Interest in LLC
PLEASE DO NOT BID UNTIL YOU HAVE READ THESE TERMS AND CONDITIONS OF SALE.
Requirements for online bidder approval:
All bidder registrations are subject to approval by the auction firm.
GENERAL: The LLC will be offered by online bidding only.
AS IS: The property and all improvements, if any, will be sold on an AS-IS, WHERE IS, WITH ALL FAULTS, conditions, defects and flaws. Buyer will take the property in the condition existing.No representations or warranties, expressed or implied, concerning the property are made by neither the sellers nor the seller's agents. Descriptions of the improvements and property are believed to be correct but are not guaranteed. You are encouraged to conduct your inspections and due diligence prior to bidding and buying at the auction. The real estate is being sold subject to any and all easements or right of ways. Lease payments or rents, if any, will be pro-rated at closing. Crop allotments, mineral rights, timber rights, water rights, if any, will transfer with the deed or title. The real property is being sold subject to restrictive covenants and homeowner's association rules, regulations and dues and county zoning, if any. Real estate taxes are pro-rated at closing.
METHOD OF SALE: The auction company will offer for sale by online auction 26.45% interest in 5300 North LLC. The LLC owns 37.20 acres at 7923 Winfrey Road, Summerfield, NC.
FINANCING: The sale is not subject to financing. Failure to close for ANY REASON WHAT SO EVER will result in the forfeiture of the deposit. NO EXCEPTIONS.
PAYMENT: Payment shall be made by certified check.
PURCHASE CONTRACT: Buyer will be required to execute a Real Property Auction Purchase and Sale Contract.
NO CONTINGENCIES: The purchase and sale contract is not subject to any buyer contingencies for financing, appraisal, surveys, inspection or any other contingencies.
AGENCY: Buyer will be asked to sign an agency disclosure form stating that buyer is aware that Rogers represents the seller. Rogers' agents represent the seller and the seller's interest in the transaction.
PERSONAL PROPERTY: There is no personal property or merchandise being transferred with the real property of value.
CLOSING: Closing is to take place in not more than 30 days from the date of the auction. TIME IS OF THE ESSENCE. All closing costs for the benefit of the buyer such as appraisals, surveys, loan applications, inspections, title searches, title insurance, etc. are the responsibility of the buyer. The seller is not paying for any of the buyers closing costs.
BUYER'S PREMIUM: A buyer's premium of 10% is added to the last and highest bid to determine the contract purchase price. For example, if the high bid is $100,000.00, a buyer's premium of $10,000.00 is added and the purchase price would be $110,000.00
POSSESSION: Possession will be given at closing.
ABSOLUTE/RESERVE: This auction is conducted subject to approval by the Honorable Benjamin A. Kahn, United States Bankruptcy Judge.
DISPUTED BIDS: In case of a dispute over who is the high bidder, the auctioneer has the sole discretion to determine the high bidder.
INCREMENTS: The auctioneer has the sole discretion to determine the auction bidding increments.
QUALIFIED BIDDERS: Auctioneer reserves the right to refuse to register any prospective bidder for any reason, or to require a cash deposit from a prospective bidder of an amount designated by Auctioneer and paid in advance by the prospective bidder to Auctioneer. Such deposit will be applied to any purchases made at the auction by the prospective bidder. At the end of the auction, Auctioneer will refund any portion of this deposit that has not been applied to purchases. Furthermore, Auctioneer will require the removal of any person from the auction site for any reason including, but not limited to: (1) tampering with auction lots; (2) any illegal conduct including collusive bidding or stealing; (3) disruptive behavior; (4) failure to abide by these terms; and (5) intoxication. Bidder agrees to leave the auction site immediately and quietly upon request by Auctioneer. Any act of theft, vandalism or disruption will be prosecuted to the fullest extent of the laws.
BID RIGGING: Bid rigging is when two or more parties work together to chill bidding or to refuse to bid against one or more parties to get a lower price. Bid rigging is a FELONY.
ONLINE BIDDING: You must register in advance by clicking on Register to Bid and agreeing to terms for online bidding. Should you become the high bidder you may submit payment by certified check. You must be pre-approved by the auction firm before you receive a bidder number. The auction company may refuse to register anyone at its sole discretion.
TECHNICAL PROBLEMS: The auction company provides online bidding as a convenience for those that cannot attend the live auction. The auction company will not be liable for any faulty equipment, failure of equipment, faulty software, failure of software, lack of internet service connections or signals, or failure for any online bids that are not relayed on time to the auction company. The auction company reserves the right to extend bidding, delay bidding, continue with live bidding, or cancel bidding, without any notice to online bidders.
DEFAULT OR DELAY: If the buyer delays closing for any reason the buyer may be declared in breach of contract and will forfeit all deposits made. The buyer may be responsible for all cost to the seller or the auction company for subsequent resale.
The auction company reserves the right to reclaim and resale any assets not paid for by the online buyer. Should the resale price be lower than the defaulted buyer's price, Seller and/or Auction Company reserves the right to seek the difference from the initial online buyer. All fees for collection, court fees, or attorney fees will be the responsibility of the original buyer that caused the default. All sales are final. No refunds are given.
AUCTION END TIMES: The online bidding is a timed event. Auction Company reserves the right to extend the auction in 1 minute segments for any and all bids received in the last 1 minute of the auction.
PURCHASE CONTRACT: Online bidders are required to submit an executed Real Property Auction Purchase and Sale Contract along with the deposit within 12 hours of the close of the auction.
DISPUTES: Any disputes that arise between the auction company, the seller, the seller's agents and the buyer will be dealt with by arbitration in Surry County, North Carolina.
DISCLAIMER: The auction company provides data, advertising, maps, that is believed to be correct but it is not guaranteed. Bidder's should rely on their own inspections and due diligence prior to bidding. Everything sells strictly AS IS. The auction company makes every effort to describe assets to the best of its ability but there are no guarantees as to the condition, quantity, condition, age, color, or value of the merchandise or real property sold online. Buyer agrees that buyer may not cancel their purchase for any reason.
The bidder agrees to all terms and conditions of the auction and should read the detailed terms.
LICENSES: NC Firm # 685, VA Firm #2, SC Firm # 1874