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1. BIDDER REGISTRATION TO BID:
Tranzon Asset Advisors (“TAA”), as agent of the seller shall only permit qualified bidders who present the initial deposit funds (if required) and meet the requirements of registration to bid at this auction. This event is a non-contingent sale of property being conducted on a cash only basis, if the registrant is the winning bidder it will be required to place a non-refundable deposit, sign the purchase agreement without alteration and close on the sale in the specified timeframes defined in the purchase agreement. Registration is available to the public based solely on financial capacity to purchase the property and not upon any discriminatory act toward any protected class. NOTE: TAA and/or the seller may exclude any party that they, in their sole judgment, feel does not possess the financial capacity to make the required deposit and/or close the sale under the terms presented. Further, TAA and/or the seller may exclude and/or revoke the bidding privileges of any registrant at any time prior to the close of bidding if, in their sole judgment, they feel a registered bidder has exceeded its capacity to place a deposit and/or close the sale.
Potential buyers who wish to bid at the auction must fill out the registration sheet, acknowledging that they have read and accept the terms and conditions of the auction event. Upon filling out this form, acknowledging the terms contained herein and presenting for examination by TAA staff the required initial deposit amount (if required) the registrant shall be issued a bidder number and will be considered conditionally qualified to bid on the property.
2. NON-REFUNDABLE BUYER DEPOSITS:
At the conclusion of the auction event and/or at time of signing the purchase agreement the successful bidder(s) will be required to immediately tender to the escrow agent (or TAA) as designated in the purchase agreement the entire non-refundable deposit of ten percent (10%) of the total purchase price. All deposits shall be held in escrow by the escrow agent utilizing only FDIC insured accounts at the financial institution of the escrow agent’s choice.
Notice to Non-United States citizens and foreign corporations registering to purchase: Due to restrictions, regulations and escrow agent policy all deposit monies originating from any non-United States based financial institution account must be provided to the escrow agent via wire transfer; private checks, certified checks or money orders will not be accepted for registration and/or closing. Please contact TAA staff for further clarification of this issue.
The successful bidder(s) must sign all documents and contracts immediately upon conclusion of the auction. Acceptance by the seller and/or any court of adequate jurisdiction (in the case of bankruptcy, foreclosure, etc) shall be determined by time specified in the purchase agreement or announced for this sale. The registrant/bidder agrees that it may not withdraw its bid or offer to purchase prior to the expiration of the seller acceptance timeframe specified in the purchase agreement or as announced. All contracts are considered Time is of the Essence which is interpreted to mean the buyer and seller must adhere to the timeframes specified in the purchase agreement.
4. BUYER’S PREMIUM:
TAA utilizes a 10% buyer’s premium, defined as a charge added to all bids in order to defray the costs of an auction event for the seller and once added to the high bid to create the total purchase price. In this auction a buyer’s premium of ten percent (10%) shall be added to the winning bidder’s high bid price and included in the total purchase price to be paid by the successful bidder. Example: if a bidder bids $100,000 a 10% Buyer’s Premium of $10,000 will be added to the bid to create the total purchase price of $110,000. The deposit amount shall be a multiple of the total purchase price.
5. PROPERTY SOLD “AS IS, WHERE IS, WITH ALL FAULTS” WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND:
The real estate property along with improvements, attachments and appurtenances (as defined in the purchase agreement) shall be sold subject to conditions, restrictions, title exceptions, planning/zoning restrictions or laws, right-of-way easements, and reservations, if any, of record, and all other matters of record taking priority to the , subject to the rights, if any, of tenants-in-possession, and further subject to all conditions announced at sale; and confirmation of the high bid by the seller if this sale is a reserve auction. The registrant is accepting the property and all improvements in their “As Is” and “Where Is” condition without reservation. The seller and TAA make no warranty, either expressed or implied, as to the condition of the property, its functionality, current or future uses, zoning, restrictive covenants or merchantability of the property. No guarantee or warranty is granted to the registrant in respect to financial information and all information contained in advertising, information packages, due diligence has not been verified or qualified by the seller or TAA. ALL BIDDERS ARE RESPONSIBLE FOR THEIR OWN INSPECTIONS AND ARE SOLELY RESPONSIBLE TO DETERMINE THEIR LEVEL OF INTEREST AND DESIRE TO, OR NOT TO, BID ON THE PROPERTY.
6. REAL ESTATE CLOSING:
Closing will occur within the specified timeframe in the purchase agreement. The seller shall convey the property free and clear, subject to standard title exceptions, rights of tenants in possession, future taxes and common area maintenance fees. Further, the purchase agreement may specify other conditions of closing and title for the buyer’s required acceptance; please review the purchase agreement thoroughly and utilize qualified legal counsel if desired. At closing the seller will pay for the costs and fees specified in the purchase agreement and the buyer will pay for the costs and fees specified in the purchase agreement. Unless otherwise specified in the purchase agreement the buyer shall be granted possession of the property on the date of closing. THE SALE IS NOT CONTINGENT UPON FURTHER INSPECTIONS, FINANCING OR OTHER CONDITIONS, THIS IS A SALE BASED ON THE PRINCIPLE OF “CASH FOR DEED” AND UNLESS OTHERWISE SPECIFIED IN THE PURCHASE AGREEMENT THE BUYER CAN LOSE ITS DEPOSIT AND/OR BE HELD LEGALLY LIABLE FOR THE SELLER’S DAMAGES IN LAW OR IN EQUITY.
Title will be conveyed to the buyer(s) by fee simple marketable title via Special Warranty Deed, free and clear of all encumbrances, excepting those of record such as easements, restrictive covenants and restrictions as dictated by planning and zoning authorities or by governing law.
Buyer acknowledges that no survey has been conducted for the benefit of this sale. Any survey the buyer may wish to have done before or after the auction will be at the sole expense of the buyer. No price or terms adjustments shall be made by the seller if the survey conducted by the buyer reflects information that is different from what has been provided.
9. CHANGES, ALTERATIONS AND ANNOUNCEMENTS:
The seller and TAA reserve the right to deny any person admittance to the auction, to postpone or cancel the auction, sell the property (either partially or in its entirety) prior to auction, to withdraw the property from auction and to change or alter the terms of the auction upon announcement prior to or during the course of the auction sale, without prior notice.
10. AGENCY AND REPRESENTATION OF THE PARTIES:
Tranzon Asset Advisors is acting as agent on behalf of the seller only, and reserves the right to protect the seller’s interest by bidding as agent at reserve auction. The agents and principals may also bid at their own accord and herein provide notice as may be required by law of their intent to bid. The auctioneer is not responsible for the acts of his agents or client. During bidding, the auctioneer has the right to reject any raise that, in his opinion, is not commensurate with the property value. In the event of any dispute after the sale, Tranzon Asset Advisors record of final sale shall be conclusive.
11. RIGHTS OF PARTIES:
All announcements made the day of sale take precedence over any prior written or verbal terms of sale. Buyers will acquire properties subject to the rights of all parties in possession. If any conditions contained herein are not complied with by the buyer, Tranzon Asset Advisors and/or the seller, may, in addition to asserting all remedies available by law, including the right to hold defaulting buyer liable for the purchase price, either (a) cancel the sale, retaining as liquidated damages any payment made by the buyer; (b) resell the property at public auction; or (c) take such action as it deems necessary or appropriate. The retention of the buyer’s deposit shall not limit any rights or remedies of TAA or the seller with respect to the buyer’s default. If the property is resold, the original defaulting buyer shall be liable for payment of any deficiency in the purchase price and all cost and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder. The auctioneer reserves the sole right to alter the bidding procedures, terms and conditions of the auction, at any time.
12. BIDDER’S HONOR OF BIDS MADE:
Registrant hereby agrees to honor all bids made at this auction by signing of the purchase contracts and delivery of required deposits.
13. BACK UP BIDDER REQUIREMENTS:
TAA may, at its sole discretion, elect to have the backup bidder (next to highest/winning bidder) sign a bid acknowledgement form, immediately following the auction and may require the backup bidder to post its initial deposit until the winning bidder performs. This form shall only allow Tranzon Asset Advisors to track the back-up bidder should the winning bidder not perform.
14. VENUE AND FORMAT FOR SETTLEMENT OF DISPUTES:
The respective rights and obligation of the parties with respect to the Terms and Conditions of the Auction Sale and the conduct of the auction shall be governed and interpreted by the laws of the State of Kentucky. Venue for the settlement of disputes will be the state or federal courts sitting in Hardin County, KY. By bidding at any auction, whether present in-person or by agent, by written bid, or other means, the buyer shall be deemed to have consented to the jurisdiction of the state and federal courts sitting in Hardin County, KY. Any breach of the terms of the auction, and/or purchase agreement shall be adjudicated in the following manner: a. the buyer, TAA and seller agree to waive their right to a trial by jury and submit to a bench trial in the court of adequate jurisdiction, b. the parties agree that the prevailing party may request and be awarded its full costs of either prosecuting or defending the action including, but not limited to, reasonable attorney fees, and awarded judgments.
THIS IS NOT A SOLICITATION OR OFFERING TO RESIDENTS OF ANY STATE WHERE THIS OFFERING IS PROHIBITED BY LAW.
This auction is conducted by Tranzon Asset Advisors acting as marketing agent on behalf of its client, the seller. Tranzon Asset Advisors is solely responsible for the terms and conditions of this auction and the manner in which it is conducted. Tranzon Asset Advisors is a member company of Tranzon, L.L.C. and Tranzon International, LLC, is independently owned and operated, and uses the Tranzon name by license from Tranzon L.L.C., which is not conducting or otherwise involved in this auction.
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