(The following form which has been filled in by the editor is one of those in use in Cook County, Illinois. It was approved by the Chicago Real Estate Board, February 4, 1903, and is copyrighted. It is printed and for sale by Geo. E. Cole & Co., Chicago.)
THIS MEMORANDUM WITNESSETH, That James Brown hereby agrees to purchase at the price of ten thousand ($10,000) dollars, the following described real estate, situated in the County of Cook and State of Illinois: Lot 1, in block 2, in John Doe's Subdivision of the Northwest quarter of the Southwest quarter of section No. 18, Township 39 North, Range 14 East of Third Principal Meridian, and Walter Johnson agrees to sell said premises at said price, and to convey to said purchaser a good and merchantable title thereto, by general Warranty Deed, with release of dower and Homestead rights, but subject to: (1) existing leases, expiring April 30, 1912, the purchaser to be entitled to the rents from the date hereof; (2) all taxes and assessments levied after the year 1912; (3) any unpaid special taxes or special assessments levied for improvements not yet completed and to unpaid installments of special assessments which fall due after the date hereof levied for improvements completed; also subject to any party wall agreements of record; to building line restrictions and building restrictions of record; (here may be filled in any other encumbrances to which subject). Premiums on insurance policies held by Mortgagees shall be paid for by said first party pro rata for the unexpired time. Such purchaser has paid one hundred ($100.00) dollars, as earnest money, to be applied on such purchase when consummated, and agrees to pay within five days after the title has been examined and found good, or accepted by him, said insurance premium and the further sura of four thousand, nine hundred ($4,900) dollars, at the office of John Smith, Chicago, provided a good and sufficient general Warranty Deed, conveying to said purchaser a good and merchantable title to said premises (subject as aforesaid), shall then be ready for delivery. The balance to be paid as follows: Five thousand dollars on January 15, 1915, with interest from the date hereof at the rate of six per cent per annum, payable semi-annually, to be secured by the purchaser's notes and mortgage, or trust deed, of even date herewith, on said premises, in the form known as the CHICAGO REAL ESTATE BOARD FORM, for improved property.
A Certificate of Title issued by the Registrar of Titles of Cook County, or complete merchantable Abstract of Title, or merchantable copy, brought down to date hereof, or merchantable title Guaranty Policy, shall be furnished by the vendor within a reasonable time, which abstract shall, upon the consummation of this sale, remain with the vendor, or his assigns, as part of his security, until the deferred installments are fully paid. The purchaser or his attorney if an abstract or copy be furnished shall, within ten days after receiving such abstract, deliver to the vendor or his agent (together with the abstract), a note or memorandum in writing, signed by him or his attorney, specifying in detail the objections he makes to the title, if any; or if none, then stating in substance that the same is satisfactory. In case material defects be found in said title, and so reported, then if such defects be not cured within sixty days after such notice thereof, this contract shall, at the purchaser's option, become absolutely null and void, and said earnest money shall be returned; notice of such election to be given to the vendor; but the purchaser may nevertheless elect to take such title as it then is, and in such case the vendor shall convey, as above agreed; provided, however, that such purchaser shall have first given a written notice of such election, within ten days after the expiration of the said sixty days, and tendered performance hereof on his part. In default of such notice of election to perform, and accompanying tender, within the time so limited, the purchaser shall, without further action by either party, be deemed to have abandoned his claim upon said premises, and thereupon this contract shall cease to have any force or effect as against said premises, or the title thereto, or any right or interest therein, but not otherwise.
Should said purchaser fail to perform this contract promptly on his part, at the time and in the manner herein specified, the earnest money paid at above, shall, at the option of the vendor, be retained by the vendor as liquidated damages and this contract shall thereupon become and be null and void. Time is of the essence of this contract, and of all the conditions hereof.
The notices required to be given by the terms of this agreement shall in all cases be construed to mean notices in writing, signed by or on behalf of the party giving the same, and the same may be served either upon the other party or his agent.
If the taxes and assessments to be paid by the vendor cannot be paid at the time this contract is to be closed then the vendor is to pay same on or before May 1st, next ensuing.
This contract and the said earnest money shall be held by John Smith for the mutual benefit of the parties concerned, and after the consummation of the sale he shall be at liberty to retain the cancelled contract permanently; and it shall be the duty of said John Smith in case said earnest money be retained as herein provided, to apply the same, first, to the payment of any expenses incurred for the vendor by his agent in said matter, and second, to the payment to vendor's broker of a commission of five per cent on the selling price herein mentioned, for his services in procuring this contract rendering the overplus to the vendor.
WITNESS the hands of the parties hereto, this 2nd day of January, A. D. 1912*.