Real Estate Auction

November 13, 2007  7:00 p.m.

217 N. Gillette St. Elkhart, IL

REAL ESTATE & IMPROVEMENTS:  Approximately 6.85 acres of land improved with a well maintained brick frame structure. Improvements consist of a 2,750 sq. ft. two story building and attached 13,000 sq. ft. single story building w/gymnasium.  Heating is accomplished with a gas fired boiler and a recent roof has been installed over a majority of the structure. A list of fixtures and tangible personal property to be removed will be provided prior to the auction.

REAL ESTATE TERMS:  The Elkhart Grade School Site shall be sold in accordance with the procedures provided in 105ILCS 5/5-22. The Property and all improvements thereto sold “AS IS”. The Seller resrves the right to remove, prior to closing, tangible personal property and fixtures which can be removed without causiing substantial damage to the remainder of the property.  Buyer to acknowledge the presence of asbestos on the Property and to be responsible for the abatement and removal of asbestos.  Buyer to indemnify Mt. Pulaski Community Unit School District No. 23 against any costs arising subsequent to closing and related to environmental conditions at the Property. The Seller reserves the right to accept or reject all bids submitted at the Auction.  Title shall pass by quitclaim deed.  A minimum earnest money deposit of Five Thousand Dollars ($5,000.00) in the form of a bank certified or cashier’s check mad payable to the Board of Education of Mt. Pulaski Community Unit School District NO. 23 must be paid by the Buyer on or before the day subsequent to the sale. The earnest money deposit will be forfeited by Buyer in the event of a default in the terms of the Real Estate Purchase Agreement.  The balance of the purchase price shall be paid by bank certified or cashiers check made payable to the Board of Education of Mt. Pulaski Community Unit School District No. 23 at the time of Closing. The seller retains full rights of rescission in event the terms of the Real Estate Purchase Agreement are violated. For a copy of the Real Estate Purchase Agreement or to schedule a showing contact the auction service at (217) 519-3959.

Seller: Mt. Pulaski Community Unit District #23