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~. - ._ <br />9~ir~s ~ <br />In executive session, Council went through the purchase contract for the <br />church, line by ,line. <br />I didn't have a copy of the contract, but this is the gist of the amendments <br />that they are requesting you draft and make: <br />1. Take out any reference to "wear and tear excepted" with regards to <br />the condition of the church a~the time of the transfer of <br />possession. They don't believe that this is definable. <br />2. With regards to the condition of the church at the time of the <br />transfer of possession, they would like to have some language that <br />mandates the church either post a bond or monies held back in <br />escrow in order to frx ~ items. <br />3. A clause needs to be entered into the contract referencing the fact <br />that no payments will be made until thirty days after passage of the <br />enabling ordinance. This is to make sure that if a referendum <br />petition is circulated during that thirty days, the church won't be in <br />possession of the Village's money until that action is finalized. <br />4. I believe the reference here is o Section 13, Paragraph A, <br />regarding seller's default. They want language inserting an <br />interest imposed upon any funds that must be paid back by the <br />seller to the Village in event of the Seller's default. <br />5. I believe thi~~s~~s. in the same section, which would be Section 13, <br />Paragraph dl~'and I believe also Section 2, Paragraph E, the <br />reference is not supposed to be third year treasury "note", but <br />rather third year treasury "bond." Thus, bond must be inserted in <br />these two paragraphs. <br />