ABSOLUTE AUCTION TERMS & CONDITIONS FOR REAL ESTATE
INDUSTRIAL BUILDING & 8.59 ACRES ONLINE AUCTION
485 OLD SYMSONIA ROAD, BENTON KY. 42025
ON-LINE ONLY AUCTION!
BIDDING ENDS MONDAY – JUNE 28TH, 2021 AT 12:00 NOON
BIDDERS MUST REGISTER WITH ALEXANDER AUCTIONS & REAL ESTATE SALES
BIDDERS SHOULD REVIEW ALL ONLINE TERMS PRIOR TO BIDDING
1. Real Estate: Building and Land located at 485 OLD SYMSONIA ROAD, BENTON, KY 42025.
Deed Reference: Deed Book 307, Page 422 in the Marshall County Register of Deeds
PROPERTY IS DESCRIBED AS THE JAN D. FRICK REVOCABLE TRUST PROPERTY IN PLAT CABINET “F”, SLIDE 182 IN THE MARSHALL COUNTY REGISTER OF DEEDS. PROPERTY IS DESCRIBED AS TRACT 2 AND TRACT 3 IN SAID PLAT.
TRACT 2 CONTAINS 8.5901 ACRES.
TRACT 3 CONTAINS 0.6466 ACRES. THIS TRACT IS ESTABLISHED FOR USE AS A FUTURE ROADWAY. A DEED OF EASEMENT IS RECORDED CONVEYING AN INGRESS/EGRESS EASEMENT OVER TRACT 3. PROPERTY ALSO SELLS SUBJECT TO AN EXISTING 50 FT. WIDE INGRESS/EGRESS EASEMENT AS SHOWN ON SLIDE “F”/182, MARSHALL COUNTY CLERK’S OFFICE.
2. 2021 TAXES TO BE PRORATED ON DATE OF CLOSING CALCULATED ON THE 2020 TAX AMOUNT.
Tax Map 0B-04-00-050 in City of Benton Tax Recorder’s Office: $ 950.30
Tax Map 0b-04-00-050 in Marshall County Tax Assessor’s Office: $ 4,233.82
3. BUYER’S PREMIUM: A 10% buyer's premium will be added to the final bid on the real estate to reach the total sales price and total contract price.
4. CONDITIONS OF SALE: Property is being offered in an Online Auction.
5. Bidders and Buyers must review and agree to these Auction Terms & Conditions and Exhibits included with the Terms Online before bidding.
6. BIDDING INCREMENTS: Alexander Auctions may have different bidding increments. The bidding software will calculate the next bid amount before you submit the bid. Alexander Auctions retains the right to change bidding increments at any time.
7. PURCHASE AGREEMENT: After the close of the Auction, the successful bidder will be emailed a Sale and Purchase Agreement/Contract to be returned to Alexander Auctions within 24 hours of completion of the Auction, along with the required earnest money deposit.
8. Bidder should review the Sales & Purchase Agreement (Contract) and Other Exhibits.
9. EARNEST MONEY: The successful bidder is required to make an earnest money deposit of 15% of the purchase price and contract price within 24 hours after the Auction closes, when the Purchase Agreement is signed. Earnest money is non-refundable.
10. Earnest money payable by cash, wire transfer, cashier’s check or personal check with current Bank Letter of Guarantee made to Alexander Auctions. No credit card payments and no Letters of Intent accepted.
11. Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e., financing, appraisal, repairs, or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. This property is being sold for cash “as-is, where-is” with a closing deadline.
12. Commission: Purchase agrees to pay a 10% premium of the bid price upon closing, which is equal to the agreed upon commission between Seller, Agent and Purchaser. Purchaser recognizes and agrees that the 10% premium paid as commission is this transaction does not constitute purchaser representation.
13. CLOSING DATE: Balance of the Purchase Price shall be due on or before 45 days.
14. POSSESSION: Possession of building and real estate given on or before 75 days after the auction.
15. Property and improvements sell “As Is” in their current condition.
16. Prospective purchaser(s) should inspect and review the property to become familiar with the property boundary lines and the physical condition of the improvements and complete their own due diligence research.
17. TIME EXTENSION: Alexander Auctions have an auto-extend bidding feature.
18. TIME INCREASE OR DECREASE: Alexander Auctions may increase or decrease the extended bidding time amount at any time during the auction until the close of bidding.
19. EXTEND ALL FEATURE: Alexander’s auctions are timed events and all bidding will close at a specific time. Alexander Auctions also have an auto-extend feature. When any bid is placed in the final five minutes of an auction, the auction ending will be automatically extended five (5) minutes from the closing time. Example: If an auction scheduled to close at 12:00 noon receives a bid at 11:56 the close time will automatically extend to 12:05. The auto-extend feature remains active until no further bids are received within a five (5) minute time frame on the real estate and nay item in the auction.
20. Real Estate bidding will remain open even if the raised bid is made on a lot of the steel rack, furniture or personal property. The Real Estate and all personal property items will close at one time when there is no bids made on anything in the last 5 minutes.
21. Bidding on the personal property will remain open if the raised bid in the last 5 minutes is on the real estate.
22. Real Estate and all personal property will close at the same time. When no bid is placed on the real estate or any other item in the auction.
23. REFRESH BIDDING: Refresh your screen constantly during the closing minutes of the bidding or enable the “auto-refresh” feature.
24. COMPLIANCE WITH THE TERMS OF SALE: Successful Bidder and or Buyer not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default. In the event a winning Bidder and or Buyer fails to submit the signed Purchase Agreement (Contract) for Sale of Real Estate and earnest money deposit, the winning bidder and or buyer shall pay to Alexander Auctions any damages, an amount equal to the Buyer’s premium or commission percentage as set forth in said Contract, and any and all expenses incurred by the said Alexander Auctions for said auction. Should buyer’s earnest money check be returned for any reason whatsoever, this shall constitute an item of default, and in addition to the remedies previously stated hereinabove, Buyer shall also pay an additional penalty of five percent (5%) of the earnest money check to Alexander Auctions. Buyer shall also pay a reasonable attorney’s fee and costs incurred in the collection of these monies owed by Buyer as a result of Buyer’s default. Buyer shall also pay the Seller any damages caused by said breach of contract, including attorney’s fees and costs. This shall not preclude the Seller from suing for specific performance of the Contract of Sale, in addition to said damages. It is specifically understood and agreed by and between the Seller and Alexander Auctions that in the event the Buyer should default in the terms of this Contract in any manner whatsoever, that the earnest money, or sufficient sums therefore, shall be paid first to the agent for the Buyer’s premium or commission percentage, and the balance, if any, to the Seller. Any disputes will be tried in a court of jurisdiction in Weakley County, Tennessee. Alexander Auctions reserves the right to sell to the next highest qualified Bidder or another Bidder or Buyer in the event the successful high Bidder and or Buyer does not comply with the terms of the sale. By bidding on the property, buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default.
25. Failure to pay the balance due at closing will require Buyer to forfeit the earnest money and is subject to the Terms stated in these Terms & Conditions.
26. If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made and could additionally be liable for any and all cost incurred, in a subsequent resale of the property, by Seller and Alexander Auctions. If such action occurs, Alexander Auctions hereby has the right to disperse the deposit as stated in the Listing Agreement and the buyer has no claims to such money or property being sold. Liquidated damages are to cover the auctioneer’s commission, cost of Auction, cost incurred by Seller, labor cost and additional cost of Auction as not defined in this agreement. These liquidated damages do not restrict the Seller from suing the buyer for performance damages and/or any additional damages the Seller suffers by the default of the buyer.
27. TITLE: Deed transfer will be by a warranty deed as specified in the Purchase Contract.
28. Property will be sold according to the legal descriptions in the owner’s deed and plat.
29. Auctioneer and Broker are not expert in determining environmental hazards and hazardous material. Buyers accept this building and land in its present condition. Buyer agrees to hold harmless Alexander Auctions & Real Estate Sales, the broker, auctioneer and his agents. From any environmental hazards and from any claims in connection with environmental hazards.
30. Sellers have not requested or had any environmental assessments run on this property. Sellers are unaware of anything that would cause an environmental problem.
31. Purchaser and purchaser’s representatives have had the opportunity to inspect this property and agree all bids are made subject to their inspections and due diligence results and purchase said property as a result of their inspection.
32. Alexander Auctions and Seller has not made, does not make, and expressly disclaims, any warranties, representations, covenants or guarantees, expressed or implied or arising out by operation of law, as to the merchantability, habitability, qu...