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TERMS: This property is being sold in conjunction with the Master Commissioner of Woodford County, pursuant to that Judgement and Order of Sale entered by
the Woodford Circuit Court, Case No. 03-CI-187, Mitchell Brothers v. Midway Fuel, ordering the sale of that property. The Property and improvements thereon will be sold “as is” with no warranty, express or implied. A 6% buyer’s premium will be added to the fi nal bid price to determine the sale price. 10% down and signed contract due day of sale. Closing within 30 days.
The information contained herein is from sources believed, but not guaranteed to be accurate. Schrader Auction Group, LLC makes no representation or warranties regarding the property and you should conduct a careful, independent, investigation of the property to determine its suitability for your use and investment. Announcements on day of sale take precedence over any advertisement.
859-252-SOLD
www.schradercommercial.comPrime Development Property on I-64
To Be Sold in 2 Tracts
Former Gas Station & Convenient Store
For more information, contact:
James M. Schrader, Broker
859-321-5660
[email protected] Joshua Johns, Principal Auctioneer
859-285-0717
MASTER COMMISSIONER ORDERED SALE
501 & 502 N. Winter Street, Midway, KY
(Corner of I-64 & Leestown Road)
Tuesday, October 28th at 12:00 pm
Auction to be held on site
Table of Content
Auction Registration Form
Terms & Conditions
Order of Sale
Site Plan
Aerial Photo
Zoning
Tank Documents
859-252-SOLD
www.schradercommercial.com
175 E Main Street, Suite 325 Lexington, KY 40507
James M. Schrader, Broker James M. Schrader, Broker James M. Schrader
Joshua Johns, Principal Auctioneer Joshua Johns, Principal Auctioneer Joshua Johns
859-285-0717 [email protected]
Auction Registration Form
BIDDER INFORMATION
Name: ____________________________ Telephone Number:__________________ Email: _______________________________________________________________ Address: _____________________________________________________________ City: ____________________________________ State:________ Zip:____________ Bidder Number: _______________________________________________________ Initial Bid Amount: _____________________________________________________ All successful bidders will be required to post a Sale Bond with Mr. Robert C. Stilz, Jr., the Master Commissioner of the Woodford Circuit Court. If any questions exist regarding the requirements of the bond, they should be directed to Mr. Robert C. Stilz, Jr., Master Commissioner.
I have received and read the Terms & Conditions of sale for the absolute auction which are set forth in the auction package and incorporated herin by reference.
859-252-SOLD
www.schradercommercial.com
175 E Main Street, Suite 325 Lexington, KY 40507
James M. Schrader, Broker James M. Schrader, Broker James M. Schrader
Joshua Johns, Principal Auctioneer Joshua Johns, Principal Auctioneer Joshua Johns
859-285-0717 [email protected]
Terms & Conditions
1. The properties to be sold are Tract 1, Tract 2A and Tract 2B at US 421, Mitchell Brothers Property, located at 501 & 502 North Winter St. Midway, Woodford County, Kentucky.
2. This Property is being sold in conjunction with the Master Commissioner of Woodford County, pursuant to that Judgment and Order of Sale entered by the Woodford Circuit Court, Case No. 03-CI-187, Mitchell Brothers v. Midway Fuel, ordering the sale of that property.
3. The property will be sold in its “as is” conditions without any warranty or guaranty as to the physical condition of the property or any of the improvements thereon. Prospective bidders have the right to conduct inspections and should conduct inspections prior to the auction.
4. A six percent (6%) Buyer’s Premium will be added to the fi nal bid price to
determine the fi nal purchase price. For example, if the highest bid is $1,000,000, the total purchase price will be $1,060,000.
5. The Purchaser must pay ten percent (10%) of the gross purchase price in cash, certifi ed funds, or personal check to the Woodford County Master
Commissioner with prior approval, immediately following the auction sale and must sign the Auction Purchase Contract in the form which is attached to these Terms and Conditions. The balance of the purchase price shall be paid in cashThe balance of the purchase price shall be paid in cash or certifi ed funds within thirty (30) days of the date hereof, with time being of or certifi ed funds within thirty (30) days of the date hereof, with time being of the essence. The closing may be postponed only in accordance with the terms of the Auction Purchase Contract.
6. The balance of the purchase price shall be paid on a credit of thirty (30) days at the lawful rate of twelve (12%) percent per anum. The purchaser shall be required to execute bond or bonds with suffi cient surety thereon for said balance, which shall have the force and eff ect of a judgment in order to secure the payment of the balance of the purchase price.
7. Property shall be sold subject to Right of Redemption, if any, of Primary Defendant
859-252-SOLD
www.schradercommercial.com
175 E Main Street, Suite 325 Lexington, KY 40507
James M. Schrader, Broker James M. Schrader, Broker James M. Schrader
Joshua Johns, Principal Auctioneer Joshua Johns, Principal Auctioneer Joshua Johns
859-285-0717 [email protected]
9. The purchaser shall be required to assume and pay any and all ad valorem taxes on the subject property for the 2014 tax year, and all subsequent taxes.
10. The property is to be sold as two separate Parcels as described within the Auction Marketing Package and shall include all permanent improvements located thereon but shall not include any movable personal property.
11. Tract 1 and Tract 2 (Parcels A and B) will initially be auctioned separately. After the two tracts are auctioned individually, both tracts will then be bundled together and auctioned as a single package. The properties will be conveyed for the maximum aggregate sales amount whether it be from the individual tract sales or from the bundled sale of both lots.
12. Sellers agree to deliver to Purchaser complete possession of the property at the time of the closing.
Announcements made the day of Sale take precedence over printed material or prior verbal statements.
Aerial Photo
Tract 1
Tract 2-A
Tract 2-B
Versailles-Midway-Woodford County 7-39
717 HIGHWAY INTERCHANGE SERVICE BUSINESS (B-5)
717.1 Intent
The intent of the Interchange Service Business (B-5) zone is to permit the establishment of limited commercial facilities at limited access highway interchange areas so that the traveling public is conveniently provided with transient type services without endangering the movement along, as well as access to and from, the limited access highway. The standards contained in this article are intended to provide adequate protection for, and consideration of the traveling public.
717.2 Principal Uses
A. Automobile service stations.
B. Restaurants, cafes, and cafeterias.
C. Hotels or Motels. (Amended December 2005)
D. Convenience type stores provided that the primary items sold or rented are gasoline, household items, or food products for human consumption provided that the stores gross square footage floor area does not exceed four thousand (4000) square feet.
E. Candy store.
F. As adopted by the City of Midway, drive through restaurants provided inside seating is also available.
G. As adopted by the City of Midway, commercial facilities designed to attract consumers from outside the immediate service area such as an outlet mall, factory outlet store, single product, or single manufacture store, not primarily designed to offer services or retail products to the community, and further that any development in the B-5 zone shall require the proposal to be a planned development requiring a site plan with uses being reviewed and approved by the Planning Commission.
H. All Principal, Accessory and Conditional uses as under B-1 Zoning - all allowed by-right (as principal uses).
(Amended June 2001).
I. Business and Professional Offices. (Amended June 2001).
J. Government Offices. (Amended June 2001).
K. Artisanal Workshops, including retail sales, storage and gallery space on premises. (Amended June 2001).
L. Computer repair, manufacturing, training. (Amended June 2001).
M. Business College, Technical or Trade School, and Schools for Academic Instruction.(Amended June 2001)
(Amended December 2005).
N. Athletic Club Facility (Amended December 2005)
O. Mail Order Business (Amended December 2005)
P. Micro-brewery(Amended July 2012)
Versailles-Midway-Woodford County 7-19
706 SINGLE FAMILY RESIDENTIAL (R-1B)
706.1 Intent
Same as for R-1A (See 705.1)
706.2 Principal Uses
Same as for R-1A (See 705.2)
706.3 Accessory Uses
Same as for R-1A (See 705.3)
706.4 Conditional Uses
Same as for R-1A (See 705.4)
706.5 Prohibited Uses
All uses other than those listed as principal, accessory, or conditional uses or substantially similar to principal, accessory, or conditional uses shall be prohibited.
706.6 Lot, Yard, and Height Requirements
Minimum Lot Size 10,000 square feet Minimum Width at Building Line 80 feet
Minimum Front Yard 30 feet
Minimum Side Yard 8 feet
Minimum Sum of Side Yards 20 feet
Minimum Rear Yard 35 feet
Maximum Height of Building 35 feet
Maximum Density Not to exceed four (4) units per gross acre.
706.7 Other Requirements
Parking - See Article VI.
Sign - See Article V, Section 508.
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
(Please Print) ____________________________________ ____________________________________ ____________________________________ Phone Number:________________________ PURCHASER'S SIGNATURE ____________________________________ _ ____________________________________ _
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,
– 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.
– 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.
– 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”.
– 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.
– 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
