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ABSOLUTE AUCTION
By
Order of US Bankruptcy Court
Southern District of Florida, Ft Lauderdale Division
In Re: Khemraj Ramnath
Case # 08-25311-JKO
Marika Tolz, Chapter 7 Trustee |
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Auction
No.: 09-031
Auctions Conducted
Property 1: Jackson County,
Florida
Friday, September 11 @ 11:00 A.M. (Central Time)
Property 3, 4 & 5 : Sebring, Florida
Saturday, September 12 @ 11:00 A.M. (Eastern Time)
Property 2: Lake Placid Florida
Saturday, September 12 @ 2:00 P.M. (Eastern Time)
ALL AUCTIONS CONDUCTED ON SITE |
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Terms & Conditions of Sale
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1. GENERAL AUCTION INFORMATION:
These auctions are being conducted pursuant to Order of The United
States Bankruptcy Court, Southern District of Florida, Fort Lauderdale
Division, In Re: Khemraj Ramnath, Case Number 08-25311-JKO Marika Tolz,
Chapter 7 Trustee.
2. AUCTION TIME & PLACE: The
auctions will be conducted on Friday, September 11, at 11:00 A.M. (Central
Time Zone) & Saturday, September 12, at 11:00 A.M. & 2:00 P.M. .All Auctions
will be conducted on site.
Sebring Lots: US 27 to State Road 66. At traffic light
turn west and continue to South Orange Blossom Boulevard and turn left
(south). Continue on South Orange Blossom Boulevard to Chapman Lane
(approximately 1 mile). At Chapman Lane, turn right (west) and continue 2
blocks to Greenside Way East.
Lake Placid Lot:
US 27 to County Road 29. Turn right
(east) and continue on CR29 to Jack Weisser Boulevard and turn right
(south). Lot is second from intersection on the east side of the road.
Please see maps and directions on Location Map page.
3. AUCTION BIDDER REGISTRATION:
Bidder registration will begin two hours before each auction. Registration
is required to become qualified and eligible to participate in the auction.
At the time of Bidder Registration, prospective bidders must provide the
following information:
a. Bidder’s full name, company name, residence/business address with contact
information (telephone numbers, cell phone number, e-mail address).
b. Photo identification in the form of a valid Driver’s license or passport
in the name of the Prospective Bidder.
c. A Cashier’s Check, Money Order or Cash in the amount of $1,000.00 made
payable to Marika Tolz, Trustee.
d. Sign an acknowledgment which indicates the Bidder has read the Terms &
Conditions of Sale and agrees to be bound by them.
4. CONDITION OF PROPERTY: All of the
properties included in the Auction are offered and sold in As-Is condition
with no express or implied warranties, guaranties, representations of any
kind whatsoever. Bidders are encouraged to inspect all of the properties
prior to the auction event. These properties are being offered in As-Is
condition and on an All Cash basis. Bids made on these properties are not
contingent upon the approval of financing, appraisal, post auction due
diligence or inspection of the property.
5. REAL ESTATE CONTRACT FORM: The
Auctioneer will supply the form of Real Estate Contract form designated for
use at these auctions which has been approved by the Trustee. The Top
Bidder(s) will be required to execute a Real Estate Contract for each
property purchased on auction event day. The form of the Real Estate
Contract will be available for review prior to the auction, however, no
other form can be substituted. The Real Estate Contract Form is also
available as part of the Property Information Package. Property Information
Packages are available at www.natlauction.com or by request to National
Auction Company. Additional information regarding Back-Up Bidders is
included in the Property Information Package.
6. DEPOSITS: Deposit due on
auction Day equal to 10% of contract Price. All deposits will be held in the
Trust Account of Marika Tolz, Trustee, pending closings.
7. CONFIRMATION & APPROVAL OF CONTRACTS (FORM OF AUCTION):
All properties offered at this auction will be sold subject
to the confirmation of the United States Bankruptcy Court. At the conclusion
of the auction, top bidders will be expected to execute a contract of
purchase and provide a deposit as set forth above. Confirmation of contracts
will take place at a date to be determined at a hearing before the Honorable
John K. Olsen, Judge, United States Bankruptcy Court. The hearing will be
held at The Federal Courthouse Building, 299 East Broward Boulevard, Fort
Lauderdale, Florida.
8. BUYER’S PREMIUM: A 10% Buyer’s
Premium will be added to all top bid prices and included in the total
contract price.
9. DATE OF CLOSING & PAYMENT OF TOTAL PURCHASE PRICE:
a. The closing for each property will take place on or before 30 days
following confirmation by The United States Bankruptcy Court. It is
understood the Trustee, Marika Tolz shall have the right to extend the
closing date by up to an additional 30 days by written notice to the
purchaser(s).
b. The total purchase price will be due and payable by Purchaser(s) by wire
transfer of immediate funds in accordance with written instructions sent by
the Settlement agent.
c. All properties offered in this auction will be conveyed by the Trustee at
the time of settlement through a Trustee’s Deed conveying the right, title
and interest of the Trustee in the property.
10. CLOSING COSTS: Costs
associated with the closing of each sale will be the responsibility of the
purchaser including Documentary Stamps and Title Insurance. Real estate
taxes for the current year will be prorated between the Trustee and
Purchasers to the date of closing. Delinquent real estate taxes will be paid
by the Trustee.
11. REAL ESTATE BROKER PARTICIPATION:
We welcome the participation of other real estate brokers and their
associates. Please call National Auction Company for details and
instructions for registration of prospects. A fee equal to twenty percent of
the net compensation paid to National Auction Company as the commission at
the time of closing will be paid to real estate brokers and their associates
who register a prospect with the Auctioneer and close on the property(ies).
Licensed real estate brokers and their associates must register prospective
purchasers with National Auction Company, in writing on the form provided
which must be received no later than 5:00 P.M., September 10, at the office
of National Auction Company, 1325 South Congress Avenue, Suite 202, Boynton
Beach, Florida 33426. Broker Registrations can also be sent via facsimile to
(561) 364-8803 but must be received by 5:00 P.M., September 10, 2009. Oral
registrations and registrations made by e-mail will be not be accepted.
Brokers and their associates who register prospective bidders must attend
the auction with their prospect and be present at the time of Bidder
Registration.
12. CONDUCT OF AUCTION:
a. This auction is being conducted in accordance with a Court Order signed
by The Honorable John K. Olsen, Judge, United States Bankruptcy Court.
b. The bid price for each property will be determined through competitive
bidding at the auction. These properties are being sold to the Highest
Bidder(s) subject to approval of The United States Bankruptcy Court who
shall have the right to accept or reject any and all bids.
c. Bids will only be accepted from Bidders who have registered in accordance
with the Terms & Conditions of Sale.
d. In the event of tie bids or disputes between bidders, the Auctioneer will
make all final determinations and will have the right to either accept or
reject the final bid or re-open bidding. Increments of bidding will be at
the sole discretion of the Auctioneer.
e. The auction will be video and/or digitally recorded to provide a record
of the event.
f. Bidders should rely upon their own inspection of the properties, public
records and judgment. All information provided by National Auction Company
is believed to be reliable but is not guaranteed. Any measurements, stated
square footage, zoning or other information is not guaranteed and is
provided for the convenience of bidders.
g. All announcements made from the Auction Podium shall take precedence over
all previously printed material and any other oral statements made.
h. The Seller has the right to add or delete any property from the auction.
13. PREVIEWS: The properties being
offered in this auction can be seen at the convenience of prospective
bidders on a drive by basis.
14. AUCTIONEER CONTACT INFORMATION:
If additional information is needed, please contact George Richards
at National Auction Company (800) 659-7004; Cellular: (954)658-5033 or
E-mail: grichards@natlauction.com. |
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