Main Street, Palco, Kansas

Detailed description

Additional details

Palco Elementary

Damar Jr High

Palco High School

Exterior

View from Rear

Property Line

Concrete pillars

Frontage

View from Road

View from Road

Zoning
Commercial Zoning

Purple Wave Realty is pleased to offer buyer broker participation for the property noted above, subject to the requirements and conditions stated in our Buyer Broker Registration Form.

Download buyer broker participation form

Roger Kisner
roger@purplewave.com
785.656.0596

Purple Wave Realty, LLC ("Auctioneer"), sets the following terms of auction ("Auction Terms"). The Auction Terms shall control the auction of the Property (defined below). The Auction Terms may not be modified except in writing or by Auctioneer's announcements on the day of the auction. The Auction Terms shall be incorporated into and become part of the applicable Auction Contract to be executed by the winning bidder(s) and the seller ("Auction Contract"). The Auction Contract and the Auction Terms are intended to be supplemental and complimentary to each other and collectively they govern this auction and purchase and sale of the Property. In the event of a conflict or inconsistency between the Auction Contract and the Auction Terms, the Auction Contract shall control.

Agents of the Seller Only
Auctioneer represents only the seller in this transaction. Auctioneer does not represent any bidder or buyer in any manner. Auctioneer has an exclusive right to list and market the Property, and all inquiries and transactional matters must be conducted through Auctioneer. The winning bidder(s) will be required to acknowledge receipt of relevant brokerage relationship disclosure materials prior to signing the Auction Contract.

Property Description
The property to be sold is that real property described in the last preliminary report and commitment for title insurance issued by [Title Company] "Preliminary Report," such property commonly known as 205 W 1st in Palco, KS. The Preliminary Report is available for inspection from Auctioneer.

Registering to Bid
To be eligible to bid, all interested parties must be registered. Bidders registering for the first time at the auction site on auction day will be required to (1) provide proof of identity and minimum age of 18 years, (2) complete a registration form and (3) provide proof, in the form required by Auctioneer, of Initial Deposit Money availability (collectively "Auction Registration Requirements"). Bidders who submit Pre-Auction Bids (as defined below) are required to complete Auctioneer's online bidder registration and will also be required to complete the Auction Registration Requirements before the live auction commences. Any bidder desiring to place bids other than in person at the auction site on auction day or via Pre-Auction Bids will be required to complete the Auction Registration Requirements. Nothing in this paragraph shall be deemed to affect or modify the paragraph titled "Bids Prior to the Live Auction." Auctioneer may waive some or all of the requirements set forth in this paragraph on a case-by-case basis, but any such waiver shall not impair or restrain Auctioneer's ability to enforce any requirements at any other time or with respect to any other bid or bidder. Auctioneer may refuse to recognize any bid or bidder that does not satisfy the requirements of this paragraph.

Bids Prior to the Live Auction
Qualifying bids placed through Auctioneer's website or otherwise prior to commencement of the live auction ("Pre-Auction Bids") are binding and may not be withdrawn. Pre-Auction Bids shall be considered absentee bids. All bidders making Pre-Auction Bids irrevocably authorize Auctioneer to implement those bids at the live auction. Auctioneer makes no guarantee that the bidder with the highest Pre-Auction Bid before the live auction will be the ultimate winning bidder. Auctioneer will strive to implement Pre-Auction Bids effectively, but no implementation guarantees or warranties are made.

Buyer's Premium; Purchase Price; Non-refundable Good Faith Deposit; Closing Date
A 10% buyer's premium will be added to the winning bids to determine the final price to be paid by the winning bidder(s) ("Purchase Price"). The Purchase Price shall be paid as follows: A 25% (of contract price), non-refundable deposit will be due from buyer immediately after buyer is declared the winner, which shall then be delivered by Auctioneer to Edward Hageman, Attorney at Law ("Escrow Holder") and which shall be credited against the Purchase Price (the "Initial Deposit Money"); and the balance of the Purchase Price (not including closing costs) shall be deposited on or before Thursday January 15th, 2009 with Escrow Holder ("Closing Date"). Good faith deposits in any amount will be accepted in the form of cash or wire transfer (wire instructions). Personal checks and business checks will not be accepted without a bank guaranty letter (letter requirements).

Multi-Parcel Offering
The Property will be offered in multiple parcels ("Tract"). Each Tract will be sold to the highest bidder, with no reserve or minimum bid required, in a multiple parcel auction format in two sessions. SESSION I: Bids will be taken and, once the highest bid is reached, the highest bidder may choose any one or more Tract at the high bid amount for each Tract. The Auctioneer may then offer on a first-bidder-to-act basis, the opportunity for any other bidders to select an available Tract at the last high bid amount. Bids will again be taken for the remaining Tract(s) not chosen by the initial highest bidder or another bidder at that high bid amount. Once the next highest bid is reached, the next highest bidder may choose one or more of the remaining Tracts and so on until no further Tracts remain for selection. Once Tract selections have been made by a bidder in Session I, those choices may not be swapped or exchanged for any other Tract(s). SESSION II: Any bidder may select any individual Tract or combination of two or more Tracts for additional bidding as allowed by the Auctioneer, provided the additional bidding results in a greater overall total bid price for all Tracts. Bidding will continue in this format until no bidding activity resulting in a greater overall total bid price for all Tracts occurs. At the close of Session II, Auctioneer will declare the winning bidder(s) and Auction Contracts will be immediately executed by them and Seller.

Property Sold As-Is, Where-Is
All bidders and interested parties shall rely solely on their or their agents' personal inspection of the Property and not on information provided by Auctioneer or the seller. Failure to inspect or otherwise be fully informed as to the nature, quality, condition, quantity, or size of the Property will not constitute grounds for any claim, adjustment, refund, termination of the Auction Contract or refusal to close the sale. Any information provided about the property has been provided by the seller or is a matter of public record and is believed to be accurate but is not guaranteed; all information should be independently verified by any interested party. By registering to bid or placing a bid, any bidder or interested party acknowledges (1) the Property is to be sold and conveyed to, and accepted by the winning bidder(s), in an "AS IS" condition with all faults, if any, except as otherwise set forth in the Auction Contract; (2) they have investigated and have knowledge of operative or proposed governmental laws and regulations, including, without limitation, zoning, environmental and land use laws and regulations, to which the Property is or may be subject and accept the Property solely upon the basis of their review and determination of the applicability and effect of such laws and regulations; (3) they are placing a bid and, if they are a winning bidder, they will enter into the Auction Contract on the basis of their own investigation of the physical and environmental conditions of the Property, including subsurface conditions, and they assume the risk that adverse physical and environmental conditions may not have been revealed by their own investigation; (4) the seller, its agents and employees and other persons acting on behalf of the seller, have made no representation or warranty of any kind in connection with any matter relating to the condition, value, fitness, size, usefulness, utility availability or cost or zoning of the Property upon which the bidder or interested party has relied directly or indirectly for any purpose. The seller has no knowledge of any adverse physical or environmental conditions of the Property, except as the seller has disclosed in writing. By registering to bid or placing a bid, any bidder or interested party (1) waives, releases, and forever discharges Auctioneer, the seller, and their members, directors, officers, managers, employees, agents, successors, assigns, or any other person acting on behalf of the seller, of and from any claims, actions, causes of action, demands, rights, damages, costs, expenses or compensation whatsoever, direct or indirect, known or unknown, foreseen or unforeseen, which the bidder or interested party now has or which may arise in the future on the account of or in any way growing out of or connected with the physical or environmental condition of the Property or any law or regulation applicable thereto, and (2) agrees to indemnify, defend and hold harmless Auctioneer, the seller, and their members, directors, officers, managers, employees, agents, successors, and assigns, from and against any and all loss, damage, liability, claim, cost or expense including, without limitation, attorneys' fees and court costs, resulting from any injury to persons or damage to property, arising from and adverse physical or environmental condition of the Property. The Property is sold subject to all city, county, and state laws, ordinances, and regulations as well as any and all easements, encumbrances, and restrictions of record.

Execution of Auction Contract; No Contingencies
Immediately after Auctioneer declares the winning bidder(s), the winning bidder(s) will execute the Auction Contract without modification or negotiation. The Auction Contract is a cash contract and is not contingent upon the winning bidder(s) obtaining financing, conducting inspections or appraisals, or any other contingency of any kind. The Auction Contract will be cancelled only if the seller is unable to deliver clear title to the Property as described in the Preliminary Report. The Auction Contract is available for review from Auctioneer.

Taxes, Assessments, and Closing Costs
The winning bidder(s) of the commercial lot will split the recording fee(s) and title insurance fee 50/50 at closing. The winning bidder(s) will also pay all fees charged by a lender or lenders, mortgage insurance, credit report(s), property legal survey, termite or other pest inspection fees, whole house or lead based paint inspection fees, and fees and expenses charged by the bidder's attorney. Buyer shall have the option of taking over any existing policies of insurance on the Property, if assumable, in which event premiums shall be prorated to the Closing Date.

Publicly Available Information
All information regarding taxes, uses, zoning, schools, associations, development and benefits districts, size, quantity and utilities is obtained from public records and believed but not guaranteed to be accurate. Interested parties are strongly encouraged to verify such information.

Sold by the Tract Only
The Property is being auctioned by the tract only, and any dimension, volume or acreage information is approximate and provided merely for reference and orientation.

Dispute Resolution
Any dispute, claim, counterclaim, controversy, action or grievance arising out of or relating to this auction, or marketing, sale or purchase of the Property or the breach, termination, enforcement, interpretation or validity of the Auction Terms or the Auction Contract, including the determination of the scope or applicability of this arbitration clause, shall, if not resolved within ten days after any aggrieved party gives notice to the others of its desire to arbitrate, be determined by arbitration in Manhattan, Kansas, before three arbitrators, one of whom shall be a lawyer with at least ten (10) years' experience in legal disputes involving real estate auctions. The arbitration shall be administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures. Judgment on the Award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. The arbitrators shall, in the Award, allocate all or part of the costs of the arbitration, including the fees of the arbitrator, expert witness fees, arbitration filing fees, and reasonable attorneys' fees of the prevailing party. The arbitration record, award and enforcement proceedings, if any, shall be permanently kept sealed and confidential among the parties, and the parties agree to jointly petition all relevant tribunals for an order sealing all records pertaining to enforcement or enforceability of the arbitration award.

Miscellaneous; Complete Terms; Non-waiver; Binding on Successors
All interested parties are encouraged to retain their own attorney to answer any legal questions involved in any real estate transaction. These Auction Terms, except as modified by the Auctioneer in writing or during announcements at any live auction and except as modified by the Auction Contract, constitute the complete terms of this auction. They shall be construed in accordance with and governed by the laws of the state of Kansas. No delay or failure by Auctioneer or the seller to exercise any right hereunder, and no partial or single exercise of such right shall constitute a waiver of that or any other right, unless otherwise expressly provided in these Auction Terms. These Auction Terms shall be binding upon and inure to the benefit of all bidders, the seller, Auctioneer, and their respective heirs, legal representatives, and assigns.