| PURCHASE AGREEMENT
Granville Gardens Condominiums
1215-25 West Granville - Chicago, IL 60660
Kathrein, LLC., Seller
7601 North Eastlake Terrace
Chicago, IL 60626-1421
Date:
I / We offer to purchase the property known as
Granville Gardens ("premises") with a common street address of: __________
West Granville, Unit # ________, Chicago, Illinois 60660.
FIXTURES AND PERSONAL PROPERTY. Seller
agrees to transfer to Purchaser by a Bill of Sale, all heating, electrical
and plumbing systems together with the following:
Oven/Stove
Refrigerator
Smoke detector(s)
1. Purchase price shall be $ __________________________ .
2. Initial earnest money $ ________________ , paid in the form of check
and shall be held by Coldwell Banker (Make checks payable to: Coldwell
Banker), to be increased to 5% of purchase price within 10 days after
acceptance hereof. If the earnest money is in excess of Five
Thousand Dollars ($5,000.00), the earnest money shall be deposited
by Escrowee for the benefit of the parties hereto in an escrow account
in compliance with the laws of the State of Illinois, with a credit
for same made to Purchaser at closing. Any escrow account created pursuant
to the preceding sentence shall be non-interest bearing. Purchaser and
Seller shall execute all documents necessary to establish any such escrow
account and Purchaser shall assume all account service fees, if any.
An original of this contract shall be held by Listing
Broker.
3. The balance of the purchase price shall be paid at the closing, plus
or minus prorations, as follows (STRIKE THROUGH ANY INAPPLICABLE SUBPARAGRAPHS):
(a) Cash, Cashier's check or Certified Check or any combination thereof.
(b) Mortgage Contingency. This contract is contingent upon Purchaser
securing by _____________________ (date) a written commitment for a
fixed rate or an adjustable rate mortgage for $______________ , the
interest rate (or initial interest rate if an adjustable rate mortgage)
not to exceed _______ % per annum, amortized over ______ years, payable
monthly, loan fee not to exceed ______ %, plus appraisal, credit report
fee and other fees, if any. If the mortgage has a balloon payment, it
shall be due no sooner _______ than years. Purchaser shall pay for private
mortgage insurance if required by lending institution. If Purchaser
does not obtain such commitment, Purchaser shall notify Seller in writing
by the aforesaid date. If Seller is not so notified, it shall be conclusively
presumed that Purchaser has secured such commitment or will purchase
said property without mortgage financing. If Seller is so notified,
Seller may, within an equal number of additional days, secure a mortgage
commitment for Purchaser upon the same terms, and shall have the option
of extending the closing date up to the same number of days. Said commitment
may be given by Seller or a third party. Purchaser shall furnish all
requested credit information, sign customary documents relating to the
application and securing of such commitment, and pay one application
fee as directed by Seller. If Purchaser notifies Seller as above provided,
and neither Purchaser nor Seller secures such commitment as above provided,
this contract shall be null and void and all earnest money shall be
returned to Purchaser.
4. At closing, Seller shall execute and deliver to Purchaser, or cause
to be executed and delivered to Purchaser, a recordable Warranty Deed
or Articles of Agreement, for such a deed if that portion of sub paragraph
3(b) is applicable, subject only to the following, if any: covenants,
conditions, and restrictions of record; public and utility easements;
existing leases and tenancies; special governmental taxes or assessments
for improvements not yet completed; unconfirmed special governmental
taxes or assessments; general real estate taxes for the year 2006 and
subsequent years; the mortgage or trust deed referred to in paragraph
3 of the Provisions of this Contract. Seller represents that the 2005
general real estate taxes were $66,104.17.
General real estate taxes shall be prorated as follows:
(a) Taxes prior to recordation of Declaration: There shall be no proration
of taxes with respect to tax years prior to recordation of the Declaration.
Said taxes shall be paid by the Seller when they become due and payable.
Proof of payment shall be provided to Purchaser.
(b) Taxes for Year in which Declaration is recorded: There will be no
credit to Purchaser for the taxes covering the year in which the Declaration
is recorded; at closing, a proration equal to two percent (2%) percent
of the total purchase price and prorated from the date of closing through
December 31st of the year in which the closing takes place ("Closing
Year") shall be deposited by Purchaser with the Seller. The Seller shall
hold all tax deposits in a segregated account solely for the payment
of real estate taxes. The Seller shall be responsible for the payment
of the real estate tax bills for the year in which the Declaration is
recorded.
(c) Taxes for Years subsequent to recordation of Declaration: The real
estate taxes issued subsequent to the recordation of the Declaration
shall be prorated from January 1st of the closing year through the date
of closing based on Purchasers percentage ownership interest multiplied
by the most recently ascertainable tax bill plus ten (10%) percent and
there will be a credit to Purchaser in that amount for said taxes.
(d) Tax Contest: If Seller, at its sole discretion, retains the services
of a third party for the purpose of contesting the real estate taxes
for the year of closing, the costs and expenses of prosecuting the contest
and any reduction granted shall be allocated among closed units for
such tax year based on the same formulas for determining and allocating
taxes from improvements as provided in this paragraph 4.
(e) There will be no reproration of real estate taxes.
5. Seller represents that as of the date of acceptance hereof, the regular
monthly assessment pertaining to this unit is approximately $___________.
Purchaser acknowledges and agrees that the foregoing representations
and statements in this paragraph are being provided as of the date of
acceptance hereof and that such assessment information could change
after such date of acceptance. The Purchaser acknowledges by his signature
below, that he has received a copy of the Condominium
Declaration including all amendments and bylaws
thereto, rules and regulations and the prior and current years' operating
budgets; as required by the Illinois
Condominium Property Act. Purchaser further acknowledges he is aware
that these and most other required documents are available at all times
on the Seller's website: http://www.edgewatercondos.info
If any right of first refusal or similar option is exercised, this contract
shall be null and void and the earnest money returned to Purchaser and
the Seller shall have no duty to pay any commission to any agent of
Purchaser.
6. Closing shall be on or about _____________ , 2008, provided title
has been shown to be good or is accepted by Purchaser, at Mercury
Title Company, 200 N. LaSalle, Suite 1850, Chicago, Illinois 60601.
If the Unit is occupied, Seller does not guarantee a timely closing.
Under this circumstance, Seller will undertake all action necessary
to expedite vacancy and closing without penalty.
7. Seller agrees to surrender possession of said Premises at closing.
8. Purchaser acknowledges, by his signature below, that he has received
the Residential Real
Property Disclosure Report and a Lead
Paint Disclosure Form and that he is aware that those and other
required documents
are available at all times on the Seller's website: http://www.edgewatercondos.info.
9. It is agreed by and between the parties hereto that their respective
attorneys may propose modifications to the Contract other than property
address, sales price, purchasing parties and dates, mutually acceptable
to the parties. Proposed or suggested modifications to this Contract
by either party, other than those stated above, shall not be construed
by either party as a counteroffer and the maker of same shall have the
right to withdraw any or all proposed or suggested modifications hereto
and to proceed under the terms of the original contract. If within five
(5) business days after acceptance of the Contract it becomes evident
agreement cannot be reached by the parties hereto regarding the proposed
modifications of their attorneys and written notice thereof is given
to either Party within the period specified herein, then this Contract
shall become null and void and all monies paid by the Purchaser shall
be refunded upon joint written direction of both parties to Escrowee.
IN THE ABSENCE OF WRITTEN NOTICE WITHIN THE TIME SPECIFIED HEREIN, THIS
PROVISION SHALL BE DEEMED WAIVED BY ALL PARTIES HERETO, AND THIS CONTRACT
SHALL BE IN FULL FORCE AND EFFECT.
10. Purchaser's obligation to purchase under the Contract is subject
to the inspection (including any inspection for wood boring insects)
and approval of the condition of the property by the Purchaser or Purchaser's
agent, at Purchaser's expense, within five (5) business days from the
date of acceptance of this Contract. Purchaser shall indemnify Seller
from and against any loss or damage to the property caused by the acts
or omissions of Purchaser or Purchaser's agent performing such inspection.
In the event the condition of the property is not approved, written
notice shall be given to the Seller or Seller's agent by the Purchaser
within the 10 days specified for approval above, and thereupon, Seller's
obligation to sell and Purchaser's obligation to purchase under this
Contract shall become null and void and all monies paid by the Purchaser
shall be refunded upon joint written direction of both parties to Escrowee.
IN THE ABSENCE OF WRITTEN NOTICE WITHIN THE TIME SPECIFIED HEREIN, THIS
PROVISION SHALL BE DEEMED WAIVED BY ALL PARTIES HERETO AND THIS CONTRACT
SHALL BE IN FULL FORCE AND EFFECT.
11. THIS CONTRACT IS SUBJECT TO THE FOLLOWING ADDITIONAL PROVISIONS
AND TO ANY RIDERS ATTACHED HERETO AND MADE A PART HEREOF.
ADDITIONAL PROVISIONS
1. Water, insurance, landscaping, scavenger and other similar common
operating costs that might be a normal element of any assessment shall
be prorated to the date of closing. Purchaser shall also pay at closing
to the Granville Gardens Condominium Association (the "Association")
an amount equal to two (2) months' assessment as a reserve. Seller shall
also require an amount equal to two (2) months' assessment to be paid
to the Association
by all other purchasers of a Unit Ownership. In addition, Purchaser
shall pay at Closing, Purchaser's prorata share of the assessment payable
for the month during which Closing occurs and Purchaser's prorata share
of the first year prepaid condominium insurance.
2. The provisions of the Uniform
Vendor and Purchaser Risk Act of the State of Illinois shall be
applicable to this contract.
3. At least five days prior to closing date, Seller shall deliver to
Purchaser or his agent evidence of merchantable title in the intended
grantor by delivering Commitment For Title Insurance of a title insurance
company bearing date on or subsequent to the date of the acceptance
of this contract, in the amount of the purchase price subject to no
other exceptions than those previously listed within this Agreement
and to general exceptions contained in said commitment. Delay in delivery
by Seller of Commitment for Title Insurance due to delay by Purchaser's
mortgagee in recording mortgage and bringing down title shall not be
a default of this contract. Every Commitment for Title Insurance furnished
by Seller hereunder shall be conclusive evidence of title as therein
shown. If evidence of title discloses other exceptions, Seller shall
have forty-five days from Seller's receipt of evidence of title to cure
such exceptions and notify Purchaser accordingly, and as to those exceptions
which may be neutralized or removed at closing by payment of money or
purchase of special title insurance coverage. Seller may have same neutralized
or removed at closing by using the proceeds of sale in payment or purchase
of special title insurance coverage.
4. All notices herein required shall be served via fax between the attorneys
for the parties, as identified below. The mailing of a notice by registered
or certified mail, return receipt requested, shall be sufficient service
when the notice is mailed. Notices may also be served by personal delivery
or commercial delivery service or by the use of a facsimile machine
with proof of transmission and a copy of the notice with proof of transmission
being sent by certified mail on the date of transmission. In addition,
facsimile signatures shall be sufficient for purposes of executing,
negotiating and finalizing this Contact.
5. In the event of default
by Purchaser, the earnest money, shall be paid to the Seller. If Seller
defaults, the earnest money, at the option of Purchaser, shall be refunded
to Purchaser and such refunding shall release Seller from the obligation
of this Contract. In the event of any default, Escrowee shall give written
notice to Seller and Purchaser indicating Escrowee's intended disposition
of the earnest money and request the Seller and Purchaser's written
consent to the Escrowee's intended disposition of the earnest money
within ten (10) days after the date of Escrowee's mailing of the Notice.
Seller and Purchaser hereby acknowledge that if Escrowee is a licensed
real estate broker, Escrowee may not distribute the earnest money without
the joint written direction of the Seller and Purchaser or their authorized
agent. If Escrowee is not a licensed real estate broker, Seller and
Purchaser hereby agree that if neither party object, in writing, to
the proposed disposition of the earnest money within ten (10) days after
the date of mailing of said notice that Escrowee shall proceed to disposition
of the earnest money as previously indicated by the Escrowee. If either
Seller or Buyer objects to the intended disposition within the aforementioned
ten (10) day period, or in the event Escrowee is a licensed real estate
broker and does not receive the joint written direction of the Seller
and Purchaser authorizing the distribution of the earnest money, then
the parties hereto agree that the Escrowee may elect to either take
no further action or may deposit the earnest money with the Clerk
of the Circuit Court by the filing of an action in the nature of
an
Interpleader. The parties agree that Escrowee may be reimbursed
from the earnest money for all costs, including reasonable attorney's
fees, related to the filing of the Interpleader and do hereby agree
to indemnify and hold Escrowee harmless from any and all claims and
demands, including the payment of reasonable attorney's fees, costs
and expenses arising out of any default claims and demands.
6. Seller represents that the following, if not a common element but
being the heating, plumbing, electrical, appliances and fixtures within
the Premises are in working order and will be so at the time of closing.
Purchaser shall have the right to inspect the Premises during the 48-hour
period immediately prior to closing to verify that such are in working
order and that the property is in a substantially satisfactory condition
of habitability. If Purchaser elects to forego the above described right
to inspection, Purchaser will accept premises on a strict"AS
IS" basis at closing as provided at http://www.edgewatercondos.info/documents/as-is.htm,
which Acknowledgement and Agreement is incorporated into this Contract
by reference as if fully set forth herein. To the extent that Seller
violates the first sentence of this paragraph, Seller shall not be responsible
for that portion of the total cost related to the violation that is
below $250.00. Seller represents and Purchaser(s) acknowledge that the
property has not been rehabilitated and Purchaser(s) is buying in "as-is"
condition with no representations and warranties being made by the Seller
as to the condition of the unit and of the common elements.
7. Seller warrants that no notice from any city, village, or other governmental
authority of a dwelling code violation which currently exists in the
aforesaid Premises has been issued and received by Seller or his agent.
If a notice is received between date of acceptance of the Contract and
the date of closing, Seller shall promptly notify Purchaser of such
notice.
8. The subject property, being located in the City of Chicago, the Seller
and Purchaser agree therefore that they shall comply with provisions
of Chapter 193 of the Chicago Municipal Code concerning Heating
Cost Disclosure for the subject property.
9. At the request of Seller or Purchaser, evidenced by notice in writing
to the other party at any time prior to the date of delivery of deed
hereunder, this sale shall be closed through an escrow with a title
insurance company, in accordance with the general provisions of the
usual form of deed, and Money Escrow Agreement then furnished and in
use by said company, with such special provisions inserted in the escrow
agreement as may be required to conform with this contract. Upon the
creation of such an escrow, anything herein to the contrary notwithstanding,
payment of purchase price and delivery of deed shall be made through
the escrow and the contract and the earnest money shall be deposited
in the escrow and the Broker shall be made a party to the escrow with
regard to commission due. The cost of the escrow shall be paid by the
requesting party.
10. Seller agrees to furnish to Purchaser an affidavit of title subject
only to those items set forth herein and an ALTA
form only if required by Purchaser mortgagee or the Title Insurance
Company for extended coverage.
11. Right is reserved by either party to insert correct legal description
at any time, without notice, when same is available.
12. Seller shall have the right to pay off any existing mortgage(s)
out of the proceeds of this sale.
13. Purchaser may place a mortgage on this property and apply proceeds
of such mortgage to the purchase price. In the event this transaction
does not close Purchaser agrees to cause immediate release of same.
14. Purchaser and Seller hereby agree to make all disclosures and do
all things necessary to comply with the applicable provisions of the
Real
Estate Settlement Procedures Act of 1974, as amended.
15. Purchaser shall pay the amount of any stamp tax imposed by the State,
County
or City
on the transfer of title, and shall furnish a completed declaration
signed by Purchaser or Purchaser's agent in the form required by the
State, County or City and shall furnish any declaration signed by Purchaser
or Purchaser's agent or meet other requirements as established by any
statute or ordinance with regard to a transfer or transaction tax except
where such tax required by any statute or ordinance is expressly designated
to be paid by Seller in said statute or ordinance.
16. Seller shall remove from individual Premises, by date of possession,
all debris and Seller's personal property not conveyed by Bill of Sale
to Purchaser.
17. Time is of the essence of this contract.
18. Wherever politically correct, the singular includes the plural and
masculine includes the feminine or neuter.
19. In the event the property is in a flood plain and flood insurance
is required by Purchaser's lender, Purchaser shall pay for same.
20. The parties further agree that the first year's hazard and liability
insurance will be procured by Seller, and Buyer shall pay its proportionate
share of the premium prorated from closing to the policy anniversary
date. All prorations at closing except as set forth above shall be final.
For the purpose of completing the construction and sales promotion of
the Units in the Condominium, Seller and its agents are hereby given
full right and authority to place and maintain on, in and about the
Condominium (excluding the Unit after closing) model units, sales and
leasing offices, administrative offices, signs and lighting related
to construction and sales promotion purposes, for such period of time,
at such locations and in such forms as shall be determined by Seller
in its sole and absolute discretion. Seller, its employees, agents,
contractors and prospective Buyers are also hereby given, for construction
and sales promotion purposes, the right of entry upon, ingress to, egress
from and other use of the Condominium (excluding the Unit after closing),
and the right to restrict and regulate access to the common areas, as
defined in the Declaration, (the "Common Area"), subject to Buyer's
reasonable access to and from the Unit after closing, for the purposes
of completing construction of the Common Areas and other Units in the
Condominium.
21. If any legal action is commenced within ten (10) years after closing
by or on behalf of Buyer, its successors or assigns, against Seller,
its agents, servants or any shareholder, officer, director or partner
(general or limited) of Seller or any other party affiliated with Seller
("Seller") for any claim or cause of action arising directly or indirectly
from the purchase or use and occupancy of the Premises, then, at the
option of Seller, within a period of one (1) year from the date of institution
of said action, and upon sixty (60) days prior written notice to Buyer,
Seller may tender to Buyer One Hundred Five Percent (105%) of the original
Purchase Price (plus or minus prorations of current general real estate
taxes and/or monthly assessments and other similar proratable items)
and Buyer shall tender clear and marketable title to Seller, free of
any liens, claims or encumbrances, by Warranty Deed and other customary
closing documents, together with an ALTA Title Insurance Policy insuring
good and marketable title to the Premises, possession of the Premises,
and a release of all claims against Seller, and this transaction shall
then be deemed rescinded, Buyer shall bear the costs, if any, of all
title insurance, recordings and transfer stamp charges in the amount
of the purchase price set forth in this Paragraph. Seller's remedy under
the Paragraph is hereby subordinated to the rights of the holder of
any mortgage or trust deed hereafter placed upon the dwelling unit.
The transaction shall be closed through a customary deed and money escrow
with the title insurer. This paragraph shall survive the closing and
the delivery of the deed thereunder.
22. In consideration for Seller's payment of common operating expenses
for this and all other Units from and after closing until the commencement
of collection of regular monthly assessments, Buyer agrees to deposit
with the Unit Owner or the Unit Owner's Association, at closing, an
amount equal to two months assessments based upon Seller's initial estimated
budget. Such deposits shall be required from each Buyer; the aggregate
of said deposits shall be used to create a reserve fund for capital
improvements for the benefit of the Association. Buyer acknowledges
that Seller's payment of common operating expenses for this and all
other Units will not include reserve contributions, which are being
funded by the deposits described herein. Until such time as the Unit
Owners elect their first Board of Directors of the Association, as provided
in the Declaration, Seller shall have the sole right to enter into or
cause the Association to enter into contracts or leases for such period
of time and upon such reasonable terms as it shall deem advisable, subject
to the limitations imposed by the Declaration and Act, to provide the
Condominium and Unit Owners with all necessary or convenient services,
possibly including but not limited to, management, landscaping, custodial,
insurance, snow removal, cable TV and scavenger service. If Seller pays
for any such services or advances any funds to the Association for such
purposes, Seller shall be entitled to reimbursement for such amounts
from the Association.
23. Unless this paragraph has been specifically deleted, Sellers obligations
under the contract are contingent upon the current tenant for the subject
unit having a right of first refusal for a period of thirty (30) days
after notification by the Seller that a contract has been entered into
for the purchase of the unit. If the current tenant exercises its right
of first refusal to purchase the subject unit, than this contract shall
be null and void and of no further force and effect and all earnest
money shall be immediately returned to Purchaser.
_________________________________________________
First Purchaser's Signature
_________________________________________________
Purchaser (Print Name)
_________________________________________________
Purchaser's full address:
_________________________________________________
Purchaser's Social Security Number
_________________________________________________
Purchaser's email address
_________________________________________________
Second Purchaser's Signature
_________________________________________________
Purchaser (Print Name)
_________________________________________________
Purchaser's full address
_________________________________________________
Purchaser's Social Security Number
_________________________________________________
Purchaser's email address
Acceptance by Seller:
This ___________ day of ____________________, 2008, Kathrein, LLC, accepts
this contract and agrees to perform and convey title or cause title
to be conveyed according to the terms of this contract.
Kathrein, LLC BY:
________________________________
Michael Kathrein, Member/Manager
FOR INFORMATIONAL PURPOSES ONLY:
Seller : Kathrein, LLC.
7601 North Eastlake Terrace
Chicago, Illinois 60626-1421
773.761.6000
773.465.7755 fax
7616000@gmail.com
Listing Brokers:
Michael
& Lena Thomas
Coldwell Banker
1508 Sherman Avenue
Evanston, IL 60201
847.322.6968 office
847.322.8757
847.939.5633 fax
mike@michaelthomasrealty.com
Seller's Attorney:
Ronald B. Kaplan, LTD.
134 North LaSalle - Suite 1710
Chicago, Illinois 60602
312.782.7666 office
312.782.7110 fax
ronaldbk@msn.com
Buyer's Broker or Designated Agent:
____________________________________________________________
Buyer's Broker or Designated Agent's Name
____________________________________________________________
Address
____________________________________________________________
Telephone Numbers
____________________________________________________________
Fax Number
____________________________________________________________
Email
Buyer's Attorney:
____________________________________________________________
Buyer's Attorney's Name
____________________________________________________________
Address
____________________________________________________________
Telephone Numbers
____________________________________________________________
Fax Number
____________________________________________________________
Email
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