AUCTION TERMS & CONDITIONS
Al Chymia Shrine Temple Online Auction
5770 Shelby Oaks Drive - Memphis, TN 38134
ON-LINE ONLY AUCTION!
BIDDING ENDS WEDNESDAY – JANUARY 20, 2021 AT 12:00 NOON
BIDDERS MUST REGISTER WITH ALEXANDER AUCTIONS & REAL ESTATE SALES
WEBSITE (www.alexanderauctions.com) TO OBTAIN A BID NUMBER or
BENNY TAYLOR AUCTION & REALTY, INC. (www.taylorauction.com)
PLEASE REVIEW ALL ONLINE TERMS PRIOR TO BIDDING
- Alexander Auctions & Real Estate Sales (Alexander Auctions) and Taylor Auction & Realty, Inc. (Taylor Auction) are commissioned by Al Chymia Shrine Temple to sell this property in an Online Auction.
- Real Estate: Building and Lot located at 5770 SHELBY OAKS DRIVE, MEMPHIS, TN 38134.
Deed Reference: Documents #S24969 & #S24970, Register’s Office of Shelby County, TN.
Tax Map 089001, Parcel 00009 in Shelby County Tax Assessor’s Office
Tax Map 089001, Parcel 00010 in Shelby County Tax Assessor’s Office
Property located in the O Civil District of Shelby County, Tennessee.
Neighborhood: 00604A51 /Ns Shelby Oaks
- 2021 TAXES ASSUMED BY PURCHASER. Al Chymia is a non-profit organization and is exempt from Real Estate taxes.
- THE PROPERTY IS DESCRIBED AS TWO PARCELS.
- The Shelby County Tax Assessor site has a tax estimate calculation. The access link is provided in “Lot 0E” of the bid catalog. Amounts provided for information only. No guarantee provided.
- BUYER’S PREMIUM: A 10% buyer's premium will be added to the final bid on the real estate to reach the total sales price and total contract price.
- CONDITIONS OF SALE: Property is being offered in an Online Only Auction.
- BIDDING INCREMENTS: Alexander Auctions and Taylor Auction determine bidding increments and retain the right to change bidding increments at any time. The bidding software calculates and reveals the current bid amount as well as the next bid amount.
- PURCHASE AGREEMENT: After the close of the Auction, the successful bidder will be emailed a Sale and Purchase Agreement/Contract to be returned to Alexander Auctions or Taylor Auction within 24 hours of completion of the Auction, along with the required earnest money deposit.
- Bidders and Buyers must review and agree to these Auction Terms & Conditions and Exhibits attached to the Terms online before bidding.
- Bidder should review the Sales & Purchase Agreement and Real Estate Exhibits.
- EARNEST MONEY: The successful bidder is required to make an earnest money deposit of 15% of the purchase price and contract price deposit (non-refundable), within 24 hours after the Auction closes, when the Purchase Agreement is signed.
- Earnest money payable by cash, wire transfer, cashier’s check or personal check with current Bank Letter of Guarantee made to Alexander Auctions or Taylor Auctions. No credit card payments accepted.
- Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e., financing, appraisal, repairs, or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. This property is being sold for cash “as-is, where-is” with a closing deadline.
- CLOSING DATE: Balance of the Purchase Price shall be due on or before 60 days.
- POSSESSION: Possession of building and real estate given 30 days after Deed Closing.
- Sellers retain the right to conduct and hold a public or online auction on this property before and until the possession date.
- Property and improvements sell “As Is” in its current condition.
- Prospective purchaser(s) should inspect and review the property to become familiar with the property divisional lines and the physical condition of the improvements and complete their own due diligence research.
- TIME EXTENSION: Alexander Auctions and Taylor Auction Online Auctions have an auto-extend bidding feature.
- TIME INCREASE OR DECREASE: Alexander Auctions and Taylor Auction may increase or decrease the extended bidding time amount at any time during the auction until the close of bidding.
- EXTEND ALL FEATURE: Alexander Auctions and Taylor Auction are timed events and all bidding will close at a specific time. Alexander Auctions and Taylor Auction also have an auto-extend feature. Any bid placed in the final five minutes of an auction, the auction ending will be automatically extended five (5) minutes from the time the bid was placed. Example: If an auction scheduled to close at 2:00 receives a bid at 1:56 the close time will automatically extend to 2:05. The auto-extend feature remains active until no further bids are received within a five (5) minute time frame.
- REFRESH BIDDING: Refresh your screen constantly during the closing minutes of the bidding or enable the “auto-refresh” feature.
- COMPLIANCE WITH THE TERMS OF SALE: Successful Bidder and or Buyer not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default. In the event a winning Bidder and or Buyer fails to submit the signed Contract for Sale of Real Estate and earnest money deposit, the winning bidder and or buyer shall pay to Alexander Auctions and Taylor Auction any damages, an amount equal to the Buyer’s premium or commission percentage as set forth in said Contract, and any and all expenses incurred by the said Alexander Auctions and Taylor Auction for said auction. Should buyer’s earnest money check be returned for any reason whatsoever, this shall constitute an item of default, and in addition to the remedies previously stated hereinabove, Buyer shall also pay an additional penalty of five percent (5%) of the earnest money check to Alexander Auctions and Taylor Auction. Buyer shall also pay a reasonable attorney’s fee and costs incurred in the collection of these monies owed by Buyer as a result of Buyer’s default. Buyer shall also pay the Seller any damages caused by said breach of contract, including attorney’s fees and costs. This shall not preclude the Seller from suing for specific performance of the Contract of Sale, in addition to said damages. It is specifically understood and agreed by and between the Seller and Alexander Auctions and Taylor Auction that in the event the Buyer should default in the terms of this Contract in any manner whatsoever, that the earnest money, or sufficient sums therefore, shall be paid first to the agent for the Buyer’s premium or commission percentage, and the balance, if any, to the Seller. Any disputes will be tried in a court of jurisdiction in Weakley County, Tennessee. Alexander Auctions and Taylor Auction reserves the right to sell to the next highest qualified Bidder or another Bidder or Buyer in the event the successful high Bidder and or Buyer does not comply with the terms of the sale. By bidding on the property, buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default.
- Failure to pay the balance due at closing will require Buyer to forfeit the earnest money and is subject to the Terms stated in these Terms & Conditions.
- If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made and could additionally be liable for any and all cost incurred, in a subsequent resale of the property, by Seller and Alexander Auctions and Taylor Auction. If such action occurs, Alexander Auctions and Taylor Auction hereby has the right to disperse the deposit as stated in the Listing Agreement and the buyer has no claims to such money or property being sold. Liquidated damages are to cover the auctioneer’s commission, cost of Auction, cost incurred by Seller, labor cost and additional cost of Auction as not defined in this agreement. These liquidated damages do not restrict the Seller from suing the buyer for performance damages and/or any additional damages the Seller suffers by the default of the buyer.
- Possession of the property given 30 days after the closing date and transfer of deed.
- TITLE: Deed transfer will be by a warranty deed as specified in the Purchase Contract Agreement.
- Property will be sold according to the legal descriptions in the owner’s deed.
- Purchaser and purchaser’s representatives have had the opportunity to inspect this property and agree all bids are made subject to their inspections and due diligence results and purchase said property as a result of their inspection.
- Alexander Auctions, Taylor Auction and Seller has not made, does not make, and expressly disclaims, any warranties, representations, covenants or guarantees, expressed or implied or arising out by operation of law, as to the merchantability, habitability, quantity, quality or environmental condition of the property or its suitability or fitness for any particular purpose or particular use.
- Property and improvements are being sold in their present condition “as is”. No improvements will be made. There are no warranties or guarantees expressed or implied as to condition or fitness for use. The warranties of habitability and fitness for a particular purpose and particular use are expressly excluded.
- AUCTIONEER’S DISCRETION: Alexander Auctions and Taylor Auction has full discretion to modify date and time, order and details of the Auction for any reason or no reason at all, including but not limited to technical issues, emergencies and convenience of Alexander Auctions and Taylor Auction reserves the right to modify, change or remove usernames at any time.
- SERVER & SOFTWARE TECHNICAL ISSUES: In the event that there are technical difficulties related to the server, software or any other online Auction related technology, Alexander Auctions and Taylor Auction reserve the right to extend bidding, continue the bidding or close the bidding. Neither the company providing the software nor Alexander Auctions and Taylor Auction will be held responsible for a missed bid or the failure of the software to function properly for any reason.
- AGENCY: Alexander Auctions and Taylor Auction agents and representatives are agents for the Seller. Buyer and or Bidder agrees to hold harmless and indemnify Alexander Auctions and Taylor Auction and its representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
- BACK-UP BIDS: If you are not the successful bidder on the real estate and wish to make a back-up bid in case of default by the high bidder, please contact Alexander Auctions and Taylor Auction to receive a back-up bidder form. Email notification may be sent to registered bidders with updated information as deemed necessary by the Auction Companies.
- Bidders who bid off-site and do not make an inspection understand and acknowledge that they may not be able to inspect the property as well as if they examined it in person. It is the bidder’s responsibility to determine condition, age, genuineness, value or any other determinative factor.
- Alexander Auctions and Taylor Auction reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the Seller. The identity of all bidders will be verified, bidding rights are provisional and if complete verification is not possible, Alexander Auctions and Taylor Auction will reject the registration, and bidding activity will be terminated.
- AUCTION CANCELLATION – BID REJECTION: Alexander Auctions and Taylor Auction reserves the right to reject any and all bids for any reason. Alexander Auctions and Taylor Auction reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed.
- ACCEPTANCE OF BID PRICES: ALL BIDS ARE SUBJECT TO SELLER CONFIRMATION UNLESS NOTED AS ABSOLUTE. The auctioneer and/or Seller shall make the sole and final decision as to the winning high bid amount. Acceptance by the online bidding platform does not necessarily constitute an accepted bid by the auctioneer. Successful Bidder and or Buyer(s) will be required to enter into a purchase agreement contract immediately following the close of the Auction. Alexander Auctions and Taylor Auction will email documents to be executed and fax or email back to Alexander Auctions and Taylor Auction within 24 hours of the end of the auction. Successful Bidder and or Buyer(s) not executing and returning contracts with earnest money deposit within 24 hours will be considered in default. Alexander Auctions and Taylor Auction reserves the right to sell to the next highest qualified Bidder or another Bidder and or Buyer if the winning Bidder and or Buyer is in default of these terms. Winning Bidder and or Buyer must execute the contract with no changes, modification, additions or deletion.
- ALEXANDER AUCTIONS AND TAYLOR AUCTION INVOLVEMENT IN THIS CONTRACT: The Seller and buyer hereby agree that Alexander Auctions & Real Estate Sales and Taylor Auction & Realty is a part of this contract and shall receive compensation as stated in the agreement hereto or as stated in the listing agreement hereby made a part of.
- Prerequisite to bidding is that the Real Estate is purchased absolutely “as is” with no warranty whatsoever as to the condition of the same.
- No one should make a bid that he/she does not want to honor or is not financially able to honor.
- No purchase or bid is contingent on financing, appraisals, property or building inspections or any other contingencies.
- Purchasers should contact their attorney or title company to complete their Title Opinion immediately. Contract does not provide for an extension due to an attorney or title company failing to complete Title Work or your loan closing not being set up in time to meet the sixty (60) days closing period.
- ZONING: CMU-3 ~ Commercial Mixed Use-3
- Purchaser required to verify that current zoning will allow for their intended use.
- RESTRICTIONS: Real estate sells subject to any and all existing matter of records, easements, city, county and state, building, use or zoning laws and restrictions.
- TERMINOLOGY: As the context may require in these terms (1) the singular shall mean the plural and vice versa; (2) all pronouns shall mean and include the person, entity, firm or corporation to which they relate.
- ADDITIONAL AUCTION INFORMATION: All information published, announced or contained herein was derived from sources believed to be correct; however, it is not guaranteed by the Seller or the Auctioneer. Personal on-site inspection of all property is recommended. The failure of any bidder to inspect, or to be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer or deposit money after its opening tender. This includes but is not limited to public information such as easements, restrictions, zoning, rights-of-way, or any other information that can be obtained as public record in the appropriate County Courthouse concerning subject properties.
- Sellers is retaining numerous Al Chymia Shrine items, restaurant equipment, fixtures and all other personal items listed in Exhibit “A” attached to these Terms.
- Exhibit “B” lists specific items of fixtures and equipment remaining and selling with the Building and Real Estate.
- Internet Bidders who desire to make certain their bid is acknowledged should leave their maximum bid 24 hours before the Auction ends. Email notifications may be sent to registered bidders with updated information as deemed necessary by Alexander Auctions and Taylor Auction.
- If you have any problems with the website, call Marknet Customer Service at 1-888-307-6545 and/or Alexander Auctions at (731) 587-4244 or Taylor Auction at (662) 226-2080.
- Property is being sold subject to these terms and conditions and the terms in Exhibit “A” and Exhibit “B” which will be attached to the Purchase and Sale Agreement/Contract for future reference.
- Real Estate Brokers and Agents must comply with the attached Broker Participation Rules to register a client by filling out the required Broker Participation Form and returning within the required time.
- All bidders agree and accept these terms and conditions and agree to bid according to these terms when they register for a bid number.
- Bidder Acknowledgment: Bidder acknowledges that no relationship of any nature or type, agent, employee, independent contractor or otherwise is created between bidder and auctioneer, affiliated auction companies, affiliated software companies and/or any servant, agent or employee of the same by bidder’s participation in this auction.
- Bidder Responsibilities: Bidder responsibilities include, but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or Auction Company may bid on auction for absentee bidders or at the direction of interested bidders.
- Guaranty Agreement in regard to bidding for a business entity: By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Taylor Auction & Realty, Inc. and/or Alexander Auctions & Real Estate Sales at completion of the transaction.
- Reasonable Accommodation: Taylor Auction & Realty, Inc. and Alexander Auctions & Real Estate Sales as an employer and professional service organization which has no intention to discriminate on the basis of disability or other legally prohibited basis. We are an affirmative action, equal opportunity employer and service provider. Our decisions are made without regard to race, color, religion, sex, disability, sexual orientation, gender identity, national origin, veteran status, or genetic information. Accommodations are made in regard to hiring employees or assisting clients or customers in regard to our services unless the accommodation will impose an undue hardship. .Requests for reasonable accommodations should be directed to [email protected] or [email protected]
WE APPRECIATE YOU ATTENDING THIS AUCTION AND WE WILL BE GLAD TO ANSWER ANY QUESTIONS YOU MAY HAVE.
EXHIBIT “A” TO AL CHYMIA SHRINE REAL ESTATE AUCTION
ITEMS RETAINED BY SELLER
- All Al Chymia Shrine’s exterior and interior signs and emblems and related items.
- All personal items, pictures, awards, plaques and miscellaneous items.
- All restaurant equipment and fixtures including dishwasher, appliances free standing unless items
are specifically listed below.
- All portable bars in various rooms.
- All board and sound equipment including but not limited to amps, mikes, cords and etc.
- All stage lighting loose or attached by strip lighting, brackets and portable stand lights.
- All office furniture, equipment, tables, chairs, billiard table, podiums and dining equipment.
- No personal property is included with sale unless specifically listed as included with the Building and Real Estate.
- No shop equipment, inventory or tools.
EXHIBIT “B” TO AL CHYMIA SHRINE REAL ESTATE AUCTION
ITEMS REMAINING AND SELLING WITH THE BUILDING/REAL ESTATE
- Stainless two and three compartment sinks in the kitchen.
- Stainless two and three compartment sinks and bar sinks in dining room bar, room bars which are
Built in place and not considered portable.
- Stainless vent hood (over stoves and cooking equipment) including Sentinel Fire Suppressant System and control mounted on wall.
- Black walk-in cooler in kitchen.
- Permanent bars built-in place as part of the structure.
GENERAL CONDITION INFORMATION FOR DESCRIPTIVE & INFORMATIONAL PURPOSES ONLY
- Any 39,000 square foot facility and a garage building may have some roof leaks and may have had roof leaks in the past. Some may have been repaired and some may not have.
- A building of this size requires continuous maintenance or upgrades which is an ongoing process.
- Some of the rooms may have one or more drop-in ceiling tiles missing or removed and unrepaired.
- Some rooms are in a conversion or repair period and may not be finished, repaired or completed.
The interior wall covering in some of these areas are being upgraded and redecorated for a different use and are not finished.
- No additional repairs will be made.
- Bidders should make their own inspection.
- Property and improvements sell “As Is” and no repairs or improvements will be made.
- Restaurant equipment and fixtures that are attached to the floor or wall may require improvements or decorating by the new purchasers.