COMMERCIAL BUILDING AUCTION- SHERIFF’S SALE

Description

Abbreviated Terms (Please see full terms):

10% Buyer's Premium

$25,000 Deposit- Due by winning bidder at the auction.  Certified funds payable to Marion County Sheriff Office

Sold AS-IS

45-Day Closing (Not subject to financing)

Terms

REAL ESTATE AND IMPROVEMENTS LOCATED AT: 1846 E 30th St, Indianapolis, IN 46218 (“Real Property”). The legal description of the Real Property is attached as Exhibit “A”.

THESE PREMISES ARE OFFERED upon the following terms and conditions:

1. The Bid Price is $__________________.
a. Ten Percent Buyer’s Premium is $_________________
b. Total Purchase Price (Bid plus 10% Buyer’s Premium) is $________________

2. The highest bidder shall deliver to Marion County Sheriff at the time and place of the sale a cashier’s check or other certified funds payable to Marion County Sheriff Office in the amount of Twenty-Five Thousand Dollars ($25,000.00), which shall constitute a nonrefundable “earnest money” deposit (“Earnest Money Deposit”) for the purchase of the Property, and shall thereupon execute the purchase agreement for the Property, immediately following the delivery of the Earnest Money Deposit..

3. The balance of the Purchase Price is to be paid on or before 45 DAYS AFTER AUCTION, at the time and place of closing. A cashier’s check or other certified funds shall be delivered by Purchaser to the Sheriff for the balance of the bid price, plus the Buyer’s Premium, plus any real estate taxes that come due and payable between the date of the Sheriff’s Sale and the date the Sheriff’s deed is issued, with credit given for the Earnest Money Deposit previously paid. If the Purchaser is not ready to close title by the scheduled closing date, any adjournment granted at the request of the Purchaser shall be only upon the provision that all prorations and adjustments shall be as of the scheduled closing date.

4. The Real Property is sold, and the Purchaser agrees to accept the Real Property “as is” in its present condition in all respects, subject to utility easements, zoning ordinances, and any other restrictions of record. No warranties as to physical condition, environmental condition, habitability, suitability to particular purpose, tenancies, or compliance with any laws, codes or ordinances, including those relating to water supplies and septic systems (“Deficiencies”) are made to the Purchaser, unless specifically stated herein. Cost and responsibility for curing Deficiencies, if any, is the Purchaser’s, and the correction or cure of any Deficiencies shall not be a condition of this sale or in any way affect Purchaser’s obligations under this agreement. Any inspections by Purchaser or his/her/their representatives shall be at Purchaser’s expense and for his/her/their information only.

5. Rentals, water and sewer charges and any other matters appropriate for prorating and adjustment shall be prorated between the Seller and the Purchaser at the time of closing. Any installments for local improvements not due and payable at the time of closing shall be paid for by the Purchaser as they thereafter become due. Real estate taxes due and payable on the Property which are or will be delinquent as of the date of the Sheriff’s Sale shall be paid by Key Bank N.A. (the “Bank”). Real estate taxes that become due and payable between the date of the Sheriff’s Sale and the date the Sheriff’s Deed is issued to the Purchaser shall be paid by the Purchaser at closing, in addition to the winning bid amount and the Buyer’s Premium. The Purchaser shall be responsible for the payment of all taxes and assessments for installments which become due and payable after the delivery of the Sheriff’s deed.

6. At closing, the Marion County Sheriff’s Department will transfer ownership of the property via Sheriff’s Deed.

7. This sale is not contingent upon the ability of the Purchaser to secure financing, sell another Real Property or any contingencies whatsoever except as provided in paragraph 6.

8. This sale agreement shall be governed by, and construed in accordance with, the laws of the State of Indiana.

9. In the event of any litigation arising out of this sale, this agreement or any breach thereof, the successful party in any litigation shall be entitled to attorney fees and all costs of litigation.

10. If the Purchaser fails timely to deliver the balance of the sale price to the Marion County Sheriff, then:

1. 1. The Purchaser’s Earnest Money Deposit shall be forfeited and applied first to any costs or expenses of the Sheriff, Treasurer, Assessor, the Bank, and/or Gallivan in connection with the sale, and the remainder shall be split equally between Gallivan, as reimbursement for its fees, and the Bank, as payment towards the balance of the Judgment, and;
   2. The sale shall then be reset under the same terms as herein provided; except Gallivan is authorized to sell the Property to a backup bidder from the original sale if, in the judgment of Gallivan and the Bank, the price the backup bidder is willing to pay is a greater amount than a subsequent sale is likely to realize.