Hunt Club Meadows
Distinctive Properties by the Developers of Hunt Club Woods
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Hunt Club Meadows |
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Sales Contract Click here to open a printable copy of the contract
HUNT CLUB MEADOWS 1. Purchase. , ("Purchaser") agrees to purchase at a price of $ on the terms set forth herein, the following described real estate in Will County, Illinois: Lot (the "Lot(s)") Hunt Club Meadows Subdivision (the "Subdivision"), Homer Glen, Illinois 2. Sale. Hunt Club Meadows, LLC, ("Seller") agrees to sell the Lot(s) at the price and terms set forth herein, and to convey or cause to be conveyed to Purchaser or nominee title thereto by a recordable trustee's deed, subject only to: (a) covenants, conditions and restriction of record; (b) private, public and utility easements and roads and highways, if any; (c) general real estate taxes which are not due and payable by the closing date, including taxes which may accrue by reason of new or additional improvements during the year of closing and subsequent years; (d) the Declaration of Covenants, Easements and Restrictions for the Hunt Club Meadows Subdivision (the "Declaration"); (e) matters set forth on the Plat of Subdivision which includes the Lot(s) (the "Plat") and any related Certificates of Correction; (f) the Annexation Agreement; (g) title matters for which the title insurer agrees to extend title insurance; and (h) matters arising by or through Purchaser. 3. Earnest Money. Purchaser has paid $ (ten percent of purchase price includes any prior deposit made to Seller) as earnest money to be applied against the purchase price, and agrees to pay or satisfy the balance of the purchase price, plus or minus prorations, at the time of closing. The earnest money shall be held by the Seller for the mutual benefit of the parties and the earnest money shall not bear interest. 4. Closing. Subject to paragraph seven below, the closing shall take place at the office of the Seller's attorney or the title company, local to the property, and shall occur within thirty (30) days following the Acceptance Date below. 5. Possession. Subject to the following sentence, Seller shall deliver possession to Purchaser at closing. Seller shall have the right to enter onto or upon the Lot(s) for a reasonable period following closing and to the extent reasonably necessary for completion of the public improvements and to carry-out the responsibilities of the Architectural Review Committee, pursuant to the Declaration. 6. Title Insurance. Seller shall deliver or cause to be delivered to Purchaser or Purchaser's agent, not less than 5 days prior to the time of closing, a title commitment for an owner's title insurance policy issued by an Illinois licensed title insurance company in the amount of the purchase price, covering title to the Lot(s) 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 in paragraph 2 above, and (c) title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount which may be removed by the payment of money at the time of closing and which the Seller may so remove at that time by using the funds to be paid upon the delivery of the deed (all of which herein are referred to as the “permitted exceptions”). 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. Seller also shall furnish Purchaser an Affidavit of Title in customary form covering the date of closing and showing title in Seller subject only to the permitted exceptions. 7. Title defects. If the title commitment discloses unpermitted exceptions, Seller shall have 30 days from the date of delivery thereof to have the exceptions removed from the commitment or to have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions, and, in such event, the time of closing shall be 35 days after delivery of the commitment or the time specified in paragraph 4 hereof, whichever is later. If Seller fails to have the exceptions removed, or in the alternative, to obtain the commitment for title insurance specified above as to such exceptions within the specified time, Purchaser may either accept title with the unpermitted exception and proceed to closing or terminate this contract and receive a full refund of Purchaser's earnest money. 8. Transfer Tax. 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 Tax Act of the State of Illinois and shall furnish any declaration signed by the Seller or the Seller's agent or meet other requirements as established by any local ordinance with regard to a transfer or transaction tax; such tax required by local ordinance shall be paid by the party upon whom such ordinance places responsibility therefor. 9. Escrow. At the election of Seller or Purchaser upon notice to the other party not less than 3 business days prior to the time of closing, this sale shall be closed through an escrow with the title insurance company in accordance with the general provisions of the usual form of Deed and Money Escrow Agreement then in use by the title insurance 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. The cost of the escrow shall be paid by the Purchaser. 10. Survey. At Closing, Seller shall deliver to Purchaser a staked survey for the Lot(s), prepared by an Illinois licensed land surveyor. 11. Tax Proration. Seller shall pay the real estate taxes for the year prior to closing prior to same becoming due. If the general real estate tax bill is undivided for the Subdivision for the year of closing, then Seller shall cause said bill for the Subdivision to be paid prior to same becoming due and be reimbursed by Purchaser, prorata. The parties shall prorate the bill based on the ratio of the number of Lots purchased against the total number of lots in the Subdivision. If said tax bill is issued divided, then the Purchaser shall pay the real estate tax bills for the Lot(s) and be reimbursed by the Seller, prorata. The proration shall be based on the number of days the respective parties owned the Lot(s) in the year subject to proration. Seller shall be responsible only for the land portion of the bill as assessed as of the date of closing, it being understood that any increase in the assessed valuation for land and/or improvements imposed for the period after closing shall be Purchaser’s responsibility. The one party owing the other a proration amount shall remit payment to the other within 10 days of written request to do so. The parties shall execute a tax proration letter at closing reaffirming this agreement. 12. Improvements. Except as otherwise provided in this Contract or the Declaration, Seller shall, at Seller's sole cost, improve the Lot(s) with such Subdivision improvements as are required by the County or the Village (collectively, the "Improvements"). It is understood that the Lot(s) will be improved with electric and gas utilities, and such utilities will be installed by the electric and gas utility companies, not the Seller. The fact that the utilities are not installed by closing shall not delay closing so long as building permits are available. The Purchaser acknowledges and agrees that the Improvements to be provided by Seller shall not include municipal sewer or water or finished lot grading, import or export of earthen materials or parkway seeding or landscaping of any portion of the Lot(s). Purchaser shall be solely responsible for his own well and septic systems. 13. Declaration of Covenants. The Subdivision shall be governed by the Declaration, which shall provide amongst other provisions, for a homeowner's association, annual assessments, use and occupancy restrictions, architectural criteria, a Landscape Bond of $2,500.00 and an Architectural Review Committee. Purchaser has approved the Declaration and agrees to accept title to the Lot(s) subject to the Declaration and to abide by the Declaration after closing. Per the Declaration, the Purchaser shall pay a contingency reserve fee of $150.00 and an unprorated 2005 assessment of $250.00 per Lot at closing. Said assessment shall be deposited by Seller into a segregated account and used for the purposes set forth in the Declaration. 14. Subdivision damage/ Hold Harmless/Indemnity. Purchaser shall be responsible to repair any damage to the Subdivision Improvements or other areas of the Subdivision caused by Purchaser or its agents, contractors, suppliers or licensees. At Seller's option, Seller may make such repairs and Purchaser shall, upon written demand, promptly reimburse Seller. Purchaser shall be responsible for any collection costs incurred by Seller (including reasonable attorney's fees). Purchaser agrees to indemnify, (including reasonable attorney's fees) defend and hold Seller harmless from and against any mechanics' lien or other claims or damages arising directly or indirectly out of the acts or omissions of the Purchaser or its agents, contractors, suppliers or licensees on or about the Subdivision. 15. Governmental Fees. Purchaser shall be responsible for all building permit fees, or other governmental fees or donations that may be imposed by the County, the Village of Homer Glen, or the Township against the Lot(s) in conjunction with obtaining building permits. 16. Remedies. If this contract is terminated without Purchaser's fault, the earnest money shall be returned to the Purchaser, but if the termination is caused by the Purchaser's fault, then at the option of the Seller and upon notice to the Purchaser, the earnest money shall be forfeited to the Seller and retained by the Seller as liquidated damages. Return of Purchaser's earnest money shall be Purchaser's sole and exclusive remedy for Seller's default or Seller's failure to close. 17. Notice. All notices herein required shall be in writing and shall be served on the parties either personally or at the addresses following their signatures by mail. If served personally, service shall be deemed made upon delivery. The mailing of a notice by regular U.S. mail, with proper postage prepaid shall be deemed sufficient service and deemed served on the date of mailing. Copies of any notices shall also be simultaneously forwarded by facsimile transmission and regular first class mail to the attorney for the party being served. Attorney for Seller: Robert J. Huguelet, Jr., Esq. 10749 Winterset Drive Orland Park, Illinois 60467 (708) 226-9500 Fax: (708) 364-7127 Either party may change his address for notice purposes by serving notice of change of address on the other party. Service upon one Purchaser shall be deemed service on all Purchasers. 18. Acceptance. The Purchaser's unilateral execution of this Contract form and delivery to the Seller with the deposit of the earnest money deposit shall be deemed an irrevocable offer for a period of ten (10) days following the date of the offer inserted below. Return delivery of a copy of this Contract form, as executed by the Seller, shall constitute acceptance as of the date inserted below. Delivery shall be by regular U.S. Mail. If not accepted by Seller and delivered to Purchaser with said ten day period, then, at the Purchaser's option, the offer may be revoked by notice to the Seller and the earnest money shall be refunded to the Purchaser. 19. Miscellaneous. a) The representations, warranties, covenants and agreements contained herein which by their express terms or by their nature must be performed or observed after closing shall be deemed to survive closing; b) This Contract contains the entire agreement between the parties and shall inure to the benefit of and be binding upon said parties, and their respective heirs, personal representatives, successors and assigns; c) Purchaser shall not record this Contract or otherwise cause any lien or encumbrance to impair title to the Lot(s) prior to closing. Breach of this provision paragraph by Purchaser shall be deemed a material breach of this contract; d) Time is of the essence of this Contract. Date of Acceptance:_________________________ Date of Offer:___________________________________ SELLER: PURCHASER(S): HUNT CLUB MEADOWS, LLC By:_______________________________________ ______________________________________________ duly authorized agent
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