BANK OWNED 14000 sf Building in Independence, MO

Bank Property Auction

14,000+- SF LT INDUSTRIAL BUILDING

ON 25,000+- SF LOT

1406 West South Ave, Independence (Jackson County) MO 64052 

ONSITE AUCTION: Thursday, May 10^th, 2012 at 11 AM

OR BID ONLINE AT www.auctionEbid.com

INSPECTION: Monday, May 7^th, 11 AM- 1 PM or By Appointment

The structure formerly known as Antoines consists of two adjoining vacant buildings on two lots. The western 7600 sf block structure with glass storefront is at 1406 W South on a 90’ x 125’ 11,132 sf lot per county records. The adjoining 6400 sf concrete structure is at 1318 W South on a 110 x 125 13,816 sf lot per county records, with 18 feet clear height and a 10’ dock high rollup door. The M-1 Light Industrial zoned asset is identified as tax parcels 26-420-13-16-00-0-00-000 and 26-420-13-17-00-0-00-000. There is an alley to the rear of the buildings.

AUCTION TERMS AND CONDITIONS:

AUCTION REGISTRATION: In order to register for the auction, you must have pre-inspected the property and must confirm that you have done your own inspection prior to registration. You must provide proof of funds from your bank that you have sufficient funds to cover the required 10% earnest money downpayment in order to obtain a bid number. For online bidders, this may be accomplished by faxing the proof of funds to 770-980-9383 or emailing to jeb@auctionebid.com . If you wish to bid onsite, you must also bring a valid government-issued identification. If you wish to bid online, auction registration may be accomplished online with valid credit card.  Please note that credit cards are only used for registration. No payment or deposit for the real estate may be made by credit card.

DIRECTIONS TO SITE:

From I-435, exit 61 east on 23^rd Street, go 3 miles, left (north) onto S Crysler Ave, go under tracks, left onto W South, property on right.

PROPERTY INSPECTION: Monday, May 7^th, 11 AM- 1 PM or By Appointment

AUCTION INFORMATION & OFFICES: All available material and updates are posted to www.auctionEbid.com . Due diligence materials, Auction Purchase and Sale Agreement, Broker Registration forms, and other information may be obtained by visiting our website at www.auctionEbid.com

BROKER PARTICIPATION INVITED: A broker commission of twenty (20%) percent of the commission received by Auctioneer will be paid to the properly licensed broker whose prospect purchases and closes on the real estate. To qualify for a commission, the Broker must register by mail, email, fax or hand delivery the prospect’s name and address on the Broker Registration form available as a download at the AMC website listing for this asset  prior to online registration. The form must be signed by the prospect and the Broker, and must be received at the office of Auction Management Corporation no later than 48 hours prior to the bid deadline. Broker must also be present with their prospect during bidding and sign the Auction Real Estate Sales Contract if their client is the winning bidder. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction.

CONDUCT OF THE AUCTION: Online bidding for the auction will begin one week prior to the auction. On May 10^th at 11 AM, both onsite and online bidders may bid directly to the auctioneer through the live webcast auction. The auction ends when the highest bid is recognized by the auctioneer. Bid increments and bidding methodology are subject to change at the sole discretion of auctioneer.

TERMS OF SALE FOR REAL ESTATE: Winning bidder will pay an earnest money deposit of ten (10%) of the purchase price (bid amount plus buyer’s premium).and will sign an Auction Purchase and Sale Agreement (“PSA”), The earnest money deposit is non-refundable.

Closing must occur no later than 30 days of the auction unless extended in writing by mutual consent of the parties. Buyer not closing within the contractual time period to close may forfeit his/her earnest money deposit. Buyer shall execute an Auction Purchase and Sale Agreement for the property immediately after being declared the successful bidder by auctioneer. A form Auction PSA is available at our website and at the auction site prior to the auction. The Auction PSA which Buyer must sign at the auction contains an acknowledgment that Buyer has inspected the property prior to the auction, is relying solely on his/her inspection, and is purchasing the property As Is with all faults and without reliance on any warranty of any kind whatsoever. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED THERETO, AND BUYER WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. Provided, however, Seller reserves the right to modify or amend said Auction PSA, to complete blank sections, to attach appropriate exhibits, and to comply with state and local laws as may be enacted or amended from time to time. All payments (ie, Earnest Money, Closing Funds) must be in the form of cash, wire transfer or cashiers check only.

BUYER'S PREMIUM: Property will be sold with a ten (10%) percent buyer's premium. The bid amount plus buyer's premium equals the final purchase price. For example: A $1,000 bid, plus the 10% ($100) buyer's premium, equals the $1,100 final purchase price.

FINANCING: Please note that financing is NOT a contingency of this transaction. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.

PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.

AUCTION POWER OF ATTORNEY: For interested bidders who cannot attend the auction but would like to have a representative bid at the auction on their behalf, an Auction Power of Attorney can be obtained by contacting the Auction Information Office at (770) 980-9565.

EASEMENTS: All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.

BUYER'S NOTE: Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Auctioneer reserves the right to convert the bidding platform from an online to an onsite bidding platform if no bidders register and submit required bid deposit by the online bidding deadline. Personal on-site inspection of the property is strongly recommended. Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by Special Warranty Deed. Only the following sale closing costs will be paid by seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; (2) reasonable title corrective expenses, in Seller’s sole determination. All other closing costs, including but not limited to surveys, title examination, current and past year taxes due, including penalties and redemption fees, loan closing costs, and purchaser’s attorney fees are at the expense of the Buyer. Sale shall be closed at the offices of Seller’s Designated Closing Agent (“Closing Agent”), as announced at the auction. Seller to pay Seller’s attorney fees, Buyer to pay Buyer’s Attorney fees. Closing fees charged by Title Company to be paid by Buyer.

Information was gathered from reliable sources and is believed to be correct as of the date this material is published; however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The sellers do not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction PSA. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.

From I-435, exit 61 east on 23^rd Street, go 3 miles, left (north) onto S Crysler Ave, go under tracks, left onto W South, property on right.