ON LINE ONLY COMMERCIAL LOT ABSOLUTE AUCTION

Real Estate Terms: TERMS & CONDITIONS: 504 North Cumberland St. Lebanon, TN 37087 Recorded in Deed book 442 Page 249 ROWC
Bidding Starts: January 8th, 2020 at 10:00 a.m. CST
Bidding Ends: Thursday, January 30th, 2020 at 5:00 p.m. CST
Inspection Information:
Please feel free to inspect this property on your own, or;
Contact the auctioneer to schedule an appointment.
Buyer’s Premium: There is a 10% Buyer’s Premium in effect for this auction.
Legal Description
A certain tract of parcel of land lying in the 10th Civil district of Wilson County, Tennessee being more particularly bound and described as follows: Fronting on the Westerly side of North Cumberland Street and being 102 feet wide on the Easterly and Westerly boundaries, and running back between parallel lines 218 feet on the Northerly boundary and 214 feet on the Southerly boundary. Containing ½ acre more or less and commonly known as 504 N. Cumberland Street Lebanon, TN. 37087
Agreement of Purchase & Sale
Immediately following the close of the bidding, the high bidder will be required to enter into a Purchase and Sale Agreement. The Purchase and Sale Agreement will be sent to the buyer via DocuSign or emailed to buyer.
Buyer’s Premium
A 10% Buyer’s Premium will be added to the high bid price to determine the total contract sales price for the Property.
Absolute Auction Conditions
This auction is an absolute auction. This means that the property will sell to the highest and best bidder.
Reserve Auction Conditions (if applicable)-THIS DOES NOT APPLY TO THIS AUCTION!
Unless otherwise indicated, all lots in this auction are offered subject to a reserve, which is the confidential minimum price below which such lot will not be sold. Reserves are agreed upon between the Owner and Auctioneer. The Auctioneer reserves the right to bid as agent for the Owner up to the amount of the reserve by placing successive or consecutive bids for a lot or by placing bids in response to other bidders.
Bid Deposit / Authorization
All bidders must receive a bid number to bid. A valid driver’s license is required, and a photo or scanned copy of your driver’s license must be submitted to auctioneermikewalker@gmail.com in order to register to bid on line. A valid credit card is required to bid. Bidder agrees that a $500.00 hold can be placed on their credit card for an internet service fee and that if they are the winning bidder and fail to close under the terms of this agreement, the $500 internet service fee is non-refundable and will be charged to their credit card. This authorization is not actually charged to your card. If they are not the winning bidder, the $500 internet service fee will be released, and the credit card will not be charged. The successful bidder will be required to sign the “Purchase and Sale Agreement” immediately following the close of the auction and deposit by 4:00 p.m. CST, Friday January 31st, 2020 via wire, a 15% non-refundable deposit of the total contract price into the Auction Company’s escrow account and be verified by the auctioneer. Failure to do so will be considered a breach of contract.
Debit Card Warning
We require bidders to secure their accounts with a credit or debit card. Some of our auctions further require a deposit. If you use a credit card to secure your account, the auction deposit will take the form of a credit card authorization and will count against your credit limit for the duration of the authorization (up to 10 business days) If you use a debit card to secure your account, the auction deposit will take the form of a hold on funds in your bank account for the duration of the authorization. Walker Auction & Realty, LLC highly recommends you secure your account with a credit card and is not responsible for any issues arising from the use of a debit card to secure your bidding account. Add a debit card at your own risk.
Auction Ending
Beginning at the stated closing time, the auction software will conclude bidding with the following exception: if a bid is placed within the last 3 minutes remaining for that auction, bidding for that lot will remain open for an additional 3 minutes; and will continue to be extended until there are no more increases within the 3-minute time frame.
Soft Close Groups
This auction will be using the soft close method. If a bid is placed in the last 3 minutes remaining in the auction, the bidding will remain open for an additional 3 minutes.
Payment and Closing
The Purchaser shall pay a non-refundable deposit of 15% of the total contract sales price to the Auction Companies Escrow account by 4:00 p.m. CST on Friday January 31st, 2020 following the conclusion of the auction and will be verified by the auctioneer. The Auction Company will only accept payment by wire transfer. Buyer will be responsible for all wire fees to the auction companies escrow account. The Purchaser shall pay the remainder of the total contract sales price at the real estate closing. Closing shall take place no later than on or before February 28th, 2020. The Closing Attorney will schedule and conduct the closing.
Escrow Agent / Closing Attorney
The purchase monies, in respect to the real estate shall be paid to and deposited with:
Lee & Lee Attorneys at Law, 109 East Gay St., Lebanon, TN 37087 615-444-1312 / Closing Attorney
Survey
The Seller will NOT provide a boundary survey, but will supply what was obtained from the Register of Deeds office and the tax map. The seller does not have the original survey. We will provide the deed with the meets and bounds description. Seller will not provide a new survey.
Deed
Seller shall provide a warranty deed.
Evidence of Title
Auctioneer shall post a preliminary title of opinion on its website before the conclusion of the auction. Seller agrees to provide merchantable title to the Property subject to matters of record, general conditions of title and similar or related matters identified in the preliminary title commitment.
Title Insurance
The Purchaser may obtain an owner’s title insurance policy in the amount of the purchase price from the Closing Attorney at the Purchaser’s cost. For a quote on the title policy contact Cindy Blevins at 615-444-1312
Real Estate Taxes
2020 Real estate taxes and assessments shall be pro-rated to the date of Closing.
Back taxes that are due will be paid in full by the seller at closing!
Closing Costs
The Owner shall pay the following closing costs:
Title commitment fee
Costs to prepare the deed
50% of the closing agent’s cost to close the sale
Any legal counsel retained by Owner in connection with the conveyance of the Property
All liens and back taxes on the property.
The Purchaser shall pay the following costs:
The cost of the standard owner’s ALTA title policy, if Purchaser chooses to have a title policy issued:
Any special endorsements to the title policy;
Any costs associated with title insurance issued in favor of Purchaser’s lenders, if any;
All costs arising from or relating to any loan sought by Purchaser to finance the conveyance;
All recording costs, transfer taxes and mortgage taxes arising from the deed, deed of trust and any other financing documents required by Purchaser’s lenders, if any;
50% of the closing agent’s cost to close the sale; and
Any legal counsel retained by Purchaser in connection with the conveyance of the Property



TERMS-Cash Sale
This is a cash sale and is not contingent on Purchaser’s ability to obtain financing, or any other buyer contingency. (Buyer’s may use financing; however, this sale is not contingent on financing, appraisals, or inspections that might be required by a lender and must be closed by the stated closing date) This is a no Buyer contingency sale!
Possession
The Purchaser will receive possession at closing, subject to the rights of parties in possession and existing leases, if any. (Currently no known leases)
As-Is Sale
The Purchaser shall accept the property in an as-is condition with all faults as of the closing date and the Purchaser shall specifically agree that the Seller has not and does not make any representations or warranties of any kind whatsoever, expressed or implied, to the purchaser regarding the property or any improvements thereon. All real estate, land, buildings and improvements are being sold and purchased “AS-IS” without any warranties or guarantees, and representations as to fitness, use, habitability, merchantability, condition, age, shape, size, quality, quantity, environmental impact, conditions or hazards, condition of wells or subsurface conditions being expressed by sellers or their agents.
The property is selling subject to:
Anything an accurate survey or personal inspection of the property may reveal, including any existing right-of-way(s), easements or claims to easements, Subject to, any encroachments, rights or claims of parties in possession, restrictive covenants and easements, flood zones, zoning or subdivision regulations, building codes, governmental agency regulations, environmental conditions, lead-based paint, asbestos, radon gas, hazardous materials, any mineral rights, water rights, riparian or littoral rights, and reservations or conveyances, if any. The Purchaser shall have satisfied himself as to the location and condition of the property and all descriptions thereof, before bidding. All information contained in the brochure and all promotional materials, including, but not limited to, square footages, acreage, dimensions, maps, taxes, soils work, perk test, etc., as provided by the Seller and is believed to be correct; however, neither the Seller nor the Auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information.
Agency Disclosure
Walker Auction & Realty LLC and its representatives are exclusive agents of the Seller and are agents of no other party to this transaction.
Miscellaneous
All decisions of the Auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding and any other matters that may arise before, during, or after the auction. Seller reserves the right to deny any person the right to participate in the auction or to ban anyone from the auction who attempts to disrupt it.
Equal Opportunity Clause
All bidding is open to the public. The Property is available to qualified purchasers without regard to a prospective Purchaser’s race, color, religion, sex, familial status, national origin or physical handicap.


Debt Collection & Interest Charge
The bidder agrees to pay all reasonable attorney fees and other costs incurred by Walker Auction & Realty, LLC in its efforts to collect unpaid funds from the bidder. The bidder agrees that a fee of 2% of the outstanding balance per month be added to any unpaid balance due Walker Auction & Realty LLC. Any debt collection or dispute proceedings will be heard in Wilson County, Tennessee.
Guaranty Agreement
By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees payment of any bid amount not paid when due by the business entity or corporation, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorney fee.
Age Requirement
All bidders/purchasers must be 18 years of age or older.
Bidders Information and Security
All registration information the bidder provides to Walker Auction & Realty LLC shall be current, complete and accurate. All bidders are responsible for any bids placed under their bidding numbers and passwords. Bidders must notify Walker Auction & Realty LLC if they believe that their bidder number and password have been compromised at 615-308-9009. Under no circumstances shall Bidder have any kind of claim against Walker Auction & Realty LLC, or anyone else if the internet service fails to work correctly before or during the auction. Bidder agrees that by registering for the online auction, they have accepted all Terms and Conditions. Bidder is responsible for any and all bids placed by their account.
Before Bidding
Potential bidders are encouraged to make their own inspections and due diligence prior to bidding on the property. The Seller, Auctioneer, and Auction Firm will not be responsible for any buyer misunderstandings of these terms and conditions or auction process. If you don’t understand the terms and conditions or auction process, ask questions to ensure you understand prior to bidding.
Agent Referral Program
Agent’s participating in the referral program must be duly registered with their clients with the auction company and have submitted the filled out agent referral form and submitted to the auction company no less than 24 hours prior to the end of the auction, No Exceptions. The referring agent will abide by and accept all of the terms in the referral agreement posted online.
Sellers
David & Dorothy Locke
5% non-refundable deposit of the total contract price and signing of the purchase contract is required immediately following the close of the auction.

Bank Terms: No Bank Terms being offered.

Listing Agent: Mike Walker