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upon Purchaser's failure to satisfy the bond obligation upon maturity, the down payment made herein shall be forfeited and the Master Commissioner shall be entitled to immediately offer the subject property for resale.
Dated this the ___ day of _____________, 2014.
PURCHASER'S NAME & ADDRESS
Surety is hereby required ( ), waived ( ), this the ___ day of _____________, 2014.
_______________________________________
MASTER COMMISSIONER,
WOODFORD CIRCUIT COURT
( ) I, ( ) we, hereby bind ( ) myself, ( ) ourselves as surety for the above named purchaser to pay the sums under this Bond as and when the same become due and payable.
_______________________________________
_____________________________________
AUCTION PURCHASE CONTRACT
This AUCTION PURCHASE CONTRACT (herein "CONTRACT") is made and entered into this 28th day of October, 2014, by and between Robert Stilz, Jr., in his capacity as the Master Commissioner of the Woodford Circuit Court for an on behalf of all parties to Civil Action No. 03-CI-187 styled Mitchell Bros Partnership; Donna M. Ashley; Jerry Atwood; Margie M. Atwood; Estate of Edith Mitchell; Estate of Floyd Mitchell; Estate of Warren Mitchell; Barbara M. Jones;
Kathryn M. Mabry; Alma Mitchell; Carolyn Mitchell; Edward Mitchell; Elizabeth Mitchell; John T. Mitchell; Larry Mitchell; Leslie J. Mitchell; Myra Mitchell; Patsy Mitchell; Warren E. Mitchell; William J. Mitchell; Gene Rigney; Marilyn M. Rigney;
Hubert Shipp; Nellie Jane Mitchell Shipp; Beverly M. Toy and Ron Toy, Plaintiffs v.
Midway Fuel Properties, LLC; Harry L. Seeger III, Defendants (herein, “SELLERS") and ______________________________________________________________
(herein "PURCHASER" whether one or more) and Schrader Auction Group, LLC, duly licensed by the Commonwealth of Kentucky as Auctioneer and Schrader Commercial Properties, LLC, duly licensed by the Commonwealth of Kentucky as real estate brokers, 175 E. Main Street, Suite 325, Lexington, Fayette County, Kentucky, 40507 (herein "SELLING AGENT" or "AGENT").
– 2 – October 8, 2014
W I T N E S S E T H T H A T:
Pursuant to the order of the Woodford Circuit Court, Case No. 03-CI-187 (the “Civil Action”), SELLERS are authorized to sell and have granted to AGENTS an exclusive contract authorizing AGENTS to sell the tracts listed in the civil action, Case No. 03-CI-187, located at 501 & 502 N. Winter St., Midway, Woodford County, Kentucky, at Auction on October 28th, 2014, at 12:00 P.M. (Time of Day).
At the conclusion of the auction held the day, month and year first above written, ______________________________________________________, was deemed the successful bidder and deemed to be the PURCHASER of Tract___.
For and in consideration of the final bid of $___________________ and a six percent (6%) Buyer’s Premium in the amount of $______________ for a total purchase price of $______________ and the agreements and covenants contained herein, SELLERS do hereby agree to sell to PURCHASERS subject to and after confirmation by the Woodford Circuit Court in the Civil Action and PURCHASER does hereby agree to purchase from SELLERS the property hereinabove described.
1. The property is to be sold at auction, in its "as is" condition without any warranty or guaranty as to the physical condition of the property or any of the improvements thereon. The property shall include all permanent improvements located thereon but shall not include any movable personal property.
2. The final bid price of $__________________ and the six percent Buyer’s Premium of $_________________ representing the total purchase price in the amount of $_______________ of the said property is payable as follows:
– 3 – October 8, 2014
i. The sum of $____________________, representing ten percent (10%) of the total purchase price, a check for which simultaneously with the execution of this contract, shall be presented to Robert Stilz, Jr., the Woodford County Master Commissioner for immediate deposit into the Master Commissioner account for distribution according to the court’s orders in the Civil Action at the closing of the said property or returned to PURCHASER or to be paid to SELLERS under other provisions hereof, if applicable.
ii. The balance of the purchase price, if not paid in full, shall be paid on a credit of thirty (30) days at the lawful rate of twelve percent (12%) per anum. The Purchasers have executed a bond or bonds with sufficient surety thereon for said balance, payable to the Mater Commissioner, which shall have force and effect of a judgment in order to secure the payment of the balance of the purchase price.
3. Closing of this said sale shall be held at the office of Schrader Auction Group, LLC on or before thirty (30) days, or at such other location as may be acceptable to both PURCHASER and SELLERS.
Time shall be of the essence in closing this sale.
– 4 – October 8, 2014
4. At the closing, SELLERS shall deliver to PURCHASER, or his nominee, a Master Commissioner Deed conveying title to the said property as ordered by the Woodford Circuit Court free and clear of all claims of any party to the Civil Action but subject to easements and restrictions of record, if any and other governmental regulations, if any.
5. The property is sold free and clear of the claims of all parties in the Civil Action, except for current year ad valorem real estate taxes and all subsequent years, which shall be assumed by the Purchaser and any matter shown by accurate survey of the property.
6. Possession of the subject property shall be given to the PURCHASERS upon confirmation of the Master Commissioner’s sale by the Woodford Circuit Court in the Civil Action and payment of the purchase price.
7. Said property shall be sold subject to: a) Right of Redemption, if any, of Primary Defendants in the Civil Action; and b) The Property is sold “As Is”.
8. All delinquent property taxes shall be paid from the proceeds of the sale. The Purchaser shall be required to pay all ad valorem taxes assessed by Woodford County and State of Kentucky for the current and all subsequent years.
– 5 – October 8, 2014
9. This CONTRACT is binding upon the parties hereto, their heirs, successors, personal representatives and assigns.
10. NO SURVIVAL OR SELLER OBLIGATION. The acceptance of a deed by the PURCHASER shall be deemed to be a full performance and discharge of every obligation on the part of the SELLERS and the AGENTS to be performed pursuant to this CONTRACT.
11. SELLERS upon confirmation by the Woodford Circuit Court in the Civil Action, agree to pay AGENTS a commission as set forth in a contract granting AGENTS exclusive right to sell said property at absolute auction.
We the undersigned have read this CONTRACT and fully understand the contents therein, and understand that this is the complete content of said CONTRACT and acknowledge the receipt of same. Further, we acknowledge that we are not relying on any verbal statements or representations by either the SELLERS or AGENTS.
– 6 – October 8, 2014
IN WITNESS WHEREOF, the parties have hereunto set their hands this the day, month and year first above written.
SELLERS:
By: __________________________
Title: ________________________
PURCHASERS:
____________________________
____________________________
AGENTS:
Schrader Auction Group, LLC
____________________________
____________________________