.04 0.219 560.67 0.236 2000 Total Tax After Exemptions 'DO NOT PAY THESE TOTALS' 18,751.94 7.989 18,209.89 7.665 = 18,75 1 .94 • First Installment(Due 3/01/2001) 9, 104.95 Second Installment(Due 11/01/2001) + 9,646.99 L f 2000 Total Tax(Payable 751) cell 1//- /� t/� PS+ R .' QQ)REG 3YU.�ie'/'7d17 (7/Lt' 037 0 Payment information records on 99 { '�'��xempt Amt: $ / L PcLS-a7 from warrant records on file in p VNG 5714 DEMP GSBERRA Office of the County Collector. !^CK�T a- ---o°"/6 -/c° ge Tax Owed: $ '7 Q/9 3 y 8720 FERRIS AV / �f///'/�J t_I -C, 3 rr- MORTON GROVE IL (/NJ/�ft.iL- uJee .TOV �taiy _ ,iy-1 0, 200.8 185 and 200/16-130 itlyseed r ' extol mC.-.7_u New A/V• $ = iQ G 071V* Tivfr O 70 ? 37 A. _ OMB No.2502-0265(Exp. 12-31-86) Page.1 CHICAGO TITLE INSURANCE E COMPANY B. TYPE OF LOAN CHICAGO TITLE AND TRUST COMPANY FHA 2. ❑ FmHA a.p CONV.UNINS. LOSER: BONNIE J. MILLER 4. 0 VA 5. 0 CONV.INS. DATE OF PRINTING: 12/13/00 0\ 6. File Number: 7887858 JF2 • TIME OF PRINTING: 14 :36 ,r 02 0074 782-001 BJM SK SETTLEMENT STATEMENT 8 Moat agmbsr U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 8. Mortgage Insurance Case Number C. NOTE: This form is furnished to give you a statement of actual settlement costs.Amounts paid to and by the settlement agent are shown. Items marked "(p.o.e.)"were paid outside the closing;they are shown here for informational purposes and are not included in the totals. D. NAME OF BORROWER: VILLAGE OF MORTON GROVE ADDRESS: E. NAME OF SELLER: THOMAS J. FARRELL ADDRESS: 5714 DEMPSTER MORTON GROVE ILLINOIS 60053 F. NAME OF LENDER: CASH DEAL ADDRESS: G. PROPERTY LOCATION: 5714 DEMPSTER MORTON GROVE ILLINOIS 60053 H. SETTLEMENT AGENT: CHICAGO TITLE AND TRUST COMPANY ADDRESS: 8707 SKOKIE BOULEVARD I. SETTLEMENT DATE: PLACE OFSETTLEMENT: SKOKIE ILLINOIS December 14, z000 0 500 SKOKIE BOULEVARD SUITE 290 60077 SEM ADDRESS: NORTHBROOK ILLINOIS 60062 DISBURSEMENT 14, 2000E J. SUMMARY OF BORROWER'S TRANSACTION K. SUMMARY OF SELLER'S TRANSACTION 100. GROSS AMOUNT DUE FROM BORROWER: 400. GROSS AMOUNT DUE TO SELLER: 101. Contract sales price 401. Contract sales rice 420, 000.00 p ' 102. Personal Property 420,000.00 402 Personal Property 103. Settlement charges to borrower (line 1400) 2 25.00 403 104. 404. 105. 405. Adjustments for items paid by seller in advance Adjustments for items paid by seller in advance 106. City/town taxes to 406. City/town taxes to 107. County taxes to 407. County taxes to 108. Assessments to 408. Assessments to 109. 409. 110. 410. 111. 411. 1 412. 112. 120. GROSS MAT DUE FROM BORROWER 420,225 .00 420. GROSS AMT DUE TO SELLER 200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER 500. REDUCTIONS IN AMOUNT DUE TO SELLER: 420, 000.00 201. Deposit or earnest money 10, 00 0.0 0 501.Excess deposit(see instructions) 502.Settlement charges to seller (line 1400) 202. Principal amount of new loan(s) 203. Existing loan(s)taken subject to 1, 634 .00 503.Existing loan(s)taken subject to 504.Payoff of first mortgage loan 204. INTERESI ON EARNEST MONEY 30.14 EDENS BANK 205. 285, 701 . 67 505.Payoff of second mortgage loan 206. 506. EARNEST MONEY 207. 507. 10, 000.00 208. INTEREST ON EARNEST MONEY 30 14 508. 209. 509. Adjustments for items unpaid by seller Adjustments for items unpaid by seller 210. City/town taxes to L 510. City/town taxes to .', _„U .48511. Gounty taxes 212. Assessments to 512, Assessments V1�� /00 to ;2l i4(uf 19, 100 4A 213. to 513. 214. 514. 215. 216. 515. 516. 217. 517. 218. 219. 518. 519. 220 TOTAL PAID BY/FOR BORROWER 29 130.62 520. TOTAL REDUCTIONS AMT LIVE SELLER I 3 1C 466 .29 I aoo. CASH AT SETTLEMENT FROM/TO BORROWER 600. CASH AT SETTLEMENT TO/FROM SELLER 301. Gross amt due from borrower (line 120) 470 22 5 00607. Gross amt due to seller (line 420) 302. Less amts paid by/for borrower (line 220) I 29,.30.62) 602. Less reductions in amt due seller 4 23. .00 303. CASH(® FROM) (❑ TO) BORROWER SELLER 5 316,466.29).71 391, 094 .38 603. CASH ® TO I have carefully r sewed the HUD-1 Settlement Statement and to the best of my knowledge and b 'ef,t is❑a truFRO c ur satemen of 1 receipts 3 71 and disburseme is made on ac unt or by me ip,jhis transaction.I further certify that I h ecerved a cop of th -1 Settle Borrower 44 '� l�ir�- 7 v LLAGE OF MORTON GROVE - seller,THOMAS J. - GL GL`// THOMAS J. F LL To the best of rtt noydedgd,the HUD-1 Settlement Statement which I have prepared is a true and accurate account of the funds which were received and have been or will be disbur+-• by by the undersigned as part of the settlement of this transaction. v em<c,� ��//nt' s:7"C-Tien WARNING It is a come :knowingly m. false atements to the Unnetl Stales on Date Title t8 U.S.Code Section 10171 an.Section 1010. this or any other similar form. Penalties upon conviction can include a fine and imprisonment For deism. DT2 I IUD-I (3780 ItliSl'A.I IB 43052 F.2857-01 4/80 Page 2 9 OMB No.2502-0265(Exp. 12-31-86) 0,20#/ABS# 0074792 JF2 L. SETTLEMENT CHARGES TIME OF PRINTING: 14 :36 # 02 ERIN SK DATE OF PRINTING: 19/13/00 _700. T6TAL SALES/BROKER'S COMMISSION based on price - S 420,000.00 @ PAID FROM PAID FROM Division of Commission (line 700)as follows: BORROWER'S SELLER'S 701' LB: $ to FUNDS AT FUNDS AT 702. KB: $ to SETTLEMENT SETTLEMENT 703. Commission paid at Settlement (Money retained by broker applied to commission$ 704. Other sales agent charges: 705. Additional commission: $ to 800. ITEMS PAYABLE IN CONNECTION WITH LOAN 801. Loan Origination Fee 802. Loan Discount 803. Appraisal Fee to 804. Credit Report to 805. Lender's Inspection Fee to 806. Mortgage Insurance Application Fee to 807. Assumption Fee to 808. 809. 810. 811. 812. 900, ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE 901. Interest from to @$ /day for 0 days 902. Mortgage Insurance Premium for 0 0:. months to 903. Hazard Insurance Premium for years to 0.00 904. 905. 1000. RESERVES DEPOSITED WITH LENDER 1001_ Hazard insurance 0.00 month @$ per month 1002. Mortgage insurance 0.00 month @$ per month 1003. City property taxes 0.00 month @$ per month 1004. County property taxes 0.00 month @$ per month 1005. Annual assessments 0.00 month @$ per month 1005. 0 a'7 month 0."vo @$ per month 1007. 0.00 month @$ per month 1008. Aaareoate Accounting Adjustment 0.00 0.00 1100. TITLE CHARGES 1101. Settlement or Closing Fee to CHICAGO TITLE ANC TRUST COMPANY 1102. Abstract or title search to 200.00 20C .00 1103. Title examination to 1104. Title insurance binder to 1105. Document preparation to 1106. Notary fees to 1107. Attorney's fee to 1108. Title insurance to CHICAGO TITLE INSURANCE COMPANY (includes above items numbers:) 894 .00 1109. Lender's coverage $0.00 $ 1110. Owner's coverage $420,000.00 $ 094.22 1111. MESSENGER FEE TO CHICAGO TITLE - --- 1112. 15.00 1113. 1200. GOVERNMENT RECORDING AND TRANSFER CHARGES 1201. Recording fees: Deed $ 25.00 ;Mortgage $ ; Release $ 25.00 25 .00 1202. City/county tax/stamps: Deed $ ; Mortgage $ 25.00 1203. State tax/stamps: Deed $ ; Mortgage $ 1204. 1205. 1300. ADDITIONAL SETTLEMENT CHARGES 1301, Survey to JENS K. DOE 1302. Pest inspection to 500 .00 1303. 7304. - -- -- ---. _ _ 1305. 1306. 1307. 1400. TOTAL SETTLEMENT CHARGES (enter on lines 103,Section J and 502,Section K) I have careful! reviewed the HUD-1 Settlement Statement and to the best of my knowledge and belief,it is a true and accurate statement o -6�eceipts0 and disburs ents madf h myaccount or by me in this transaction, I further certify that received a copy the HLILN-Settleme ,${element. kpiro•wei L i. ; • • 7 r AOE OF MORTON GROVE suer � ARR - �.- 7�j THOMAS T. FARRE'),L� The HUD-1 S1 •.ent Statement which I have prepared is a true and accurate account of this transaction. I have caused or will cause funds to be disbursed in a a. de . ith this statement. // ' Sei�' � tAgenl ) - C�12 WARNING:It is a clirggfyknLoing ake false i'/atement to the United States on this or any other similar form.Penalties Title 18 U.S.Code Section ttwt and section 1010. Pon conviction can include a fine and im pnsonment.For details see: I-IL'D-] (3/86)RRSI'A.I IBJ1u5 H REAL ESTATE CONTRACT - APARTMENTS/INVESTMENTS A ninon WHEN EXECUTED BY ALL PARTIES THIS WILL BECOME A LEGALLY BINDING AND ENFORCEABLE CONTRACT „• FON&THOMAS J. FARRELL OCTOBER 25. 2000 1 TO: DATE: 2 (Seller) 3 OFFER OF PURCHASER:I/We(Purchaser)offer to purchase the real estate known as: 4 5 5714 DEMPSTER STREET MORTON GROVE COOK IL 60053 6 Street City County State Zip 7 8 Legally described on exhibit A,if any.Lot size approximately 50' X 132• Together with improvements thereon. 9 INCLUSIONS:The following shall be included: personal property(belonging to seller),if any, located on the real estate as of the date hereof,for which a bill of sale will be 10 given: screens, storm windows and doors; shades, window blinds; drapery rods; curtain rods; radiator covers; attached TV antennas; heating, central cooling, ventilating, 11 lighting and plumbing fixtures;attached mirrors, shelving, interior shutters, cabinets and bookcases; awnings; porch shades; planted vegetation; garage door openers and 12 transmitters;attached fireplace screens,smoke detectors;stairhall carpeting;boiler room fools; unit air conditioners; refrigerators; ranges; as well as the 13 following specific items: 14 EXCLUSIONS:The following shall be excluded: 15 1-PRICE:Purchase Price:$ 420,000.00 Initial earnest money$ 10,000.00 in the form of 16 a Village Check dated October 24.2000 payable to attorney for Seller 17 Upon acceptanctgf this offer,said check shall be properly endorsed by payee and deposited by the 18 party designated in Paragraph 7. The earnest money shall be increased to U UU %of purchase price within - —days 19 after Sellers acceptance,hereof.Said initial earnest money shall be returned,and this offer shall be void if not accepted on or before 20 2-FINANCING- con - ' rig:-. •• obi'- - • • ase - with' - Sel- - - .n.: en - loan evidenced b a Y 21 note to be sec y a •.. e I S A � u .see Pu -r shall accept,with a fixed rate not to a. u } . n !Rp -r= M e %,adjustment cap not 22 23 to exceed ri T •tt• 7 a -- id L +mo '[ : mi y a p ' a loan service charge 24 not to exceed 1 •er asp Fine f'r. 1 / 1 25 If Purchaser _. .00tl rat is - obtai. - tment • ortga• - - ntem• - in P -halls eller in writing within the 26 time specified in • •h 2. I R IS NOT! HIN E PE 'URC HALL ' PUR• :E DEEMED TO HAVE 27 SECURED SUCH ITMEN • HAVE D TO • •SE TN: ESTA OUT M •GE Ft G OR B - PON THE MORTGAGE 28 COMMITMENT A• Y OBT• f Seller - tified,S _y,at Se ,bon,wit add i ys after said notice,elect 29 to accept purcha- than' • secu' •age • ent on 4 Pur the s for •age loan contemplated 30 herein with such• -vial t:. •-•nth •mpa -esta any •rind• the etropolitan area having 31 assets of at leas dal ' Iler i •,P -- - to S • - d fi ,nna sign customary papers 32 relating to the - - 'r s • m • mi; . el fter .1 t. re i ,r. . ..••-pt purchase money 33 financing as he; o t al II o n: •n: -11 - u as U •5 M E OR HOME CLOSING RIDER IS ATT D, ( S O r IS M • '(TI I T SUBJECT TO THE 34 35 SALE OR CL ti . OF " ER 36 3-PAYMENT METHODS.-The Purchase Price shall be paid,subject to proration,all in cash,by cashiers check or certified check at dosing,unless otherwise provided for 37 in Financing Rider. 38 4-CLOSING: (a) Closing or escrow payout shall be on provided title conforms with this contract or has been accepted by Purchaser,by conveyance 39 by stamped recordable warranty deed with release of Homestead Rights(or other appropriate deed if title is in trust or in an estate)and payment of purchase price. 40 (b)Title shall be conveyed at the time required by this contract subject only to:General taxes for 2000 and subsequent years;special taxes or assessments,if any, 41 for improvements not yet completed;installments,if any,not due at the date hereof of any special tax or assessments for improvements heretofore completed: building lines 42 and building and liquor restrictions of record; zoning and building laws and ordinances; private, public and utility easements; covenants and restrictions of record; party wall 43 rights and agreements, if any; roads and highways; existing leases and tenancies as set forth in rent roll and new leases entered into by Seller prior to dosing in the 44 ordinary course of business;the mortgage or trust deed,if any,as described in Paragraph 2 above;acts done or suffered by or through the Purchaser. 45 (c)This sale shall be dosed at office of Purchaser's mortgagee or,if none,at office of listing broker,or as specified below: 46 (Name) CHICAGO TITLE (Address) SKOKIE OFFICE 8707 Skokie Blvd,Skokie,IL 47 or,at request of either party,in escrow with the title company issuing the title commitment by dead and money escrow;fee to be divided between Seller and Purchaser. 48 5-PRORATIONS:Real Estate taxes(based on 110 %of most recent ascertainable taxes);assignable insurance policies,if requested by Purchaser;rents,if any; 49 water taxes and other proratable items including flood hazard insurance shall be prorated to date of possession. Parties hereto agree to reprorate when real estate 50 tax bill is available. Reprorations survive dosing;if amount due is not paid in days after demand,then the compound interest due shall be--- %. 51 6-POSSESSION.-Possession,subject to leases and tenancies,shall be delivered on CLOSING provided sale has been dosed. 52 (a)Use and Occupancy. At closing,Seller shall pay to Purchaser$ per day for use and occupancy commencing the first day after closing 53 up to and including the date possession is to be surrendered or on a monthly basis,whichever period is shorter. Purchaser shall refund any payment made for use and 54 occupancy beyond the date possession is surrendered. 55 (b)Possession Escrow. At dosing, Seller shall deposit with escrowee designated in Paragraph 7 below the sum of$ to guarantee 56 possession on or before date set forth above,which sum shall be held from the net proceeds of the sale on escrowee form of receipt.If Seller does not surrender possession 57 as above,Seller shall pay to Purchaser in addition to the above use and occupancy,the sum of 10%of said possession escrow per day up to and including day possession is 58 surrendered to Purchaser plus any unpaid use and occupancy to the date possession is surrendered,said amount(s)to be paid out of escrow and the balance,if any,to be 59 turned over to Seller;and acceptance of payments by Purchaser shall not limit Purchasers other legal remedies. 60 7-EARNEST MONEY:Earnest money and this contract shall be held by attorney for Seller for the benefit of the parties hereto, Purchaser agrees that said 61 earnest money is to be held in a federally insured money market deposit account at a banking institution designated by the Listing Broker.All interest earned on the eamest 62 money is to accrue to Purchaser and is to be paid to Purchaser at the time of closing or upon termination of this Contract. 63 8-ATTORNEY APPROVAL: This contract is contingent upon the approval hereof as to form by the attorneys for Purchaser and Seller within 65 10 WORKING days after Sellers acceptance of this contract.Notices shall be given pursuant to Paragraph 11 on the reverse side hereof 66 9-INSPECTION: Purchaser may secure at Purchasers expense (unless otherwise provided by governmental regulations) a property. radon, and/or wood infestation 87 inspections)of said Real Estate by a professional inspection service(s). Purchaser shall serve notice upon Seller of any defects, disclosed by the inspection(s), which 68 are unacceptable to the Purchaser,together with a copy of the report(s)within 10 WORKING days after acceptance of this Contract IN THE ABSENCE OF NOTICE 69 WITHIN THE TIME SPECIFIED, THIS PROVISION SHALL BE DEEMED WAIVED BY THE PARTIES AND THIS CONTRACT SHALL REMAIN IN FULL FORCE AND 70 EFFECT. If within five(5)calendar days after receipt of such notice and report(s), agreement cannot be reached by the parties as to how the cost of correction shall be 71 apportioned between the parties, then either party may terminate this Contract by written notice to the other Party and THIS CONTRACT SHALL BE NULL AND 72 VOID AND THE EARNEST MONEY REFUNDED TO PURCHASER UPON WRITTEN DIRECTION OF THE PARTIES TO ESCROWEE.. The property inspection shall cover, 73 but not be limited to the major components of the Real Estate:central heating system(s), central cooling system(s), interior plumbing system,electrical system, roof,walls, 74 75 ceilings, floors and foundation. A major component shall be deemed to be in operating condition if it performs the function for which it is intended, regardless of age. 76 PURCHASER AGREES THAT DISCLOSURE OF MINOR REPAIRS AND ROUTINE MAINTENANCE ITEMS ARE NOT A PART OF THIS CONTINGENCY. Purchaser shall 77 indemnity Seller from and against any loss or damage to the real estate caused by ads of negligence of Purchaser or the person(s)performing such inspection. 78 10-LEAD BASED PAINT TESTING CONTINGENCY: This contract is contingent upon an inspection or risk assessment of the property for the presence of lead based 79 paint and/or lead-based paint hazards. This inspection/assessment shall be conducted by an inspector/contractor licensed as required by law at Purchaser's expense 80 within 10 calendar days of acceptance of this contract by Seller. This contingency shall be deemed waived unless Purchaser delivers to Seller written notice of specific 81 existing deficiencies, together with a copy of the inspection and/or risk assessment report. Seller may, at Sellers option, within 2 days after delivery of said notice from Purchaser, elect to correct or NOT correct the deficiencies prior to dosing and shall give written notice of such election to Purchaser. If Seller elects to correct the 82 deficiencies, Seller shall furnish to Purchaser prior to dosing certification that such deficiencies have been corrected. If Seller elects NOT to correct such deficiencies 83 Purchaser, at Purchasers option and upon notice to Seller within 2 days after delivery of Seller's election not to correct, may declare this contract void or may elect to 84 purchase property subject to the deficiencies. Purchaser may remove this contingency at any time without cause. Purchaser shall indemnify Seller from and against any 85 loss or damage to the real estate caused by acts of negligence of Purchaser or the person(s)performing such inspection. 86 The terms of the Rider(s)consisting of _ pages attached hereto is made a part hereof. 87 88 PURCHASER'S NAME(Type or Print): THE VILLAGE OF MORTON GROVE &sou EIN:36-600-6007 89 90 91 By: SALES TAX EXEMPTION NO. sz-r: E9998149104 92 93 PURCHASER Address 6101 CAPULINA AVENUE 94 ITS PRESIDENT MORTON GROVE ILLINOIS 60053 95 96 City State Zip 97 ACCEPTANCE OF OFFER BY SELLER: 96 This day of 20 ,we accept this offer and agree to perform and convey according to the terms of this contract. 99 100 101 SELLER'S NAME(Type or Print) THOMAS J. FARRELL SSN: 102 103 SSN: 105 105 SELLER Address 1373 Division Street 106 107 SELLER HIGHLAND PARK ILLINOIS 60045 108 City State Zip 109 THE PROVISIONS APPEARING ON THE REVERSE SIDE HEREOF ARE AN INTEGRAL PART OF THIS CONTRACT. Apt/inv 6/98#5032 North Shore Board of REALTORS® 110 11-NOTICES;All notices or other communications which may be required or made under the terms of this Contract shall be in writing and shall be made to the parties 111 hereto at the addresses which appear after their names,or at such address or to such person as each may by written notice designate,by personal delivery,certified or 112 registered mail,or by facsimile transmission. In case of mailing,such notice shall be deemed to be given as of the date notice is placed in the United States mail,postage 113 paid. 114 For the purposes of Paragraph 8 and 9 of this contract,if written notice of disapproval is given within the time period specified,this contract shall be null and void and 115 the earnest money shall be returned to Purchaser.Notice ofdisapproval may be given by either party hereto or by their respective attorneys.If written notice of disapproval 116 is NOT given within the time period specified,this contingency shall be deemed waived and the contract shall remain in full force and effect. 117 118 12-EXISTING LEASES;Seller represents that the information contained on the Rent Roll Riderattached hereto concerning existing leases is complete and correct.Seller 119 agrees that all leases shall be assigned to Purchaser at closing and that unapplied security deposits,if any,shall be paid to Purchaser at closing. Seller agrees that it 120 shall not terminate any leases(other than for tenant's default)nor enter Into any new leases(other than in the ordinary course of business)prior to dosing without 121 Purchaser's prior consent,which consent shall not be unreasonably withheld.Security deposits,if any,together with contractual or statutory interest,it any,shall be paid 122 to Purchaser by Seller at closing. 123 124 13-TITLE COMMITMENT:(a)Seller shall deliver or cau =to ha delivered m Purracer or Purchasers anent not less than five cf prior to the time of closing,a title 125 commitment for an owners tNe insurance policy issued b - - -s- ±• •.• ` in the amount of the purchase price, 126 covering title to the real estate on or after the date hereof,showing title in the intended grantor subject only to(1)the conditions and stipulations and standard or general 127 exceptions contained in the owners policy issued by that company,(2)the title exceptions set forth above,in Paragraph 4(a)8(b),and(3)title exceptions which may 128 be removed by the payment of money at the time of closing and which the Seller may so remove at that time by using the funds to be paid upon the delivery of the deed. 129 Delay in delivery by Seller of Commitment for Title Insurance due to delay by Purchaser's mortgagee in recording mortgage and bringing down title shall not be a default 130 ofthis paragraph.Any title commitment furnished by the Seller hereunder shall be conclusive evidence of good title as therein shown,subject only to exceptions as therein 131 stated. As to all or any part of said real estate which,on the date of this contract,was registered in the Office of the Registrar of Titles of Cook County,the Seller shall 132 (1)tender the title commitment herein required,(2)deliver the Owners duplicate certificate of title at closing,and(3)timely file all notices and take all necessary steps 133 to assure the deregistration of the real estate and recording of the deed at closing. 134 (b)If the title commitment discloses exceptions relating to title other than those referred to in Paragraph 13(a),Seller shall have 30 days from the date of the delivery 135 to Purchaserthereof to have these exceptions removed from the commitment. If Seller fails to have these exceptions removed within such time,Purchaser may terminate 136 this contract or may elect,upon notice to Seller within 10 days after the expiration of the 30-day period,to take title as it Lien is with the right to deduct from the purchase 137 price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so elect,this contract shall become null and void without further action of the 138 parties,and the earnest money shall be returned to the Purchaser. 139 140 14-DEFAULT;If the Purchaser defaults,earnest money shall be forfeited and applied to payment of broker's commission and any expenses incurred,and balance paid 141 to Seller.At Sellers election such forfeiture may be in full settlement of all damages.BSetlerdefaults,earnest money,at option of Purchaser shall be refunded to Purchaser, 142 but such refunding shall not release Seller from its obligations under this contract.In the event of a dispute as to who is entitled to the earnest money,the escrowee may 143 deposit the escrow funds with the Debtor the Circuit Court.The parties agree to indemnify and holdtheescrowee harmless from any and all claims and demands,including 144 the payment of reasonable attorney's fees,costs and expenses arising out of such claims and demands,said amounts to be borne equally by both seller and purchaser. 145 146 L5f$ELLER REPRESENTATION;Notwithstanding anything to the contrary contained in the contract,Seller represents that to the best of Seller's knowledge,all heating, 147 central cooling,ventilating,electrical and plumbing fixtures and systems on the real estate and all appliances to be transferred to Purchaser pursuant to this contract are 148 in working order and will be so at the time of closing. 149 150 16-GENERAL CONDITIONS:(a)If prior to closing,improvements on the real estate are destroyed or materially damaged by fire or other casualty,this contract at option 151 of Purchaser shall become null and void or Purchaser may elect totake an assignment of Sellers insurance proceeds. 152 (b)Prior to closing,Seller shall furnish at Seller's expense a survey dated not more than 6 months prior to contract acceptance prepared by a licensed land surveyor 153 showing the location of the improvements thereon(including fences separating the real estate from adjoining properties)and showing all encroachments,if any. If the 154 survey discloses improper location of improvements or encroachments and Seller is unable to obtain title insurance protection for the benefit of Purchaser against loss 155 resulting from such improper location or encroachment,Purchaser may,at Purchaser's option,declare this contract to be null and void.Providing all existing improvements 156 (including fences)and encroachments,if any,appear on the survey thus furnished,Purchaser shall bear the cost of any later date survey which may be required by 157 Purchaser's mortgagee or desired by Purchaser. 158 (c)Existing mortgage and lien indebtedness may be paid out of sale proceeds. Purchaser may place a mortgage on the real estate and apply proceeds on purchase. 159 (d)All of the items of personal property shall be transferred to Purchaser by delivery at closing of a customary Bill of Sale without warranty of merchantability or fitness 160 for particular purpose. Seller also shall furnish Purchaser an Affidavit of Title covering the time of closing,subject only to the title exceptions permitted by this contract 161 and shall sign customary ALTA forms. 162 (e)Purchaser acknowledges for the benefit of Seller and for the benefit of third parties that Purchaser has had complete access to the real estate,its improvements 163 and included personal property,as well as the public records related to the property,and is satisfied as to the physical and other condition of the real estate,improvements 164 and included personal property. 165 (f)Seller shall remove all debris from the real estate and improvements by date of possession subject to the rights of any tenants. Purchaser shall have the right 166 to inspect the real estate and improvements during the 48-hour period immediately prior to closing to verify that the real estate,improvements and included personal 167 property are in substantially the same condition,as of the date of Sellers acceptance of this contract,normal wear and tear excepted. 168 (g)The Seller warrants that neither Seller nor Seller's agent has received notice of any dwelling code violation which exists on the date of this contract from any city, 169 village,or other governmental authority. 170 (h)Seller and Purchaser shall execute all documents and provide all information so that any Federal Lender can issue its commitment and dose the transaction in 171 accordance with the requirements of the Real Estate Settlement Procedures Act of 1974. 172 (i)Seller shall comply with the terms of any municipal ordinance relating to the transaction contemplated herein for the municipality in which the real estate is located 173 and shall provide to Purchaser at closing evidence of compliance with such ordinances.Transfer taxes required by local ordinance shall be paid by the party designated 174 in such ordinance. Seller shall pay any transfer tax imposed by state law. 175 ft)Any facsimile transmission of any documents relating to this contract shall be considered to have the same legal effect as the original document and shall be treated 176 in all manner and respects as the original document. 177 (k)Purchaser shall furnish flood insurance required by lender and shall pay any usual and customary processing costs or charges required by lender. 178 (I)Time is of the essence,provided that Seller and Purchaser may change any date or time limit set forth herein by a written agreement executed by Seller and 179 Purchaser or their authorized agents. 180 (m)This contract and the transaction described herein may be subject to the provisions of the Foreign Investment in Real Property Tax Act of 1980 and all amendments 181 thereto(the'Act').Seller and Purchaser shall execute or cause to be executed all documents and take or cause to be taken all actions necessary in order that Purchaser 182 shall have no liability,either actual or potential under the Act. 183 (n)Seller agrees to provide the Internal Revenue Service with the Sale of Real Estate 1099 form as required by law. 184 (o)Captions are not intended to limit the terms contained after said caption and are not part of the Contract. 185 186 This contract is provided as a courtesy by the North Shore Board of REALTORS*,which assumes no responsibility for its legal sufficiency or contents. 187 188 6"98#511'12 17. The parties agree that no brokers have been involved in this transaction and no commission is due or will be paid. 18. Seller to furnish ALTA Survey 30 days prior to closing showing all improvements and showing no encroachments. 19. This contract is subject to and conditioned upon the Purchaser obtaining a Phase I Environmental Survey within 60 days of the contract date satisfactory to the Purchaser. This Environmental Survey shall be obtained at the Seller's expense. Plan " A " ALLEY j���� PLANTED 'PLAN' ER 13 b 18' 18 18' 8' T. ^0^l l� £2 co W 24' 14 18' 1 J4 PLANTER 1 PLANTER 5'714- D [Imps " Et ) NOTE' Space and aisel widths shown are minimum requirements. Plan " H " ALLEY PLANTER i0' PLANTER 1 8 16 ' 12.25' I 0: r. 0 Olif z: N. 41 •,.. _ n. n ._ _ 1 41 9 A 12.25 ��F p Qv )7.. - NOTE: 0 ) EMPSTE •I. Under this configuration there is a loss of two (2) • spaces. Due to the angle of the spaces only 8 spaces are possible per side. Additionally, the min. aisle width is thirteen and one half feet (13.5') However, there is only twelve and one-quarter feet (12.25') remaining on the lot. This makes the aisle width substandard. Which creates an inherent danger of vehicular conflicts. Plan " C " ALLHY 50' �, 8 25' 13 ' 8'a. ,^ III°' o o 01' - 9 ,0 19.5' ,�� �9 L 4 �t',p PLANTER _7 14 NOTE: 1 ) EMPSTEN Under this configuration there is a loss of five (5) spaces. - ., •./4k._ Law Offices of Gabriel S. Berrafato & Associates 8720 Ferris Avenue Morton Grove,Illinois 60053-2843 Telephone(847)965-2233 Facsimile(847)967-2388 Gabriel S.Berrafato Marc S.Porter,of Counsel October 25, 2000 Robert E. O'Neill, Esq. O'Neill & Bockelman PC 250 E. Illinois Road Lake Forest, IL 60045 In re: Offer to purchase 5714 Dempster Street, Morton Grove, IL Dear Mr. O'Neill: • Enclosed please find an original and three copies of an offer to purchase the above referenced property addressed to your client, Thomas J. Farrell, along with an earnest money deposit in the sum of $10,000.00 made payable to your firm as attorney for Mr. Farrell. • If there is any problem or question concerning the above, please call me immediately so that we may discuss it further. Otherwise, I would appreciate your client signing two copies of the contract and return same to my office at your earliest •• convenience. Obviously, this will be an exempt transaction for all transfer stamps, which amounts to a savings of$1,890.00. We suggest you utilize the savings for the costs of the Phase I Survey, which the Village requested be obtained at the Seller's expense. If there are any questions, please call. Ye• iy yours, tea . BRIEL S. BERRAFATO/ GSB/amz Enclosure(s) c: Larry N. Arft, Village Administrator C:\DATA\WORDDOCS\VILLAGE OF MORTON GROVEACOUISITIONS\5714 DEMPSTER\CORRES\O'NEILL LETTER 10-25-0O.DOC FIRST NATIONAL BANK OF MORTON GROVE MORTON GROVE,ILLINOIS 60053 VILLAGE OF MORTON GROVE 70-7212942 NO. 012960 6101 CAPULINA AVENUE MORTON GROVE,IL 600532985 10/24/00 O GVM RIN ROERO,VVOdoltOO ;tS $10,000.00 TO THE ORDER OF MR. ROBERT O'NEILL ATTORNEY FOR THOMAS J. FARRELL v • veve' O'NEILL AND BOCHELMAN pornammmuml:_t '}; ,;4::: 250 EAST ILLINOIS `a ,$, ti•=` • LAKE FOREST, IL 60048 �M� .w.,t tU ft*tvrMTnxtJ+,n++• rs� ,I'0 L296011' 1:07L922I, 2LI: IP16 890 u' �I DETACH THIS PORTION BEFORE DEPOSITING CHECK No. 012960 INVOICE NO. AMOUNT 10/24/00 PURCHASE OF PROPERTY AT 5714 DEMPSTER STREET, MORTON GROVE, IL 60053 VENDOR NO.#59000 028024-571010 $10,000.00 VILLAGE OF MORTON GROVE Law Offices of Gabriel S. Berrafato & Associates 8720 Ferris Avenue Morton Grove,Illinois 60053-2843 Telephone(847)965-2233 � �i!�; Facsimile(847)967-2388 Gabriel S.Berrafato ' . . Marc S.Porter,of Counsel t rr ' 2000 27, 2000 ne Larry N. Arft Village Administrator Village of Morton Grove 6101 Capulina Morton Grove, IL 60053 In re: Acquisition of 5714 W. Dempster Street, Morton Grove, IL 60053 Dear Larry: As authorized by all Trustees except Ronnee Brenner, I was able to negotiate and have the contract signed regarding the above property. Therefore, enclosed please find the following documents: 1. Two original real estate contracts signed by the Mayor and Thomas J. Farrell. 2. A Phase I Environmental Site Assessment made on the above property on February 19, 1996 and performed by Benchmark Environmental Services, Inc. 3. Appraisal and inspection done on the above property on May 23, 1995 by Graham's Appraisal Service. Mr. Farrell delivered the above items to my office yesterday for the Village's use. Please review with Ed Hildebrandt, arrange for an inspection of the premises and a current Phase I Environmental survey done, using the 1996 survey as a base, either with Mr. Farrell's consultant or by our expert-whichever Ed feels more comfortable with using. If you have any questions, please call me. Very truly yours, a„ -S t ( 3) GABRIEL S. BERRAFATO GSB/amz Enclosure(s) C: Ed Hildebrandt, Building Commissioner (Letter Only) CADATAIWORDDOCS\VILLAGE OF MORTON GROVBACOUISrr1ONS\5714 DEMPSTER\CORREMRFr LW 1O-27-OO.DOC ORDINANCE 00-40 AU 1'HORIZLNG AN AGREEMENT WITH ml. FIRST NATIONAL BANK OF MORTON GROVE TO EXECUTE A NOTE TO BORROW lift AMOUNT OF $420,000 FOR fLti ANCING THE ACQUISITION OF PROPERTY AT 5714 DEMPSTER STREET WHERE AS, the Village of Morton Grove (VTT.T AGE), located in Cook County, Illinois, is a home rule unit of government under the provisions of Article 7 of the 1970 Constitution of the State of Illinois, can exercise any power and perform any function pertaining to its government affairs, including but not • limited to the power to tax and incur debt; and WHEREAS, the Village Board of Trustees adopted Ordinance 00-42 on Monday, December 11, 2000, authorizing the acquisition of property at 5714 Dempster Street for possible future redevelopment; and WHEREAS, the estimated cost for the acquisition of this property and related expenses is $420,000; and - WHEREAS, the Village prepared a Request for Proposal (RIP) which was distributed to five financial institutions requesting written quotation on rates and terms for borrowing $420,000 which will be at a tax-exempt loan backed by the full faith and credit of the Village; WI-EREAS, the Village received responses from the Cambridge Bank,the First National Bank of Morton Grove, the Northern Trust Company, the Oakbrook Bank and the LaSalle Bank; and WHEREAS, a review of the proposals submitted indicates the First National Bank of Morton Grove submitted the lowest interest rate and the.best proposal with a tax exempt rate of 5.03% (See Attachment "A"); and W}REAS, it is the desire of the Village Board of Trustees to move forward with the acquisition of these properties at a cost of$420,000 which is in the best interest of the health, safety and welfare of the residents of the Village of Morton Grove. NOW, THEREFORE BE IT ORDALNED BY THE PRESIDENT AND BOARD OF TRUSTEES . OF TEE VILLAGE OF MORTON GROVE, COOK COUNTY, IT.LLNOIS AS FOLLOWS: SECTION 1: The Corporate Authorities do hereby incorporate the foregoing WIIER.EAS clauses into this Ordinance as though fully set forth therein thereby making the findings as hereinabove set forth. SECTION 2: It is hereby determined it is advisable,necessary and in the interests of the public health, safety, and welfare of the Village of Morton Grove that the Village acquire property needed for • planned Dempster Street Corridor improvements. For the purpose of paying the purchase price of said property, the Village is authorized to execute a note and subsequently to bon-ow from the First National Bank of Morton Grove an amount not to exceed $420,000 to be a tax exempt loan to carry an interest rate of 5.03°o, as specified in the bank's written proposal. SECTION 3: For the purpose of providing the funds required to pay the debt service requirements of monies borrowed, when and as the same fall due and until the balance due has been paid in full, the Village of Morton Grove shall pledge the General Corporate Funds of the Village if required for such payments, or such other funds as they may deem necessary to procure and/or which are available. The indebtedness described herein is a general obligation backed by the full "faith and credit" of the Village. SECTION 4: The President, Village Treasurer and Village Clerk are hereby authorized to execute all documents necessary to effectuate said financing, including the agreement for letter of credit and any other appropriate documents. SECTION 5: The Board of Trustees represents and certifies that: 1. All of the principal proceeds of said loan are needed for the purpose stated and will be used with due diligence for the purpose therefore; 2. Pursuant to the provisions of Section 148 (f) (4) (c) of the Internal Revenue Code of 1986 (the CODE): a) The Village is a governmental unit with general taxing powers; b) The indebtedness described herein is not a "private activity bond" (as defined in Section 141 (a) of the CODE); c) Ninety-five percent or more of the net proceeds of the loan are to be used for local governmental activities of the Village (or of a governmental unit.the jurisdiction of which is entirely within the jurisdiction of the Village); and d) The aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by the Village (and all subordinate entities thereof) during the 2000 calendar year in which the indebtedness described herein is incurred will not exceed $5,000,000 (Five ?vfillion Dollars and no cents). The Village has not been notified of any listing of it by the Internal Revenue Service as an issuer that may not certify its obligations; 4. To the best of the knowledge and belief of the Village, there are no facts, estimates or circumstances that would materially change the conclusions and representations set out in this Section and the expectations set out in this Section is reasonable. SECTION 6: The Village recognizes that Section 265(b)(3) of the CODE provides than "qualified tax-exempt obligation" as therein defined may be treated by certain financial institutions as if it were acquired on August 7, 1986, for certain purposes. The Village hereby designates any evidence of indebtedness described herein as may be from time to time outstanding. for purposes of Section 265(b)(3) of the Code as a "qualified tax-exempt obligation" as provided therein. In support of such designation, the Board covenants, represents, and certifies as follows: 1. The evidence of indebtedness described herein is not a "private activity bond" as defined in Section 141(a) of the Code; - 2. Including the evidence of indebtedness described herein, the Village (including any entities subordinate thereto) has not and does not reasonably expect to issue in excess of $10,000,000 (Ten Million Dollars and no cents) in qualified tax-exempt obligations (other than private activity bonds) during the calendar year in which such indebtedness is incurred,. and 3. Including.the evidence of indebtedness described herein, not more than$10,000,000 (Ten Million Dollars and no cents) of obligations issued by the Village (including any entities subordinate thereto) during the calendar year of issuance of the evidence of indebtedness have been to date or will be designated by the Village for purposes of said Section 265(b)(3). SECTION 7: Tax Exempt Portion of Note Not Private Activity Bond. In support of its conclusion that the $420,000 public purpose portion of the note described herein is not a"private activity bond" as defined in Section 141(a) of the Code, the Village covenants, represents, and certifies as follows: 1. None of the proceeds of said loan are to be used, directly or indirectly, in any trade or business carried on by any person other than a state or local governmental unit; 2. No portion of the payment of the principal of. or interest on, the said loan is (under the terms of loan or any underlying arrangement) directly or indirectly (i) secured by any interest in property used or to be used for a private business use or payments in respect of such property, or (ii) to be derived from payments (whether or not to the Village) in respect of property, or borrowed money, used or to be used for a private business use; 3. None of the proceeds of said loan are to be used, directly or indirectly, to make or finance loans to persons other than a state or local governmental unit. SECTION 8: This Ordinance shall be in full force and effect from and after its passage, approval and publication according to law. PASSED this Ilth day of December, 2000 Trustee Brenner ,/} Trustee Gomberg (Ji Trustee Karp CEO q Trustee Liston r1 ' . Trustee Moll (7 ,,)74./ / Trustee Weiss 7t/.7,,0 APPROVED by me this 11th day of December, 2000. Daniel D. Scanlon, Village President Villase of Morton Grove Cook County, Illinois APPROVED and FTT,FD in my office this 12th day of December, 2000. //4 /1 Eileen Coursev Winkler, eri� Village of Morton Grove Cook County, Illinois { - legislative\ord\oiopc uy acquisition C F m O •- c = = on th: • m o e c e c c co of = O O J Q. l/1 N [D y 1- �D C O O O O C c c C C QN "' � _ _ _ 6. _ CC> N N " N N O m m H m _C O co m m Et.- O =. 7 m m O m r O cr m C O p O m m m m O m, Ti ti - m W > m m N M L E > < > > Z > > N C w O O O 7 m O = O 0 O O 3 O m O u L 0 F O a - ` 2 m a c 3 o_ pc cC 0 - o c t- o o - a o C J - LL O1 •_ - C o ... . c c G `m O _ C • O eN] N co O 7. O- C m F '- F C A = c. Q 7y in co ^-L(i t0 c m F CO I,- m E W O O C LL < ` O x O ..o , m m � CE 3 y 8 I o 0 o a a • 00, 000 o n CO n O c O VI N c u9 to in pi <O OI _ O > O C7 O O O g . N m n: d ' Y Y - Y o m Y N ^ m Y 76 5 m N m m ` CO G _ C m I- Y O O - m C m 0 = ^ O C O= Z m m r v ` UL.LZO C GRAHAM'S APPRAISAL SERVICE 110 GARFIELD STREET • BARRINGTON, ILLINOIS 60010 Appraisal of A Commercial Property at 5714 W. Dempster Street Morton Grove, Illinois 60053 4 for `!- Mr. Thomas J. Farrell ` 'J I l 1373 Division Street Highland Park, Illinois 60035 3 LEE E� I r-A FRONT VIEW > 3 by { James P. Epperson, C.I.A.O. and °>J Eugene R. Dawson, C.I.A.O. Date of Inspection r May 23, 1995 1 RESIDENTIAL • COMMERCIAL • FARM PHONE: 708-658-5282 ALTERNATE PHONE: 708-381-5613 Gl?AIIAM'S APPRAISAL SEIR VICE 110 GARFIELD STREET • BARRINGTON, ILLINOIS 60010 June 1, 1995 Mr. Thomas J. Farrell 1373 Division Street Highland Park, I1. 60035 Re: Lee Stone Auto 5714 W. Dempster Street Morton Grove, Il. 60053 Dear Mr. Farrell, In accordance with your request, we have inspected the above captioned property and completed an investigation and analysis of the market for the purpose of estimating its Fair Market Value in fee simple title as of the date of inspection. The property was appraised "AS IS" with conventional financing less points or other major concessions paid by the seller. Based upon the data in this report the Income Approach and the Sales Comparison Approach were the most reliable to establish Fair Market Value. The Cost Approach was supportive of value. The date of inspection of the subject property was May 23, 1995. It is the opinion of Graham' s Appraisal Service that as of the effective date of the appraisal the Fair market Value was: Four Hundred Thirty Thousand Dollars $430, 000 . The valuation, assumptions and opinions expressed herein are subject to the limiting conditions set forth in this report. Our report is based on estimates, assumptions and other information developed from our research of the market. The sources of information and basis of the estimates and asssump- tions are stated in the appropriate sections of the report. Under the terms of this engagement, we have no obligation to revise this report or the projected financial results to reflect events or conditions which occur subsequent to the date of this report. Neither the whole, nor any part of this report or any reference thereto may be included in any document, statement or circular without our written approval. Re ectfully s • t 'tted, es P. Eppe ,- • , C.I.A.O. V icense #153- .00744 Eugene R. Dawson, C.I.A.O. License #154-003477 JE/sh RESIDENTIAL • COMMERCIAL • FARM PHONE: 708-658-5282 ALTERNATE PHONE: 708-381-5613 • GRAHAM ' S APPRAISAL SERVICE 110 GARFIELD STREET. BARRINGTON, ILLINOIS CERTIFICATE OF VALUE We have inspected the property owned by: Lee and Bernice Stone, located at: 5714 W. Dempster St. , Morton Grove, Ill. 60053 and it is our considered opinion that the Fair Market Value* of the Subject Property is as indicated below: $430, 000 . we appraised the subject property "AS IS" as of the Date of Inspection. We hereby certify that: we have no interest, actual or contemplated, in the Subject Property; We have no interest, actual or contemplated, in the Company that employs the Owner of the Subject Property; We have no actual or contemplated business or family relationship with the Owner of the Subject Property. the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. the statements of fact contained in the report are true and correct. compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurence of a subsequent event. the analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional A/.raisal P INSPECTED B 4.46- ,..6 G, L - _�_._ -a APPRAISED , �; fs-A&. a %J. i DATE OF I ' •ECTION May 23, 1995 *FAIR MARKET VALUE* Defined MARKET VALUE: Market value is the major focus of most real property appraisal assignments. Both economic and legal definitions of market value have been developed and refined. A current economic definition agreed upon by agencies that regulate federal financial institutions in the United States of America is: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their beet interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in Unite States dollars in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. LEGAL DESCRIPTION P.I.N. 10-17-429-048 Please see other side for complete legal description. • GRAHAM'S APPRAISAL SER VICE 110 GARFIELD STREET • BARRINGTON, ILLINOIS 60010 PROPERTY OWNER: Lee and Bernice Stone PURPOSE OF APPRAISAL: To determine the fair market value as of the date of inspection, May 23, 1995 in fee simple title ownership. LEGAL DESCRIPTION: Please see Certificate of Value page. SALES HISTORY: There has been no transfer of title or change of ownership in the past three years. LOCATION: The subject property is located at 5714 Dempster street in the City of Morton Grove. IMMEDIATE NEIGHBORHOOD : The subject neighborhood consists of commercial, retail and residential properties. ZONING: Cl Commercial District TOPOGRAPHY: The topography is flat and level at street grade and drainage appears adequate. The property is not in the flood plain. REAL ESTATE TAXES : 1993- $14, 327 .88 PIN# 10-17-429-048 COMMUNITY AND NEIGHBORHOOD DATA: Morton Grove is a suburb of Chicago. It is in Cook County, Illinois. There is a mixture of reidences, commercial, retail and industrial properties. Transportation is served by the Chicago Transit Authority, Skokie Swift and Northwestern (Metra) Railway which goes to the Loop in Chicago. ENVIRONMENTAL IMPACT : Over the past several years, the United States Government has enacted into law some far reaching regulations governing ind- ustrial waste, clean air and ground water contamination. A number of states have also passed similar laws and regulations. Environmental waste hazard materials can have a substantial impact on values and at times, the cost to clean up can render a property worthless. During the course of this appraisal process, we were not furnished with any information regarding environmental waste hazard material problems at the subject site nor are we aware of any environmental waste hazard materials that may exist. Graham's Appraisal Service & Associates are not experts in environmental waste hazard materials, nor are we experts in laws governing the clean up of waste hazard materials. Our report is predicated on the property being free and clear of all environmental waste hazard material and in full compliance with Federal, State and local environmental regulations. RESIDENTIAL • COMMERCIAL • FARM PHONE: 708-658-5282 ALTERNATE PHONE: 708-381.5613 PRESENT USE: Auto Parts Store HIGHEST AND BEST USE: Highest and Best use may be defined as "That reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. " Alternatively, that use, from among reasonable, probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in highest land value. The following tests must be passed in determining the highest and best use. The use must be such as to deliver the return for the longest period of time. The following tests must be passed in determining the highest and best use: 1. The use must be legal. 2 . The use must be probable, not speculative or conjectural. 3 . There must be a demand for such use. 4 . The use must be profitable. 5. The use must be such as to deliver the return for the longest period of time. PROPERTY RIGHTS APPRAISED: The property rights appraised includes the Fee Simple Title to the property and it has been appraised as if free and clear of any and all liens and encumberances. The highest and best use would continue to be as a Commercial property. SCOPE OF APPRAISAL ASSIGNMENT : The assignment consisted of a conversation with the client, the owner, real estate agent, a physical inspection of the property, an analysis of the subject neighborhood, and review of the data pertinent to the assignment. Property dimensions were obtained from a Plat of Survey and confirmed at the Niles Township Assessors Office. A collection of sales of similar type buildings and vacant properties were analyzed and reduced to the comparables included in this report. Economic rent and vacancy and collection loss were reviewed from brokers and other informed sources. The last step was a compilation of the findings in this matter into a narrative appraisal report. PROPERTY AND IMPROVEMENTS : The site is rectangular in shape and encompasses an area of approximately 6,250 square feet. The site consists of a one story building of steel frame, block and brick construction with a flat roof. The building is 50' x 90' or 4,500 square feet. There is a entrance door and 8 display windows on the front of the building facing the street. Upon entering the building there is a store area displaying automobile parts and accessories. This area has a suspended tile ceiling, flourescent lighting and 2 ceiling fans. The walls are block with pegboard panelling and the floors are inlay tile. There are 2 small private offices within the store. Both offices have suspended panel ceilings, drywall and cinder block walls and inlay tile floors. cont. The rear of the building is used for storage and warehousing of auto parts and accessories. This area is 38' x 50' or 1,900 square feet. This area is not finished, has an open ceiling, block walls and an inlay tile floor. There are 3 rest rooms in this area. There is a mezzanine above this area for additional storage which is 1, 000+ square feet. There is a small office 6 'x 8' on the mezzanine which is paneled, has a plywood ceiling and carpet on the floor. There are 2 furnaces and 2 air conditioning units. There are 2 service doors at the rear of the building which open to an alley and a small asphalt parking area. Customer parking is on the street at the front of the building. THE VALUATION PROCESS : Although characteristics of properties differ widely, most appraisal problems can be solved through the orderly procedures of the valuation process. The best experience in the appraisal field is crystallized there. In the valuation process the problem is defined, the work necessary to solve the problem is planned, and the data involved are acquired, classified, analyzed, interpreted, and translated into the appropriate estimate of value. Each real property is unique, and many different types of value can be estimated for any single property. The most typical appraisal assignment is undertaken to establish market value, and the valuation process contains all steps appropriate to that type of assignment. Further, conclusions in the evaluation assignments often necessitate the derivation of value estimates through application of the valuation process. The major steps in the valuation process include definition of the problem, preliminary analysis and data selection and collection, highest and best use analysis, application of the three approaches to value, reconciliation of value indications and final value estimate, and report a defined value. In the definition of the problem step, a concise statement of the problem is developed. This sets the limits of the appraisal, eliminates any ambiguity about the nature of the assignment, and identifies the real estate to be appraised, the property rights involved, the date of the value estimate, the use of the appraisal, the definition of value, and other limiting conditions. The second step includes planning and scheduling work time and work for an assignment and analyzing both general and specific data. General data includes information on social, economical, governmental, and environmental forces that affect property value. In analysis of general data related to property values in an area, appraisers study the interaction of these four forces. It is this interaction that creates the economic climate in which property values at a specific time and in a specific place increases, decreases, or remain stable. General data are essential in valuation because they (1) provide a background against which to place specific properties being appraised; (2) supply information from which possible trends affecting land values can be inferred and figures for appraisal calculations within the 3 approaches can be derived; and (3) form a basis for judgement about highest and best use, reconciliation of value indications from the three approaches, and the final estimate of value. Specific data are details about a property being appraised (subject property) , comparable properties that have been sold and comparable rental properties, & relevant characteristics of the local market. Specific data about a subject property are provided by its land and building description, and they help an appraiser to select comparable specific data pertinent to sales, rentals, and other characteristics of the local market. In an analysis of general data, national, regional, and local trends in value are emphasized; in an analysis of specific data, the set of properties most like the subject properties is studied. The analysis of comparable properties helps an appraiser to extract specific sales prices, rental terms, income and expenses, rates and returns on investments, construction costs, expected economic life of improvement and rates of depreciation. These figures are then used in the calculations that provide the indications of value for a subject property on the date of the appraisal. A crucial determinant of value in the market is highest and best use. The market value of a parcel of land as though it were vacant, and of a property as it is improved are both essential on the assumption that potential purchasers will pay that price that reflect analysis of the most profitable use of the land and of the improved property. The highest and best use of land and improved properties are selected from various alternative uses. An appraiser's conclusions about highest and best use provide the basis for market value analysis, and the remainder of the valuation process is conducted in relation to these conclusions. The description of the approaches to value, as well as the reconciliation process, will be included later in this report. After completion of the valuation process, the method of presentation of findings is handled. The form, length and content of an appraisal report may vary, depending on the requirements of the client, the type of property, and the nature of the assignment. Regardless of the type or length of the report, the appraiser should conform to accepted standards of appraisal reporting. A narrative appraisal report affords an appraiser the opportunity to support and explain opinions and conclusions and to demonstrate the soundness of the estimate. In a sense, the report is a summary of the techniques and procedures the appraiser has applied to factual material, within the framework of the valuation process, to arrive at a value conclusion. Such a report reflects the appraiser' s understanding of basic economic appraisal principles, ability to interpret pertinent data, and adjust in selecting appropriate technique and procedures as well as skill in applying them to derive an estimate of a specifically defined value. The best report is the one that enables readers to understand the problem and the factual data and to follow the appraiser's reasoning from these facts to the final conclusion. The way this handled is through an understanding of the valuation process. Hence, the inclusion of a description of this process at this point in the appraisal. COST APPROACH: The Cost Approach is often called the summation approach. The Cost Approach uses the idea that an informed purchaser would pay no more for a property than the cost of producing a like property with the same utility. First the land is valued as if it were vacant and unimproved. Then the improvements are valued on the basis of the cost of modern materials which perform the same functions. From this estimate of replacement cost the loss in value from all forms of depreciation. Physical depreciation is the loss in value of a building caused by such things as wear and tear from use, structural defects, and exposure to the elements. Functional obsolescence is a loss in value due to the development of new technology. Location depreciation is a loss in value caused by factors outside the subject property. After the depreciated value of the improvements has been calculated, the site improvements and the land value is added to determine the final estimate of value by the cost approach. COST APPROACH TO VALUE : Building Area 4500 sq/ft. @ $62 .00 = 279, 000. Mezzanine 1000 sq/ft. @ $39 .00 = 39, 000. Total 318, 000. Depreciation from all causes 25% (say) <79, 500> Total Depreciated Value of Building $238, 500 . Site Improvements: 3, 000 Total Depreciation of all improvements $241,500. Site Value 187 , 500. Total indicated Value by Cost Approach $429,000. Value by Cost Approach $429, 000 . The Boeckh Cost Manual and Computer program of the Boeckh Company of Milwaukee, Wisconsin was utilized for cost figures. Vacant Land Sales Sale #1 Location: 6109 Lincoln Ave. , Morton Grove, Il. Sale Date: October, 1994 Site Size: 65 'x 149 ' or 9, 685 square feet Sale Price: $290, 000 Sale #2 Location: 8159-8163 Lincoln Ave. , Skokie, Il. Sale Date: September, 1993 Site Size: 93 'x 255' or 23,715 square feet Sale Price: $350, 000 INCOME APPROACH TO VALUE : In evaluating income property, normal appraisal practice contemplates an estimate of the of the present worth of future income of the property expressed in dollars. The ability of a property to produce an income is an important part in ascertaining its market value; consequently this approach involves an analysis of the property pertinent to its capability to produce a net annual income concurrent with the expected duration of the income stream. Once the net income has been determined it must then be converted into capital value at a rate commensurate with the risk inherent in the ownership of the property relative to the rate of return offered by other investments available in the market. Economic Rent is the rent justified on the basis of analysis of other comparable rental properties. Adjustment must be considered for location, condition, and other salient facts. An analysis of similar type buildings was reviewed to establish economic rent. RENT: Economic (market rent) is the rent currently prevailing in the market for properties comparable to the subject property. Market rent is capitalized into an estimate of value in the income approach. In determining market rent for the subject property, adjustments were made for size, location, time and other salient facts that effect market rent, The economic rent established in this appraisal was done by comparing other similar type properties. VACANCY & COLLECTION LOSS : Vacancy allowance is a deduction from potential gross income for current or expected future space not rented due to tenant turnover or for lack of demand. Collection loss is a loss of income incurred when payments due are not collected. Economic Rent is the rent justified on the basis of analysis of other comparable rental properties. Adjustment must be considered for location, condition and other salient facts. An analysis of similar type buildings, rental rates were reviewed to establish economic rent that was applicable to the subject property. INCOME APPROACH TO VALUE : Potential Gross Income: *Store $3,500 per month x 12 = 42, 000 Less Vacancy and collection loss 5% (say) <2, 100> Effective Gross Income 39, 900 * Triple Net Net Operating Income 39, 900 $39,900 divided by a .09 Cap Rate $433, 333. Value by Income (say) $433 , 000 . CAPITALIZATION: The overall capitalization rate utilized herein to convert net income into market value was determined by adding the two components of the capitalization process: the discount rate and the recapture rate. The recapture rate reflects the return to the investor of the value of the improvements over a period of time; the discount rate reflects the return of his or her investment. The owner is entitled to a rate which includes both a return of his investment, as well as a reasonable return for his risk involved in the ownership of property. Factors such as risk, management, and nonliquidity are factored into the rate. Capitalization Rate is any rate used to capitalize income. It is calculated by the IRV formula, in which Rate equals Income divided Value. RENT : Economic (market rent) is the rent currently prevailing in the market for properties comparable to the subject property. Market rent is capitalized into an estimate of value in the Income Approach. In determining market rent for the subject, adjustments were made (upward and downward) for size, air conditioning and finished office area. Band of Investment: The band-of-investment method selects a discount rate that considers the interest rate paid by the investors of additional mortgage, and the anticipated yield that the investor expects to receive on his or her equity in the property. This method is based on the premise that financing is typically involved in real estate transactions and that equity investors seek to obtain the best available financial package in order to maximize the potential benefit of leverage. ESTIMATE OF VALUE BY THE INCOME CAPITALIZATION APPROACH. In the opinion of Graham's Appraisal Service, a return on equity of 9.0% would be required to attract investors to this type of property considering current economic conditions, size of the building and location.Using the band of investment with the aforementioned data,the following is developed: Mortgage 75% x 0.092618 = 0.069464 Equity 25% x 0.017500 = 0.017500 Total 100% = 0.086964 INDICATED OVERALL CAPITALIZATION RATE SAY 0.09 An overall capitalization rate of 9.0 % was believed to be reasonable in view of the current market conditions. SALES COMPARISON APPROACH TO VALUE: Sale #1 PIN # 10-28-200-044 Location: 5035 Oakton Street, Skokie, IL. Sale Date: March, 1990 Sale Price: $440, 000. Description: This is a one story building of brick and steel construction. This building has 4, 633 square feet within which is a small office area. The remainder is for retail and warehouse. This commercial property was built in 1978 and is a hardware facility. There is an additional building at the rear of the property which is used for warehouse and has 2,300 square feet. There is ample parking at the side and rear of the building. Building Size Store: 4, 633 sq/ft. Building Size Whse: 2,300 sq/ft. Site Size: 14,450 sq/ft. Price per sq/ft. $94. 97 . Site & Store Sale #2 PIN # 10-20-201-016, 17, 18. Location: 5811 W. Dempster St.Morton Grove, I1. Sale Date: July, 1991 Sale Price: $360, 000. Description:. This is a one story building of steel frame, brick and glass construction with 4,765 square feet. The property is predominantly office area and a small storage area. There is paved parking. The building was built in 1971. Building Size: 4,765 sq/ft. Site Size: 8, 100 sq/ft. Price sq/ft. Site & Bldg. $75.55. Sale #3 PIN # 10-18-305-026 Location: 9133 Waukegan Rd. , Morton Grove, Ii. Sale Date: July, 1994 Sale Price: $200, 000. Description: This is a one story building of steel frame and brick construction. This property has 1, 500 square feet. There is ample paved parking. Building Size: 1, 500 sq/ft. Site Size: 3, 024 sq/ft. Price sq/ft. Site & Bldg. $133 .00. SALES ANALYSIS AND CONCLUSIONS The sales above per square foot are as follows: $75.55, $94 .97 and $133 . In the final analysis the Comp #1 Ace Hardware was considered most comparable to the subject property. Therefore after adjusting for size, location, building type and other salient factors, it is the opinion of Graham's Appraisal Service that the price per square foot is: $94 .00 per square foot, therefore: building size 4,500 x $94 .00 = $423, 000. Value by Sales Comparison Approach $ 423 , 000 . RECONCILIATION AND FINAL ESTIMATE OF VALUE : The final step in the appraisal process is to analyze all assembled data to reflect the action of a typical buyer in the market place. The three standard approaches to value were used and analyzed with the respective values indicated below: Cost Approach: $429, 000 . Income Approach: $433 , 000 . Sales Comparison Approach: $423 , 000 . The Income Approach and the Sales Comparison Approach were the most reliable in the final estimate of value. The Cost Approach was supportive of value.The date of the inspection of the subject property was May 23, 1995 . It is the opinion of Graham's Appraisal Service that the Fair Market Value as of the date of inspection was: Four Hundred Thirty Thousand Dollars $430 , 000 The foregoing is a summary of the appraisal process. All sales of comparable properties were verified at the Cook County Assessor's Office and MLS sheets. 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It is assumed: • That the legal description is correct. • That the title to the property is legally sufficient. • That there are no encumbrances or defects of title. • That the property will be efficiently managed and properly maintained. • That the present zoning will remain in force. The appraisal is made subject to the following limiting conditions: L Possession of this report does not carry with It the right of publication or may It or any part (hereof be used by anyone but the applicant without the previous written consent of the appraiser. 2 The appraiser shall not be requested to give testimony or appear in court by reason of this appraisal with reference to the property described herein unless prior arrangements have been made therefore. a The separate valuation of land and buildings) must not be used in reference to any other appraisal and will be Invalid if so used. 4 No responsibility is assumed for matters of a legal nature. 5 The property appraised is assumed to be in fee simple title, free and clear of all debts, liens and encumbrances and to have all taxes paid In full unless otherwise noted. It is assumed that the title is marketable as we have not provided any opinion of the quality of the title. a The opinion of value expressed herein is a result of and is subject to the data and conditions described in detail in this report. 7. The appraisal must be considered and used only as a unit and not broken apart as to destroy the relationships. a The physical condition of the improvements described herein was based on visual inspection. a Electrical, heating, cooling, plumbing, sewer, mechanical equipment and water supply were not specifically tested and were assumed to be in good working order and adequate unless otherwise stated. 10. No liability for the soundness of structural members since no engineering tests were macietof same. 11. Except as noted, this appraisal assumes the land to be free of adverse soil conditions which' would prohibit the development of the property to its highest and best use.12. This appraisal Is of the surface rights only and no analysis has been made of the value of subsurface rights, if any. 13. Neither all nor any part of the contents of this report, especially any conclusions to value, the identity of the appraiser nor the firm with which he is connected, shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communications without prior written consent and approval of the appraiser. 14. The data In this report has been secured from sources believed to be reliable, but the appraiser is unable to accept any liability as to their validity. 15. Client will indemnify. hold harmless or defend Graham's Appraisal Service for all costs, expenses, fees,Judgments, claims and liabilities which may arise out of or result from the syndication of the properties appraised by Graham's Appraisal Service. pursuant to this agreement, except those claims which result from erroneous or improperly completed appraisals which do not substantially reflect the Investment value of the property(s) appraised as of the valuation date. 16. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property,was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or In the property. The appraiser, however, Is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam Insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or In the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for the expertise or engineering knowledge required to discover them. The client is urged to retain an expert In this field, if desired. 17. The sketch In this report is included to assist the reader in the visualizing of the property and the appraiser assumes no responsibility for its accuracy. The appraiser has made no survey of the property. 18. No environmental Impact study or studies were made or requested In conjunction with this Appraisal Report. The appraiser reserves the right to alter, revise or rescind any value opinions based upon any subsequent environmental study, studies, research or investigation. RESIDENTIAL • COMMERCIAL • FARM PHONE: 708-658-5262 ALTERNATE PHONE: 708-381-5613 DEFINITION OF MARKET VALUE. The most probable price which a properly should bring in a competitive and open nxrket under all conditions requisite too fair sole, the buyer and seller, each acting prudently,knowledgeably and assuring the price is rot affected by undue stimulus. Implicit in this definition is the consummation of a sole as of o specified date and the passing of title ham seller to buyer under conditions whereby:(I)buyer and seller are typically motivated;(2)both parties are well informed or well advised,and each acting in what he considers Ns own best interest; (3)a reasonable time is allowed for exposure in the open market; (4)payment is mode in tens of U.S.cosh dollars or in lens of linonciel arrangements ca meo:t le Iherto; and(5)the price represents the rumol consideration for the properly sold uroffetted by special or creative financing or soles concessions• granted by anyone associated with the sole. *Adjustments to the comparables must be mode for special or creative financing or safes concessions. No adjustments are necessary for those costs which ore normally paid by sellers as a result of tradition or low in a market area; These costs are readily identifiable since the seller pays these costs in virtually all sates transactions. Special or creative financing adjustments can be node to the comparable property by comparisons to financing terns offered by a third party isti- liorol lender that is rot oheody involved in the property or transaction. Any adjustment should rot be calculated on a mechanical dolor for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS CERTIFICATION, The Appraiser certifies and agrees that: .. I. The Appraiser has no present or contemplated future interest in the property appraised;aid neither the employment to make the appraisal,nor the compensation for it,is contingent upon the appraised value of the property. 2. The Appraiser has no personal interest in or bias with respect to the subject molter of the appraisal report or the participants to the sale. The "Estinote of Market Value" in the appraisal report is not based on whole or in pat upon the rice, color, or national origin if the prospective owners or occupants of the property appraised,or upon the race,color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised, 3. The Appraiser hos personally inspected the properly, both inside and out, and has mode on exterior inspection of all comparable sales listed in the report. To the best of the Appraiser's knowledge ad belief, at statements and nremotion in this report we true and correct, and the Appraiser has rot knowingly withheld any significant information. 4. Al contingent and railing conditions are contained herein (imposed by the team of the ossigr.ent or by the undersigned affecting the analysis, opinions, and conclusions contained in the report). 5. This appraisal report has been node in calamity with and is subject to the requirements of the Code of Professional Ethics aid Slarckrds of Professional Conduct of the appraisal organizations with which the Appraiser is of Mated. 6. Al conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the Appraiser whose signature appears on the report, mess indicated as "Review Appraiser," No change of any item in the appraise/ report shot be mode by anyone other than the Appraiser, and the Appraiser shall have ro responsibilty for any such unauthorized change. • CONTINGENT AND LIMITING CONDITIONS. The certification of the Appraiser appearing in the appraisal report is subject to the following coaflions aid to such other specific ad Fnitig conditions as set forth by the Appraiser in the report. . • L The Appraiser assumes no responsibility for matters of o legal nature affecting the properly appraised or the title thereto, nor does the Appraiser render ony opinion as to the title,Mich is assumed to be good and marketable. The properly is appraised as though under responsible ownership. 2. Any sketch in the report may show approximate dmersins red is included to assist the raider in visua zing the property. The Appraiser has mode ro survey of the property. 3. The Appraiser is not required to give testimony or appear ion cast because of having node the appraisal with reference to the property in question, udess arrangements have been previously node therefor. 4. Any distribution of the valuation in the report between lard and improvements apples only under the existing program of utilization. The separate valuations valuations for lord ord building must not be used in conjunction with any other appraisal ad ore invalid if so used. 5. The Appraiser assumes that there are no hidden or unopparent conditions of the properly, subsoil, or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions,or for engineering which night be required to discover such factors. 6. Information estimates, and opinions lunshed to the Appraiser,and contained in the report,were obtained Irom sources considered reliable oral believed to be to be true and correct. However,no responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser. 7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal orgarizo6ars with which the Appraiser is of filiated. 8. Neither ol, nor part of the content of the report,or copy thereof (inducing conclusions as to the property value, the identity of the Appraiser, professional designatirs, reference to any professird appraisal organizations, or the firm with which the Appraiser is connected), shall be used for any purposes by anyone but the client specified in the report, the borrower if appraisal I ee paid by sane, the morlgogee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations,any slate or federally approved financial institution,any department,agency,or instrumentality of the United States or any state or the District of Columbia,without the previous written consent of the Appraiser;nor doll it be conveyed by anyone to the pubic though advertising,public relations, news,sales,or other media,without the written consent and approval of the Appraiser. 9. On al appraisals,subject to satisfactory completion, repairs, or alterations, the appraisal report and value conclusion are contingent upon completion of the improvements in o workmanlike manner. ENVIRONMENTAL DISCLAIMER. The value estinoted is based on the assumption that the property is nal negatively affected by the existace of hazardous substances or detrimental enviaaental conditions mess otherwise staled in this report. The Appraiser is not on expert in the identification of hazardous substances or delrnenlal environmental conditions. The appraiser's routine inspection of and inquiries about the subject property dd not develop any information shot indicated any apparent significant hazardous substances or detrimental environnentol conditions which would of led the properly negatively unless otherwise stated in this report. II is possible that tests and inspections mode by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value. ADDITIONAL CERTIFICATION. The Appraiser further certifies and agrees that: L This appraisal conforms to the Uniform Slardords of Prof essay,Appraisal Practice ('1JSPAP") adopted by the Appraisal Standards Board of The Appraisal Foundation,except that the Deporlure Provision of the USPAP does rot apply. 2. Their compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate,the attainment of a stipulated result,or the occurrence of a subsequent event. 3. This appraisal assignment was rot bused on requested minimum valuation.a spec'- 'laatia.or the approval o •a • Date: May 23, - 1995 note: Ile emion.enud&china amine ee addible!cedtc...• e idle approved is&appeeed by rnedee Mac Er Norio 1W. . Freddie Mac Form 439 JUL 86 2796 FormFille PC—Plus"' (800)262-4805 Frannie Mae Form.111r04R.s s mm GRAHAM'S APPRAISAL SERVICE 110 GARFIELD STREET • BARRINGTON, ILLINOIS 60010 APPRAISER CERTIFICATION FOR FIRREA In compliance with TITLE XI of the Financial Institutions Reform, Recovery and Endorsement Act of 1989 (FIRREA) , I certify that the following standards have been met, unless otherwise addressed in the content of the appraisal report. I certify that the Appraisal Report * Conforms to the Uniform Standards of Professional Appraisal Practice ("USPAP") adopted by the Appraisal Standards Board of the Appraisal Foundation, with the expectation of the Departure Provision, which does not apply to federally related transactions. * Conforms with the Competency Provisions of USPAP. * Conforms with the definition of market value set forth in the regulation. * Analyses and reports in reasonable detail a prior sale of the property being appraised that occured within three years for all other properties other than one-to-four famili improvements. * Analyzes and reports data on current revenues, expenses, and vacancies if the property is and will continue to be income producing. * Analyzes and reports current market conditions and trends which could affect projected income or the absorption period, to the extent of its affect on market value of the subject property. * Analyzes and reports appropriate deductions and discounts for proposed construction and completed properties that are partially leased or leased other than market rent as of the date of the appraisal, or any track developments with unsold units. * Identifies personal property fixtures, or intangible items that are not real property but are included in the appraisal report. * Follows a reasonable valuation method that addresses the direct sales comparison, income and cost approaches to market value, reconciles the approaches and explains the elimination of any approach not used. * was ordered directly by the LENDER and the assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of the loan. * The subject property was appraised, assuming a marketing time of between 180 days which is typical for this type of property, in this particular neighborhood. * I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. * My employment was not conditioned upon the appraisal producing a specific value, or a value within a given range. * The subject property is not in the flood plain. Zone C. k/' _ i• '�'e of Appraiser RESIDENT •• COMMERCIAL • F RM PHONE: 708-658-5282 ALTERNATE PHONE: 708-381-5613 GRAHAM'S APPRAISAL SERVICE 110 GARFIELD STREET • BARRINGTON, ILLINOIS 60010 CERTIFICATION OF APPRAISER JAMES P. EPPERSON, CIAO Illinois Department of Professional Regulations requirements for appraisers became effective January 1, 1993. James P. Epperson has met the state of Illinois real estate appraisal requirements for a Licensed Real Estate Appraiser and a Certified General Appraiser. Effective December 30, 1992, James P. Epperson became a State Licensed Appraiser. Effective March 23, 1993, James P. Epperson became a Certified General Appraiser. EXPERIENCE: Jim Epperson Real Estate Appraisals- Self-employed as a fee appraiser since retirement from teaching school in June of 1986. Have been the principal appraiser for a large credit union and the back-up appraiser for a major savings and loan association when their in-house staffing was inadequate. Bud Carlson, Appraiser-Two years as appraiser,assistant, research and assignments prior to my retirement,at which time I started my own business. Appraiser and Deputy Assessor of Cuba Township, Lake County Illinois (Barrington area) for 30 years on part-time basis-Certified by Illinois Department of Revenue as Certified Illinois Appraisal Officer(CIAO). This started when I was teaching architectural drawing at Barrington High School and had summers free to assist in appraisals. Am still employed on a part-time basis, and specialize in helping the assessor appraise the large,or complex buildings. Have had the certification of CIAO since 1976,and have met continuing education and examination requirements to maintain the certification each year since first award. Teacher-Architectural and Mechanical Drawing various classes in woodshop and related work for 27 years at Barrington High School. It was the design and construction aspect that first led me to become a part-time appraiser in the community. EDUCATION: B. S. and M. S., Western Illinois University 45 Hours Past M. S., University of Illinois, et al PROFESSIONAL ASSOCIATIONS: IPAI-Illinois Property Assessment Institute Lake-McHenry County(CIAO) Organization NITAA-Northern Illinois Township Assessors Association IAAO-International Association Assessors Organization IAA -Illinois Assessors Association REFERENCES: Mr.Harry Pillman (Assessor of Cuba Township), 321 West Northwest Highway, Barrington,Illinois 60010 (708) 381-1120 Mr. Robert Soule(Treasurer and Executive Secretary), BAE Credit Union,616 West Main Street, Barrington, Illinois 60010 (708) 381-3233. Mr. Anthony J.Diasio(Sr.Vice President),Suburban Bank of Barrington, Barrington,Illinois 60010 (708) 381-3500 Mr. Roger Lehman (President),Harvard State Bank, 33-35 North Ayer Street, Harvard, Illinois 60033 (815) 943-4407 Mr. Keith Leathers(Vice President),First of America Bank, 190 N. Route 31, Crystal Lake,Illinois 60014 (815-356-2115). RESIDENTIAL • COMMERCIAL • FARM PHONE: 708-658-5282 ALTERNATE PHONE: 708-381-5613 GRAHAM'S APPRAISAL SERVICE 110 GARFIELD STREET • BARRINGTON, ILLINOIS 60010 CERTIFICATION OF APPRAISER EUGENE R. (GENE) DAWSON C. I .A.O. Illinois Department of Professional Regulations requirements became effective January 1, 1993. Eugene R. Dawson has met the State of Illinois real estate appraisal requirements for a Licensed Real Estate Appraiser. Effective December 16, 1993, Eugene R.Dawson became a State Licensed Appraiser, License #154 - 003477 . EXPERIENCE: Graham's Appraisal Service- Appraiser,Assistant,Research and assignments since September 1991. Assessor, Barrington Township, Cook County, Illinois. Appraiser and Deputy Assessor of Cuba Township,Lake County, Illinois (Barrington Area) on a part time basis.Certified by Illinois Department of Revenue as Certified Illinois Appraisal Officer. 25 years as an executive with Domestic and International Corporations. Instructor at Harper College and Northern Illinois University teaching business courses. District #211 Instructor- Real Estate Appraisal Instructor, Illinois Property Assessment Institute EDUCATION: B.A. Monmouth College,Monmouth,Illinois B.S. Rockford College,Rockford,Illinois M.A. DePaul University,Chicago,Illiniois PROFESSIONAL ASSOCIATIONS : I.P.A.I. -Illinois Property Assessment Institute Lake-McHenry County(C.I.A.o.) Organization TOCC- Township Officials of Cook County TOI- Township Officials of Illinois I.A.A.O. International Association of Assessing Officers I.A.A. Illinois Assessors Association REFERENCES : Mr.Harry Pillman, Former Assessor- Cuba Township 433 Berry Road Barrington,Il. 60010 (708) 381-1331 Mr.Robert Soule, Treasurer-Executive Secretary B.A.E.Credit Union 616 West Main Street Barrington,ii 60010 (708) 381-3233 Mr.James Epperson,Appraiser 816 Lill Street Barrington,Il. 60010 (708) 381-1078 Mr. Anthony Diasio, Senior Vice President Suburban Bank of Barrington 333 North Northwest Highway Barrington, Illinois 60010 (708) 381-3500 RESIDENTIAL • COMMERCIAL • FARM PHONE: 708-658-5282 ALTERNATE PHONE: 708-381-5613 REAL ESTATE CONTRACT - APARTMENTS/INVESTMENTS A ALTOC WHEN EXECUTED-BY ALL PARTIES THIS WILL BECOME A LEGALLY BINDING AND ENFORCEABLE CONTRACT oe THOMAS J. FARRELL OCTOBER 25. 2000 .ran.m 1 TO: DATE: 2 (Seller) 3 OFFER OF PURCHASER:I/We(Purchaser)offer to purchase the real estate known as: 4 5 5714 DEMPSTER STREET MORTON GROVE COOK IL 60053 6 Street City County State Zip 7 8 Legally described on exhibit A,if any.Lot size approximately 50' X 132' Together with improvements thereon. 9 INCLUSIONS:The following shall be included:personal property(belonging to seller), if any, located on the real estate as of the date hereof,for which a bill of sale will be 10 given: screens, storm windows and doors; shades,window blinds; drapery rods; curtain rods; radiator covers; attached TV antennas; heating, central cooling, ventilating, 11 lighting and plumbing fixtures; attached mirrors,shelving, interior shutters, cabinets and bookcases; awnings; porch shades; planted vegetation; garage door openers and 12 transmitters;attached fireplace screens,smoke detectors;stairhall carpeting;boiler room tools; unit air conditioners; refrigerators; ranges; as well as the 13 following specific items: 10. EXCLUSIONS:The following shall be excluded: 15 1-PRICE:Purchase Price:$ 420.000.00 Initial earnest money$ 10,000.00 in the form of 16 a Village Check dated October 24. 2000 payable to attorney for Seller 17 Upon acceptaaU ctyf this offer,said check shall be properly endorsed by payee and deposited by the 18 party designated in Paragraph 7. The earnest money shall be increased to UU %of purchase price within - days 19 after Seller's acceptance,hereof.Said initial earnest money shall be returned,and this offer shall be void if not accepted on or before 20 2-FINANCING- •• .con - ••dng=• •--abr., • • • ase - _ -'with - Sel --• .n., ". en loan evidenced by a note to be sec a e �- y 21 fixed rate not to r e Pu -r shall accept,with a 22 i * iud .n /,adjustment cap not 23 to exceed a 7 •err f a --id b :coo � : mi y ' a V a loan service charge 24 not to exceed 1 err asp r Fin" _. 'r. 1 1 25 If Purchaser ... - eat is obtai ent ortgat ntem. -in,P -halls eller in writing within the 26 time specified in ' .h 2. I R IS NOTI• HIN E PE 'URCH HALL ' PUR• :E DEEMED TO HAVE 27 SECURED SUCH ITMEN • HAVE D TO • 'SETH: ESTA OUT M 'GE Fl G OR : PON THE MORTGAGE 28 COMMITMENT As Y ORT- f Seller ,tified,S y,at Se 'lion,wit addif ys after said notice,elect 29 to accept purcha- finam • secu' gage • ent on •f Pu ••n sue the s s for .age loan contemplated 30 herein with such' -rial t; •ndi •mpar esta any tituti. •rinci• the etropolitan area having 31 assets of at leas dot Ile r i. .,P 'me- to S ues d fi •rma sign customary papers 32 relating to the . r ,r 5 4 m t r •m'" . el t fter .I n I ure it .r cent purchase money 33 financing as he'. o - t t. al ull 0 n: •n: :II u as U S M E OR HOME CLOSING 34 RIDER IS ATT D, • HA a S 0 IS WI I .ITI MI T SUBJECT TO THE 35 SALE OR CL • OF ER 36 3-PAYMENT METHODS.-The Purchase Price shall be paid,subject to prorations,all in cash,by cashier's check or certified check at closing,unless otherwise provided for 87 in Financing Rider. 38 4-CLOSING: (a) Closing or escrow payout shall be on I24131 late provided title conforms with this contract or has been accepted by Purchaser,by conveyance 39 by stamped recordable warranty deed with release of Homestead Rights(or other appropriate deed if title is in trust or in an estate)and payment of purchase price. 40 (b)Title shall be conveyed at the time required by this contract subject only to:General taxes for 2000 and subsequent years;special taxes or assessments,if any, 41 for improvements not yet completed;installments,if any,not due at the date hereof of any special tax or assessments for improvements heretofore completed;building lines 42 and building and liquor restrictions of record; zoning and building laws and ordinances; private, public and utility easements; covenants and restrictions of record; party wall 43 rights and agreements, if any; roads and highways; existing leases and tenancies as set forth in rent roll and new leases entered into by Seller prior to closing in the 44 ordinary course of business;the mortgage or trust deed,if any,as described in Paragraph 2 above;acts done or suffered by or through the Purchaser. 45 (c)This sale shall be closed at office of Purchaser's mortgagee or,if none,at office of listing broker,or as specified below: 46 (Name) CHICAGO TITLE (Address) SKOKIE OFFICE.8707 Skokie Blvd,Skokie IL 47 or,at request of either party,in escrow with the title company issuing the title commitment by dead and money escrow;fee to be divided between Seller and Purchaser. 48 5-PRORATIONS:Real Estate taxes(based on 110 %of most recent ascertainable taxes);assignable insurance policies,if requested by Purchaser,rents,if any; 49 water taxes and other proratable items including flood hazard insurance shall be prorated to date of possession. Parties hereto agree to reprorate when----real estate 50 tax bill is available. Reprorations survive closing;if amount due is not paid in days after demand,then the compound interest due shall be %. 51 6-POSSESSION.-Possession,subject to leases and tenancies,shall be delivered on CLOSING provided sale has been closed. 52 (a)Use and Occupancy. At closing,Seller shall pay to Purchaser$ per day for use and occupancy commencing the first day after closing 53 up to and including the date possession is to be surrendered or on a monthly basis, whichever period is shorter. Purchaser shall refund any payment made for use and 54 occupancy beyond the date possession is surrendered. (b)Possession Escrow. At closing, Seller shall deposit with escrowee designated in Paragraph 7 below the sum of$ — to guarantee 56 possession on or before date set forth above,which sum shall be held from the net proceeds of the sale on escrowee form of receipt. If Seller does not surrender possession 57 as above,Seller shall pay to Purchaser in addition to the above use and occupancy,the sum of 10%of said possession escrow per day up to and including day possession is 58 surrendered to Purchaser plus any unpaid use and occupancy to the date possession is surrendered,said amount(s)to be paid out of escrow and the balance,if any,to be 59 turned over to Seller;and acceptance of payments by Purchaser shall not limit Purchaser's other legal remedies. 60 7-EARNEST MONEY:Earnest money and this contract shall be held by attorney for Seller for the benefit of the parties hereto, Purchaser agrees that said 61 earnest money is to be held in a federally insured money market deposit account at a banking institution designated by the Listing Broker.All interest earned on the eamest 62 money is to accrue to Purchaser and is to be paid to Purchaser at the time of closing or upon termination of this Contract. 63 8-ATTORNEY APPROVAL: This contract is contingent upon the approval hereof as to form by the attorneys for Purchaser and Seller within 65 10 WORKING days after Sellers acceptance of this contract.Notices shall be given pursuant to Paragraph 11 on the reverse side hereof. 66 9-INSPECTION: Purchaser may secure at Purchasers expense (unless otherwise provided by governmental regulations) a property, radon, and/or wood infestation 87 inspections)of said Real Estate by a professional inspection service(s). Purchaser shall serve notice upon Seller of any defects, disclosed by the inspection(s), which 68 are unacceptable to the Purchaser,together with a copy of the report(s)within 10 WORKING days after acceptance of this Contract_ IN THE ABSENCE OF NOTICE 69 WITHIN THE TIME SPECIFIED. THIS PROVISION SHALL BE DEEMED WAIVED BY THE PARTIES AND THIS CONTRACT SHALL REMAIN IN FULL FORCE AND 70 EFFECT. If within five (5)calendar days after receipt of such notice and report(s), agreement cannot be reached by the parties as to how the cost of correction shall be 71 apportioned between the parties, then either party may terminate this Contract by written notice to the other Party and THIS CONTRACT SHALL BE NULL AND 72 VOID AND THE EARNEST MONEY REFUNDED TO PURCHASER UPON WRITTEN DIRECTION OF THE PARTIES TO ESCROWEE.. The property inspection shall cover, 73 but not be limited to the major components of the Real Estate:central heating system(s), central cooling system(s), interior plumbing system,electrical system,roof,walls, 74 75 ceilings, floors and foundation. A major component shall be deemed to be in operating condition if it performs the function for which it is intended, regardless of age. 76 PURCHASER AGREES THAT DISCLOSURE OF MINOR REPAIRS AND ROUTINE MAINTENANCE ITEMS ARE NOT A PART OF THIS CONTINGENCY. Purchaser shall 77 indemnity Seller from and against any loss or damage to the real estate caused by acts of negligence of Purchaser or the person(s)performing such inspection. 78 10-LEAD BASED PAINT TESTING CONTINGENCY: This contract is contingent upon an inspection or risk assessment of the property for the presence of lead based 79 paint and/or lead-based paint hazards. This inspection/assessment shall be conducted by an inspector/contractor licensed as required by law at Purchaser's expense 60 within 10 calendar days of acceptance of this contract by Seller.This contingency shall be deemed waived unless Purchaser delivers to Seller written notice of specific 81 existing deficiencies, together with a copy of the inspection and/or risk assessment report. Seller may, at Sellers option, within 2 days after delivery of said notice from 82 Purchaser, elect to correct or NOT correct the deficiencies prior to closing and shall give written notice of such election to Purchaser. If Seller elects to correct the deficiencies, Seller shall furnish to Purchaser prior to closing certification that such deficiencies have been corrected. If Seller elects NOT to correct such deficiencies 83 Purchaser, at Purchasers option and upon notice to Seller within 2 days after delivery of Sellers election not to correct, may declare this contract void or may elect to 84 purchase property subject to the deficiencies. Purchaser may remove this contingency at any time without cause. Purchaser shall indemnify Seller from and against any 85 loss or damage to the real estate caused by acts of negligence of Purchaser or the person(s)performing such inspection. 86 The terms of the Rider(s)consisting of pages attached hereto is made a part hereof. 87 88 PURCHASER'S NAME(Type or Print)• THE VILLAGE OF MORTON GROVE S6N EIN:36-600-6007 89 91 Br: ��`-'o l r SALES TAX EXEMPTION NO. ssri- E9998149104 g3 PURCHASER ry�7~"� . hi. /r -tr+�, Address 6101 CAPULINA AVENUE 94 ITS PRESIDENT MORTON GROVE ILLINOIS 60053 95 96 City State Zip 97 ACCEPTANCE OF OFFER BY SELLER: 99 This �> day of 0 X-1 20 CD ,we accept this offer and agree to perform and convey according to the terms of this contract. 99 100 101 SELLER'S NAME(Type or Print) THOMAS J. FARRELL SSN: 102 103 SSN: 105 SELLER /G � Address 1373 Division Sheet 106 107 SELLER HIGHLAND PARK ILLINOIS 60045 108 City State Zip 109 THE PROVISIONS APPEARING ON THE REVERSE SIDE HEREOF ARE AN INTEGRAL PART OF THIS CONTRACT. Apt/iinv 6/98#5032 North Shore Board of REALTORS® 110 11-NOTICES; All notices or other communications which may be required or made under the terms of this Contract acn shall otice in writing and shall be made to the parties ti or 111 hereto at the addresses which appear alter their names,or at such address or to such person as each may by designate,by personal 112 registered mail,or by facsimile transmission. In case of mailing,such notice shall be deemed to be given as of the date notice is placed In the United States mail,postage 113 paid. 114 For the purposes of Paragraph 8 and 9 of this contract,if written notice of disapproval is given within the time period specified,this contract shall be null and void and 115 the eamest money shall be returned to Purchaser.Notice of disapproval may be given by either party hereto or by their respective attorneys.ttwritten notice of disapproval 116 is NOT given within the time period specified,this contingency shall be deemed waived and the contract shall remain in full force and effect. 117 118 12-EXISTING LEASES:Seller represents that the information contained on the Rent Roll Rider attached hereto concerning existing leases is complete and correct.Seller 119 agrees that all leases shall be assigned to Purchaser at closing and that unapplied security deposits,it any,shall be paid to Purchaser at closing. Seller agrees that it 120 shall not terminate any leases(other than for tenant's default)nor enter into any new leases(other than in the ordinary course of business)prior to dosing without 121 Purchaser's prior consent,which consent shall not be unreasonably withheld.Security deposits,if any,together with contractual or statutory interest,if any,shall be paid 122 to Purchaser by Seller at closing. 123 ys prior to the time of closing,a title 124 ]$JTTLE COMMITMENT:(a)Seller shall deliver or cau 125 commitment for an owner's title insurance policy Issued D in the amount of the purchase price, 126 covering title to the real estate on or after the date hereof,showing title in the intended grantor subject only to(1)the conditions and stipulations and standard or general 127 exceptions contained in the owner's policy issued by that company,(2)the title exceptions set forth above,in Paragraph 4(a)&(b),and(3)title exceptions which may 126 be removed by the payment of money at the time of closing and which the Seller may so remove at that time by using the funds to be paid upon the delivery of the deed. 129 Delay in delivery by Seller of Commitment for Tale Insurance due to delay by Purchaser's mortgagee in recording mortgage and bringing down title shall not be a default 130 of this paragraph.Any title commitment furnished by the Seller hereunder shall be conclusive evidence of good title as therein shown,subject only to exceptions as therein 131 stated. As to all or any part of said real estate which,on the date of this contract,was registered in the Office of the Registrar of Titles of Cook County,the Seller shall 132 (1)tender the title commitment herein required,(2)deliver the Owner's duplicate certificate of title at closing,and(3)timely file all notices and take all necessary steps 133 to assure the deregistration of the real estate and recording of the deed at dosing. 134 (b)If the title commitment discloses exceptions relating to title other than those referred to in Paragraph 13(a),Seller shall have 30 days from the date of the delivery 135 to Purchaser thereof to have these exceptions removed from the commitment. Ii Seller fails to have these exceptions removed within such time,Purchaser may terminate 136 this contract or may elect,upon notice to Seller within 10 days after the expiration of the 30-day period,to take title as it then is with the right to deduct from the purchase 137 price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so elect,this contract shall become null and void without further action of the 138 parties,and the earnest money shall be returned to the Purchaser. 139 140 14-DEFAULT;If the Purchaser defaults,earnest money shall be forfeited and applied to payment of broker's commission and any expenses incurred,and balance paid 141 to Seller.At Sellers election such forfeiture may belnfull settlement of all damages.If Sellerdefaults,earnest money,at option of Purchaser shall be refunded to Purchaser, 142 but such refunding shall not release Seller from its obligations under this contract.In the event of a dispute as to who is entitled to the earnest money,the escrowee may 143 depositthe escrow funds with the Clerk of the Circuit Court.The parties agree to indemnify and hold the escrowee hannlessfrom any and all claims and demands,including 144 the payment of reasonable attorneys fees,costs and expenses arising out of such daims and demands,said amounts to be borne equally by both seller and purchaser. 145 146 153ELLER REPRESENTATION:Notwithstanding anything to the contrary contained in the contract.Seller represents that to the best of Seller's knowledge,all heating, 147 central cooling,ventilating,electrical and plumbing fixtures and systems on the real estate and all appliances to be transferred to Purchaser pursuant to this contract are 148 in working order and will be so at the time of closing. 149 150 16-GENERAL CONDmONS:(a)If prior to closing,improvements on the real estate are destroyed or materially damaged by fire or other casually,this contract at option 151 of Purchaser shall become null and void or Purchaser may elect totake an assignment of Seller's insurance proceeds. 152 (b)Prior to closing,Seller shall furnish at Seller's expense a survey dated not more than 6 months prior to contract acceptance prepared by a licensed land surveyor 153 showing the location of the improvements thereon(including fences separating the real estate from adjoining properties)and showing all encroachments,if any. If the 154 survey discloses improper location of improvements or encroachments and Seller is unable to obtain title insurance protection for the benefit of Purchaser against loss 155 resulting from such improper location or encroachment,Purchaser may,at Purchaser's option,declare this contralto be null and void.Providing all existing improvements 156 (including fences)and encroachments,if any,appear on the survey thus furnished,Purchaser shall bear the cost of any later date survey which may be required by 157 Purchaser's mortgagee or desired by Purchaser. 158 (c)Existing mortgage and lien indebtedness may be paid out of sale proceeds. Purchaser may place a mortgage on the real estate and apply proceeds on purchase. 159 (d)All of the items of personal property shall be transferred to Purchaser by delivery at closing of a customary Bill of Sale without warranty of merchantability or fitness 160 for particular purpose. Seller also shall furnish Purchaser an Affidavit of Tale covering the time of closing,subject only to the title exceptions permitted by this contract 161 and shall sign customary ALTA forms. 162 (e)Purchaser acknowledges for the benefit of Seller and for the benefit of third parties that Purchaser has had complete access to the real estate,its improvements 163 and included personal property,as well as the public records related to the property,and is satisfied as to the physical and other condition of the real estate,improvements 164 and included personal property. 165 (f)Seller shall remove all debris from the real estate and improvements by date of possession subject to the rights of any tenants. Purchaser shall have the right N% to inspect the real estate and improvements during the 48-hour period immediately prior to closing to verity that the real estate,improvements and included personal 167 properly are in substantially the same condition,as of the date of Seller's acceptance of this contract,normal wear and tear excepted. 168 (g)The Seller warrants that neither Seller nor Seller's agent has received notice of any dwelling code violation which exists on the date of this contract from any city, 169 village,or other governmental authority. 170 (h)Seller and Purchaser shall execute all documents and provide all information so that any Federal Lender can issue its commitment and close the transaction in 17t accordance with the requirements of the Real Estate Settlement Procedures Act of 1974. 172 0)Seller shall comply with the terms of any municipal ordinance relating to the transaction contemplated herein for the municipality in which the real estate is located 173 and shall provide to Purchaser at closing evidence of compliance with such ordinances.Transfer taxes required by local ordinance shall be paid by the party designated 174 in such ordinance. Seller shall pay any transfer tax imposed by state law. 175 (j)Any facsimile transmission of any documents relating to this contract shall be considered to have the same legal effect as the original document and shall be treated 176 in all manner and respects as the original document. 177 (k)Purchaser shall furnish flood insurance required by lender and shall pay any usual and customary processing costs or charges required by lender. 178 (I)Time is of the essence,provided that Seller and Purchaser may change any date or time limit set forth herein by a written agreement executed by Seller and 179 Purchaser or their authorized agents. 180 (m)This contract and the transaction described herein may be subject to the provisions of the Foreign Investment in Real Property Tax Act of 1980 and all amendments 181 thereto(the'Act').Seller and Purchaser shall execute or cause to be executed all documents and take or cause to be taken all actions necessary in order that Purchaser 182 shall have no liability,either actual or potential under the Act. 183 (n)Seller agrees to provide the Internal Revenue Service with the Sale of Real Estate 1099 form as required by law. 184 (o)Captions are not intended to limit the terms contained after said caption and are not part of the Contract. 185 188 This contract is provided as a courtesy by the North Shore Board of REALTORS*.which assumes no responsibility for its legal sufficiency or contents. 187 188 6/98#5032 17. The parties agree that no brokers have been involved in this transaction and ---- - - _ no commission is due or vAll be-aid.-- —-. — - —_ — — - -- -- - __- 18. Seller to furnish ALTA Survey 30 days prior to closing showing all improvements and showing no encroachments. 19. This contract is subject to and conditioned upon the Purchaser obtaining a Phase I Environmental Survey within 60 days of the contract date satisfactory to the Purchaser. This Environmental Survey shall be obtained at the Seller's expense. r--. ;�-;o °- -1 nn`� a'� a e r �c 4 - e- co co con _ m r�� xmra 033GZN yep a-i n G F-- O O ' Y D O s. � ' s=11_ o I itjIHH °. X A A rr N ``�r o no ODOCOO :Y � Ca ri- t zzmeAe y■t> N Et ° m 'f �? a' 3. Q A A O x ,a m O r 0 0 �I g . -� y c L .+ r G G n mm3tD/J ` � ¢ e 7 l 0 O N 0 C n M o ^ 's .r.. -i ti '(ca , � c �W OA W CiO +� -J mIO C X A Z Y c' m CO--IO A OCZ/J .- oN A m K A e. g Q J I 3 m H TI G ';y F,a m O N cu -1- -I em0 K � 'S - '� = N o ... z » .rt o00 0 01 C ~ ~ se t-'%`. 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Berrafato & Associates 8720 Ferris Avenue Morton Grove,Illinois 60053-2843 n Telephone(847)965-2233 1', Facsimile(847)967-2388 Gabriel S.Berrafato �' Marc S.Porter,of Counsel f' n r 28 20II October 27, 2000 r. Larry N. Arft Village Administrator Village of Morton Grove 6101 Capulina Morton Grove, IL 60053 In re: Acquisition of 5714 W. Dempster Street, Morton Grove, IL 60053 Dear Larry: As authorized by all Trustees except Ronnee Brenner, I was able to negotiate and have the contract signed regarding the above property. Therefore, enclosed please find the following documents: 1. Two original real estate contracts signed by the Mayor and Thomas J. Farrell. 2. A Phase I Environmental Site Assessment made on the above property on February 19, 1996 and performed by Benchmark Environmental Services, Inc. 3. Appraisal and inspection done on the above property on May 23, 1995 by Graham's Appraisal Service. Mr. Farrell delivered the above items to my office yesterday for the Village's use. Please review with Ed Hildebrandt, arrange for an inspection of the premises and a current Phase I Environmental survey done, using the 1996 survey as a base, either with Mr. Farrell's consultant or by our expert—whichever Ed feels more comfortable with using. If you have any questions, please call me. Very truly yours, e-aa GABRIEL S. BERRAFATO GSB/amz Enclosure(s) C: Ed Hildebrandt, Building Commissioner (Letter Only) Cs\DATA\WORDDOCS\VILLAGE OF MORTON GROVEWCOUISITIONS\5714 DEMPSTER\CORRESWRFT LTR 10-27-0O.DOC N CO o k eE % ; ! ) 2 43 0 ® ° ° ) ° • { _ 2 \ / ) : » . \( 72o ` ® CC• \ «(6> 00 C ;Si \ C_ ) gam( Ot . > \ K e B < 0 � a X22\ ) j / [ . f 4 k < ) , / >2 ( ` ® § / _ \ f) al• ) } \ \ \ w \ 7 � Cl. • e \ \ - } \ \ 7 ) ; § k k § \ E 2 co ; ) E n 3 _cc / i]99 { ; \ 0 g ,:--- -J : : ® • ® § •. / « | 2 _ : . ' § 9 G (>\ � \ ) \ K \ \~`\�\ \ \ \ CI- BILL OF SALE Seller,Thomas J.Farrell,a bachelor,of the City of Highland Park,Lake County, Illinois in consideration of TEN&00/100 DOLLARS, and other good and valuable consideration,receipt whereof is hereby acknowledged,does hereby sell,assign,transfer and set over to buyer, Village of Morton Grove, of the Village of Morton Grove, Cook County,Illinois,the following described personal property located on the premises commonly known as 5714 Dempster Street Morton Grove, Illinois,to-wit: if any; screens, storm windows and doors; shades,window blinds; drapery rods;curtain rods; radiator covers;attached TV antennas; heating, central cooling,ventilating,lighting and plumbing fixtures; attached mirrors, shelving,interior shutters,cabinets and bookcases;awnings;proch shades;planted vegetation;garage door openers and transmitters;attached fireplace screens, smoke detectors; stair/hall carpeting;boiler room tools;air conditionsers;refrigerators;and ranges. Exclusions: None Seller hereby represents and warrants to Buyer that Seller is the absolute owner of said property,that said property is free and clear of all liens,charges and encumbrances,and that Seller has full right,power and authority to sell said personal property and to make this bill of sale. All warranties of quality,fitness, and merchantability are hereby excluded. If this bill of sale is signed by more than one person,all persons so signing shall be jointly and severally bound hereby. IN WITNESS WHEREOF, Seller has signed and sealed this bill of sale at Morton Grove,Illinois this December 13, 2000. Thomas J.Farre I,the undersigned, a Notary Public in and for said County,in the State aforesaid, CERTIFY THAT Thomas J. Farrell personally known to me to be the same person(s)whose name(s)are subscribed to the foregoing instrument,appeared before me this day in person,and acknowledged that they signed, sealed and delivered the instrument as i eir free and voluntary act,for the uses and purposes therein set forth. Given under my hand and notarial seal this _ 13th day of Dec_ •.: 2000 WM °or�'lcuL SEAL„ ROBERT EQW.4Rp O'N�16L Notary Public Notary Publlc,S+a.e of 8{inoi� 3 My CommissionExplres l)7195-_67 Chicago Title Insurance Corn pane "t7 :'7:4 2 EMENT Precared By: Robert E. O'Neill Comn:itn:.nt.VO.: 7887858 250 E. Illinois Road >-a,( .ddress: 5714 Dempster Street Lake Forest. Illinois :;) ' Morton Grove. illimois 6005" Broker: N/A Soling Broker: N/A Seiler: Thomas J. Farrell B ' . Village of Morton Grove Address: 1371 Division Street Address: 6101 Capulina Avenue Highland Panc, IlIinois 64;03: Morton Grove, Illinois 60053 Date of Closing: December 14, 2000 Date of Contract: October 25, 2000 archaser Credits Seller Credits Purchase Price $420.000.00 • Earnest Money $10,000.00 Mortgage to: Edens Bank $285,701.67 • Real Estate Taxes 2000 $19,100.48• i� 110%) Closing Escrow(1/2) $200.00' Titie'Recordin_Fees $919.00 Legal Setsice: P.O.C. Village of Morton Grove-Earnest Money i:± e: $30.14, •@ 2.5%) Survey to: Jens K. Doe S500.00 Revenue Stamos: City: Village of Morton Grove exanpt Suite exempt County exempt $15.00 • Check or Cash to Balance $103,533.71 $420,000.00• $420,000.00 --- _ tuver Acceptan -- -- ----�-- Seller Ac epta- u _ illage of Morton Grove Thomas J.Farrey Paid to: Date Check Number Check Amount VILLAGE OF MORTON GROVE 12/14/00 9501091819 $28487 ESCROW #: 01909-020079782-001 ORDER #: 01409-007887858 CLOSER: BJ74 CLOSING LOC: SK BUYER: VILLAGE OF MORTON GROVE SELLER: THOMAS J. FARRELL PROPTY: 5714 DEMPSTER CITY: MORTON GROVE 284.87 CHECK TOTAL $284.87 c Ist iStC2LORDGRADL,ALLWAIDAEZENtrffReist DARKIO ticitisAM RiErtRzE,SifikTrfrig4t1.‘q%1-4.,9 ..- NISJI141jtjtjANfillE,17TIITP/79,$:11; `.':".....'k''' \'" 2 re'''n'%/1 (,:te-"cr-, ";,--,71.r.r.-?.-4,).1 -t;1:- t, , t--,,t,__,,,,,Aatv, ,,n.egY-TL,lisi, -s•.i,c.'-,-, ith‘Go:t-fri: Iiirtniunitotilekirt2 '': ',i,, '''t I'.t:,te 'hz- -t-: ';---ti, 0 ' c47errskoKit egair en,a.' 7 ' Oeigle SKOKIE IL score ' -'. eiWein-3410 ' 'commERcw-EnseuRs--- ' DECEMBER 14, 2000 1 - ONL 020074782 001 SK BMILLER I Pay • TWO HUNDRED EIGHTY-FOUR AND 87/100 ,4 $284. 87 To the • VILLAGE OF MORTON GROVE** Order ed gdaez A' ) w „.....,--1, Memo II.950 IC 9 L8 L90 ':07 L 9 23 28t.1 8765 L"&0 S L40 GRitotALDocumeNT HAsatilis-ErscitvEwAtERKARK outHE BACK:1191OLORFAICANtlE TalEW VgKEN tiga:M7iWtrit-EN-DbRSEMENT:-'`.ciaa-.2,...S (2 at ii- oz,, c4 - S7(02 16.. i, i —1, 1 jr,,,, AA, i" 4. 7.4/ CHI*tt E AND TRUST COMPANY . ` ESCROW RECEIPT AND DISBURSEMENT AUTHORIZATION PAGE 1 ESCROW NUM: 020074782-001 ORDER NUM: 01409-007887858 SK CLOSER: BONNIE J. MILLER BUYER: VILLAGE OF MORTON GROVE SELLER: THOMAS J. FARRELL PROPERTY: 5714 DEMPSTER, MORTON GROVE, ILLINOIS 60053 RECEIPTS VILLAGE OF MORTON GROVE 391,379.25 TOTAL RECEIPTS 391,379 .25 DISBURSEMENTS A CHICAGO TITLE AND TRUST COMPANY SETTLEMENT OR CLOSING FEE 400.00 TITLE INSURANCE 894.00 MESSENGER FEE 15.00 RECORDING FEES 50.00 CHECK TOTAL 1, 359 .00 B JENS K. DOE SURVEY 500.00 CHECK TOTAL 500.00 C EDENS BANK PAYOFF FIRST MORTGAGE 285,701.67 CHECK TOTAL 285,701.67 D THOMAS J. FARRELL NET PROCEEDS TO SELLER 103,533 .71 CHECK TOTAL 103,533.71 E VILLAGE OF MORTON GROVE CHECK TOTAL 284.87 284 .87 TOTAL DISBURSEMEN'I'3 391,379 .25 BALANCE 0.00 The undersigned authorize Chicago Title and Trust Company,as Fscrowee,to make the expenditures and disbursements as listed above and we hereby approve the same,jointly and severally,forpayment. The undersigned mortgagors certify that the signatures on the note and mortgage,if any,furnished as security for the loan are genuine and that the consideration therefor was actual and valid without offset or defense. 77 'Jr> <C , l r Date Buyer(' , Ctiica hi) Title Trust Co. Authorization 12/14/00 14:15 BJM Law Offices of Gabriel S. Berrafato & Associates 8720 Ferris Avenue Morton Grove,Illinois 60053-2843 Telephone(847)965-2233 Facsimile(847)967-2388 Gabriel S.Berrafato Marc S. Porter,of Counsel December 14, 2000 David 0. Erb Treasurer/Finance Director Village of Morton Grove 6101 Capulina Morton Grove, IL 60053 In re: Acquisition of 5714 W. Dempster Street, Morton Grove, IL 60053 Dear Dave: I am pleased to inform you that the above property was acquired by the Village on Thursday, December 14, 2000, and was closed at the office of Chicago Title Insurance Company. As a result thereof, I am herewith enclosing the following documents. 1. A check made payable to the Village of Morton Grove in the sum of $284.87 representing our over-deposit of funds. 2. A copy of the RESPA or HUD Statement showing the full breakdown of expenses in connection with the acquisition, which has attached thereto the escrow receipt and disbursement showing the full receipt of funds and the disbursement of said funds. 3. Three copies of an ALTA/ACSM Land Title Survey showing the property in question with the utilities properly marked thereon. 4. A copy of the Warranty Deed running from the owner, Thomas J. Farrell, to the Village of Morton Grove, which is being recorded by the Chicago Title Insurance Company. When recorded, it will be returned to my office. 5. A copy of the Affidavit of Title, signed by the owner, the original of which will be kept in my file in the event there is any problem from the date of the commitment to closing. 6. The original Bill of Sale covering the items contained in the store, which is pursuant to the contract. 7. A copy of the Tax bill for 1999, which shows the total taxes on the property to be $18,209.89. * * Please note that on the RESPA and Closing Statement, the Village was issued a credit for the following items: • Real Estate Taxes prorated at 110% from January 1, 2000 to December 14, 2000 (the date of closing) in the sum of$19, 100.48. • Interest on our earnest money in the sum of$30.14. Law Offices of Gabriel S. Berrafato Associates David O. Erb December 14, 2000 Page 2 Accordingly, Dave Erb should set aside in our tax escrow account the $19,100.48 to pay the 2000 taxes when billed through December 14, 200 (the date of closing). I am not sure that the Village will be successful in having the taxes exempt for the 15 days remaining in this year, but will try. However, we will have to pay the 2000 taxes when they are billed in March and August of 2001. 8. A copy of the water bill receipt showing payment was made on December 12, 2000. 9. A set of keys for the premises, which is vacant at the present time. The owner, Mr. Farrell, will be in contact with Mr. Hildebrandt concerning an additional set of keys, which are to be turned over to Mr. Kapalinski through his son, Mark Kapalinski, who was in possession of said keys and was assisting Mr. Farrell in the premises. All utilities were turned off effective today, which means we should take the proper steps to turn on all utilities regarding the premises from this date forward, keeping a close watch on the heating of the premises in question. Mr. Farrell informed me that the heat has been turned off and the water to the premises was cut off so that the freezing of pipes should not be a problem. However, Ed Hildebrandt must check this out and either get the heat turned on or verify that the premises can remain as is without being heated. I have also been advised that we are to contact Mr. Richard Vanslow, a developer in the Village, who has indicated a willingness to rent these premises from the Village. Please contact me regarding this matter. If Mr. Hildebrandt can contact Mr. Vanslow directly, it should be accomplished and the premises could be rented until such time as the Village wishes to raze the building. As soon as I receive the actual title policy and recorded deed, I will give a further report to the Village. If you have any problems or questions in connection with the above, please contact the undersigned. - - truly yours, I BERRAFATO GSB/amz Enclosure(s) C: Larry N. Arft, Village Administrator(Letter Only) Ed Hildebrandt, Building Commissioner (Letter Only) CI\DATA\WORDDOCS\VILLAGE OF MORTON GROVE\ACOUISITIONS\5714 DEMPSTER\CORRES\ARFT LTR 10-27-00.DOC Chicago Title Insurance Corn pan-: 1-11. _ " -it ; S 2:A r EMENT Prepared By: Robert E. O'Neill Conrenitn=ent 1vo.: 7887858 250 E. Illinois Road =ro,err . ddress: 5714 Dempster Street Lake Forest. Illinois r 'e Morton Grove, Illinois 6005' N/A )ix:.: N/A Seiler: Thomas 3. Farrell s:,e : Village of Morton Grove 1?_>ess: 1371 Di,ision � �d,- 6101 Capulina Avenue highland Park. l iinai Morton Grove, Illinois 60053 December i4, Lou1 �_. , ar::cc October25, 2000 archaser Credits Seller Credits Purchase Price $420.000.00 Earnest Money $10,000.00 Mortgage to: Edens Bank $285,701.67! Real Estate Taxes 2000 $19,100.48 (4 110%) Closing Escrow(1/2) $200.00 Title/Recording Fees $919.00 Legal Services P.O.C. Village of Morton Grove-Earnest Money i:_:e es: $30.14! (@ 2.5%) Survey to: lens K. Doe $500.00: Revenue Stamps: City: Village of Morton Grove exempt State exempt County exetrmt Other: Messenger Delivery $15.00 Check or Cash to Balance $103,533.71; $420,000.00: 5420.000.00 -._ :uyer Acceptance? Seller Ac t . Klage of Morton Grove /Thomas J. Farr Berrafato � Assoc�atc • Gabriel S. 8720 Ferris Avenue Morton Grove,Illinois 60053-2843 Telephone(847) 965.2233 Facsimile(847)967-2388 Gabriel 5.gurafato Marc S.Porter,of Counsel November 2. 2001 David 0. Erb Treasurer/Finance Director Village of Morton Grove 6101 Capulina Morton Grove, IL 60053 In re: 2n° Installment for the year 2000 tax bills upon which the Village obtained partial exemptions Dear Dave: As per my letters to you regarding the exemptions on the various pieces of please bill property, please find enclosed the original 2000 tax bills with the receipt attached to �� payment of the reduced amount of the taxes for the following properties: 5825, 5827, 5829 Dempster(vacant lots) PIN Ws 10-20-201-010, 011, 012 5821 Dempster (Simpkins Furniture) PIN 10-20-201-013 8600 Ferris Avenue PIN 10-20-111-009 8721 Ferris Avenue PIN 10-20-100-027 / 5714 Dempster PIN 10-17429-048 The above original bills and receipts should be filed in the appropriate real estate file. Enclosed please find the original check made payable to the Cook County Collector in the amount of$1,416.62,for the 2n1 installment on the real estate taxes on the Legion property (PIN 10- 17-315-032). This check was returned to us upon presentation due to an error made by the Cook County �Ceec a i„e eS The amount of the taxes due was $32.75, which was advanced by my o If you have any questions, please contact me. Very truly yours, l / GABRIEL S. BERRAFA 0 GSB/amz Enclosure(s) CADATAIWORODOCSVILL AGE OF MORTON OROVE■ COUISITIONSERB LTR 11-02.01 RE 2ND INSTALLMENT Of TAXES.DOC yawutncesor Gabriel S. Berrafato & Associates 8720 Ferris Avenue Morton Grove,Illinois 60053-2843 Telephone(847) 965-2233 Facsimile(847) 967-2388 Gabriel S.Berrafato Marc S.Porter,of Counsel October 30, 2001 David 0. Erb Treasurer/Finance Director Village of Morton Grove 6101 Capulina Morton Grove, IL 60053 In re: 5714 Dempster PIN: 10-17-429-048 Dear Dave: The property was purchased on December 14, 2000. As a result of that acquisition, the Village obtained a credit for taxes based on the 1999 bill at 110% from January 1, 2000 to December 14, 2000, in the sum of$19,100.48. The total sum of the 2000 taxes was $18,751.94. The First Installment of the taxes was paid in the sum of $9,104.95. The Second Installment of the taxes due was $9,646.99. The Village applied for and was granted an exemption on the property for 5% for the year 2000. Accordingly, upon request, you gave me a check for the Cook County Collector in the adjusted amount of$8,709.39. Enclosed for your benefit is a copy of the RESPA, which shows the credit deducted from the purchase price in the total sum of$19,100.48, a copy of the tax bill, and a copy of the Exemption. If you have any questions concerning these, please give me a call. V- - ruly yours, lis / • : • "IELS. BE FATO GSB/amz Enclosure(s) c: Larry N. Arft, Village Administrator CIOLTAWVORDCCCSVIIIAGE OF MORTON GROVEV.COUISRICt S s7S•DEMPSTER-FARRELL 10.1T129-0411-0WocORRESER8 OR 10.29-01 RE 2ND INSTALL OF RE TAX BILL OOC Law Offices of Gabriel S. Berrafato & Associates 8720 Ferris Avenue Morton Grove,Illinois 60053-2843 Telephone(847) 965-2233 Facsimile(847) 967-2388 Gabriel S.Berrafato Marc S.Porter,of Counsel December 18, 2001 David O. Erb Treasurer/Finance Director Village of Morton Grove 6101 Capulina Morton Grove, IL 60053 In re: Acquisition of 5714 Dempster Street, Morton Grove, Illinois Otherwise known as Lee's Auto Parts Dear Dave: I am pleased to inform you that the above matter has ultimately been consummated and do hand you herewith the following: 1. Copy of the Purchase Agreement by and between the Village and Thomas J. Farrell. 2. Original Warranty Deed running from the Seller to the Village of Morton Grove dated December 13, 2000, which was dated December 13, 2000, and recorded on December 20, 2000 as Document# 00999313. 3. Original Title Policy from Chicago Title Insurance Company showing Title in the name of the Village of Morton Grove in the sum of$420,000.00, subject only to the items on Schedule B. 4. The original ALTA Survey concerning the property prepared by Jens K. Doe Survey Service, Inc., dated December 2, 2000. 5. Seller's closing statement. 6. RESPA or HUD Statement. 7. Copy of the Escrow Receipt and Disbursement Authorization. This will also confirm that I forwarded copies of the paid tax bill and Exemption Certificate, and other matters relating to the taxes on October 30, 2001 and November 2, 2001. Copies of the letters are attached. This should consummate and complete the acquisition. These documents should be placed in your files for your records. If you need anything further, please advise. Very truly yours, / GAB S O�k ( s GSB/amz Enclosure(s) Larry N. Arft, Village Administrator (letter only) C UATA\WORDDOCS\NLLAGE OF MORTON GROVEWCOUISITIONS\5710 DEMPSTER-FARRELL 1D-17-424048-00 WICORRESIERR LTR-11-0801 CONSUMMATION OF SALE DOC • ZL f 'g L T . 0 1 7 Chicago Title Insurance CAGY WARRANTY DEED 111111111111111_ ILLINOIS STATUTORY (Individual to Corporation) 00999313 t( THE GRANTOR, Thomas J. Farrell, a bachelor, for and in consideration of FOUR HUNDRED TWENTY THOUSAND AND 00/100 9/ DOLLARS, ($420,000.00) and other good and valuable considerations in band paid, CONVEY(S)and WARRANT(S e;�l to the Village of Morton Grove, a municipal corporation, organized and existing under and by virtue of the laws of the State of Illinois having its principal office at the following address: 6101 Capulina Avenue, Morton Grove, Illinois 60053 all interest in the following described Real Estate situated in the County of Cook in the State of Illinois,to wit: Lots 21 and 22 in Block 3 in North Side Realty Company's Addition to Dempster"L"Terminal Subdivision,a subdivision of the west 15.032 acres of the east 30 acres of the southeast quarter of the southeast quarter of Section 17, Tewnhip)41 north, Range 13, east of the Third Principal Meridian, in Cook County, Illinois. Township/ THIS IS NOT HOMESTEAD PROPERTY SUBJECT TO: General taxes for 2000 and subsequent years; special taxes or assessments, if any, for improvements not yet completed; installments, if any,not due at the date hereof of any special tax or assessments for improvements heretofore completed; building lines and building and liquor restrictions of record; zoning and building laws and ordinances;private, public and utility easements; covenants and restrictions of record; party wall rights and agreements, if any; roads and highways; existing leases and tenancies as set forth in rent roll and new leases entered into by Grantor prior to closing in the cordinary course of business; and acts done or suffered by or through the Grantee. Permanent Real Estate Index Number(s): 10-17-429-048-0000 Address(es)of Real Estate: 5714 Dempster, Morton Grove, Illinois 60053 EXEMPT-PURSUANT TO SECTION 1.11-5 VILLAGE OF MORTON GROVE REAL ESTATE TRANSFER STAMP Dated this 13th da of December , 2000 < 57/� W _ e� s+e r Tomas J. F. -r yiypx d fai%, V la 00999313 STATE OF ILLINOIS, COUNTY OF LAKE ss. I,the undersigned, a Notary Public in and for said County, in the State aforesaid, CERTIFY THAT Thomas I Farrell, a bachelor,personally known to me to be the same person(s)whose name(s)are subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that they signed, sealed and delivered the said instrument as their free and voluntary act, for the uses and purposes therein set forth, including the release and waiver of the right of homestead. Given under my hand and official seal,this 13th day of Decent r 2000 t£f-AAANotary Public) "OFFICIAL SEAL" ROBERT EDWARD O'NEILL ( / Notary Pubtlt,State of Illinois < EXEMPT UNDER PROVISIONS OF PARAGRAPH • My Commission Expires 01/08/02 ti B ' SECTION 31 -45, •` `�satrasas REAL ES TE TRANSFER TAX LAW DATE: 3, 2Q00 AAralibelhetA,‘-4 Signature of Buyer, Seller or Representative Prepared By: Robert E. O'Neill 250 E. Illinois Road Lake Forest, Illinois 60045 Mail To: Gabriel Berrafato 8720 Ferris Avenue Morton Grove, Illinois 60053 Name&Address of Taxpayer: Village of Morton Grove 5714 Dempster Street Morton Grove, Illinois 60053 ISSUING OFFICE: CHICAGO TITLE INSURANCE COMPANY 8707 SKOKIE BLVD. SKOKIE, IL 60077 (847) 677-3410 GABRIEL S BERRAFATO & ASSOCIATES 8720 FERRIS AVE ROOM 218 MORTON GROVE, ILLINOIS 60053 CTI ORDER NO. : 1409 007887858 SK YOUR REFERENCE: FARRELL TO VILLAGE OF MORTON GROVE CLEAD CAR I'honr: (773) 775 0630 7700 WeSl Touhy Avenue ARC kit ree runac- a +outrta.u_ ni• ^!fr_.ainnrvia�ows.uon rcaec- cowooaniwiunns (7'77) 775 -0;31 Chicago, Illinois 60631 -4200 •. .. 11 1 :,,s; (773) 775 -7512 Poe. w SURVE•V ° E.RVICE:, INC. Regivl ,rt,d Land SuLrve.von' ALTA / ACSryI14 LA N1D T1TLE SSUR /EY SCALE: / /NCH= 15 FEET G,] a % 2 ti h , ORDER NO. LOTS 21 AND 22 IN BLOCK 3 IN NOR f I SIDE REALTY COMPANY'S ADDITION TO DENIPS ME " L " TERMINAL SUBDIVISION, A SUBDIVISION OF THE WEST 15.032 ACRES OF THE EAST 30 ACRES OF THE SOUTHEAST QUARI'ER OF THE SOUTHEAST QUARIER OF SECTION 17, TOWNSHIP 41 NORTH, RANGE 13, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. " GROSS AREA OF PROPEPUY " SHOWN HEREON 6,248.50 SQ. FT. OR 0.143 ACRES REC. = 57.63 t 0 wp. (r � o 16 FT. PUBLIC ALLEY " NET AREA OF PROPEKt'Y " SHOWN HEREON 5,898.58 SQ. FT. OR 0.135 ACRHS _0VERI1EA1) WIRES t i r i No PLACKTOP PARKING 0�J a ; 7 , 0� Qq0? � G i Vo l � s �QG• .. .J (� to / m /STORY BR /CK BUILO /NG tl Q NO, 5714 4 m ^ O U / \ O $ \ 0 h \ Z \ O b r Oh Urt OA\ H 2 p6 0' 0 p' Q�QG, ap No 7p \� 4 Pty 00 �� 48. 34 0. >;* / NORTR L /NE DEAh'STER 57frE1FT AS OCCUP /ED WALK Z Q N SOUTNG CUR7 C. 121AND22— i 0 JFFP� +P HERETOFORE OED /GATED I (66 FT, ROW. DEDICATED ) (60 FT, R.O. f4f AS OCCUPIED ) NorE Dunetwons ate not to be auumed or waled the legal Descnption noted on this plat is a copy of the order and (or accuracy M43r be compared .,th Deed. For budding rest0ctwns rc(er to your AWuact. Deed or Contract NOTE: THE PROPERTY SHOWN IIERF:ON REFLE'C'I 'ci NINI "ITRS OI' TIILE AS CONTAINED IN CHICAGO TITLE INSURANCE COMPANY COMNIH NIHN'T FOR 'TITLE INSURANCE, COMMITMENT NUMBER 007875325. EFFECTIVE DATE: JULY 31, 2000. PROPERTY SHOWN HEREON IS LOCATED IN ZONE " C" ( AREA OF MINIMAL FLOODING) PER FLOOD INSURANCE RATE MAP COMMUNITY PANEL NUMBER 170128 0005 B. EFFECTIVE DATE: JUNE 15, 1979 THERE ARE NO STRIPED PARKING STALLS ON THE PROPERTY SHOWN HEREON. PARTY WALL AND PARTY WALL RIGHTS ALONG TI IE WEST LINE OF THE PROPERTY SITOWN HEREON. STATIL OF ILLINOIS) COUNTY OF COOK ) .TENS K. DOE SURVEY SERVICE, INC. DOES HLIU BY CERTIFY '1'0 : 'I'HL VILLAGE OF MORTON GROVE; AND CHICAGO TITLE INSURANCE COMPANY THAI' THIS MAT' OR PLA I' AND'TI IF SURVEY ON WHICH IT IS BASED WERE MADE IN ACCORDANCE WITI1 " MININIUM STANDARD DETAIL REQUIREMENTS FOR ALTA /ACSM LAND TITLE SURVEYS," JOINTLY ESTABLISHED AND ADOPTED BY ALTA AND ACSM IN 1997, AND INCL UDES ITEMS 3, 4, 7 (ei ); 8, 9, 10, 11 AND 13, OF TABLE " A " THEREOF, AND PURSUANT TO THE ACCURACY STANDARDS ( AS ADOPTED BY ALTA AND ACSM Al, 1p 4N, EFFEC"I ON THL DATE OI T ' CLR�IFICATION) OF A URBAN SURVEY. lt p j, DA TF:D'THIS 2ND DAY OF DECEMBER, 2000. e-\," saso x = O> PROFESSIG NAL 3M = Gl ` Lallo SAT OF C ` ILLINOIS DOMINICK M. BLIZNICK n ^•,,,,,,,,,,,,,,,,,,,, !1,11 OIS PROFESSIONAL LAND SURVEYOI: NO. 35'f0 ° "��0„�OUIN.��;,��`P Upon the exercise by the Company of either of the options provided for in paragraphs (b)('Q or (ii), the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prose- cute or continue any litigation. 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE This policy is a contract of indemnity against actual monetary loss or dam- age sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of (i) the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or the full consideration paid for the land, whichever is less, or if subsequent to the Date of Policy an improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A, then this Policy is subject to the following: (i) where no subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that the amount of insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy; or (ii) where a subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that 120 percent of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not apply to costs, attorneys' fees and expenses for which the Company is liable under this policy, and shall only apply to that portion of any loss which exceeds, in the aggregate, 10 percent of the Amount of Insurance stated in Schedule A. (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. APPORTIONMENT If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured atthe time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or dam- age until there has been a final determination by a court of competent jurisdic- tion, and disposition of all appeals therefrom, adverse to the title as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. LIABILITY NONCUMULATIVE It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring . a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter ex- ecuted by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. PAYMENT OF LOSS (a) No payment shall be made without producing this policy for endorse- ment of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. Reorder Form No. 8256 (Rev. 10- 17 -92) _ (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and reme- dies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impair- ment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non - insured Obligors. The Company's right of subrogation against non - insured obligors shall exist and shall include, without limitation, the rights of the insured to indem- nities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subroga- tion rights by reason of this policy. 14. ARBITRATION Unless prohibited by applicable law, either the Company or the insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connec- tion with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitra- tion pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbilralor(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Com- pany. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. SEVERABILITY In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. NOTICES, WHERE SENT All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at the issuing office or to: Chicago Title Insurance Company Claims Department 171 North Clark Street Chicago, Illinois 60601 -3294 ALTA Owner's Policy (10- 17 -92) AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY - (10- 17 -92) i CHICAGO 'TITLE INSURANCE COMPANY �o SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE I r l CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, herein called the Company, insures, as of Date of Policy shown Ii Q in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or I p, incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. - Cs In Witness Whereof, CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as of Date of Policy shown in Schedule A, the policy to become valid when countersigned by an authorized signatory. �y a; f Issued by: CHICAGO TITLE INSURANCE COMPANY r'^ o CHICAGO'ITTLEINSURANCE COMPANY By: 8707 SKOKIE BOULEVARD S 47) 67 10077 (s47) 677 -3 alo President :! itlSUR4�C m ��Et�P�flgTF ti :v BY: - " Secretary ALTA Owner's Policy (10- 17 -92) EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (it) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (i) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (ii) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (a) to timely record the instrument of transfer; or (b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. t CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS The following terms when used in this policy mean: (a) "insured ": the insured named in Schedule A, and, subject to any rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. (b) "insured claimant ": an insured claiming loss or damage. (c) "knowledge" or "known ": actual knowledge, not constructive knowl- edge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impart construc- tive notice of matters affecting the land. (d) "land ": the land described or referred to in Schedule A, and improve- ments affixed thereto which by law constitute real property. The term "land" does not include any property beyond the lines of the area described or referred to in Schedule A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but noth- ing herein shall modify or limit the extent io which a right of access i o and from the land is insured by this policy. (e) "mortgage ": mortgage, deed of trust, trust deed, or other security instrument. (f) "public records ": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section 1(a)(iv) of the Exclusions From Coverage, "public records" shall also include environmental protection liens filed in the records of the clerk of the United States district court for the district in which the land is located. (g) "unmarketability of the title ": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 4(a). below, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as insured, and which might cause loss or dam- age for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE (a) Upon written request by the insured and subject to the options con- tained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest, as insured, or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph- it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent juris- diction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prose- cute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or pro- ceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the insured under the policy shall terminate, including any liability or obliga- tion to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. PROOF OF LOSS OR DAMAGE In addition to and after the notices required under Section 3 of these Condi- tions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to bythe insured claimant shall be furnished tothe Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, the Company's obligations to the insured under the policy shall terminate, including any liability or obliga- tion to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reason- able times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by any autho- rized representative of the Company, the insured claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspon- dence and memoranda in the custody or control of a third party, which reason- ably pertain to the loss or damage. All information designated as confidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the insured claimant to submit for exami nation under oath, produce other reason- ably requested information or grant permission to secure reasonably neces- sary information from third parties as required in this paragraph shall termi- nate any liability of the Company under this policy as to that claim. 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy, other than to make the payment required, shall terminate, including any liability or obligation to defend, prosecute, or con- tinue any litigation, and the policy shall be surrendered to the Company for cancellation. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. (i) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay. CHICAGO TITLE INSURANCE COMPANY OWNER'S POLICY (1992) SCHEDULE A POLICY NO. : 1409 007887858 SK DATE OF POLICY: DECEMBER 20, 2000 AMOUNT OF INSURANCE: $420,000.00 1. NAME OF INSURED: VILLAGE OF MORTON GROVE, A MUNICIPAL CORPORATION 2. THE ESTATE OR INTEREST IN THE LAND AND WHICH IS COVERED BY THIS POLICY IS A FEE SIMPLE, UNLESS OTHERWISE NOTED. 3. TITLE TO SAID ESTATE OR INTEREST AT THE DATE HEREOF IS VESTED IN: THE INSURED. 4. THE LAND HEREIN DESCRIBED IS ENCUMBERED BY THE FOLLOWING MORTGAGE OR TRUST DEED AND ASSIGNMENTS: NONE AND THE MORTGAGES OR TRUST DEEDS, IF ANY, SHOWN IN SCHEDULE B HEREOF. THIS POLICY VALID ONLY IF SCHEDULE H IS ATTACHED. OPO[A192 CAR 01/13/01 11:49:48 CHICAGO I'P1'LE INSURANCE COMPANY OWNER'S POLICY (1992) SCHEDULE A (CONTINUED) POLICY NO. : 1409 007887858 5K 5. THE LAND REFERRED TO IN THIS POLICY IS DESCRIBED AS FOLLOWS: LOTS 21 AND 22 IN BLOCK 3 IN NORTH SIDE REALTY COMPANY'S ADDITION TO DEMPSTER "L" TERMINAL SUBDIVISION, A SUBDIVISION OF THE WEST 15.032 ACRES OF THE EAST 30 ACRES OF THE SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 17, TOWNSHIP 41 NORTH, RANGE 13 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. THIS POLICY VALID ONLY IF SCHEDULE B IS ATTACHED. OPIA1592 CAR 01/13/01 11:49:48 CHICAGO TITLE INSURANCE COMPANY OWNER'S POLICY (1992) SCHEDULE B 1409 007887858 SK NOTWITHSTANDING THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS OF THIS POLICY, ALL ENDORSEMENTS, IF ANY, ATTACHED HERETO ARE VALID DESPITE THE LACK OF SIGNATURE BY EITHER THE PRESIDENT, A VICE PRESIDENT, THE SECRETARY, AN ASSISTANT SECRETARY, OR VALIDATING OFFICER OR AUTHORIZED SIGNATORY OF THE COMPANY. EXCEPTIONS FROM COVERAGE THIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE SUSTAINED BY THE INSURED (AND THE COMPANY WILL NOT PAY COSTS, ATTORNEY'S FEES OR EXPENSES) BY REASON OF THE FOLLOWING EXCEPTIONS: GENERAL EXCEPTIONS: (1) RIGHTS OR CLAIMS OF PARTIES IN POSSESSION NOT SHOWN BY PUBLIC RECORDS. (2) ENCROACHMENTS, OVERLAPS, BOUNDARY LINE DISPUTES, OR OTHER MATTERS WHICH WOULD BE DISCLOSED BY AN ACCURATE SURVEY AND INSPECTION OF THE PREMISES. (3) EASEMENTS, OR CLAIMS OF EASEMENTS, NOT SHOWN BY THE PUBLIC RECORDS. (4) ANY LIEN, OR RIGHT TO A LIEN, FOR SERVICES, LABOR OR MATERIAL HERETOFORE OR HEREAFTER FURNISHED, IMPOSED BY LAW AND NOT SHOWN BY THE PUBLIC RECORDS. (5) TAXES OR SPECIAL ASSESSMENTS WHICH ARE NOT SHOWN AS EXISTING LIENS BY THE PUBLIC RECORDS. SPECIAL EXCEPTIONS: THE MORTGAGE, IF ANY, REFERRED TO IN ITEM 4 OF SCHEDULE A. A 6. 1. TAXES FOR THE YEAR(S) 2000 2000 TAXES ARE NOT YET DUE OR PAYABLE. NOTE: 1999 FINAL INSTALLMENT PAID PERM TAX# PCL YEAR 1ST INST STAT 2ND INST STAT 10-17-429-048-0000 1 OF 1 1999 $8,989.60 PAID $9,220.29 PAID ♦ * * * • * * * * * • * * * * * * * * * * * * * * * * * * * * • * * * * * * * * I 7. COVENANTS, CONDITIONS AND RESTRICTIONS (BUT OMITTING ANY SUCH COVENANT OR RESTRICTION BUSED ON RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS OR NATIONAL ORIGIN UNLESS AND ONLY TO THE EXTENT THAT SAID COVENANT (A) IS EXEMPT UNDER CHAPTER 42, SECTION 3607 OF THE UNITED STATES CODE OR (B) RELATES TO HANDICAP BUT DOES NOT DISCRIMINATE AGAINST HANDICAPPED PERSONS) , CONTAINED IN DEED RECORDED NOVEMBER 10, 1927 AS DOCUMENT 9839027 RELATING TO THE USE OF THE LAND. NOTE: SAID INSTRUMENT CONTAINS NO PROVISION FOR A FORFEITURE OF OR REVERSION OF TITLE IN CASE OF BREACH OF CONDITION. OPOLB192 CAR 01/13/01 11:49:49 CHICAGO TITLE INSURANCE COMPANY OWNER'S POLICY (1992) SCHEDULE B 14os 007887858 SK EXCEPTIONS FROM COVERAGE (CONTINUED) J 8. RIGHTS OF THE PUBLIC, AND OF THE VILLAGE OF MORTON GROVE IN AND TO THE SOUTHERLY 7 FEET OF THE LAND CONDEMNED FOR HIGHWAY ON A PETITION FILED MARCH 1, 1956 IN THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS AS CASE 56C11144 . K 9. PARTY WALL AND PARTY WALL RIGHTS ON WEST LINE OF THE LAND. F 10. EXISTING UNRECORDED LEASES AND ALL RIGHTS THEREUNDER OF THE LESSEES AND OF ANY PERSON OR PARTY CLAIMING BY, THROUGH OR UNDER THE LESSEES. OPOLBS2 CAR 01/13/01 11:49 :49 CHICAGO TITLE INSURANCE COMPANY POLICY SIGNATURE PAGE POLICY NO. : 1409 007887858 SK THIS POLICY SHALL NOT BE VALID OR BINDING UNi'IL SIGNED BY AN AUTHORIZED SIGNATORY. CHICAGO 17TLE INSURANCE COMPANY BY P/C� AUTHORIZED '1 NATO-Y POISIGPG CAR 01/13/01 11:49:50