OTHERAMENDED

lisle_community_unit_school_district_202_board_of.pdf

District Amends Tate Woods Sale With Seller Financing

$2,555,000 (original purchase price) less $74,495 credit and $465,000 credit; principal financed $1,464,405 at 6.34% for 10 years; $500,000 cash due at closing; approximately $516,000 interest over life of loan; $16,509 monthly installmentsLisle CUSD 202KINDI ACADEMYNovember 24, 2025

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Description

Lisle Community Unit School District 202 moved to approve a Contract for Sale Addendum with Kindi Academy for the Tate Woods Elementary School building, adjusting the original $2,555,000 sale price via credits for code-related upgrades and roof condition. The Addendum establishes ten-year seller financing on $1,464,405 at 6.34% interest with $500,000 due at closing and a first mortgage securing the District’s interest.

Contract Details

Contract Amount

Vendor

KINDI ACADEMY

Agency

Lisle CUSD 202, IL

Contract Type

OTHER

Document Date

November 24, 2025

Contract Term

Ten (10) years seller-financing term beginning at closing (estimated May 30, 2023)

Renewal Info

Contract for Sale from June 2018 is amended by an Addendum providing price credits and converting a portion of the purchase price into a ten-year, first-mortgage seller-financed loan with no pre-payment penalty. No automatic renewal; loan retires at end of 10-year term if paid as agreed.