SALE CANCELLED - Highly Visible Commercial Retail Location | Fast Food | "A" Frame Restaurant | 2,006 +/- sf | Zoned C1 | Trustee Sale | Newport News, VA

Details

Highly Visible Commercial Retail Location |  Fast Food | "A" Frame Restaurant |  

2,006 +/- sf | Zoned C1 | Trustee Sale | Newport News, VA

Trustee Sale on Wednesday, July 21st at 11:30 a.m. 

Sale Held at the Newport News Circuit Court Building

2500 Washington Avenue, Courthouse Building

Newport News, VA 23607

For More Information:

Call Ernie Rogers at 804-334-4558

ERogers@Motleys.com

Terms

Motleys Real Estate

3600 Deepwater Terminal Road

Richmond, VA 23234 | 804-232-3300 | 804-334-4558 | VAAF 16

Terms and Conditions

Thank you for your interest in the sale of this property.  If you should have any questions or need additional information, please contact Ernie Rogers at 804-334-4558.

Terms:  All bidders must register to bid by completing the Bidder Registration Form.    A 10% buyer's premium will be added to the final bid and will become a part of the purchase price. As an example, if you bid $100,000 for a property the contract sale price will be $110,000. The property is sold in “AS-IS” condition, and is not contingent upon buyer's financing, condition of property, appraisal, inspection, etc. Buyers shall rely on their own information, judgment, and inspection of the property. Title will convey via Special Warranty Deed.  The closing will take place within 30-days of the sale unless specified otherwise or as soon thereafter as necessary to correct any defects in title. Time is of the essence with respect to all closings. If you are NOT prepared to make the required Deposit, execute the required documents, and close within the timeframe stated, please do not bid. Day of sale announcements take precedence over any previously printed material, or any other oral statements made.

Bidder Verification: The identity of all bidders will be verified via a Government Issued ID.

Deposit: At the close of the sale, the winning bidder will be required to submit a deposit equal to at least 10% of the Purchase Price. The deposit must be in the form of cash, cashier's check, or certified check (from a US bank), made payable to the Trustee, Peter Zemanian .  The entirety of the remaining balance is due at closing.

Due Diligence: Any reliance on the content of information provided shall be solely at the recipient’s risk. All information is believed to be correct but is not guaranteed. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold “AS-IS” with all faults. 

Default:  If the closing does not occur for any reason whatsoever, other than solely due to the fault of the Trustee, Trustee shall retain the earnest money deposit as a measure of liquidated damages. This provision shall in no way affect the right of Trustee and Motleys Auctions, Inc./Motleys Asset Disposition Group to rely upon and to exercise any other legal remedies or recourse available to them, including without limitation seeking specific performance or monetary damages, in the event the closing contemplated herein does not occur due to default by Purchaser. Purchaser further agrees to pay all attorney fees, court costs and other costs of collection/enforcement incurred by Motleys and Trustee due to a default by Purchaser. The sale is subject to cancellation, additions, deletions,  or postponement.

Broker Co-op: Motleys will pay up to a three percent (3%) Broker Participation Fee (based on high bid and not including applicable buyer’s premium) to the broker representing the winning participant on the real property. All broker participation forms must be submitted to Motleys 24-hours prior to the sale.

Closing: TIME IS OF THE ESSENCE WITH RESPECT TO ALL CLOSINGS!

The successful buyer must sign all documents and contracts in the time referenced in the contract and will be required to make an appointment with the closing agent to pay the balance of the purchase price and receive the deed to the property. All closings must occur within 30 days, unless otherwise specified in the Purchase Agreement. Buyer acknowledges and agrees that time is of the essence. Said premises are to be conveyed by Marketable Deed from all owners of record and free and clear of all liens.

Closing Costs: The deed shall be prepared and acknowledged by Trustee at the Trustee’s expense and recorded at the expense of the Buyer. The buyer shall pay all title searches, title insurance charges, survey expenses, usual conveyance expenses, and recordation taxes, including the Grantor’s and Grantee’s Tax.

Offers: All Offers are open to the public without regard to race, color, sex, religion, or national origin. As used in these conditions of sale, the term “the final offer” means the highest offer acknowledged by the party conducting the sale, and the term “purchase price” means the sum of the final offer. The highest offering acknowledged by the party conducting the sale at the end of the sale shall be the buyer of that real property. The party conducting the sale has the right to reject any offer or raise any offer which, in his opinion, is not commensurate with the value of the property being offered. The party conducting the sale may advance the offering at his absolute discretion and, in the event of any dispute between registered participants, may determine the successful participant or re-offer and resell the property in dispute. Should there be any dispute after the sale, the record of final sale shall be conclusive.  

Conditions of Default: If successful participant defaults in making settlement, the deposit paid by that defaulting successful participant shall be forfeited, and the property purchased by such defaulting successful participant may either be resold at the risk and expense of such party or Trustee may accept the next highest available offer at the sale. Such defaulting successful participant shall be liable personally for any deficiency resulting from the resale of the property it purchased at a lower price as well as for all costs, expenses, and attorneys’ fees in connection with such resale. The forfeiture of such deposit shall not limit any rights or remedies of Trustee with respect to any such default.

Controlling Law: The respective rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the sale shall be governed and interpreted by the laws of the Commonwealth of Virginia. By making an offer at the sale, whether present in person or by agent, written offer, telephone, online or other means, the participant shall be deemed to have consented to the jurisdiction of the state and federal courts of the Commonwealth of Virginia.

Inspection: All property is being sold “WHERE-IS, AS-IS,” “WITH ALL FAULTS,” with no representations or warranties of any sort except the general warranty to be included in the deed to the real property. Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied. Motleys disclaims all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they make an offer, and by making an offer(s) are deemed to have so inspected the property to their satisfaction. Placing an offer, whether in person, or by agent, or other means, constitutes an agreement by participant to these conditions of sale. Motleys and their agents and subagents assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. Although information has been obtained from sources deemed reliable, Motleys makes no guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotional/publicity statements and materials.

Release: The successful participant must agree to release any and all claims or causes of action it may have against beneficiary and Motleys (or the employees or agents of either of them) relating in any way to (a) the sale, (b) the property offered for sale, (c) any condition or aspect of such property that may not be in compliance with any federal, state, or local law, regulation, or ruling including, without limitation, any laws, regulations, and rulings relating to environmental contamination or hazardous waste, and/or (d) any documents, reports, complications, financial statements, projections, surveys, or any other documents delivered to such successful participant by Motleys, and/or the beneficiary, or the agents or employees of either of them. The successful participant must acknowledge and agree that the beneficiary, Motleys, and the agents or employees of any of them have not made and do not make and have disclaimed any and all representations or warranties regarding the truth, accuracy, or completeness of any of the documents provided the successful participant relating to the property purchased or the sources thereof and that such documents were provided solely as an accommodation to such successful participant.

Agency Disclosure: In all transactions, Motleys is acting as an agent for the Trustee, not as a Buyer’s Agent.

Contact Information:

Ernie Rogers - ERogers@Motleys.com  804-334-4558

By bidding at this sale, the Buyer hereby acknowledges receipt of and agrees to all these Terms and Conditions. I hereby acknowledge receipt and agree to these terms:

Signature______________________________________________        Date___________________