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APPROVING A PARTIAL RELEASE OF A MORTGAGE
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WHEREAS, the County of Kane, through its former Office of Community Reinvestment, (Mortgagee), is the mortgagee of a certain mortgage ("Mortgage") executed by Chelsea Senior Commons, LLC, dated September 13, 2018, recorded on September 14, 2018 as Document No. 2018K045126; securing real estate located at 55 Chelsea Avenue, Sugar Grove, Illinois (the "Real Estate"); and
WHEREAS, the Illinois Department of Transportation ("IDOT") has initiated eminent domain proceedings in case number 2022 ED 18 in the Circuit Court of the Sixteenth Judicial Circuit, Kane County, Illinois, seeking the condemnation of a portion of the Real Estate subject to the Mortgage; and
WHEREAS, IDOT, as part of the resolution of the pending eminent domain proceedings, seeks the County's agreement to partially release the Mortgage as to the portion of the Real Estate being condemned as part of the above referenced eminent domain proceedings; and
WHEREAS, IDOT, as part of its eminent domain proceedings seeks a temporary construction easement for the purposes of facilitating the road construction being completed adjacent to the Real Estate; and
WHEREAS, the remaining property described in the Mortgage and not subject to the eminent domain proceedings shall continue to be held under the terms originally agreed upon between the parties; and.
WHEREAS, IDOT has prepared a partial release of mortgage and mortgagee's consent to temporary construction easement, copies of which are attached hereto as Exhibit "A"; and
WHEREAS, it is in both IDOT and the County's best interest to amicably resolve this potential dispute without further courtroom proceedings and litigation related to IDOT's eminent domain proceedings.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that the Chairman of the Kane County Board is hereby authorized and directed to ex...
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