Document RJydm484pzBg7062MnJKwJ34k

orTic-H .jrem.eht THIS AGREEMENT tn.n.do Sh:. ^ of Marsh, If betv..ier M. H. DETRICK CO., INC., a Delaware corporation (hereinafter called "Optionor"), and REFRACTORY 1: INSULATION COE"ORATION, a Delaware enry oration, (hereinafter calls.: "Optionee"), WITNESSETH: WHEREAS, concurrently herewith Optionor and C tior.ee have executed an Agreement whereby Optionee has agreed to pur chase certain real estate, improvements, machinery ar.d equip,ranr, .-.otic in process ar.d other assets from Optionor, all as more fully provided in the Agreement of ever, dace herewith, and 'WHEREAS, Optionor, in consideration of s. cr. Agreement t: -urchase oy Optionee and other good and valuable consider ation, has agreed to grant to Optionee an option to purcaaso th-..- property hereinafter described all in accordance v/ltn tne t: .--..s of this Agreement. MOW, THEREFORE, the parties hereto agree as follows. 1. Optionor, owner of the property hereinafter de scribed, hereby grants and gives to Optionee an option on or before April 1, 1969 to purchase the following described property in Kane County, Illinois: G52; That part of the Worth. East quarter of the South West ouarter of Section sixteen (io). Township thirty-eight (38) North., Range eight (3) East of the Third Principal Meridian, described as follows: Beginning at the .South West corner of said North East quarter of South West quarter of Section sixteen (16), thence East along the South line thereof six hundred fifty-seven and thirty-two one-hundredths (657-32) feet, ti.ence Worth no (0) degrees fourteen (14) minutes East three hundred- thirty-three (333) feet for a pVce . of beginning, thence North no (0) degrees font aen (14) minutes East three hundred fifty-three a. one tenth (353-1) feet, thence North eighty-nine (;v) degrees fifty-one (51) minutes East six hunrire. th' rcy-five and five tenths (635.5) feet, along the So-.-t line of said Hew Haven Street to the West line of the former Ottawa. Oswego and Fox River Valley Railroad -'..vr.rany 's right of (now the Chicago, 3url ir.gtor. and Quincy Ramiro...!), thence South along PLAINTIFF'S . EXHIBIT I rf I } " ` 5 ~ ' 1 MHD-226 ' 7. .1 said I'ight o'" way line ".o a point three hundred thirty- uhree (333) feet North r>f the South line of said North iias t quarter. South West quarter of Section sixteen (lo). thence West parallel with the South line of said North East quarter of the South West quarter of said Section six hundred thirty-five and five tenths (635.5) feet to the place of beginning, all in Kane County, Illinois. 2. Optionee shall exercise its option to purchase the above described property by depositing a written notice in the U. S. mails, registered or certified, postage prepaid, addressed to Optionor at Room 921, 111 West Washington Street, Chicago 2, Illinois. In the event the option is so exercised. Optionor agrees to convey good title to Optionee to the above described property by a good and sufficient stamped warranty deed upon payment of the purchase price and upon the other terms and conditions sot forth herein. 3. The purchase price to be paid by Optionee to Optionor for the above described property against delivery of a stamped warranty deed shall be the sum of $25,000. Such deed shall be subject only to the followings (i) Ceneral real estate taxes not due and delinquent as of the date of the exercise of the option. (li) Ordinance passed by the County Board of Supervisors of Kane County, Illinois on December 15, 193~ affecting the zoning and Gl)'5 use of the above described property. 4. In the event Optionee notifies Optionor of the exercise of its option. Optionor shall within 180 days furnish to Optionee a preliminary report of Chicago Title and Trust Company in the amount of the purchase price showing the property to be subject only to the normal exceptions in preliminary reports of Chicago Title and Trust Company together with the special exceptions contained in this Agreement. In the event 2- - such report reveals any o'o.icctior.s to title in Cptionor other than above permit ted, Optionor shall have 30 days from sne date of issuance of sue!', report within which to cure such defects. If optionor is unable to cure such defects within such 30 days, Optionee say terminate this Option Agreement or may elect to trhea the title as it then is (with the right to deduct from. the purchase price liens or encumbrances of a definite or ascersalr.r.cie amount) upon giving to Optionor written notice c:" such election. In default of such, election within 15 cays after v;r:tten notice to Optionee of the inability of Optionor to cure such, defects, this Option Agreement shall thereupon terminate without further notice by either party. In the event Optionee exercises its option to purchase hereunder. Optionor agrees to furnish to Optionee, at its expense, an Owner's Policy of Chicago Title ana Trust Company in the amount of $25,000. './hen the Optionor has produced evidence of good title, as aforesaid, Optionor shall walce available to Optionee the stamped warranty deed by notifying Optionee that said deed is available against payment at the Optionor's office or at suer. baric or trust comrar.y in Chicago as Optionor shall designate. Should Optionee fail to pay the full purchase price within 10 days following such notification by Optionor that the deed is 5. General real estate taxes for the year lr. which the option is exercised and the previous year shall be prorated as of the date of recording of the warranty deed. Such nro; rating shall ha on the basis of the most recent ascertainable taxes. 6. All notices and demands herein required shall be in writing. The mailing of a notice by registered or certified mail to Optionor, Fioom 921. Ill V.'est V.'ashington Street, Chicago 2, III.Lno;..".,, or "0 Optionee, c/o Refractory A: Insulation Corpor. ` on 200 Mac;.:'.on .".venue, Wew Yor!c .Yew Yorlc, shall be sufficient scrv i.ee thereof. -) / 7. This Option Agreement shall be binding upon ar.d inure to the benefit or the parties hereto ar.d their respective grantees, successors and assigns. IN WITNESS WHEREOF, the parties hereto have executed this Option Agreement as or the day herein first above written. ATT SEE-- --=s_ .K\yiT\ DETRICK 6QM??.T: (gr Tn^tV President ; c re car;/ REFRACTORY INSULATION CORPORATION By &MC&.J State of Illinol.s | County of Coo!-: i* I, the undersigned, a Notary Public in and for. the Cauijay and State aforesaid, DO HEREBY CERTIFY, that _ C iVc personally Icr.own to me to ba. the President1 Of !!. h. DwTPXCK 00. *AC., and ^. (o . _____ personally known to me to be the Secretary of said corporation, ar.d personally known to me to foe the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person and severally acknowledged that :* such President and Secretary, they signed and delivered the said instrument as President and Secretary of said corporation, and caused the corporate seal of said corporation to be affixed thereto, pursuant to authority, given by the Board of Directors of said corporation as their free z d voluntary act, and as the free and voluntary act and deed of said corporation, for the uses and purposes therein set forth. official seal, this Mi. Giver, under ray hand and Commission expires //vi 19 U day of March, ,196b. l J. fi. State of -rv j areas- Notary Puoiic County of 0525 I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO HEREBY CERTIFY, that H. tf. C\art< personally known to me to be the------ President of rtii?rt,.N'i'GRY 0 INSULATION CORPORATION,' and jTmn Vtl/v personally known to me to be the ------ Secretary of said corporation, and nersonally known to r.e to 'oe the same persons '.-'kese names are subscribed to tha foregoing instrument, appeared before me this, day in person and severally acknowledged that as sue -- President and ________ ____ Secretary, they signed and delivered the said instrument as ----- President and ' __________ Secretary of saici corporation, .:.-,d caused the corporate seal of saici corporation to be affixed thereto, pursuant to authority, given oy the Board of r /) / b'f-0 /<' >s<. of said corporation a: their free auu voluntary ac; . and as the free and voluntary act ami deed of said corporation, Tor the uses ar.d purposes therein set forth. Given under ny hand and official seal, this -2^ day of Her-?r.. i^o Co.T.r.ission expires ~s 19 /ir / / >yn v - /r,y; .. *>.'/ Hotary fusiic 0526 - _>-