Being sold in "as is" condition. A 10% buyer's premium is in effect. This property will be sold subject to the owner's acceptance of the final bid. The successful bidder must pay a deposit of ten percent (10%) of the Hammer Price within 24 hours of acceptance of the bid in certified funds, at the offices of Monahan Real Estate & Development, LLC. No personal checks! Closing will take place approximately 30 - 45 days from the end of the auction and is not contingent on the buyer's ability to secure funds. See link for more info & additional terms.
1 TERMS OF SALETERMS OF SALE Proof of Funds ($10,000) required in order to bid! DATE: MONDAY, SEPTEMBER 25th, 2023 PREMISES KNOWN AS: 822 Davison Rd, Lockport NY 14094 AND FURTHER DESCRIBED AS: THESE PREMISES ARE OFFERED at public auction upon the following terms and conditions. - The Purchase Price will be the combined sum of the winning bid plus a buyer’s premium of ten percent (10%) (in other words, if the winning bid is $1,000, the purchase price will be $1,100).
- The successful bidder will be required to pay a non-refundable deposit of ten percent (10%) of the Hammer Price (final bid) or $10,000.00, whichever is greater, which will be held in Monahan Real Estate & Development, L.L.C. Escrow Account at Citizens Bank in Buffalo, New York. The deposit is to be paid as follows:
- a. $10,000.00 in the form of a certified check (or other form of immediately available funds acceptable to the Auctioneer) immediately upon the bid being struck down.
- b. The remaining portion of the deposit, in excess of $10,000.00, is payable within five (5) days of acceptance of the bid at the offices of Monahan Real Estate & Development, LLC.
- The balance of the Purchase Price is to be paid in cash, certified funds or by wire transfer at Closing on OCTOBER 25th, 2023 or such other time and place to be agreed upon between the purchaser and seller. If the purchaser is not ready to close title on or before OCTOBER 25th, 2023 any adjournment granted by the seller at the request of the purchaser shall be only upon the provision that all adjustments shall be as of OCTOBER 25th, 2023.
- The terms of this sale require cash at Closing. The contract is not subject to any conditions of financing or other contingencies. In the event purchaser arranges financing, purchaser must secure financing in advance and arrange to satisfy any lender requirements prior to the Closing at purchaser’s expense.
- This property is sold in its present “AS IS” condition, with all faults in all respects. No warranties or representations, express or implied, as to the value, physical condition, habitability, tenancies, use for a particular purpose or compliance with any environmental statutes, rules, regulations, or any building and/or zoning laws, codes or ordinances, including those relating to water supplies, septic systems or lead based paint are made by either the Seller or Auctioneer unless specifically stated herein. The Purchaser acknowledges that the property is sold in “AS IS” condition with all of the above exclusions and that the Purchaser’s obligation to consummate the sale is not contingent upon any right of inspection or other due diligence. Costs and responsibility for curing deficiencies, obtaining any permits, variances or certificates, if any, is the exclusive obligation of the Purchaser. The property is sold subject to all utility and any other easements, restrictions, and rights of way, as well as all applicable zoning ordinances.
- Rentals, mortgage interest, taxes, insurance premiums, water and sewer charges and any other matters appropriate for prorating and adjustment shall be prorated between the Seller and the Purchaser as of the closing date or OCTOBER 25th, 2023 whichever shall first occur. Any installments for assessments for local improvements not due and payable at the time of closing shall be paid for by the Purchaser as they thereafter become due.
- The Seller shall be required at his own expense to furnish to the purchaser at least 10 days prior to the Closing Date, an abstract of title, the first certificate of which is at least 40 years prior to the date of the abstract, and continued to the date of closing showing good title to the Purchaser. At the time of closing, the Seller shall tender to the Purchaser Deed to said Premises, free and clear of all liens and encumbrances except as otherwise provided herein. Purchaser shall pay the cost of any New York State Transfer Taxes to be affixed to the deed. Should the Purchaser require a survey for any reason, the cost of the survey shall be borne by the Purchaser. The seller will provide any existing survey that it has in its possession.
- The existence of any liens, unpaid taxes or assessments shall not be deemed an objection to title provided an amount sufficient to discharge same is allowed the Purchaser at the time of closing, or in the alternative, discharged and paid by the Seller at the time of closing.
- In the event that the Purchaser shall raise any bona fide objections to the Seller’s title, which, if valid, would render the title unmarketable, the Seller shall have the right to cancel this agreement by giving written notice of such cancelation to the Purchaser, and shall repay to the Purchaser the deposit made hereunder, whereupon all liability by reason of the agreement shall cease, provided however, that if the Seller shall be able, within a reasonable length of time, to cure the objection, or if thereafter either party secures a commitment for title insurance containing standard exceptions only, the Seller shall pay the cost thereof and in such event this contract shall remain and continue in full force and effect.
- Any statements made in sales brochures or advertising relating to this Property are not to be considered as a part of these terms and conditions of sale.
- The Purchaser will be required to sign a written acknowledgment of the Purchaser’s bid and these Terms of Sale, WHICH, WHEN SIGNED, SHALL CONSTITUTE A BINDING AND ENFORCEABLE CONTRACT. WE RECOMMEND THAT THE PURCHASER CONSULT AN ATTORNEY BEFORE BIDDING SINCE NO CHANGES OR CONTINGENCIES TO THIS CONTRACT WILL BE ACCEPTED. Purchaser must review the Terms of Sale with their attorney PRIOR to bidding to obtain their written approval or shall otherwise be deemed to have elected to waive attorney approval.
- Any and all risks of damage or loss to the Property from the date of sale until closing are the responsibility of the Purchaser. Seller may elect to enforce performance of this contract by agreeing to assign any insurance claims or proceeds arising after this date to Purchaser at the time of closing. The Purchaser agrees to accept the property in an “as is” condition, and subject to tenants’ rights, if any. Notwithstanding, in the event that the Property suffers any substantial casualty loss prior to closing, the Seller at its sole option may elect to cancel this Agreement and refund the deposit to the Purchaser, provided that the Seller within five days of the loss gives written notice to the Purchaser of its election to cancel this agreement.
- The Seller, through its agent, the Auctioneer, at their option, may recall the Property if the successful bidder fails to comply with these Terms of Sale, and the person or persons failing to comply shall forfeit any deposits made on account hereof, and may be held liable for any deficiency resulting from a subsequent resale, or in the alternative, the Seller may retain the deposit as liquidated damages.
- The Seller, through the Auctioneer, reserves the absolute and unconditional right to reject any or all bids within 72 hours, Sundays and holiday excluded. Notice will be deemed to be given on the date that is posted in the U.S. Mail.
2 Commercial Real Estate - Lockport NY The property situated at 822 Davison Rd in Lockport, NY, is a medical office building covering 2,664 sq ft and is presently available for auction. Please note that this auction is exclusively for the building, not the contents, and no showings are available. However, you can access a video to view the property.
This property is being sold as-is, with no guarantees or warranties provided. Additionally, take note that a 10% buyer's premium will be added to the final purchase price. The property owner must approve the final bid made by the winning bidder before the sale can be finalized. Upon acceptance, the winning bidder must submit a deposit of 10% of the purchase price via certified funds within 24 hours. Personal checks will not be accepted. Lastly, the closing process will take approximately 30-45 days after the auction closes, and the sale is not dependent on the buyer's ability to secure funds. |
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