Commercial Real Estate Auction -Online only!

Commercial Real Estate Auction -Online only!

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Brief Description

  • Lot 1 : 10.4 Commercial Acres
  • Lot 2: 30 Commercial Acres
  • Perfect For Development
  • Water & Sewer At The Road
  • Steps From Sunset Bay!
  • SELLER FINANCING AVAILABLE!!!

Auction Schedule

Online Bidding Only

Began: Wednesday, March 01, 2017 at 4:00 PM EST

Ended: Monday, May 01, 2017 at 6:00 PM EST

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Details

  • SELLER FINANCING AVAILABLE! 25% Down, 7% For 15 Years & No Pre-payment Penalty
    Lot 1 : 10.4 Commercial Acres
  • Lot 2: 30 Commercial Acres
  • Perfect For Development
  • Water & Sewer At The Road
  • Steps From Sunset Bay!
  • Perfect For: Any Commercial Business, Restaurants, Shopping Centers Etc. 
  •  

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Auction Terms

TERMS OF SALE 
DATE: 03/01/17
PREMISES KNOWN AS: 064689-033-000-0001-008-001, 064689-032-000-0002-004-001, 064689-033-000-0001-001-0000 
 AND FURTHER DESCRIBED AS: 40 Acres of vacant commercial land on NY Rte 5&20 
THESE PREMISES ARE OFFERED at public auction upon the following terms and conditions. 


1. The successful bidder will be required to pay a non-refundable deposit of the greater of; ten percent (10%) of the purchase price or $10,000.00, which will be held in Cash Realty & Auctions, LLC. Escrow Account at a Key Bank in Buffalo, New York. The deposit is to be paid as follows: 
a. $10,000.00 in cash, certified check or other form of immediately available funds acceptable to the Auctioneer immediately upon the bid being struck down, of which $1,000.00 is applied to the Auctioneer’s knockdown fee paid by the Purchaser, and the balance is applied to the Purchase Price. 
b. The remaining portion of the deposit, in excess of $10,000.000, is payable within five (5) days of acceptance of the bid at the offices of Cash Realty & Auctions, LLC. 

2. The balance of the Purchase Price is to be paid in cash, certified funds or by wire transfer at the closing 30 days from the acceptance of the high bid or such other time and place to be agreed upon between the purchaser and seller. If the purchaser is not ready to close title on or before 30 days, any adjournment granted by the seller at the request of the purchaser shall be only upon the provision that all adjustments shall be as of the initial date of closing. 
This is a cash purchase and NOT CONTIGENT upon the purchaser obtaining financing, unless financing is offered herein. 

3. This property is sold in its present “AS IS” condition, with all faults in all respects. No warranties or representations, express or implied, as to the value, physical condition, habitability, tenancies, use for a particular purpose or compliance with any environmental statutes, rules, regulations, or any building and/or zoning laws, codes or ordinances, including those relating to water supplies, septic systems or lead based paint are made by either the Seller or Auctioneer unless specifically stated herein. The Purchaser acknowledges that the property is sold in “AS IS” condition with all of the above exclusions and that the Purchaser’s obligation to consummate the sale is not contingent upon any right of inspection or other due diligence. Costs and responsibility for curing deficiencies, obtaining any permits, variances or certificates, if any, is the exclusive obligation of the Purchaser. 

The property is sold subject to all utilities and any other easements, restrictions, rights of way as well as all zoning ordinances affecting same. 

4. Rentals, mortgage interest, taxes, insurance premiums, water and sewer charges and any other matters appropriate for prorating and adjustment shall be prorated between the Seller and the Purchaser as of the closing date or 30 Days whichever shall first occur. Any installments for assessments for local improvements not due and payable at the time of closing shall be paid for by the Purchaser as they thereafter become due. 

5. The Seller shall be required at his own expense to furnish to the purchaser at least 10 days prior to the Closing Date, an abstract of title, the first certificate of which is at least 40 years prior to the date of the abstract, and continued to the date of closing showing good title to the Seller. At the time of closing, the Seller shall tender to the Purchaser Deed to said Premises, free and clear of all liens and encumbrances except as otherwise provided herein. Purchaser shall pay the cost of any New York State Transfer Taxes to be affixed to the deed. Should the Purchaser require a survey for any reason, the cost of the survey shall be borne by the Purchaser. The seller will provide any existing survey that it has in its possession. 

6. The existence of any liens, unpaid taxes or assessments shall not be deemed an objection to title provided an amount sufficient to discharge same is allowed the Purchaser at the time of closing, or in the alternative, discharged and paid by the Seller at the time of closing. 

7. In the event that the Purchaser shall raise any bona fide objections to the Seller’s title, which, if valid, would render the title unmarketable, the Seller shall have the right to cancel this agreement by giving written notice of such cancellation to the Purchaser, and shall repay to the Purchaser the deposit made hereunder, whereupon all liability by reason of the agreement shall cease, provided however, that if the Seller shall be able, within a reasonable length of time, to cure the objection, or if thereafter either party secures a commitment for title insurance containing standard exceptions only, the Seller shall pay the cost thereof and in such event this contract shall remain and continue in full force and effect. 

8. Any statements made in sales brochures or advertising relating to this Property are not to be considered as a part of these terms and conditions of sale. 

9. The Purchaser will be required to sign a written acknowledgment of the Purchaser’s bid and these Terms of Sale which constitutes a binding and enforceable contract inclusive of these Terms of Sale. 

10. Any and all risks of damage or loss to the Property from the date of sale until closing are the responsibility of the Purchaser. Seller may elect to enforce performance of this contract by agreeing to assign any insurance claims or proceeds arising after this date to Purchaser at the time of closing. The Purchaser agrees to accept the property in an “as is” condition, and subject to tenants’ rights, if any. Notwithstanding, in the event that the Property suffers any substantial casualty loss prior to closing, the Seller at its sole option may elect to cancel this Agreement and refund the deposit to the Purchaser, provided that the Seller within five days of the loss gives written notice to the Purchaser of its election to cancel this agreement. 

11. The Seller, through its agent, the Auctioneer, at their option, may recall the Property if the successful bidder fails to comply with these Terms of Sale, and the person or persons failing to comply shall forfeit any deposits made on account hereof, and may be held liable for any deficiency resulting from a subsequent resale, or in the alternative, the Seller may retain the deposit as liquidated damages. 

12. The Seller, through the Auctioneer, reserves the absolute and unconditional right to reject any or all bids within 72 hours, Sundays and holiday excluded. Notice will be deemed to be given on the date that is posted in the U.S. Mail. 

13. At the time of closing, at the option of the Purchaser (provided that Purchaser has not been in default), the Seller will provide financing in an amount not to exceed 75% of the purchase price, with interest at the rate of 7% per annum, based upon a 15 year amortization with a 15 year maturity, payable in equal monthly installments. The Seller’s financing shall be documented by a note and secured by a first lien position mortgage and personal guarantees. The form of the note and mortgage shall be prepared by the Seller. 

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