Bidder Terms & Agreement

Mountain View Restaurant Real Estate Auction

Bidding Starts to Close Wednesday June 7, 2023, 07:30 PM MST.

Mountain View Restaurant (business not included)

2099 Sherman Avenue, Monte Vista, CO 81144

1. This is one property being sold as one individual item in an online auction. Property is being sold WITHOUT the currently attached business. If you want to purchase the property you must bid on the property and be the winning bidder. Bidding will be extended for three minutes each time a bid is placed on the property,

2. This is an Online Auction. A signed copy of this agreement is required to bid. In consideration of being allowed to participate in this auction, Purchaser agrees that all bids he or she submits are irrevocable and binding.

3. Purchaser hereby represents and warrants that he or she has the financial resource to make an immediate non-refundable deposit payment of $15,000.00 and to completely fund the purchase of the property by the closing date to be determined (The closing date may be extended up to 15 days by Purchaser paying to Seller an extension fee of $100 for each day Purchaser desires to extend the closing date.) Seller and Broker may, at their sole discretion, ask any Potential Purchaser, at any time, to provide proof that these funds or financing and decline their bids if they do not provide acceptable documentation. Time is of the essence. Well qualified Purchasers should be able to obtain financing for this property but, the sale of this property is not contingent on Purchaser obtaining financing or anything else.

4. Bidding shall be based on a single total price for the property (not including current business.) The auction will be conducted using a 10% Buyers Premium. Ten percent (10%) will be added to the winning bid price to form the contract price for the property. By way of example, and not as an indication of the purchase price or value, a bid price of $100,000.00 will equal a contract price of $110,000.00.

5. This is a non-contingent sale for the property. The only way Purchaser will receive a refund of his or her deposit is if Seller does not provide marketable title at closing as stated in the title insurance commitment. Purchaser relies entirely on his or her judgement and inspection. Purchaser has, or willfully chooses not to, investigate all issues surrounding the property to Purchaser’s satisfaction prior to bidding and agrees to purchase it AS-IS WHERE-IS. Purchaser has investigated or waives the right to determine the availability, terms, conditions, and premium for property insurance. Purchaser has completed, or willfully chooses not o complete, all inspections and surveys he or she desires prior to bidding including but not limited to : soils, septic, unitality availability, groundwater, flood designation, environmental, buried fuel tanks, presence of asbestos, presence of lead-based paint and/or lead-based paint hazards, presence of mold or radon gas, property boundaries, property size, access, easements, Home Owners Association (HOA) fees or regulations, right of ways and any other desired tests, surveys or inspections. Purchaser acknowledges that he or she has performed all due diligence required to form his or her opinion of value ad made all decisions necessary for him or her to make a final decision to purchase this property prior to placing a bid. Purchaser and his or her heirs forever waive any right to initiate legal action, object, seek reimbursement or damages or contest in any manner the condition of the subject property.

6. Seller and Broker may have provided maps, documents, or reports to potential Purchasers but do not warrant these maps, documents, or reports in any way. Purchaser has had the opportunity to conduct inspections, surveys or to take measurements at his or her expense prior to the auction and hereby waives any right to object to the property condition, boundaries, survey issues, easements, or square footage measurements.

7. Colorado Premier Realty & Auction Services, Inc., Edith Parrish-Kohler Broker is acting as a Seller’s Agent. Purchaser acknowledges that he or she is a “customer” of Broker in these transactions. A customer is a party to real estate transactions with whom the broker as no brokerage relationship because such party has not engaged or employed the broker, either as the party’s agent or as the party’s transaction broker. Purchaser represents and warrants to Seller and Broker that, other than registered with Broker prior to online auction registration, Purchaser has not been represented by any real estate agent or finder in connection with this transaction.

8. Purchaser hereby acknowledges receipt of all required documents and disclosures including source of water addendum, square footage disclosure and lead-based paint disclosure for the property she or he intends to bid on. Purchaser waives his or her right to conduct any lead-based paint tests and to object to sale based on source of water, square footage or anything else.

9. A contract to buy and sell real property by the Seller’s Attorney with no contingencies will be used for each property. Purchaser agrees they have read and understand the pre-printed Contract to Buy and Sell Real Property. Purchaser of property agrees to meet with Broker to execute the Contract to Buy and Sell Real Property within 24 hours of being declared the wining bidder by the Auctioneer. Purchaser shall, at contract execution, make payment of $15,000.00 to be held by the closing agent. This payment will be retained and allocated under the contract as a non-refundable deposit and will be applied to the purchase price at closing. The remaining balance of the purchase price must be paid at closing which shall occur on or before ____________. If, for any reason, Purchaser fails to execute the contractor deliver the entire deposit required under the terms here. Purchaser agrees that he or she will pay to Seller and Broker, as liquidated damages, the amount of $50,000.00 and Seller and/or Colorado Premier Realty & Auction Services, Inc may pursue all additional legal remedies and damages available against Purchaser including specific performance. If Purchaser intends to finance the property, Purchaser should have financing arranged prior to auction. Seller’s desire it to sell the property to the best qualified, highest bidder on the property through the auction process.

10. Seller will convey property by Seller’s Deed free from all liens and encumbrances. Seller will pay for an owner’s title insurance policy in the amount of the purchase price. The cost of closing services for the property will be divided equally between Seller and Purchaser. Property taxes and any utilities for the property will be prorated to the day of closing.

11. Purchaser and Seller agree that electronic delivery of documents and commonly recognized electronic signatures are acceptable.

12. Purchaser agrees to forfeit the non-refundable deposit or any other earnest money for the property to Seller and Broker and hereby directs the closing agent to deliver the non-refundable deposit or any other earnest money to Broker if Purchaser fails to perform under the contract. Purchaser agrees to indemnify and hold harmless the closing agent for following these instructions.

13. Purchaser agrees that every bid he or she submits may not be withdrawn and is an irrevocable offer to purchase good based on these terms and the Contract to Buy and Sell Real Property. Seller and Broker or their agents reserve the right to conduct other auctions, to accept pre-auction offer, withdraw the property from the auction, bid on behalf of a reserve price, reject any bid at any time or cancel the auction at their own discretion for any reason. Seller and Broker reserve the right to modify these terms for any or all Bidders.

14. Purchase of property and his or her heirs do hereby release and agree to forever indemnify against all causes of action associated with this transaction Colorado Premier Realty & Auction Services,

15. Inc., Edith Parrish-Kohler Broker & Auctioneer and the Property of 2099 Sherman Avenue, Monte Vista, CO 81144. This release extends to all physical and environmental conditions of the property.

16. Any disagreement concerning this agreement shall be heard in a court of competent jurisdiction. Both parties waive any right to a jury trial and hereby agree to a bench trial before a judge. This agreement shall be governed in all respects by the laws of the state of Colorado. If for any reason, a court of competent jurisdiction finds any part of this agreement to be invalid or unenforceable, that part will be enforced to the maximum extent permissible to affect the original intent of this agreement. If a part is found to be invalid or unenforceable, the remainder of the agreement shall continue in full force and effect. Such invalid or unenforceable part will be deemed severable from the other parts here and will not affect the validity or enforceability of the remaining parts. In the event of any litigation arising out of this Contract, the court shall award the prevailing party all reasonable costs and expenses, including reasonable attorney’s fees. In the event Broker must retain legal counsel because of this agreement, Purchaser agrees to reimburse Broker for her reasonable attorney fees.

17. The auction website has “terms & conditions” and auction terms that are herby incorporated by reference into this agreement. In the event there is a disagreement between those terms and this agreement, this agreement shall prevail.

Landmark Turn-Key Restaurant Monte Vista, CO