Absolute Real Estate Auction - Commercial Real Estate - Pilot Mountain, NC

October 22, 2022 – 320 Old Westfield Road, Pilot Mountain, NC 27041

PLEASE DO NOT BID UNTIL YOU HAVE READ THESE TERMS AND CONDITIONS OF SALE. Real Estate is subject to sale prior to the auction.

AS IS: The real property will be offered at public auction with live bidding onsite. All improvements, buildings, sheds, structures, etc., sell with the property. The property and all improvements, if any, will be sold on an AS-IS, WHERE IS, WITH ALL FAULTS, conditions, defects, or flaws. The buyer agrees to 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.

EASEMENTS and RIGHT OF WAYS: The real estate is being sold subject to all easements or right of ways. Lease payments or rents, if any, will be pro-rated at closing.

ALLOTMENTS and MINERAL RIGHTS: Mineral rights, timber rights, water rights, if any, will transfer with the deed or title.

HOA, POA, and RESTRICTIVE COVENANTS: The real property is being sold subject to restrictive covenants and homeowner's association rules, regulations and dues and county zoning, if any.

The Zoning is GM, and the table of permitted uses is attached as a document on the website.

METHOD OF SALE: The auction company will offer the building at 320 Old Westfield Road first. After it is offered the adjacent, vacant lot will be offered subject to a reserve bid.

SURVEY: The property will be sold subject to an existing survey, if any or the existing legal description.

The deed refers to recorded plats and the plats have had some revisions made to the property.

PERK TEST: Perk test are the responsibility of the buyer, and the contract is not contingent upon the soil having a satisfactory perk.

FINANCING: The sale is not subject to financing. Failure to close for ANY REASON WHATSOEVER will result in the forfeiture of the deposit. NO EXCEPTIONS.

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 $400,000.00, a buyer's premium of $40,000.00 is added and the purchase price would be $440,000.00

DEPOSIT REQUIRED AT AUCTION: Terms are for a 10% deposit due the day of the sale.

PURCHASE CONTRACT: Buyer will be required to execute a Real Property Auction Purchase and Sale Contract on site and submit their deposit.

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’ agents represent the seller. Rogers' agents represent the seller and the seller's interest in the transaction.

ENVIRONMENTAL: There are not any environmental studies, phase 1, phase 2, or phase 3 studies for review. There are not any soil or water studies for review.

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. . The deed paid for by the sellers, the deed stamps paid by the sellers, and recording fees to be paid by the buyers. Real estate taxes are pro-rated at closing.

POSSESSION: Possession will be given at closing, subject to existing leases, if any.

DEED: Seller will provide the buyer with a General Warranty Deed at closing.

ABSOLUTE/RESERVE: This auction is conducted as an absolute auction for the building at 320 Old Westfield Road. The adjacent lot is being offered with a reserve or minimum price.

BID RIGGING: Bid rigging is a felony. Any attempt by bidders to chill the bid, agree with other bidders not to bid to attempt to lower the price is bid rigging. Anyone suspected of bid rigging will be asked to leave the auction site.

DISPUTED BIDS AND INCREMENTS: In case of a dispute over who is the high bidder, the auctioneer has the sole discretion to determine the high bidder. The auctioneer has the sole discretion to determine the live auction bidding increments.

It is the duty of the bidder to present their bid to the auctioneer and not that of auction support staff, auction Ringman, auction bid assistants, or the auctioneer.

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 fully prosecuted of the laws.

DEFAULT BY HIGH BIDDER/BUYER: In the event of a default by the bidder/buyer the seller may resale the property to another bidder/buyer and in the event the property sells for less money than the original price the seller may seek the difference from the original bidder/buyer. The seller may have other rights to pursue damages or costs from the defaulted bidder/buyer as allowed by law.

NC Firm #685, VA Firm #2, SC Firm # 1874