Date:
I / We offer to purchase the property known as Lakewood Residences ("premises") with a common street address of: ______________________________________________ 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:
Washer and dryer
Central HVAC system
Refrigerator
Oven/Range
Dishwasher
Garbage disposal
Domestic hot water heater
Ceiling fan(s) in bedroom(s)
Smoke detector(s)
Door entry intercom system
Internet (Cat5e) wiring
Coaxial cable television wiring
Telephone wiring
1. Purchase price shall be $ __________________________ .
2. Initial earnest money $ ________________ , paid in the form of check and shall be held by Seller's Attorney, the Escrowee, ( Make checks out to: Ronald B. Kaplan, LTD. , Client's Fund ), to be increased to 5% of purchase price within 10 days after acceptance hereof. Said initial earnest money shall be returned and this contract shall be void if not accepted by Seller on or before ____________________ , 2005. 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 (PLEASE STRIKE THROUGH THE INAPPLICABLE SUBPARAGRAPH):
(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 and credit report fee, if any. If said 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 2002 and subsequent years; the mortgage or trust deed referred to in paragraph 3 of the Provisions of this Contract. Seller represents that the 2002 general real estate taxes were approximately $13,092. General real estate taxes shall be prorated at 100% of the most recent ascertainable tax bill at closing.
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 before _____________ , 2005, provided title has been shown to be good or is accepted by Purchaser, at (address): ____________________________________________________ .
7. Seller agrees to surrender possession of said Premises at closing. If possession is not delivered at closing at closing Seller shall owe to Purchaser $50 per day for use and occupancy calculated from the first day after closing up to and including the date possession is be surrendered.
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. The Real Estate Broker(s) named below shall be compensated in accordance with their agreements with their clients and/or any offer of compensation made by the Listing Broker in a multiple listing service in which the listing and Cooperating Broker both participate.
10. DUAL AGENCY CONFIRMATION OF CONSENT: The undersigned confirm that they have previously consented to, and hereby reconfirm such consent to, ____________________________________ (licensee) acting as a Dual Agent in providing brokerage services on their behalf and specifically consent to Licensee acting as a Dual Agent in regard to the transaction referred to in this document.
| ____________ | ____________ |
| Seller(s) initials | Buyer(s) initials |
11. 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, broker's compensation, 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 5 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.
12. 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 10 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.
13. THIS CONTRACT IS SUBJECT TO THE FOLLOWING ADDITIONAL PROVISIONS AND TO ANY RIDERS ATTACHED HERETO AND MADE A PART HEREOF.
ADDITIONAL PROVISIONS 23. 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 otter
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 ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ Acceptance by Seller: This ___________ day of ____________________, 2005, Lee
Street Development accepts this contract and agrees to perform and convey
title or cause title to be conveyed according to the terms of this contract. ________________________________ Seller : Listing Broker: Seller's Attorney: ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ Buyer's Attorney: ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ CERTIFICATE OF LIMITED WARRANTY Lee Street Development ("Seller") warrants Unit
# _________ at _________________________________ of The1251-1265 WEST
GRANVILLE AVENUE CONDOMINIUM, Chicago, Illinois described below for a
period of one (1) year from the date of Closing ("Warranty Period")
against "latent defects: arising out of faulty workmanship or material.
Seller's sole obligation under this Limited Warranty is limited to the
repair or replacement, at Seller's option, of the defect. For the purpose
of this Limited Warranty, "latent defects" are limited to those
defects which are not apparent at the time of Purchaser's preoccupancy
inspection of the Unit but which become apparent prior to the expiration
of the Warranty Period. THIS LIMITED WARRANTY IS IN LIEU OF ALL OTHER WARRANTIES
OF SELLER, EXPRESS OR IMPLIED (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED
WARRANTY OF MERCHANTABILITY, HABITABILITY OR FITNESS FOR A PARTICULAR
PURPOSE) AND INURES ONLY TO THE BENEFIT OF THE PURCHASER WHO HAS SIGNED
AND APPROVED THIS LIMITED WARRANTY. AS TO ANY PERSONAL PROPERTY AND AS TO ANY CONSUMER PRODUCT
(AS THAT TERM MAY BE DEFINED UNDER APPLICABLE FEDERAL, STATE OR LOCAL
LAWS OR THEIR IMPLEMENTING REGULATIONS) WHICH MAY BE CONTAINED IN THE
UNIT, SELLER NEITHER MAKES NOR ADOPTS ANY WARRANTY WHATSOEVER AND SPECIFICALLY
EXCLUDES EXPRESS OR IMPLIED WARRANTIES OF ANY NATURE INCLUDING ANY IMPLIED
WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. This Limited Warranty is subject to the following terms,
conditions and exclusions; all of which are a part hereof. 1. Inspection Procedure.
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 Lakewood Condominium Association (the "Association") an amount
equal to two (2) months' assessment as a reserve and as provided in the
By-Laws for the Association attached
as Exhibit "D" to the Declaration.
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, the Assessment
for the month following the closing 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 nuetralized 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. E-mail notices shall be deemed valid and received
by the addressee thereof when delivered by e-mail and opened by the recipient
provided that a copy of the e-mail notice, with full
header included, is also sent by certified mail to the recipient on
the same date as the email transmission.
5. In the event of default
by Purchaser, the earnest money, less the expenses and commission of
the listing broker only, 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, central cooling, ventilating systems,
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 an "as is" basis at closing. 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.
7. Purchaser and Seller agree to comply with all insulation disclosure requirements
as provided by the Federal
Trade Commission.
8. 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.
9. 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.
10. 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.
11. 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.
12. Right is reserved by either party to insert correct legal description
at any time, without notice, when same is available.
13. Seller shall have the right to pay off any existing mortgage(s) out
of the proceeds of this sale.
14. 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.
15. 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.
16. 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.
17. 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.
18. Time is of the essence of this contract.
19. Wherever politically correct, the singular includes the plural and masculine
includes the feminine or neuter.
20. In the event the property is in a flood plain and flood insurance is
required by Purchaser's lender, Purchaser shall pay for same.
21. 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 dosing 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.
22. 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
AL T A 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.
Purchaser's Signature
Purchaser (Print Name)
________________________________________
Purchaser's full address:
Purchaser's Social Security Number
Purchaser's email address
Purchaser's Signature
Purchaser (Print Name)
________________________________________
Purchaser's full address
Purchaser's Social Security Number
________________________________________
Purchaser's email address
Lee Street Development, Seller
FOR INFORMATIONAL PURPOSES ONLY:
Lee Street Development
7601 North Eastlake Terrace
Chicago, Illinois 60626-1421
sales@edgewatercondos.info
Kahn Realty Group, LTD.
7601 North Eastlake Terrace
Chicago, Illinois 60626-1421
773.761.6600 office
773-465-7733 fax
773.761-3300 direct
denise@kahnrealtygroup.com
Ronald B. Kaplan, LTD.
134 North LaSalle - Suite 2005
Chicago, Illinois 60602
312.782.7666 office
312.782.7110 fax
Buyer's Broker or Designated Agent:
____________________________________________________________
Buyer's Broker or Designated Agent's Name
Address
Telephone Numbers
____________________________________________________________
Fax Number
Email
____________________________________________________________
Buyer's Attorney's Name
Address
Telephone Numbers
____________________________________________________________
Fax Number
Email
EXHIBIT 1 TO THE 1251-1265 WEST GRANVILLE AVENUE CONDOMINIUM PURCHASE
AGREEMENT
(Purchased Unit)
A. A preoccupancy inspection of the Unit is to be made
prior to the scheduled Closing Date. This inspection is to be made
by Purchaser with notice to Seller. A representative of Seller
may be present at Seller's option without notice to Purchaser. Items
to be corrected as mutually agreed are listed in an inspection report
("Inspection
Report") which is signed by the Purchaser and a representative
of the Seller. The Purchaser retains a copy of the report.
B. Every reasonable effort is to be made to correct all of the items listed
in the Inspection Report. Purchaser will be advised of status of correction
at the Closing.
C. No corrections will be made for defects not recorded on Seller's Inspection Report or defects first claimed or discovered after the expiration of the Warranty Period. Correction of latent defects (consisting of defects which were not apparent at the time of preoccupancy inspection) will be made within a reasonable time after Seller is notified in writing during the Warranty Period.
2. Warranty Exclusions. The following exclusions and limitations apply to Seller's limited warranty obligations:
A. All chips, scratches or mars on items such as tile, walls, porcelain, glass (including breakage or cracks), plumbing fixtures, plastic laminate counter tops or marble, must be noted on Seller's preoccupancy inspection form or they will not be covered under this Limited Warranty.
B. Bathroom faucet leaks, toilet, door and door frame adjustments, floor and wall tile grouting are covered for a period of sixty (60) days after Closing. Thereafter, any repairs or corrections become the sole responsibility of the Purchaser. Further, failures caused by the negligence of Purchaser or the failure to keep foreign materials out of the plumbing system are excluded from this warranty.
C. Nail or screw pops or cracks in the walls and ceilings do not result from faulty workmanship or defective materials but are the result of natural shrinkage and drying of building materials, or of normal settlement of the building or other normal movement of the building components. Seller will not correct such conditions.
D. Warranty service is not available for and does not
cover correction of the results of ordinary wear and tear or damage due
to misuse or neglect; negligence or failure to provide proper maintenance.
THIS LIMITED WARRANTY DOES NOT EXTEND TO ANY ITEM WHICH HAS BEEN MODIFIED
OR REPAIRED BY PURCHASER OR ANY ITEMS WHICH ARE INSTALLED OR CONSTRUCTED
PURSUANT TO A SEPARATE CONTRACT OR AGREEMENT BETWEEN THE PURCHASER AND
ANY PARTY OTHER THAN SELLER.
3. Other Terms. This Limited Warranty specifically excludes any and all
secondary, incidental or consequential damages caused by any defect or
breach hereof. No steps taken by Seller to correct defects shall act to
extend the scope or duration of this Limited Warranty beyond the Warranty
Period. No representative of the Seller has the authority to expand or
extend the scope or duration of this Limited Warranty or to make verbal
agreements with respect thereto. All items for correction must be in written
form. Seller assumes no responsibility if a Purchaser allows someone to
enter the Unit when Purchaser is not present. This Limited Warranty is
not assignable and any attempted assignment shall be null and void.
4. Severability. The invalidity of any agreement, restriction, condition, reservation or any other provision of this Limited Warranty shall not impair or affect in any manner the validity or effect of the rest of this Limited Warranty.
5. Assignability. This warranty terminates if the property is sold, leased or ceases to be occupied by the original Purchaser to whom this warranty is issued.
DATED: Unit ____________________
SELLER: Lee Street Development
By: 
The undersigned has/have read and approved the Limited
Warranty including the Terms, Conditions and Exclusions thereto and agree
that said Certificate of Limited Warranty is in lieu of any warranty of
Seller under the Purchase Agreement or implied at law and shall govern
in the event of any conflict or inconsistency between the terms hereof
and the Purchase Agreement.
PURCHASER(S):
___________________________________
___________________________________
EXHIBIT 2 TO THE 1251-1265 WEST GRANVILLE AVENUE CONDOMINIUM PURCHASE
AGREEMENT
WAIVER AND DISCLAIMER OF IMPLIED WARRANTY OF HABITABILITY
(Purchased Unit)
This WAIVER-DISCLAIMER is dated , by and between Lee Street Development, (hereinafter referred to as "Seller-Developer") and ________________________________ (hereinafter referred to as "Purchaser") for the sale of the property commonly known as _________________________, Unit _________, at The 1251-1265 West Granville Avenue Condominium, Chicago, Illinois.
1. Implied Warranty of Habitability. Illinois law provides that every contract for a new home, as here, carries with it a warranty that the home will be free of defects and will be fit for its intended use as a home. This law further provides that this Implied Warranty does not have to be in writing to be a part of the Contract and it covers not only structural and mechanical defects such as may be found in the foundation, roof, masonry, heating, electrical and plumbing; but it also covers any defect in workmanship which may not easily be seen by the Purchaser. However, the law also provides that a Seller-Developer and Purchaser may agree in writing, as here, that this Implied Warranty is not included as a part of their particular contract.
2. WAIVER-DISCLAIMER: LEE STREET DEVELOPMENT, THE SELLER-DEVELOPER, HEREBY DISCLAIMS AND THE PURCHASER ___________________________________, HEREBY WAIVES THE IMPLIED WARRANTY OF HABITABILITY DESCRIBED IN PARAGRAPH 1 ABOVE AND THEY ACKNOWLEDGE, UNDERSTAND AND AGREE THAT IT IS NOT A PART OF THE CONTRACT.
3. Effect and Consequences of this Waiver-Disclaimer:
Purchaser acknowledges and understands that if a dispute arises with Seller-Developer
and the dispute results in a lawsuit, Purchaser will not be able to rely
on the Implied Warranty of Habitability described in Paragraph 1 above
as a basis for suing the Seller-Developer or as the basis of a defense
if Seller-Developer sues the Purchaser. Purchaser may, however, rely on
the Seller-Developer's express written warranties.
I, (WE) AS PURCHASER(S), HAS HAVE READ AND UNDERSTAND THIS DOCUMENT AND
I (WE) HAVE HAD AN OPPORTUNITY TO SEEK PROFESSIONAL ADVICE CONCERNING
ITS CONTENTS.
DATED: .
PURCHASER(S):
_______________________________________________
_______________________________________________
EXHIBIT 3 TO THE 1251-1265 WEST GRANVILLE AVENUE CONDOMINIUM PURCHASE
AGREEMENT
CERTIFICATE OF LIMITED WARRANTY
(Common Elements)
Lee Street Development warrants the Common Elements in The 1251-1265 WEST GRANVILLE AVENUE CONDOMINIUM ("Condominium"), Chicago, IL 60660, for a period of one (1) year from the date on which each particular portion of the Common Elements was substantially completed ("Substantial Completion Date") or for such shorter period specified below ("Warranty Period"), against defects arising out of faulty workmanship or material, subject to the terms and conditions set forth below. Seller's sole obligation under this Limited Warranty is limited to the repair or replacement, at Seller's option, of the defect.
THIS LIMITED WARRANTY IS IN LIEU OF ALL OTHER WARRANTIES OF SELLER, EXPRESS OR IMPLIED (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OR MERCHANTABILITY, HABITABILITY OR FITNESS FOR A PARTICULAR PURPOSE), AND INURES ONLY TO THE BENEFIT OF THE 1261-1265 WEST GRANVILLE AVENU CONDOMINIUM ASSOCIATION ("Association") AND NOT TO ANY UNIT OWNER INDIVIDUALLY.
AS TO ANY PERSONAL PROPERTY AND AS TO ANY CONSUMER PRODUCT (AS THAT TERM MAY BE DEFINED UNDER APPLICABLE FEDERAL, STATE OR LOCAL LAWS OR THEIR IMPLEMENTING REGULATIONS) WHICH MAY BE PART OF OR LOCATED IN THE COMMON ELEMENTS, SELLER NEITHER MAKES NOR ADOPTS ANY WARRANTY WHATSOEVER AND SPECIFICALLY EXCLUDES EXPRESS OR IMPLIED WARRANTIES OF ANY NATURE INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
This Limited Warranty is subject to the following terms, conditions and exclusions, all of which are a part hereof.
1. Warranty Exclusions. The following exclusions and limitations apply to Seller's limited warranty obligations:
A. This Limited Warranty is limited to the Common Elements
and does not cover the Purchased Unit.
B. Nail or screw pops or cracks in the walls and ceilings do not result
from faulty workmanship or defective materials but are the result of natural
shrinkage and drying of building materials or of normal settlement of
the building or other normal movement of the building components. Seller
will not correct such conditions.
C. Warranty service is not available for and does not cover correction of the results of ordinary wear and tear or damage due to misuse or neglect, negligence or failure to provide proper maintenance. THIS LIMITED WARRANTY DOES NOT EXTEND TO ANY ITEM WHICH HAS BEEN MODIFIED OR REPAIRED BY THE ASSOCIATION OR ANY UNIT OWNER OR ANY ITEMS WHICH ARE INSTALLED OR CONSTRUCTED PURSUANT TO A SEPARATE CONTRACT OR AGREEMENT BETWEEN THE ASSOCIATION OR ANY UNIT OWNER AND ANY PARTY OTHER THAN SELLER.
D. This Limited Warranty specifically excludes any and all secondary, incidental or consequential damages caused by any defect or breach of this Limited Warranty.
2. Manufacturer's Warranties. Personal property, furnishings, fixtures and equipment located in and constituting part of the Common Elements may be supplied with manufacturers' instructions and warranties. It is recommended that the manufacturers' instruction pamphlets be read and followed. Seller is not a warrantor under and does not adopt any such manufacturers' warranties. In the event of defects in such products, the Association should contact the manufacturer directly. Seller is not responsible for the performance of any manufacturer under any such manufacturer's warranty.
3. Other Terms. No steps taken by Seller to correct defects shall act to extend the scope or duration of this Limited Warranty beyond the Warranty Period. No representative of the Seller has the authority to make verbal agreements with respect thereto. All items for correction must be in written form. Seller shall not be obligated to remedy any defects where otherwise required pursuant to this Limited Warranty unless and until the Association notifies Seller in writing of the defect and then only if such notification is made prior to the expiration of the Warranty Period. This Limited Warranty shall be null and void as to any particular defect if the Association or any Unit Owner performs repairs to the Common Elements with respect to such defect without receiving the prior written consent of Seller. This Limited Warranty is not assignable and any attempted assignment shall render it null and void.
4. Association. Seller's obligations under this Limited Warranty are for the sole benefit of the Association and may be enforced or modified by the Association only and not by any Unit Owners individually or collectively.
The Association and the undersigned Purchaser have approved the above
Limited Warranty, including the Terms, Conditions and Exclusions thereto
and agree that this Certificate of Limited Warranty is in lieu of any
warranty of Seller, including those implied at law.
Unit # _________ at _________________________________ Date:
PURCHASER(S):
_______________________________________________
_______________________________________________
EXHIBIT 4 TO THE 1251-1265 WEST GRANVILLE AVENUE CONDOMINIUM PURCHASE
AGREEMENT
WAIVER AND DISCLAIMER OF IMPLIED WARRANTY OF HABITABILITY
(Common Elements)
This WAIVER-DISCLAIMER is dated by and between Lee Street Development ("hereinafter referred to as "Seller-Developer") and _______________________________ (hereinafter referred to as "Purchaser") for the sale of the property commonly known as _______________________________ Unit _____ at The 1251-1265 WEST GRANVILLE AVENUE Condominium, Chicago, IL.
1. Implied Warranty of Habitability. Illinois law provides that every contract for a new home carries with it a warranty that the home will be free of defects and will be fit for its intended use as a home. This law further provides that this Implied Warranty does not have to be in writing to be a part of the contract and it covers not only structural and mechanical defects such as may be found in the foundation, roof, masonry, heating, electrical and plumbing; but it also covers any defect in workmanship which may not easily be seen by the Purchaser. However, the law also provides that a Seller-Developer and Purchaser may agree in writing, as here, that this Implied Warranty is not included as a part of their particular contract.
2. Waiver-Disclaimer: LEE STREET DEVELOPMENT THE SELLER-DEVELOPER, HEREBY DISCLAIMS AND THE PURCHASER ___________________________________, AND THE 1251-1265 WEST GRANVILLE AVENUE CONDOMINIUM ASSOCIATION HEREBY WAIVE THE IMPLIED WARRANTY OF HABITABILITY DESCRIBED IN PARAGRAPH 1 ABOVE AND THEY ACKNOWLEDGE, UNDERSTAND AND AGREE THAT IT IS NOT A PART OF THE AGREEMENT.
3. Effect and Consequences of this Waiver-Disclaimer: Purchaser acknowledges and understands that if a dispute arises with Seller-Developer and the dispute results in a lawsuit, Purchaser and the Association will not be able to rely on the Implied Warranty of Habitability described in paragraph 1 above as a basis for suing the Seller-Developer or as the basis of a defense if Seller-Developer sues the Purchaser or the Association. Purchaser or the Association may, however, rely on the Seller-Developer's express written warranties.
THE ASSOCIATION AND THE UNDERSIGNED, AS PURCHASER, HAVE READ AND DO UNDERSTAND THIS DOCUMENT AND THEY HAVE HAD AN OPPORTUNITY TO SEEK PROFESSIONAL ADVICE CONCERNING ITS CONTENTS.
PURCHASER(S):
_______________________________________________
_______________________________________________