Online Only Auction of 18,887±SF Former School on 2.17± Acres at 600 N Lexington Ave, Kewanee IL 61443 (Henry County)

18,887± SF Former School Building on 2.17± Acres
600 N Lexington Ave, Kewanee IL 61443 (Henry County)
Bidding Opens: Tuesday, August 13 at 11:00 AM CT
Bid Deadline: Thursday, August 22 at 11:00 AM CT
Inspection: Monday, August 19 at 12 Noon CT SHARP
Sale Manager: Mark Rosenberg (309)688-6888 or mark@oakwoodrealestate.net

 

Property Description: Built in 1919 and opened in 1922, the Old Franklin School is an 18,887±SF building on 2.17± acres with street frontage on three sides. There is 269’± of W 6th frontage, 390’± of N Lexington frontage, and a total of 361’± frontage on Madison Ave except for a 48’± x 135’± residential lot outparcel near the NE end of tract. There are no 2019 property taxes due or proratable. 

Henry County Tax Map Parcel ID#20-28-378-027

2019 Total Henry County Fair Cash Value: $48,770

 

Terms:  Proof of Funds Required to Bid, 10% Buyers Premium added to winning bid to determine sale price, Earnest Money Deposit 20% of Purchase Price, 1% Broker Co-Op, close in 20 days.
 

AUCTION REGISTRATION: In order to register for the auction, you must have pre-inspected the property and must confirm that you have done your own inspection prior to registration, and you must confirm that you have reviewed the posted material including these Terms and the Title Commitments posted for each property. You must provide proof of funds from your bank that you have sufficient funds to cover the required 20% Earnest Money down payment in order to obtain a bid number. This may be accomplished by faxing the proof of funds to 770-980-9383 or emailing to info@amcbid.com  in advance of the auction. Proof of funds consists of a copy, fax, or scanned pdf of a current bank statement in bidder’s name with the account number blacked out showing sufficient funds for earnest money deposit. All registrations must be completed online at our website in advance of the auction.

 

AUCTION INFORMATION & OFFICES: All available material and updates are posted to www.amcbid.com . Due diligence materials, Title Commitments, Auction Purchase and Sale Agreement, Broker Registration forms, and other information may be obtained by calling 770-980-9565, or by visiting our website.

 

BROKER PARTICIPATION INVITED: Unless noted otherwise in property listing or herein, a broker commission of one percent (1%) of the Winning Bid will be paid on real estate.  A commission will only be paid to the properly licensed broker whose prospect purchases and closes on the real estate. To qualify for a commission, the Broker must register by email to info@amcbid.com, fax to 770-980-9383 or mail or hand delivery to 1827 Powers Ferry Rd, Bldg 5, Atlanta Ga 30339 using the Broker Registration form posted to the website for the property listing prior to bidder registration. The registration form must be signed by the prospect and the Broker, and must be received at the office of Auction Management Corporation no later than 5:00 PM two (2) days prior to each bid deadline via fax or mail. In no case will a broker registration be accepted after a bidder has registered. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction.

 

CONDUCT OF THE AUCTION: Online bidding will begin ten days prior to the auction. The auction ends when the highest bid is recognized by the Auctioneer. The auction begins to end on Thursday, August 22 at 11 AM CT. Any bid within the last five minutes of the bid deadline causes an automatic extension of bidding. All of the assets in the auction are in the same extension group, which means that a bid placed on any of the assets extends the bidding on all of the assets for 5 minutes. When 5 minutes passes with no bidding on any assets, the auction closes. Because bidders may bid on different assets, the auction could therefore continue for several minutes to an hour or two after the initial bid deadline. Bid increments and bidding methodology are subject to change at the sole discretion of the Auctioneer.

 

BUYER'S PREMIUM: Property will be sold with a ten percent (10%) Buyer's Premium. The bid amount plus Buyer's Premium equals the final Purchase Price. For example: A $100,000 bid, plus the 10% ($10,000) Buyer's Premium, equals the $110,000 final Purchase Price.

TERMS OF SALE FOR REAL ESTATE: Winning bidders (“Purchasers”) will pay an Earnest Money deposit of twenty percent (20%) of the Purchase Price (bid amount plus Buyer’s Premium). Upon conclusion of the bidding, Purchaser will sign the Auction Purchase and Sale Agreement (“Auction PSA”), and must submit  earnest money deposit in the form of a wire transfer to Closing Agent/ Escrow Holder as specified in the Auction PSA. The Earnest Money deposit is non-refundable.

 

Closing must occur no later than 20 days from the auction date unless extended in writing by mutual consent of the parties. Purchaser not closing within the contractual time period to close or failing or refusing to close in accordance with the terms of the Auction PSA may forfeit his/her Earnest Money deposit. Purchaser shall execute the Auction PSA for the Property immediately after being declared the successful bidder by Auctioneer. The Auction PSA for each asset will be made available on our website at www.amcbid.com prior to the auction. The Auction PSA which Purchaser must sign at the auction contains an acknowledgment that Purchaser has inspected the property and has reviewed the Title Commitment prior to the auction, is relying solely on his/her inspection, and is purchasing the property As Is with all faults and without reliance on any warranty of any kind whatsoever. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED THERETO, AND PURCHASER WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. Provided, however, Seller reserves the right to modify or amend said Auction PSA, to complete blank sections, to attach appropriate exhibits, and to comply with state and local laws as may be enacted or amended from time to time. All payments (ie, Earnest Money, Closing Funds) must be in the form of wire transfer only.

 

FINANCING: Please note that financing is NOT a contingency of this transaction. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.

 

PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.

 

AUCTION POWER OF ATTORNEY: For interested bidders who cannot attend the auction but would like to have a representative bid at the auction on their behalf, an Auction Power of Attorney can be obtained by contacting the Auction Information Office at (770) 980-9565.

 

CLOSING AGENT/ ESCROW HOLDER: Earnest Money shall be delivered to Western Illinois Title Company, 126 W Exchange Street, Cambridge IL 61238, with the individual contacts being Joni Secymore, secymore@westernillinoistitle.com or Tammy Horberg, horberg@westernillinoistitle.com   at 309-937-2483 ("Escrow Holder"). Following the auction, Auctioneer will provide Escrow Holder wiring instructions to Purchasers.  Escrow Holder shall deposit and hold the Earnest Money in Escrow Holder's escrow account which is a non-interest bearing account at an FDIC insured financial institution. Escrow Holder will also act as Closing Agent.

 

TITLE COMMITMENT: Title Commitment for the Property will be posted to Auctioneer’s website prior to the auction. At Closing, Seller shall convey and transfer title to the Property to Purchaser by special warranty deed ("Deed") subject to the conditions, exclusions and exceptions as set forth in the title commitment issued by a Western Illinois Title Company and made available to Purchaser prior to Purchaser submitting Purchaser's bid at auction ("Title Commitment") and Purchaser shall accept the delivery of the Deed subject to conditions, exclusions and exceptions as set forth in the Title Commitment. Purchaser is responsible for reviewing Title Commitment and ensuring that Purchaser is comfortable with all conditions, exclusions and exceptions prior to bidding.

 

EASEMENTS: Property is sold subject to recorded easements which include existing roads and planned roads, powerline and other utility easements, ingress and egress easements, and other easements of record.

 

CLOSING COSTS: Purchaser shall pay the expenses (a) of recording the Deed including, but not limited to, any deed, document stamps, intangible, and/or transfer tax or fee, (b) for the Title Commitment, (c) for any title insurance policy that is to be issued in favor of Purchaser including, but not limited to, the premium and expenses of any needed endorsements, (d) associated with Purchaser’s financing and any and all costs associated with the recordation of any documents concerning Purchaser's financing, (e) of the Closing Agent in the amount of $175.00 for Closing the transaction contemplated by this Agreement, and (f) of Purchaser's attorney or other professionals engaged to perform services by Purchaser relating to the purchase and sale of the Property. Purchaser paid expenses include Title Commitment $343, recording fees $68, Revenue Stamp $1.50/ thousand, Overnite Expenses if not closed at Closing Agent’s office, and $75 closing protection letter.

Seller shall pay the expenses (a) of preparation and delivery of the Deed to Purchaser, (b) for Auctioneer, and (c) of Seller's attorneys or other professional engaged to perform services by Seller relating to the purchase and sale of the Property.

Seller shall be responsible for any and all taxes and assessments, including any interest, penalties or fees, incurred prior to the Closing Date. Purchaser shall be responsible for all taxes and assessments accruing on and after the Closing Date. The Closing Statement shall reflect such proration based on the most recent and available tax rate and valuation. Any other expenses relating to the Closing, if any, shall be allocated between and charged to Purchaser and Seller in accordance with Title Company’s standard practices. If any errors or omissions are made regarding any proration, Seller and Purchaser shall make the appropriate corrections promptly upon the discovery of such error or omission.

 

If the Closing fails to take place for any reason, Escrow Holder shall be entitled to compensation in the amount of $250.00 ("Escrow Fee") which amount shall be paid by Purchaser, provided, however, if the Closing fails to take place due to a default by Seller, Seller shall pay the Escrow Fee.

 

PURCHASER'S NOTE: Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Auctioneer reserves the right to convert the bidding platform from an online to an onsite or live webcast bidding platform if deemed necessary prior to the online bidding deadline. Personal on-site inspection of the property is strongly recommended. Failure to inspect property prior to auction does not relieve Purchaser of contractual obligations of purchase. Purchaser warrants that Purchaser is an experienced and sophisticated purchaser and seller of commercial real estate of the nature and type covered by this auction, has read and understands the Auction PSA, has consulted with a real estate attorney of Purchaser's choice prior to bidding on any assets in the auction and has had adequate time to review the Auction PSA, and will knowingly and voluntarily enter into agreement as specified in the Auction PSA. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by special warranty deed (referred to as limited warranty deed in Georgia). Information was gathered from reliable sources and is believed to be correct as of the date this material is published, however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The Seller does not have any liabilities whatsoever for any oral or written for representations, warranties or agreements relating to the Property except as expressly set forth in the Auction PSA. There is no obligation on the part of the Seller to accept any backup bids in the event the high bidder fails to perform.