9
to the property that was recorded describes the property in
question as--
That portion of the West Half of the Southwest
Quarter of Section 21, Township 11 North, Range 1 East
of the Fourth Principal Meridian, Knox County,
Illinois, which is Lot 1 of the Hillyers Excavating
Subdivision, as per plat dated December 20, 1991, by
Paul M. Willi, Illinois Professional Land Surveyor
* * *.
All of the property in section 21, Galesburg Township, is
zoned M-2, and this is also true of some portions of other
sections of land located south and east of Route 41 in Galesburg
Township. The size of the realty conveyed is not given, but this
Court takes judicial notice that a section of land is 1 square
mile or 640 acres.
The proceeds of the Phoenix property sale settlement of
August 9, 1991, which had been retained by the Citizens National
Bank under the existing escrow agreement, were disbursed as
follows:
1-30-923 $300,000.00 Downpayment on Coggeshall purchase
1-30-923 42,174.25 First Illini Bank escrow
(Inness property purchase)
1-30-923 4,189.75 First Illini Bank escrow
(Inness property purchase)
1-30-923 53.00 Recording fees
3 The dates given in the stipulation herein show an obvious
typographical error, principally as to the year of the
disbursements. They have been corrected to conform to the dates
of the property settlements. Note that the final disbursement by
the bank was just 2 days prior to the expiration of the specified
180-day holding period by the bank under the escrow agreement.
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