AUCTION TERMS & CONDITIONS
AL CHYMIA SHRINE TEMPLE ONLINE AUCTION
5770 SHELBY OAKS DRIVE - MEMPHIS, TN 38134
ON-LINE ONLY AUCTION!
BIDDING ENDS WEDNESDAY – JANUARY 20, 2021 AT 12:00 NOON
BIDDERS MUST REGISTER WITH ALEXANDER AUCTIONS & REAL ESTATE SALES
WEBSITE (www.alexanderauctions.com) TO OBTAIN A BID NUMBER or
BENNY TAYLOR AUCTION & REALTY, INC. (www.taylorauction.com)
PLEASE REVIEW ALL ONLINE TERMS PRIOR TO BIDDING
1. Alexander Auctions & Real Estate Sales (Alexander Auctions) and Taylor Auction & Realty, Inc. (Taylor Auction) are commissioned by Al Chymia Shrine Temple to sell this property in an Online Auction.
2. Real Estate: Building and Lot located at 5770 SHELBY OAKS DRIVE, MEMPHIS, TN 38134.
Deed Reference: Documents #S24969 & #S24970, Register’s Office of Shelby County, TN.
Tax Map 089001, Parcel 00009 in Shelby County Tax Assessor’s Office
Tax Map 089001, Parcel 00010 in Shelby County Tax Assessor’s Office
Property located in the O Civil District of Shelby County, Tennessee.
Neighborhood: 00604A51 /Ns Shelby Oaks
3. 2021 TAXES ASSUMED BY PURCHASER. Al Chymia is a non-profit organization and is exempt from Real Estate taxes.
4. THE PROPERTY IS DESCRIBED AS TWO PARCELS.
5. The Shelby County Tax Assessor site has a tax estimate calculation. The access link is provided in “Lot 0E” of the bid catalog. Amounts provided for information only. No guarantee provided.
6. 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.
7. CONDITIONS OF SALE: Property is being offered in an Online Only Auction.
8. BIDDING INCREMENTS: Alexander Auctions and Taylor Auction determine bidding increments and retain the right to change bidding increments at any time. The bidding software calculates and reveals the current bid amount as well as the next bid amount.
9. 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 or Taylor Auction within 24 hours of completion of the Auction, along with the required earnest money deposit.
10. Bidders and Buyers must review and agree to these Auction Terms & Conditions and Exhibits attached to the Terms online before bidding.
11. Bidder should review the Sales & Purchase Agreement and Real Estate Exhibits.
12. EARNEST MONEY: The successful bidder is required to make an earnest money deposit of 15% of the purchase price and contract price deposit (non-refundable), within 24 hours after the Auction closes, when the Purchase Agreement is signed.
13. Earnest money payable by cash, wire transfer, cashier’s check or personal check with current Bank Letter of Guarantee made to Alexander Auctions or Taylor Auctions. No credit card payments accepted.
14. 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.
15. CLOSING DATE: Balance of the Purchase Price shall be due on or before 60 days.
16. POSSESSION: Possession of building and real estate given 30 days after Deed Closing.
17. Sellers retain the right to conduct and hold a public or online auction on this property before and until the possession date.
18. Property and improvements sell “As Is” in its current condition.
19. Prospective purchaser(s) should inspect and review the property to become familiar with the property divisional lines and the physical condition of the improvements and complete their own due diligence research.
20. TIME EXTENSION: Alexander Auctions and Taylor Auction Online Auctions have an auto-extend bidding feature.
21. TIME INCREASE OR DECREASE: Alexander Auctions and Taylor Auction may increase or decrease the extended bidding time amount at any time during the auction until the close of bidding.
22. EXTEND ALL FEATURE: Alexander Auctions and Taylor Auction are timed events and all bidding will close at a specific time. Alexander Auctions and Taylor Auction also have an auto-extend feature. Any bid placed in the final five minutes of an auction, the auction ending will be automatically extended five (5) minutes from the time the bid was placed. Example: If an auction scheduled to close at 2:00 receives a bid at 1:56 the close time will automatically extend to 2:05. The auto-extend feature remains active until no further bids are received within a five (5) minute time frame.
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 Contract for Sale of Real Estate and earnest money deposit, the winning bidder and or buyer shall pay to Alexander Auctions and Taylor Auction 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 and Taylor Auction 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 and Taylor Auction. 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 and Taylor Auction 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 and Taylor Auction 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 and Taylor Auction. If such action occurs, Alexander Auctions and Taylor Auction 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. Possession of the property given 30 days after the closing date and transfer of deed.
28. TITLE: Deed transfer will be by a warranty deed as specified in the Purchase Contract Agreement.
29. Property will be sold according to the legal descriptions in the owner’s deed.
30. 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.
31. Alexander Auctions, Taylor Auction 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, quantity, quality or environmental condition of the property or its suitability or fitness for any particular purpose or particular use.
32. Property and improvements are being sold in their present condition “as is”. No improvements will be made. There are no warranties or guarantees expressed or implied as to condition or fitness for use. The warranties of habitability and fitness for a particular purpose and particular use are expressly excluded.
33. AUCTIONEER’S DISCRETION: Alexander Auctions and Taylor Auction has full discretion to modify date and time, order and details of the Auction for any reason or no reason at all, including but not limited to technical issues, emergencies and convenience of Alexander Auctions and Taylor Auction reserves the right to modify, change or remove usernames at any time.
34. SERVER & SOFTWARE TECHNICAL ISSUES: In the event that there are t