Terms & Conditions and Property Disclosures
1. AGENCY: Auctioneer is acting exclusively as an agent for Seller and not as an agent for any Bidder or Buyer. No third-party broker is acting as a sub-agent of Auctioneer.
2. COLLUSION: Bid-rigging is a federal felony punishable by imprisonment and fine. Auctioneer will report all illegal conduct to the F.B.I. and cooperate with any prosecution.
3. COPYRIGHT: The Auction is the exclusive intellectual property of Auctioneer, covered by copyright protection, and may not be recorded, reproduced, or used in any form by anyone other than Auctioneer.
4. PROPERTY: The Property is described in the “Real Property Sale Contract” (“Sale Contract”), a copy of which is available from Auctioneer, online at www.jpking.com, and posted at the Auction.
5. DUE DILIGENCE: Seller and Auctioneer do not attempt to provide Bidder with all of the information Bidder may need to make an informed decision about the Auction and Property. Bidder should obtain professional advice, inspect, and conduct due diligence on the Property, any occupancy of it, title commitment (available from Auctioneer and posted at the Auction), surrounding area, all information provided by Seller or Auctioneer, “Property Information Package” (available from Auctioneer, online at www.jpking.com, and posted at the Auction), public records, Terms of Auction, Sale Contract, transaction contemplated, and all circumstances, defects, facts, issues, problems, and other relevant matters (collectively “Property Issues”). All information provided by Auctioneer came from Seller and is believed to be accurate, but neither Seller nor Auctioneer guarantees, represents, or warrants its accuracy or completeness and Bidder should not rely upon it without independent inspection and verification from sources Bidder knows to be reliable. Bidder has either performed all inspections and other due diligence that it deems necessary in advance of bidding in the Auction, or Bidder understands and fully accepts the risk of not having done so. Seller and Auctioneer are not required to update any information provided or published and will have no liability whatsoever for failing to do so.
6. DISCLAIMER: Participation in the Auction is at Bidder’s sole risk and Seller and Auctioneer, plus their agents, contractors, directors, employees, members, officers, and representatives will have no liability whatsoever. The Property will be offered “AS IS, WHERE IS, WITH ALL FAULTS.” To the fullest extent allowed by law, Seller and Auctioneer unconditionally disclaim any guarantee, representation, or warranty of every kind, whether expressed, implied, or statutory, whether oral or written, whether past, present, or future, with respect to all Property Issues, except as expressly provided in the Terms of Auction and the Sale Contract.
7. DISCLOSURES: Unless otherwise disclosed, the Property will be offered for sale and conveyed by deed free and clear of all liens, mortgages, deeds of trust, delinquent taxes, assessments and warrants, but subject to all non-monetary encumbrances such as conditions, covenants, deeds, easements, reservations, restrictions, right-of-ways, title exceptions, zoning regulations and matters of record. Maps, depictions, and sketches in any materials related to the Property are for illustration purposes only and Seller and Auctioneer do not guarantee, represent, or warrant their accuracy or completeness
8. REGISTRATION: Any competent adult with a satisfactory photo identification who properly registers and complies with the Terms of Auction may bid. Auctioneer may refuse to register or expel any person who is disruptive, noncompliant, or previously caused a problem for Seller or Auctioneer. Any person intending to bid on behalf of another must present Auctioneer with an executed, enforceable, recorded, and unexpired power of attorney which is subject to Auctioneer’s approval. By registering, Bidder acknowledges receipt of the Terms of Auction and access to the Sale Contract and unconditionally and irrevocably agrees to be bound by both.
9. BUYER’S PREMIUM: A ten-percent (10.00%) buyer’s premium will be in effect for the Auction and added to the amount of the highest bid to arrive at the selling price for the Property (“Total Contract Price”).
10. AUCTION: This Property is scheduled for a RESERVE AUCTION whereas the Seller has the right to accept or reject the final offer made. Auctioneer’s discretion in conducting the Auction includes, but is not limited to, the auction method, bid-calling, bid increments, and determining the buyer. The Bidding will begin at the Auctioneer’s commencement of the Auction for the Property, by gavel. The decision of Auctioneer is final regarding all matters that arise before, during, or after the Auction. Seller shall not bid. Auctioneer (“House”) may counter-bid on behalf of the Seller up to the amount of Seller’s reserve price. Counter-bidding assists Sellers and Buyers with establishing an agreed upon sales price. Bidder shall not retract any bid. Bidder’s purchase shall be considered a single transaction whether of the whole or a fraction of the Property. The sale of any fraction of the Property shall not be contingent upon the sale of any other portion thereof, whether purchased by the same Buyer or not.
(a) The Property is scheduled to be sold using the “High Bidder’s Choice” method of auction:
(b) The initial highest Bidder will select any one or more of the lots from the Property inventory designated for round-one bidding. Once the initial highest bidder has completed this selection, if any lots in the round-one Property inventory remain available, bidding will resume in a second phase of bidding for the available lots. The highest Bidder in the second phase of bidding will select any one or more of the available lots from the Property inventory. This process will continue into a third and subsequent phases of bidding until all lots in the Property inventory have been selected by their respective highest Bidders. Prior to starting the second and any subsequent phase of bidding, Seller and Auctioneer may offer Bidders, on a first-come-first-served basis, the opportunity to select any one or more of the unselected lots included in the round-one Property inventory for the amount of the last highest Bidder’s bid. Once a high Bidder has selected one or more lots from the Property inventory, that Bidder may NOT exchange any lot previously selected for any other lot.
11. SALE CONTRACT: Bidder should carefully read and understand the Sale Contract before bidding in the Auction. The Property will be offered subject to the terms of the Sale Contract which is not negotiable. This is a cash sale and not contingent upon any matter, including Buyer obtaining financing. Buyer will immediately execute the Sale Contract and all related documents presented by Auctioneer to bind Bidder and Seller to a sale of the Property. Any Buyer purchasing on behalf of a business or arm of government (“Artificial Person”) will immediately execute the Sale Contract in both the Artificial Person’s and buyer’s names, until such time as the Artificial Person presents Auctioneer with acceptable, written evidence of the Artificial Person’s good standing in its state of formation, plus written authority, in a form acceptable to Auctioneer, agreeing to be bound by the Sale Contract. Buyer will execute the Sale Contract and no addition, deletion, or revision will be permitted. The Sale Contract will exclusively govern the Parties’ rights, responsibilities, and remedies with respect to any sale of the Property and all related matters. The sale must close within 30 days following the Auction.
12. DEPOSIT: Buyer will immediately pay to the escrow/closing agent, in U. S. Dollars, an earnest money deposit of no less than ten percent (10.00%) of the Total Contract Price of the Property (“Earnest Money Deposit. The deposit is to be paid by Buyer in the form of a personal or company check. If buyer elects to utilize Seller financing, terms are 30% down, 10 year amortization, monthly payments with a 3 year balloon, at 6.99% interest rate. Seller financing is subject to an acceptable credit check by the seller. If for any reason Buyer fails to timely execute the Sale Contract or pay the Earnest Money Deposit, Seller has sole discretion, to: (a) pursue all legal and equitable remedies available against Buyer, or (b) declare Buyer’s bid to be immediately forfeited, null, and void, without any requirement of notice, and immediately re-sell the Property to another buyer.
13. RELEASE: Bidders, Buyers, and other persons present at the Auction (collectively “Attendees”) are advised that Auctioneer and its agents, contractors, employees, and/or representatives may record the Auction, related matters, and Attendees through audiotape, photography, motion pictures, and/or videotape for advertising, marketing, promotion, publicity, record, and/or trade purposes, and in consideration of being allowed to attend the Auction, Attendees unconditionally and irrevocably agree that their images and voices may be so recorded and used by Auctioneer in all types of media without territorial, time, or use limitation, and without compensation being owed or paid to Attendees by Auctioneer or Seller.
14. ARBITRATION: Any action, claim, controversy, counterclaim, dispute, or proceeding arising out of the Property Issues and involving Seller, Bidder, Buyer, or Auctioneer, in any combination, whether controlled by federal or state law, and whether an issue of law or equity, including the determination of the scope and applicability of this agreement to arbitrate, will be determined and resolved exclusively by final and binding arbitration, with no appeal permitted, except as provided by applicable law for the judicial review or enforcement of arbitration decisions. The arbitration will be administered by Judicial Arbitration and Mediation Services, Inc.,
or its successor and decided by a panel of three (3) independent arbitrators, except that a Party may elect to reduce the number of arbitrators from three (3) to one (1), unless that election is opposed by another Party in a written objection timely filed with JAMS. Judgment on the arbitration award may be entered in any court having jurisdiction. The Parties waive the right to any legal action and trial by jury. The costs of arbitration, including the fees and expenses of the arbitrators, but not including the Parties’ attorneys’ fees, will initially be paid equally by them. The prevailing Party will be entitled to collect from the other its full costs associated with the arbitration, including reasonable attorneys’ fees. All aspects of any arbitration will be permanently kept confidential and not disclosed in any form or manner to any entity, media, or person, and the Parties will jointly move the court entering judgment on the arbitration award to so order. Any arbitration must be commenced within two (2) years from the date when the cause of arbitration accrues, or it will be forever barred. The right of arbitration will accrue, and the two (2) year limitation period will begin to run, on the date the breach, damage, or injury is sustained and not when the resulting damage or harm is discovered. To the fullest extent allowed by law, neither Seller nor Auctioneer will be liable for any consequential, exemplary, incidental, indirect, punitive, or special loss or damage (including, but not limited to, damage to property or loss of use, time, income, or profits) that might arise out of the Auction, offering or sale of the Property, or any related matter.
15. CHOICE OF LAW, JURISDICTION, AND VENUE: Any Auction matter will be exclusively construed and governed in accordance with the laws of the State of Wyoming, without regard to its conflict of laws principles. The exclusive jurisdiction and venue for any controversy or claim between the Parties will be the County of Sweetwater in the State of Wyoming.
16. MISCELLANEOUS: The Terms of Auction will bind Bidders and their agents, assigns, attorneys, beneficiaries, brokers, directors, distributees, employees, executors, heirs, legatees, officers, representatives, shareholders, and successors in interest. No deletion, modification, supplement, or waiver of any provision of the Terms of Auction will be made, except by Auctioneer’s written revision or announcement at the Auction.
PROPERTY SPECIFIC DISCLOSURES FOR REAL ESTATE PURCHASE & SALE CONTRACT
Cross Roads Commercial Park
Rock Springs, Wyoming
DISCLAIMER: Seller and Auction Team (this term to include JP King Auction Co., Inc. and JP King’s Broker) do not, here or otherwise, attempt to provide Purchaser (this term to include Bidders) with all of the information Purchaser may need to conduct due diligence and make an informed decision about the Auction and Property (“Property” herein may have either a singular or plural meaning, plus the “Properties” is used in some instances for the plural). Participation in the Auction is at Purchaser’s sole risk and Seller and Auction Team, plus their agents, brokers, contractors, employees, and representatives will have no liability whatsoever on any basis. The Property will be offered and sold in “AS IS, WHERE IS” condition with all burdens, circumstances, defects, facts, faults, dangers, hazards, issues, items, material facts, problems, vandalism, and other relevant matters, whether latent or patent, whether past, present, or future, and whether or not referenced herein, which affect, involve, or relate in any way to the Property (“Property Issues”). The disclosures that follow are made to Purchasers to assist them in performing their due diligence, but this list is not represented to be complete or correct and there may be other Property Issues affecting, involving, or related in some way to the Property. Purchasers should govern themselves accordingly.
Participation in the Auction is at Purchasers’ sole risk and Seller and Auction Team, plus their agents, contractors, and employees, will have no liability on any basis whatsoever. All Properties will be offered and sold in “AS IS, WHERE IS” condition with all Property Issues then existing.
TO THE FULLEST EXTENT ALLOWED BY LAW, SELLER AND AUCTION TEAM UNCONDITIONALLY DISCLAIM ANY GUARANTEE, REPRESENTATION, OR WARRANTY OF EVERY KIND, WHETHER EXPRESSED, IMPLIED, OR STATUTORY, WHETHER ORAL OR WRITTEN, WHETHER PAST, PRESENT, OR FUTURE, WITH RESPECT TO ALL PROPERTY ISSUES, EXCEPT AS EXPRESSLY PROVIDED IN: (a) THE TERMS OF AUCTION, and (b) THE REAL PROPERTY SALE CONTRACT.
Without waiving or modifying the above disclaimer in any way or degree, Seller and Auction Team disclose the following information which relates to the specific Properties identified. Seller and Auction Team emphasize that there may be other Property Issues affecting any one or more of these identified Properties and this is not an all-inclusive list of such matters to be relied upon by Purchasers.
EXCEPT AS EXPRESSLY STATED BELOW, SELLER WILL TAKE NO ACTION TO ADDRESS, CURE, FIX, REMEDY, REPAIR, OR SOLVE ANY PROPERTY ISSUES DISCLOSED.
DISCLAIMER: This package is merely a bulletin and is solely intended to provide interested parties with preliminary information only. The delivery of this bulletin to any person shall not create any agency relationship between such person and Seller. The information included in this package is believed to be correct, but it is not guaranteed and is not necessarily correct. Some of the information furnished is from outside sources deemed to be reliable, but is not certified as accurate by the Seller.
All of the information contained herein is subject to corrections, errors and omissions, etc. All purchase offers must be based on Purchaser’s own investigation of any Property made available for purchase and not on any representations made by any party. Seller makes no representation nor warranty, express or implied, with respect to any of the Property(ies) made available for purchase; every Property is being sold in an AS IS, WHERE IS CONDITION, WITH ALL FAULTS, if any.
This Statement shall not constitute an offer to sell or a solicitation of an offer to buy any of the Properties referenced herein. In addition and without limitation of the foregoing, there shall not be any sales of any of the Properties in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the applicable security laws of that state.
1. Patriot Act Representation: Seller and Purchaser each represent to the other that: (1) their property interests are not blocked by Executive Order No. 13224, 66 Fed. Reg. 49079; (2) it is not a person listed on the Specialty Designated Nationals and Blocked Persons list of the Office of Foreign Assets Control of the United States Department of the Treasury; and (3) it is not acting for or on behalf of any person on that list.
2. Uses of Property: Seller and Auction Team make no representations or warranties as to the allowable uses of the Property. Bidder/Purchaser should consult with the proper governing authorities for Property zoning information and regulations.
3. Property Tax Disclosure: Purchaser should not rely on the Seller’s current property taxes as the amount of property taxes that the Purchaser may be obligated to pay in the year subsequent to purchase. A change of ownership, use of property, or property improvements triggers reassessments of the property that could result in higher property taxes or rollback taxes. Purchaser will be responsible for any rollback taxes due to their change of use in the property. If Purchaser has questions concerning valuation, Purchaser should contact the county property appraiser’s office for information.
4. Utility Services: Purchaser shall be exclusively responsible for obtaining any and all permits for the installation or continuation of utility services to the Property itself and paying all costs related to such installation or continuation.
5. Soil Percolation, Utilities, Suitability, Permits, Etc.: Purchaser is solely responsible for doing all due diligence needed or desired for the Property. Purchaser is solely responsible for investigating the soil characteristics of the property, availability and/or accessibility for all utilities to serve the Property, as well as the practicality and suitability for building or construction of any kind on the Property. Additionally, Purchaser will be solely responsible for obtaining and paying for any and all permits for septic systems and all other items related to the Property and any building, construction, or improvements thereon. Purchaser will also be solely responsible for obtaining and paying the costs for all permits and other fees, tanks, meters, lines, and other needs relative to the Property. Seller and Auction Team specifically make no representation, guarantee, or warranty of any kind regarding any matter addressed in this paragraph and Purchaser solely assumes all risk and costs for each of these matters.
6. Mineral Rights: Seller will convey all such interest in minerals that they own, if any, without warranty or guarantee.
7. Inspections: All bidders should physically inspect each property prior to bidding as these properties are being offered “as is” with no representations as to the physical condition.
8. Development Street Lighting - Seller will complete installation of to the subdivision lighting at seller’s expense prior to closing.
9. Septic: If a sewage disposal system is needed, it could/shall be designed as a septic tank and leach field disposal system.
10. Billboard: The seller will retain the lease payments from the billboard located on Parcel #19 until August of 2021.
1. Sellers reserve the right to relocate purchaser’s selection of lot, prior to closing, to one of similar size and price at the sole discretion of seller.
2. Seller Financing Terms are 30% down, 10 year amortization, monthly payments with a 3 year balloon at 6.99% interest. Seller Financing is subject to an acceptable credit check by the seller.
** Additional Disclosures may be added by updated disclosure form or by announcement via email.