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ONLINE TERMS AND CONDITIONS
COMMERCIAL PROPERTY KNOWN AS BAMBOO BAR, KARMA, (2) BUILDABLE VACANT LOTS & SEASIDE HEIGHTS LIQUOR LICENSE
1. The real properties to be sold at auction to the highest bidder, in a live onsite & live online simulcast auction scheduled for June 24, 2020 at 1:00 PM EST. The properties will be sold with nominal opening bids listed below, in this order, with the final price subject to acceptance by the seller and approval by the bankruptcy court.
Bamboo Bar: Opening bid of $1,500,000
Liquor License: Opening bid of $500,000
Karma Nightclub: Opening bid of $1,500,00
117 Webster Avenue: Opening bid of $100,000
126 Hamilton Avenue: Opening bid of $50,000
Notice of acceptance of the final bids shall be given within 7 days, by Wednesday July 1, 2020, unless additional time is required by the seller. Bidding will be made in increments determined by the auctioneer. A 5% buyer’s premium will be added to high bid price, the total of the high bid plus the buyer’s premium will become the purchase price.
2. To bid online, please follow these registration instructions. Please provide an accurate phone number and email address upon registering. In order to complete your online registration and be approved to be bid, bidders are required to post a $50,000.00 deposit in advance and sign a CERTIFICATION (which will be emailed to you upon requesting to bid) that you agree and will comply with all of the terms & contracts as posted. Failure to comply with the stated terms will result in a default and your deposit will be retained as liquidated damages. *Please note the $50,000.00 is a registration deposit and additional deposits may be required if you are the successful bidder. Registration deposits are to be made by wire transfer or bank check made out to Peter Costanzo Auctioneers Trust account. All persons requesting to bid online on June 24, 2020 MUST have their deposit and completed registration to the auction company by Tuesday June 23, 2020 5:00 PM EST. Bid requests & deposits that are received after this time may not be approved. Please contact the auction company for wire and mail in instructions at (609) 693-6899.
3. In order to better serve our customers, all bidders must provide their name, address, daytime phone number, and email address where they can be contacted in order to assure good contact between The Auctioneers Group and the bidder throughout any transactions.
4. By registering to bid, all persons acknowledge to have full knowledge of these “Terms and Conditions of Sale” and agree to be bound thereby. If you are not the successful bidder, your registration deposit will be returned after the auction on Thursday June 25, 2020.
5. At the conclusion of the bidding a filled in purchase contract will be emailed and must be sent back, no later than 10:00 AM, Thursday June 25, 2020. PLEASE NOTE: If you are bidding on either or both Bamboo & Karma: the balance of a full 10% down payment MUST be made in WIRE TRANSFER by 10:00 AM Thursday June 25, 2020. Deposit and contract instructions will be sent to the successful bidders. Property sold “AS IS” free and clear of all liens, clear title guaranteed.
6. The balance of the purchase price on the real estate, together with the net amount of any adjustments and changes shall be paid by certified check, cashier’s check or treasurer’s check at time of closing. Closing shall take place within 30 days after approval by the bankruptcy court at the office of the seller’s attorney. Time is of the essence.
LIQUOR LICENSE: The balance of the purchase price for the liquor license, together with the net amount of any adjustments and changes shall be paid by certified check or cashier’s check within 7 days after bankruptcy court approval. The full purchase price will be held in escrow pending approval of transfer by Seaside Heights and the Alcoholic Beverage Control. Buyer must apply for the transfer of the license within 20 days of purchase. The license is not sold subject to transfer. Buyer represents that they have never been denied a liquor license and have never been convicted of a crime and knows of no reason why a transfer would be denied.
Failure to transfer license to the buyer for any reason will not invalidate the purchase. Once the high bid is approved & accepted by the seller and the bankruptcy court the sale is final. Please see purchase agreement for additional details and complete terms.
7. Titles to said properties shall be conveyed by Bargain & Sale Deed which shall be delivered in recordable form. The purchaser shall pay for the recording of the deed.
8. Contracts are NOT subject to an attorney review and are legally binding upon signing. Properties and liquor license are sold with no contingencies allowed whatsoever in regards to the contracts. Contracts are available for review on web, under “documents”. Properties are subject to withdrawal from auction without notice.
9. If the purchaser fails to appear at the closing of title or shall appear and refuses to close at the time and place fixed by the parties or shall fail to comply with any of the terms and conditions of the purchase contract the Auctioneer at his option may declare the purchaser in default and retain all money paid as liquidated damages.
10. In the event the owner is unable to convey title, the successful bidder shall be entitled only to the return of their deposit and the parties shall be mutually released from all of their obligations under the contract of sale.
11. The purchaser shall be required to accept the property in its “AS IS” condition on the date of the auction. Purchaser is responsible for all certificate of occupancy and any other required inspections, fees or permits. This sale is for the real estate & liquor license only. It does not include any personal property whatsoever. However, any personal property left and remaining after the closing, becomes the sole responsibility of the purchaser.
12. Real Estate taxes shall be apportioned at the closing of title and purchaser is responsible for all fees, permits or closing costs.
13. Oral statements made at or before the time of the auction and statements made in any sales brochures, sale catalogue or advertisements in connection with the sale pertaining to location, zoning, taxes, condition, titles, surveys, etc. of the property are for information only and should be verified by the purchasers. Purchasers will be bound by any statement of facts disclosed in current tax maps, zoning maps and ordinances, building restrictions, surveys and other data pertaining to the property.
14. Seller has neither employed nor hired any Agent, Auctioneer or salesmen except for Peter Costanzo Auctioneers, Peter Costanzo, Broker of Record, NJ Lic. 8900421 & Jennifer Natoli Executive VP Real Estate Sales Lic. 9806435.
THE FOLLOWING WILL BE THE ORDER OF SALE
1. BAMBOO BAR property & the LIQUOR LICENSE currently used at the Bamboo WILL BE OFFERED TOGETHER as a package bulk bid. The high bid for the package will be recorded. THEN the Bamboo property and Liquor License WILL EACH BE OFFERED SEPARATELY (Bamboo property THEN the Liquor License).
Package Minimum Bid: $2,000,000.00
Bamboo Separately Minimum Bid: $1,500,00.00
Liquor License Separately Minimum Bid: $500,000.00
*The final bid will be awarded to the highest and best offer.
2. KARMA NIGHTCLUB & the adjacent lot at 117 WEBSTER AVE. WILL BE OFFERED TOGETHER as a package bulk bid. The high bid for the package will be recorded. THEN EACH parcel WILL BE OFFERED SEPARATELY (Karma property and THEN 117 Webster Ave.)
Package Minimum Bid: $1,600,00.00
Karma Separately Minimum Bid: $1,500,00.00
117 Webster Separately Minimum Bid: $100,000.00
*The final bid will be awarded to the highest and best offer.
3. 126 HAMITLON AVE. WILL BE OFFERED SEPARATELY
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Live Auction with Online Bidding
