Chicago Heights — Ch. 22 Housing, Dangerous Buildings and Structures § 22-67

(a) The developer/applicant is hereby permitted to post and the code enforcement director is hereby authorized to receive escrow funds from the developer/applicant, which shall be held in escrow by the city in its general corporate account for the purpose of paying for expenses related to the acquisition of the subject property. Escrow balance remaining after acquisition is complete shall be refunded to developer, or if said expenses exceed said escrow balance, developer shall pay same to city upon demand.
(b) Escrows shall be posted in the amount of five thousand dollars ($5,000.00) (or as otherwise may be determined in the city's sole discretion). Escrows shall be held for the benefit of both parties and for the purpose of securing and making payments incurred by the city for acquisition expenses associated with the subject property. The city is authorized to make payments from said escrow fund without further notice to developer as acquisition expense invoices come due. Such expenses shall include, but are not limited to: legal fees; filing fees; title insurance or search related fees; and, consultant fees.
(c) The city shall have no liability towards the developer and the developer shall waive any and all claims against the city for the denial of the city's prosecution of a civil action to acquire title. The city shall be under no legal obligation to continue to attempt to acquire title to the subject property once the city's legal attempt to acquire is denied or if developer ceases to fund the escrow account after demand by the city. The city shall determine in is sole discretion the legal method to be used to attempt to acquire title.
(d) In the event the city is successful in acquiring title to the subject property the city shall notify developer. Developer shall then have seven days to advise the city in writing that he is ready to close on the purchase of the subject property. Should developer advise the city that he wishes to close, the city shall draft a purchase and sale agreement to be executed by the parties and the parties shall proceed to closing within 30 days or as otherwise may be agreed. Should developer fail to advise the city of his intentions within seven days of the city's notice, this agreement shall immediately terminate and the city shall be under no further obligation to developer.
(e) The city's sole obligation to developer at closing is to issue a quit-claim deed to developer transferring to him/her the city's interest in the subject property. The city makes no representations, warranties or guarantees relative to the deed or chain of title or title exceptions or delinquent taxes relating to the subject property. The city shall incur no expenses in the closing. The cost of closing shall all be borne solely by developer, including costs customarily considered "sellers costs". The city will NOT provide title insurance, survey or a tax proration or proration of any kind. The city will not be required to clear title exceptions. Developer will be responsible for scheduling and obtaining City Code Department inspections and occupancy certificate. The sale of the subject property to developer is in an "as is" and "where is" condition.
(f) Final sale price to developer shall be determined by agreement of the parties after acquisition of the deed by the city and same shall be reflected in the Purchase & Sale Agreement executed by the parties. Factors to be considered in determining the sales price shall include, but are not limited to: expenses incurred by the city, revenue unrealized by the city caused by the abandonment of the subject property, and condition of the subject property as compared to market value of similar properties in the vicinity.