REAL ESTATE TERMS

REGEINA L. YEAGER FORECLOSURE AUCTION

ALLEN NOHSEY, SUBSTITUTE TRUSTEE

TUESDAY ~ APRIL 7^TH, 2015 ~ 10 A.M.

818 SOUTH HWY. 51, TROY, TN 38260

ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY HERMAN TACKER, LIENHOLDER, ALLEN NOHSEY, SUBSTITUTE TRUSTEE TO SELL REAL ESTATE AND PERSONAL PROPERTY AT THIS FORECLOSURE AUCTION.

FORECLOSURE BY SECURED LIENHOLDER. ALLEN NOHSEY ATTORNEY AND SUBSTITUTE TRUSTEE HAS PUBLISHED THE LEGAL NOTICES AND WILL READ THE LEGAL NOTICE AT THE BEGINNING OF THE AUCTION ON-SITE. ALEXANDER AUCTIONS WILL THEN CONDUCT THE LIVE AUCTION.

THE REAL ESTATE CONSISTS OF A COMMERCIAL BUILDING AND LOT LOCATED AT 818 SO. HWY. 51, TROY, TN 38360 AND LOCATED IN THE 6^TH CIVIL DISTRICT OF OBION COUNTY, TN, AND DESCRIBED AS FOLLOWS, TO WIT:

MAP 93, PARCEL 81.01

BEGINNING AT AN IRON STAKE ON THE EAST RIGHT OF WAY OF HIGHWAY NO. 51, THIS POINT BEING THE SOUTHWEST CORNER OF THE CAL-GAS COMPANY; RUNNING WITH THE EAST RIGHT OF WAY OF SAID HIGHWAY, SOUTH 50 DEGREES WEST 160 FEET TO A NEW CORNER OF THE LOT BEING SURVEYED; THENCE CUTTING A NEW LINE ACROSS THE JOHNSON LAND, SOUTH 40 DREES EAST, 200 FEET TO A NEW CORNER; THENCE NORTH 50 DEGREES EAST 311 FEET TO AP POINT OF THE CAL-GAS COMPANY SOUTH LINE; THENCE WITH THE CAL-GAS COMPANY’S COUNTY LINE, NORTH 83 DEGREES WEST, 251 FEET TO THE BEGINNING, CONTAINING 47,100 SQUARE FEET OR 1.081 ACRES, ACCORDING TO THE SURVEY OF WILSON DARNALL, DATED MARCH 15, 1974.

DEED BOOK REFERENCES:

RECORD BOOK 26N, PAGE 683-684 OF THE REGISTER’S OFFICE OF OBION COUNTY, TN.

PROPERTY HAS NOT BEEN RECENTLY BEEN SURVEYED. PROPERTY SELLS SUBJECT TO TRUSTEE’S DEED DESCRIPTION.

IN THE EVENT THE PURCHASER DESIRES A SURVEY, THE COST OF THE SURVEY IS TO BE PAID BY THE PURCHASER. PURCHASER WILL ACCEPT PROPERTY ACCORDING TO CURRENT DEED DESCRIPTION.

PURCHASER TO ASSUME THE 2015 CITY, STATE AND COUNTY TAXES.

2014 OBION COUNTY TAX, MAP 93, PARCEL 81.01

2014 CITY TAXES: $ 295.00

2014 COUNTY TAXES: $ 348.00

PURCHASER TO ASSUME ALL DELINQUENT PROPERTY TAXES.

2014 CITY: $295.00 + INTEREST & PENALTY

2014 CITY SPECIAL INTEREST: $4.00 + INTEREST & PENALTY

2014 COUNTY: $ 348.00 + INTEREST & PENALTY

2014 COUNTY SPECIAL INTEREST: $ 5.00 + INTEREST & PENALTY

2013 COUNTY: $348.00 + INTEREST & PENALTY

2012 COUNTY: $618.43 THROUGH MARCH 31, 2015

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

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.

TITLE TO THE REAL ESTATE WILL BE CONVEYED TO PURCHASER BY A TRUSTEE’S DEED.

POSSESSION OF PROPERTY WILL BE GIVEN UPON DELIVERY OF DEED.

THERE ARE TWO UNDERGROUND TANKS (6,000 GALLON & 8,000 GALLON) ON THE PROPERTY WHICH ARE REGISTERED WITH THE TENNESSEE DEPARTMENT OF ENVIRONMENT AND CONSERVATION KNOWN AS FACILITY FILE #7-660081

THE SELLER HEREBY TRANSFERS ALL RIGHTS AND BENEFITS THEY HAVE IN ALL UNDERGROUND STORAGE TANKS, PIPES AND ATTACHMENTS LOCATED ON THE ABOVE PROPERTY, KNOWN AS THE DEPARTMENT OF TENNESSEE ENVIRONMENT AND CONSERVATION FACILITY # 7-660081 TO THE BUYER. THE BUYER ASSUMES ALL RESPONSIBILITIES AND LIABILITIES FOR SUCH WHEREBY PURCHASER AGREES TO SAVE AND HOLD ALEXANDER AUCTIONS & REAL ESTATE SALES, AUCTIONEER, BROKERS, AGENTS, LIENHOLDER, TRUSTEE AND LIENHOLDER’S AGENTS HARMLESS FOR SUCH RESPONSIBILITIES AND LIABILITIES IN CONNECTION WITH ENVIRONMENTAL CONDITIONS.

AUCTIONEER AND BROKER ARE NOT EXPERT IN DETERMINING ENVIRONMENTAL HAZARDS AND HAZARDOUS MATERIAL. BUYERS ACCEPT THIS BUILDING AND LAND IN ITS PRESENT CONDITION. BUYER AGREES TO HOLD HARMLESS ALEXANDER AUCTIONS & REAL ESTATE SALES, THE BROKER, AUCTIONEER AND HIS AGENTS, SELLERS LIEN HOLDERS, TRUSTEE AND LIENHOLDER’S AGENTS FROM ANY ENVIRONMENTAL HAZARDS AND FROM ANY CLAIMS IN CONNECTION WITH ENVIRONMENTAL HAZARDS.

PURCHASER SHALL REVIEW THE TENNESSEE DEPARTMENT OF ENVIRONMENT AND CONSERVATION JACKSON ENVIRONMENTAL FIELD OFFICE ENVIRONMENTAL ASSESSMENT REPORTS AND TENNESSEE CONSERVATION AND ENVIRONMENT LETTER PROVIDED IN THE SPECIFIC TERMS ATTACHED. PROPERTY SELLS SUBJECT TO THESE REPORTS CONDITIONS AND INFORMATION.

LIENHOLDER, TRUSTEE, LIENHOLDER’S AGENTS AND ALEXANDER AUCTIONS & REAL ESTATE SALES HAVE NOT MADE, DOES NOT MAKE, AND EXPRESSLY DISCLAIM ANY WARRANTIES, REPRESENTATIONS, COVENANTS OR GUARANTEES EXPRESSED OR IMPLIED, OR ARISING BY OPERATION OF LAW, AS TO THE MERCHANT ABILITY, HABITABILITY, QUANTITY, QUALITY OR ENVIRONMENTAL CONDITION OF THE PROPERTY OR ITS SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR PARTICULAR USE.

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

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.

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.

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 PARTICULAR USE. THE WARRANTIES OF HABITABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND PARTICULAR USE ARE EXPRESSLY EXCLUDED AND WAIVED.

CITY OF TROY EMPLOYEE PROVIDED INFORMATION THAT THE BUILDING IS CONNECTED TO CITY WATER AND CITY SEWER. ALEXANDER AUCTIONS, LIENHOLDER, TRUSTEE AND LIENHOLDER’S AGENTS SELLERS MAKES NO WARRANTY AS TO THIS.

CITY OF TROY EMPLOYEE PROVIDED INFORMATION THAT CITY OF TROY DOES NOT HAVE ZONING.

THE BUILDING AND IMPROVEMENTS ARE IN NEED OF DEFERRED MAINTENANCE INCLUDING REPAIRS AND DECORATING. PROPERTY SELLS “AS IS”.

ALEXANDER AUCTIONS AND LIENHOLDER HAVE NO KNOWLEDGE AS TO THE STRUCTURAL CONDITION INCLUDING BUT NOT LIMITED TO THE WALLS, FLOORS, ROOF, PLUMBING, ELECTRICAL, HEATING AND AIR CONDITIONING. PURCHASER IS TO MAKE THEIR OWN INSPECTION AND PURCHASER TO MAKE ANY AND ALL REPAIRS REQUIRED.

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

ALL PRE-AUCTION ON-LINE BIDS MUST BE APPROVED BY THE AUCTIONEER AND A BIDDER’S PRE-AUCTION DEPOSIT MUST BE MADE WITH THE ALEXANDER AUCTIONS & REAL ESTATE SALES COMPANY BEFORE BIDDING.

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

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.

FAILURE TO PAY THE BALANCE DUE WILL REQUIRE THE BUYER TO FORFEIT THEIR EARNEST MONEY AND BECOME SUBJECT TO ALL TERMS IN THE PURCHASE CONTRACT.

PROPERTY SELLS SUBJECT TO ANY EXISTING EASEMENTS.

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

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

ANY LIENHOLDER OR SECURED PARTY HAS THE RIGHT TO BID AND PURCHASE THE PROPERTY.

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

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

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 RELATED TO THIS INFORMATION.

ALL BIDDERS AGREE TO THESE TERMS AND ANY OTHER TERMS ANNOUNCED AT THE AUCTION AND WILL BID ACCORDING TO THESE TERMS.

PROPERTY IS BEING SOLD SUBJECT TO THESE TERMS AND ANY OTHER TERMS ANNOUNCED AT THE AUCTION. THESE TERMS MAY BE INCORPORATED INTO THE SALES CONTRACT.

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

ALL BIDDERS ACKNOWLEDGE AND ACCEPT THESE TERMS AND CONDITIONS PROVIDED AT TIME OF REGISTRATION BY SIGNING AND REGISTERING FOR A BID NUMBER.

ADDITIONAL SPECIFIC TERMS

UNDERGROUND TANKS INFORMATION

ENVIRONMENTAL ASSESSMENTS AND

ANALYTICAL REPORT

TN DEPARTMENT OF ENVIRONMENT AND CONSERVATION LETTER

SPECIFIC TERMS FOR VENT HOOD & REMOVAL

1. ALEXANDER AUCTIONS & REAL ESTATE SALES AND SELLER HAVE NO KNOWLEDGE OF THE CONDITION OF THE STAINLESS EXHAUST HOOD OR RANGE GUARD FIRE SUPPRESSION SYSTEM.

2. STAINLESS HOOD AND GUARDIAN FIRE SUPPRESSION SYSTEM TO BE REMOVED ON OR BEFORE APRIL 30^TH, 2015 AT 5:00 PM.

3. KITCHEN HOODS EXHAUST FAN UNIT WITH FIRE SUPPRESSION SYSTEM AND BACKING IS TO BE UNPLUGGED AT THE NEAREST JUNCTION BOX AND NO JUNCTION BOXES ARE TO BE REMOVED UNLESS IT IS A SPECIFIC CONTROL BOX ATTACHED TO THE UNIT AND SUPPLIED BY THE MANUFACTURER OF THE SPECIFIC UNIT.

4. IF THE PURCHASER(S) ELECTS TO REMOVE THE EXTERIOR PORTION OF THE VENT HOOD AND GUARDIAN FIRE SUPPRESSION SYSTEM EXTENDING THROUGH AND ABOVE THE ROOF. PURCHASER MUST REPAIR THE HOLE AND ANY DAMAGES TO THE ROOF AND EXTERIOR PORTION OF THE BUILDING, THE PURCHASER(S) MUST HAVE THE ROOF AND BUILDING REPAIRED BY A COMMERCIAL CONTRACTOR INA WAY EQUAL TO THE CURRENT ROOF. PURCHASER CAN LEAVE THE HOOD PIPE THROUGH THE ROOF AND THE EXHAUST FAN ABOVE THE ROOF AND NOT HAVE TO REPAIR THE ROOF.

5. SAFETY DEVICES: ARTICLES PURCHASED MAY NOT INCORPORATE APPROVED ACTIVATING MECHANISMS, OPERATING SAFETY DEVICES OR SAFETY GUARDS, AS REQUIRED BY OSHA OR OTHERWISE. IT IS PURCHASER'S RESPONSIBILITY THAT ARTICLES PURCHASED BE SO EQUIPPED AND SAFEGUARDED TO MEET OSHA AND ANY OTHER REQUIREMENTS BEFORE PLACING SUCH ARTICLES INTO OPERATION.

6. INDEMNIFICATION: PURCHASER SHALL DEFEND AND INDEMNIFY AND HOLD AUCTIONEER AND SELLER HARMLESS FROM AND AGAINST ALL CLAIMS AND LIABILITIES RELATING TO THE CONDITION OF, REMOVAL OF, OR USE OF THE ARTICLES PURCHASED OR FAILURE OF USER TO FOLLOW INSTRUCTIONS, WARNINGS OR RECOMMENDATIONS OF THE MANUFACTURER, OR TO COMPLY WITH FEDERAL, STATE, AND LOCAL LAWS APPLICABLE TO SUCH ARTICLES, INCLUDING OSHA REQUIREMENTS, AND ENVIRONMENTAL PROTECTION AGENCY REQUIREMENTS, OR FOR PROXIMATE OR CONSEQUENTIAL DAMAGES, COSTS OR LEGAL EXPENSES ARISING THEREFROM.

7. ALL ITEMS ARE SOLD “AS IS” WITH NO WARRANTY, GUARANTY AS TO OPERATING CONDITION, PHYSICAL CONDITION OR FITNESS FOR ANY PARTICULAR USE. PURCHASES ARE “AS IS”. THE WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE EXPRESSLY EXCLUDED.

8. BUYERS ASSUME ALL RESPONSIBILITY FOR REMOVAL, LOADING, TRANSPORTATION AND HANDLING OF ALL EQUIPMENT AND PURCHASES.

9. PURCHASER(S) SHALL EXERCISE CAUTION IN REMOVING THE FIXTURES AND EQUIPMENT FROM THE BUILDING AND PROPERTY. ANY DAMAGE DONE TO THE BUILDING OR PROPERTY BY THE PURCHASER(S) DUE TO NEGLIGENCE AND IMPROPER REMOVAL SHALL BE REPAIRED AND PAID FOR BY THE PURCHASER(S).

10. PURCHASER(S) SHALL BE RESPONSIBLE AND LIABLE FOR ALL OF THEIR ACTIONS AND THEIR EMPLOYEES ACTIONS FOR DISMANTLING AND REMOVING ALL PERSONAL PROPERTY, PERMANENT FIXTURES AND TRADE FIXTURES FROM THE BUILDING AND PROPERTY.

11. PURCHASER(S) SHALL BE RESPONSIBLE FOR THEIR OWN LIABILITY INSURANCE AND CASUALTY INSURANCE FOR THEMSELVES AND THEIR EMPLOYEES AND AGREE TO HOLD HARMLESS ALEXANDER AUCTIONS & REAL ESTATE SALES, THE TRUSTEE, LIENHOLDER AND LIENHOLDER’S AGENTS FROM SUCH DAMAGES.

Alexander

AUCTIONS & REAL ESTATE SALES

MARVIN E. ALEXANDER CAI, AUCTIONEER LIC. 9, FL 107

MARTIN, TN 38237 ~ (731) 587-4244

Email: alexanderauctions@frontiernet.net

Check website for Auctions: www.alexanderauctions.com

Foreclosure Auction - Troy, TN