REAL ESTATE SALE CONTRACT
1. ___________________________ (purchaser) of __________________________ (address of property) agrees to purchase at a price of $____________per acre on the terms set forth herein, the following described real estate in LaSalle County, Illinois:
SEE EXHIBIT A
with acreage of _______, for a total purchase price of $_______________.
2. Cheryl L. Thompson, Executor of the Estate of Eunice Semon, (seller) agrees to sell the real estate at the price and terms set forth herein and convey to purchaser or nominee title thereto by a recordable Executor’s Deed subject to (a) private, public and utility easements and roads and highways, if any, and (b) general taxes for the year 2011 and subsequent years.
3. Purchaser has paid $_______________, 10% of the purchase price, as earnest money to be applied on the purchase price, and agrees to pay or satisfy the balance of the purchase price at the time of closing as follows:
a) The payment of $____________ (purchase price minus earnest money) by certified funds, cashier’s or title company’s check.
4. The date of closing shall be on or before November 1, 2010 at the Law Offices of Peter F. Ferracuti, 110 East Main Street, Ottawa, IL 61350 or at the office of the mortgage lender.
5. Seller shall deliver possession to purchaser at closing subject to existing farm tenant’s right which expire on March 1, 2011.
6. The earnest money shall be held by the Law Offices of Peter F. Ferracuti for the mutual benefit of the parties. No interest will accrue on said earnest money pending closing.
7. TAX DEFERRED EXCHANGE. In connection with any tax-free exchange pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, involving the Premises and other property owned or to be acquired by [Purchases/Sellers] (the “Exchangor”), Exchangor may, without the consent of [Sellers/Purchasers] (the “Other Party”), assign this Agreement and its right hereunder to any qualified intermediary (an “Intermediary”) participating with Exchangor in such exchange as contemplated by Treasure Regulation Section 1.1031(k)-1(g)(4) and related regulations. In the event of any such assignment to an Intermediary: (i) Exchangor shall give written notice of such assignment and the identity of the Intermediary to the Other Party at least ten (10) days prior to the date of closing; (ii) except to the extent of any liabilities expressly assumed by the Intermediary in writing in connection with such assignment, the Intermediary shall have no personal liability to the Other Party or any other person or entity under this Agreement, or under any other document or instrument at any time executed by Exchangor or the Intermediary in connection herewith or pursuant hereto (each such document or instrument being referred to herein as a “Related Document”), and neither the Other Party nor any other person or entity shall have an recourse against the Intermediary or any of it assets on account of any breach or default hereunder or under any Related Document; (iii) the Intermediary shall have all of the rights and remedies of Exchangor provided for herein or in any Related Documents; (iv) there shall be no diminution of the Other Party’s rights or remedies, and no increase of the Other Party’s liabilities or obligations, hereunder or under any Related Document on account of such assignment; (v) notwithstanding anything to the contrary contained herein, Exchangor shall continue to be liable for all obligations imposed upon Exchangor under this Agreement and under any Related Document executed by Exchangor.
CONDITIONS
AND STIPULATIONS
A. Contemporaneously
with the signing of this Contract, Seller has delivered to Purchaser or
Purchaser’s agent, a title commitment for an owner’s title insurance
policy issued by a reputable Title Insurance Company authorized to do
business in the State of Illinois in the amount of the purchase price, covering
title to the real estate on or after the date hereof, showing title in the
intended grantor subject only to (a) the general exceptions contained in the
policy, (b) the title exceptions set forth above. The title commitment shall be
conclusive evidence of good title
as therein shown as to all matters insured by the policy, subject only to
the exceptions as therein stated.
B. In the event the property to be conveyed herein does not result in a division of a presently existing permanent index number, purchaser will receive as a credit toward the purchase price in the sum of 105% of the 2010 general real estate taxes assessed on the premises and shall thereafter be responsible for the payment of the general real estate taxes assessed for the year 2011 and subsequent years. In the event the within sale shall result in a division of a presently existing permanent index number, there shall be deducted at closing from the proceeds payable by Purchaser to Seller a sum equal to the 2010 general real estate taxes on the permanent index number affected plus 5% thereof. Such amount shall be deposited with the Title Insurance Company where the transaction is closed as escrow agent and either applied in satisfaction of such 2011 taxes when due or released to Seller upon such agent’s receipt of proof of payment in full of such taxes. No interest shall accrue on said escrow deposit. In the event said tax escrow has been established and is fully funded in accordance with the terms hereof as to the divided permanent index number by sale of part of said parcel prior to closing of the within transaction, no deduction for such escrowed amounts shall be made from the proceeds payable by Purchaser to Seller. Seller shall pay the amount of any stamp tax imposed by State law on the transfer of the title and shall furnish a completed Real Estate Transfer Declaration signed by the Seller or the Seller’s agent in the form required pursuant to the Real Estate Transfer Act of the State of Illinois.
C. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this Contract.
D. The refusal or inability of either party to perform this Contract on the date specified shall constitute breach. In the event of breach, the earnest money shall be forfeited by the breaching party. If the breach is by the Purchaser, the earnest money shall be first applied to the payment of expenses incurred by the Seller and the balance, if any, shall be payable to the Seller. If the breach is by the Seller, the earnest money shall be returned to the Purchaser. Any earnest money retained by the non-breaching party shall not be as liquidated damages.
E. Time is of the essence of this contract.
F. All notices herein shall be in writing and shall be served on the parties at the addresses following their signatures. The mailing f a notice by registered or certified mail, return receipt requested, shall be sufficient service.
Dated: September 9, 2010
Purchaser: ________________________ Seller: __________________________
Purchaser’s Name: _________________ Cheryl L. Thompson as Executor
Purchaser’s Address:________________ of the Estate of Eunice Semon
_________________________ c/o Peter F. Ferracuti
110 East Main Street
Ottawa, IL 61350
EXHIBIT
A
LEGAL DESCRIPTION:
The Southwest Quarter of Section
Five (5) in Township
Thirty (30) North, Range Two (2), East of the Third Principal
Meridian, in LaSalle County, Illinois.
PIN NUMBER:
36 – 05 – 300 – 000
EXHIBIT
A
TRACT #1 LEGAL DESCRIPTION:
The North Half of the Southwest
Quarter of Section Five (5) in Township
Thirty (30) North, Range Two (2), East of the Third Principal
Meridian, in LaSalle County, Illinois.
EXHIBIT
A
TRACT #2 LEGAL DESCRIPTION:
The South Half of the Southwest
Quarter of Section Five (5) in Township
Thirty (30) North, Range Two (2), East of the Third Principal
Meridian, in LaSalle County, Illinois.