Arcade Up For Bid - Deadline May 15

Within days of the Arcade's designation as one of the "10 Most Endangered Historic Places" in Illinois, its mortgage holder, Prinsbank, has opened the bidding. The deadline for all bids is May 15, 2009.


Ideally, the people of Riverside would like to attract a reputable purchaser for the Arcade - one with experience in the rehabilitation of historic commercial properties. Bid applications can be obtained from Prinsbank or the Village of Riverside Preservation Commission. Text of the application is reproduced here:

Dated at Prinsburg, Minnesota, April 30, 2009 .

PARTIES TO THIS AGREEMENT:

Sellers: CapFinancial Properties CV3, LLC
508 3rd Street
PO Box 38
Prinsburg, MN 56281
Tel.: 320-978-9101
Fax: 320-978-4166

Buyers:


PROPERTY COVERED: See attached Exhibit “A”



BIDDING REQUIREMENTS:

Bids shall be considered an offer to purchase the Real Estate described in the preceding paragraph. A Bid deposit will be required for all bids submitted. The Bid deposit amount is $20,000, and must be submitted along with this Bid form. Bid deposits which are not part of an accepted bid will be returned to bidder.



ALL BIDS AND REQUIRED DOCUMENTATION MUST BE RECEIVED BY May 15, 2009.AT THE OFFICES OF CAPFINANCIAL PROPERTIES CV3, LLC, 508 3RD STREET, PO BOX 38, PRINSBURG, MN 56281.


CASH BID:

Bidder, as specified by signature below, offers to purchase the Real Estate described herein, for the cash sum of:

and /100 Dollars.

In the event that this offer is determined to be an acceptable offer, the Bid Deposit check of $20,000.00 will be considered a part of this offer. Bidder understands that by signing this contract they are legally bound to the terms of this agreement and possible forfeiture of the bid deposit should they fail to complete the purchase of this Real Estate.

BIDDER(S):


CLOSING CONDITIONS:

Property is conveyed “as-is, where is” with no warranty as to mechanical function or otherwise. Buyer to pay fees associated with the proper recording of any documents required by Seller in order to complete the transfer of the property or security interest of Seller associated with this transaction. Seller and their attorney may determine that a more formal purchase agreement is required and will provide such an agreement if Seller determines it is necessary. Seller will provide a limited warranty that they have placed no liens, encumbrances, delinquent taxes due upon the premises on the date of closing or that the same will be paid on said date. Current taxes including any current assessment or portion yet due under the real estate taxes, shall be prorated to the actual date of closing. The utilities obligated upon the property shall be prorated and calculated to said date of closing. Seller will determine an acceptable title company to handle the closing of this transaction and will provide a title commitment to show it possesses marketable title. If buyer desires an owners policy of title insurance, that cost will be the responsibility of the buyer.

AS IS CLOSING:

Closing date shall be determined if an acceptable bid is determined to allow a reasonable time for due diligence and inspection for the buyer, but in no case with this closing be more than 90 days from the time buyer and seller agree on a price if the offer is deemed acceptable.


Dated: SELLER
CapFinancial Properties CV3, LLC

By:
Its:

Dated: BUYER(S)





EXHIBIT “A”

LEGAL DESCRIPTION OF PREMISES

LOTS 486, 487 AND THE WEST 29 FEET OF LOT 488 IN BLOCK 13 IN THE SECOND DIVISION OF RIVERSIDE, IN SECTION 36, TOWNSHIP 39 NORTH, RANGE 12, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.

PIN: 15-36-301-026-0000, 15-36-301-062-0000

ADDRESS: 1 RIVERSIDE ROAD, RIVERSIDE, ILLINOIS