FORECLOSURE AUCTION TERMS & CONDITIONS
The personal property and non-real estate rights and interests to be offered for sale by the Substitute Trustees consist of all forms of personal property located upon or related to the real property and owned by the owner of the real property, as more particularly described in the Deed of Trust, and all other rights and interests as defined and described in the Deed of Trust. No representations or warranties are made as to the existence or condition of any such items, it being the sole responsibility of the purchaser to make such determination. The Substitute Trustees reserve the right to exclude certain personal property from inclusion in the foreclosure sale of the Property. Such excluded items will be announced at the time of the sale.
A deposit of $75,000.00 shall be required to qualify as a bidder prior to the sale, except from the Noteholder or its subsidiary or affiliate. The deposit must be in the form of a certified or cashier’s check made payable to William H. Casterline, Jr., Substitute Trustee.
This sale includes a buyer’s premium of four percent (4%), which buyer’s premium will be calculated on the highest bid and added to the highest bid to become the final sale price for the Property paid by the Purchaser.
The Property shall be sold “AS IS” and “WITH ALL FAULTS.” Neither the Substitute Trustees nor the Noteholder make any representations or warranties with respect to the Property including, without limitation, representations or warranties as to the structural integrity, physical condition, construction, workmanship, materials, habitability, fitness for a particular purpose or merchantability of the Property, nor do the Substitute Trustees make any representations or warranties as to the legality of any subdivision or whether lots are buildable.
Conveyance of the Property shall be with special warranty and shall be subject to all existing housing, building, zoning and other code violations, if any, subject to all critical area and wetland violations, if any, subject to all environmental problems and violations which may exist on or with respect to the Property, if any, and shall be subject to all recorded and unrecorded liens, encumbrances, security interests, easements, rights-of-way, covenants, agreements, conditions, restrictions, leases, occupancy agreements and mechanics and materialmen’s liens, to the extent any of the foregoing may lawfully apply to the Property being sold, or any part thereof, and take priority over the liens and security interests of the Deed of Trust.
Settlement shall be by certified or cashier’s check or wire transfer of immediately available federal funds, and shall occur within thirty (30) days from date of sale, TIME BEING OF THE ESSENCE. Settlement shall occur in the offices of the Substitute Trustees or such other place as mutually agreed upon. The Substitute Trustees reserve the right to extend the date of settlement as may be necessary to complete arrangements for settlement.
The purchaser shall pay all closing costs, including the preparation of the Trustees Deed and all taxes and recording costs assessed thereon (including, but not limited to, the grantor’s tax and congestion relief fee), settlement fees, title examination charges and title insurance premiums. Real estate taxes prorated to the date of the foreclosure will be paid by the Substitute Trustees. Purchaser shall be responsible for all real estate taxes due on the Property from and after the date of the sale. The Substitute Trustees will not deliver possession of all or any part of the Property being sold.
The deposit, without interest, shall be applied to the credit of the successful bidder at settlement. If the successful bidder fails to complete settlement the deposit shall be forfeited and applied to the costs of the sale and the indebtedness secured by the Deed of Trust, and the Substitute Trustees may resell the subject Property at the risk and cost of the defaulting purchaser. After any such default and forfeiture, the Property may, at the discretion of the Substitute Trustees, be conveyed to the next highest bidder on the Property whose bid was acceptable to the Substitute Trustees.
The Substitute Trustees reserve the right to reject any and all bids, waive deposit requirements, extend time for settlement, and announce additional terms of sale. Terms of sale announced at the public auction will supersede all advertised terms of sale.
The risk of loss or damage to the Property by condemnation, fire or other casualty shall be borne by the successful bidder from and after the strikedown of the bid at the foreclosure sale. The Substitute Trustees are not obligated to deliver possession of the Property to the successful bidder, who shall be solely responsible for obtaining possession of the Property.
At the time of sale, the successful bidder shall be required to execute a Memorandum of Sale which shall include, by reference, all the terms and conditions contained herein. The form of Memorandum of Sale is available from the Substitute Trustees upon request and will be available at sale time.
The information contained herein was obtained from sources deemed to be reliable, but is offered for information purposes only. Neither the Substitute Trustees, the secured party, nor any other party, makes any representations or warranties of any kind whatsoever with respect to the accuracy of the information contained herein.
Immediately upon the conveyance by the Substitute Trustees of each Property to the purchaser at foreclosure, all duties, liabilities and obligations of the Substitute Trustees, if any, to the Purchaser with respect to such Property shall be extinguished.