PRE-SUBDIVISION SALES AGREEMENT

 

THIS AGREEMENT, dated _____________________, 200___, is between MILLDALE LTD., an Illinois corporation (the "Seller"), and _______________________________________, (the Purchaser" or "Buyer"),   _______________________________________(marital status) ______________________ (tenancy format)

1. Conveyance: Seller agrees to sell and convey to Purchaser, and Purchaser agrees to purchase from Seller, real estate located in Wyndmoor, a proposed subdivision to Rochester (hereinafter "Wyndmoor" or "Subdivision"), in the County of Sangamon, State of Illinois, being more particularly described on Exhibit A, together with all easements, rights and appurtenances, and all improvements now located on the property, (collectively called "Premises")

2. Price: The purchase price is and NO/100 DOLLARS ($_____________).
3. Deed and Other Documents: Seller shall convey marketable and insurable title to the Premises by general warranty deed with a release of homestead and other spouse's rights, as applicable, subject only to current real estate taxes and special assessments, not delinquent, and covenants, conditions, easements, encumbrances and restrictions of record at the time of conveyance and except coal, oil, gas and other minerals underlying said premises together with right to mine and remove same.
4. Earnest Money: Purchaser shall pay Seller the sum of one thousand and 00/100 DOLLARS ($1000.00) upon the signing of this document as earnest money, to be credited against the purchase price at closing. Seller and Purchaser agree that Seller shall hold earnest money and interest, if any, that may accrue on the earnest money shall belong to Seller and shall not constitute a credit against the purchase price. The balance of the purchase price shall be paid by cashiers check at the time of closing. In no event shall any return of earnest money as provided in this agreement require payment to Purchaser of any interest earned on said earnest money held.
5. Closing: This contract shall be closed on or before 30 days following (1) the approval of any and all final platting requirements of that portion or phase of Wyndmoor in which said real estate is located and (2) completion of sufficient improvements at the discretion of Seller so that construction can commence.
6. Title Commitment: Seller shall issue a commitment for an ALTA owner's guarantee policy by an agent authorized to issue same for Sangamon County, Illinois in the amount of purchase price. Said report may be subject to customary policy jacket exceptions and exclusions utilized by the title insurance company represented by issuing agent and further be subject to:

a)

items to be removed at closing;

 b)

items arising by, through or under buyer or in relation to buyer's mortgage loan;

c)

current assessment and taxes;

d)

exceptions for the exclusion of mineral or mining rights;

e)

customary exclusions or similar language taking exception for

                                    

 1) homestead

                                     

 2) parties in possession

                                       

 3) mechanics lien claim

                                       

4) question of survey
                                        5) unrecorded easement;

f )

such provisions, covenants and restrictions as developer or developer's agents shall place on said real estate in connection with development of this and other real estate in the subdivision, including restrictions and covenants and/or provisions of any pre-annexation agreement with the Village of Rochester;

g)

easements, set back and other information shown on plat of said subdivision.
Any such commitment not objected to in writing delivered to Seller within 21 days after such delivery to Purchaser pursuant to the notice section herein shall be deemed accepted by Purchaser. In the event that Purchaser shall so object, Seller shall have 60 days in which to remove or cure said objection or return the earnest money tendered hereunder and terminate this agreement.
7. Contingency: This contract is expressly contingent on Seller receiving final acceptance and approval of plat in the format acceptable to Seller from the appropriate officials with the Village of Rochester. If said acceptance and approval is not received by Seller within one year from the date hereof, this agreement may be terminated and earnest money returned to Purchaser at election of Seller or Purchaser.
8. Consent and Subordination: It is agreed that Seller or Seller's agent have the exclusive right to proceed with the platting of said subdivision without consent or approval of Buyer. Buyer further consents to and does hereby subordinate any interest herein without further signed writing to any and all mortgages, leases, conveyances, plattings, dedications, restrictive covenants, easements, rights of way, pre-annexation agreements or similar or like agreements deemed necessary by Seller or Seller's agents or related entities, if any, in relation to development of the subject property and wyndmoor. Buyer further agrees to provide additional written confirmation of consent and/or subordination in the form requested by Seller without additional consideration.

9. Disclosures:

a) Buyer acknowledges that Seller's legal counsel, Paul Presney, Jr., is an officer of Lincoln Land Title and Abstract Company.
10. Modification of Lot Configuration: Seller agrees that the configuration of the lot to be conveyed herein shall be set forth on the approved preliminary plat of Wyndmoor, approved date May 8, 2000. Seller reserves the right to alter the configuration of the lot to be conveyed at Seller's sole discretion. In the event the lot configuration is substantially modified Seller or Purchaser may elect to terminate this agreement and earnest money shall be returned to Purchaser.
11. Restrictive Covenants: Purchaser acknowledges that Seller shall file and record a declaration of restrictive covenants relating to said property. Said covenants include but will not be limited to provisions relating to permitted uses, storage, design, construction, easements, and set back. A copy of the draft declaration has been provided to Purchaser and Purchaser acknowledges that Seller reserves full right to modify the provisions thereof without further consent of Purchaser. Should said modification by Seller substantially and materially affect Purchaser's intended use, Purchaser or Seller may elect to terminate this contract and earnest money shall be returned to Purchaser.

12. Possession: Seller covenants to deliver sole and actual possession of the Premises to Purchaser at closing.

13. Taxes and Recordings: Taxes shall be prorated as of the date of closing based on the last available tax bill or, alternatively, at Seller's election, pro ration may be deferred by tax letter or a format designated by Seller, withholding pro ration until a separate tax code is designated for said lot.
All transfer and conveyance taxes and/or documentary stamps shall be paid by Seller. The cost of recording the documents called for in this contract shall be paid for by Purchaser with the exception of any mortgage release, which will be paid by Seller. The cost of any closing shall be paid by Purchaser.
14. Time of the Essence: Time is of the essence of this contract, but any defaulting party is entitled to ten (10) days after receipt of written notice of a default to cure before the other party may terminate or exercise other remedies under this contract.
15. Notices: All notices and demands shall be in writing and shall be sent by United States Certified Mail, Return Receipt Requested to Seller at:
                                 Milldale Ltd.
                                 P.O. Box 604
                                Rochester, IL 62563
or to Purchaser at:

 

_________________________________________

_________________________________________

_________________________________________
Notice deemed given when deposited in U.S. Mail, postage properly paid.
16. Fair Share Assessment Fee: Seller shall be responsible to the Village of Rochester for the Fair Share Assessment Fee as presently in force.
17. Improvements: Seller represents that infrastructure improvements shall be made to the property by Seller in accordance with the ordinances and requirements of the Village of Rochester for approval of the final plat and any pre-annexation agreement entered into with the Village of Rochester.
The Purchaser acknowledges and agrees that the public improvements provided by Seller shall not include any finished lot grading, import or export of any earthen materials or landscaping. Purchaser further agrees that he shall be liable for any damage to existing or newly installed public improvements as a result of his construction activity on said lot after closing, and this liability and agreement to pay shall survive the closing. Purchaser shall be liable for any and all tap-on fees for such lot for service of utilities or sewer.
The Purchaser further agrees to abide by all laws, ordinances, covenants, restrictions and provisions and any pre-annexation terms which may be applicable to improvements and their construction or maintenance, including, but not limited to compliance with applicable zoning ordinances as from time to time may exist, compliance with determinations of the Architectural Review Board, compliance with grade lines and elevation as established by the Village of Rochester and/or the Architectural Review Board, and compliance with requirements as to drainage, repair of broken or damaged field tile and backfilling.

Purchaser further herein irrevocably consents and acknowledges for himself, herself or itself and all parties claiming by, through or there under, including all successors and assigns, that zoning reclassification may occur in accord with said pre-annexation agreement. The pre-annexation agreement provides, among other terms, that lots classified R-2 may be reclassified under a new duplex classification in keeping with the specifications used by the Developer in creating the constrained R-2 designations approved for Wyndmoor. Purchaser consents to said reclassification and waives all notice relative thereto.
18. Default: In the event of default, Purchaser and Seller retain all remedies available at law or equity. In the event of enforcement of this contract, or any provision thereof, by court or other legal process, the party successfully enforcing this contract, or any provision thereof, shall be entitled to court costs and reasonable attorney fees. In the event of default of Purchaser, Seller may elect to retain earnest money paid herein as Seller's sole remedy in liquidation of damages at Seller's discretion.
19. Miscellaneous: This agreement supersedes all prior oral and written agreements and is the sole embodiment of the agreement between Seller and Purchaser.
Whereafter used in the contract unless the context requires otherwise, words imparting the masculine gender include the feminine and neuter gender and words imparting the plural include the singular.
SELLER AND PURCHASER, by their execution below, indicate their consent to the terms of this contract. Purchaser further acknowledges receipt of copy of preliminary plat, covenants and restrictions and pre-annexation agreement.
SELLER: PURCHASER:
MILLDALE LTD. _____________________________
By: _______________________________ _____________________________

Its: _______________________________

 _____________________________
Prepared by:

Paul E. Presney, Jr.
Presney, Kelly & Presney
726 South Second Street
Springfield, Illinois 62704
(217) 525-0016

EXHIBIT A

DESCRIPTION
Lot _________ of Wyndmoor according to the preliminary plat dated ___________2000, as approved by the Rochester Village Board on _______________, 2000.

Sangamon County, Illinois.