Auction Terms & Conditions ONLINE BANKRUPTCY REAL ESTATE AUCTION NOTICE -
BIDDING PROCEDURE BUYER'S ARE TO FOLLOW WITH NO WAIVER
DATE: Thursday, February 20, 2020
SELLERS: Marc Warsco, Trustee for Case # 19-10207
LOCATION: 1012 E. Tipton St., Huntington, IN 46750
The land referred to in this Commitment, situated in the County of Huntington, State of Indiana, is described as follows: A part of the Southwest Quarter of Section 11, Township 28 North, Range 9 East, described as follows: Commencing at a point on the East line of First Street, 264.5 feet North of the Northwest Quarter of Lot No. 4 in Julius Hitzfield's Subdivision to the City of Huntington, Indiana; thence South 55 degrees 53 minutes West 16.9 feet to an iron pin; thence North on a line parallel with the East line of First Street 56.9 feet to an iron spike; thence North 28 degrees 05 minutes East 257 feet to an iron spike located on the Westerly right-of-way line of the Erie Railroad; thence South 14 degrees 23 minutes East along said Westerly right-of-way line 177.4 feet to an iron pipe; thence South 55 degrees 53 minutes West 182.4 feet to the point or place of beginning.
Part of the former right-of-way of the Erie Lackawanna Railway Company, known as the Marion Division, being part of the Southwest Quarter of Section 11, Township 28 North, Range 9 East, Huntington County, Indiana, being more particularly described as follows, to-wit: Beginning at a #5 rebar at the point of intersection of the North right-of-way line of Old US Highway #24 with the Westerly right-of-way line of the Erie Lackawanna Railway Company, also being the Southeast corner of a tract of real estate described in a deed to H. H. Niswander Self Declaration of Trust dated June 1, 1998, in Deed Record 264, page 424 in the Office of the Recorder of Huntington County, Indiana, thence North 55 degrees 53 minutes 00 seconds East, on and along the North right-of-way line of Old US Highway #24, a distance of 76.98 feet to a #5 rebar; thence North 68 degrees 06 minutes 01 second East, continuing on and along said line, a distance of 12.21 feet to a #5 rebar, thence North 34 degrees 45 minutes 48 seconds West, a distance of 97.00 feet to a #5 rebar on the centerline of said Erie Lackawanna Railway Company, thence North 13 degrees 45 minutes 42 seconds West, on and along said centerline, a distance of 110.86 feet to a #5 rebar at the point of intersection of said centerline with the centerline of East Tipton Street, thence South 28 degrees 05 minutes 00 seconds West, on and along the centerline of said East Tipton Street, a distance of 74.20 feet to a #5 rebar at a point of intersection of said centerline with the Westerly right-of-way line of said Erie Lackawanna Railway Company, thence South 13 degrees 45 minutes 42 seconds East, on and along said Westerly right-of-way line a distance of 174.65 feet to the point of beginning, said to contain in previous deeds 0.259 acre of land.
--- BIDDERS PACKET: All bidders who have registered for the online auction can view copies of the offer to purchase and terms at nessbros.com on the specific property Auction Detail Page.
--- ONLINE REGISTRATION: Registration for this auction (online) finalizes each bidder's agreement to the terms and conditions of sale as stated in the Purchase Agreement which are incorporated by reference into your bidding. Do not bid until you have read the terms and conditions. In order to bid on the Real Estate, all bidders must be signed in through www.BidNessBros.com. There is no fee to register, but a valid credit card will be required to verify identity and ensure payment of the Earnest Money, if applicable. By bidding you are representing to Ness Bros. Realtors & Auctioneers ("Ness Bros."), and the Seller that you have read and agree to be bound by the terms and conditions for this sale as stated herein. If you do not agree with any of the terms and conditions stated, DO NOT BID or you will be bound by those terms and conditions. By bidding you agree to all disclosures.
--- CONDUCT OF THE AUCTION: The Seller and selling agents reserve the right to preclude any person from bidding if there is any question as to the person's identity, credentials, validity of the credit card, fitness to bid, financial ability to buy, etc. All decisions of the Auctioneer are final. THE SALE WILL BE CONTROLLED BY THE AUCTIONFLEX/BIDOPIA SOFTWARE. Ness Bros is not responsible for malfunctions or system errors which cause a bid or bidder to fail to be recognized or registered. If there is a dispute, the Auctioneer may re-open the bidding at the Auctioneer's sole discretion and shall serve as the sole arbiter as to who is or is not allowed to bid.
--- BIDDING: Bidding starts at the nominal Opening Bid(s) indicated and is open to all who registered and are approved by the way of verified identity and credit card information. The bidding will be open for minimum of 10 days. The auction ends at a predetermined time with an Overtime Period if necessary, which is defined as follows: if a bid is placed within five (5) minutes of the close of bidding, then another five (5) minute period commences from the time of the last bid until no bids are placed within the next five (5) minutes. The last bid shall be made final.
--- AGENCY DISCLOSURE & GENERAL OFFICE POLICIES: Ness Bros. will represent the Seller exclusively
unless a Ness Bros. Agent has a signed buyer agency agreement with Buyer, then that agent has a limited agency with Buyer.
--- DISCLAIMER & ABSENCE OF WARRANTIES: All information contained online or in the brochure and related material is subject to the terms and conditions outlined in the Purchase Agreement. The Property is being sold on an "AS IS, WHERE IS" basis. No warranty or representation, either expressed or implied, concerning the Property, its condition, or the condition of any other components on the Property, is made by the Seller or Ness Bros. All sketches and dimensions online or in the brochure are approximate. The information contained online or in the Brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or Ness Bros. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property.
--- TERMS: Earnest Money of 10% down within 24 hours of the online auction closing. In the event the winning bidder fails to provide the Earnest Money within 24 hours, Ness Bros. is authorized to charge the credit card for the amount of the Earnest Money, or any portion thereof, and an additional administrative fee of 5% of the amount being charged. The balance is due in full upon delivery of the merchantable title and deed free and clear of all liens and encumbrances except as stated herein and subject to easements or restrictions of record. A Buyer's Premium of 5%, will be added to final bid and included in the total contract price. All bids accepted on the Real Estate are subject to the Bankruptcy Trustee and the Bankruptcy Court's approval.
--- BANKRUPTCY COURT APPROVAL: Once the auction is concluded the winning bid will be submitted to the Bankruptcy Trustee for approval. Once the Offer is accepted in writing by the Bankruptcy Trustee, the Bankruptcy Trustee has up to 45 business days to obtain Bankruptcy Court approval. If Bankruptcy Court approval is not obtained, all funds paid to Ness Bros. will be returned, without interest.
--- TITLE POLICY: A preliminary title policy has been prepared by Metropolitan Title of Indiana, which will be preparing the final title policy plus conducting the Closing. Seller and Buyer agree to use Metropolitan Title of Indiana.
--- CONDITIONS: No offer shall be accepted that is contingent on financing. The Earnest Money will be totally forfeited in the event the Seller accepts the successful bidder's Purchase Agreement in writing and the successful bidder subsequently refuses to proceed to Closing.
--- EXECUTION OF PURCHASE AGREEMENT: The successful bidder has earned the right to make an offer to the Seller; no sale has been completed. The bidder will be required to execute a Real Estate Purchase Agreement immediately following the close of the auction and provide the required Earnest Money within 24 hours. Buyer's offer expires 11:59 P.M. (local time) seven days after the online auction date, unless Seller timely accepts it; the Earnest Money will be returned if Seller does not accept the successful bid, subject to any required approvals.
--- TAXES: The real estate taxes shall be prorated. Seller shall pay real estate taxes which are payable during the year in which Closing occurs, and taxes payable during the succeeding year, prorated to the date of Closing. Buyer shall assume and pay all subsequent taxes. If at the time of closing the tax bill for the Real Estate for the succeeding year has not been issued, taxes payable by either party shall be computed based on the last tax bill available to the closing agent. The succeeding year's tax bill, because of recently constructed improvements, annexation, reassessment, or similar items may greatly exceed the last tax bill available to the closing agent
--- GUARANTY: Any individual submitting a bid or signing the Purchase Agreement on behalf of any entity agrees to be individually bound by all these terms and conditions and individually responsible for payment of the Earnest Money and the balance due.
--- POSSESSION: The possession of the Property shall be upon Closing of Property, subject to tenant's rights. by 5:00 P.M.
--- SURVEY: The Seller has a legal description for the property so no survey will be provided. If a survey is requested, it will be paid for by the Buyer.
--- CLOSING: Balance of the purchase price is due in cash at closing, which will take place on or before the Thirtieth (30th) day following Bankruptcy Court approval. The fee charged by any closing agent, including an attorney acting as a closing agent for both parties, or Buyer's lender acting in such capacity, for closing services shall be paid equally by the parties. Buyer will be responsible for paying a $245.00 administration transaction commission payable to Ness Bros.
--- AUCTIONEER RESERVES: Auctioneer Reserves the right to make changes to an auction, to split or combine lots, cancel, suspend or extend the auction event.
NOTE: Neither the Seller nor Ness Bros. is responsible for any personal property left in the residence and buildings, or on the land at the time possession is granted to Buyer.
STATEMENTS MADE BY THE AUCTIONEER WILL TAKE PRECEDENCE OVER PREVIOUS PRINTED MATERIALS OR ANY PREVIOUS ORAL STATEMENTS