Real Estate and Alcohol License
Bidding Soft Closes at 1 PM, June 20, 2018
Commonly referred to as: 1885 Dansville Road, Mason, MI 48854
The selling price of the real property, Liquor License, and Beer & Wine License shall be determined by competitive bidding via online only absolute multiple parcel "multi-par" auction.
" It is the Bidder's responsibility to read and fully understand all Terms and Conditions and property information prior to bidding.
" This auction is to be conducted by Epic Auctions and Estate Sale, Inc. hereinafter referred to as Auctioneer or Auction Company, on behalf of the owners of the property, hereinafter referred to as Seller.
" The terms Bidder and Buyer shall be defined as the individual or any company representing or represented by that individual, including any and all of its agents, employees, representatives, officers, owners, members, or directors.
" Auctioneer is not responsible for acts or representations of Seller.
" This is a cash only sale with no contingencies for financing, appraisal, repairs, or inspections
" Bidder is expected to have any needed pre-approvals in place for a mortgage, if necessary, prior to bidding.
" Auctioneer reserves the right to update the Terms and Conditions and any property information at any time. Those will be effective upon posting.
" The act of bidding shall constitute Bidder's acceptance of these Terms and Conditions in whole and individually. In the event that any individual Term or Condition is later found to be unenforceable, Bidder agrees that all remaining Terms and Conditions remain valid and in full effect.
" Seller will provide, at their expense, an Owner's Policy of Title Insurance and will execute a warranty deed conveying the property to Buyer at closing.
" Epic Auctions and Estate Sale, Inc., Auctioneer Robert Howe, Jr., and Auctioneer/Broker Bradley A. Stoecker are acting solely in the role of Seller's Agent. They are not acting as Agents of any potential Buyer and owe no fiduciary responsibility to anyone other than the Seller.
" Auction Company reserves the right to end this auction and cancel all existing bids at any time prior to the conclusion of the auction for any reason.
" All bidders are encouraged to attend an Open House to inspect the property to their full satisfaction. If the Bidder isn't satisfied with the condition of the property or they have any reservations about the bidding process, they are encouraged to discuss this with the auctioneer until they are satisfied, or refrain from the process of bidding.
" The information provided in auction advertisements and bidder information packets was obtained from sources believed by Auction Company and Seller to be accurate but is subject to verification by any and all parties relying on such information. No liability for its accuracy, errors, or omissions is assumed by Auction Company or Seller.
Real Property Information
" All properties are sold subject to any and all existing matters of record, all easements, and local zoning regulations.
" This property is sold "as-is" with no expressed or implied warranty provided by either Auctioneer or Seller.
" Specific property information is available either at the Epic Auctions and Estate Sales website or via email by request. Please read the property information on the listing and request a Bidder Information Packet from the Auction Company.
" Auction Company assumes no liability or responsibility for any defects or deficiencies of the property, either known or not known by Seller.
" Bidder is expected to read and understand all available information regarding the property and to perform their own due diligence to be fully informed about the property prior to bidding.
Liquor and Beer & Wine License Information
" Bidder/Buyer warrants that they are the proper person to be a holder of either an SDD Liquor License and/or SDM Beer and Wine license under the rules and regulations of the State of Michigan Liquor Control Commission and under applicable laws and that a transfer of either License will not be refused for any reason attributable to Bidder/Buyer.
" It is Buyer's responsibility to determine prior to the auction if either license can be transferred to the location of their choice.
" If the transfer of the license is refused for any reason attributed to Bidder/Buyer, there will be no refund or return of the monies that Bidder/Buyer has paid to Seller for the license and Bidder/Buyer is still required to close on the real property (if they were the accepted high bidder).
" Buyer agrees to sign the Purchase Agreement and submit the full purchase price for the license(s) in certified funds to the Auction Company within 24 hours of the end of the auction in the form of either a certified bank check or wire transfer.
" In order to facilitate collecting the funds for the licenses within 24 hours, we need to split the value of the licenses from the real estate which will close at a later date. The price of the license(s) will be deducted from the value of the real estate if it sells in any combination. We will use the following method to determine the final purchase price:
o If either license is sold separate from the real estate, the final purchase price will be the final high bid, plus the ten percent (10%) Buyer's Premium.
o If the Liquor License is sold in combination with the real estate, the final purchase prices will be the higher of either the last bid submitted for the license separately plus the ten percent (10%) Buyer's Premium or $50,000 plus the ten percent (10%) Buyer's Premium.
o If the Beer & Wine license is sold in combination with the real estate, the final purchase prices will be the higher of either the last bid submitted for the license separately plus the ten percent (10%) Buyer's Premium or $15,000 plus the ten percent (10%) Buyer's Premium.
" Example: The real estate and the liquor license sell together for a high bid of $500,000 and the Beer & Wine license sells separately for a high bid of $20,000. To determine the final selling price of the Liquor License, we will review what the last bid was for that license as a separate lot. For this example, the last bid for the license by itself was $40,000. The final sales price for the license will be $50,000 plus the Buyer's Premium. The Buyer will have 24 hours to submit the $55,000 final purchase prices to the auction company. The purchase price for the real estate will be $500,000 minus the $50,000 paid for the liquor license, plus the Buyer's Premium for a total of $495,000. The final purchase price for the Beer & Wine license sold by itself will be the final high bid plus the Buyer's Premium for a total price of $22,000
" Buyer agrees to file with the Michigan Liquor Control Commission its application for transfer of the licenses within 10 calendar days of the closing of the auction.
" There is no alcoholic beverage inventory associated with these Licenses and none shall be sold or transferred.
" All bidders must provide full legal name, mailing address, phone number, email address, and valid credit card information to register.
" All bidder identities will be verified to the satisfaction of the auction company. Any party that cannot be fully identified will have their bidder registration rejected and any and all bidding activity will be deleted.
" All bidders must be 18 years of age as of the day of the auction.
" Online bidder registration requires the submission of valid credit card information in order to be registered for a unique username and password.
" Online bidder identities will be kept confidential except to Auction Company staff and Seller.
" Auction Company reserves the right to waive some or all registration requirements.
" Bidding will be conducted online via a "multi-par" bidding process.
" Auction will be comprised of three (3) separate lots; Real Property, Liquor License, and Beer & Wine License.
" Bids can be submitted for any individual lot or for any combination of the 3 lots. At the conclusion of the auction, the combination of bids that produce the highest and best offer(s) will be the winning bid(s).
" All bids are final and constitute a binding contract.
" This online-only auction does not behave like nor conform to a live auction with which you might be familiar. If after we say a lot has closed there is determined to have been an internet problem, we may reopen the lot for further bidding. However, if there is no internet outage or service interruption, then we will consider "closed" to mean "Sold!"
" Neither Auctioneer nor Seller are responsible for failure of Auction Company computer systems, bidder's computer system malfunctions, failure of bidder to receive email notifications, vendor platform failures, internet connections, or any other event that prevents bidder from bidding or Epic from receiving said bids.
" There will be a Ten Percent (10%) Buyers Premium charged for this auction. This amount will be added to Bidder's final bid to determine the final sales price.
o As an example: If the Bidder's final bid is $100,000, the 10% buyer's premium will be added to this amount to arrive at the final offer price of $110,000. This final offer price will be the final price on which all transfer taxes and title insurance policies will be based.
" The high bidder, at the conclusion of the auction event, will receive an email confirming their final bid. The high bidder will be given instructions on how to sign and return the sales agreement and wire transfer information for the earnest money deposit.
Earnest Money/Down Payment/Deposit for Real Property
" $25,000 deposit in the form of a certified bank check or wire transfer will be deposited with Auction Company within 24 hours of the completion of the auction. Winning bidders that fail to submit the fully executed Contract and earnest money deposit will be considered to be in default.
" Earnest money is 100% non-refundable.
" Remaining balance to be paid in full on or before 45 days after the auction at closing.
" Title Company will be selected by Seller.
" Closing will be on or within 45 days from the close of the auction.
" Taxes will be prorated to the date of closing.
" Any closing that is delayed beyond 45 days without the written authorization of Seller and Auction Company due to any actions or inactions of Buyer or anyone working on behalf of Buyer, including lenders, inspectors, appraisers, etc., will cause Buyer to be considered to be in breach of contract. Buyer will forfeit all earnest money deposits and will be held responsible for any costs incurred by either Auction Company or Seller from the resale of the property.
" In the event of any dispute regarding the auction and subsequent transfer of this property, all legal claims will be properly filed in Ingham County, in the State of Michigan.
The information contained in this document is subject to verification by all parties relying on it. Though every effort has been made to gather accurate and correct information, neither the Seller nor Epic Auctions & Estate Sales assumes any liability for its accuracy, and/or any errors or omissions. Conduct of the auction and increments of bidding are solely at the discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the person's credentials, fitness, etc. All decisions of the Auctioneer are final.
Sale shall include 100% of the mineral, oil and gas rights that may be owned by the Seller.
Neither Epic Auctions & Estate Sales nor the seller will discriminate because of Race, Creed, Color, National Origin, Sex, Martial Status, Age, Handicap or families with children.
Epic Auctions & Estate Sales will act as the Seller's Agent in regards to the sale of this property.
Epic Auctions & Estate Sales
6461 Highland Ridge Drive
East Lansing, MI 48823