O-64-97 11/24/97VILLAGE OF LEMONT
ORDINANCE NO. /
AN ORDINANCE AUTHORIZING AN AGREEMENT FOR THE
INSTALLMENT PURCHASE OF 414 TALCOTT STREET
LEMONT, ILLINOIS
BY THE VILLAGE OF LEMONT, A MUNICIPAL CORPORATION
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
This 24th day of November , 1997.
Published in pamphlet form by
authority of the President and
Board of Trustees of the Village of
Lemont, Counties of Cook, Will, and
DuPage, Illinois this 24th
day of November , 1997
ORDINANCE NO. 0 —6,4-97
AN ORDINANCE AUTHORIZING
AN AGREEMENT FOR THE INSTALLMENT
PURCHASE OF 414 TALCOTT STREET, LEMONT, ILLINOIS
BY THE VILLAGE OF LEMONT, A MUNICIPAL CORPORATION
WHEREAS, the BOARD OF TRUSTEES of the VILLAGE OF LEMONT deem it advisable
and necessary for the health, safety, and welfare of the residents of the Village of Lemont, ( "the
Municipality "), that the Municipality purchase for public purposes, the property commonly known
as 414 Talcott Street, Lemont, Illinois, hereinafter legally described; and
WHEREAS, pursuant to the provisions of Section 11 -61 -3 of Article 11 of the Illinois
Municipal Code, the Municipality is authorized to purchase real and personal property for public
purposes pursuant to contracts that provide for the consideration for such purchase to be paid in
annual installments during a period not exceeding ten years; and
WHEREAS, RONALD P. GIOVANNINI and ELAINE GIOVANNINI, husband and wife,
(the "Sellers "), have agreed to sell the subject property to the Municipality for the sum of One
Hundred Eighty Seven Thousand Five Hundred Dollars ($187,500.00), payable in semi annual
installments together with simple interest on the unpaid balance at 5.2853 percent per annum; and
WHEREAS, it is hereby estimated and determined that it will cost Two Hundred Forty Two
Thousand Six Dollars and 89/100 ($242,006.89), including interest charges, to purchase said property
for the Municipality, and funds are not presently available therefore;
NOW, 1HEREFORE, BE IT ORDAINED BY '111E BOARD OF TRUSTEES OF THE
VILLAGE OF LEMONT, COUNTIES OF COOK, WILL AND DU PAGE, ILLINOIS, AS
FOLLOWS:
SECTION ONE: The BOARD OF TRUSTEES of the VILLAGE OF LEMONT
hereby determine that it is advisable, necessary, and in the interests of the public health, safety, and
welfare that the Municipality purchase the property commonly known as 414 Talcott Street, Lemont,
Illinois, which is legally described as follows:
Lot 11 in Block 2 of Singer and Talcott's Second Addition to Lemont, being a
Subdivision of the East part of that part between Railroad and Canal of the West '/2
of the Southeast 1/4 of Section 20, Township 37 North, Range 11, East of the Third
Principal Meridian, in Cook County, Illinois.
SECTION TWO: Said Agreement shall be in substantially the following form:
AGREEMENT FOR THE
INSTALLMENT PURCHASE OF
414 TALCOTT STREET, LEMONT, ILLINOIS
BY THE VILLAGE OF LEMONT, A MUNICIPAL CORPORATION
This Agreement dated this day of , 19 _, between the VILLAGE
OF LEMONT, a Municipal Corporation in the Counties of Cook, Will and DuPage, State of Illinois
(the "Municipality ") and RONALD P. GIOVANNINI and ELAINE GIOVANNINI (the "Sellers ").
WITNESSETH:
WHEREAS, the Board of Trustees of the Municipality have determined that it is advisable,
necessary, and in the interests of the public health, safety, and welfare that the Municipality purchase
for public purposes the property commonly known as 414 Talcott Street, Lemont, Illinois, hereinafter
legally described; and
WHEREAS, Section 11 -61 -3 of Article 11 of the Illinois Municipal Code authorizes the
Municipality to purchase real property for public purposes pursuant to a contract that provides for
2
the consideration for such purchase to be paid in annual installments during a period not exceeding
ten years; and
WHEREAS, Sellers have agreed to sell the subject property to the Municipality on an
installment basis as hereinafter provided for;
1. Seller agrees to sell to the Municipality and the Municipality agrees to purchase from Seller
the property commonly known as 414 Talcott Street, Lemont, Illinois, which is legally described as
follows:
Lot 11 in Block 2 of Singer and Talcott's Second Addition to Lemont, being a
Subdivision of the East part of that part between Railroad and Canal of the West 1/2
of the Southeast 1/4 of Section 20, Township 37 North, Range 11, East of the Third
Principal Meridian, in Cook County, Illinois.
for the sum of One Hundred Eighty Seven Thousand Five Hundred Dollars ($187,500.00), which
purchase price shall be paid in semi annual installments commencing on June 1, 1998, and concluding
on December 1, 2007 together with simple interest on the balance remaining unpaid from time to time
at 5.2853 percent per annum. Interest at the said rate shall accrue on such unpaid balance from the
date of this Agreement until the principal amount shall have been paid.
Installments shall be due on the days and years and in the following amounts:
Year Principal Payment Interest Payment Payment Amount
06 -01 -98 None $ 4,938.65
12 -01 -98 $18,750.00 $ 4,965.78 $ 23,715.78
06 -01 -99 None $ 4,444.78
12 -01 -99 $18,750.00 $ 4,469.20 $ 23,219.20
06 -01 -00 None $ 3,972.62
12 -01 -00 $ 18,750.00 $ 3,972.62 $ 22,722.62
3
Year
06 -01 -01
12 -01 -01
06 -01 -02
12 -01 -02
06 -01 -03
12 -01 -03
06 -01 -04
12 -01 -04
06 -01 -05
12 -01 -05
06 -01 -06
12 -01 -06
06 -01 -07
12 -01 -07
Principal Payment
None
$18,750.00
None
$18,750.00
None
$ 18,750.00
None
$ 18,750.00
None
$ 18,750.00
None
$ 18,750.00
None
$ 18,750.00
Interest Payment Payment Amount
$ 3,457.05
$ 3,476.05 $ 22,226.05
$ 2,963.19
$ 2,979.47 $ 21,729.47
$ 2,469.32
$ 2,482.89 $ 21,232.89
$ 1,986.31
$ 1,986.31 $ 20,736.31
$ 1,481.59
$ 1,489.73 $ 20,239.73
$ 987.73
$ 993.16 $ 19,743.16
$ 493.86
$ 496.58 $ 19,246.58
The Municipality shall have the right on the first day of any month to prepay said purchase
price, without penalty or premium, by paying said installment or installments plus the interest accrued
to said prepayment date on the balance of the principal amount then unpaid. If less than all of the
principal amount shall be prepaid, then prepayments shall be applied to installments in the inverse
order of their due dates.
2. The Sellers agree to convey to the Municipality good title to the aforesaid equipment by
Warranty Deed subject only to standard title exceptions, free and clear of any and all liens or
encumbrances.
As evidence of the Sellers' title to the aforesaid property, the Sellers shall furnish and deliver
to the Municipality such evidence of the Sellers' title thereto as may be reasonably required by the
4
Municipality to the end that the Municipality will be assured of receiving good and merchantable title
to said property, free and clear of any and all liens and encumbrances.
3. The Sellers agree to convey to the Municipality all of their right, title, and interest in and
to the subject property and to deliver possession of the subject property to the Municipality. The date
of such conveyance and delivery is hereinafter referred to as "the closing date."
4. It is understood and agreed by and between the parties hereto that the payments required
under the terms of this Agreement shall be a general obligation of the Municipality and that the total
amount due to the Sellers, including interest as herein provided, together with all prior indebtedness
of the Municipality, is within all statutory and constitutional limitations as to the incurring of
indebtedness by the Municipality.
5. This Agreement may be assigned by the Sellers at any time after the closing date, with
written notice of any such assignment shall be given by the Sellers to the Municipality. The
municipality may rely and shall be protected in acting on any instrument of assignment or notice
thereof believed by it to be genuine, and shall have no duty to inquire into the authority for or the
validity or effectiveness of any such assignment.
6. All notices and demands required hereunder shall be in writing and shall be deemed to have
been given or made when delivered personally, or when mailed by registered or certified mail, postage
prepaid, addressed as follows:
If to Sellers: Thomas J. McCracken, Jr.
134 North LaSalle Street, Suite 600
Chicago, Illinois 60602
5
If to Municipality:
John P. Antonopoulos
Antonopoulos, Virtel & Groselak, P.C.
15419 127th Street, Suite 100
Lemont, Illinois 60439
IN WITNESS WHEREOF, the Sellers have caused this Agreement to be executed and the
Village of Lemont has caused this Agreement to be executed by its Mayor and attested by its Clerk
and the official seal of the Village of Lemont to be hereunto affixed, all as of the day and year first
above written.
VILL G O " LE i ONT, a nicipal Corporation
Ronald P. Giovannini
harlene M. Smollen Elaine Giovannini
STATE OF ILLINOIS
COUNTY OF COOK
}
} SS:
}
I, the undersigned, a Notary Public in and for said County in the State aforesaid, DO
HEREBY CERTIFY, that RICHARD A. KWASNESKI and CHARLENE SMOLLEN, are
personally known to me to be the Mayor and Clerk of the Village of Lemont, and that they are the
same persons whose names are subscribed to the foregoing instrument, that they appeared before me
this day in person, and acknowledged that the seal affixed to the foregoing instrument is the official
seal of said Village of Lemont, that said instrument was signed and sealed on behalf of said Village
of Lemont, by authority of its governing body and they acknowledged that the execution of the
foregoing instrument was the free act and deed of said Village of Lemont.
6
Given under my hand and seal this .44"day of , 1997.
STATE OF ILLINOIS
COUNTY OF COOK
}
} SS:
}
I
VS
Notary Publi
FFICIAL CEAL
ROSEMAY YATES
NOTAFN PU[lIC, STATE OF ILLINOIS
MY COMMISSION EXPIRES 8 -12 -2000
I, the undersigned, a Notary Public in and for said County in the State aforesaid, DO
HEREBY CERTIFY, that RONALD P. GIOVANNINI and ELAINE GIOVANNINI, husband and
wife, are personally known to be the same persons whose name are subscribed to the foregoing
instrument, that appeared before me this day in person, and acknowledged that they signed, sealed
and delivered the said instrument as their free and voluntary act, for the uses and purposes therein set
forth.
Given under my hand and official seal this day of , 1997.
Notary Public
SECTION THREE: From and after the effective date of this Ordinance, the Mayor and
Clerk of the VILLAGE OF LEMONT are hereby authorized and directed to execute the said
Agreement herein provided for, and to do all things necessary and essential, including the execution
of any documents and certificates, to carry out the provisions of said Agreement.
7
SECTION FOUR: This Ordinance shall be in full force and effect from and after its
passage, approval, and publication in the manner provided by law.
PASSED THIS DAY OF i�' -776z°2 , 1997.
AYES:
NAYS:
ABSENT:
c lii m a v,
0
0
APPROVED THIS c'iyli DAY OF
ATTEST:
, 1997.
i
RIC , '11 S t SKI, Mayor, _
C ' ENE M. SMOLLE
Village Clerk
WP6.1 \VILLAGE \TALCOTT.ORD: VMS
8
1
AGREEMENT FOR THE
INSTALLMENT PURCHASE OF
414 TALCOTT STREET, LEMONT, ILLINOIS
BY THE VILLAGE OF LEMONT, A MUNICIPAL CORPORATION
This Agreement dated this day of , 19 _, between the VILLAGE
OF LEMONT, a Municipal Corporation in the Counties of Cook, Will and DuPage, State of Illinois
(the "Municipality") and RONALD P. GIOVANNINI and ELAINE GIOVANNINI (the "Sellers ").
WITNESSETH:
WHEREAS, the Board of Trustees of the Municipality have determined that it is advisable,
necessary, and in the interests of the public health, safety, and welfare that the Municipality purchase
for public purposes the property commonly known as 414 Talcott Street, Lemont, Illinois, hereinafter
legally described; and
WHEREAS, Section 11 -61 -3 of Article 11 of the Illinois Municipal Code authorizes the
Municipality to purchase real property for public purposes pursuant to a contract that provides for
the consideration for such purchase to be paid in annual installments during a period not exceeding
ten years; and
WHEREAS, Sellers have agreed to sell the subject property to the Municipality on an
installment basis as hereinafter provided for;
1. Seller agrees to sell to the Municipality and the Municipality agrees to purchase from Seller
the property commonly known as 414 Talcott Street, Lemont, Illinois, which is legally described as
follows:
Lot 11 in Block 2 of Singer and Talcott's Second Addition to Lemont, being a
Subdivision of the East part of that part between Railroad and Canal of the West 1/2
of the Southeast 1/4 of Section 20, Township 37 North, Range 11, East of the Third
Principal Meridian, in Cook County, Illinois.
for the sum of One Hundred Eighty Seven Thousand Five Hundred Dollars ($187,500.00), which
purchase price shall be paid in semi annual installments commencing on June 1, 1998, and concluding
on December 1, 2007 together with simple interest on the balance remaining unpaid from time to time
at 5.2853 percent per annum. Interest at the said rate shall accrue on such unpaid balance from the
date of this Agreement until the principal amount shall have been paid.
Installments shall be due on the days and years and in the following amounts:
Year
06 -01 -98
12 -01 -98
06 -01 -99
12 -01 -99
06 -01 -00
12 -01 -00
06 -01 -01
12 -01 -01
06 -01 -02
12 -01 -02
06 -01 -03
12 -01 -03
06 -01 -04
12 -01 -04
06 -01 -05
12 -01 -05
06 -01 -06
12 -01 -06
06 -01 -07
12 -01 -07
Principal Payment
None
$18,750.00
None
$18,750.00
None
$ 18,750.00
None
$18,750.00
None
$1 8,750.00
None
$ 18,750.00
None
$ 18,750.00
None
$ 18,750.00
None
$ 18,750.00
None
$ 18,750.00
Interest Payment Payment Amount
$ 4,938.65
$ 4,965.78 $ 23,715.78
$ 4,444.78
$ 4,469.20 $ 23,219.20
$ 3,972.62
$ 3,972.62 $ 22,722.62
$ 3,457.05
$ 3,476.05 $ 22,226.05
$ 2,963.19
$ 2,979.47 $ 21,729.47
$ 2,469.32
$ 2,482.89 $ 21,232.89
$ 1,986.31
$ 1,986.31 $ 20,736.31
$ 1,481.59
$ 1,489.73 $ 20,239.73
$ 987.73
$ 993.16 $ 19,743.16
$ 493.86
$ 496.58 $ 19,246.58
The Municipality shall have the right on the first day of any month to prepay said purchase
price, without penalty or premium, by paying said installment or installments plus the interest accrued
to said prepayment date on the balance of the principal amount then unpaid. If less than all of the
principal amount shall be prepaid, then prepayments shall be applied to installments in the inverse
order of their due dates.
2. The Sellers agree to convey to the Municipality good title to the aforesaid equipment by
Warranty Deed subject only to standard title exceptions, free and clear of any and all liens or
encumbrances.
As evidence of the Sellers' title to the aforesaid property, the Sellers shall furnish and deliver
to the Municipality such evidence of the Sellers' title thereto as may be reasonably required by the
Municipality to the end that the Municipality will be assured of receiving good and merchantable title
to said property, free and clear of any and all liens and encumbrances.
3. The Sellers agree to convey to the Municipality all of their right, title, and interest in and
to the subject property and to deliver possession of the subject property to the Municipality. The date
of such conveyance and delivery is hereinafter referred to as "the closing date."
4. It is understood and agreed by and between the parties hereto that the payments required
under the terms of this Agreement shall be a general obligation of the Municipality and that the total
amount due to the Sellers, including interest as herein provided, together with all prior indebtedness
of the Municipality, is within all statutory and constitutional limitations as to the incurring of
indebtedness by the Municipality.
5. This Agreement may be assigned by the Sellers at any time after the closing date, with
written notice of any such assignment shall be given by the Sellers to the Municipality. The
municipality may rely and shall be protected in acting on any instrument of assignment or notice
thereof believed by it to be genuine, and shall have no duty to inquire into the authority for or the
validity or effectiveness of any such assignment.
6. All notices and demands required hereunder shall be in writing and shall be deemed to have
been given or made when delivered personally, or when mailed by registered or certified mail, postage
prepaid, addressed as follows:
If to Sellers: Thomas J. McCracken, Jr.
134 North LaSalle Street, Suite 600
Chicago, Illinois 60602
If to Municipality:
John P. Antonopoulos
Antonopoulos, Virtel & Groselak, P.C.
15419 127th Street, Suite 100
Lemont, Illinois 60439
IN WITNESS WHEREOF, the Sellers have caused this Agreement to be executed and the
Village of Lemont has caused this Agreement to be executed by its Mayor and attested by its Clerk
and the official seal of the Village of Lemont to be hereunto affixed, all as of the day and year first
above written.
LEMONT, a Municipal Corporation
Attest:
Ronald P. Giovannini
Charlene M. Smollen Elaine Giovannini
STATE OF ILLINOIS }
} SS:
COUNTY OF COOK }
I, the undersigned, a Notary Public in and for said County in the State aforesaid, DO
HEREBY CERTIFY, that RICHARD A. KWASNESKI and CHARLENE SMOLLEN, are
personally known to me to be the Mayor and Clerk of the Village of Lemont, and that they are the
same persons whose names are subscribed to the foregoing instrument, that they appeared before me
this day in person, and acknowledged that the seal affixed to the foregoing instrument is the official
seal of said Village of Lemont, that said instrument was signed and sealed on behalf of said Village
of Lemont, by authority of its governing body and they acknowledged that the execution of the
foregoing instrument was the free act and deed of said Village of Lemont.
Given under my hand and seal this _._ day of w'�LA% , 1997.
JTS
Notary Public
OFFICIAL CEAL
RO::: 1 A`l YATES
NOTARY PUBLIC, STATE OF ILLINOIS
MY COMMISSION EXPIRES 8.12.2000
STATE OF ILLINOIS
COUNTY OF COOK
}
} SS:
}
I, the undersigned, a Notary Public in and for said County in the State aforesaid, DO
HEREBY CERTIFY, that RONALD P. GIOVANNINI and ELAINE GIOVANNINI, husband and
wife, are personally known to be the same persons whose name are subscribed to the foregoing
instrument, that appeared before me this day in person, and acknowledged that they signed, sealed
and delivered the said instrument as their free and voluntary act, for the uses and purposes therein set
forth.
Given under my hand and official seal this day of , 1997.
Notary Public
ASSIGNMENT OF AMOUNTS RECEIVABLE
PURSUANT TO AN AGREEMENT FOR INSTALLMENT
PURCHASE OF 414 TALCOTT STREET, LEMONT, ILLINOIS
BY AND BETWEEN THE VILLAGE OF LEMONT, AS PURCHASER
AND RONALD P. GIOVANNINI AND ELAINE GIOVANNINI, AS SELLERS
WHEREAS, by an executed Agreement for the Installment Purchase of 414 Talcott Street,
Lemont, Illinois, entered into on the 1st day of December, 1997, by and between the VILLAGE OF
LEMONT, a Municipal Corporation, of the State of Illinois (hereinafter sometimes referred to as
"Village "), and RONALD P. GIOVANNINI and ELAINE GIOVANNINI, husband and wife,
(hereinafter sometimes referred to as "Giovannini" or "Assignor "), a copy of said Agreement being
attached hereto marked Exhibit "A" and made a part hereof by reference, GIOVANNINI agreed to
sell and convey certain real estate located at 414 Talcott Street, Lemont, Illinois, for the sum of One
Hundred Eighty Seven Thousand Five Hundred Dollars ($187,500.00) which is payable in the
following manner:
Year Principal Payment Interest Payment Payment Amount
06 -01 -98 None $ 4,938.65
12 -01 -98 $18,750.00 $ 4,965.78 $ 23,715.78
06 -01 -99 None $ 4,444.78
12 -01 -99 $18,750.00 $ 4,469.20 $ 23,219.20
06 -01 -00 None $ 3,972.62
12 -01 -00 $ 18,750.00 $ 3,972.62 $ 22,722.62
06 -01 -01 None $ 3,457.05
12 -01 -01 $18,750.00 $ 3,476.05 $ 22,226.05
06 -01 -02 None $ 2,963.19
12 -01 -02 $18,750.00 $ 2,979.47 $ 21,729.47
06 -01 -03 None $ 2,469.32
12 -01 -03 $18,750.00 $ 2,482.89 $ 21,232.89
Year
06 -01 -04
12 -01 -04
06 -01 -05
12 -01 -05
06 -01 -06
12 -01 -06
06 -01 -07
12 -01 -07
Principal Payment
None
$ 18,750.00
None
$ 18,750.00
None
$ 18,750.00
None
$ 18,750.00
Interest Payment
$ 1,986.31
$ 1,986.31
$ 1,481.59
$ 1,489.73
$ 987.73
$ 993.16
$ 493.86
$ 496.58
WHEREAS, said Agreement further provided in part as follows:
Payment Amount
$ 20,736.31
$ 20,239.73
$ 19,743.16
$ 19,246.58
"This Agreement may be assigned by the Seller at any time, but written notice of any
such assignment shall be given by the Seller to the Village. The Village may rely and
shall be protected in acting upon any instrument of assignment or notice thereof
believed by it to be genuine, and shall have no duty to inquire into the authority for
or the validity or effectiveness of any such assignment."
WHEREAS, GIOVANNINI, as Seller, does warrant and represent that it is the true and
lawful owner of the property described on the attached Exhibit "A" and all of the sums of money due
or to become due thereon and the same are not subject to any claim or any other encumbrance and
that Seller, further warrants that under Exhibit "A" it is entitled to principal payments from the
Village aggregating One Hundred Eighty Seven Thousand Five Hundred Dollars ($187,500.00) as
set forth herein and Seller further warrants that it has the right to assign such money; and
WHEREAS, Seller desires to assign and transfer unto FIRST NATIONAL BANK OF
CHICAGO, (hereinafter sometimes referred to as "BANK" or "ASSIGNEE "), its successors and
assigns, all monies due or to become due GIOVANNINI as Seller under Exhibit "A "; and
WHEREAS, the Bank is willing to accept an assignment of the amounts due and to become
due Seller with interest under said Exhibit "A "; and BANK will pay as GIOVANNINI shall direct,
a lump sum payment of One Hundred Eighty Seven Thousand Five Hundred Dollars ($187,500.00)
due and payable in full at closing on sale of that certain real estate located at 414 Talcott Street,
Lemont, Illinois; and
WHEREAS, Village hereby acknowledges receipt of written notice of such assignment and
agrees that it shall hereafter make all payments due under Exhibit "A ", to the Bank in accordance with
the provisions of this Assignment; that Village further represents and warrants to the Bank as
Assignee, and its successors and assigns, that it shall make all payments due under Exhibit "A" to the
Bank or its successors or assigns without regard to any set off, defense or claim that Village may have
against Seller under the terms and provisions of Exhibit "A ", including but not limited to any and all
warranties, guarantees, written or unwritten, expressed or implied, and Village further acknowledges
that the Bank, as Assignee, has not assumed any liabilities, obligations or responsibilities of Seller
under Exhibit "A ".
NOW, THEREFORE, in consideration of the foregoing and other good and valuable
considerations, the Assignors, RONALD P. GIOVANNINI and ELAINE GIOVANNINI, do hereby
sell, assign, transfer and set over without recourse to FIRST NATIONAL BANK OF CHICAGO,
its successors and assigns, for its own proper use and benefit any and all sums now due or hereafter
to become due and payable to RONALD P. GIOVANNINI and ELAINE GIOVANNINI, in the sum
of One Hundred Eighty Seven Thousand Five Hundred Dollars ($187,500.00) pursuant to its
agreement dated the 1st day of December, 1997, by and between the VILLAGE OF LEMONT and
RONALD P. GIOVANNINI and ELAINE GIOVANNINI, for the purchase of certain real estate
located at 414 Talcott Street, Lemont, Illinois, RONALD P. GIOVANNINI and ELAINE
GIOVANNINI do hereby give and grant unto said Bank, its successors and assigns the full power
and authority for its own use or benefit to ask, demand, collect and receipt for said monies due or any
part thereof and in its name or otherwise take all property legal measures to recover the same and to
prosecute and withdraw any suits or proceedings in law or in equity.
IN CONSIDERATION OF THE FOREGOING, and other good and valuable consideration,
the VILLAGE OF LEMONT, a Municipal Corporation, of the State of Illinois, does hereby
acknowledge receipt of written notice of such assignment and agrees that it shall hereafter make all
payments under Exhibit "A" to the BANK or BANKS as their interests may appear in accordance
with the provisions of this assignment and the agreement between the VILLAGE OF LEMONT and
RONALD P. GIOVANNINI and ELAINE GIOVANNINI. The VILLAGE further represents and
warrants to the BANK, as Assignee, and its successors and assigns that it shall make all payments due
under Exhibit "A ", to the BANK or BANKS or its successors and assigns without regard to any set
off, defense or claim that VILLAGE may have against RONALD P. GIOVANNINI and ELAINE
GIOVANNINI under the terms and conditions of Exhibit "A ", including but not limited to any and
all warranties or guarantees, written or unwritten, expressed or implied and VILLAGE further
acknowledges that the BANK, as Assignee, has not assumed any of the liabilities, obligations or
responsibilities of RONALD P. GIOVANNINI and ELAINE GIOVANNINI under Exhibit "A ", and
that VILLAGE will make all payments due to the BANK, or BANKS, its successors and assigns in
accordance with the terms and provisions of the Agreement for the 414 Talcott Street Facilities; and
further that the BANK agrees that it shall pay as GIOVANNINI shall direct, the lump sum payment
of One Hundred Eighty Seven Thousand Five Hundred Dollars ($187,500.00) due and payable in full
at the closing of said sale to the VILLAGE of the 414 Talcott Street Facilities.
IN WITNESS WHEREOF, RONALD P. GIOVANNINI and ELAINE GIOVANNINI, have
caused this assignment to be executed and the VILLAGE OF LEMONT, a Municipal Corporation,
in the County of Cook and State of Illinois, has caused this assignment to be executed by its
President, attested to by its Village Clerk and its official seal affixed hereto all as of the 1st day of
December, 1997.
RONALD P. GIOVANNINI
GE OF LEMONT,
rporation
SKI
ELAINE GIOVANNINI
Attest:
MiZize,(7)/
CHARLENE M. SMOLLEN, Clerk
ACCEPTANCE
The foregoing Assignment is herein accepted upon the terms and conditions set forth this 1st
day of December, 1997.
BY:
ITS:
ATTEST:
ACKNOWLEDGMENT
The VILLAGE OF LEMONT, a Municipal Corporation, in the County of Cook and State
of Illinois hereby acknowledges receipt of the above and foregoing and agrees that it shall hereafter
make all payments due under that certain agreement for the Assignment of Amounts Receivable
Pursuant to an Agreement for Installment Purchase of 414 Talcott Street, Lemont, Illinois by and
between the Village of Lemont, as Purchaser and Ronald P. Giovannini and Elaine Giovannini, as
Sellers, a copy of which is attached hereto, as their interests may appear according to the terms and
provisions of the foregoing Assignment and said Aare- ent for the 414 Talcott Street Facilities
between Owner and VILLAGE.
ATTEST:
GE OF LEMONT