Public Foreclosure Auction - Convenience Store

NOTICE: MARCH 16, 2012:

THIS AUCTION HAS BEEN POSTPONED UNTIL FURTHER NOTICE DUE TO BANKRUPTCY FILING BY THE DEBTOR ON 3/15/12.

By Order of the Substitute Trustee

FORECLOSURE AUCTION
Friday, March 16, 2012 at 11:00 a.m.

Auction to be conducted at:
Kingsport City Hall
225 E Center St.
Downtown Kingsport TN 37660

(225 E Center is the Kingsport Location of the Sullivan County Courthouse)

Real Estate To Be Sold:
Ridgefields Market
451 Ridgefields Rd.
Kingsport TN 37660

Auctioneer's comment: "This well-established convenience store has been in continuous operation since the 1970s, and has served the Ridgefields community well. A new owner will have the opportunity to develop their own long-lasting customer relationships."

Note: Selling only REAL ESTATE as described in the Deed Of Trust - NO Personal Property will be sold!

Property Information
(Information below taken from Sullivan County TN Tax records and is not guaranteed to be accurate.)
Parcel # 045N B 007.00
Lot Size             132 x 150 irreg.
Year Built                   1973
Approx. Sq. Ft    .     2,555 +/- 
Tax Appraisal      187,600
2011 City Tax          1,479
2011 County Tax     1,599

Note: The Buyer will be required to pay the 2011 City and County Taxes (including all penalties and interest to date of payment) at closing, and will pay the 2012 City and County taxes in their entirety when due. Please contact the respective Tax Assessor offices for amounts.

PUBLIC FORECLOSURE AUCTION
1. This is a Public Foreclosure Auction.  The Substitute Trustee is selling this property according to law and pursuant to the provisions of the applicable Deed of Trust. 
2. Said Deed of Trust calls for the property to be sold to the highest bidder, without any minimum stipulated price. 
3. The Substitute Trustee will not be the buyer of the property at this auction.  Any other party, including any lienholder or beneficiary under the applicable Deed of Trust, may bid to buy the property at this auction. 
4. The Substitute Trustee may exercise all options and rights available to him pursuant to applicable law, and as set forth in the Notice of Sale.  Said options and rights include, cancellation, continuance, adjournment, and/or postponement of the sale.
5. The sale of this property is subject to a 120 day right of redemption by the IRS or the State of Tennessee.

TERMS OF SALE
1.  A 10% Buyers Premium will be added to the winning bid to determine the Contract Sales Price.
2. The Buyer will sign a Sales Contract and deposit 10% of the Contract Sales Price with the Substitute Trustee at the conclusion of the auction sale.
3. Closing will be within 15 days of the auction, or as soon as is practicable, per the Substitute Trustee.
4. All property sold at the auction will be sold "as is, where is, as inspected, prior to bidding"
5. This is a "cash at closing" auction. The sale of this property is NOT conditional on the buyer receiving a loan. Therefore, bidders must come to the auction prepared to bid and buy the property under the terms stated.
6. Possession of the property will be given to the buyer at closing. The removal of any personal property or tenant in possession will be the responsibility of the buyer (new owner).
7. The Buyer will be required to pay the 2011 City and County Taxes (including all penalties and interest to date of payment) at closing, and will pay the 2012 City and County taxes in their entirety when due. Please contact the respective Tax Assessor offices for amounts.

Bidder / Buyer Due Diligence: This property is being sold "as is, where is, as inspected prior to bidding, day of auction". Neither the Substitute Trustee nor the Auctioneer guarantees the accuracy or credibility of pre-auction information. Prospective purchasers are required to perform due diligence prior to bidding at the auction. This means any prospective purchaser must personally seek out the information required  for the prospective purchaser to determine the property suitable for purchase. If dimensions are important, measure. If zoning and use is important, contact the appropriate city or county department to inquire as to permitted uses. If any inspection is needed, please consult a professional in the related field. Come to the auction PREPARED to bid. 

IMPORTANT!

Disclaimers:
1. Statements made, terms of sale, and property availability on the day of the auction take precedence over pre-auction advertising or information, which are offered for informational purposes only and are not guaranteed accurate. Neither the Auctioneer, Auction Company nor the Substitute Trustee make ANY representation as to the condition or dimensions of the property or any improvements thereupon.

2. Any purchaser of the applicable real property agrees to accept title to said real property and all improvements thereon in an "AS IS, WHERE IS, AS INSPECTED PRIOR TO BIDDING ON THE DAY OF AUCTION" condition, and without representation or warranty from the Bank and its attorneys, the Substitute Trustee, and/or the auction company or its agents as to any matter whatsoever. 

3. Without limiting the foregoing, the Substitute Trustee DISCLAIMS ALL EPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE.  ADDITIONALLY, the Substitute Trustee DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES AS TO THE ABSENCE OR PRESENCE OF HAZARDOUS SUBSTANCES ON OR UNDER THE PROPERTY AS DEFINED BY ANY ENVIRONMENTAL LAWS, INCLUDING WITHOUT LIMITATION THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND LIABILITY ACT (“CERCLA”) OR SIMILAR FEDERAL AND STATE LEGISLATION (COLLECTIVELY, THE “ENVIRONMENTAL LAWS”).  Any purchaser of the applicable real property agrees to accept title to said real property subject to any problems arising out of or in connection with deterioration of any improvements thereon, violations of the ENVIRONMENTAL LAWS, and potential flood hazards.  Any potential purchaser of the applicable real property agrees to indemnify and hold the Bank and its attorneys, the Substitute Trustee, and/or the auction company or its agents , harmless from any and all costs, expenses, and liability, including, without limitation, attorneys’ fees, arising out of or in connection with any of the foregoing. 

The applicable real property is being sold "AS IS, WHERE IS, AS INSPECTED DAY OF AUCTION."  The Bank and its attorneys, the Substitute Trustee, and/or the auction company or its agents do not guarantee the accuracy or credibility of pre-auction advertising or information.  Any purchaser of the applicable real property is required to perform due diligence prior to bidding at the auction, and to have determined that the applicable real property is suitable for purchase.