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HomeMy WebLinkAbout9003 & 9005 & 9009 WAUKEGAN Law Offices of Gabriel S. Berrafato Associates JUL 3 0 1999 8720 Ferris Avenue Morton Grove,Illinois 60053-2843 Telephone(847)965-2233 Facsimile(847)967-2388 Gabriel S.Berrafato Marc S.Porter,of Counsel July 29, 1999 Carl Gigante, Esquire do Figliulo & Silverman 10 S. LaSalle, Suite 3600 Chicago, IL 60603 In re: Acquisition of 9009 Waukegan Road - Morton Grove U-Haul Acguisition of 9005 Waukegan Road - Rusty's Tavern Acquisition of 9003 Waukegan Road - Car Wash Dear Carl: Enclosed please find the following Title Commitments, also known as Letters of Condemnation concerning the above three locations, which are identified as: �.. 1. CTIC Order# 7820716 — U-Haul 2. CTIC Order# 7820717 — Rusty's Tavern* 3. CTIC Order# 7820718 — Car Wash * In addition to the Title Report, I am enclosing a copy of the Environmental Disclosure Document filed for record when Rusty's Tavern was acquired in 1990. As you are aware, it appeared that the Village was going to have to act very quickly to acquire three above sites in order to make the south portion of Redevelopment Site "B" available because of a General Motors automobile dealership utilizing those properties. Since my initial ordering of these titles, a "glitch" has appeared, which could mean that the automobile dealership may go to the north portion of Redevelopment "B" comprised of the Suburban Motel, the Johnson property, and the Fireside property. I believe a conference call should be set up between our offices and Larry Arft to determine whether we should proceed forward in an attempt to acquire these sites or at least make our offers without filing condemnation. For example: the possibility that we acquire the sites now, lock-in value, and if necessary, permit the present owners to occupy the premises until the Village needs the particular properties, or delay acquisition until we ' Law Offices of Gabriel S. Berrafato & Associates Carl Gigante, Esquire July 29, 1999 Page 2 have potential users for the site. Certainly, without acting or without a redevelopment agreement could result in no quick-take powers and additional costs in the future. Please get back with me soon and we will set up a conference call with Larry to determine our course of action. Very truly yours, va" -6>AB RIEL . :ERRA ATO GSB/amz Enclosures cc: Larry N. Arft, Village Administrator C:\Data\WordDocs\Village of Morton GroveW cquisitions\Correspondence\Gigante letter 7-28-99.doc ISSUING OFFICE: CHICAGO TITLE INSURANCE COMPANY 1700 S. ELMHURST ROAD MOUNT PROSPECT, IL 60056 NORTH SUBURBAN COMMERCIAL (847) 758-4747 GABRIEL S BERRAFATO & ASSOCIATES 8720 FERRIS AVE ROOM 218 MORTON GROVE, ILLINOIS 60053 GABERIEL BERRAFATO CTI ORDER NO. : 1409 007820716 NSC YOUR REFERENCE: VILLAGE OF MORTON GROVE/U-HAUL CLEA) JL1 CHICAGO TITLE INSURANCE COMPANY 1:::j1 (INVOICE AS OF 07/19/99) PAGE: 01 OFFICE: 01409 ORDER NUMBER: 007820716 ESCROW NUMBER: ACCOUNT NUMBER: 0019414-000 CONTRACT NUMBER: GABRIEL S BERRAFATO & ASSOCIATES DATE ORDER RECEIVED: 07/09/99 8720 FERRIS AVE REFER INQUIRIES TO: ROOM 218 NORTH SUBURBAN COPM4ERCIAL MORTON GROVE, IL 60053 (847) 758-4747 JL1 ATTENTION: GABERIEL BERRAFATO BUYER/BORROWER: N/A SELLER/OWNER: NEED MINUTES OF CONDEMNATION PROPERTY ADDRESS: 9009 WAUKEGAN ROAD CUSTOMER REFERENCE: VILLAGE OF MORTON GROVE/U-HAUL POLICIES APPLIED FOR: ALTA OWNERS 1992 $ 10,000.00 •++:+:++i:+:it+t+tft++:r+t**********t t:++:i+*t+i+tt*+****** .*t*++r*+*+*:++:*: ******f+:++ RESPA LINE DESCRIPTION OF ITEMS 1108 TITLE INSURANCE 500.00 TOTAL CUSTOMARY SELLER/OWNER CHARGES: 500.00 TOTAL INVOICE: 500.00 MISCELLANEOUS DEBITS: .00 PAYMENTS/CREDITS: .00 NET AMOUNT DUE: 500.00 :+t+::++r+t:+r++**++++:+<f:++t++*ari+t:*++*+*t:r+f++++ai+r++•++*****+++>++•:+*++t++■•+:+ ACCOUNT NUMBER: 0019414-000 ORDER NUMBER: 007820716 NET AMOUNT DUE: 500.00 01409: 500.00 THANK YOU FOR PLACING YOUR ORDER WITH CHICAGO TITLE PLEASE RETURN A COPY WITH REMITTANCE TO: 171 N CLARK STREET MLC 2NW CHICAGO, IL 60601-3294 • COMMITMENT FOR TITLE INSURANCE Chicago Title Insurance Company Providing Tide Related Services Since 1847 CHICAGO TITLE INSURANCE COMPANY,a Missouri corporation,herein called the Company,for a valuable consideration,hereby commits to issue its policy or policies of title insurance,as identified in Schedule A (which policy or policies cover title risks and are subject to the Exclusions from Coverage and the Conditions and Stipulations as contained in said policy/ies)in favor of the proposed Insured named in Schedule A,as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A,upon payment of the premiums and charges therefor,all subject to the provisions of Schedules A and B hereof and to the Commitment Conditions and Stipulations which are hereby incorporated by reference and made a part of the Commitment.A complete copy of the Commitment Conditions and Stipulations is available upon request and such include,but are not limited to,the proposed Insured's obligation to disclose,in writing,knowledge of any additional defects,liens, encumbrances,adverse claims or other matters which are not contained in the Commitment;provisions that the Company's liability shall in no event exceed the amount of the policy/ies as stated in Schedule A hereof,must be based on the terms of this Commitment,shall be only to the proposed Insured and shall be only for actual loss incurred in good faith reliance on this Commitment;and provisions relating to the General Exceptions,to which the policy/ies will be subject unless the same are disposed of to the satisfaction of the Company. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company,either at the time of the issuance of this Commitment or by issuance of a revised Commitment. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six months after the effective date hereof or when the policy or policies committed for shall issue,whichever first occurs,provided that the failure to issue such policy or policies is not the fault of the Company. This Commitment is based upon a search and examination of Company records and/or public records by the Company. Utilization of the information contained herein by an entity other than the Company or a member of the Chicago Title and Trust Family of Title Insurers for the purpose of issuing a title commitment or policy or policies shall be considered a violation of the proprietary rights of the Company of its search and examination work product. This Commitment shall not be valid or binding until signed by an authorized signatory. Issued By: CHICAGO TITLE INSURANCE COMPANY BY CHICAGO TITLE INSURANCE COMPANY 1700 S. ELMHURST ROAD MOUNT PROSPECT, IL 60056 tsSit7; �•��s•"""'•• P� thorized Signatory Refer Inquiries To: of t oaf if`: `.. (847)7584747 ;la '!/+' Commitment No.: 1409 007620716 NSC DSSSA 4/98 ,A•1 07/19/99 CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE A YOUR REFERENCE: VILLAGE OF MORTON GROVE/U-HAUL ORDER NO. : 1409 007820716 NSC EFFECTIVE DATE: JULY 7, 1999 1. POLICY OR POLICIES TO BE ISSUED: OWNER'S POLICY: ALTA OWNERS 1992 AMOUNT: $10,000.00 PROPOSED INSURED: THE VILLAGE OF MORTON GROVE, ITS SUCCESSORS AND/OR ASSIGNS 2. THE ESTATE OR INTEREST IN THE LAND DESCRIBED OR REFERRED TO IN THIS COMMITMENT AND COVERED HEREIN IS A FEE SIMPLE UNLESS OTHERWISE NOTED. 3. TITLE TO SAID ESTATE OR INTEREST IN SAID LAND IS AT THE EFFECTIVE DATE VESTED IN: AMERCO REAL ESTATE COMPANY, A NEVADA CORPORATION 4. MORTGAGE OR TRUST DEED TO BE INSURED: NONE Y RZNRCSA1 JL1 PAGE Al JL1 07/19/99 16:51:42 • CHICAGO TITLE INSURANCE COMPANY • COMMITMENT FOR TITLE INSURANCE SCHEDULE A (CONTINUED) ORDER NO. : 1409 007820716 NSC 5. THE LAND REFERRED TO IN THIS COMMITMENT IS DESCRIBED AS FOLLOWS: PARCEL 1: LOT 2 (EXCEPT THE NORTH 34 FEET THEREOF) AND EXCEPT THAT PART THEREOF LYING EAST OF THE WEST 33 FEET THEREOF AND LYING WEST OF A LINE 40 FEET EAST OF AND PARALLEL WITH THE CENTER LINE OF WAUKEGAN ROAD) IN GEORGE GABEL HEIRS SUBDIVISION OF THAT PART OF THE NORTH HALF OF THE SOUTH 2/3 OF THE SOUTH HALF OF SECTION 18, TOWNSHIP 41 NORTH, RANGE 13, EAST OF THE THIRD PRINCIPAL MERIDIAN LYING EAST OF THE CENTER OF THE NORTH BRANCH ROAD (NOW WAUKEGAN ROAD) (EXCEPT THAT PART CONVEYED TO CHICAGO, MILWAUKEE AND ST. PAUL RAILROAD COMPANY) IN COOK COUNTY, ILLINOIS. PARCEL 2: LOTS 3 AND 4 IN GEORGE GABEL HEIRS SUBDIVISION OF THAT PART OF THE NORTH HALF OF THE SOUTH TWO THIRDS OF THE SOUTH HALF OF SECTION 18, TOWNSHIP 41 NORTH, RANGE 13, EAST OF THE THIRD PRINCIPAL MERIDIAN, LYING EAST OF CENTER OF NORTH BRANCH ROAD (NOW WAUKEGAN ROAD) (EXCEPT THAT PART CONVEYED TO CHICAGO, MILWAUKEE AND ST. PAUL RAILROAD COMPANY) IN COOK COUNTY, ILLINOIS. T RNRLEGAL JL1 PAGE A2 JL1 07/19/99 16:51:42 • CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE B ORDER NO. : 1409 007820716 NSC 1. IF EXTENDED COVERAGE OVER THE FIVE GENERAL EXCEPTIONS IS REQUESTED, WE SHOULD BE FURNISHED THE FOLLOWING: A. A CURRENT ALTA/ACSM OR ILLINOIS LAND TITLE SURVEY CERTIFIED TO CHICAGO TITLE INSURANCE COMPANY; B. A PROPERLY EXECUTED ALTA STATEMENT; C. UTILITY LETTERS FROM THE MUNICIPALITY OR COUNTY (IF UNINCORPORATED) , LOCAL GAS, ELECTRIC AND TELEPHONE COMPANIES AND IF APPLICABLE, THE LOCAL CABLE TELEVISION COMPANY AND WESTERN UNION. MATTERS DISCLOSED BY THE ABOVE DOCUMENTATION WILL BE SHOWN SPECIFICALLY. NOTE: THERE WILL BE AN ADDITIONAL CHARGE FOR THIS COVERAGE. 2. NOTE FOR INFORMATION: THE COVERAGE AFFORDED BY THIS COMMITMENT AND ANY POLICY ISSUED PURSUANT HERETO SHALL NOT COMMENCE PRIOR TO THE DATE ON WHICH ALL CHARGES PROPERLY BILLED BY THE COMPANY HAVE BEEN FULLY PAID. e 3. 1. TAXES FOR THE YEAR(S) 1998 AND 1999 1999 TAXES ARE NOT YET DUE OR PAYABLE. 1A. NOTE: 1998 FIRST INSTALLMENT WAS DUE MARCH 02, 1999 NOTE: 1998 FINAL INSTALLMENT NOT YET DUE OR PAYABLE PERM TAX# AFFECTS YEAR 1ST INST STAT 10-18-310-014-0000 PCL 1 1998 $6,866.00 PAID 10-18-310-033-0000 PCL 2 1998 $30, 890.91 PAID r • * r * • * • * • * * * * • * * * * * * * * * • r * * * * r • * * * a 4. EXISTING UNRECORDED LEASES AND ALL RIGHTS THEREUNDER OF THE LESSEES AND OF ANY PERSON OR PARTY CLAIMING BY, THROUGH OR UNDER THE LESSEES. z 5. WE SHOULD BE FURNISHED A STATEMENT THAT THERE IS NO PROPERTY MANAGER EMPLOYED TO MANAGE THE LAND, OR, IN THE ALTERNATIVE, A FINAL LIEN WAIVER FROM ANY SUCH PROPERTY MANAGER. r 6. RIGHTS OF THE PUBLIC, THE ADJOINING OWNERS AND THE STATE OF ILLINOIS IN AND TO THE WEST 33 FEET OF THE LAND FALLING IN WAUKEGAN ROAD. G 7. PERPETUAL EASEMENT FOR SEWER PURPOSES OVER THE EAST 10 FEET OF THE WEST 43 FEET OF LOTS 2, 3 AND 4 AFORESAID AS CONDEMNED IN CASE 150939 COUNTY COURT RNRCBI JL1 PAGE B1 JL1 07/19/99 16 :51:43 • CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE B (CONTINUED) ORDER NO. : 1409 007820716 NSC FILED DECEMBER 7, 1953. a 8. RIGHTS OF THE PUBLIC, THE MUNICIPALITY AND THE STATE OF ILLINOIS IN AND TO THE EAST 12 FEET OF THE WEST 45 FEET AND THE EAST 8 FEET OF THE LAND AS DEDICATED FOR STREET AND ALLEY PURPOSES BY DEDICATION RECORDED SEPTEMBER 28, 1960 AS DOCUMENT 17975939. z 9. ENCROACHMENT OF THE CONCRETE WALL LOCATED ON THE EAST LINE OF PARCEL 1 INTO THE DEDICATED ALLEY BY .32 FEET AS DISCLOSED BY SURVEY BY INTERNATIONAL LAND SERVICES, INC. ORDER NO. 94-12-04:013 DATED DECEMBER 30, 1994. J 10. ENCROACHMENT OF THE CHAIN LINK FENCE LOCATED ALONG THE SOUTH LINE OF PARCEL 2 OVER THE SOUTH LINE BY .15 FEET AS DISCLOSED BY SURVEY BY INTERNATIONAL LAND SERVICES, INC. ORDER NO. 94-12-04:013 DATED DECEMBER 30, 1994. x 11. RIGHTS, AS TENANTS ONLY, OF PARTIES IN POSSESSION OF THE VARIOUS RENTAL UNITS LOCATED ON THE PREMISES, WHICH RIGHTS ARISE UNDER UNRECORDED RENTAL AGREEMENTS. 12. IN ORDER THAT WE MAY INSURE TITLE AFTER COMPLETION OF AN EMINENT DOMAIN PROCEEDING TO ACQUIRE FEE TITLE TO THE LAND OR A LESSER INTEREST THEREIN, WE NOTE THE FOLLOWING: (A) NOTHING CONTAINED HEREIN SHOULD BE CONSTRUED AS INSURING THE POWER OR RIGHT OF THE PLAINTIFF TO CONDEMN THE LAND; (B) OUR POLICY, WHEN ISSUED, WILL BE MADE SUBJECT TO DIRECT ATTACK UPON THE JUDGMENTS AND ORDERS ENTERED IN THE CASE; (C) UPON FILING OF THE COMPLAINT, A PROPER LIS PENDENS NOTICE SHOULD BE RECORDED IN THE OFFICE OF THE RECORDER OF DEEDS IN THE COUNTY IN WHICH THE LAND IS LOCATED; (D) THE FOLLOWING NECESSARY PARTIES SHOULD BE JOINED IN THE CONTEMPLATED PROCEEDING IN ORDER THAT WE MAY INSURE THAT THEIR INTERESTS WILL BE AFFECTED: (1) ALL PERSONS ACQUIRING RIGHTS IN THE LAND SUBSEQUENT TO THE DATE OF THIS COMMITMENT AND PRIOR TO THE TIME A COMPLETE LIS PENDENS NOTICE HAS BEEN RECORDED/FILED; (2) ALL PERSONS, OTHER THAN THOSE NAMED HEREIN, KNOWN BY PLAINTIFF OR PLAINTIFF'S ATTORNEY TO HAVE OR CLAIM TO HAVE AN INTEREST IN THE LAND; (3) ALL PERSONS IN POSSESSION OF THE LAND. OUR INSPECTOR REPORTS ; (4) NOTE: IF IT IS KNOWN THAT ANY OF THE NECESSARY PARTIES LISTED HEREIN ARE DECEASED, THEIR HEIRS OR LEGATEES SHOULD BE MADE PARTIES BY NAME IF KNOWN, AND IF UNKNOWN, THEN BY THE NAME AND DESCRIPTION OF "UNKNOWN HEIRS OR LEGATEES OF" T SUCH DECEASED PERSON OR PERSONS. IF IT IS NOT KNOWN OR CANNOT BE ASCERTAINED WHETHER ANY OF SAID PARTIES ARE LIVING OR DEAD, THEN SUCH PARTIES SHOULD BE RcSCHBCO PAGE B 2 JL1 JL1 07/19/99 16 :51:43 CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE B (CONTINUED) ORDER NO. : 1409 007820716 NSC MADE PARTIES BY NAME, AND SUCH PERSON(S) AS WOULD BE THEIR HEIRS OR LEGATEES SHOULD ALSO BE MADE PARTIES TO THE PROCEEDING AS "UNKNOWN OWNERS. " IN THIS CONNECTION WE DIRECT YOUR ATTENTION TO SECTION 2-413 OF THE CODE OF CIVIL PROCEDURE. NOTE: IN THE EVENT THAT THERE ARE ANY PERSONS WHO ARE NECESSARY PARTIES TO THE CONTEMPLATED PROCEEDING, BUT THE NAMES OF SUCH PERSONS ARE UNKNOWN AND UNASCERTAINABLE, THEN, AND IN THAT EVENT ONLY, SUCH PERSONS SHOULD BE MADE PARTIES UNDER THE DESCRIPTION OF "UNKNOWN OWNERS, " UNLESS THE CONTRARY IS HEREIN INDICATED. THE QUESTION OF THE COMPANY'S WILLINGNESS TO RELY ON THE DESIGNATION OF "UNKNOWN OWNERS" TO INSURE OVER THE INTEREST OF AN UNRECORDED MECHANICS' LIEN CLAIMANT, IF ANY, SHOULD BE SUBMITTED TO AN UNDERWRITER. (E) ADDITIONAL INFORMATION, IF ANY: NOTE: IN ORDER FOR THE COMPANY TO INSURE OVER THE LIENS OF REAL ESTATE TAXES AND SPECIAL ASSESSMENTS AND THE RIGHTS OF ANY TAX PURCHASER NAMED HEREIN AFTER THE COMPLETION OF THE CONTEMPLATED PROCEEDING, THE COUNTY COLLECTOR'S WARRANT BOOKS AND THE MUNICIPALITY'S SPECIAL ASSESSMENT RECORDS MUST BE MARKED APPROPRIATELY, ANY TAX DEED PROCEEDING NOTED HEREIN MUST BE DISMISSED AND ANY OUTSTANDING CERTIFICATE OF PURCHASE MUST BE CANCELLED. NOTE: THE CONTEMPLATED PROCEEDING MAY AFFECT THE RIGHTS OF ONLY THOSE PARTIES NAMED HEREIN IN PARAGRAPH "D" AS NECESSARY PARTIES. THE POLICY, WHEN ISSUED, WILL BE SUBJECT TO THE RIGHTS OF ALL OTHER PARTIES AND INTERESTS SHOWN IN THIS COMMITMENT, INCLUDING, BUT NOT LIMITED TO, EASEMENTS, COVENANTS, CONDITIONS, RESTRICTIONS, AND THE RIGHTS OF PUBLIC OR QUASI-PUBLIC UTILITIES IN THE LAND, IF ANY, UNLESS SATISFACTORY DISPOSITION THEREOF IS OTHERWISE MADE OR UNLESS OTHERWISE EXPRESSLY STATED HEREIN. 13 . IN ORDER THAT WE MAY INSURE TITLE AFTER COMPLETION OF AN EMINENT DOMAIN PROCEEDING TO ACQUIRE FEE TITLE TO THE LAND OR A LESSER INTEREST THEREIN, WE NOTE THE FOLLOWING: (A) NOTHING CONTAINED HEREIN SHOULD BE CONSTRUED AS INSURING THE POWER OR RIGHT OF THE PLAINTIFF TO CONDEMN THE LAND; (B) OUR POLICY, WHEN ISSUED, WILL BE MADE SUBJECT TO DIRECT ATTACK UPON THE JUDGMENTS AND ORDERS ENTERED IN THE CASE; (C) UPON FILING OF THE COMPLAINT, A PROPER LIS PENDENS NOTICE SHOULD BE RECORDED IN THE OFFICE OF THE RECORDER OF DEEDS IN THE COUNTY IN WHICH THE LAND IS LOCATED; (D) THE FOLLOWING NECESSARY PARTIES SHOULD BE JOINED IN THE CONTEMPLATED PROCEEDING IN ORDER THAT WE MAY INSURE THAT THEIR INTERESTS WILL BE AFFECTED: (1) ALL PERSONS ACQUIRING RIGHTS IN THE LAND SUBSEQUENT TO THE DATE OF THIS COMMITMENT AND PRIOR TO THE TIME A COMPLETE LIS PENDENS NOTICE HAS BEEN RECORDED/FILED; (2) ALL PERSONS, OTHER THAN THOSE NAMED HEREIN, KNOWN BY PLAINTIFF OR RCSCHBCO PAGE B 3 JL1 JL1 07/19/99 16 :51:43 CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE B (CONTINUED) ORDER NO. : 1409 007820716 NSC PLAINTIFF'S ATTORNEY TO HAVE OR CLAIM TO HAVE AN INTEREST IN THE LAND; (3) ALL PERSONS IN POSSESSION OF THE LAND. (4) AMERCO REAL ESTATE COMPANY, A NEVADA CORPORATION, AS RECORD OWNER NOTE: IF IT IS KNOWN THAT ANY OF THE NECESSARY PARTIES LISTED HEREIN ARE DECEASED, THEIR HEIRS OR LEGATEES SHOULD BE MADE PARTIES BY NAME IF KNOWN, AND IF UNKNOWN, THEN BY THE NAME AND DESCRIPTION OF "UNKNOWN HEIRS OR LEGATEES OF" SUCH DECEASED PERSON OR PERSONS. IF IT IS NOT KNOWN OR CANNOT BE ASCERTAINED WHETHER ANY OF SAID PARTIES ARE LIVING OR DEAD, THEN SUCH PARTIES SHOULD BE MADE PARTIES BY NAME, AND SUCH PERSON(S) AS WOULD BE THEIR HEIRS OR LEGATEES SHOULD ALSO BE MADE PARTIES TO THE PROCEEDING AS "UNKNOWN OWNERS. " IN THIS CONNECTION WE DIRECT YOUR ATTENTION TO SECTION 2-413 OF THE CODE OF CIVIL PROCEDURE. NOTE: IN THE EVENT THAT THERE ARE ANY PERSONS WHO ARE NECESSARY PARTIES TO THE CONTEMPLATED PROCEEDING, BUT THE NAMES OF SUCH PERSONS ARE UNKNOWN AND UNASCERTAINABLE, THEN, AND IN THAT EVENT ONLY, SUCH PERSONS SHOULD BE MADE PARTIES UNDER THE DESCRIPTION OF "UNKNOWN OWNERS, " UNLESS THE CONTRARY IS HEREIN INDICATED. THE QUESTION OF THE COMPANY'S WILLINGNESS TO RELY ON THE DESIGNATION OF "UNKNOWN OWNERS" TO INSURE OVER THE INTEREST OF AN UNRECORDED MECHANICS' LIEN CLAIMANT, IF ANY, SHOULD BE SUBMITTED TO AN UNDERWRITER. (E) ADDITIONAL INFORMATION, IF ANY: NONE NOTE: IN ORDER FOR THE COMPANY TO INSURE OVER THE LIENS OF REAL ESTATE TAXES AND SPECIAL ASSESSMENTS AND THE RIGHTS OF ANY TAX PURCHASER NAMED HEREIN AFTER THE COMPLETION OF THE CONTEMPLATED PROCEEDING, THE COUNTY COLLECTOR'S WARRANT BOOKS AND THE MUNICIPALITY'S SPECIAL ASSESSMENT RECORDS MUST BE MARKED APPROPRIATELY, ANY TAX DEED PROCEEDING NOTED HEREIN MUST BE DISMISSED AND ANY OUTSTANDING CERTIFICATE OF PURCHASE MUST BE CANCELLED. NOTE: THE CONTEMPLATED PROCEEDING MAY AFFECT THE RIGHTS OF ONLY THOSE PARTIES NAMED HEREIN IN PARAGRAPH "D" AS NECESSARY PARTIES. THE POLICY, WHEN ISSUED, WILL BE SUBJECT TO THE RIGHTS OF ALL OTHER PARTIES AND INTERESTS SHOWN IN THIS COMMITMENT, INCLUDING, BUT NOT LIMITED TO, EASEMENTS, COVENANTS, CONDITIONS, RESTRICTIONS, AND THE RIGHTS OF PUBLIC OR QUASI-PUBLIC UTILITIES IN THE LAND, IF ANY, UNLESS SATISFACTORY DISPOSITION THEREOF IS OTHERWISE MADE OR UNLESS OTHERWISE EXPRESSLY STATED HEREIN. ** END •* T RCSCHBCO PAGE B 4 JL1 JL1 07/19/99 16:51:43 • ISSUING CHICAGO OFFICE:TITLE INSURANCE COMPANY 0 1700 S. ELMHURST ROAD MOUNT PROSPECT, IL 60056 NORTH SUBURBAN COMMERCIAL (847) 758-4747 GABRIEL S BERRAFATO & ASSOCIATES 8720 FERRIS AVE ROOM 218 MORTON GROVE, ILLINOIS 60053 GABRIEL BERRAFATO CTI ORDER NO. : 1409 007820717 NSC YOUR REFERENCE: VILLAGE OF MORON GROVE/RUSTY'S TAVERN \ftol CLEAD JL1 CHICAGO TITLE INSURANCE COMPANY (17) (INVOICE AS OF 07/21/99) PAGE: 01 OFFICE: 01409 ORDER NUMBER: 007820717 ESCROW NUMBER: ACCOUNT NUMBER: 0019414-000 CONTRACT NUMBER: GABRIEL S BERRAFATO & ASSOCIATES DATE ORDER RECEIVED: 07/09/99 8720 FERRIS AVE REFER INQUIRIES TO: ROOM 218 NORTH SUBURBAN COMMERCIAL MORTON GROVE, IL 60053 (847) 758-4747 JL1 ATTENTION: GABRIEL BERRAFATO BUYER/BORROWER: N/A SELLER/OWNER: NEED MINUTES OF CONDEMNATION PROPERTY ADDRESS: 9005 WAUKEGAN ROAD CUSTOMER REFERENCE: VILLAGE OF MORON GROVE/RUSTY'S TAVERN POLICIES APPLIED FOR: ALTA OWNERS 1992 $ 10, 000.00 RESPA LINE DESCRIPTION OF ITEMS 1108 NECESSARY PARTIES - CONDEMNATION 500.00 TOTAL CUSTOMARY SELLER/OWNER CHARGES: 500.00 TOTAL INVOICE: 500.00 MISCELLANEOUS DEBITS: .00 PAYMENTS/CREDITS: .00 NET AMOUNT DUE: 500.00 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ACCOUNT NUMBER: 0019414-000 ORDER NUMBER: 007820717 NET AMOUNT DUE: 500.00 01409: 500.00 THANK YOU FOR PLACING YOUR ORDER WITH CHICAGO TITLE PLEASE RETURN A COPY WITH REMITTANCE TO: 171 N CLARK STREET MLC 2NW CHICAGO, IL 60601-3294 COMMITMENT FOR TITLE INSURANCE Chicago Title Insurance Company Providing Title Related Services Since 1847 CHICAGO TITLE INSURANCE COMPANY,a Missouri corporation,herein called the Company,for a valuable consideration,hereby commits to issue its policy or policies of title insurance,as identified in Schedule A (which policy or policies cover title risks and are subject to the Exclusions from Coverage and the Conditions and Stipulations as contained in said policy/ies)in favor of the proposed Insured named in Schedule A,as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A,upon payment of the premiums and charges therefor,all subject to the provisions of Schedules A and B hereof and to the Commitment Conditions and Stipulations which are hereby incorporated by reference and made a part of the Commitment.A complete copy of the Commitment Conditions and Stipulations is available upon request and such include,but are not limited to,the proposed Insured's obligation to disclose,in writing,knowledge of any additional defects,liens, encumbrances,adverse claims or other matters which are not contained in the Commitment;provisions that the Company's liability shall in no event exceed the amount of the policy/ies as stated in Schedule A hereof,must be based on the terms of this Commitment,shall be only to the proposed Insured and shall be only for actual loss incurred in good faith reliance on this Commitment;and provisions relating to the General Exceptions,to which the policy/ies will be subject unless the same are disposed of to the satisfaction of the Company. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company,either at the time of the issuance of this Commitment or by issuance of a revised Commitment. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six months after the effective date hereof or when the policy or policies committed for shall issue,whichever first occurs,provided that the failure to issue such policy or policies is not the fault of the Company. This Commitment is based upon a search and examination of Company records and/or public records by the Company. Utilization of the information contained herein by an entity other than the Company or a member of the Chicago Title and Trust Family of Title Insurers for the purpose of issuing a title commitment or policy or policies shall be considered a violation of the proprietary rights of the Company of its search and examination work product. This Commitment shall not be valid or binding until signed by an authorized signatory. Issued By: CHICAGO TITLE INSURANCE COMPANY BY CHICAGO TITLE INSURANCE COMPANY 1700 S. ELMHURST ROAD MOUNT PROSPECT, IL 60056 irs0/ ter °,/se thonzed Signatory Refer Inquiries To: o ftlAtfthTE. u1 T s: i, Ter ��i (847)758-4747 % 'u!!e Commitment No.: i4os 007820717 Nsc DSJe9A 4/98 .rL1 07/21/99 CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE A YOUR REFERENCE: VILLAGE OF MORON GROVE/RUSTY'S TAVERN ORDER NO. : 1409 007820717 NSC EFFECTIVE DATE: JULY 7, 1999 1. POLICY OR POLICIES TO BE ISSUED: OWNER'S POLICY: ALTA OWNERS 1992 AMOUNT: $10,000.00 PROPOSED INSURED: THE VILLAGE OF MORTON GROVE, ITS SUCCESSORS AND/OR ASSIGNS 2. THE ESTATE OR INTEREST IN THE LAND DESCRIBED OR REFERRED TO IN THIS COMMITMENT AND COVERED HEREIN IS A FEE SIMPLE UNLESS OTHERWISE NOTED. 3. TITLE TO SAID ESTATE OR INTEREST IN SAID LAND IS AT THE EFFECTIVE DATE VESTED IN: AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, AS SUCCESSOR TO MANUFACTURERS AFFILIATED TRUST COMPANY, AN ILLINOIS, TRUST COMPANY, AS TRUSTEE UNDER TRUST AGREEMENT DATED MAY 1, 1990 AND KNOWN AS TRUST NUMBER N-1107 4. MORTGAGE OR TRUST DEED TO BE INSURED: NONE R2NRCSAI JL1 PAGE Al JL1 07/21/99 15:13:58 • CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE A (CONTINUED) ORDER NO. : 1409 007820717 NSC ■ ■ 5. THE LAND REFERRED TO IN THIS COMMITMENT IS DESCRIBED AS FOLLOWS: LOT 39 (EXCEPT THE WEST 17.0 FEET THEREOF) IN STEELE'S MORTON GROVE HIGHLANDS BEING A SUBDIVISION OF LOTS 5 AND 7 IN GEORGE GABEL'S HEIRS SUBDIVISION OF THAT PART OF THE NORTH 1/2 OF THE SOUTH 2/3 OF THE SOUTH 1/2 OF SECTION 18, TOWNSHIP 41 NORTH, RANGE 13, EAST OF THE THIRD PRINCIPAL MERIDIAN, LYING EAST OF THE CENTER OF THE CENTER OF THE NORTH BRANCH ROAD (EXCEPT THAT PART CONVEYED TO THE CHICAGO MILWAUKEE AND ST. PAUL RAILROAD COMPANY) , IN COOK COUNTY, ILLINOIS RNRLEGAL JL1 PAGE A2 JL1 07/21/99 15:13 :58 CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE B ORDER NO. : 1409 007820717 NSC 1. IF EXTENDED COVERAGE OVER THE FIVE GENERAL EXCEPTIONS IS REQUESTED, WE SHOULD BE FURNISHED THE FOLLOWING: A. A CURRENT ALTA/ACSM OR ILLINOIS LAND TITLE SURVEY CERTIFIED TO CHICAGO TITLE INSURANCE COMPANY; B. A PROPERLY EXECUTED ALTA STATEMENT; C. UTILITY LETTERS FROM THE MUNICIPALITY OR COUNTY (IF UNINCORPORATED) , LOCAL GAS, ELECTRIC AND TELEPHONE COMPANIES AND IF APPLICABLE, THE LOCAL CABLE TELEVISION COMPANY AND WESTERN UNION. MATTERS DISCLOSED BY THE ABOVE DOCUMENTATION WILL BE SHOWN SPECIFICALLY. NOTE: THERE WILL BE AN ADDITIONAL CHARGE FOR THIS COVERAGE. 2. NOTE FOR INFORMATION: THE COVERAGE AFFORDED BY THIS COMMITMENT AND ANY POLICY ISSUED PURSUANT HERETO SHALL NOT COMMENCE PRIOR TO THE DATE ON WHICH ALL CHARGES PROPERLY BILLED BY THE COMPANY HAVE BEEN FULLY PAID. A 3. 1. TAXES FOR THE YEAR(S) 1998 AND 1999 1999 TAXES ARE NOT YET DUE OR PAYABLE. 1A. NOTE: 1998 FIRST INSTALLMENT WAS DUE MARCH 02, 1999 NOTE: 1998 FINAL INSTALLMENT NOT YET DUE OR PAYABLE PERM TAX# YEAR 1ST INST STAT 10-18-310-006-0000 1998 $9, 705.23 PAID * * * * • * * • * * • * * * * * • * * * * * * * * • * * * * • * * * * * * s 4. MORTGAGE DATED MAY 10, 1990 AND RECORDED MAY 29, 1990 AS DOCUMENT 90247283 MADE BY MANUFACTURERS AFFILIATED TRUST COMPANY, AS TRUSTEE UNDER TRUST AGREEMENT DATED MAY 1, 1990 AND KNOWN AS TRUST NUMBER N-1107 TO AFFILIATED BANK/MORTON GROVE TO SECURE A NOTE FOR $235,000.00 LOAN MODIFICATION AGREEMENT RECORDED JANUARY 14, 1994 AS DOCUMENT 94051619 (AFFECTS LAND AND OTHER PROPERTY) LOAN MODIFICATION AGREEMENT RECORDED MAY 4, 1994 AS DOCUMENT 94403114 (AFFECTS LAND AND OTHER PROPERTY) r 5. ASSIGNMENT OF RENTS RECORDED MAY 29, 1990 AS DOCUMENT 90247285. G 6. MORTGAGE DATED DECEMBER 15, 1998 AND RECORDED JANUARY 20, 1999 AS DOCUMENT NO. 99058393 MADE BY AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO AS RNRCBI JL1 PAGE B1 JL1 07/21/99 15 :13:59 CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE B (CONTINUED) ORDER NO. : 1409 007820717 NSC TRUSTEE UNDER A TRUST AGREEMENT DATED MAY 1, 1990 AND KNOWN AS TRUST NUMBER N-1107 TO LASALLE BANK, N.A. TO SECURE AN INDEBTEDNESS IN THE AMOUNT OF $ 236,682. 75. s 7. ASSIGNMENT OF RENTS RECORDED JANUARY 20, 1999 AS DOCUMENT NO. 99058394 MADE BY AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO AS TRUSTEE UNDER TRUST NUMBER N-1107 TO LASALLE BANK, N.A. . 8. EXISTING UNRECORDED LEASES AND ALL RIGHTS THEREUNDER OF THE LESSEES AND OF ANY PERSON OR PARTY CLAIMING BY, THROUGH OR UNDER THE LESSEES. 9. WE SHOULD BE FURNISHED A STATEMENT THAT THERE IS NO PROPERTY MANAGER EMPLOYED TO MANAGE THE LAND, OR, IN THE ALTERNATIVE, A FINAL LIEN WAIVER FROM ANY SUCH PROPERTY MANAGER. it 10. FOR INFORMATION PURPOSES ONLY, WE NOTE THE FOLLOWING ENVIRONMENTAL DISCLOSURE DOCUMENTS WHICH APPEARS OF RECORD IN COOK COUNTY, ILLINOIS RECORDED MAY 29, 1990 AS DOCUMENT 90247286. J 11. IN ORDER THAT WE MAY INSURE TITLE AFTER COMPLETION OF AN EMINENT DOMAIN PROCEEDING TO ACQUIRE FEE TITLE TO THE LAND OR A LESSER INTEREST THEREIN, WE NOTE THE FOLLOWING: (A) NOTHING CONTAINED HEREIN SHOULD BE CONSTRUED AS INSURING THE POWER OR RIGHT OF THE PLAINTIFF TO CONDEMN THE LAND; (B) OUR POLICY, WHEN ISSUED, WILL BE MADE SUBJECT TO DIRECT ATTACK UPON THE JUDGMENTS AND ORDERS ENTERED IN THE CASE; (C) UPON FILING OF THE COMPLAINT, A PROPER LIS PENDENS NOTICE SHOULD BE RECORDED IN THE OFFICE OF THE RECORDER OF DEEDS IN THE COUNTY IN WHICH THE LAND IS LOCATED; (D) THE FOLLOWING NECESSARY PARTIES SHOULD BE JOINED IN THE CONTEMPLATED PROCEEDING IN ORDER THAT WE MAY INSURE THAT THEIR INTERESTS WILL BE AFFECTED: (1) ALL PERSONS ACQUIRING RIGHTS IN THE LAND SUBSEQUENT TO THE DATE OF THIS COMMITMENT AND PRIOR TO THE TIME A COMPLETE LIS PENDENS NOTICE HAS BEEN RECORDED/FILED; (2) ALL PERSONS, OTHER THAN THOSE NAMED HEREIN, KNOWN BY PLAINTIFF OR PLAINTIFF'S ATTORNEY TO HAVE OR CLAIM TO HAVE AN INTEREST IN THE LAND; (3) ALL PERSONS IN POSSESSION OF THE LAND. (4) AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO AS SUCCESSOR TRUSTEE UNDER A TRUST AGREEMENT DATED MAY 1, 1990 AND KNOWN AS TRUST NUMBER N-1117 AS RECORD OWNER; (5) THE BENEFI CARY(IES) UNDER THE LAND TRUST NOTED ABOVE BY NAME IF KNOWN OR RCSCHBCO PAGE B 2 JLl JL1 07/21/99 15:13 :59 - . CHICAGO TITLE INSURANCE COMPANY C0M14IITMENT FOR TITLE INSURANCE SCHEDULE B (CONTINUED) ORDER NO. : 1409 007820717 NSC ASCERTAINABLE, OTHERWISE AS "UNKNOWN OWNERS"; (6) AFFILATED BANK/MORTON GROVE AS MORTGAGEE OF THE MORTGAGE RECORDED AS DOCUMENT 90247283; (7) LASALLE BANK, N.A. AS MORTGAGEE OF THE MORTGAGE RECORDED AS DOCUMENT 99058393; (8) LESSEE'S UNDER UNRECORDED LEASES, IF ANY; (9) PROPERTY MANAGERS, IF ANY; (10) UNKNOWN OWNERS; (11) NON-RECORD CLAIMANTS NOTE: IF IT IS KNOWN THAT ANY OF THE NECESSARY PARTIES LISTED HEREIN ARE DECEASED, THEIR HEIRS OR LEGATEES SHOULD BE MADE PARTIES BY NAME IF KNOWN, AND IF UNKNOWN, THEN BY THE NAME AND DESCRIPTION OF "UNKNOWN HEIRS OR LEGATEES OF" SUCH DECEASED PERSON OR PERSONS. IF IT IS NOT KNOWN OR CANNOT BE ASCERTAINED WHETHER ANY OF SAID PARTIES ARE LIVING OR DEAD, THEN SUCH PARTIES SHOULD BE MADE PARTIES BY NAME, AND SUCH PERSON(S) AS WOULD BE THEIR HEIRS OR LEGATEES SHOULD ALSO BE MADE PARTIES TO THE PROCEEDING AS "UNKNOWN OWNERS. " IN THIS CONNECTION WE DIRECT YOUR ATTENTION TO SECTION 2-413 OF THE CODE OF CIVIL PROCEDURE. NOTE: IN THE EVENT THAT THERE ARE ANY PERSONS WHO ARE NECESSARY PARTIES TO THE CONTEMPLATED PROCEEDING, BUT THE NAMES OF SUCH PERSONS ARE UNKNOWN AND UNASCERTAINABLE, THEN, AND IN THAT EVENT ONLY, SUCH PERSONS SHOULD BE MADE PARTIES UNDER THE DESCRIPTION OF "UNKNOWN OWNERS, " UNLESS THE CONTRARY IS HEREIN INDICATED. THE QUESTION OF THE COMPANY'S WILLINGNESS TO RELY ON THE DESIGNATION OF "UNKNOWN OWNERS" TO INSURE OVER THE INTEREST OF AN UNRECORDED MECHANICS' LIEN CLAIMANT, IF ANY, SHOULD BE SUBMITTED TO AN UNDERWRITER. (E) ADDITIONAL INFORMATION, IF ANY: NONE NOTE: IN ORDER FOR THE COMPANY TO INSURE OVER THE LIENS OF REAL ESTATE TAXES AND SPECIAL ASSESSMENTS AND THE RIGHTS OF ANY TAX PURCHASER NAMED HEREIN AFTER THE COMPLETION OF THE CONTEMPLATED PROCEEDING, THE COUNTY COLLECTOR'S WARRANT BOOKS AND THE MUNICIPALITY'S SPECIAL ASSESSMENT RECORDS MUST BE MARKED APPROPRIATELY, ANY TAX DEED PROCEEDING NOTED HEREIN MUST BE DISMISSED AND ANY OUTSTANDING CERTIFICATE OF PURCHASE MUST BE CANCELLED. NOTE: THE CONTEMPLATED PROCEEDING MAY AFFECT THE RIGHTS OF ONLY THOSE PARTIES NAMED HEREIN IN PARAGRAPH "D" AS NECESSARY PARTIES. THE POLICY, WHEN ISSUED, WILL BE SUBJECT TO THE RIGHTS OF ALL OTHER PARTIES AND INTERESTS SHOWN IN THIS COMMITMENT, INCLUDING, BUT NOT LIMITED TO, EASEMENTS, COVENANTS, CONDITIONS, RESTRICTIONS, AND THE RIGHTS OF PUBLIC OR QUASI-PUBLIC UTILITIES IN THE LAND, IF ANY, UNLESS SATISFACTORY DISPOSITION THEREOF IS OTHERWISE MADE OR UNLESS OTHERWISE EXPRESSLY STATED HEREIN. R6CHBCO PAGE B 3 JL1 JL1 07/21/99 15:13 :59 DhED VAULT - fdj 002/008 _ . - 4 ' - - r - _ - _ r - - . • - - - -•- - - _ _ _ • - - • - :. ' - _ _ _ ...• 1 "C''..1.<$2 V4 R�r Yq h S '�.. R ti� '`s c '1 r .*#s .'. `l ' ...Si? 7a•fie S...(11,:R f r*. nit W.n0 MXIM.Y oaswou•eta.a. _ r6t t.--. 4t r. S. Vf& rr ‘, ,‘.....;A:-.,•-.5::•,-,'::. . r jT J .. {R. RYA��the�:eb teei Yh°�.RfY glib' . .�� f •G Yr4 1 ktM4a�aYOIOa.B�Pa�a�, Dd.:.:ar . yL- e a ,... e, Ad dl9e/b ms".this sorpkeed ';L.[ DoG 1ia1; °t` ,, .•- •, • . y ..alths at tie Aka bbatedaadwad,• . .i 'MoIC�.,..a:• a?, .i.P: mmubh Ptetect7aR . .. paee�' L;. t➢ed wYh the mCSd! Rile .by.'. . .. :t?-. r>i �> _ _ 50247286• . 2° :` : ->;-1 ENVIRO NMENTAL DISCLOSURE DOCUMENT ,_•! r ,FOR TRANSFEB. OF REAL PROPEL • • d Property Identification t�1� I.' VF.. a:l(E : A-Stem at poftry: 1/.1.u...t�+11L E('t m�w SOAP awar4 / los f. • - pteftntlR Ato1 taste beer No_ O-/8-...j./42_7_42_2.-.4....................._..... -. •, y gn r .9 a.a w�1.. -v.'Ahwnddp---- Range-•---^-•^_..__. 4r o Etter or chats complete legal desalpdaa is this aec 890 • , lot 39 (entopt the vest 17 feet thereof) in Steelo's Morton grove Highlands being a subdivision of lots 5 and 7 in the George ceahill'a Heirs gbhdi.3son of that part of the vest 1/2 of the south 2/3 of the south 1/2 of Section le. township 41 north. Range 13. east of the third principal meridian, lying l-e So. Peel Railroad of t Cook County.Branch hoed -• . (e:eept that part conveyed to (3hicagot lllinoia- COUNTY. - _ - __ ON*COUN C - FILED FCT.RSCCR7 810 x1129 !x n:l.S 90241286 The following Information is provided pursuant ire IDiaats _ -- to the Responsible property T msfer Act 20 li aC ro•„-,y-1 of 1988 312.372.7373 VAAJJ VAULT 0003/006 . , .. .. t __- ;d5'C... 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Ate there ay et the atlwYeg aedao Mpt i (.peas{a dread)a the ptopeeq which Foe or.arc mad by the l aaafwe to manse vast haaadws noses,oawdous onbseaeeea or peneeue LaMar Swam Yapesmdaewu Iced laleac g Yea.— Na.../.. - Wane Mb �` Lacinwes". Sb chats.- - 9tatr Ina(Above around) ;m_ Na... N _ -- Rare'ft*(L'adarimsnal) `at Nam. ..? Cs...Casebter Se a ca Al •••.1 —� fv __ ' tae Sena bkpt.__ t- Nar.. a) ` - — wYaenate Ilattsrt liars Ye. No_Y- -- Suet Thee Yea N.Y.. Si . aaMagna aMagna t '�S Waste%•]ding tltcntbro _,a - ..-.J.1-4, risen li_saasena i.Gatlfatbn '-t Na V Pena i eel Dispoat A.-u -a .,-+- .a, s")' ''• xl .4""` It 't we efi�3-aacvts w any a( . peas Ivan and the;.•atter S'ether owe •:..anaasl Jr - ....-n aunt For Jeaeadsl Intern.aside•SIN plan v.h!eh elentlfe;c`.:'Ax on L:n n(.r),.nn,aueh ate;.awn L.. .. 1'::.d . %aLi."ttI. cal Ye?nNtannentN PPeerogn ages y s:ona'MN tics dbcnan • t cun.ne. y ISSUING CHICAGO OFFICE:TITLE INSURANCE COMPANY 1700 S. ELMHURST ROAD MOUNT PROSPECT, IL 60056 NORTH SUBURBAN COMMERCIAL (847) 758-4747 GABRIEL S BERRAFATO & ASSOCIATES 8720 FERRIS AVE ROOM 218 MORTON GROVE, ILLINOIS 60053 GABRIEL BERRAFATO CTI ORDER NO. : 1409 007820718 NSC YOUR REFERENCE: VILLAGE OF MORTON GROVE/CAR WASH CLCAD JLl CHICAGO TITLE INSURANCE COMPANY 1::::1 (INVOICE AS OF 07/21/99) PAGE: 01 OFFICE: 01409 ORDER NUMBER: 007820718 ESCROW NUMBER: ACCOUNT NUMBER: 0019414-000 CONTRACT NUMBER: GABRIEL S BERRAFATO & ASSOCIATES DATE ORDER RECEIVED: 07/09/99 8720 FERRIS AVE REFER INQUIRIES TO: ROOM 218 NORTH SUBURBAN COMMERCIAL MORTON GROVE, IL 60053 (847) 758-4747 JL1 ATTENTION: GABRIEL BERRAFATO BUYER/BORROWER: N/A SELLER/OWNER: NEED MINUTES OF CONDEMNATION PROPERTY ADDRESS: 9003 WAUKEGAN ROAD CUSTOMER REFERENCE: VILLAGE OF MORTON GROVE/CAR WASH POLICIES APPLIED FOR: ALTA OWNERS 1992 $ 10,000.00 **************************************************************************************** RESPA LINE DESCRIPTION OF ITEMS 1108 CONDEMNATION PROCEEDINGS 500.00 TOTAL CUSTOMARY SELLER/OWNER CHARGES: 500.00 TOTAL INVOICE: 500.00 MISCELLANEOUS DEBITS: .00 PAYMENTS/CREDITS: .00 NET AMOUNT DUE: 500.00 **************************************************************************************** ACCOUNT NUMBER: 0019414-000 ORDER NUMBER: 007820718 NET AMOUNT DUE: 500.00 01409: 500.00 THANK YOU FOR PLACING YOUR ORDER WITH CHICAGO TITLE PLEASE RETURN A COPY WITH REMITTANCE TO: 171 N CLARK STREET MLC 2NW CHICAGO, IL 60601-3294 COMMITMENT FOR TITLE INSURANCE Chicago Title Insurance Company Providing Title Related Services Since 1847 CHICAGO TITLE INSURANCE COMPANY,a Missouri corporation,herein called the Company,for a valuable consideration,hereby commits to issue its policy or policies of title insurance,as identified in Schedule A (which policy or policies cover title risks and are subject to the Exclusions from Coverage and the Conditions and Stipulations as contained in said policy/ies)in favor of the proposed Insured named in Schedule A,as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A,upon payment of the premiums and charges therefor,all subject to the provisions of Schedules A and B hereof and to the Commitment Conditions and Stipulations which are hereby incorporated by reference and made a part of the Commitment.A complete copy of the Commitment Conditions and Stipulations is available upon request and such include,but are not limited to,the proposed Insured's obligation to disclose,in writing,knowledge of any additional defects,liens, encumbrances,adverse claims or other matters which are not contained in the Commitment;provisions that the Company's liability shall in no event exceed the amount of the policy/ies as stated in Schedule A hereof,must be based on the terms of this Commitment,shall be only to the proposed Insured and shall be only for actual loss incurred in good faith reliance on this Commitment;and provisions relating to the General Exceptions,to which the policy/ies will be subject unless the same are disposed of to the satisfaction of the Company. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy `.. or policies committed for have been inserted in Schedule A hereof by the Company,either at the time of the issuance of this Commitment or by issuance of a revised Commitment. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six months after the effective date hereof or when the policy or policies committed for shall issue,whichever first occurs,provided that the failure to issue such policy or policies is not the fault of the Company. This Commitment is based upon a search and examination of Company records and/or public records by the Company. Utilization of the information contained herein by an entity other than the Company or a member of the Chirago Title and Trust Family of Title Insurers for the purpose of issuing a title commitment or policy or policies shall be considered a violation of the proprietary rights of the Company of its search and examination work product. This Commitment shall not be valid or binding until signed by an authorized signatory. Issued By: CHICAGO TITLE INSURANCE COMPANY BY CHICAGO TITLE INSURANCE COMPANY 1700 S. ELMHURST ROAD MOUNT PROSPECT, IL 60056 I*� thorized Signatory Refer Inquiries To tcff*it$l'4 e ..: CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE A YOUR REFERENCE: VILLAGE OF MORTON GROVE/CAR WASH ORDER NO. : 1409 007820718 NSC EFFECTIVE DATE: JULY 8, 1999 1. POLICY OR POLICIES TO BE ISSUED: OWNER'S POLICY: ALTA OWNERS 1992 AMOUNT: $10,000.00 PROPOSED INSURED: THE VILLAGE OF MORTON GROVE, ITS SUCCESSORS AND/OR ASSIGNS 2. THE ESTATE OR INTEREST IN THE LAND DESCRIBED OR REFERRED TO IN THIS COMMITMENT AND COVERED HEREIN IS A FEE SIMPLE UNLESS OTHERWISE NOTED. 3. TITLE TO SAID ESTATE OR INTEREST IN SAID LAND IS AT THE EFFECTIVE DATE VESTED IN: GABRIEL E. MORGAN 4. MORTGAGE OR TRUST DEED TO BE INSURED: NONE RZ%RCSA1 JL1 PAGE Al JL1 07/21/99 16 :19:08 CHICAGO TITLE INSURANCE COMPANY • COMMITMENT FOR TITLE INSURANCE SCHEDULE A (CONTINUED) ORDER NO. : 1409 007820718 NSC 5. THE LAND REFERRED TO IN THIS COMMITMENT IS DESCRIBED AS FOLLOWS: LOT 40 IN STEELE'S MORTON GROVE HIGHLANDS, BEING A SUBDIVISION OF LOTS 5 AND 7 IN GEORGE GABEL'S HEIRS SUBDIVISION OF THAT PART OF THE NORTH 1/2 OF THE SOUTH 2/3 OF THE SOUTH 1/2 OF SECTION 18, TOWNSHIP 41 NORTH, RANGE 13 EAST OF THE THIRD PRINCIPAL MERIDIAN, LYING EAST OF THE CENTER OF THE NORTH BRANCH ROAD (EXCEPT THAT PART CONVEYED TO THE CHICAGO MILWAUKEE AND ST. PAUL RAILROAD COMPANY) IN COOK COUNTY, ILLINOIS RNRL.EOAL JL1 PAGE A2 JL1 07/21/99 16:19:09 CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE B ORDER NO. : 1409 007820718 NSC 1. IF EXTENDED COVERAGE OVER THE FIVE GENERAL EXCEPTIONS IS REQUESTED, WE SHOULD BE FURNISHED THE FOLLOWING: A. A CURRENT ALTA/ACSM OR ILLINOIS LAND TITLE SURVEY CERTIFIED TO CHICAGO TITLE INSURANCE COMPANY; B. A PROPERLY EXECUTED ALTA STATEMENT; C. UTILITY LETTERS FROM THE MUNICIPALITY OR COUNTY (IF UNINCORPORATED) , LOCAL GAS, ELECTRIC AND TELEPHONE COMPANIES AND IF APPLICABLE, THE LOCAL CABLE TELEVISION COMPANY AND WESTERN UNION. MATTERS DISCLOSED BY THE ABOVE DOCUMENTATION WILL BE SHOWN SPECIFICALLY. NOTE: THERE WILL BE AN ADDITIONAL CHARGE FOR THIS COVERAGE. 2. NOTE FOR INFORMATION: THE COVERAGE AFFORDED BY THIS COMMITMENT AND ANY POLICY ISSUED PURSUANT HERETO SHALL NOT COMMENCE PRIOR TO THE DATE ON WHICH ALL CHARGES PROPERLY BILLED BY THE COMPANY HAVE BEEN FULLY PAID. A 3. 1. TAXES FOR THE YEAR(S) 1998 AND 1999 1999 TAXES ARE NOT YET DUE OR PAYABLE. 1A. NOTE: 1998 FIRST INSTALLMENT WAS DUE MARCH 02, 1999 NOTE: 1998 FINAL INSTALLMENT NOT YET DUE OR PAYABLE PERM TAX# YEAR 1ST INST STAT 10-18-310-007-0000 1998 $11,664.18 PAID * * * * • • * * * * • * * * * * * * * * • * * * * * * * * * * * * * * • 4. EASEMENT IN FAVOR OF THE VILLAGE OF MORTON GROVE FOR SANITARY SEWER OVER THE WEST 10 FEET OF LAND AS CONDEMNED IN CASE NO. 150939, CIRCUIT COURT OF COOK COUNTY, ILLINOIS. • 5. EXISTING UNRECORDED LEASES AND ALL RIGHTS THEREUNDER OF THE LESSEES AND OF ANY PERSON OR PARTY CLAIMING BY, THROUGH OR UNDER THE LESSEES. ✓ 6. WE SHOULD BE FURNISHED A STATEMENT THAT THERE IS NO PROPERTY MANAGER EMPLOYED TO MANAGE THE LAND, OR, IN THE ALTERNATIVE, A FINAL LIEN WAIVER FROM ANY SUCH PROPERTY MANAGER. ` c 7. IN ORDER THAT WE MAY INSURE TITLE AFTER COMPLETION OF AN EMINENT DOMAIN �I( PROCEEDING TO ACQUIRE FEE TITLE TO THE LAND OR A LESSER INTEREST THEREIN, WE RNRCRI JL1 PAGE B1 JL1 07/21/99 16:19:09 CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE B (CONTINUED) ORDER NO. : 1409 007820718 NSC NOTE THE FOLLOWING: (A) NOTHING CONTAINED HEREIN SHOULD BE CONSTRUED AS INSURING THE POWER OR RIGHT OF THE PLAINTIFF TO CONDEMN THE LAND; (B) OUR POLICY, WHEN ISSUED, WILL BE MADE SUBJECT TO DIRECT ATTACK UPON THE JUDGMENTS AND ORDERS ENTERED IN THE CASE; (C) UPON FILING OF THE COMPLAINT, A PROPER LIS PENDENS NOTICE SHOULD BE RECORDED IN THE OFFICE OF THE RECORDER OF DEEDS IN THE COUNTY IN WHICH THE LAND IS LOCATED; (D) THE FOLLOWING NECESSARY PARTIES SHOULD BE JOINED IN THE CONTEMPLATED PROCEEDING IN ORDER THAT WE MAY INSURE THAT THEIR INTERESTS WILL BE AFFECTED: (1) ALL PERSONS ACQUIRING RIGHTS IN THE LAND SUBSEQUENT TO THE DATE OF THIS COMMITMENT AND PRIOR TO THE TIME A COMPLETE LIS PENDENS NOTICE HAS BEEN RECORDED/FILED; (2) ALL PERSONS, OTHER THAN THOSE NAMED HEREIN, KNOWN BY PLAINTIFF OR PLAINTIFF'S ATTORNEY TO HAVE OR CLAIM TO HAVE AN INTEREST IN THE LAND; (3) ALL PERSONS IN POSSESSION OF THE LAND. (4) GABRIEL E. MORGAN, AS RECORD OWNER; (5) PROPERTY MANAGERS, IF ANY; (6) LESSEES UNDER UNRECORDED LEASES, IF ANY; (7) UNKNOWN OWNERS; (8) NON-RECORD CLAIMANTS NOTE: IF IT IS KNOWN THAT ANY OF THE NECESSARY PARTIES LISTED HEREIN ARE DECEASED, THEIR HEIRS OR LEGATEES SHOULD BE MADE PARTIES BY NAME IF KNOWN, AND IF UNKNOWN, THEN BY THE NAME AND DESCRIPTION OF "UNKNOWN HEIRS OR LEGATEES OF" SUCH DECEASED PERSON OR PERSONS. IF IT IS NOT KNOWN OR CANNOT BE ASCERTAINED WHETHER ANY OF SAID PARTIES ARE LIVING OR DEAD, THEN SUCH PARTIES SHOULD BE MADE PARTIES BY NAME, AND SUCH PERSON(S) AS WOULD BE THEIR HEIRS OR LEGATEES SHOULD ALSO BE MADE PARTIES TO THE PROCEEDING AS "UNKNOWN OWNERS. " IN THIS CONNECTION WE DIRECT YOUR ATTENTION TO SECTION 2-413 OF THE CODE OF CIVIL PROCEDURE. NOTE: IN THE EVENT THAT THERE ARE ANY PERSONS WHO ARE NECESSARY PARTIES TO THE CONTEMPLATED PROCEEDING, BUT THE NAMES OF SUCH PERSONS ARE UNKNOWN AND UNASCERTAINABLE, THEN, AND IN THAT EVENT ONLY, SUCH PERSONS SHOULD BE MADE PARTIES UNDER THE DESCRIPTION OF "UNKNOWN OWNERS, " UNLESS THE CONTRARY IS HEREIN INDICATED. THE QUESTION OF THE COMPANY'S WILLINGNESS TO RELY ON THE DESIGNATION OF "UNKNOWN OWNERS" TO INSURE OVER THE INTEREST OF AN UNRECORDED MECHANICS' LIEN CLAIMANT, IF ANY, SHOULD BE SUBMITTED TO AN UNDERWRITER. RCSCHRCO PAGE B 2 JL1 JL1 07/21/99 16:19:09 CHICAGO TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE B (CONTINUED) ORDER NO. : 1409 007820718 NSC (E) ADDITIONAL INFORMATION, IF ANY: NOTE: IN ORDER FOR THE COMPANY TO INSURE OVER THE LIENS OF REAL ESTATE TAXES AND SPECIAL ASSESSMENTS AND THE RIGHTS OF ANY TAX PURCHASER NAMED HEREIN AFTER THE COMPLETION OF THE CONTEMPLATED PROCEEDING, THE COUNTY COLLECTOR'S WARRANT BOOKS AND THE MUNICIPALITY'S SPECIAL ASSESSMENT RECORDS MUST BE MARKED APPROPRIATELY, ANY TAX DEED PROCEEDING NOTED HEREIN MUST BE DISMISSED AND ANY OUTSTANDING CERTIFICATE OF PURCHASE MUST BE CANCELLED. NOTE: THE CONTEMPLATED PROCEEDING MAY AFFECT THE RIGHTS OF ONLY THOSE PARTIES NAMED HEREIN IN PARAGRAPH "D" AS NECESSARY PARTIES. THE POLICY, WHEN ISSUED, WILL BE SUBJECT TO THE RIGHTS OF ALL OTHER PARTIES AND INTERESTS SHOWN IN THIS COMMITMENT, INCLUDING, BUT NOT LIMITED TO, EASEMENTS, COVENANTS, CONDITIONS, RESTRICTIONS, AND THE RIGHTS OF PUBLIC OR QUASI-PUBLIC UTILITIES IN THE LAND, IF ANY, UNLESS SATISFACTORY DISPOSITION THEREOF IS OTHERWISE MADE OR UNLESS OTHERWISE EXPRESSLY STATED HEREIN. ** END •* 1 RCSCfBCO PAGE B 3 JL1 JL1 07/21/99 16:19:09 JAMES P. FOLEY ASSOCIATES, INC. APPRAISAL of Suburban Motel 9111 North Waukegan Road Morton Grove, Illinois - i - JAMES P. FOLEY ASSOCIATES, INC. 180 WEST WASHINGTON STREET • CHICAGO, A SS C, 60602 . TELEPHONE (312) 346-6288 Real Estate Appraisers • Real Estate Consulsaats October 9, 1995 Village of Morton Grove 6101 Capulina Avenue Morton Grove, Illinois Attn: Mr. Larry N. Arft Village Administrator Gentlemen: At your request, we have developed a Complete Appraisal and prepared a Self-Contained Appraisal Report of the following described property: ADDRESS Suburban Motel 9111 North Waukegan Road Morton Grove, Illinois LEGAL DESCRIPTION As recited herein. LAND An irregularly shaped parcel of land situated on the East side of Waukegan Road approximately 309 feet South of its inter- section with Church Street and commonly known as 9111 North Waukegan Road, Morton Grove, Illinois with frontage of approximately 180 feet on the East side of Waukegan Road to a maximum depth of 289 feet and containing approximately 46,580 square feet, or 1 .07 acres, zoned "C-2", Service Commercial District by the Village of Morton Grove, Illinois. IMPROVEMENTS A 75-unit, two-story and full basement, brick and masonry, limited service, budget motel facility, built in about 1961 and containing approximately 32,500 square feet of building area above grade together with approximately 32,000 square feet of asphalt paved parking and driveway areas to accommodate about 60 automobiles, as well as all the furniture, fixtures and equipment, incidental to its operation. I - ii - 1 JAMES P. FOLEY ASSOCIATES, INC. It is the opinion of the Appraisers that the Market Value of the Suburban Motel, commonly known as 9111 North Waukegan Road, Morton Grove, Illinois, in Fee Simple, free and clear of all encumbrances, all as described herein, as of June 8, 1995; was: ONE MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($1,500,000.) 1 Respectfully submitted, JAMES P. FOLEY ASSOCIATES, INC. C?d-cr 1 J. s P. Foley, SRPA, M Ifit J.( e o , III 1 JPF:jc • I I I I I I I - iii - U JAMES P. FOLEY ASSOCIATES, INC. 4 TABLE OF CONTENTS II INTRODUCTION 4 Title Page 1 Letter of Transmittal ii II DESCRIPTION, ANALYSIS AND CONCLUSION Certification 1 Purpose of Appraisal 3 Scope of Appraisal 3 Marketing Time 4 I Definition of Value 5 Address of Property 6 Legal Description 6 I Property Assessment Data 7 Property Ownership History 7 Location Data 8 Highest and Best Use 11 I Site Data 13 Description of Improvements 20 Cost Approach to Value 24 I Income Approach to Value 26 Market Data Approach to Value 37 Reconciliation and Conclusion 41 I Limiting Conditions 43 Qualifications of the Appraisers 44 IADDENDA Map of Chicago 48 I Map of Area 49 Map of Morton Grove 50 Map of Area 51 I Zoning Map 52 Sidwell Map 53 Flood Insurance Rate Map 54 Plat of Survey 55 IPhotographs 56 I I • - iv - I JAMES P. FOLEY ASSOCIATES, INC. r I CERTIFICATION r I certify that, to the best of My Knowledge and Belief: 1 The statements of fact contained in this Report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and Limiting Conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. 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. rMy 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. My analyses, opinions, and conclusions were developed, and this Report has been prepared in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice and the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. The use of this Report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 1 As of the date of this Report, I have not completed the voluntary requirements of the continuing education program of the Appraisal Institute. I have not made a personal inspection of the property that is the subject of this Report. Significant professional assistance and collaboration was provided only by and with the signatories of this Report and respective administrative staffs. Ons.4.4 Careagr J- P. Foley, SRPA, M 1 1 I JAMES P. FOLEY ASSOCIATES, INC. CERTIFICATION I certify that, to the best of My Knowledge and Belief: The statements of fact contained in this Report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and Limiting Conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. 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 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. My analyses, opinions, and conclusions were developed, and this Report has been prepared, in conformity with the Uniform Standards of Pro- fessional Appraisal Practice. I have made a personal inspection of the property that is the subject of this Report. No one provided significant professional assistance to the person signing this Report other than the Signatories of this Report. ll� � a / . -y, 1II ois Stat- Certified General Real Property Appraiser #153-001046 - 2 i JAMES P. FOLEY ASSOCIATES, INC. ' PURPOSE OF APPRAISAL The purpose of this Appraisal is to estimate the Market Value of the ISuburban Motel commonly known as 9111 North Waukegan Road, Morton Grove, Illinois, in Fee Simple, free and clear of all encumbrances, all as described herein, as of June 8, 1995, to assist the Village of Morton Grove, Illinois in ' evaluating the subject property relative to the redevelopment of selected areas within the Waukegan Road Tax Incremental Financing District. SCOPE OF APPRAISAL This Appraisal is based upon information obtained from public records ' and various other data sources as identified and an exterior inspection and subsequent analysis of the neighborhood, area and the comparable sales, as well as a physical interior and exterior inspection of the subject property. Replace- ment cost estimates are based on Marshall Swift and the estimated effective ' age and depreciation on the actual age and condition of the improvements as ' well as appraisal experience and judgement. Significant financial data, speci- fically actual income, average daily rates, occupancy and expenses were not disclosed and therefore projected income, occupancy and expenses utilized in arriving at an estimate of net annual income were based on competitive or ' comparable properties, where available, as well as appraisal experience and judgement. 1 1 - 3 U JAMES P. FOLEY ASSOCIATES, INC. MARKETING TIME The reasonable marketing time is a function of price, time, use and anticipated market conditions such as changes in the cost and availability of funds; not an isolated estimate of time alone. U Marketing time occurs after the effective date of the Market Value estimate and the marketing time estimate is related to, yet apart from the U Appraisal Process. Based on our present observations of both the local and national economics, as well as consultation and discussions with knowledgeable invest- ment/equity real estate brokers, it is our opinion that a reasonable marketing time for the Suburban Motel, 9111 North Waukegan Road, Morton Grove, Illinois would be approximately 12 months. U U U U U U U _ 4 - U JAMES P. FOI.EY ASSOCIATES, INC. • U DEFINITION OF VALUE U The term "Market Value", as used herein, is defined as "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 best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or 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 con- cessions granted by anyone associated with the sale".(1) (1) Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation, 1995 Edition, Page 7 I I a R 111 - 5 - I JAMES P. FOLEY ASSOCIATES, INC. I ADDRESS OF PROPERTY r 9111 North Waukegan Road Morton Grove, Illinois I I LEGAL DESCRIPTION The North 180 feet of the West 329 Feet, (except the West 40 feet thereof measured at right angles to the center line of Waukegan Road, and also except the North 40 feet of the East 136 feet thereof) of Lot 5 in Dilg's Subdivision of the North third of the Southeast quarter; the South 303.6 feet of the North 660 feet of the Southwest quarter, the South 220 feet lying East of the center of North Branch Road of the North 880 feet of said Southwest quarter and the 458.6 feet lying South and adjoining the North 660 feet of said Southwest quarter and lying between the center of the North Branch Road and the West line of the Old Telegraph Road, all being in Section 18, Township 41 North, Range 13 East of the Third Principal Meridian, in Cook County, Illinois. I I I I - 6 - I JAMES P. FOLEY ASSOCIATES, INC. I PROPERTY ASSESSMENT DATA 1 The property is identified in Cook County by Permanent Index Number 10-18-310-031 -0000 and the following is a summary of various assessment data compiled from the public records: I Assessors Assessed Assessed Market Value Equalized Tax Rate Real Estate Value* (38%) (2.1407) per $100. Taxes 1993 $660,000. $250,800. $536;888. $8.237. $44,223. *as of the previous January 1st 1994 real estate taxes payable during 1995 are due in two installments in March and August. The first installment is estimated on the basis of 1 /2 of ' the previous year and the second installment reflects the current state equal- ization factor and local tax rate. The tentative 1994 State Equalization Factor is 2.1135. PROPERTY OWNERSHIP HISTORY ' The subject property was acquired by Deed dated 1982 and recorded as Document Number 25113640 from the First Bank of Oak Park, as Trustee, to Double C Enterprises, Inc. for $810,000., and according to the public records the ' ownership interests have not been transferred since that time. We are unaware of any current lisiting or purchase and sale agreement. 1 1 1 I JAMES P. FOLEY ASSOCIATES, INC. I LOCATION DATA I The Suburban Motel is located in the Village of Morton Grove approxi- Imately 15 miles Northwest of downtown Chicago in Cook County in Chicago's • near North suburban area. With more than 7.4 million residents in the six-county Chicago Standard Metropolian"Statistical Area, as of 1992, Chicago is the third largest metro- politan area in the country, the dominant population center in the midwest and Nan international center for finance, transportation, industrial production, whole- sale and retail trade and technology. Morton Grove is located approximately 15 miles northwest of the Chicago Loop and about ten-miles north and east of O'Hare International Airport. The current population of Morton Grove is about 22,400 and average income is about $65,295. The Villages of Glenview and Golf are to the north, Skokie to the east and Niles to the west. The portion of Morton Grove east of Harlem Avenue is in Niles Township; the portion west of Harlem Avenue is in IMaine Township. Interstate 294 (Tri-State Tollway), three-miles west of Morton Grove, runs north towards Wisconsin and south to and past the airport. Interstate 94 (Edens Expressway) is located in the eastern part of the Village and runs north into Wisconsin and south through and past downtown Chicago (Kennedy and Dan Ryan Expressways). The Morton Grove Police Department maintains a force of 46 sworn officers and the fire department staffs 42 trained fire-fighters and paramedics operating out of two fully-manned stations. I - 8 JAMES P. FOLEY ASSOCIATES, INC. The Park District operates and maintains 12 parks with a total of 65 acres throughout the Village. Facilities include outdoor olympic-size swimming pools, twelve outdoor tennis courts and nine outdoor basketball courts. Harrer Park, the district's largest park, includes a 1/2 mile lighted walking and jogging path and a 3,000 plus square foot open air shelter which is used for day camps, summer concerts and other special events. Prairie View Community Center Ioffers a full-service Fitness Club with a membership of 2,000. Most Morton Grove homes are either ranches or split-levels. Ranches usually sell from $120,000. to over $380,000. while split-levels cost between $140,000. and $420,000. Colonials are available, starting at $200,000. and going- up to $450,000. The average home sold for $189,598. in 1994. Luxury condominiums range in price from $145,000. to $160,000. One-bedrooms start at $65,000. The construction of new townhouses on Lincoln Avenue began in 1994 Iand cost from $225,000. to $260,000. Older townhouses can be found for $180,000. to $200,000. Apartments rent for between $575. and $800. Five elementary school districts serve the village as well as Niles West High School and Maine Township High School. Metra's Milwaukee north line stops in Morton Grove and provides daily commuter rail service between Union Station in downtown Chicago and Fox Lake. IPace Suburban Bus Service provides direct service to downtown Chicago and travels through Morton Grove between Des Plaines and Evanston, providing connecting service to the Skokie Swift and North-South "L", and operates on Harlem Avenue to the O"Hare CTA station where Rapid Transit service to O'Hare International Airport and downtown Chicago is available. I I 1 JAMES P. FOLEY ASSOCIATES, INC. Morton Grove is a stable community with a diversified economic, indus- trial and employment base, a good education system, municipal and health care services, desirable and affordable housing, a variety of shopping and leisure activities and an excellent location with respect to the Metropolitan area's transportation amenities. • I I I I 1 1 I 1 I I I I I - 10 - 1 JAMES P. FOLEY ASSOCIATES, INC. HIGHEST AND BEST USE Highest and Best Use is 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 reasonably probable and legal alternative uses; found to be physically possible, appropriately supported, financially feasible, and which results in highest land value." The definition immediately above applies specifically to the Highest and Best Use of land. It is to be recognized that in cases where a site has existing improvements on it, the Highest and Best Use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until land value in its Highest and Best Use exceeds the total value iof the property in its existing use. Implied within these definitions is recognition of the contribution of that specific use to community environment or to community development goals in addition to the wealth maximization of individual property owners. Also implied is that the determination of Highest and Best Use results from the Appraiser's judgment and analytical skill, i.e., that the use.determined from analysis represents an opinion, not a fact to be found. In Appraisal practice, the concept of Highest and Best Use represents the premise upon which value is based. In the context of most probable selling price (Market Value) another appropriate term to reflect Highest and Best Use would be most probable use. In the context of investment value an alternative term would be most profitable use.(1) 1 (1) Real Estate Appraisal Terminology, Ballinger Publishing Company, 1981, Cambridge, Massachusetts, Pages 107 and 108 - 11 - I JAMES P. FOLEY ASSOCIATES, INC. • 1 I Generally, there are four tests which must be made in any analysis of Highest and Best Use; these are: 1. Legally Permitted: The Village of Morton Grove has a zoning ordinance with which any development must comply, as well as with all other local and regional building and fire codes, and the existing improvements are permitted under the "C-2", Service Commercial District zoning classification as a Special Use. 2. Physically Possible: There are no apparent restrictions as a result of this parcel's physical characteristics, including size, shape, frontages, topography or soil conditions which would have prevented its development with the existing motel or a variety of other commercial uses. 3. Economically Feasible: The forces of supply and demand would seem to dictate the continued use of this site as a limited service budget motel, until such time as re-development of the site is indicated. 4. Most Profitable: The maximally productive use in relation to the other tests would seem to warrant the continued use of this property for a motel facility, or some alternative use permitted under the existing "C-2", Service Commercial District zoning classification. Therefore, based upon our review and analysis of the aforementioned, as well as all other factors considered germane, it is our opinion that the present use of the site, for a limited service, budget motel facility represents the Highest and Best Use of the site, as improved, on an interim basis until such time as re-development of the site is feasible. I - 12 = i JAMES P. FOLEY ASSOCIATES, INC. SITE DATA The site of the Suburban Motel is situated on the east side of Waukegan ' Road approximately 309 feet south of its intersection with Church Street and commonly known as 9111 North Waukegan Road, Morton Grove, Illinois. It is an ' irregularly shaped parcel of land with frontage of approximately 180 feet on the ' east side of Waukegan Road to a maximum depth of 289 feet and containing approximately 46,580 square feet, or 1 .07 acres, zoned "C-2", Service Corn- ' mercial District by the Village of Morton Grove and permitting motels as a Special Use. The site is level and at grade with Waukegan Road and in the absence of soil boring tests, it is assumed that no unusual subsoil conditions exist, or if any did they have been corrected through the use of modern construction ' techniques. All the usual public and private utilities are available to and in use at the site. The easternmost boundary of the site has frontage along the west ' side of New England Avenue where it reaches a high point of about 5 feet above grade at the northeast corner and is supported by a concrete retaining wall. Waukegan Road is an 80-foot wide asphalt and concrete paved north/ tsouth right-of-way with concrete curbs, gutters and sidewalks and overhead lighting. ' According to the Flood Insurance Rate Map prepared by the National Flood Insurance Program for the Village of Morton Grove, Illinois (Cook County), known as Community Panel 170128 0005 B (only panel printed), dated June 15, 1 1 - 13 - I JAMES P. FOLEY ASSOCIATES, INC. 1979 and currently effective for this community, the site is located in an area having zone designation "C". Zone Designation "C" is defined as "Areas of Minimal Flooding". 4 Although we have not reviewed a Phase I Preliminary Environmental Site Assessment for the subject property, for the purpose of this analysis, we have assumed there are no hazardous materials or conditions present which would rn affect value. Further, for the purpose of this analysis, we have excluded any affect the location of this property within the Waukegan Road Tax Incremental Financing District may have on value. In order to estimate the Market Value of the site, we have reviewed various sales of similar parcels of vacant land which we consider to be suf- ficiently comparable to and indicative of the Market Value of the site including the following: 1. A parcel of land situated at the northeast corner of West Touhy Avenue and North Melvina Avenue and commonly known as 6150 West Touhy Avenue, Niles, with frontage of approximately 665 feet on the north side of West Touhy Avenue and 1,356 feet on the east side of North Melvina Avenue and containing approximately 1 ,001,880 square feet or 23.0 acres, zoned "M", was reportedly sold during May of 1995 by Northwestern Mutual Life Insurance Company to Dayton Hudson and American National Bank, as Trustee, for $12,000,000., or $11 .98 per square foot. The existing 423,000 square foot industrial building was subsequently razed and the property was rezoned to "B-2" to permit the recently completed Target and Builders Square and tax incre- mental financing was obtained. (P.I.N. 10-29-307-003; Doc. #95176515) S - 14 - I. JAMES P. FOLEY ASSOCIATES, INC. 2. A parcel of land situated at the southwest corner of Greenwood Avenue and Elm Drive and commonly known as 9530 Greenwood Avenue in Unincorporated Cook County (Niles Post Office) with frontage of approximately 651 feet on the west side of Greenwood Avenue to a maximum depth of 297 feet, and containing approximately 143,000 square feet, or 3.28 acres, zoned Commercial was reported sold during March of 1994 by TMK Development, Ltd., Ito Best Buy Company, Inc. for $2,800,000., or $19.58 per square foot. This 1 parcel was subsequently improved with a Beat Buy discount home electronics and appliance store. (P.I.N. 09-1 4-1 11-021 through -025 di -004 through -006; Doc. ii 94260547) 3. A vacant parcel of land situated on the south side of Golf Road, approximately 896 feet west of its intersection with Western Avenue and commonly known as 8915 Golf Road in Unincorporated Cook County (Des Plaines Post Office), with frontage of approximately 66 feet on the south side of Golf Road to a depth of approximately 605 feet and containing approximately 39,900 square feet, zoned business by Cook County was reported sold during December of 1993 by Pioneer Bank and Trust Co., as Trustee, to American National Bank and Trust Company, as Trustee, for $300,000., or $7.52 per square foot. This parcel was subsequently improved with a 3-story medical office building. (P.I.N. 09-15-201-019; Doc. 1193013001) 4. A vacant parcel of land situated on the south side of Lincoln Avenue approximately 95 feet East of its intersection with Georgiana Avenue and commonly known as 6135-6143 Lincoln Avenue in Morton Grove, with frontage of approximately 160 feet to a depth of approximately 125 feet and containing approximately 23,907 square feet, or .55 acres zoned "B-2", Service - 15 - • JAMES P. FOLEY ASSOCIATES, INC. Business district was reported sold during November of 1993 by the Catholic Bishop of Chicago to Jerry Weiss for $225,000., or $9.41 per square foot. This parcel was subsequently improved with the 10-unit Brittany Court Townhome Condominiums. (P.I.N. 10-20-122-003 & 10-20-122-031; Doc. 4193942207) 5. A parcel of land situated on the north side of Golf Road, approximately 245 feet east of its intersection with Western Avenue and commonly known as 8750 Golf Road in Unincorporated Cook County (Des Plaines Post Office) with frontage of approximately 175 feet on the north side of Golf Road to a depth of 537 feet and containing approximately 93,975 square feet, or 2.16 acres, zoned Commercial was reported sold during May of 1993 by Jefferson State Bank, as Trustee, to General Mills Restaurants, Inc. for $950,000., or $10.11 per square foot. This parcel was subsequently improved with an Olive Garden restaurant. (P.I.N. 09-11-300-014 & -015; Doc. #93392405) 6. A parcel of land situated on the west side of Milwaukee Avenue between Touhy Avenue and Newark and commonly known as 7120 North Milwaukee Avenue in Niles, and containing approximately 60,984 square feet, or 1.40 acres zoned "8-2" was reported sold during July of 1992 by Capri Motel Corporation to Parkway Bank and Trust Company, as Trustee, for $800,000., or $13.12 per square foot. This parcel was the site of the former Capri Motel and was subsequently improved with the 60-unit Park Place Condominium apartment building. (P.I.N. 10-31-101-003 & 10-31-101-033; Doc. 4193250100 recorded April 5, 1993) 7. A vacant parcel of land situated at the southwest corner of Waukegan Road and Beckwith Road and commonly known as 9246 Waukegan Road in Morton Grove with frontage of approximately 110 feet on the west side - 16 - i 4. JAMES P. FOLEY ASSOCIATES, INC. of Waukegan Rod to a depth of 160 feet and containing approximately 17,644 t square feet zoned "C-2", was reported sold during June of 1991 by CarCare Enterprises, Inc., to Morris Aron for $250,000., or $14.17 per square foot. This parcel was subsequently improved with a Just Tires sales and service facility. (P.I.N. 10-18-106-043; Doc. #91286916) tThe following is a summary of the aforementioned sales: 1 1 t I I I 1 1 I I I I - 17 - MI A VI c H PI 0 e L 00 .... a C m 7 C Q E U a L. u y al I U I m O c m i V m , n. F oLLo d i v F m CO O Co. n VI I.. v at.] T h N 4. N N O OS N. as O 1+1 IA— VI VY A VT +A +? a. LY. Col = - N N N S) m A U m U = N - - - h Ln W J Q U O n W S n Q • Q U L C Q L n1 0 1n O T T O T h T+, T p it' Z H N 7 ON N 0% '0 Q a a LU a m U p C O O 0 O O .� • p 00 O O O O O 0 0 csi 0 O h O O O in 4 3 V O p= N 0\ 00 N NI N N U of tn. v? Y1 i/T of +A w 0 h .7 m M - N O d \ \ \ \ Cr' \ l0 l! h 1+1 N V1 N. � 0 1 > 41 N of Q < Q Q Lo U o t p u > ) b d u > y 7 a 0 C v •'C' OL L �0 v L F- �+ w e m l7 .1-• 5 3 . V N 3 J (7a o c7 � g 3 0 N O L O N N h t2. O V1 cc V:.! 3D L NO Z O� Z 00 ;O o0 0 n Z Q — N T ? v1 ..O 1■ IN - 18 - N JAMES P. FOLEY ASSOCIATES, INC. Based upon our review and analysis of the aforementioned comparable land sales and after taking into consideration and making adjustments for those factors considered germane including those for date of sale, location, size and Nzoning, etc., it is our opinion that the Market Value of the subject site, as vacant and available for development, approximates $15.00 per square foot, as follows: 46,580 Square Feet (:a $15.00 per Square Foot $698,700. SAY : $700,000. I I I I I I I I I I I - 19 - 1 , JAMES P. FOLEY ASSOCIATES, INC. 1 DESCRIPTION OF IMPROVEMENTS 1 The improvements consist of a 75-unit, two-story and full basement, brick and masonry, limited service, budget motel facility built in about 1961 . ' and containing approximately 32,500 square feet of gross building area above grade together with approximately 32,000 square feet of asphalt paved parking and driveway areas accommodating about 60 automobiles, as well as all the furniture, fixtures and equipment incidental to its operation. I Construction: Reinforced concrete footings, foundation walls and 1 floor slabs. Exterior: Face brick; vertical wood siding at windows; fixed and operable wood window frames; flat, built-up tar and gravel roof; aluminum storefront type window and door frames at front entry. Interior: Floors are carpet over concrete in public areas, hallways and rooms with vinyl base, and vinyl tile in baths; walls are painted, textured finish, panelling and vinyl wall covering over plaster with wood chair rail and ceramic tile in baths; ceilings are painted and textured finish over concrete, plaster and wood; incandescent lighting fixtures in hallways; interior and exterior room doors are solid core wood in wood frames. Heating, Ventilating and Air Conditioning: Each room has thermostatically controlled electric baseboard radiant heating and an individual, 1 through-wall residential-type electric air-conditioning unit; public areas have gas-fired, roof and pad mounted condensor and compressor with forced air distribution via ductwork. - 20 JAMES P. FOLEY ASSOCIATES, INC. I Life Safety: Smoke detectors in each room and in hallways to central alarm system; exit directional signage; emergency fire doors with panic U bars. Electric: 3-phase, 4-wire, 120/240 volt, 600 ampere service; each room has 30-ampere circuit breaker panel. Plumbing: Gas-fired domestic hot water heaters; laundry room has commercial washers and dryers. Parking & Driveway Areas: Approximately 32,000 square feet of asphalt paved parking and driveway areas to accommodate about 60 automobiles. Miscellaneous: Free-standing, one-story, frame storage building containing approximately 500 square feet; approximately 400 lineal feet of 1 4-foot wide covered exterior walkways consisting of poured concrete with steel rnrailings; free-standing brick and masonry lighted sign; full-size commercial indoor, heated swimming pool, 22 feet by 55 feet, located on the basement level with two-story ceiling height and adjacent meeting/banquet room with seating capacity of approximately 50; partial perimeter chain link fence. Furniture, Fixtures & Equipment: All the furniture, fixtures and equipment necessary to the operation of a limited service motel facility, including but not limited to typical guest room furnishings, draperies, lamps, Itelevisions, telephones, front desk/registration, lobby area and office furnishings, office systems, cleaning and maintenance equipment, housekeeping supplies, linens and meeting room furnishings, etc. U I - 21 U JAMES P. FOLEY ASSOCIATES, INC. II • II The floor plan of the facility generally consists of the front entry IIvestibule, front desk/registration area, main lobby area, the former restaurant Ucurrently utilized for storage and 28 guest rooms of which 10 are larger and all of which have both interior corridor and exterior grade level entrance doors. 4. The second floor consists of 28 guest rooms of which 10 are larger and all of which have both interior corridor and exterior balcony walkway entrances IIand 19 guest rooms which are only accessible via the interior stairway from the Ilobby and the interior corridor entrances. The basement consists of the swimming pool, now unuseable, and the Imeeting/banquet room, a former kitchen, former activities room currently utilized for storage, various storage and mechanical rooms and the former pool Ishower and locker rooms. The basement is accessible from the interior stairway Ifrom the lobby and there is a basement exit door at the rear. As presently configured the total guest room count is 75, including 20 Ilarge rooms, 6 with king size beds and 14 with two double beds and 55 small rooms with one double bed. Each room generally consists of either one or two Inight stands with lamps, round table with two chairs, a hanging lamp, television Iset, combination desk/dresser with chair, and a framed picture. Depreciation: Depreciation in terms of real estate is considered as a 1 loss in value. The depreciation loss in value results from three factors, namely, Iphysical deterioration (curable and incurable), functional obsolescence (curable and incurable) and economic obsolescence. Physical loss in value due to dete- Irioration is effected by wear and tear of the property over long periods of time (incurable) and repairs or deferred maintenance (curable). II 1 - 22 - JAMES P. FOLEY ASSOCIATES, INC. • Functional obsolescence can be explained as any loss in value to a property resulting from a deficiency existing from poor design, layout, improper orientation of the building site, etc., which detracts from the desirability of the property (it may be curable or incurable). Economic obsolescence considers such problems as deteriorating neighborhoods, changing vehicular or pedestrian traffic patterns, adverse public laws or regulations and other nebulous factors that tend to influence value which are not restricted to causes within the property itself • but as an outside factor of influence. It should be noted that depreciation considered categorically is a composite or opinion and any property placed on the market obtains its value from reactions of the prospective buyers who, after considering the property's advantages and disadvantages, arrive at their opinion of its desirability in terms of dollars. In estimating depreciation and especially so with newer or fully renovted properties, it is important to bear in mind that the process employed is not a mechanical scientific system, but a composite analysis of human reaction reflected in the market place. Our inspection revealed the improvements to be in fair to poor condition for a facility of this age and type and maintenance levels appear fair. We have estimated physical depreciation assuming a 40-year useful economic life and a 30-year effective age at 75%. Further, we have estimated the replacement cost of the various items of furniture, fixtures and equipment at approximately $5,000. per room, or approximately $375,000., less depreciation estimated in the amount of 80%, or $75,000. - 23 - I JAMES P. FOLEY ASSOCIATES, INC. I 1 COST APPROACH TO VALUE Cost estimates are based upon prevailing labor and material prices in the IState of Illinois and the Chicago Metropolitan areas, as substantiated by various local and national cost indices and include both direct and indirect costs. IImprovements I32,500 Square Feet @ $60.00 per Square Foot $1,950,000. Paved Parking, Driveways, & Landscaped Areas - I32,000 Square Feet @ $1.50 per Square Foot 48,000. I $1,998,000. Less: Depreciation est. @ 75% - All Causes 1,498,500. IIDepreciated Value of Improvements : $ 499,500. Furniture, Fixtures & Equipment (including Office & Lobby) - 75 Rooms 0 $5,000. per Room : $375,000. ILess: Depreciation Est. 0 80% : 300,000. 75,000. Estimated Value of Improvements (including IFurniture, Fixtures & Equipment). $ 574,500. SUMMATION ILand $ 700,000. I Improvements (including Furniture, Fixtures & Equipment) : 574,500. I Indicated Value via Cost Approach (including Furniture, Fixtures & Equipment $1,274,500. SAY : $1,275,000. I I 1 - 24 - I ' JAMES P. FOLEY ASSOCIATES, INC. • In order to further substantiate our estimate of the value of the ' property via the Cost Approach to Value, we have utilized the Marshall Valua- tion Service calculator method to establish a reasonable estimate of cost per ' square foot overall, demonstrated as follows: ' Motels - Class C: Average - Section 12, Page 16, June, 1993 $46.30 per Sq. Ft. ' Current Cost Multiplier - I Section 99, Page 3: March, 1995 Central District, Class C, Section 12 x 1.06 Local Multiplier - ISection 99, Page 7 Chicago ' Class C, July, 1995 x 1.20 $58.89 per Sq. Ft. ISAY $60.00 I I t I I I I I - 25 JAMES P. FOLEY ASSOCIATES, INC. I INCOME APPROACH TO VALUE The ability of an investment property to produce income is a vital consideration in estimating its Market Value. The Income Approach, therefore, involves an analysis of the property and its ability to produce a net annual Iincome in terms of dollars. The net annual income is then converted into capital value utilizing a rate commensurate with the risks inherent in the ownership of the property relative to the rate of return expected on other Iinvestments. The Suburban Motel generates income from one primary source, room rentals, and this revenue is derived predominantly from the leisure, transient, marginally employed and extremely budget oriented traveler and the rates applicable to each source may vary, depending upon the length of stay. We have surveyed rates in various full-service as well as limited-service economy/budget facilities in the Morton Grove market area which are considered sufficiently comparable from which to estimate room rates for the Suburban Motel, and which are summarized as follows: I I I 1 - 26 JAMES P. FOLEY ASSOCIATES, INC. COMPARABLE MOTEL FACILITIES No.of Rooms Single Double Admiral Oasis Motel 164 $24. $24. 9353 Waukegan Morton Grove Best Western 51 $45.- $48.- 9424 Waukegan Rd. $50. $53. Morton Grove Days Inn 150 $47.- $47.- 6450 Touhy $57. $57. Niles Edgebrook Motel 60 $33. $35. 6401 Touhy Chicago Grove Motel 40 $31. $31.- 9110 Waukegan Rd. $33. Morton Grove - 27 I a JAMES P. FOLEY ASSOCIATES, INC. The current quoted daily rates for the Suburban Motel provided by the owner are $38.00 for the king room, $39.00 for the double, and $33.00 for the single, all of which appear entirely reasonable and consistent with rates quoted 1 for the competitive facilities in the Morton Grove area. According to the owner, occupancy ranges from 60% to 70% during the summer and 40% to 45% during the rest of the year. According to data compiled and published by Smith Travel Research for lodging facilities in the Chicago North Market area during the year ended December 31 , 1993 and 1994 occupancy and room rates were 72.8% at $57.97 per day, and 73.5% at $60.20 per day. 3 According to the Hotel/Motel Room Tax Returns filed with the Village of Morton Grove for the Suburban Motel, gross room receipts for the fiscal years ended March 31, 1993, 1994 and 1995, were $228,140., $255,994., and 1 $254,508., respectively. Therefore, we have stabilized the average daily room rate on the basis of $20.00 per day average for all rooms and on the estimated basis of. 55% occupancy, based on the owner's representation and our general observations, as follows: Stabilized Room Revenue: 1 75 Rooms 0 365 Days 27,375 27,375 Available Days @ 55% Occupancy 15,056 1 15,056 Actual Days 0 $20.00 per Day (Avg.) . $301,125. SAY $300,000. I - 28 - JAMES P. FOLEY ASSOCIATES, INC. Additional revenue is generated by telephone sales and other miscel- laneous income, which includes various vending sundry sales and we have sta- bilized telephone and other miscellaneous revenue at approximately $1.00 per 11111 occupied room day, or approximately $15,000., as follows: rnTotal Stabilized Room Revenue : $300,000. Telephone dc Miscellaneous 15,000. Total Effective Gross Annual Revenue : $315,000. In order to project stabilized expenses for the subject property, and in the absence of actual income and expenses for the property, we have based our estimates on a comparative analysis with various reported income and expense data for similar properties. It should be noted that due to the family owned and operated nature of the business, as well as the price level and the excessive depreciation, many of the stabilized expenses may vary significantly from the data reported for 111 franchised facilities and the failure of the owner to disclose actual income and expenses further limits the reliability of projecting expenses for a property of this type. U - 29 - r JAMES P. FOLEY ASSOCIATES, INC. 1 The following is a brief summary of our estimates of stabilized expenses: Operating Expenses - I Rooms Expense: This item of expense includes all applicable salaries and wages, payroll taxes, employee benefits, housekeeping, cleaning supplies, guest supplies, linen replacement, contract maintenance, laundry supplies, exterminating, television service, waste removal, and licenses and fees. We have stabilized this item of expense at 15% of room revenue, or approxi- mately $45,000., in accordance with the average costs indicated by similar properties. indirect Operating Expenses - Management: This item of expense relates to the basic management fee for the property which, in this instance, should range from 3% to 5% of Effective Gross Annual Income. In this instance, we have stabilized the management fee at 2.5% in accordance with similar properties, or approxi- 1 mately $7,900., annually. Administrative k General: This item of expense generally includes all applicable salaries and wages, payroll taxes, employee benefits, contract ' labor, printing and stationery, equipment rental, exterminating, telephone, license and fees, postage, wired music, security service, legal and accounting profes- sional services, dues and subscriptions, auto-travel, personal property insurance, entertainment, donations, credit cards, and sales tax, etc. We have stabilized this item of expense at approximately 3.0% of Effective Gross Annual Income, or approximately $9,500., annually. I - 30 - I JAMES P. FOLEY ASSOCIATES, INC. I Utilities: This item of expense includes all applicable charges for rooms and public areas for electricity, fuel, water, light bulbs, pest control and waste removal, and we have stabilized this item at 4.8% of Effec- tive Gross Annual Income, or $15,000., annually, and $200. per room. Repairs & Maintenance: This item includes all applicable charges Ifor salaries and wages, payroll taxes, employee benefits, contract labor, and uniforms, etc. incurred in maintaining the building, electrical and mechanical systems, furniture and fixtures, floor coverings, air-conditioning and refrig- Ieration, painting and decorating, plumbing and heating, laundry, sign, grounds and landscaping, and televisions. We have stabilized the Repairs and Maintenance Icategory of expense at approximately $150. per room, or $11 ,300. annually and 3.6% of Effective Gross Annual Income. Advertising, Promotion & Sales: This item of expense includes Iall applicable salaries, wages, payroll taxes, employee benefits, advertising and reservation, sign leases, newspaper, magazine and direct outdoor advertising, general promotional expense, printing and stationery, telephone entertainment, professional services, travel and any applicable franchise fees. We have sta- bilized this item of expense at approximately 1.0% of Effective Gross Annual Income, or $3,200., annually and $43. per room. Reserves for Replacement - IReserves: This expense relates to the replacement and I extraordinary repair of items essential for the protection of the real estate operating income, such as floor coverings, carpeting, drapes, structural and Imechanical systems including the roof. While Reserves for Replacements are usually not readily recognizable in the expense statements prepared by owners of I - 31 - 1 JAMES P. FOLEY ASSOCIATES, INC. real property, sometimes they will be categorized along with ordinary repairs. > For the purpose of this Report, we have attempted to segregate these charges from the ordinary repairs contained in the ordinary repairs and maintenance category of similar properties, and have estblished a separate category reflecting only replacements and extraaordinary expenses. In this instance, we have stabilized Reserves for Replacements at appproximately 1 .0% of Effective Gross Annual Income; or $3,200., annually, and $52. per room. Fixed Expenses - I Insurance: This item of expense includes all general public liability and fire and extended coverage premiums, and we have stabilized this expense at $7,500., annually, or $100. per room. Real Estate Taxes: This item includes all one-year charges for Real Estate Taxes, and we have based our estimate of stabilized taxes upon Cook County assessment procedures. Utilizing the 1994 assessor's estimate of Market Value of $660,000. and 1993 combined tax rate of $8.237. per $100. of assessed value at 38% of value, and a state equalization factor of 2.1407, real estate taxes would approximate $44,223., and we have stabilized taxes at $45,000. In this instance, real estate taxes are based upon the assessed valuation of the property as of January 1, 1994 and payable in two installments in March and August of 1995. Since the appropriate state equalization multiplier and local tax rates are not available until after March, the first installment is based upon one-half of the preceding year's total. Further we have reviewed various 1993 assessment data for various properties in the market area including the following: I - 32 - I , JAMES P. FOLEY ASSOCIATES, INC. Equalized Real Assessor's Assessed Assessed Estate Taxes IMarket Value Value Value Taxes per Rm. The Grove Motel $ 757,997. $288,039. $ 616,605. $ 50,790. $1,270. fAdmiral-Oasis Motel $1,380,947. $524,760. $1,123,354. $ 92,531. $ 564. • The following is a summary of our estimates of Stabilized Income and Expenses: • I I I I - 33 - JAMES P. FOLEY ASSOCIATES, INC. I IThe following is a summary of our estimates of stabilized income and expenses: ISTABILIZED INCOME AND EXPENSES 75 Rooms I 55% Occupancy $20.00 Average Daily Rate 27,375 Available Rooms 5,056 Occupied Rooms I Gross Revenue IAnnual Room Revenue @ 55% Occupancy : $300,000. Telephone & Miscellaneous I5,000. • 1 Total Effective Gross Annual Revenue : $315,000. Less Expenses: IOperating Expenses - IRooms Expense $45,000. Total Operating Expenses : $45,000. IIndirect Expenses Management $ 7,900. I Administrative & General 9,500. Utilities 15,000. Repairs & Maintenance 11,300. .I Advertising, Promotion & Sales 3,200. Total Indirect Expense : $46,900. IReserves for Replacements 3,200. Fixed Expenses - 1 • Insurance : $ 7,500. Real Estate Taxes • 45,000. ITotal • 52,500. TOTAL - ALL EXPENSES 147,600. INet Annual Income $167,400. I I - 34 - JAMES P. FOLEY ASSOCIATES, INC. ICapitalization Rate Analysis: Regarding the valuation of investment Iproperties, numerous methods are available for interpreting Market Value by the capitalization process of Income Approach to Value. Properly applied, these capitalization methods fall within a reasonably close range; variances arise due ' to differences in assumptions about the manner in which income is received and applied to interest and recapture. The selection of a capitalization rate Irequired consideration of two distinct factors: (1) the rate involved in current purchases of similar properties; and (2) the comparative risk inherent to other properties which are available for investment. The capitalization rate itself reflects various considerations which include location, income benefits, tenancy, age and an obsolescence factor to whatever degree of future risk may apply as an investment. Our analysis for the selection of a property capitalization rate for the subject property has been made using the Mortgage-Equity Method, Weighted Rate. The Mortgage-Equity method develops a direct overall weighted rate by 1 evaluating the fractional rates of mortgage and equity when either known or readily quoted in the investment market. The portion of the debt service applicable to mortgage amortization substitutes for annual recapture installments from the owner-investor's viewpoint. Recapture not received during this period of ownership is recovered when the property is sold, and equity will grow to the 1 extent that the amortization exceeds any loss in property value. 1 I - 35 I JAMES P. FOLEY ASSOCIATES, INC. The mortgage constant (the factor for annual debt service of prinicpal and interest) is multiplied by the percentage of mortgage, and the equity percentage is multiplied by the expected equity return in order to develop the overall weighted capitalization rate. To further demonstrate this Approach, we must arrive at a realistic mortgage term that is obtainable with the subject property as security, and also a rate of return expected on the equity portion. In reviewing patterns of mortgage loan terms, the appraisers believe that a realistic loan could be obtained at an interest rate of 10.5% for a term of 25 years, perhaps with a balloon payment in 3 to 5 years at a loan to value ratio of 75%. The constant for this rate and term is .1134. Expected equity return should range from 8% to 12%, or, in this instance, say 10%. With this information, an overall weighted capitalization rate is demonstrated as follows: 75% Mortgage x .1134 Constant : .0851 Mortgage or Debt Requirement 25% Equity x 10% .0250 Equity Requirement Overall Weighted Rate .1101 SAY 11 % 1 CAPITALIZATION INet Annual Income . $ 167,400. Capitalized @ 11% Overall Weighted Rate Indicated Value via Income Approach $1,521,818. SAY $1,525,000. I I I36 JAMES P. FOLEY ASSOCIATES, INC. MARKET DATA APPROACH TO VALUE This Approach is based upon the Principle of Substitution, i.e., when property is replaceable in the market, its value tends to be no more than the cost of acquiring an equally desirable substitute property, assuming no costly delay in making the substitution. Since no two properties are ever identical, the necessary adjustments for the differences in quality, location, size, services and market appeal are a function of appraisal experience and judgement. ` Although we were unable to review any sales of ideally comparable hotel 1 facilities, we have reviewed various sales of hotel/motel properties which have ' occurred in the North suburban area which we consider somewhat comparable to Iand indicative of the Market Value of the Suburban Motel, including the fol- lowing: ' 1. Edgebrook Motel, 6401 West Touhy Avenue, Chicago: A 60-unit, 2-story, brick and masonry motel built in about 1960, on an approximate I .51-acre site zoned "B4-1" and "R3" was reported sold during August of 1994 by ' the First National Bank of Niles, as Trustee, to the First National Bank of Niles, as Trustee, for $1,290,000., or $21,500. per room (P.I.N. 10-31-208-041 k -043; Doc. #94708739) 2. Summit Motel, 5308 North Lincoln Avenue, Chicago: A 44-unit, 2-story brick and masonry motel, containing approximately 33,800 square feet of building area and built in 1964 on an approximate .53-acre site, zoned "B4-2", was reported sold during September of 1993 by LaSalle National Bank, as Trustee, to ANTE CUVALO for $1 ,000,000., or $22,727. per room: (P.LN. 13-12-224-031; Doc. 1/93724349) I 1 - 37 1 JAMES P. FOLEY ASSOCIATES, INC. I 1 3. Grove Motel, 9110 Waukegan Road, Morton Grove: A 40-unit, 1 2-story, brick and masonry motel built in around 1960 on an approximate .89-acre site zoned "C-2", was reported sold during May of 1988 by Grove Investors, Inc., to La Salle National Bank as Trustee, for $1 ,140,000., or $28,500. per room including approximately $146,000. allocated to personal property. The seller reportedly provided new first mortgage financing in the amount of $840,000., on a 10-year amortization schedule with a balloon payment at the end of 10 years at 9%. (P.I.N. 10-18-309-042; Doc. #88306633) 1 4. Admiral Oasis Motel, 9353 Waukegan Road, Morton Grove: A 165-unit, 2-story, brick and masonry motel built in about 1960 on an approxi- mate 1 .37-acre site, zoned "C-2", was reported sold during February of 1988 by La Salle National Bank, as Trustee, to Oak Brook Bank, as Trustee, for $1 ,900,000., or $11 ,515. per room. (P.I.N. 10-18-115-033 d< 034 and 10-18- 116-021; Doc. #88091652) 5. White Horse Motor Inn, 7130 North Milwaukee Road, Niles: A i 60-unit part 1- and 2-story, brick and masonry motel built in about 1960 on an approximate .83-acre site was reported sold during October of 1986 by the Bank of Ravenswood, as Trustee, to the First National Bank of Niles, as Trustee for $1,050,000., or $17,500 per unit. (P.I.N. 10-31-102-051; Doc. #86512146) The following is a summary of the aforementioned improved sales: I I I I - 38 JAMES P. FOLEY ASSOCIATES, INC. • COMPARABLE IMPROVED SALES Date of No.of Sq.Ft. Price Per Address Sale Sale Price Units Area Site Unit Edgebrook Motel 8/94 $1,290,000. 60 N/A .51 Ac. $21 ,500. 6401 W. Touhy Chicago Summit Motel 9/93 $1 ,000,000. 44 33,800 .53 Ac. $22,727. 5308 N. Lincoln Av. Chicago Grove Motel 5/88 $1,140,000. 40 N/A .89 Ac. $28,500. 9110 Waukegan Rd. Morton Grove Admiral Oasis Motel 2/88 $1,900,000. 165 42,500 1.37 Ac. $11,515. 9353 Waukegan Rd. Morton Grove White Horse Motor Inn 10/86 $1,050,000. 60 N/A .83 Ac. $17,500. 7139 N. Milwaukee Rd. Niles - 39 JAMES P. FOLEY ASSOCIATES, INC. 1 None of the aforementioned sales are considered ideally comparable to 1 the subject property in terms of location or type, and quality of the improve- ments and the lack of historical operating statements and financing data further limits the applicability. Further, it is our opinion that the Market Approach does not adequately reflect the rationale and motivations of typical buyers and sellers in this market, as those investors are primarily motivated by con- siderations relative to the income stream, and therefore, indicates only broad and general parameters. Based upon the foregoing, and after taking into consideration and making adjustments considered appropriate for the differences involved including those for date of sale, specific location, land to building ratios, size, age, quality and condition and all other factors considered germane, it is the opinion of the Appraiser that the Market Value of the subject property via the Market Data Approach, ianges from approximately $17,500 to $22,500. per unit as follows: 75 Units @ $17,500. per Unit $1,315,000.(Rounded) 75 Units @ $22,500. Per Unit $1 ,690,000.(Rounded). Indicated Value via Market Data Approach : $1 ,315,000. - $1,690,000.(Rounded) 1 } - 40 - JAMES P. FOLEY ASSOCIATES, INC. RECONCILIATION ANALYSIS AND CONCLUSION A summary of the preliminary estimates of the Market Value is as follows: Cost Approach $1,275,000. (includes Furniture, Fixtures and Equipment) Income Approach $1,520,000. Market Approach $1,315,000. - $1,690,000. Historically, the Cost Approach has been considered to represent the upper limit of Market Value under one of the axioms of the Principle of Substitution. Changing times, money and labor markets and development expertise have forced us to judge this Approach on its relative merits at a given time and on a given property and we are learning that it can be the lower or upper range of Market Value, or, for that matter, the Market Value. In this assignment, we consider it to be within the full spectrum, but have not based our final conclusion upon its indications. The Income Approach is paramount for this type of income property for myriad reasons. This Approach demonstrates the classic elements -- contract rents, market rents, lease terms and duration, and, finally, the conversion of true net income into capital value. There are so many techniques in the latter process that the Appraisers must review each before making a judgement as to which is most reliable. Investment characteristics vary considerably and phrases such as "yields", "equity returns", "income tax consequences", or the coined phrase "taxequences" are overly simplified in capitalization of net income. - 41 - 1 JAMES P. FOLEY ASSOCIATES, INC. While rarely expounded in the Income Approach, other tests must be applied -- basis point spreads, debt service coverage, pre-tax and after-tax considerations, real cash flow and tax shelters are just a few considered. When there is an active market, comparable sales are very meaningful. In this assignment, we were able to review a number of comparable sales from which we ascertained realistic conclusions. While applying the accepted comparison techniques, it is our opinion that the merits of this Approach today are in the spectrum of Market Value ranges. In this instance, due to the lack 4 of historical income and expenses and occupancy data, we have relied equally on the Income Approach and Market Data Approach to Value. Therefore, it is our opinion that the Market Value of the Suburban Motel, commonly known as 9111 North Waukegan Road, Morton Grove, Illinois, in Fee Simple, free and clear of all encumbrances, all as described herein, as of 4 June 8, 1995; was: ONE MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($1,500,000.) I I . I I I I - 42 - i JAMES P. FOLEY ASSOCIATES, INC. LIMITING CONDITIONS This Appraisal Report is expressly subject to the conditions and sti- pulations as follows: No responsibility is assumed by the Appraiser(s) for matters which are legal in nature, nor is any opinion on the title of the property or matters of survey rendered herewith. The Appraiser(s) herein, by reason of this Appraisal Report, are not required to give testimony or attendance in court or at any governmental hearing with reference to the Real Estate in question unless it is specifically included in the Contractural Agreement. The Appraiser(s) agree and hereby acknowledge that all information contained in this Report and relative to the property -herein described and parties involved is confidential and shall not be published or divulged without the prior consent of the Client; included, but not limited thereto, is the dissemination of such information through advertising media, public relations media, news or sales media or any other public means of communication, without prior written consent of the Appraiser(s). The Appraiser(s) and/or JAMES P. FOLEY ASSOCIATES, INC. have no present or contemplated interest in the property Appraised and the employment to make this Appraisal Report is in no manner contingent upon the value of the property. An original and two copies have been prepared, duly signed, and to which have been affixed the seals of the American Institute of Real Estate Appraisers. No responsibility is assumed by the Appraiser(s) for validity, authenticity and content of any other reproductions of this Appraisal. Unless otherwise stated in the Report, the existence of hazardous material(s) or other environmental hazards, which may or may not be present in, or on the property, were not observed by the Appraiser(s). The Appraiser(s) has no knowledge of the existence of such material(s) or hazard(s) in, or on this property. The Appraiser(s), however, is not qualified or have the expertise or engineering knowledge required to detect such material(s) or environmental hazard(s). The value estimate is predicated on the assumption that there is no such material(s) or hazard(s) in or on this property which would result in any loss in value. The Appraiser(s) have not made a specific compliance survey and analysis to determine whether or not this property meets the detailed requirements of the Americans with Disabilities Act. Non-compliance with any of the require- ments may have a negative effect on value. The Appraiser(s) herein certify that to the best of their belief and knowledge, the statements and opinions contained in this Report, subject to the Limiting Conditions as set forth hereinabove, are true and correct. This Appraisal Report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. - 43 - I JAMES P. FOLEY ASSOCIATES, INC. I I QUALIFICATIONS AND BUSINESS RESUME • OF JAMES P. FOLEY, SRPA, MAI GENERAL INDUSTRY EXPERIENCE Forty consecutive years with experience in Real Estate Appraising, Sales Management, Development and Mortgage Lending in the Chicago Metropolitan Area, 36 States, the District of Columbia, and the United States Virgin Islands, and Condominium Conversion Management and Ombudsman, State of Florida. REAL ESTATE APPRAISER AND REAL ESTATE CONSULTANT 1954-1957 • Mortgage Loan and Real Estate Investment Department Prudential Insurance Company of America Chicago, Illinois 1957-1960 Armond D. King, Inc. Realtor Skokie, Illinois 1960-1964 Assistant. Vice President Greenebaum Mortgage Company Chicago, Illinois 1964-Present James P. Foley Associates, Inc. Real Estate Appraisers and I Real Estate Consultants Chicago, Illinois I I I - 44 JAMES P. FOLEY ASSOCIATES, INC. CLIENTELE PROFILE fLife and Casualty Insurance Companies; State, National and Savings Banks; Institutional and Private Investors; Pension Funds; Attorneys; State, Federal and Local Governmental Agencies; School Districts; Federal Housing Administration Small Business Administration; Expert in Zoning and Con- demnation Matters in Circuit and Superior Court — Cook, DuPage, Kane, Lake, and Will Counties, Illinois; Expert Witness, United States District Court, ' Northeastern Division; Condominium Conversion Consultant, State of Florida. ACTIVE MEMBERSHIP ' Illinois Mortgage Bankers Association - Chicago Real Estate Board Chicago, Illinois Chicago, Illinois Senior Real Property Appraiser American Institute of Real Estate ' Society of Real Estate Appraisers* Appraisers* - Certificate No. 3372 (July 1, 1971) Chicago, Illinois (June 3, 1963) Chicago, Illinois ' *UNIFIED IN 1991 AS: Appraisal Institute Chicago, Illinois GENERAL EDUCATION 1 Bachelor of Arts Degree, 1950 ' Social Science Major DePaul University Chicago, Illinois SPECIAL EDUCATION Courses I and II, American Institute of Real Estate Appraisers, Twelve Real Estate Courses, Central Y.M.C.A. Community College, Chicago, Illinois, Finance 305, University of South Florida, Tampa, Florida, and Various Continuing Education Courses/Seminars. I - 45 - i JAMES P. FOLEY ASSOCIATES, INC. EDUCATIONAL ACTIVITIES Dean of Course and Instructor in Principles and Techniques of Resi- dential Appraising, Society of Real Estate Appraisers. Lecturer and Guest Speaker before Various Corporate Management, Real Estate Industry Seminars, and Civic Organizations. The Appraiser's entire business career has been in Real Estate, except for the period immediately following College, 1950-1952 during which time he was employed by Continental Grain Company, and 1952-1954, when he was in the United States Army. James P. Foley Associates, Inc., was formed in 1964 at 111 West Washington Street, Chicago, Illinois, and moved to 180 North LaSalle Street, Chicago, Illinois, in 1973, 221 North LaSalle Street, Chicago, Illinois, in 1978, and to 180 West Washington Street, Chicago, Illinois in October of 1993. The firm, which has five full-time employees, was incorporated in Illinois in 1969 and in Delaware in 1972. A South-Central Regional Office was established at 1301 Gulf Life Drive, Jacksonville, Florida, in 1974, and moved to 2121 Corporate Square Boulevard, Jacksonville, Florida, in 1976. During 1979-1984, Mr. Foley also operated Branch Offices at 1300 East Hillsboro Boulevard, Deerfield Beach, Florida, and 6022 Forest Hill Boulevard, West Palm Beach, Florida. The Chicago telephone number is: (312) 346-6288, (Fax number is (312) 629-2585). The Charter permits Real Estate Appraising and Real Estate Consultation. Business references and clientele references are furnished upon request only with the explicit permission of the parties or clientele involved. The Appraisal Institute conducts a voluntary program of continuing education for its members designated prior to 1991 . MAPS who meet the minimum standards of this program are awarded periodic educational certi- fication. James P. Foley, SRPA, MAI is certified under this program through December 31, 1994. LICENSES State of Florida - Licensed Real Estate Broker, #0160171, Expires 09/30/94 State of Illinois - Registered Real Estate Broker, #075-055650, Expires 01/31/96 State of Illinois - Certified General Real Estate Appraiser, #153-00433, Expires 09/30/95 State of Georgia - Certified Real Estate Appraiser, #CG003603, Expires 07/31/96 - 46 - I JAMES P. FOLEY ASSOCIATES, INC. I QUALIFICATIONS AND BUSINESS RESUME OF JAMES P. FOLEY, III GENERAL INDUSTRY EXPERIENCE Nineteen years experience in Real Estate appraising in the Chicago Metropolitan Area and States of Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, Minnesota, Missouri, Nevada, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Wisconsin, and the District of Columbia. REAL ESTATE APPRAISER 1976 to Present Date • James P. Foley Associates, Inc. Real Estate Appraisers and Real Estate Consultants Chicago, lllinois GENERAL EDUCATION Bachelor of Arts Degree, 1976 Graduate School of Business, 1977 Business Finance M.B.A. Candidate University of South Florida University of San Francisco Tampa, Florida SPECIAL EDUCATION Courses, 1 -A, 1 -B, II, VI and VIII, American Institute of Real Estate Appraisers, and Various Courses in Real Estate, Real Estate Investment, and Urban Land Economics, University of California, Berkeley, California; Principles of Real Estate, University of South Florida, Tampa, Florida; Real Estate Transactions Course, Real Estate Education Company, Chicago, Illinois. LICENSES State of Illinois - Certified General Real Estate Appraiser #153-001046 - (Exp. 9/30/97) State of Illinois - Registered Real Estate Salesman - Certificate #76-212783 State of Georgia - State Certified General Real Property Appraiser - CG #005388 (Exp. 6/30/96) - 47 - 66 Chicago IL _-_ I '.Ir• n4 �°.� auto or \ IZ "Zurich d� c -`tie - � °.n ' °v"�'°J.," \gg�iB .HIGHLAND PARR Chicago • CW:°Cw ;on M 1 ° c� CC>•>• JS ® r `1e 4I<.W r,xn<.wors ,, w 4:`L° • 3 r Illinois I- Deer _taw -'2G 7,>. c 1 Sp I Groin needle' •-+ co •uN e 1 2 3 . °s1.. va.. F ^ w, °ua 1 cow, 1 s• -- co-4--- •../ Ie Pea.w... •L i a wo.>au.a co rn,n ..wR.VUS> w, ,Q C° p 4uw I '© ^6.,p°bran. #gym - & ee�e,g 'g"• RortNroa - 6luese 1 Iera. .1 ;T a '— mow.. i, ��\ 2 ;'^y 1 I cri Inrelnl55° co.. .. Wwaw` • i°.• Y Naar 4 . \I.ro. ARLIN T' a • IW. e *. ,m,. CD l��_ 111"n'\ Ruaine Palafina .Prosper A. s NTS Ij Hts. nne t. e•-• € 'wE',''.:r r `.• 4 e. N Ywr -2 ' . w.,s -. I. 3 4.0? TRIM. 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Canczearx .- - BASCMENT UNDEQ 2 3 /STb.¢Y BRICK -MOTEL BU/td/NG/, I / • `` H 201�, / I Z /! L G _L" ink i.- 1 I _ - - MNCADAM PNUEMENL Yr'r' t /e'r rm<r 1,. ' • s wro I �/ z / : ..••• 'e• 289.0 fre I1 ' - N t.4. I. b, rlararT _,•02 M/MPL ac4ors r F . I r •• STfJTEO /C UpOi - 55 - ca/.vr., OF ccc 1 JAMES P. FOLEY ASSOCIATES, INC. I PHOTOGRAPHS ITypical Views 1 I s } . Aim •r. . , - --- • - I r ..t -S 'Cg ti' • • _� 1 I _ I I I - 56 — I JAMES P. FOI,EY ASSOCIATES, •INC. I PHOTOGRAPHS • I/ Typical Views I I • L: _1 c_k r . 1' `1_ -�'.. i i +l � I a ,3 : I • I .CH: ---��� • . _ti " Y L _-r - ,f ate_ !t= r a. I tt'. --.r --_s I - I - 57 — ._ l JAMES P. FOLEY ASSOCIATES, INC. iiiPHOTOGRAPHS ill Typical Views , r IV 1 III c`. - 6 ' , _ . U II i I _---- _ a - �► -- CaiLj y ' JAMES P. FOLEY ASSOCIATES, INC. PHOTOGRAPHS Typical Views • U 'ILI is II . r all IL I LI �I I I — 59 — JAMES P. FOLEY ASSOCIATES, INC. PHOTOGRAPHS 1 Typical Interior Views 1 rt 1 S I I I I 1 I I — 60 — gniv..,.m. 1 V JAMES P. FOLEY ASSOCIATES, INC. VPHOTOGRAPHS IITypical Interior Views s{�� �1 i E "3 1 J y, {'k • 4, V. 1 I III t la rs I I 4 ` a t I I 1 t y v � I w1- . II _ r 1 r.. I - 61 — I JAMES P. FOLEY ASSOCIATES, INC. PHOTOGRAPHS Typical Interior Views I 1. 7011 U U I I I - I I I I - 62 - 41 JAMES P. FOLEY ASSOCIATES, INC. PHOTOGRAPHS U . . 1111 11111 2-401— U4‘,. • U View North on Waukegan Road US 111 _ N N View South on Waukegan Road - 63 -