Terms and Conditions for Timed Online Auctions:
The following Terms and Conditions apply to all online auctions conducted by Tranzon member companies. The auction company or companies conducting this auction is or are referred to as “we” or “our” or “Auctioneer” in the following Terms and Conditions, and references to the Auctioneer include all of the Auctioneer’s employees, officers, directors, principals, employees, agents and other representatives. The Auctioneer is a member company in Tranzon, LLC. All Tranzon member companies are independently owned and operated.
The Auctioneer is conducting this auction as an online auction only. Bidders are referred to as “you” or “your” or “Bidder(s)” in the following Terms and Conditions. You are required to acknowledge that you have read and understand these Terms and Conditions before you will be allowed to register for and bid at this auction. In addition, the Auctioneer may add additional terms and conditions (the “Additional Terms and Conditions”) for this auction, and you will be required to acknowledge that you have read and understand any such Additional Terms and Conditions. Such Additional Terms and Conditions may include notification that there is a published or unpublished reserve, or that the results of the bidding at this auction are subject to Seller confirmation. In the event of any conflict between these Terms and Conditions and any such Additional Terms and Conditions provided by the Auctioneer, the Additional Terms and Conditions shall apply and shall supersede any conflicting provisions in these Terms and Conditions.
Agent for Seller: The Auctioneer does not own the property being sold in this auction. The Auctioneer is representing the Seller exclusively in this auction transaction.
Due Diligence: It is your responsibility to obtain and read the Property Information Package relating to the property being sold at this auction, as well as any and all other information made available on the Tranzon website relating to this auction and the property being sold at this auction. You acknowledge and represent that you have done so. Notwithstanding the foregoing, you also acknowledge and agree that the sale pursuant to this auction is being made on an “as-is, where-is” basis, with no representations or warranties of any kind, expressed or implied, by the Seller and/or the Auctioneer. You further acknowledge that any information contained in the Property Information Package or otherwise obtained through the Tranzon website or directly or indirectly from the Auctioneer and/or the Seller is being presented to the best of the Auctioneer’s and the Seller’s actual knowledge without independent verification. Therefore, it is your sole and exclusive responsibility to inspect the property; review the documents relating to the property; assess the accuracy and completeness of the information contained in the Property Information Package and any such other documents; and independently verify and confirm any estimates, projections, or assumptions relating thereto, none of which may be considered to be guaranties. In connection therewith, you have the sole and exclusive responsibility to select and consult with any and all professional advisors of your choosing in determining whether to bid at this auction. You acknowledge that you have relied exclusively on your own investigation and determinations and the advice or your own professional advisors, and expressly represent that you have not relied upon any information provided by the Seller or the Auctioneer in any way, whether through the Property Information Package or other documents, through the Auctioneer’s website, or by any oral, written or electronic communications with the Auctioneer or the Seller, or otherwise.
No Conditions or Contingencies: Without limiting the generality of the foregoing, you acknowledge and agree (i) that the completion of the sale following the conclusion of the auction is not contingent upon any inspection or verification of any such information, and the Closing Date or Closing Time (as defined below) will not be extended in order to permit any such inspection or review; (ii) that neither the Seller nor the Auctioneer nor any broker participating in the transaction to which this auction relates shall have any liability for any relief, including damages of any kind, rescission or reformation of the Purchase Contract (as defined below) or adjustment to the terms of the Purchase Contract based upon any failure of the property to conform to any description contained in the Property Information Package, or to any standard or any expectation that you may have in connection with the property; and (iii) that the completion of the sale is not subject to any financing or other contingency of any sort.
You represent and warrant that by registering to bid and bidding during this auction, you have conducted all necessary investigations, and have determined to place a bid relying solely on your own independent investigation or verification of material facts concerning the sale and the suitability of the property for your intended use if you are the successful bidder.
Registration and Verification: In order to bid at this auction, you will
be required to register at the Tranzon website,
www.tranzon.com
(the “Tranzon website”). All Bidders seeking to register for this auction must be eighteen (18) years of age or older, must be eligible to bid in the Auctioneer’s sole discretion based on the Auctioneer’s past experience with the registering bidder or otherwise, and may be subject to verification through credit card information in the registration process. You may be asked to provide credit card information for this purpose, and we will use a third party service or other process to verify that your credit card is valid and has available credit.
When your registration to bid on this auction has been approved, you will receive an email notification that you have been approved for bidding. In addition, bidding rights are not absolute, and all registrations, even if successfully verified by credit card as described above, are subject to manual verification at any time, and from time to time, by the Auctioneer. We may suspend or terminate your registration for this auction at any time, and for any and all reasons or for no reason, in our sole discretion. We will notify you by email if your approval to bid at this auction has been terminated or suspended.
Bidding Time: This auction is a timed auction event. Bidding is scheduled to begin and close at the times set forth on the Tranzon website. All time references on the bidding site for Tranzon online auctions are
expressed in Eastern Time, and you should therefore be mindful of the need to convert to local time when bidding on auctions of properties located in other time zones. It is your responsibility to check the Tranzon website carefully so that you are aware of the scheduled closing time.
Extended Bidding Time: The Auction is scheduled to begin on the “Starting Date and Time” and tentatively end on the “Scheduled Ending Date and Time” that are listed on the property page of Tranzon’s website; however, for a bid received just before the Scheduled Ending Date and Time, an automatic extension feature in the online-bidding platform will extend the Scheduled Ending Date and Time and keep the Auction open for an additional period of time beyond the time that the last bid was received, and this process will repeat every time a subsequent bid is received. Subsequent and additional extensions shall be applied to any and all bids placed during any such extension period until an extension period has expired without additional bids being placed, at which time the bidding time, as extended, shall be closed. The number of minutes of Extended Bidding Time may vary in the sole discretion of the Auctioneer. For example, if the extension period specified by the auctioneer is 4 minutes, and the scheduled ending time is 2 PM but a bid is placed at 1:59 PM, the auction closing time would be extended by 4 minutes and the auction would close at 2:03 PM. Because of the possibility of extended bidding time, Bidders should continue to participate in the auction until receiving notification that the auction has closed and, in the case of a presumed High Bidder, until receiving a notification of the amount of the high bid as of the time of closing of the auction.
Bidder Responsibility: Bidders must take care in entering bids, and each Bidder will be responsible for all bids placed under the Bidder’s approved registration. Once entered and recorded online, a bid is deemed to be final on behalf of the registered Bidder and may not be modified, retracted or rescinded in whole or in part.
Bid Increments: Once bidding has commenced, any advances on a bid must be made in increments at least as great as those which we, in our sole discretion, have determined. We may, in our sole discretion, change or modify the required bid increments from time to time, or at multiple times, during the auction.
Maximum Bid Amount: We also provide opportunities for a bidder to submit a maximum bid amount (often called a “Max Bid”) and to direct that our website bid on such bidder’s behalf in scheduled increments until the maximum amount identified by the bidder has been reached. In the event that you later enter a max bid with the same maximum bid amount as was previously authorized by another bidder’s max bid, or enter a specific bid in the same amount as was previously authorized by another bidder’s max bid, the other bidder’s max bid as previously entered before your bid will be deemed to be the prevailing bid at that amount, and you will be deemed to be outbid. In the event that there should be any dispute among competitive bidders with regard to the identity or amount of the high bid, the Auctioneer may reopen bidding on the property and may, in conjunction with such reopening of the bidding, designate one of the bidders as the “High Bidder” in the Auctioneer’s sole discretion. All decisions by the Auctioneer shall be final.
Technical Problems: We have made reasonable efforts to provide for online bidding for this auction. You recognize and acknowledge, however, that technical problems with hardware, software, or internet connectivity, as well as human errors, may arise and may affect, without limitation, the Tranzon website, our online bidding program and process, your or our internet service and access, and your connection to this auction’s bidding program and process. You further acknowledge that these and other technical problems may develop at any time and with or without notice. You acknowledge and agree that neither we nor the Seller is in any way responsible for any such technical problems, and that you have no absolute or other right to be able to bid on this auction in the event of any such technical problems. Notwithstanding the foregoing, you further acknowledge and agree that, in the event of any such technical problems, we reserve the right to postpone or cancel the auction and/or extend the bidding time for this auction and/or relist the property for auction at another time, in our sole discretion, and that our decision with regard to any such actions is and will be final.
Terms Specific to This Auction or Property: As noted above, the Auctioneer may provide Additional Terms and Conditions that are specific to this auction or the property or properties being sold at this auction. Without limiting the generality of the foregoing, such Additional Terms and Conditions may, but shall not necessarily be required to, relate to the following provisions, among others: extended bidding time; and bid increments.
Bidding Authorization: A bid deposit in an amount set forth on the Tranzon website or as communicated by the Auctioneer in the Additional Terms and Conditions may be required in order to bid. Any such deposit will be required in actual funds, which the Auctioneer may hold until the completion of bidding and for a reasonable period of time to allow for the return of any such funds after the conclusion of the auction. Alternatively, in some instances a credit card preauthorization may be accepted for bidding authorization, not as a deposit. Please see specific requirements associated with the property for which you are registering to bid, as set forth on the Tranzon website or in the Additional Terms and Conditions.
Earnest Money Deposit: If you are the successful bidder, you may then be required to tender a deposit or an additional deposit in the form of a cashier’s check or wire transfer, within 24 hours or such other time as may be specified by the Auctioneer following the close of the auction, to be held by the Auctioneer or a designated escrow agent, all as set forth on the Tranzon website or in the Additional Terms and Conditions.
Purchase Contract: If you are the successful bidder, you will be required to sign a purchase and sale agreement or similar agreement or document, however captioned or titled (the “Purchase Contract”) and other necessary documents in the form designated by, and within the time periods established by, the Auctioneer, generally 24 hours. The terms of the Purchase Contract are expressly not negotiable and the Purchase Contract must be signed in the name of the high bidder and, except as may specifically be permitted by the terms of the Purchase Contract or expressly agreed upon in writing by the Seller or Auctioneer in their sole discretion, may not be assigned to any other person or party. The Purchase Contract and such other documents will set forth the specific terms and conditions of the sale, including the time by which the high bidder’s purchase of the property must be completed. Copies of some or all of these documents are available on the Tranzon website or may be obtained from the Auctioneer, and it is your responsibility to obtain, read, and understand the provisions of any such documents before bidding at this auction. The Seller’s obligations to the successful bidder are exclusively as set forth in the Purchase Contract.
Buyer’s Premium: A buyer’s premium (“Buyer’s Premium”) in a percentage specified by the Auctioneer as noted on the Tranzon website for each specific property auction or in the Additional Terms and Conditions may be added to the successful bidder’s highest bid price. Any such Buyer’s Premium shall become part of the total purchase price in the Purchase Contract, and must be paid by the successful bidder.
Closing: All sales must close within a period of time (the “Closing Time”) or on a date certain (the “Closing Date”) set forth in the Purchase Contract, unless extended by the Seller in writing. Unless otherwise provided in the Purchase Contract or other documents pertaining to this particular auction, any extensions shall be requested in writing not later than five (5) days before expiration of the Closing Time or the scheduled Closing Date, as the case may be, and any such requests may or may not be considered by the Seller and granted by the Seller in the Seller’s sole discretion. In preparation for the closing, the balance of the purchase price and any and all other funds necessary to complete the purchase must be provided by the successful bidder to the Seller or its closing agent(s), in immediately available funds or by wire transfer as directed by the Seller’s closing agent(s), not later than forty-eight (48) hours before the scheduled closing or at such other time as may be expressly designated by the Seller’s closing agent(s).
High Bidder’s Default: Successful Bidders who fail to close in a timely manner for any reason shall be required to release their deposit(s) to Seller as partial and nonexclusive liquidated damages and not as a penalty, and the Seller retains the unilateral right to cancel any escrow and retain the successful bidder’s deposit in the event the successful bidder fails to complete the purchase as required by the terms of the Purchase Contract. In addition, in the event the successful bidder fails to submit the executed Purchase Contract and any required earnest money deposit as required by these Terms and Conditions and any Additional Terms and Conditions, the successful bidder agrees to pay to the Auctioneer a fee in the amount of ten thousand dollars ($10,000.00) or such other amount as may be specified in any Additional Terms and Conditions, which amount may be paid by retention of the high bidder’s deposit check or the credit card submitted for bidding authorization in the sole discretion of the Auctioneer as a penalty for non-performance. A successful bidder who fails to submit an executed Purchase Contract, fails to make any required earnest money deposit, or fails to close in a timely manner may also be prohibited from bidding on future auctions conducted by the Auctioneer or the Auctioneer’s affiliates, in the discretion of the Auctioneer and any such affiliate or affiliates. These remedies are in addition to any other remedies, including specific performance, and/or additional money damages that the Seller and/or the Auctioneer may have in equity or at law. The Auctioneer and the Seller also reserve the right immediately to put the property up for sale again.
Purchase Eligibility: The Office of Foreign Assets Control ("OFAC") of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States. By signing these terms, you affirm that the above statement does not apply to you. Furthermore, if you are unable to close on the property due to circumstances related to the above statement, you will be deemed in default under these terms. Please see
“High Bidder Default” section for implications of default.
General Terms and Conditions: You acknowledge and understand that the Auctioneer reserves the right, for any reason or for no reason in the Auctioneer’s sole discretion, (i) to determine who has access to and who may bid at this auction, (ii) to postpone or cancel the auction, (iii) to withdraw the property or any one or more properties from the auction, (iv) to change any terms of the auction or particular conditions of sale upon announcement prior to or during the course of the auction, (v) to bid on behalf of the Seller up to the amount of any reserve price, where permitted by law, (vi) to reject any and all bids, and (vii) to select the winning bid. You further acknowledge that neither the Seller nor the Auctioneer nor any broker involved in this auction is making any representation or warranty as to the manner in which the sale process will be managed, and that, except as may otherwise be provided by law, any acceptance of a winning bid prior to the execution of a binding Purchase Contract may be rescinded by the Seller in the Seller’s sole discretion and for any reason whatsoever including the receipt of a subsequent bid, and that the Seller’s obligation to sell any property or properties in this auction shall not be binding until such final Purchase Contract is signed and delivered by the Seller and the winning bidder. The Auctioneer may sell the property or any one or more properties subject to this auction in advance of the auction, in the Auctioneer’s sole discretion. The sole and exclusive venue for any disputes regarding or relating in any way to this auction or the transactions made in conjunction with this auction shall be in the state courts of general jurisdiction located in the jurisdiction where the property that is subject to this auction is located, or if more than one such jurisdiction is related to such property or properties, in any one of such jurisdictions as the Auctioneer may select, or, at the election of the Seller in its sole discretion in any jurisdiction where the Seller maintains a principal or other place of business, and you irrevocably submit to the jurisdiction of such courts.
Additional Terms and Conditions:
1.
SUCCESSOR TrUSTEE’S Sale: The property is offered and subject to the specific terms provided in the Notice of Successor Trustee’s Sale. A copy of the Notice is available in the Property Information Package, which can be downloaded at
https://www.tranzon.com/taa2520. You may request a copy of the Notice of Successor Trustee’s Sale of Real Property from the auction company by emailing ktoney@tranzon.com or by calling 888-791-7307 ext. 808. The entire Property Information Package (the “PIP”) with the Notice of Successor Trustee’s Sale of Real Property is available at
https://www.tranzon.com/taa2520. Please download the Property Information Package to view.
2. Terms of Sale:
- Bidders will be required to provide a valid credit card for registration to bid online in order to be qualified to bid. A hold in the amount of Nine Thousand Five Hundred Dollars US ($9,500.00) will be placed on the card and released within 72 hours following the close of the auction.
- Bidding increments will be set prior to the auction opening. Bidders may place bids at or above the minimum increment allowed, but no bids below the set minimum increment shall be accepted.
NOTE: THE BID AMOUNT THAT IS SHOWN ON THE ONLINE BIDDING PLATFORM AS THE HIGH BID DOES NOT INCLUDE ANY OF THE ADDITIONAL FEES OR DEPOSITS THAT ARE REQUIRED IN THE NOTICE OF SUCCESSOR TRUSTEE’S SALE OF REAL PROPERTY. READ THESE TERMS CAREFULLY BEFORE ACKNOWLEDGING AND BIDDING.
- The winning bidder(s) will be required to electronically sign the Successor Trustee Sale Contract (the “Contract”) immediately following the conclusion of the online auction – the Contract is available through the auction firm and/or provided in the PIP.
- In addition to the high bid amount, the winning bidder will be required to pay a fee of ten percent (10%) of the high bid amount at closing hereby known as the Buyer’s Fee. The high bid amount plus the Buyer’s Fee will be considered the winning bid.
- The Winning Bidder will be required to submit for deposit in the trust account of the Successor Trustees a full deposit equal to fifteen percent (15%) of the Winning Bid. The deposit shall be made within one (1) business day of the announcement of the Winning Bidder. This deposit will be credited at closing or immediately forfeited to the Beneficiary (with the Buyer's Fee portion of the Deposit to be disbursed to the real estate brokers engaged by the Successor Trustees) upon default by the Winning Bidder if it fails to close the sale. The Winning Bidder must close the sale on or before September 26, 2026.
- At the conclusion of the auction, the winning bidder(s) will be emailed or faxed a copy of the Successor Trustee Sale Contract to be executed electronically and returned to ktoney@tranzon.comand tgreenwell@tranzon.com or faxed to (270) 737-7695.
- The second highest bidder at the auction will be deemed as the "Backup Bidder" for the sale and said bid will be considered non-revocable. The Backup Bidder will be required to execute a "Backup Contract" at the completion of the online auction and upon receipt of the Backup Contract. Backup Bidder agrees to post a deposit in the amount of $50,000 to the Successor Trustees’ escrow or trust account within 24 hours following the announcement of the Winning Bid. Backup Bidder shall also be responsible for payment of the Buyer's Fee as described above. If the second highest bidder refuses to sign the Backup Contract, the Successor Trustees may elect to select another Backup Bidder who shall sign the Backup Contract and post the $50,000 deposit. If the closing on the Winning Bid by the Winning Bidder fails to occur, the Backup Bidder shall become the Winning Bidder and will be required to post the balance of the deposit (15% of the Winning Bid less $50,000) and shall close within twenty (20) calendar days of being notified that it is the new Winning Bidder. The Backup Bidder's deposit shall be returned to it within two (2) business days of the successful closing of the Winning Bid. If Backup Bidder fails to timely close on its Backup Bid under the sale terms and conditions it shall forfeit its deposit.
- The sale shall be subject to the following: unpaid real estate taxes for 2024 and 2025 against the property; any recorded easements, conditions, covenants, rights-of-way or subdivision plats affecting the property; any dedication of roads affecting the property and any governmental zoning and subdivision ordinances or regulations in effect; any prior or superior liens, judgment, deeds of trust or other interests of record; and rights, if any, of any parties in possession.
- The above-described real estate will be conveyed by the Successor Trustees by trustee deed (or similar) without warranty of any kind, express or implied.
- Buyer acknowledges that this sale is not contingent upon post sale inspections or financing approval.
- Buyer may elect to purchase owners title insurance at closing.
3. Bidder Verification: Tranzon Asset Advisors will verify all bidder registrations. If the auction firm is unable to verify the bidder and/or the bidder does not comply with the online terms the bidding rights shall be terminated or extinguished without notice.
4. Bidding Format: Tranzon Asset Advisors and affiliated companies, utilizes “timed auction events” in an online setting. You will need a continuous internet connection high speed connection is recommended. Our online real estate auctions also include an auto-extend feature. Any bid placed within 4 minutes of the auction ending will automatically extend the auction for a 4 minute window from the time the bid is placed, each subsequent bid during the extension will reset the bidding window to 4 minutes. For technical assistance please call 866-243-8243.
(Example:) If an auction scheduled to end at 4:00 p.m. receives a bid at 3:59 p.m., the conclusion of the auction automatically extends to 4:03 p.m. The auto-extend feature remains active until no further bids are received within the 4-minute time frame. The winning bidder is the final bidder whose bid has not been raised in the 4-minute time frame.
5. Auction Bid Default: In the event a winning bidder fails to comply with all of the Successor Trustee’s terms of sale there may be remedies for the Lender/Trustee as a result of default, including but not limited to a non-refundable debit to the credit card provided, legal action for specific performance or all other remedies allowed by law.
6. Agency Disclosure: Tranzon Asset Advisors, Edward D. Durnil and Joe Pyle Complete Auction and Realty Services, including all affiliates, agents, contractors and partners solely represent the LENDER and SUCCESSOR TRUSTEES in this transaction.
7. Disclaimer: All information contained herein is believed to be correct. The information is being furnished to bidders for the bidder’s convenience, and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Each bidder must conduct and rely solely upon their individual investigation and inspection. The property is being sold “AS IS, WHERE IS” with any and all faults. Please review all the information supplied and seek appropriate assistance prior to bidding.
8. Changes, Alterations and Announcements: The Auctioneer reserves the right to deny any person admittance to the auction, to postpone or cancel the auction, to withdraw the property from Auction and to change or alter the terms of the Auction upon announcement prior to or during the course of the Auction sale, without prior notice. It is also possible that the Trustee’s Sale may be postponed for any reason.
IN THE EVENT THERE ARE ANY DISCREPANCIES OR INCONSISTENCIES BETWEEN THE NOTICE OF SUCCESSOR TRUSTEE’S SALE OF REAL PROPERTY AND THESE TERMS AND CONDITIONS, THE NOTICE OF SUCCESSOR TRUSTEE’S SALE OF REAL PROPERTY SHALL BE THE GOVERNING DOCUMENT.
THIS IS NOT A SOLICITATION OR OFFERING TO RESIDENTS OF ANY STATE OR COUNTRY WHERE THIS OFFERING IS PROHIBITED BY LAW.
This auction is conducted by Tranzon Asset Advisors and Joe Pyle Complete Auction and Realty Services acting as marketing agents. Tranzon Asset Advisors and Joe Pyle Complete Auction and Realty Services are solely responsible for the terms and conditions of this auction and the manner in which it is conducted. Tranzon Asset Advisors is a member company of Tranzon, L.L.C. is independently owned and operated, and uses the Tranzon name by license from Tranzon L.L.C., which is not conducting or otherwise involved in this auction.