Tract 2: TM# 8-A-5 - Smyth County, VA

Terms & Conditions of Auction for Online Bidding Independence Lumber Russell, Smyth and Washington Counties, Virginia Bidding Starts: Thursday, April 1, 2021, 8:00 AM ET Bidding Ends: April 28, 2021, 1:00 PM ET 1. AUCTION SALE: The Property will be sold subject to Seller’s confirmation that the contract sales price is at or above the reserve price and subject to execution of the Auction Real Estate Purchase Agreement as required in Paragraph 2. The property is auctioned “AS IS, WHERE IS” with all faults in its condition at the time of sale without recourse by way of refund, reduction of the purchase price, or otherwise. Bidders should perform such independent investigation with respect to the property as they deem necessary or appropriate. Bidding signifies you have read and are in agreement with the terms and conditions of the auction. If you do not agree with the terms and conditions of this auction Do Not Bid! 2. REAL ESTATE DEPOSIT: The Buyer is required to pay a deposit in the amount of ten percent (10%) of the contract sales price and sign an Auction Real Estate Purchase Agreement within twenty-four hours (24) of sale day, executed and delivered via email. Buyer may wire funds ($25.00 wire fee) or overnight a cashier’s check for the earnest money deposit at Buyer’s expense. 3. FINANCING: Your bidding and purchase of the property are NOT CONDITIONAL UPON FINANCING. Be sure you have arranged financing, if needed, and are capable of paying cash at settlement. 4. LIABILITY: Bidders inspecting property enter at their own risk. Auction Company assumes no risk for bodily injury or damage to personal property. 5. ANNOUNCEMENTS: Announcements on day of sale take precedence over all prior releases, verbal and written, concerning this auction sale. 6. BUYER’S PREMIUM: The Buyer’s Premium on the real estate is five percent (5%) of the high bid amount. The Buyer’s Premium will be added to the high bid to determine the final contract sales price. 7. AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER. 8. REAL ESTATE DEED AND POSSESSION: The real estate will be conveyed by a Quit-claim deed to be prepared at the expense of the Seller and the cost of Virginia Grantor’s tax shall be borne by the Seller. It is agreed the Property is being conveyed free and clear of liens, subject, however, to any rights of way, easements, and restrictions of record. The balance of the purchase price is due at settlement on or before June 11, 2021. The contract to purchase is not assignable. Possession of the Property shall be given to the buyer at settlement. 9. BOUNDARY LINES: Boundaries on aerial photos, topographic maps, and otherwise, are approximate and are subject to verification by all parties relying on them. 10. SALE IS SUBJECT TO COURT APPROVAL: The auction is being conducted for the Receiver appointed in the case of First National Bank of Pennsylvania v. Independence Lumber, Inc., in the United States District Court for the Middle District of North Carolina (Case No. 1:20CV637), and the sale is subject to approval of the Court. The Receiver will request Court approval promptly after the signing of the Auction Real Estate Purchase Agreement and receipt of the Buyer’s deposit. If approved, the Court Order will provide for the Buyer to receive at settlement title to the property free and clear of all liens, claims, and encumbrances. 11. BIDDING AND SOFT CLOSE: The Soft close will allow extended bidding until no bids are placed for five minutes. If a bid is placed within the last five minutes an additional five minutes will be added to ensure everyone gets time to place their bid. 12. BROCHURE CORRECTION: The minimum bid for Tract 7 is $31,100, not $3,110 as noted on the brochure. 13. GENERAL: The information contained in the brochure, on woltz.com, all advertising, and the Bidder’s Information Packet is subject to verification by all parties relying on them. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.