Auction Terms & Conditions
1. This auction is for the purchase of business, it is being sold with a reserve. The winning bidder will purchase an existing Sonic franchise, no real estate included.
2. There is an 11% buyer's premium. 11% or $2500, whichever is greater, will be added to your high bid to arrive at the contract price. KEEP THIS IN MIND WHILE YOU'RE BIDDING. Example: High bid $100,000.00 X 11% = $11,000.00. $100,000.00 + $11,000.00 = $111,000.00 is the contract price.
3. The property is subject to prior sale. (The property can be purchased prior to the end of the auction.)
4. There will be a 10% deposit due within 24 hours after the close of the auction from the successful bidder. Immediately following the bidding, the successful bidder will execute a contract for the purchase of the business and deposit 10% of the contract price with the auction company to be held in a trust account. Personal checks are not accepted. Cashier's check, ACH, or bank wire only. The contract is NOT assignable, NOT contingent upon financing, NOT contingent upon inspections.
5. The balance of the purchase price is due at closing within 30 days. Each purchaser is responsible for obtaining his/her own financing if necessary. You must be pre-approved for financing. If you are unsure of your ability to obtain the necessary financing, do not bid as you could lose your deposit if you don't close.
6. No warranty as to condition or suitability for any purpose is expressed or implied. Buyers shall rely entirely on their own information, judgment and inspection of the property and records prior to the auction. A list of equipment provided in the auction materials will be conveyed with the sale. Bidding signifies agreement to all disclosures.
7. Buyer will pay all closing costs related to the sale, including franchise transfer fee.
8. All adjustments of taxes or other pro-ratable items on this property shall be prorated as of the date of closing.
9. Sonic corporate retains the right of first refusal on the sale of any franchise.
10. Bidding signifies you have read and are in agreement with terms and conditions of the auction. If you do not agree, do not bid!!
11. If you wish to be a back up bidder, please contact us after the auction and we will put you on the list in the event the high bidder does not close. We will contact you and invite you to purchase the property. There is no obligation to purchase and no signature is required. This is a matter of reference only.
12.The auctioneer controls the bidding, corrects any mistakes made, and determines how to handle tie bids.
13.Neither Auctioneer nor Seller shall be liable for any personal injury on the sale premises. Buyer assumes all risk and liability whatsoever resulting from the use of the item(s) sold hereunder, and shall defend, indemnify, and save harmless Seller and Auctioneer from any liability.
14. Online Auction Technology (Disclaimer): Under no circumstances shall Bidder have any kind of claim against United Country | H5 Auction & Realty, Broker of record, or anyone else, if the Internet service fails to work correctly before or during the auction. Online bidding is subject to technology faults and issues which are outside the control of the auction company. Bidder(s) are encouraged to use the “Maximum Bid” feature on the bidding platform and lock in their maximum bid amount, if they are concerned about technology failure during the auction. The SELLER and/or Auction Company reserves the right to (pause) the online auction bidding in the event of any internal or external technology failure, to preserve the integrity of the auction event and maintain a fair and impartial bidding environment.
15. Any unresolved complaint with H5 Auction & Realty should be directed to : Texas Department of Licensing and Regulations; P. O. Box 12157; Austin, TX 78711; 512-4636511, www.tdlr.texas.gov.
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