WILLIAMS & WILLIAMS REAL ESTATE AUCTIONS

250 Ring Road, Ridgeland, MS 39157

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250 Ring Road, Ridgeland, MS 39157
352074 00--DH-TB/06-2018

36,000+/- sf operating theater on 8+/- acres with month to month lease. This theater is located next to Northpark Mall. Taxes approx $48,875 ('17).

Auctioned
4:00 PM Thursday, June 28, 2018

Auction Location:
On-Site or bid live from anywhere at auctionnetwork.com

Nominal Opening Bid:
$250,000

Note: A Buyer’s Premium (Buyer’s Fee in WI) will apply for this property. Buyer pays a $199 Technology Fee at closing. Please see Terms of Sale for details.

Legal Description:
Tract 1: Parcel I (Theater) Real properly in the City of Ridgeland, County of Madison, State of Mississippi, described as follows: Begin on the Northeast corner of Lot 6, Block 33, Highland Colony Subdivision, Ridgeland, Madison County, Mississippi, as recorded in Plat Book 1 at Page 6 in the office of the Chancery Clerk of said County and State, run thence North 00 degrees 03 minutes 00 seconds West, 327.26 feet to an iron pin; run thence South 89 degrees 47 minutes 32 seconds West 1,023.12 feet; run thence South 00 degrees 12 minutes 28 seconds East, 236.16 feet to a point on the Northern right-of-way line of Ring Road; run thence along said right-of-way line the following courses: run thence Easterly, clockwise along the arc of a curve, 59.08 feet; said curve having a central angle of 22 degrees 29 minutes 28 seconds and a chord bearing and distance of North 78 degrees 21 minutes 24 seconds East, 58.70 feet; turn thence North 89 degrees 47 minutes 32 seconds East, 717.64 feet; run thence Southeasterly, clockwise along the arc of a curve, 256.47 feet, said curve having a central angle of 48 degrees 53 minutes 59 seconds and a chord bearing and distance of South 65 degrees 45 minutes 27 seconds East, 248.75 feet; run thence Southeasterly, counterclockwise along the arc of a curve, 29.79 feet, said curve having a central angle of 04 degrees 53 minutes 03 seconds and chord bearing and distance of South 43 degrees 45 minutes 00 seconds East, 29.78 feet; run thence North 00 degrees 03 minutes 00 seconds West, departing said right-of-way line 21.77 feet back to the Point of Beginning, a parcel situated in the Southeast One-quarter (SE 1/4) of Section 31, Township 7 North, Range 2 East, Ridgeland, Madison County, Mississippi, and containing 239,325 square feet of 5.494 acres, more or less. And Parcel II (Parking Lot) A parcel of land located in Lot 2, Block 33, Highland Colony Subdivision, being situated in the East 1/2 of Section 31, Township 7 North, Range 2 East, City of Ridgeland, Madison County, Mississippi, and being more particularly described as follows: Commence at the intersection of the South line of Lot 1, Block 33, Highland Colony Subdivision and the West right-of-way line of Pear Orchard Road, marked by a found iron pin; Thence S 89°58'21" W along the South line of Lots 1 and 2, Block 33 of said Highland Colony Subdivision for a distance of 1289.58 feet to a found 1/2" iron pin marking the Southwest corner of said Lot 2 and being the Point of Beginning; Thence N 00°01'18" W along the West line of said Lot 2, at 327.26 feet passing a 1/2" iron pin for a total distance of 375.36 feet to a found 1/2" iron pin; Thence N 89°58'21" E for a distance of 310.00 feet to a found 1/2" iron pin; Thence S 00°01'18" E for a distance of 375.36 feet to a set 1/2" iron pin in the South line of said Lot 2; Thence S 89°58'21" W for a distance of 310.00 feet to Point of Beginning, containing 116.362 square feet, 2.671 acres, more or less.

Terms of Sale:

Thank you for participating in this Williams & Williams Auction. It is important that you familiarize yourself with the terms and conditions as all sales are final and irrevocable. The terms of sale are non-negotiable. Good luck and good bidding!

Registration at the auction (online and/or in person) finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and its Addenda which are incorporated by reference into your bidding. Do not bid until you have read the terms and conditions. The High Bidder will be required to pay a Williams & Williams Technology Fee of $199 at closing. By bidding you are representing to Williams & Williams ("Broker" and/or "Auctioneer") and the seller that you have read and agree to be bound by the terms and conditions for this sale as stated herein. DO NOT BID unless you have registered, received a Bidder's Card and Auction Day Notes, and have read and agreed to be bound by the terms of sale in the Contract as they are enforceable against you upon becoming a high bidder.

All properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale. Williams & Williams represents the Sellers only and does not inspect properties on bidder's behalf. Read the Contract and Auction Day Notes to determine the existence of any disclosures, exclusions, representations and disclaimers. Do not bid if you have not inspected the property(s). By bidding you agree to all disclosures.

Buyers receive a deed and Title Insurance Policy as provided by the Closer indicated in the Contract (any mobile/manufactured housing not legally affixed to the property shall only be conveyed by a Hold Harmless Agreement or Quit Claim Bill of Sale unless otherwise noted in the Disclosures). Current year's taxes are pro-rated through day of closing as is customary.

A Buyer's Premium of 5% ($10,000 minimum) will be added to the high bid and included in the total purchase price.

Each high bidder must make a 10% non-refundable deposit per property ($10,000 MINIMUM - whichever is greater) immediately following auction. Cash, cashier's checks, personal checks and business checks (electronically processed) are accepted. If you are a resident / citizen of a country outside of the US, certified funds (bank check, wire transfer, certified checks) are required for the down payment and closing. The balance of the purchase price, all closing costs, and the Technology Fee are due at closing. Closing costs generally total approximately $1,500 and include title exam, title policy, closing fee, filing costs and any other fees noted.

Bidding starts at the nominal Opening Bid(s) indicated and is open to the public. The Auctioneer reserves the right to group, add to, delete, withdraw, consolidate or break down lots and/or quantities offered, to sell out of scheduled sequence, to reject any bid which is only a fraction advance over the preceding bid, to regulate bidding, to accept or reject any or all bids, and to cancel or re-schedule an auction. The Auctioneer will call the sale and control any increments of bidding. To make a bid, raise your hand or Bid Card to be recognized. The bidding usually takes less than 3 minutes for each property. Absentee bids may be accepted at the discretion of the Auctioneer. The Auctioneer reserves the right to enter bids on behalf of absentee bidders. Any mistakes during bidding as to who has the high bid and/or at what price may be called to the Auctioneer's attention and corrected. The Auctioneer is the sole arbiter and controller of the conduct of the auction and shall be the final and absolute authority without liability to any party.

Your inspection of the property(ies) and attendance at this auction are at your own risk. Broker and Seller, their agents and employees, expressly disclaim any "invitee" relationship and shall not be liable to any person for damage to their person or property while in, on or about these properties, nor shall they be liable for any defects, dangers or conditions on the property(ies). All persons enter the property(ies) and attend the auction at their own risk and shall defend, indemnify, and save harmless Broker and Seller, their agents and employees, from any and all liability attendant thereto.

All auctions are subject to court or seller approval. Most sales are approved within seven (7) business days. Buyers are not allowed possession until Closing and filing of the deed, at which time the property should be re-keyed. If for any reason the court or Seller approval is not granted, the Down Payment shall be returned in its entirety to the high bidder. "Showing" requests from Buyers after the auction may not be able to be accommodated.

If more than one property is being auctioned, the Auctioneer may choose to offer a group of the properties for auction at the same time. This is called "BUYER'S CHOICE" and is to accommodate buyers who have an interest in more than one property and/or have 2nd and 3rd choices if they are out bid for a favorite property. Upon winning the bid, please choose which property, or properties, you want. You pay the high bid price for each property selected. Each sale is final and stands alone. Remaining properties are then offered in another round of bidding. Anyone may bid at any time, including prior High Bidders.

Williams & Williams and the Seller expressly disclaim any liability for errors, omissions or changes regarding any information provided for these sales. Please read the Contract and Auction Day Notes for a full and complete understanding of Williams & Williams and Seller's disclaimers. Bidders are strongly urged to rely solely upon their own inspections and opinions in preparing to purchase property and are expressly advised to not rely on any representations made by the Seller or their agents and employees. Property information may change without notice and potential purchasers should investigate all data fully before relying upon it.

 

Auction Network
TERMS & CONDITIONS OF SERVICE

The property offered in this auction will be offered and sold by Williams & Williams Marketing Services, Inc. ("Williams & Williams"). Any questions regarding the auction process or a property should be directed to Williams & Williams or its designated representative. Auction Network, LLC ("Auction Network") serves solely as the online bidding service (the "Service") for Williams & Williams. Your use of the Service is governed by these Auction Network Terms & Conditions of Service, and the Auction Network Terms of Use located at the following URL: https://www.auctionnetwork.com/Site/TermsOfUse.asp, as amended from time-to-time by posted notices or oral announcements made during any auction.

Williams & Williams serves as the auctioneer, and represents the owner of the property at auction. The auction and conveyance of each property shall be governed by property specific Contract for Sale, Auction Day Notes, Disclosures, and the Williams & Williams Terms & Conditions of Sale. These documents govern your bid and the sale of each property, and can be accessed and reviewed at the Williams & Williams property specific web page.

DO NOT BID unless you have read the Williams & Williams Terms & Conditions of Sale, the Contract for Sale, Property Disclosures, and the Auction Day Notes for each property. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AUCTION DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.

Auction Network, Williams & Williams and the Seller are not responsible for technical difficulties during online or remote bidding. Occasionally, the Auction Network online bidding interface may be unable to submit bids in the live auction due technical difficulties including, without limitation, the lack of sufficient communication infrastructure at the location of the live auction. Online bidders are advised to place an absentee bid at least 1 day prior to the live auction to ensure their bid is entered into the live auction on the online bidder's behalf.

In the event of any conflict between Auction Network's Terms & Conditions of Service and the Williams & Williams Terms & Conditions of Sale, the Williams & Williams Terms & Conditions of Sale shall control in each instance.

Auction Network has no authority to, and does not provide, any guarantee, warranty, or covenant, of any kind or nature, regarding a property. Per the Williams & Williams Terms & Conditions of Sale, all properties auctioned are otherwise sold "AS-IS, WHEREIS" without any representation or warranty, express or implied, of any kind by Williams & Williams, Auction Network, or the respective seller, and with no financing, inspection or other contingencies to sale. Buyers must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction. Buyers must rely solely upon their own investigation and not any information provided by the Seller or Williams & Williams. Failure of a Buyer to be fully informed on the condition of a property will not constitute grounds for any claim adjustment or right to cancel sale.

Neither Auction Network nor Williams & Williams assumes any risk, liability or responsibility for the authenticity of the authorship of any property or livestock offered at this auction (that is, the identity of the creator or the period, culture, source or origin, or lineage, as the case may be, with which the creation of any property is identified).

The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.

Any property may be withdrawn by Auction Network or Williams & Williams at any time before the actual sale without any liability therefore. If the auctioneer determines that any opening bid is not commensurate with the value of the article offered, he or she may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he or she decides that any advance thereafter is insufficient, he or she may reject such advance.

These Auction Network Terms & Conditions of Service, Terms & Conditions of Use, Williams & Williams' Terms & Conditions of Sale, as well as the online buyer's rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Oklahoma. By bidding at this auction, whether in person or by agent, order bid, telephone, online, or other means, the buyer shall be deemed to have consented to the exclusive jurisdiction of the state and federal courts sitting in the State of Oklahoma.

You are registering to bid on the following properties, and as stated above, your bid, and the sale of the property, will be governed by the property specific Williams & Williams Contract for Sale, Disclosures, Auction Day Notes, and Terms & Conditions of Sale. Each of these documents are available for your review at the Williams & Williams property specific web page. DO NOT BID unless and until you review these documents. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AUCTION DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.

Disclosures:
The following disclosures are provided by Seller to supplement Buyer's own due diligence and are not exhaustive of all matters that a title search and inspection of the Property may reveal.

All Properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale.

Occupied Property w/Month to Month Lease Disclosure. Buyer acknowledges and understands the Property herein is occupied. Neither Seller nor Williams & Williams have any information regarding any tenant's security deposit associated with said lease agreements. Upon closing, Buyer accepts responsibility for eviction, lease or rental negotiation, or other remediation, as Buyer finds necessary in order to clarify legal occupancy status. Buyer agrees to hold Seller, Williams & Williams, and its agents harmless from any and all results therein.

Environmental and Mold Disclosure. Buyer acknowledges receipt and review of that certain Phase I Environmental Site Assessment dated June 14, 2014 and prepared by Cardno ATC (Cardno ATC Project NO.90.75315.0064) which contains important information regarding recognized environmental conditions, including observations of the presence of microbial growth (mold) which required remediation. Buyer acknowledges receipt of the Operation and Maintenance Plan for Moisture and Microbial Control dated March 19, 2015 and prepared by Cardno ATC, and Buyer agrees to comply with any and all remediation efforts, certifications, inspections, and debris removal that may be required therein at Buyer's expense. Buyer acknowledges and understands the Property may pose a health hazard through exposure to mold or airborne contaminants.

Right of First Refusal. Buyer acknowledges and agrees the Property may be subject to the terms and conditions contained in the Warranty Deed to Gulf International Investment Corporation, recorded January 22, 1986 in Book 211, Page 646 in the Office of the Chancery Clerk of Madison County, including a Right of First Refusal in which Grantor may exercise an option to purchase the Property.

Prohibited Use. Buyer acknowledges and agrees the Property may be subject to the terms and conditions contained in the Warranty Deed to Gulf International Investment Corporation, recorded January 22, 1986 in Book 211, Page 646, in the Office of the Chancery Clerk of Madison County, including the Prohibited Use clause which prohibits the use of the Property for certain purposes including, but not limited to the following: commercial laundry plants, veterinary hospitals, mortuaries or similar service establishments, or garages for the storage or undertaking of automobile assembly, storage, rebuilding or demolitions yards; sale or display of pornographic material or the operation of any pornographic business, including massage parlors, theaters displaying pornographic pictures or films, or bookstores dealing primarily in pornographic materials; any activity causing: (1) any obnoxious odor, (2) any noxious, toxic, caustic or corrosive liquid, fuel or gas, (3) any dust, dirt or fly ash in excessive quantities, or (4) any unusual fire, explosion or other damaging or dangerous, hazard, including the storage display or sale of explosives or fireworks; any warehouse, assembly, manufacture, distillation, refining, smelting, agriculture or mining operation; any mobile home or trailer court, labor camp, junk yard, stockyard or animal raising facility; any dumping, incineration or reduction of garbage and refuse.

Building Aesthetics and Planning Requirements. Buyer acknowledges and agrees the Property may be subject to the terms and conditions contained in the Warranty Deed to Gulf International Investment Corporation, recorded January 22, 1986 in Book 211, Page 646, including the Building Aesthetics and Planning Requirements more particularly set forth therein.

Release of Damages. Buyer acknowledges review of the release of damages contained in Special Warranty Deed to Arbor Corp., recorded October 26, 1992 in Book 307, Page 216, in the Office of the Chancery Clerk of Madison County.

Access Agreement and Grant of Easements. Buyer acknowledges and agrees Property is subject to the terms of that certain Access Agreement and Grant of Easements by and between Northpark Joint Venture and Ridgeland Towne Center dated May 30, 1986 and recorded June 3, 1986 in Book 216, page 240 in the Office of the Chancery Clerk of Madison County, and the Easement and Reservation contained in Corrective Deed, recorded February 6, 1997 in Book 391, Page 450, of the aforesaid records.

Trust Agreement. Buyer acknowledges the Property is subject to the terms and conditions of that certain Trust Agreement between Theatre Investors, Inc., a Delaware corporation and Wilmington Trust Company, a Delaware banking corporation and William J. Wade, an individual, recorded December 15, 1995 in Book 367, Page 722, and re-recorded January 16, 1997 in Book 389, Page 670, in the Office of the Chancery Clerk of Madison County.

Construction, Operation and Reciprocal Easement Agreements. Buyer acknowledges and agrees Property is subject to the terms and of that certain Construction, Operation and Reciprocal Easement Agreement by and between Ridgeland Associates, D.H Holmes Company Limited, and McRae's Inc. dated March 16, 1983 in Book 186, Page 29, as affected by First Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded in Book 521, Page 324, as affected by Second Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded in Book 526, Page 145, as affected by Third Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded November 1, 1984 in Book 200, Page 641, as affected by Second Supplement to Construction, Operation and Reciprocal Easement Agreement, recorded October 28, 1985 in Book 209, Page 397, as affected by Fourth Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded October 30, 1985 in Book 572, Page 555, each of which is recorded in the Office of the Chancery Clerk of Madison County.

Declaration of Covenants. Buyer acknowledges the Property is subject to the terms and conditions of the following: the Declaration of Covenants, recorded in Book 526, Page 173, the Amended and Restated Declaration of Covenants, recorded in Book 546, Page 210, the First Supplement to Amended and Restated Declaration of Covenants, recorded October 30, 1985 in Book 572, Page 541, the Second Supplement to Amended and Restated Declaration of Covenants recorded December 4, 1985 in Book 575, Page 311, each recorded in the Office of the Chancery Clerk of Madison County. Buyer further acknowledges the Property is subject to the terms and conditions of the Declaration recorded in Book 526, Page 194, Amendment to Declaration, recorded in Book 546, Page 249, aforesaid records, the First Supplement to Declaration, recorded October 30, 1985 in Book 572, Page 527, the Second Supplement to Declaration recorded December 4, 1985 in Book 575, Page 330, each of which is recorded Office of the Chancery Clerk of Madison County.

Buyer further acknowledges the Property is subject to the terms and conditions of Ridgeland Towne Center Protective Covenants, recorded in Book 591, page 260, as affected by First Amendment to Ridgeland Towne Center Protective Covenants, recorded June 3, 1986 in Book 591, Page 274, as affected by Limited Release of Protective Covenants, recorded July 31, 1986 in Book 596, Page 43, each of which is recorded in the Office of the Chancery Clerk of Madison county.

Property Type:
Special Use
Square Footage:
36,000+/- sf
Lot Size:
8+/- ac
Year Built:
N/A
Property ID:
352074

Property is being offered by: Williams & Williams2448 E. 81st Street, Suite 2600, Tulsa, OK 74137800.801.8003

Square footage & lot size per county records.

MS Broker: Daniel Nelson Re Lic B-19691 Williams & Williams Mrktg Srvcs, Inc. Re Lic 13718
Auctioneer: Keith W. Babb Auc Lic 185 Williams & Williams Mrktg Srvcs, Inc. Auc Lic 569F

Live On Location
250 Ring Road
Ridgeland, MS 39157
Nominal Opening Bid:$250,000
Property Type:Special Use
Description:36,000+/- sf | 8+/- ac
Bidding Closed
Auctioned
Live On Location
250 Ring Road
Ridgeland, MS 39157
Nominal Opening Bid:$250,000
Property Type:Special Use
Description:36,000+/- sf | 8+/- ac
Bidding Closed
Auctioned

Property is being offered by: Williams & Williams2448 E. 81st Street, Suite 2600, Tulsa, OK 74137800.801.8003

Square footage & lot size per county records.

MS Broker: Daniel Nelson Re Lic B-19691 Williams & Williams Mrktg Srvcs, Inc. Re Lic 13718
Auctioneer: Keith W. Babb Auc Lic 185 Williams & Williams Mrktg Srvcs, Inc. Auc Lic 569F

250 Ring Road, Ridgeland, MS 39157
352074 00--DH-TB/06-2018

Auctioned
4:00 PM Thursday, June 28, 2018

Auction Location:
On-Site or bid live from anywhere at auctionnetwork.com

Nominal Opening Bid:
$250,000

Note: A Buyer’s Premium (Buyer’s Fee in WI) will apply for this property. Buyer pays a $199 Technology Fee at closing. Please see Terms of Sale for details.

Legal Description:
Tract 1: Parcel I (Theater) Real properly in the City of Ridgeland, County of Madison, State of Mississippi, described as follows: Begin on the Northeast corner of Lot 6, Block 33, Highland Colony Subdivision, Ridgeland, Madison County, Mississippi, as recorded in Plat Book 1 at Page 6 in the office of the Chancery Clerk of said County and State, run thence North 00 degrees 03 minutes 00 seconds West, 327.26 feet to an iron pin; run thence South 89 degrees 47 minutes 32 seconds West 1,023.12 feet; run thence South 00 degrees 12 minutes 28 seconds East, 236.16 feet to a point on the Northern right-of-way line of Ring Road; run thence along said right-of-way line the following courses: run thence Easterly, clockwise along the arc of a curve, 59.08 feet; said curve having a central angle of 22 degrees 29 minutes 28 seconds and a chord bearing and distance of North 78 degrees 21 minutes 24 seconds East, 58.70 feet; turn thence North 89 degrees 47 minutes 32 seconds East, 717.64 feet; run thence Southeasterly, clockwise along the arc of a curve, 256.47 feet, said curve having a central angle of 48 degrees 53 minutes 59 seconds and a chord bearing and distance of South 65 degrees 45 minutes 27 seconds East, 248.75 feet; run thence Southeasterly, counterclockwise along the arc of a curve, 29.79 feet, said curve having a central angle of 04 degrees 53 minutes 03 seconds and chord bearing and distance of South 43 degrees 45 minutes 00 seconds East, 29.78 feet; run thence North 00 degrees 03 minutes 00 seconds West, departing said right-of-way line 21.77 feet back to the Point of Beginning, a parcel situated in the Southeast One-quarter (SE 1/4) of Section 31, Township 7 North, Range 2 East, Ridgeland, Madison County, Mississippi, and containing 239,325 square feet of 5.494 acres, more or less. And Parcel II (Parking Lot) A parcel of land located in Lot 2, Block 33, Highland Colony Subdivision, being situated in the East 1/2 of Section 31, Township 7 North, Range 2 East, City of Ridgeland, Madison County, Mississippi, and being more particularly described as follows: Commence at the intersection of the South line of Lot 1, Block 33, Highland Colony Subdivision and the West right-of-way line of Pear Orchard Road, marked by a found iron pin; Thence S 89°58'21" W along the South line of Lots 1 and 2, Block 33 of said Highland Colony Subdivision for a distance of 1289.58 feet to a found 1/2" iron pin marking the Southwest corner of said Lot 2 and being the Point of Beginning; Thence N 00°01'18" W along the West line of said Lot 2, at 327.26 feet passing a 1/2" iron pin for a total distance of 375.36 feet to a found 1/2" iron pin; Thence N 89°58'21" E for a distance of 310.00 feet to a found 1/2" iron pin; Thence S 00°01'18" E for a distance of 375.36 feet to a set 1/2" iron pin in the South line of said Lot 2; Thence S 89°58'21" W for a distance of 310.00 feet to Point of Beginning, containing 116.362 square feet, 2.671 acres, more or less.

Terms of Sale:

Thank you for participating in this Williams & Williams Auction. It is important that you familiarize yourself with the terms and conditions as all sales are final and irrevocable. The terms of sale are non-negotiable. Good luck and good bidding!

Registration at the auction (online and/or in person) finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and its Addenda which are incorporated by reference into your bidding. Do not bid until you have read the terms and conditions. The High Bidder will be required to pay a Williams & Williams Technology Fee of $199 at closing. By bidding you are representing to Williams & Williams ("Broker" and/or "Auctioneer") and the seller that you have read and agree to be bound by the terms and conditions for this sale as stated herein. DO NOT BID unless you have registered, received a Bidder's Card and Auction Day Notes, and have read and agreed to be bound by the terms of sale in the Contract as they are enforceable against you upon becoming a high bidder.

All properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale. Williams & Williams represents the Sellers only and does not inspect properties on bidder's behalf. Read the Contract and Auction Day Notes to determine the existence of any disclosures, exclusions, representations and disclaimers. Do not bid if you have not inspected the property(s). By bidding you agree to all disclosures.

Buyers receive a deed and Title Insurance Policy as provided by the Closer indicated in the Contract (any mobile/manufactured housing not legally affixed to the property shall only be conveyed by a Hold Harmless Agreement or Quit Claim Bill of Sale unless otherwise noted in the Disclosures). Current year's taxes are pro-rated through day of closing as is customary.

A Buyer's Premium of 5% ($10,000 minimum) will be added to the high bid and included in the total purchase price.

Each high bidder must make a 10% non-refundable deposit per property ($10,000 MINIMUM - whichever is greater) immediately following auction. Cash, cashier's checks, personal checks and business checks (electronically processed) are accepted. If you are a resident / citizen of a country outside of the US, certified funds (bank check, wire transfer, certified checks) are required for the down payment and closing. The balance of the purchase price, all closing costs, and the Technology Fee are due at closing. Closing costs generally total approximately $1,500 and include title exam, title policy, closing fee, filing costs and any other fees noted.

Bidding starts at the nominal Opening Bid(s) indicated and is open to the public. The Auctioneer reserves the right to group, add to, delete, withdraw, consolidate or break down lots and/or quantities offered, to sell out of scheduled sequence, to reject any bid which is only a fraction advance over the preceding bid, to regulate bidding, to accept or reject any or all bids, and to cancel or re-schedule an auction. The Auctioneer will call the sale and control any increments of bidding. To make a bid, raise your hand or Bid Card to be recognized. The bidding usually takes less than 3 minutes for each property. Absentee bids may be accepted at the discretion of the Auctioneer. The Auctioneer reserves the right to enter bids on behalf of absentee bidders. Any mistakes during bidding as to who has the high bid and/or at what price may be called to the Auctioneer's attention and corrected. The Auctioneer is the sole arbiter and controller of the conduct of the auction and shall be the final and absolute authority without liability to any party.

Your inspection of the property(ies) and attendance at this auction are at your own risk. Broker and Seller, their agents and employees, expressly disclaim any "invitee" relationship and shall not be liable to any person for damage to their person or property while in, on or about these properties, nor shall they be liable for any defects, dangers or conditions on the property(ies). All persons enter the property(ies) and attend the auction at their own risk and shall defend, indemnify, and save harmless Broker and Seller, their agents and employees, from any and all liability attendant thereto.

All auctions are subject to court or seller approval. Most sales are approved within seven (7) business days. Buyers are not allowed possession until Closing and filing of the deed, at which time the property should be re-keyed. If for any reason the court or Seller approval is not granted, the Down Payment shall be returned in its entirety to the high bidder. "Showing" requests from Buyers after the auction may not be able to be accommodated.

If more than one property is being auctioned, the Auctioneer may choose to offer a group of the properties for auction at the same time. This is called "BUYER'S CHOICE" and is to accommodate buyers who have an interest in more than one property and/or have 2nd and 3rd choices if they are out bid for a favorite property. Upon winning the bid, please choose which property, or properties, you want. You pay the high bid price for each property selected. Each sale is final and stands alone. Remaining properties are then offered in another round of bidding. Anyone may bid at any time, including prior High Bidders.

Williams & Williams and the Seller expressly disclaim any liability for errors, omissions or changes regarding any information provided for these sales. Please read the Contract and Auction Day Notes for a full and complete understanding of Williams & Williams and Seller's disclaimers. Bidders are strongly urged to rely solely upon their own inspections and opinions in preparing to purchase property and are expressly advised to not rely on any representations made by the Seller or their agents and employees. Property information may change without notice and potential purchasers should investigate all data fully before relying upon it.

 

Auction Network
TERMS & CONDITIONS OF SERVICE

The property offered in this auction will be offered and sold by Williams & Williams Marketing Services, Inc. ("Williams & Williams"). Any questions regarding the auction process or a property should be directed to Williams & Williams or its designated representative. Auction Network, LLC ("Auction Network") serves solely as the online bidding service (the "Service") for Williams & Williams. Your use of the Service is governed by these Auction Network Terms & Conditions of Service, and the Auction Network Terms of Use located at the following URL: https://www.auctionnetwork.com/Site/TermsOfUse.asp, as amended from time-to-time by posted notices or oral announcements made during any auction.

Williams & Williams serves as the auctioneer, and represents the owner of the property at auction. The auction and conveyance of each property shall be governed by property specific Contract for Sale, Auction Day Notes, Disclosures, and the Williams & Williams Terms & Conditions of Sale. These documents govern your bid and the sale of each property, and can be accessed and reviewed at the Williams & Williams property specific web page.

DO NOT BID unless you have read the Williams & Williams Terms & Conditions of Sale, the Contract for Sale, Property Disclosures, and the Auction Day Notes for each property. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AUCTION DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.

Auction Network, Williams & Williams and the Seller are not responsible for technical difficulties during online or remote bidding. Occasionally, the Auction Network online bidding interface may be unable to submit bids in the live auction due technical difficulties including, without limitation, the lack of sufficient communication infrastructure at the location of the live auction. Online bidders are advised to place an absentee bid at least 1 day prior to the live auction to ensure their bid is entered into the live auction on the online bidder's behalf.

In the event of any conflict between Auction Network's Terms & Conditions of Service and the Williams & Williams Terms & Conditions of Sale, the Williams & Williams Terms & Conditions of Sale shall control in each instance.

Auction Network has no authority to, and does not provide, any guarantee, warranty, or covenant, of any kind or nature, regarding a property. Per the Williams & Williams Terms & Conditions of Sale, all properties auctioned are otherwise sold "AS-IS, WHEREIS" without any representation or warranty, express or implied, of any kind by Williams & Williams, Auction Network, or the respective seller, and with no financing, inspection or other contingencies to sale. Buyers must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction. Buyers must rely solely upon their own investigation and not any information provided by the Seller or Williams & Williams. Failure of a Buyer to be fully informed on the condition of a property will not constitute grounds for any claim adjustment or right to cancel sale.

Neither Auction Network nor Williams & Williams assumes any risk, liability or responsibility for the authenticity of the authorship of any property or livestock offered at this auction (that is, the identity of the creator or the period, culture, source or origin, or lineage, as the case may be, with which the creation of any property is identified).

The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.

Any property may be withdrawn by Auction Network or Williams & Williams at any time before the actual sale without any liability therefore. If the auctioneer determines that any opening bid is not commensurate with the value of the article offered, he or she may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he or she decides that any advance thereafter is insufficient, he or she may reject such advance.

These Auction Network Terms & Conditions of Service, Terms & Conditions of Use, Williams & Williams' Terms & Conditions of Sale, as well as the online buyer's rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Oklahoma. By bidding at this auction, whether in person or by agent, order bid, telephone, online, or other means, the buyer shall be deemed to have consented to the exclusive jurisdiction of the state and federal courts sitting in the State of Oklahoma.

You are registering to bid on the following properties, and as stated above, your bid, and the sale of the property, will be governed by the property specific Williams & Williams Contract for Sale, Disclosures, Auction Day Notes, and Terms & Conditions of Sale. Each of these documents are available for your review at the Williams & Williams property specific web page. DO NOT BID unless and until you review these documents. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AUCTION DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.

Disclosures:
The following disclosures are provided by Seller to supplement Buyer's own due diligence and are not exhaustive of all matters that a title search and inspection of the Property may reveal.

All Properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale.

Occupied Property w/Month to Month Lease Disclosure. Buyer acknowledges and understands the Property herein is occupied. Neither Seller nor Williams & Williams have any information regarding any tenant's security deposit associated with said lease agreements. Upon closing, Buyer accepts responsibility for eviction, lease or rental negotiation, or other remediation, as Buyer finds necessary in order to clarify legal occupancy status. Buyer agrees to hold Seller, Williams & Williams, and its agents harmless from any and all results therein.

Environmental and Mold Disclosure. Buyer acknowledges receipt and review of that certain Phase I Environmental Site Assessment dated June 14, 2014 and prepared by Cardno ATC (Cardno ATC Project NO.90.75315.0064) which contains important information regarding recognized environmental conditions, including observations of the presence of microbial growth (mold) which required remediation. Buyer acknowledges receipt of the Operation and Maintenance Plan for Moisture and Microbial Control dated March 19, 2015 and prepared by Cardno ATC, and Buyer agrees to comply with any and all remediation efforts, certifications, inspections, and debris removal that may be required therein at Buyer's expense. Buyer acknowledges and understands the Property may pose a health hazard through exposure to mold or airborne contaminants.

Right of First Refusal. Buyer acknowledges and agrees the Property may be subject to the terms and conditions contained in the Warranty Deed to Gulf International Investment Corporation, recorded January 22, 1986 in Book 211, Page 646 in the Office of the Chancery Clerk of Madison County, including a Right of First Refusal in which Grantor may exercise an option to purchase the Property.

Prohibited Use. Buyer acknowledges and agrees the Property may be subject to the terms and conditions contained in the Warranty Deed to Gulf International Investment Corporation, recorded January 22, 1986 in Book 211, Page 646, in the Office of the Chancery Clerk of Madison County, including the Prohibited Use clause which prohibits the use of the Property for certain purposes including, but not limited to the following: commercial laundry plants, veterinary hospitals, mortuaries or similar service establishments, or garages for the storage or undertaking of automobile assembly, storage, rebuilding or demolitions yards; sale or display of pornographic material or the operation of any pornographic business, including massage parlors, theaters displaying pornographic pictures or films, or bookstores dealing primarily in pornographic materials; any activity causing: (1) any obnoxious odor, (2) any noxious, toxic, caustic or corrosive liquid, fuel or gas, (3) any dust, dirt or fly ash in excessive quantities, or (4) any unusual fire, explosion or other damaging or dangerous, hazard, including the storage display or sale of explosives or fireworks; any warehouse, assembly, manufacture, distillation, refining, smelting, agriculture or mining operation; any mobile home or trailer court, labor camp, junk yard, stockyard or animal raising facility; any dumping, incineration or reduction of garbage and refuse.

Building Aesthetics and Planning Requirements. Buyer acknowledges and agrees the Property may be subject to the terms and conditions contained in the Warranty Deed to Gulf International Investment Corporation, recorded January 22, 1986 in Book 211, Page 646, including the Building Aesthetics and Planning Requirements more particularly set forth therein.

Release of Damages. Buyer acknowledges review of the release of damages contained in Special Warranty Deed to Arbor Corp., recorded October 26, 1992 in Book 307, Page 216, in the Office of the Chancery Clerk of Madison County.

Access Agreement and Grant of Easements. Buyer acknowledges and agrees Property is subject to the terms of that certain Access Agreement and Grant of Easements by and between Northpark Joint Venture and Ridgeland Towne Center dated May 30, 1986 and recorded June 3, 1986 in Book 216, page 240 in the Office of the Chancery Clerk of Madison County, and the Easement and Reservation contained in Corrective Deed, recorded February 6, 1997 in Book 391, Page 450, of the aforesaid records.

Trust Agreement. Buyer acknowledges the Property is subject to the terms and conditions of that certain Trust Agreement between Theatre Investors, Inc., a Delaware corporation and Wilmington Trust Company, a Delaware banking corporation and William J. Wade, an individual, recorded December 15, 1995 in Book 367, Page 722, and re-recorded January 16, 1997 in Book 389, Page 670, in the Office of the Chancery Clerk of Madison County.

Construction, Operation and Reciprocal Easement Agreements. Buyer acknowledges and agrees Property is subject to the terms and of that certain Construction, Operation and Reciprocal Easement Agreement by and between Ridgeland Associates, D.H Holmes Company Limited, and McRae's Inc. dated March 16, 1983 in Book 186, Page 29, as affected by First Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded in Book 521, Page 324, as affected by Second Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded in Book 526, Page 145, as affected by Third Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded November 1, 1984 in Book 200, Page 641, as affected by Second Supplement to Construction, Operation and Reciprocal Easement Agreement, recorded October 28, 1985 in Book 209, Page 397, as affected by Fourth Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded October 30, 1985 in Book 572, Page 555, each of which is recorded in the Office of the Chancery Clerk of Madison County.

Declaration of Covenants. Buyer acknowledges the Property is subject to the terms and conditions of the following: the Declaration of Covenants, recorded in Book 526, Page 173, the Amended and Restated Declaration of Covenants, recorded in Book 546, Page 210, the First Supplement to Amended and Restated Declaration of Covenants, recorded October 30, 1985 in Book 572, Page 541, the Second Supplement to Amended and Restated Declaration of Covenants recorded December 4, 1985 in Book 575, Page 311, each recorded in the Office of the Chancery Clerk of Madison County. Buyer further acknowledges the Property is subject to the terms and conditions of the Declaration recorded in Book 526, Page 194, Amendment to Declaration, recorded in Book 546, Page 249, aforesaid records, the First Supplement to Declaration, recorded October 30, 1985 in Book 572, Page 527, the Second Supplement to Declaration recorded December 4, 1985 in Book 575, Page 330, each of which is recorded Office of the Chancery Clerk of Madison County.

Buyer further acknowledges the Property is subject to the terms and conditions of Ridgeland Towne Center Protective Covenants, recorded in Book 591, page 260, as affected by First Amendment to Ridgeland Towne Center Protective Covenants, recorded June 3, 1986 in Book 591, Page 274, as affected by Limited Release of Protective Covenants, recorded July 31, 1986 in Book 596, Page 43, each of which is recorded in the Office of the Chancery Clerk of Madison county.

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Selling your property? Find out if auction works for you.
Call 800.801.8003.
Selling your property? Find out if auction works for you.
Call 800.801.8003.