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Terms & Conditions
DG-3220 Lots A,B,C, & D of the Indian Hills Addition
Chapter 7 Bankruptcy Court, Case#8:05-bk-20461-KRM
1. This property is offered at auction ("Property") by Tranzon Driggers. ("Auctioneer"), as Seller's agent, subject to the following Terms and Conditions of Sale:
2. Tranzon Driggers is conducting the Auction on behalf of the Chapter 7 Bankruptcy Court, Case#8:05-bk-20461-KRM, the Honorable Judge K. Rodney May presiding.
3. All Bidders must submit a signed Offer to Purchase Contract before being allowed to bid.
4. Bids will be accepted only from Registered Bidders who have completed the Registration Form, signed Offer to Purchase Contract, and submitted the necessary Earnest Money Deposit to Stephen Meininger, Chapter 7 Trustee, no later than Monday, January 23, 2006, at 12:00 PM E.T. Cashier’s checks must be made payable to Stephen Meininger, Chapter 7 Trustee, in the amount of $1,000.00 (One Thousand Dollars).
5. Registered bidders who submitted the necessary documents and deposit will be approved for participation in the NAALive.com auction event scheduled to start on Wednesday, January 18, 2006 at 9:00 AM E.T. and ending on Tuesday, January 24, 2006 at 3:00 PM E.T. However, bidding will remain open until there is no bidding activity for a two-minute period of time.
6. Bids must be made in $250.00 increments.
7. A buyer’s premium of ten percent (10%) shall be added to the high bid price and included in the total purchase price to be paid by the successful bidder.
8. At the conclusion of bidding, the high bidder will be required to tender the full purchase price (less the $1,000.00 Earnest Money Deposit) within 24 hours of the auction sale to Stephen Meininger, Chapter 7 Trustee, via wire transfer or certified check.
9. Bidders are required to obtain their own financing. The sale will not be contingent upon obtaining such financing and will not be extended for that purpose. Bidders who fail to qualify for their own financing, and subsequently fail to close the sale for that reason will be required to release the deposit to Seller as liquidated damages.
10. All bidders are encouraged to personally inspect the property and any documentation relating thereto. The property is being sold “as-is, where is, with all faults” with no representations or warranties whatsoever. The sale is not contingent upon inspection and will not be extended for that purpose. Neither Seller nor Auctioneer makes any warranties or representations, either expressed or implied, concerning the assets included in the sale. Neither Seller nor Auctioneer shall be liable for any relief, including damages, rescission, reformation, allowance or adjustment based on the failure of the property to conform to any specific standard or expectation.
11. Transfer will be by Trustee’s Deed.
12. The Auctioneer reserves the right to deny registration to any person for any reason, to postpone or cancel the Auction, to withdraw the property from the Auction and to change any terms of the Auction or particular conditions of sale upon announcement prior to or during the course of the Auction.
13. All information and materials provided by Auctioneer is subject to inspection by all appropriate parties and the Auctioneer assumes no liability for its accuracy, errors, or omissions nor it’s Agents, the Seller or its agents. Prospective bidders should independently verify any information being materially relied upon in making a purchasing decision.
14. This sale is subject to Bankruptcy Court approval.
15. Closing will take place on Thursday, February 23, 2006 or 10 days after court approval whichever is later.
16. The buyer will be required to pay all closing costs, including, but not limited to, document preparation fees, documentary transfer tax, recording fees, closing fees, and title insurance.
17. Only the Offer to Purchase Contract shall set forth Seller's obligations to the successful Bidder.
18. Bidders participating through a 3rd party online bidding agent, such as NAALive.com, will be subject to the online bidding service procedures as well as additional Tranzon Driggers terms and the terms specified by the Chapter 7 Bankruptcy Court, Case#8:05-bk-20461-KRM. This information is available at the Tranzon website: http://www.tranzon.com. You are urged to go to NAALive.com to review their procedures.
19. Tranzon Driggers is a member company of Tranzon, L.L.C., is independently owned and operated, and uses the Tranzon name by license from Tranzon, L.L.C., which is not conducting or otherwise involved in this auction. This auction is in conjunction with Tranzon Asset Advisors, Edward D. Durnil, CAI, CES, AR Broker Lic. #PB00060144.
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