(2) PEAVEY FLOOR SPEAKERS

GENERAL TERMS

WALL OF GRACE MINISTRIES

87 BARKSDALE AVE

SATURDAY * JANUARY 14^TH, 2017 * 10:00 A.M.

McKENZIE TN 38201

 

1.                ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY WALL OF GRACE MINISTRIES TO SELL THIS REAL ESTATE AT ABSOLUTE AUCTION.

 

2.                THE REAL ESTATE CONSISTS OF A BRICK AND METAL CHURCH BUILDING & LOT LOCATED AT 87 BARKSDALE AVE., McKENZIE, TN  38201.

 

3.                THE REAL ESTATE IS LOCATED IN THE 22^ND CIVIL DISTRICT OF CARROLL COUNTY, TN. 

           

            SEE EXHIBIT A FOR THE LEGAL DESCRIPTION OF THE PROPERTY.

 

4.         BEING TAX MAP 016D, GROUP A, PARCEL 001.01 IN THE CARROLL COUNTY TAX ASSESSOR’S OFFICE. 

            THE DEED REFERENCE IS DEED BOOK 368, PAGES 5-7.

 

5.                PROPERTY HAS NOT RECENTLY BEEN SURVEYED AND WILL BE SOLD ACCORDING TO THE LEGAL DESCRIPTION IN THE OWNERS DEED. 

 

6.         TERMS ON REAL ESTATE:  20% DOWN DAY OF AUCTION.  BALANCE DUE WITHIN 30      DAYS UPON DELIVERY OF DEED.  PAYABLE IN CASH, CASHIERS CHECK, OR PERSONAL           CHECK WITH CURRENT BANK LETTER OF GUARANTEE  MADE TO ALEXANDER AUCTIONS & REAL ESTATE SALES REQUIRED BY ALL PERSONS NOT PERSONALLY             KNOWN BY AUCTION COMPANY. 

 

7.         PURCHASER TO ASSUME ANY 2017 PROPERTY TAXES ASSESSED TO THE PURCHASER.              WALL OF GRACE MINISTRIES HAS A RELIGIOUS EXEMPTION FROM PROPERTY TAXES.

           

8.         A 10% BUYER’S PREMIUM WILL BE ADDED TO THE FINAL BID ON THE REAL ESTATE          TO REACH THE TOTAL SALES PRICE AND CONTRACT PRICE.

 

9.         POSSESSION OF PROPERTY WILL BE GIVEN WITH DEED AT CLOSING. 

 

10.       PROPERTY LIES WITHIN A R2 ZONE IN THE CITY OF McKENZIE, TENNESSEE

 

11.       NO TERMITE LETTER IS BEING PROVIDED.

 

12.       ALEXANDER AUCTIONS & REAL ESTATE SALES AND ALL AGENTS WORKING AT THIS          AUCTION ARE ACTING AS AN AGENT FOR THE SELLER.

 

13.       PURCHASERS AND PURCHASER’S REPRESENTATIVES HAVE HAD THE             OPPORTUNITY TO INSPECT THIS PROPERTY AND WILL MAKE ALL BIDS AND PURCHASE     SAID PROPERTY AS A RESULT OF THEIR INSPECTION.

 

14.       SELLER AND ALEXANDER AUCTIONS & REAL ESTATE SALES 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.

 

15.       THE PURCHASER DOES HEREBY ACKNOWLEDGE THAT THE SUBJECT PROPERTY IS PURCHASED AT PUBLIC AUCTION AND THAT A   PREREQUISITE TO BIDDING IS THAT THE          REAL ESTATE IS PURCHASED ABSOLUTELY “AS IS” WITH NO WARRANTY WHATSOEVER       AS TO THE CONDITION OF THE SAME.

 

16.       ALEXANDER AUCTIONS AND REAL ESTATE SALES AND THE SELLER RESERVES THE     RIGHT TO OFFER THE BAPTISTERY, PEWS, SOUND EQUIPMENT, AND ANY PORTION OF   THE PERSONAL PROPERTY SEPARATE AND COMBINED WITH THE REAL ESTATE.

 

17.       IN THE EVENT THE BAPTISTERY WAS TO SELL SEPARATE FROM THE BUILDING, THE     PURCHASER SHALL BE RESPONSIBLE FOR DISMANTLING AND REMOVING IT FROM THE      BUILDING. PURCHASER SHALL USE CARE NOT TO DAMAGE THE INTERIOR OF THE      BUILDING OTHER THAN WHAT IS REQUIRED.  THE EAST WALL IS TO BE LEFT INTACT.

 

18.       ANY PEWS SELLING SEPARATELY SHALL BE REMOVED BY THE PURCHASER. PEWS ARE      TO BE UNSCREWED FROM THE FLOOR AND PICKED UP AND CARRIED OUTSIDE.

 

19.       ANY FLOOR, WALL OR DOOR SCRATCHES ARE TO BE REPAIRED BY THE PURCHASERS.            PURCHASERS SHALL BE RESPONSIBLE FOR THEIR RIGGERS, DISMANTLERS OR     CARPENTERS.

 

20.       PURCHASERS ARE RESPONSIBLE FOR REMOVAL OF ALL PERSONAL PROPERTY AND ANY       DAMAGE THEY DO TO THE BUILDING.

 

21.       NO ONE SHOULD MAKE A BID THAT HE/SHE DOES NOT WANT TO HONOR OR IS NOT     FINANCIALLY ABLE TO HONOR.

 

22.       NO PURCHASE IS CONTINGENT ON FINANCING, APPRAISALS, PROPERTY OR HOME INSPECTIONS OR ANY OTHER CONTINGENCIES. 

 

23.       ANY INFORMATION SUPPLIED IN THE TERMS AND CONDITIONS CONCERNING THE     PROPERTY INFORMATION AND TAX AMOUNTS ARE SUPPLIED TO ACCOMMODATE THE           PURCHASER(S).  IT IS THE PURCHASER’S SOLE RESPONSIBILITY TO HAVE COMPLETED    THEIR OWN DUE DILIGENCE SURVEY, RESEARCH, INSPECTION, CHECKING AND BID      ACCORDING TO THEIR DUE DILIGENT SURVEY AND RESEARCH.

 

24.       FAILURE TO PAY THE BALANCE DUE WILL REQUIRE YOU TO FORFEIT YOUR EARNEST        MONEY AND BECOME SUBJECT TO ALL TERMS IN THE CONTRACT.

 

25.       PROPERTY SELLS SUBJECT TO EXISTING EASEMENTS.

 

26.       PROPERTY SELLS SUBJECT TO ANY CITY, COUNTY, STATE OR SUBDIVISION ZONING REGULATIONS OR RESTRICTIONS THAT EXIST.

 

27.       PURCHASERS SHOULD CONTACT THEIR ATTORNEY TO COMPLETE THEIR TITLE OPINION IMMEDIATELY FOLLOWING THE AUCTION.  CONTRACT DOES NOT PROVIDE FOR AN EXTENSION DUE TO AN ATTORNEY FAILING TO COMPLETE TITLE WORK OR YOUR LOAN CLOSING NOT BEING SET UP IN TIME TO MEET THE THIRTY (30) DAY CLOSING PERIOD.  CONTACT YOUR ATTORNEY IMMEDIATELY!

 

28.       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.

 

29.       ALL TIE BIDS WILL BE SETTLED FROM THE AUCTION STAND BY THE AUCTIONEER AND    HIS DECISION WILL BE FINAL.  THE AUCTIONEER WILL HAVE THE RIGHT TO RE-OPEN       THE BID BETWEEN ALL BIDDERS.

 

30.       ANY INDIVIDUAL ATTENDING THE AUCTION OR WORKING AT THE AUCTION HAS THE         RIGHT TO BID AND PURCHASE THE PROPERTY.

 

31.       ANY INDIVIDUAL OWNER OR PARTNER HAS THE RIGHT TO BID AND PURCHASE THE     REAL ESTATE OR PERSONAL PROPERTY.

 

32.       AUCTIONEER AND SALES MANAGEMENT RESERVE THE RIGHT TO BID OR EXECUTE ANY           ABSENTEE OR OTHER BIDS THAT ARE TURNED IN TO THEM.

 

33.       ALEXANDER AUCTIONS & REAL ESTATE SALES WILL NOT BE RESPONSIBLE FOR ANY        MISSED BIDS OR UNEXECUTED BIDS FROM ANY SOURCE. 

 

34.       ALL INFORMATION USED IN THE ADVERTISING AND PROMOTION OF THIS AUCTION HAS            BEEN OBTAINED FROM PUBLIC RECORDS AND OTHER   SOURCES DEEMED TO BE          RELIABLE AND ARE BELIEVED TO BE TRUE AND CORRECT.  NO WARRANTIES ARE MADE     TO THIS EFFECT.

 

35.       AUCTION WILL BE HELD AS A MULTI-PAR AUCTION (SEE EXHIBIT B) WHICH IS             ATTACHED.

 

36.       ALL BIDDERS AGREE THAT ANY BIDS THEY MAKE ON THE REAL ESTATE OR PERSONAL     PROPERTY WILL STAND AND REMAIN ACTIVE UNTIL THE AUCTION IS COMPLETED.  ALL    BIDDERS AGREE TO REMAIN ON-SITE EVEN IF THEIR BID IS RAISED DURING THE            AUCTION PROCESS.

 

37.       A MULTI-PAR AUCTION MEANS THE REAL ESTATE AND PERSONAL PROPERTY WILL BE         OFFERED INDIVIDUALLY, IN COMBINATIONS, AND AS A WHOLE.

 

38.       IT IS POSSIBLE FOR A BIDDER TO BE IN THE WINNING POSITION ON THE REAL ESTATE           OR THE PERSONAL PROPERTY OR COMBINATION OF REAL ESTATE AND PERSONAL     PROPERTY AND YOUR BID MAY BE RAISED INDIVIDUALLY OR IN A COMBINATION          WHICH WOULD PUT YOU OUT OF THE WINNING POSITION, HOWEVER, NEW BIDS MAY BE        RECEIVED INDIVIDUALLY OR IN COMBINATIONS WHICH WOULD PUT YOU BACK INTO        THE WINNING POSITION. 

 

39.       IF COMBINATIONS ARE MADE OR IF ALL REAL ESTATE AND PERSONAL PROPERTY ARE         COMBINED INTO ONE COMBINATION LOT, THE BIDDING WILL CONTINUE ON           COMBINATIONS TO REACH THE HIGHEST BID. WHEN THE BIDDING ENDS THE TOTAL BIDS WILL BE ENTERED IN THE COMPUTER AS A WINNING POSITION.  THE REAL ESTATE         AND PERSONAL PROPERTY WILL THEN BE OFFERED INDIVIDUALLY AND AS COMBINATIONS AGAIN TO ALLOW ANY BIDDER TO INCREASE THEIR BIDS.

 

40.       IF BIDS ARE RAISED ON INDIVIDUAL LOTS AND COMBINATION OF LOTS THAT             EXCEED ANY PREVIOUS TOTAL BIDS, THE PROPERTY WILL BE OFFERED IN ITS             ENTIRETY.  THE PROCESS CONTINUES UNTIL NO MORE BIDS ARE RECEIVED. 

 

41.       ALL BIDDERS ON SITE, ON LINE, AND OFF-SITE AGREE TO ACCEPT THESE GENERAL       TERMS AND RULES STATED IN THE ATTACHED MULTI-PAR AUCTION RULES. (SPECIFIC      TERMS, ON-LINE AND OFF-SITE BIDDER TERMS AND ANY TERMS ANNOUNCED AT THE           AUCTION).

 

42.       ON-LINE AND OFF-SITE BIDDING IS ALLOWED TO PRE-APPROVED BIDDERS THROUGH      ALEXANDER AUCTIONS & REAL ESTATE SALES. 

 

43.       ON-LINE AND OFF-SITE MUST REVIEW THE GENERAL TERMS, SPECIFIC TERMS &         ADDITIONAL ON-LINE AND OFF-SITE TERMS, AND ANNOUNCEMENTS MADE FROM THE AUCTION STAND.

 

44.       ALL ANNOUNCEMENTS MADE FROM THE AUCTION STAND WILL TAKE PRECEDENCE             OVER ANY PREVIOUS ANNOUNCEMENTS OR STATEMENTS.

 

45.       ALL BIDDERS AGREE AND ACCEPT TO BID ACCORDING TO THESE TERMS.

 

46.       PROPERTY IS BEING SOLD SUBJECT TO THESE TERMS AND ANY OTHER TERMS             ANNOUNCED AT THE AUCTION.  THESE TERMS WILL BE INCORPORATED INTO THE     SALES CONTRACT FOR FUTURE REFERENCE.

 

 

WE APPRECIATE YOU ATTENDING THIS AUCTION AND WE WILL BE GLAD TO ANSWER ANY QUESTIONS YOU MAY HAVE. 

 

 

 

  Z:\AUCTION\Terms\WALLOFGRACE MINISTRIES TERM 1-14-17.doc

 

 

 

 

(EXHIBIT B)

“MULTI -PAR AUCTION RULES"

 

1.    ALL BIDDERS AGREE TO REMAIN AT THE AUCTION UNTIL ALL LOTS ARE EITHER DECLARED SOLD INDIVIDUALLY OR IN COMBINATIONS OR THE SALE OF ANY OR ALL REAL ESTATE AND PERSONAL PROPERTY IS REJECTED.

 

2.     ALL BIDS ARE TO REMAIN ACTIVE AND LIVE THROUGHOUT AUCTION.

 

3.     ALL LOTS WILL BE OFFERED INDIVIDUALLY, IN COMBINATIONS, AND AS A WHOLE.

 

4.     PURCHASER(S) CAN BID ON ANY COMBINATION OF REAL ESTATE AND PERSONAL PROPERTY.

 

5.     PURCHASER(S)  SHALL BE ALLOWED TO BID ON ANY REAL ESTATE AND PERSONAL PROPERTY WHEN THEY ARE OFFERED INDIVIDUALLY OR AT ANY TIME THEREAFTER, REGARDLESS IF THEY ARE INVOLVED IN A COMBINATION OR NOT UNTIL THE END OF THE AUCTION.

 

6.     A BIDDER COULD BE PUT OUT OF THE WINNING POSITION  BY A COMBINATION BID OR RAISED INDIVIDUAL BIDS AND THEN A BIDDER CAN COME BACK INTO THE WINNING POSITION WHEN SOMEONE ELSE RAISES OTHER LOTS OR OTHER COMBINATION BIDS ARE MADE.

 

7.     MINIMUM BID RAISES TO MAKE A NEW COMBINATION OF LOTS SHALL BE AT LEAST $500.00 OR 2% WHICHEVER IS GREATER.

 

8.     A BIDDER CAN BID AND RAISE THE SALES PRICE ON ANY INDIVIDUAL LOT LISTED ON THE BOARD OR ANY COMBINATION LISTED ON THE BOARD AT ANY TIME AFTER THEY ARE OFFERED INDIVIDUALLY EVEN THOUGH THE AUCTIONEER MAY NOT BE ASKING FOR A BID ON THAT PARTICULAR LOT.  THESE BIDS MAY BE LESS THAN THE MINIMUM RAISE STATED ABOVE BECAUSE THIS IS CONSIDERED TO BE HEADS UP BIDDING AND EACH INDIVIDUAL HAS THE SAME OPPORTUNITY.

 

9.     TO MAKE A BID AND RAISE A BID AS STATED IN THE PREVIOUS NUMBER TURN YOUR BID INTO ONE OF THE RING PERSONNEL ALONG WITH YOUR BIDDER NUMBER SO THEY CAN BE ENTERED AND RECORDED.

 

10.     THE COMPUTER WILL CALCULATE ALL INDIVIDUAL BIDS AND COMBINATION BIDS THAT ARE IN THE WINNING POSITION DURING THE AUCTION.  WHEN SOMEONE MAKES A HIGHER BID ON ALL THE REAL ESTATE AND PERSONAL PROPERTY COMBINED AS ONE LOT AND THE BIDDING CEASES, THAT BID IS ENTERED IN THE COMPUTER.

 

11.    THE AUCTIONEER WILL THEN ASK FOR RAISES ON INDIVIDUAL LOTS AND COMBINATIONS.  WHEN INDIVIDUAL BIDS AND COMBINATION BIDS ARE RAISED AND THEY TOTAL MORE THAN THE TOTAL COMBINATION BID.  ANYONE RAISING ALL THE REAL ESTATE AND PERSONAL PROPERTY COMBINED AS ONE LOT, MUST MAKE A BID ABOVE THE NEW TOTAL.  WHEN THIS HAPPENS THE PROCESS STARTS ALL OVER.

 

12.    IT IS POSSIBLE IN THIS AUCTION TO HAVE A TIE AMONG BIDDERS AT THE END OF THE AUCTION.  IN THE EVENT NONE OF THE PURCHASERS WILL INCREASE THEIR BID, MARVIN E. ALEXANDER AND SELLERS SHALL MAKE THE DETERMINATION OF THE FINAL PURCHASER/PURCHASERS CONSIDERING THE TOTAL MONEY SPENT BY AN INDIVIDUAL AND/OR POSSIBLY THE TOTAL NUMBER OF LOTS PURCHASED.

 

13.    MULTIPLE BIDDERS OR BY ONE BIDDER, THE MULTI-PAR PROGRAM TRACKS EACH INDIVIDUAL BID AND EACH COMBINATION TO REACH THE HIGHEST TOTAL.

 

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