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On-Line
Only Public Auction to sell
Commercial
Real Estate Auction
TERMS AND CONDITIONS of AUCTION: Starting bid:
There is a low Starting Bid of $100,000.00. Seller
will furnish and pay for an Owners Policy of Title Insurance. Seller
will pay pro-rata share of taxes to the day of closing. Buyer’s Premium:
A full Five Percent (5%) Buyer’s Premium will be added to the
Highest Bid as Real Estate Broker & Auctioneers Commission. (example: Highest Bid = $195,000 x
5% = $9,750.00 Buyer’s Premium Commission). Financing:
This Real Estate is being sold for CASH payable in full at closing,
not contingent upon Buyer obtaining financing.
Please make your own financial arrangements prior to bidding. Escrow / Deposit:
$10,000.00 escrow deposit required in guaranteed funds or Bank
Money Order or Cashiers check at time of signing Sales Contract.
Your Escrow Deposit will be forfeited if you fail to close this
deal for any reason or reasons except for valid title objections. Survey:
If a Survey is required it will be at the expense of the Buyer. EPA:
Seller will make no EPA study or inspection and property will sell
without regard to finding of any EPA potential or real problem(s).
Buyer is purchasing at his own risk.
Seller does not know of any potential EPA problem concerning the
real estate. Flood Plain:
The property is not in a designated flood plain. Inspection: By appointment only, please call
auctioneer 940-759-4440 or email Questions:
Please call or email Auctioneer, 940-759-4440 or fluscheco@ntin.net Contract:
To review a copy of the Real Estate Sales Contract that will be
used in this transaction go to web site:
www.fluscheauction.com Information:
For additional information please go to web site:
www.fluscheauction.com Note: This is an
aggressive auction, do not bid if you do not intend to close the deal. Auctioneer is licensed and regulated by the Texas Department of Licensing & Regulation (Lic. No. 6916) PO Box 12157, Austin, Texas 78711, (512) 463- 2906 and/or the Texas Real Estate Commission (Lic. No. 136591) PO Box 12188 Austin, Texas 78711 (512) 465-3960. If you have an unresolved complaint is should be directed to the above State Departments. Flusche
Auction Co., Inc. Don
Flusche, Real Estate Broker & Texas Licensed Auctioneer # 6916 “Since
1967” |
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COMMERCIAL
REAL ESTATE EARNEST MONEY CONTRACT SPECIAL CONTRACT FOR THE
SALE OF REAL ESTATE at AUCTION 1. PARTIES: CJ
Real Property, Inc. (Seller) agrees to sell and convey to
_____________________________________________________________________________________
(Buyer)
and Buyer agrees to buy from Seller the property described below. 2. PROPERTY: Commercial
Building situated on a two acre tract of land Lots 13-14 Delta County
Industrial Foundation Phase 1 (2 AC)
City of Cooper, Delta County,
Texas, known as 4003 Holley
Parkway or 415 FM 64 (Address),
as described on attached exhibit, together with the following items if
any, installed heating and air conditioning units and equipment, window
air conditioning units, built-in security and fire detection equipment,
lighting and pluming fixtures, and all other property owned by Seller and
attached to the above described real property except the following
property which is not included: NONE.
All property sold by this contract is called the “Property.”
The Property.
3. SALES PRICE: A.
Cash portion of Sales Price payable by Buyer at closing $_____________.
B.
Sum of all financing described below
$_____________.
C.
Sales Price (Sum of A and B)
$______________.
4.
FINANCING: No financing is being
offered with the sale of this property, this is a CASH sale payable in
full at closing. 5. EARNEST
MONEY: Buyer shall deposit $
10,000.00 as Earnest Money
with Delta County Title and
Abstract Company 61 West Side Square Cooper, Texas 75432. Jay Garrett
owner as Escrow Agent, upon execution of this contract by both
parties. 6. TITLE POLICY:
Seller shall furnish to Buyer at Seller’s expense an Owner
Policy of Title Insurance (the Title Policy) issued by Delta
County Title and Abstract Company in the amount of the Sales Price,
dated at or after closing, insuring Buyer against loss under the
provisions of the Title Policy, subject to the promulgated exclusions
(including existing building and zoning ordinances) and the following
exceptions:
(1)
Restrictive covenants common to the platted subdivision in which
the Property is located. (2)
The standard printed exception for standby fees, taxes and
assessments. (3)
Utility easements created by the dedication deed or plat of the
subdivision in which the Property is located. (4)
Reservations or exceptions otherwise permitted by this contract or
as may be approved by Buyer in writing. (5)
The standard printed exceptions as to discrepancies, conflicts,
shortages in area or boundary lines, encroachments or protrusions, or
overlapping improvements. (6)
The standard printed exception as to marital rights. (7)
The standard printed exception as to waters, tidelands, beaches,
streams, and related matters. Within
20 days after the Title Company receives a copy of this contract, Seller
shall furnish to Buyer a commitment for Title Insurance (the Commitment)
and, at Buyer’s expense, legible copies of restrictive covenants and
documents evidencing exceptions in the Commitment other than the standard
printed exceptions. Seller
authorizes the Title Company to mail or hand deliver the Commitment and
related documents to Buyer at Buyer’s address shown below.
If the Commitment is not delivered to Buyer within the specified
time, the time for delivery shall be automatically extended up to 15 days.
Buyer shall have 5 days after the receipt of the Commitment to
object in writing to matters disclosed in the Commitment.
Buyer may object to existing building and zoning ordinances and
items 6 (A)(1) through (7) above if Buyer determines that any such
ordinance or items prohibits the following use or activity:
_______________________________ 7. [B.] SURVEY:
(1) Survey
will not be provided to Buyer and paid for by Seller.
(2)
Survey may be obtained by the Buyer at Buyer’s expense. NOTICE TO SELLER AND
BUYER: (1)
Broker advises Buyer to have an Abstract covering the Property
examined by an attorney of Buyer’s selection, or Buyer should be
furnished with or obtain a Title Policy. If a Title Policy is furnished, the Commitment should be
promptly reviewed by an attorney of Buyer’s choice due to the time
limitations on Buyer’s right to object. (2)
If the Property is situated in a utility or other statutorily
created district providing water, sewer, drainage, or flood control
facilities and services, Chapter 50 of the Texas Water Code requires
Seller to deliver and Buyer to sign the statutory notice relating to the
tax rate, bonded indebtedness, or standby fee of the district prior to
final execution of this contract. (3)
Buyer is advised that the presence of wetlands, toxic substances
including lead-base paint or asbestos and wastes or other environmental
hazards or the presence of a threatened or endangered species or its
habitat may affect Buyer’s intended use of the Property.
If Buyer is concerned about these matters, and addendum either
promulgated by TREC or required by the parties should be used. (4)
If the Property adjoins and shares a common boundary with the
tidally influence submerged lands of the state, Section 33.135, Texas
Natural Resources Code, requires a notice regarding coastal area property
to be included in the contract. An addendum either promulgated by TREC or required by the
parties should be used. 7. PROPERTY CONDITION:
The Property is being sold AS IS, WITH ALL FAULTS KNOWN OR UNKNOWN WITHOUT
WARRANTY EXPRESSED OR IMPLIED, AS TO EXACTNESS, and CORRECTNESS OF FACT TO
ANY DESCRIPTION OF PROPERTY INFORMATION.
NO REPAIRS, TREATMENTS, INSPECTIONS ARE A CONTINGENT PART OF THIS
SALE. SHOULD ANY EPA PROBLEMS
EXIST NOW OR IN THE FUTURE THE BUYER WILL BE RESPONSIBLE FOR REPAIR, CLEAN
UP, OR UPDATING ANY EQUIPMENT OR REAL ESTATE. Purchaser
agrees that purchaser is taking the Property “AS IS” with any and all
latent and patent defects and that there is no warranty by Seller that the
Property is fit for a particular purpose.
Purchaser acknowledges that it is not relying upon any
representations, statements, assertions or non-assertions by the Seller
with respect to the Property condition, but is relying solely upon its
examination of the Property. Purchaser takes the Property under the express understanding
there are no express or implied warranties (except limited warranties of
title when applicable. Provisions
of this Statement shall survive all other conditions. 8. BROKERS’ REPRESENTATION AND FEES: Don Flusche Real Estate Broker shall be entitled
to a full Commission as agreed in separate contract.
It is understood and agreed by Buyer and Seller that Real Estate
Broker is acting as agent for the Seller. 9. CLOSING:
The closing of the sale shall be on or before Thirty
Days After Effective Date of this Contract, or within 7 days after
objections to title have been cured, whichever date is later (the Closing
Date); the Closing Date shall be extended up to 15 days only if necessary
to comply with lender’s closing requirements
(for example, insurance policies, closing documents).
If either party fails to close this sale by the Closing Date, the
non-defaulting party shall be entitled to exercise the remedies contained
in Paragraph 15. At closing
Seller shall furnish tax statements or certificates showing no delinquent
taxes, and a Warranty Deed conveying good and indefeasible title
showing no additional exceptions to those permitted in Paragraph 6. 10. POSSESSION:
Seller shall deliver possession of the Property on Closing
& Funding in its present condition, ordinary wear and tear
excepted. Any possession by
Buyer prior to closing or by Seller after closing that is not authorized
by a temporary lease form promulgated by TREC or required by the Parties
shall establish a landlord-tenant at sufferance relationship between the
parties. Consult your
insurance agent prior to change of possession as insurance coverage may be
limited or terminated. 11. SPECIAL PROVISIONS: Except as expressly
stated in this agreement, Seller has not made and does not make any
representations, warranties or covenants of any kind or character
whatsoever, whether express or implied, with respect to the quality or
condition of the property. Specifically,
Seller does not make any representations regarding solid waste, as defined
by the Texas Solid Waste Disposal Act and the Regulations adopted
thereunder, or the U.S. Environmental Protection Agency regulations at 40
C.F.R., Part 261, or the disposal or existence, in or on the property, of
any hazardous substance, as defined by the comprehensive environmental
response compensation and liability act of 1980, as amended, and
regulations promulgated thereunder. 12. SALES EXPENSES:
The following expenses shall be paid at or prior to closing:
A. All
expenses concerning financing will be the expenses of the Buyer, to
include but not limited to: Appraisal
fee, loan discounts, buydown fees, Loan application, origination and
commitment fees; loan assumption costs; preparation and recording of deed
of trust to secure assumption; lender required expenses incident to new
loan(s): (for example, PMI
premium, preparation of loan documents, survey, recording fees, tax
service and research fees, warehouse or underwriting fees, copies of
restrictions and easements, amortization schedule, premiums for mortgage
title policies and endorsements required by lender, credit reports,
photos; required premiums for
flood and hazard insurance; required
reserve deposit for insurance premiums and as advalorem taxes;
interest on all monthly installment payment notes from date of
disbursements to one month prior to dates of first monthly payments;
customary Program Loan costs for Buyer;
escrow fee; and other
expenses stipulated to be paid by Buyer under other provisions of this
contract.
B. Seller’s
Expenses: Releases of liens,
including prepayment penalties and recording fees; release of Seller’s
loan liability; tax statements or certificates; preparation of deed;
one-half of escrow fee; and other expenses stipulated to be paid by Seller
under other provisions of this contract. 13. PRORATIONS:
Taxes for the current year shall be prorated through the Closing
Date. 14. CASUALTY LOSS:
If any part of the Property is damaged by fire or other casualty loss,
Seller shall restore the Property to its previous condition as soon as
reasonably possible, but in any event by the Closing Date. If Seller is unable to do so without fault, Buyer may either
(a) terminate this contract and the Earnest Money shall be refunded
to Buyer (b) extend the
time for performance up to 15 days and the Closing Date shall be extended
as necessary or (c) accept
the property in its damaged condition and accept an assignment of
insurance proceeds. Provisions
of the Texas Property Code to the contrary shall not apply. 15. DEFAULT:
If Buyer fails to comply with this contract, Buyer shall be in
default, and Seller may either (a)
enforce specific performance, seek such other relief as may be provided by
law, or both, or (b) terminate this contract and receive the Earnest Money as
liquidated damages, thereby releasing both parties from this contract.
If Seller is unable without fault to make any non-casualty repairs
or deliver the Commitment within the time allowed, Buyer may either
terminate this contract and receive the Earnest Money as the sole remedy
or extend the time for performance up to 15 days and the Closing Date
shall be extended as necessary. If
Seller fails to comply with this contract for any other reason, Seller
shall be in default and Buyer may either (a) enforce specific performance,
seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the Earnest Money,
thereby releasing both parties from this contract. 16. ATTORNEY’S FEES:
If Buyer, Seller, Listing Broker, Other Broker or Escrow Agent is a
prevailing party in any legal proceeding brought under or with relation to
this contract, such party shall be entitled to recover from the
non-prevailing party all costs of such proceeding and reasonable
attorney’s fees. 17. ESCROW:
The Earnest Money is deposited with Escrow Agent with the
understanding that Escrow Agent is not (a) a party to this contract and does not have any liability
for the performance or non-performance of any party to this contract,
(b) liable for interest on the Earnest Money or
(c) liable for any loss of Earnest Money caused by failure of any
financial institution in which the Earnest Money has been deposited unless
the financial institution is acting as Escrow Agent.
If either party makes demand for the payment of the Earnest Money,
Escrow Agent has the right to require from all parties and brokers a
written release of liability of Escrow Agent for disbursement of the
Earnest Money. Any refund or
disbursement of Earnest Money under this contract shall be reduced by the
amount of unpaid expenses incurred on behalf of the party receiving the
Earnest Money, and Escrow Agent shall pay the same to the creditors
entitled thereto. At closing,
the Earnest Money shall be applied first to any cash down payment, then to
Buyer’s closing costs and any excess refunded to Buyer.
Demands and notices required by this paragraph shall be in writing
and delivered by hand delivery or by certified mail, return receipt
requested. 18. REPRESENTATIONS:
Seller represents that as of the Closing Date
(a) there will be no liens, assessments, Uniform Commercial Code or
other security interest against the Property which will not be satisfied
out of the Sales Price unless securing payment of any loans assumed by
Buyer and (b) assumed loans
will be without default. If any representation in this contract is untrue on the
Closing Date, this contract may be terminated by Buyer and the Earnest
Money shall be refunded to Buyer. All
representations contained in this contract and an agreement for mediation
shall survive closing. 19. NOTICES:
All notices shall be in writing and effective when mailed to or
hand-delivered at the addresses shown below. 20. FEDERAL TAX REQUIREMENT:
If Seller is a “foreign person”, as defined by applicable law, or if
Seller fails to deliver an affidavit that Seller is not a “foreign
person”, then the Buyer shall withhold from the sales proceeds an amount
sufficient to comply with applicable tax law and deliver the same to the
Internal Revenue Service together with appropriate tax forms.
IRS regulations require filing written reports if cash in excess of
specified amounts is received in the transaction. 21. DISPUTE RESOLUTION:
It is the policy of the State of Texas to encourage the peaceable
resolution of disputes through alternative dispute resolution procedures.
The parties are encouraged to use an addendum approved by TREC to
submit to mediation disputes which cannot be resolved in good faith
through informal discussion. 22. AGREEMENT OF PARTIES:
This contract contains the entire agreement of the parties and cannot be
changed except by their written agreement.
Addenda which are a part of this contract are: None 23. CONSULT YOUR ATTORNEY:
Brokers cannot give legal advice.
This is intended to be a legally binding contract.
READ IT CAREFULLY. If
you do not understand the effect of this contract, consult your attorney
BEFORE signing.
Don Flusche Real Estate
Broker & Auctioneer Flusche Auction Co.,
Inc. (a division of CJA, Inc. a Texas Corporation) PO Box 417 Muenster, Texas
76252-0417 940-759-4440
Phone 940-759-4288
FAX Federal I.D. #
75-2764015 RECEIPT: Receipt
of [
] Contract and
[ ]
$ 10,000.00 Earnest Money in the form of
__________________________________________________ is acknowledged. Escrow
Agent: _________________________________________, Delta
County Title and Abstract Co 61
West Side Square Cooper,
Texas 75432 By:
_______________________________________________ Date:
_______ day of
________________ 2008
Property
known as: 4003 Holley Parkway
or 415 FM 64 - Cooper, Texas
75432 Legal Description
BEING
situated in the Elender Spencer Survey, Abstract No. 307, Delta County,
Texas and being all the land conveyed to Mobile Supply and Manufacturing
Company by Delta County Industrial Foundation by deed recorded in Volume
169, Page 685, and being all of Lots 13 and 14 of the proposed Delta
County Industrial Foundation Phase I Addition and being more particularly
described as follows: BEGINNING
at the Northeast corner of said Mobile Tract, said point lying in the
South line of Farm - Market Road 64 and being West 328.25 feet and along
said South line from the intersection of same with the Southerly
prolongation of the West line of the John Turner Survey, Abstract No. 364; THENCE
West along the South line of said Farm - Market Road a distance of 278.87
feet to an iron rod for corner and being the proposed East Line of
Industrial Drive; THENCE
South along said East line a distance of 312.4 feet to an iron rod for
corner; THENCE
East a distance of 278.87 feet to an iron rod for corner and being in the
East line of said Mobile Tract; THENCE
North along East line a distance of 312.4 feet to the place of Beginning
and containing approximately 87,120 square feet or 2.0 acres of land. EXHIBIT “B” Easements
to West Delta Water Supply Corporation by Clyde Price, et ux, dated
November 15, 1966, recorded I Volume 133, Page 79, Deed Records of Delta
County, Texas. Right
of Way Deed dated July 29, 1937, from N.E. Price to the State of Texas,
recorded in Book 78, Page 47, Deed Records of Delta County, Texas. Easement
from N.E. Price to Texas Power and Light Co., dated 7-12/35, recorded in
Book 72, Page 242, Deed Records of Delta County, Texas. Right
of Way Deed dated January 2, 1934, from N.E. Price, et ux to State of
Texas, recorded in Book 71, Page 520, Deed Records of Delta County, Texas. Easement
and Right of Way from N.E. Price, et ux to Texas Power & Light Co.,
dated November 26, 1924, recorded in Volume 57, Page 29, Deed Records of
Delta County, Texas. Reservation
of an undivided ½ interest in and to all oil and gas and other minerals
for the term of the natural lives of Joy Bell and husband Ray Bell only.
If there is no paying commercial production on said land on death
of both Joy Bell and husband Ray Bell, then the title to the oil, gas and
other minerals hereby reserved shall vest in the person or persons then
having Title in fee surface of said land, and being more fully set out in
deed from Joy L. Bell and Ray Bell to Delta County Industrial dated July
15, 1980, recorded in Volume 162, Page 357, Deed Records of Delta County,
Texas. Easement
to City of Cooper dated May 18, 1982 of record in Volume 171, Page 390,
Deed Records of Delta County, Texas. Easement
to City of Cooper dated May 19, 1982 of record in Volume 171, Page 380,
Real Property Records of Delta County, Texas.
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