Offer To Purchase Real Estate (Page 2 of 4) in pdf

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.

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.

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.

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.

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.

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:

_____________________________________

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.

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Offer To Purchase Real Estate Page 2