"Offer to Purchase Real Estate Form" - Chicago, Illinois

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II. OFFER TO PURCHASE REAL ESTATE
*Print or type information in all blanks on this form*
Property address: __________________________________________________________, Chicago, Illinois
(Insert address from Exhibit A)
PIN: __________________________________
(Insert PIN from Exhibit A)
Legal Description:
(Insert below or attach hereto from Exhibit A)
To the President and Members of the Board of Education of the City of Chicago (the “Board”):
A.
The undersigned, _______________________________, (“Bidder”) offers to purchase (the “Offer”) the above
described real estate (the “Property”) for the sum of ____________________ Dollars ($_________________), and
hereby deposits, as earnest money towards the purchase of the Property, the sum of _____________________ Dollars
($______________), which is ten percent (10%) of the offered purchase price, in the form of a Certified or Cashier’s
Check, made payable to the Board of Education of the City of Chicago.
B.
Bidder agrees that, should the Board accept this Offer, the City of Chicago In Trust For The Use of Schools, will only
convey to the Bidder a quit claim deed subject to all matters of any kind or nature (except the material title defects
specifically referred to in paragraphs (D) and (E) below), including, without limitation, the following:
1.
Existing liens and encumbrances,
2.
Taxes,
3.
Questions of survey,
4.
Special assessments and other charges,
5.
Zoning and building ordinances,
6.
Building lines and building and liquor restrictions,
7.
Existing leases and agreements,
8.
Party Wall rights and agreements,
9.
Payment of all stamp and transfer taxes by the buyer,
10.
Easements,
11.
Roads and highways, and
12.
All other exceptions and restrictions.
C.
Bidder hereby acknowledges that, should the Offer be accepted by the Board, the Offer must then be submitted by the
Board to the City Council of the City of Chicago (“City Council”) for approval. If such City Council approval is not
received within 180 days from the date of this offer (the “Approval Period”), either party may declare this offer null
and void by providing the other party with written notice of such declaration, unless, however, the Board has duly
submitted the Offer to the City Council and approval is pending, then, at the election of the Board and with written
notice to the Bidder, the Approval Period may be extended by 90 days. If the Offer is declared null and void for
failure to receive City Council approval, the earnest money, without interest, shall be returned to Bidder, as Bidder’s
sole and exclusive remedy.
Bidder agrees that the closing of this transaction and the balance of the purchase price will be paid in the form of a
wire transfer or a Certified or Cashier’s Check made payable to the Board of Education of the City of Chicago within
Page 4
II. OFFER TO PURCHASE REAL ESTATE
*Print or type information in all blanks on this form*
Property address: __________________________________________________________, Chicago, Illinois
(Insert address from Exhibit A)
PIN: __________________________________
(Insert PIN from Exhibit A)
Legal Description:
(Insert below or attach hereto from Exhibit A)
To the President and Members of the Board of Education of the City of Chicago (the “Board”):
A.
The undersigned, _______________________________, (“Bidder”) offers to purchase (the “Offer”) the above
described real estate (the “Property”) for the sum of ____________________ Dollars ($_________________), and
hereby deposits, as earnest money towards the purchase of the Property, the sum of _____________________ Dollars
($______________), which is ten percent (10%) of the offered purchase price, in the form of a Certified or Cashier’s
Check, made payable to the Board of Education of the City of Chicago.
B.
Bidder agrees that, should the Board accept this Offer, the City of Chicago In Trust For The Use of Schools, will only
convey to the Bidder a quit claim deed subject to all matters of any kind or nature (except the material title defects
specifically referred to in paragraphs (D) and (E) below), including, without limitation, the following:
1.
Existing liens and encumbrances,
2.
Taxes,
3.
Questions of survey,
4.
Special assessments and other charges,
5.
Zoning and building ordinances,
6.
Building lines and building and liquor restrictions,
7.
Existing leases and agreements,
8.
Party Wall rights and agreements,
9.
Payment of all stamp and transfer taxes by the buyer,
10.
Easements,
11.
Roads and highways, and
12.
All other exceptions and restrictions.
C.
Bidder hereby acknowledges that, should the Offer be accepted by the Board, the Offer must then be submitted by the
Board to the City Council of the City of Chicago (“City Council”) for approval. If such City Council approval is not
received within 180 days from the date of this offer (the “Approval Period”), either party may declare this offer null
and void by providing the other party with written notice of such declaration, unless, however, the Board has duly
submitted the Offer to the City Council and approval is pending, then, at the election of the Board and with written
notice to the Bidder, the Approval Period may be extended by 90 days. If the Offer is declared null and void for
failure to receive City Council approval, the earnest money, without interest, shall be returned to Bidder, as Bidder’s
sole and exclusive remedy.
Bidder agrees that the closing of this transaction and the balance of the purchase price will be paid in the form of a
wire transfer or a Certified or Cashier’s Check made payable to the Board of Education of the City of Chicago within
Page 4
14 calendar days after the Board or its attorney advises Bidder of such City Council approval and within 48 hours after
the Board or its attorney advises Bidder that the quit claim deed conveying title is ready for recording.
D.
It is understood by Bidder that, should Bidder be selected by the Board and approved by the City Council as the
successful buyer but fail to complete the purchase of the Property for any reason (except solely due to there being a
material defect in the title being conveyed that obstructs the conveyance of title by quit claim deed and which defect
cannot be corrected by the Board within 30 days after written notice thereof by the Bidder), the earnest money
deposited by Bidder shall be retained by the Board as liquidated damages and not as a penalty and thereupon this Offer
shall terminate and become null and void. It is also understood by the Bidder that it would be extremely difficult and
impractical under the presently known and anticipated facts and circumstances to ascertain and fix actual damages in
the event that the Bidder fails to complete the purchase of the Property, and the Bidder agrees that such losses would
be substantial and that the funds described above constitute a reasonable estimate of such damages.
E.
It is understood by Bidder that, should a material title defect obstructing the conveyance of title by quit claim deed be
revealed prior to closing, which defect cannot be corrected by the Board within 30 days as referred to in paragraph (D)
above, Bidder shall be entitled to have, as its sole and exclusive remedy, all earnest money refunded in full, without
interest, and thereupon this Offer shall terminate and become null and void.
F.
It is understood by Bidder that the Department of Procurement and Contracts of the Board of Education or its attorney
will, if appropriate, notify Bidder in writing of the Board’s acceptance of this Offer or, in the alternative, arrange for
the return of the funds described in paragraph (A) above.
G.
It is understood by Bidder that, pursuant to applicable statutes (including, without limitation, 105 ILCS 5/34-21), the
Board may reject any and all bids or negotiate with one or more bidders concerning the terms of their respective offers.
H.
Written notices to Bidder may be served by mail, messenger or facsimile to the following address:
Bidder’s Name:
_____________________________________
Address:
_____________________________________
Contact Person:
_____________________________________
Daytime Telephone: _____________________________________
Facsimile:
_____________________________________
I.
If selected as successful bidder, title is to be conveyed to (insert exact name that will appear on quit claim deed):
_________________________________________________________________________________________
Names and addresses of all principals of Bidder* (use additional pages, if necessary):
1. ______________________________________________________________________
2. ______________________________________________________________________
3. ______________________________________________________________________
4. ______________________________________________________________________
*This information must also be shown on the attached Economic Disclosure Statement and Affidavit. Note: Pursuant
to 105 ILCS 5/34-21(d)(3), the Board may not consummate any transaction involving the transfer of real estate or
interest therein in which there may be an undisclosed principal.
Page 5
J.
IT IS UNDERSTOOD BY BIDDER THAT BIDDER HAS HAD ADEQUATE OPPORTUNITY TO INSPECT
ALL ASPECTS OF THE PROPERTY AND IS NOT RELYING ON ANY EXPRESS OR IMPLIED
PROMISES, GUARANTIES OR OTHER UNDERTAKING OR STATEMENT MADE BY THE BOARD OR
ANYONE ACTING OR CLAIMING TO ACT ON BEHALF OF THE BOARD IN PURCHASING THE
PROPERTY. THE BOARD HEREBY SPECIFICALLY DISCLAIMS ANY WARRANTY, GUARANTY, OR
REPRESENTATION, ORAL OR WRITTEN, PAST, PRESENT, OR FUTURE, OF, AS TO, OR
CONCERNING (i) THE NATURE AND CONDITION OF THE PROPERTY, INCLUDING, WITHOUT
LIMITATION, THE WATER, SOIL AND GEOLOGY, AND THE SUITABILITY THEREOF, FOR ANY
AND ALL ACTIVITIES AND USES WHICH BIDDER MAY ELECT TO CONDUCT THEREON, (ii) THE
NATURE AND EXTENT OF ANY RIGHT-OF-WAY, ENCUMBRANCE, RESERVATION, CONDITION,
OR OTHERWISE, (iii) THE COMPLIANCE OF THE PROPERTY OR THE OPERATION THEREOF
WITH ANY LAWS, RULES, ORDINANCES, OR REGULATIONS OF ANY GOVERNMENT OR OTHER
BODY, (iv) ANY ENVIRONMENTAL CONDITIONS WHICH MAY EXIST ON THE PROPERTY,
INCLUDING, WITHOUT LIMITATION, THE EXISTENCE OR NONEXISTENCE OF “HAZARDOUS
SUBSTANCES,” “HAZARDOUS MATERIALS,” “TOXIC SUBSTANCES,” OR “SOLID WASTE” AS
SUCH TERMS ARE DEFINED IN THE COMPREHENSIVE ENVIRONMENTAL RESPONSE
COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED BY SUPERFUND AMENDMENTS
AND REAUTHORIZATION ACT OF 1986, THE RESOURCE CONSERVATION AND RECOVERY ACT
OF 1976, AND THE HAZARDOUS MATERIALS TRANSPORTATION ACT, AND ANY OTHER
FEDERAL, STATE OR LOCAL STATUTES, ORDINANCES, CODES, RULES, REGULATIONS, ORDERS
OR DECREES REGULATING, RELATING TO OR IMPOSING LIABILITY OR STANDARDS OF
CONDUCT CONCERNING ANY HAZARDOUS, TOXIC OR DANGEROUS WASTE, SUBSTANCE,
CHEMICAL OR MATERIAL NOW OR HEREAFTER IN EFFECT, AND IN THE REGULATIONS
PROMULGATED PURSUANT TO SUCH LAWS, ALL AS AMENDED (ALL OF THE FOREGOING
BEING REFERRED TO AS THE “HAZARDOUS WASTE LAWS”), AND (v) THE FINANCIAL EARNING
CAPACITY OR HISTORY OR EXPENSE HISTORY OF THE OPERATION OF THE PROPERTY. THE
CONVEYANCE OF THE PROPERTY IS MADE ON AN “AS-IS/WHERE-IS” BASIS, AND BIDDER
EXPRESSLY ACKNOWLEDGES, IN CONSIDERATION OF THE AGREEMENTS OF THE BOARD
HEREIN, THE BOARD MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, OR
ARISING BY OPERATION OF LAW, INCLUDING, BUT IN NO WAY LIMITED TO, ANY WARRANTY
OF CONDITION, HABITABILITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR
PURPOSE OF THE PROPERTY. BIDDER ACKNOWLEDGES, WARRANTS AND REPRESENTS TO
THE BOARD THAT NO REPRESENTATIONS HAVE BEEN MADE BY THE BOARD, ITS AGENTS,
BROKERS, OR EMPLOYEES IN ORDER TO INDUCE BIDDER TO ENTER INTO THIS TRANSACTION
OTHER THAN AS EXPRESSLY STATED HEREIN. WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, BIDDER ACKNOWLEDGES, WARRANTS AND REPRESENTS TO THE BOARD THAT
NEITHER THE BOARD NOR THE BOARD’S AGENTS, BROKERS OR EMPLOYEES HAVE MADE ANY
REPRESENTATION OR STATEMENT TO BIDDER CONCERNING THE PROPERTY’S INVESTMENT
POTENTIAL OR RESALE AT ANY FUTURE DATE, AT A PROFIT OR OTHERWISE, NOR HAS THE
BOARD OR THE BOARD’S AGENTS, BROKERS OR EMPLOYEES RENDERED ANY ADVICE OR
EXPRESSED ANY OPINION TO BIDDER REGARDING ANY INCOME TAX CONSEQUENCES OF
OWNERSHIP OF THE PROPERTY. BIDDER ACKNOWLEDGES ANY REPORTS SUPPLIED OR MADE
AVAILABLE BY THE BOARD, WHETHER WRITTEN OR ORAL, OR IN THE FORM OF MAPS,
SURVEYS, PLATS, SOIL REPORTS, ENGINEERING STUDIES, ENVIRONMENTAL STUDIES, OR
OTHER INSPECTION REPORTS PERTAINING TO THE PROPERTY (“REPORTS”) WERE
DELIVERED TO THE BIDDER ON AN “AS-IS/WHERE-IS” BASIS SOLELY AS A COURTESY AND THE
BOARD HAS NIETHER VERIFIED THE ACCURACY OF ANY STATEMENTS OR OTHER
INFORMATION THEREIN CONTAINED, NOR ANY METHOD USED TO COMPILE THE REPORTS OR
THE QUALIFICATIONS OF THE PERSON(S) PREPARING THE REPORTS AND THE BOARD MAKES
NO REPRESENTATION, EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, AS TO THE
ACCURACY, COMPLETENESS OR OTHER ASPECT OF THE REPORTS.
K.
Bidder represents and warrants that no broker, salesman or finder has been engaged by it in connection with the
transaction contemplated by this Offer. If there is any claim for any broker’s fee or commission in connection with
the negotiation, execution or consummation of this Offer, the Bidder shall defend, indemnify and save the Board
harmless from and against any such claim including, but not limited to court costs and attorneys’ fees.
Page 6
L.
It is understood by Bidder that consummation of this Offer shall be subject to obtaining all necessary approvals and
compliance with all applicable laws and policies, including, without limitation, the Board’s Ethics Policy (04-0623-
PO4) as may be amended from time to time, which policy is incorporated herein by reference as if set forth herein.
Bidder shall take all steps necessary to comply with such laws and policies and provide any other information
requested by the Board. Without limiting the generality of the foregoing, (a) this offer shall under no circumstances be
legally binding on the Board if entered into in violation of the provisions of 105 ILCS 5/34-21.3 which restricts the
employment of, or the letting of contracts to, former members of the Board during the one year period following
expiration or other termination of their terms of office; (b) each party to this offer hereby acknowledges that, in
accordance with 105 ILCS 5/34-13.1, the Inspector General of the Board has the authority to conduct certain
investigations and that the Inspector General shall have access to all information and personnel necessary to conduct
those investigations; and (c) the City of Chicago requires clearance of certain debts owed by the Bidder, its principals,
and any related companies to the City of Chicago as a condition precedent to the issuance of the quit claim deed.
M.
This Offer constitutes the entire understanding with respect to the Property and, unless specified otherwise herein, no
prior agreements, oral or written, between Bidder and the Board shall be of any force and effect.
N.
This Offer shall be binding upon and shall inure to the benefit of Bidder’s respective heirs, successors, legal
representatives, executors, administrators and permitted assigns. The interest of Bidder hereunder may not be assigned
or transferred to any other individual or entity without the Board’s written approval. The Board shall have the right at
any time to transfer or assign its interest under this Offer.
O.
THE BOARD SHALL HAVE NO OBLIGATION TO DELIVER A TITLE POLICY OR SURVEY TO
BIDDER AND ALL COSTS AND EXPENSES IN OBTAINING THE SAME SHALL BE THE SOLE
RESPONSIBILITY OF BIDDER.
THE ONLY OBLIGATION OF THE BOARD HEREUNDER IS TO
DELIVER THE QUIT CLAIM DEED TO BIDDER (AND EXECUTE ANY REAL ESTATE TAX
DECLARATIONS THAT MAY BE NECESSARY) IN EXCHANGE FOR THE PAYMENT OF THE
PURCHASE PRICE. ALL COSTS AND EXPENSES IN CONNECTION WITH THE CONVEYANCE OF
THE PROPERTY SHALL BE THE SOLE AND EXCLUSIVE RESPONSIBILITY OF BIDDER, INCLUDING,
BUT NOT LIMITED TO, TRANSFER TAXES, TITLE FEES, AND RECORDING FEES.
BIDDER’S SIGNATURE
Respectfully submitted this ______________ day of ______________________, 2013.
Signature:
__________________________________________________
Print:
__________________________________________________
ACCEPTANCE BY BOARD OF EDUCATION OF THE CITY OF CHICAGO
Accepted this ______________ day of ______________________, 2013.
By: __________________________________
Board Report No.:___________________
David Vitale, President
Attest: _______________________________
Approved as to legal form:
Estela G. Beltran, Secretary
_________________________________
James Bebley, General Counsel
Page 7
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