Download TERMS OF SALE – ABSOLUTE AUCTION

OPERATING SHELL GAS STATION
515 S. BECKLEY AVENUE, DALLAS, TX 75203
TERMS OF SALE – ABSOLUTE AUCTION
AUCTION DATE: APRIL 13, 2016 – OPENING BID $250,000
INFORMATION SOURCES: HilcoRealEstate.com;
James Keith 270-304-1020 [email protected];
AUCTION FORMAT: All bidding is open and public. To bid during the
auction, you need only raise your hand, shout out your bid or instruct an
auctioneer's bidder assistant to call out your bid for you.
AUCTION DATE/LOCATION: The auction will be held on Wednesday,
April 13, 2016. Registration will begin at 12:00 p.m. and the auction will
start at 1:00 pm (noon). The auction will take place onsite at the gas
station located at 515 S. Beckley Avenue, Dallas, TX 75203.
PROPERTIES AVAILABLE: The following property will be sold at this
auction: 515 S. Beckley Ave., Dallas, TX 75203. Gas station on a
18,339+/- SF Site with a 1,595+/- SF Convenience Store.
Suggested Opening Bid $250,000
CERTIFIED FUNDS OR WIRE TRANSFERRED FUNDS ARE REQUIRED:
Certified funds in the amount of $10,000, as an initial down payment are
required to bid at the auction. Checks are to be made payable to MBL
Title, as escrow agent. No third party checks will be accepted. Upon
the Seller’s acceptance of the Purchase and Sale Agreement, the check
will be deposited as earnest money as provided in the Purchase and Sale
Agreement.
ASSETS AVAILABLE: The Property to be sold includes all or substantially
all real property, fixtures, and the improvements thereon at 515 S.
Beckley Avenue, Dallas, TX 75203 (collectively, the “Assets”). The
Properties are being sold for all-cash in their existing as-is, where-is
condition and subject to no contingencies including financing.
BUYER'S PREMIUM: Auction purchaser shall pay a Buyer‘s Premium
equal to 10% of the high bid price. This amount shall be added to the
High Bid and the sum will be the Total Purchase Price in the Purchase
and Sale Agreement.
AUCTION PROCEDURE
ABSOLUTE OFFERINGS: The final high bid on any property which is
offered in the auctioneers marketing material and in the Purchase and
Sale Agreement, or designated by the Auctioneer as absolute, without
reserve, will be accepted at the time and place of the auction.
ATTORNEY REVIEW: All information contained in the auction-related
marketing material, should be carefully reviewed by an attorney prior to
the auction.
CONDUCT OF THE AUCTION: Conduct of the auction and increments of
bidding are at the direction and discretion of the Auctioneer. In the
event of a dispute between bidders, the Auctioneer shall make the final
decision to accept the final bid, to re-offer and resell the Property, or to
remove the Property from the auction. If any disputes should arise
following the auction, the Auctioneer's records shall be conclusive in all
respects. All properties are subject to sell prior to auction.
INSPECTION: The Property is being offered for sale in its existing
condition subject to the terms of the Purchase and Sale Agreement. The
Purchaser may not rely upon any disclosures, representations or
warranties other than those provided in the Purchase and Sale
Agreement. We recommend you thoroughly inspect the Property prior
to the auction. Those inspecting the Property assume all risk associated
with any inspection.
Call James Keith for onsite inspection instructions: 270-304-1020
DOCUMENTS AVAILABLE: Due Diligence Documents are available online
on our website at www.HilcoRealEstate.com to view the documents you
will need to register and login, once registered you will be able to view
and download the files. Included online is the Purchase and Sale
Agreement, Property information, Financial Information, Phase II
Environmental Report, and other applicable information. Seller, Seller’s
Broker and Auctioneer shall not be liable for any inaccuracy contained in
any reports furnished to buyers originating from third party experts.
REQUIREMENTS OF THE SUCCESSFUL HIGH BIDDER: The successful high
bidder will be required to sign the Purchase and Sale Agreement upon
the conclusion of bidding, acknowledging the purchase and the $10,000
certified or cashier's check or wire transfer as initial down payment will
be deposited. The initial down payment MUST be increased to 10% of
the purchase price by cashiers or certified check or wire transfer within
three business days following Sellers acceptance. All registering bidders
may also be asked to sign a statement that the bidder has inspected the
Property and reviewed documents related to the Property and the
Auction.
CLOSING DATE: The Standard Closing Date shall be on or before 45-days
from Seller’s Acceptance.
AGENCY DISCLOSURE: Hilco Real Estate, LLC, In cooperation with
Broker/Auctioneer Paul A. Lynn & Assoc., LLC TREC 9000498 Auc. Lic.
#9627., and all licensees employed by or associated with Hilco Real
Estate, LLC who are involved with this auction, represent the Seller in
this real estate transaction. For additional Terms of Sale, see the
Purchase and Sale Agreement. The Seller, Auctioneer and their agents
assume no liability for inaccuracies, errors or omissions in the auction
marketing materials, including the Property Information Packet.
BUYER’S AGENT COMPENSATION: The Seller’s Broker will pay an
approved buyer’s broker, upon closing, a fee equal to 2% (two percent)
of the High Bid Price paid by his or her client. In order to be eligible for
compensation, the buyer’s agent must hold an active real estate license
in the state in which the property is located, or possess a valid real
estate license and act in conformance with the laws for paying a referral
fee to an out of state broker as promulgated by the state in which the
property is located, and register the client by letter sent via email to
[email protected] or overnight carrier to Hilco Real Estate, 5
Revere Drive, Suite 320, Northbrook, Illinois 60062, Attention: Jeff
Azuse, or hand delivered to a Hilco Real Estate representative during
one of the viewings. The letter must contain a signed acknowledgement
of the Buyer’s Agency relationship by the client. This registration letter
must be received before any inspection of the property by the client,
and no later than four (4) business days prior to the Auction.
All registrations will be acknowledged in writing and the Buyer’s Agent
must include the registration acknowledgment letter with the
submission of the bid. No oral registrations will be accepted. No agency
relationship will be recognized for a client who has previously contacted
or been contacted by the Seller, or agents. Referral fees are based on
the High Bid Price at Closing. The Seller has provided a dual commission
arrangement for the sale of this property in this offering. If an Agent has
not met all of these requirements, no compensation will be paid, even if
the Agent’s client purchases the property.
ALL SQUARE FOOTAGE, DIMENSIONS, COMMON AREA CHARGES (IF, ANY),
FINANCIAL INFORMATION AND TAXES IN THIS AND OTHER MARKETING
MATERIALS ARE APPROXIMATE. This offering may be withdrawn, modified
or canceled without notice at any time. This is not a solicitation or offering
to residents of any state where this offering is prohibited by law.