Absolute Real Estate Auction - Commercial Property in 2 Tracts
Terms & Conditions:
The Property shall not be used for:
The sale, either retail or wholesale, of propane or agricultural products of any kind including, but not limited to, seeds, chemicals, or liquid or dry fertilizers;
The production or sale, either retail or wholesale, of animal feed of any kind;
The sale, either retail or wholesale, of any type of grain that is governed by the Ohio Department of Agriculture or any successor agency; or
The storage of grain for a fee.
Any grain storage improvements on the Property, now existing or built in the future, shall not be subdivided or developed into condominiums to be sold for grain storage.
PROCEDURE: The property will be offered at oral auction.
DOWN PAYMENT: Down payments will be made on the day of the auction as follows: $5,000 down payment for each tract except for Tract 2 in Wapakoneta. The down payment for Tract 2 in Wapakoneta is $2,500. The down payment may be made in the form of cashierâ??s check or personal check. Ohio Law states that the down payment must be deposited in the Brokerâ??s non-interest-bearing trust account within 24-48 hours after receipt of such funds. Your bidding is not conditional upon ï¬nancing, so be sure you have arranged ï¬nancing (if needed) and are capable of paying cash at closing.
ABSOLUTE AUCTION: The real estate is selling at absolute auction, without reserve, and will be sold to the high bidder, regardless of price. Successful bidder will be required to enter into purchase agreement at the auction site immediately following the close of the auction.
EVIDENCE OF TITLE: The Seller will provide a preliminary opinion of title to be made available to prospective bidders for review prior to bidding. If any buyer elects to purchase title insurance, the cost thereof will be at such buyerâ??s sole expense. Seller agrees to provide merchantable title to the property subject to matters of record, general conditions of title, and similar or related matters. All tracts sold â??AS ISâ?.
DEED: Appropriate deed will be delivered at closing.
CLOSING: Closing will take place on or before 45 days after auction date, or as soon thereafter as applicable closing documents are completed.
REAL ESTATE TAXES: Real estate taxes will be pro-rated to the day of closing.
POSSESSION: Day of closing, immediately following the closing.
ACREAGE: All boundaries are approximate and have been estimated based on aerial sketches.
SURVEY: A new perimeter survey will be completed only if necessary for the closing. The Seller will determine any need for a new survey and will order survey. The cost of the new survey, if necessary, will be shared equally between Buyer and Seller. The type of survey performed will be at Sellerâ??s option and sufï¬cient for the closing.
EASEMENTS: Sale of the property is subject to any and all easements of record.
AGENCY: The Wendt Group and its representatives are exclusive agents of the Seller.
DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an â??AS IS, WHERE ISâ? basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to veriï¬cation by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Auctioneer reserves the right to preclude any person from bidding if there is any question as to the personâ??s credentials, ï¬tness, etc. All decisions of the Auctioneer are ï¬nal. ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.