Offer To Purchase Real Estate

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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
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