Contract For Exchange

This Agreement, entered into this..........................day of ..........................A. D., 19...., by and between..............

..................................of ...............................of the County of.........................................and State of .............................................., party of the first part, and................................of the County of..................and State of.....................party of the second part;

Witnesseth: That the party of the first part, in consideration of the covenants and agreements of the party of the second part hereinafter set forth, hereby agree...., upon the performance by said second party of said covenants and agreements, to convey to said party of the second part by ..................General Warranty deed, including all estates of homestead and all rights of dower therein, at a consideration of..............

..................Dollars ($......) the following described real estate, situated in the County of..........................................and

State of Illinois, to-wit:..............................................

(Description here.)

Section .......................... Township ........................

North, Range...................., East of the Third Principal Meridian.

Subject to (1) existing leases expiring................................the purchaser to be entitled to the rents accruing after the delivery of the deed hereunder; (2) all taxes levied after the year 19....; (3) all unpaid special taxes and special assessments levied for improvements not completed at the date hereof, and any unpaid installments of special taxes and special assessments for improvements completed at the date hereof, falling due subsequent to the date hereof; also subject to any party wall agreements of record; to building line restrictions and building restrictions of record, and to.................................................................................................................................................................................................

The party of the first part further agrees to pay to the party of the second part, at the date of the delivery of the deeds hereunder, the sum of ............................Dollars ($......) cash, and..............

And the party of the second part, in consideration of the covenants and agreements of the party of the first part above specified, hereby agrees, upon the performance by said first party of the said covenants and agreements, to convey to said party of the first part, by a..........................

General Warranty deed, including all estates of homestead, and all rights of dower therein, at a consideration of.................................

Dollars ($......) the following described real estate situated in the County of .............................................and State of Illinois, to-wit: .............................................................

(Description here.)

Section...............................Township....................

North, Range....................., East of the Third Principal Meridian.

Subject to (1) existing leases expiring................................the purchaser to be entitled to the rents accruing after the delivery of the deed hereunder; (2) all taxes levied after the year 19.................. (3) all unpaid special taxes and special assessments levied for improvements not completed at the date hereof, and any unpaid installments of special taxes and special assessments for improvements completed at the date hereof, falling due subsequent to the date hereof; also subject to *any party wall agreements of record; to building line restrictions and building restrictions of record, and to..................................................................

1 This form is the one adopted by and is published with the permission of The Chicago Real Estate Board, Chicago, Illinois.

............................................................................................................................

The party of the second part further agrees to pay to the party of the first part, at the date of the delivery of the deeds hereunder, the sum of.... .............................Dollars ($....) cash, and...............................................................................................................................................

It is Mutually Agreed, that each party hereto is to furnish the other within a reasonable time from the date hereof, either a certificate of title issued by the Registrar of Titles of Cook County, or a complete merchantable abstract of title, or merchantable copy thereof, brought down to cover this date, or merchantable title guaranty policy showing good and sufficient title at date of this contract in the respective parties hereto to the property hereby agreed to be conveyed by them.

It is Further Mutually Agreed, that in case an abstract or copy be furnished, the party so receiving same shall within ten days after receiving such abstract or copy deliver to the other party 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 option of the party delivering such objections become absolutely null and void; notice of such election to be given to the other party; but the party delivering such objections may nevertheless elect to take such title as it then is, and in such case the other party shall convey as above agreed; provided, however, that such party delivering such objections 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 receive such title and accompanying tender within the time so limited, the party delivering such objections 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.

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 time this contract is to be closed then the vendor is to pay same on or before May 1st, next ensuing.

It is Further Mutually Agreed, that interest on encumbrances, if any, and insurance premiums on policies held by mortgagees, if any, shall be adjusted as of the date of the delivery of the deeds hereunder.

It is Further Mutually Agreed, that brokerage fees or commissions shall be paid to.....................................................by the respective parties hereto as heretofore agreed by them.

All deeds shall be passed and this negotiation closed at the office of ......................................within five days after the titles have been found good.

Time is declared to be of the essence of this agreement, and of all the conditions hereof.

This contract shall be held by....................................for the mutual benefit of the parties concerned, and after consummation thereof ..............................................shall cancel and retain this contract permanently.

In Testimony Whereof, the said parties hereto have set their hands and seals, the day and year first above written.

.............................[seal]

............................. [seal]

.............................[seal]

Form 32. - Deed and Money.1