Auction Terms:
Announcements: Information provided herein was obtained from sources deemed reliable, but neither Richard A. Olson & Associates, Inc nor the Seller makes any guarantees or warranties as to its accuracy. All potential bidders are urged to inspect the property, its condition, and to rely on their own conclusions. Any announcements made auction day by Richard A. Olson & Associates, Inc will take precedence over any previous printed materials or oral statements.
Agency: Richard A. Olson & Associates, Inc and its representatives are acting as Agents of the Seller.
Taxes: Real estate taxes for 2020 payable in 2021 will be paid by the Seller. The first half of 2021 taxes, due in 2022, will be paid by the Seller. The second half of 2021 taxes, due in 2022, will be prorated to the date of closing. All future taxes will be the responsibility of the Buyer(s).
Auction Bidding: Bidding ends Monday, September 20, 2021 at 10:00 AM. (This will be a soft closeauction extended if a bid is placed in the last 2 minutes). Under no circumstances shall Bidder have any kind of claim against Richard A. Olson & Associates, or anyone else if the Internet service fails to work correctly before or during the auction.
Buyers Premium: There will be a 2% Buyers Premium added to the final bid price to arrive at the contract sale price.
Conditions: This sale is subject to all easements, covenants, restrictions of record, and leases. Each Bidder is responsible for conducting, at their own risk, their own inspections, inquiries, and due diligence concerning the property. All property is sold on an "AS IS-WHERE IS" basis with no warranties or guarantees, either expressed or implied, by the Seller or Richard A. Olson & Associates, Inc. This building was built before 1978 and the Buyer will be required to sign a Lead Base Paint Disclosure waiving any inspection after the bidding ends. Any and all inspections should be completed before bidding on the property, and all costs are at the Buyers/Bidders expense.
Contract and Title: Immediately upon conclusion of the auction, the high bidder(s) will enter into a real estate contract and provide the required earnest payment. Upon the close of the auction the winning bidder will be forwarded via email a Contract to Purchase. A signed copy of the contract must be received Richard A. Olson & Associates on or before 12:00 NOON, Wednesday, September 22, 2021 (hand delivered, faxed or scanned and emailed). The Seller will provide an owner's policy of title insurance in the amount of the contract price. The cost of title insurance will be paid by the Seller. The cost of any escrow closing services will be paid equally by Seller and Buyer(s). Sale is NOT contingent upon Buyer(s) financing.
Earnest Payment: The successful bidder(s) will be required to deposit $10,000 non-refundable earnest money to be held by Auctioneer in an escrow account and will be applied to the purchase price.
Closing: The sale closing (45 days) is on or before Thursday, November 4, 2021, or such other date agreed to by the parties. The balance of the purchase price will be payable by wire transfer at the discretion of the Title Company.
Possession: Possession will be granted on Thursday, November 4, 2021, or such other date agreed to by the parties.
Sale Method: The real estate will be offered as a lump sum, total dollar amount. Bidding will be at $500 increments. No on-site bidding available. No absentee or telephone bids will be accepted without prior approval of Richard A. Olson & Associates, Inc and Seller.
Approval of Bids: Final sale is subject to the Seller's approval or rejection.

Timed Online-Only Commercial Real Estate Auction

Bidding starts closing
Monday, September 20, 2021 at 10:00 AM.
Commercial Property – Former Car Dealership in Toluca, IL

OPEN HOUSE:

Saturday, September 4
12:00 PM – 2:00 PM

Sunday, September 12
12:00 PM – 2:00 PM

PHOTOS AND BIDDING AVAILABLE AT WWW.RICHARDAOLSON.HIBID.COM

Auction conducted by Richard A. Olson & Associates, Inc.
Auctioneers:
Dick Olson – IL License #440.000585
Erik Olson – IL License #441.001909
531 Bedford Rd, Morris, IL 60450
(815) 942-4266
www.richardaolson.com