PUBLIC AUCTION

11:02 am Sat. June 3rd, 2017
916 3rd Ave. Marlinton, WV

The minimum bid at the auction is only $10,000.00 and then sells to the last bidder. Former Fas Chek Supermarket Valuable Commercial Building Marlinton, WV 24954 Live on the lawn auction, also with live internet bidding available.

SUMMARY

Description

Large steel span building right in downtown Marlinton, WV. This property has so many multi-purpose uses such as: grocery store, thrift store, used car dealer, auto repair shop, mini mall, dollar type store, consignments, office center, auction house, skiing and recreational related, and many other possible uses. Approx. sq. footage = 5820.

Ceiling height in back of store center of building is approx. 16 feet; side heights approx. 14 feet; retail area ceiling height approx. 11 feet.
Property includes ample paved parking lot with city streets on both ends.

Reserve

This is a Published Minimum Reserve AUCTION. The minimum bid for this auction is $10,000.00 (Ten Thousand Dollars). Once the reserve has been met or exceeded, the property will be sold to the highest bidder in the bid increments that are being called for by the auctioneer.

Conveyance

The property will convey free and clear of any liens or back taxes. The property will convey by a Warranty Deed. Closing is to occur within 45 days of the auction. Time is of the essence with this transaction. The property will convey by the existing legal description and shall be sold by the existing boundary.

Contract Terms Summary
The successful purchaser will be required to enter into a non-contingent purchase contract. The sale is not contingent upon appraisal, inspections, financing, etc. Should the purchaser withdraw from the transaction prior to closing, the purchaser shall forfeit all moneys deposited. Ernest Money Deposit due upon the fall of the hammer is $2,500.00 to be paid in verifiable funds at the auction. Acceptable deposits in US funds include good check, cashier’s check, wire transfer (call for wiring instructions) and cash. Buyer’s Premium: A buyer’s premium for onsite bidders will apply of 10% or $3500.00 whichever is greatest will be added to the final auction block price and shall become part of the total contract/deed price. Internet Buyer’s Premium: A buyer’s premium for internet/absentee bidders will apply of 12% or $4000.00 whichever is greatest will be added to the final auction block price and shall become part of the total contract/deed price. Condition of the Property: Physical Condition of the Property. Purchaser acknowledges that it has examined and inspected, and is satisfied with, the physical condition of the Property and the improvements thereon. PURCHASER EXPRESSLY AGREES THAT THE PROPERTY IS OR WILL BE SOLD “AS IS, WHERE IS, WITH ALL FAULTS”, WITHOUT ANY WARRANTY OR REPRESENTATION, EXPRESS, IMPLIED, OR ARISING BY OPERATION OF LAW, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTY OF CONDITION, AVAILABILITY OF MINERAL OR SUBSURFACE RIGHTS, HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND SUBJECT TO ORDINARY WEAR AND TEAR OCCURRING AFTER THE DATE HEREOF. Purchaser further acknowledges that neither Seller nor Auction Firm have made or extended to Purchaser any representation, warranty or indemnity with regard to the environmental condition of the Property or with regard to its compliance with the Americans with Disabilities Act of 1990, if applicable, and Purchaser hereby assumes sole responsibility therefore, indemnifies and agrees to hold Seller and Auction Firm, and each of their affiliates, agents, directors, employees and attorneys harmless from and waives any right, action, claim or cause of action it or its successors or assigns may have now or in the future against Seller and Auction Firm, and each of their affiliates, agents, directors, employees or attorneys with regard thereto. If the improvements on the Property are damaged after the date hereof but before settlement, Seller may (but shall not be obligated to) attempt to repair the improvements and, at Seller’s sole option, there shall be a reasonable extension of the settlement date in which Seller may attempt to complete the repair. If Seller notifies Purchaser that Seller does not intend to attempt repair, or if Seller attempts but is not successful in effecting repair and so notifies Purchaser, within ten (10) days of either such notification Purchaser shall either (I) terminate this Agreement, in which case Purchaser shall be entitled to the return of the Deposit and neither party shall have any further liability to the other, or (II) waive any objection to the damage and any right to reduce the Purchase Price, in which case Seller shall convey to Purchaser the Property with such damaged improvements as are then thereon and shall assign to Purchaser all of Seller’s right, title and interest to any insurance proceeds, if any, received or to be received in payment of damage to the improvements (but no other insurance proceeds, such as proceeds from damage to personal property). The property is being sold “as is, where is” without any warranty or guarantee, except for a marketable title shall be furnished. Personal Property: NO PERSONAL PROPERTY IS BEING SOLD. Any personal property that remains after closing of the deed shall become the new owner’s sole responsibility to dispose of at their sole cost. Settlement and Possession: Settlement shall take place on or before 45 days from Seller authorization at the offices of Purchaser’s attorney, who shall be the settlement agent in connection with this transaction for tax reporting purposes. Possession of the Property shall be delivered to Purchaser at settlement following payment of the Purchase Price, subject to the rights of tenants, if any. TIME IS OF THE ESSENCE AS TO THE COMPLETION OF SETTLEMENT. Closing Costs: The Buyer will be responsible for paying ALL Closing costs associated with this transaction, regardless of what the local custom may be including the current year property taxes. The Buyer’s closing fees include the new deed preparation charge, document recording tax stamps, attorney closing fees, title inspection, recording fees, title insurance, insurance, overnight letters, etc. Annual real estate taxes will be prorated up to the date of closing. Notice of Agency: The Auctioneer/Broker is acting as an agent for the Seller in this Transaction. Default: If Purchaser defaults hereunder, Seller may retain the Deposit and may also pursue such remedies as are available to Seller at law or in equity, including, without limitation, an action for specific performance. If Seller defaults hereunder, Purchaser’s sole remedy shall be the return of the Deposit and the Purchaser expressly and unconditionally waives and releases any other claim, demand injury, or cause of action, whether at law or in equity. A termination of this Contract pursuant to the termination provisions set forth in sales agreement/contract paragraphs 4, 6, and 7, shall not be deemed to be a default of either party hereunder. Miscellaneous: Except as set forth above, each party hereto represents that it has not involved any agent, broker, or finder in this transaction and agrees to indemnify, defend, and hold the other party and the Auction Firm harmless from any claim in connection therewith. The provisions of this Contract shall survive settlement. The parties hereto acknowledge that neither has relied upon any oral representation of the other or of the Auction Firm, that no such oral representation will affect in any way the terms of this Contract and that this Contract represents the final and complete understanding between the parties. This Contract cannot be modified or amended, and no waiver or any provision hereof shall be effective, unless in writing executed by the parties hereto. This Contract shall be construed, performed and enforced in accordance with the laws of the State of West Virginia without regard to the conflicts of law’s provisions of West Virginia law. Except as provided in the sales agreement/contract paragraphs 6 and 7, the risk of loss or taking shall remain with Seller until settlement. This Contract shall inure to the benefit of and will bind the parties hereto and their respective heirs, personal representatives, successors and assigns. Purchaser may NOT assign its rights under this Contract except by consent of the seller. However, any such assignment shall not release Purchaser from any liability hereunder the terms of this contract. This Contract may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Contract. Notwithstanding any other provision of this Agreement, or any agreements, contracts or obligations that may derive here from, nothing herein shall be construed to make the parties hereto partners or joint ventures or to render either party liable for any of the debts or obligations of the other party, it being the intention of this Contract merely to create the relationship of seller and purchaser with regard to the Property. All parties to this Contract have been represented by counsel or have had the opportunity to be so represented. Accordingly, the rule of construction of contract language against the drafting party is hereby waived by both parties. If any provision of this Contract or the application thereof is deemed unenforceable for any reason, the remainder of this Contract shall not be affected thereby and shall remain in full force and effect. Notwithstanding any mention of specific acreage in any description of the Property, the parties hereby agree that the Property is being sold in gross and not by the acre. The parties’ rights and obligations hereunder shall not be affected if a subsequent survey of the Property reveals a different acreage. TIME IS OF THE ESSENCE IN CONNECTION WITH THIS CONTRACT.

DAY OF AUCTION

All announcements from the auction block will supersede any and all previously published or written material. This auction is being recorded. The auctioneer will accept normal increases in the bid price. The auctioneer reserves the right to reject any bid increment that is not in the best interest of the seller. Foxfire Realty and Sellers have gathered this information and believe it to be correct to the best of our knowledge. However, we strongly recommend that you inspect the property prior to bidding to determine the accuracy of statements made in promotional materials.

DEED AND TAX INFORMATION

Deed Information: DB 188, PG 464
Pocahontas County, West Virginia

Lot Size: 145′ x 120′

Real Estate Tax ID/Acreage/Taxes:
Pocahontas County, West Virginia
Marlinton Corporation tax District
Tax Map 2, Parcel 153

2016 Real Estate Taxes: $855.62