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Real Estate Auction - 3320 SW Topeka Blvd

April 07, 2016

Real Estate & Contents to be SOLD ABSOLUTE - 3320 SW Topeka Blvd, Topeka, KS. Great South Topeka Blvd Location! 2016 Shawnee County Appraisal…$462,100 No Reserves, No Minimums! Suggested Opening Bid…$25,000


ABSOLUTE COMMERCIAL REAL ESTATE AUCTION

Thursday April 7, 2016

10AM CST

Former Casa Mexican Restaurant to be SOLD at public auction

3320 SW Topeka Blvd, Topeka, KS.

Great South Topeka Blvd Location!

2016 Shawnee County Appraisal…$462,100

No Reserves, No Minimums! Suggested Opening Bid…$25,000

• 6,720 sq. ft. Commercial one story restaurant building

• 2.2-acre lot, lies between Topeka Blvd and Harrison St.

• Year Built: 1970/1983

• 2015 Tax: $18,554.98

• 12’ wall height

• 96 parking spaces, 42,000 sq.’ asphalt/concrete

• (2) restrooms

• 240 V, 3 phase power available

• C4 & I1 zoning

• Building has been damaged by an isolated fire

• Furniture, fixtures & equipment will be sold piece by piece and in group lots

• Shawnee County ID: 1341803003008000

• Property open for inspection: Thursdays, March 17th, 24th & 31st from 2-4 PM or by appointment. A live onsite public auction will be conducted on Thursday, April 7, 2016, 10AM CST.

 Terms & Conditions: 1. DATE AND TIME. Kull Auction & Real Estate Co., Inc. ("Auctioneer") will offer the properties described in this brochure for sale at auction. Auctioneer represents the seller (“Seller”) of this property. The auction shall take place, Thursday, April 7, 2016, 10:00 A.M CST., at the former Casa Restaurant 3320 SW Topeka Blvd, Topeka, Kansas. 2. BIDDER REGISTRATION. All prospective bidders will be required to register at the auction. Each bidder is requested to present their registration form when registering at the auction. 3. AUCTION CONDUCT AND BIDDING PROCEDURES. Conduct of the auction is at the sole discretion of Auctioneer. Auctioneer has the right to reject any bid and, at its sole discretion, determine the bidding increments. To bid during the auction, a bidder may raise their bid card, shout out their bid or ask a bidder's assistant to call out their bid for them. Auctioneer reserves the right to eject any person from the auction for any reasonable grounds deemed appropriate by the Auctioneer. Announcements made by Auction staff at the auction will supersede any prior written or oral information. 4. REAL ESTATE SALES CONTRACT. This property is offered for sale and is subject to the terms and conditions contained in the Real Estate Sales Contract. The terms of each Sales Contract supersede any conflicting terms of sale contained herein. Bidders and their attorneys should review the Sales Contract prior to the auction. 5. WINNING BIDDERS. Upon the fall of the auctioneer’s gavel, the high bidder shall (1) step up and present their earnest money check, and (2) with the assistance of an auction company representative, execute the Sales Contract for the property. 6. EARNEST MONEY. If you are a winning high bidder, an earnest money check with be presented to Kull Auction & Real Estate Co., in the amount of $5,000.00 7. CLOSING. Closing shall be approximately 15 days after the acceptance of the bid, unless mutually agreed otherwise or unless extended by reason of any title defect, or as otherwise provided under the terms of the Sales Contract. 8. BUYER'S PREMIUM. The high bidder shall pay a buyer's premium, equal to five percent (5%) of the final bid. Premium shall be added to the final bid to determine the total contract purchase price. 9. CONDITION OF PROPERTY & BIDDER INSPECTION. Property is being offered for sale on an "AS-IS, WHERE-IS" basis except for warranties, if any, described in the respective Sales Contract. Each prospective bidder, or an expert of their choice, including decorators, contractors, home inspectors or architects, are invited to conduct a complete inspection of any property prior to the auction at their expense. 10. BROKER PARTICIPATION. A Participating Broker Fee equal to two percent (2.5%) of the High Bid will be paid by Auctioneer if and when closing occurs, to a qualified licensed Broker (“Participating Broker”) whose client closes a purchase of the property. To qualify for payment of the Participating Broker Fee, a Participating Broker MUST adhere to all the following: • Be duly licensed as a real estate broker in the State of Kansas in good standing; • Attend a scheduled on-site inspection with their prospect and register with them and attend the auction, register with their prospect(s) there and bid for or with them; • Register their prospect on Participating Broker's letterhead indicating the prospect's name, address, and daytime and evening telephone numbers. The Participating Broker and prospect must each sign the letter acknowledging the Participating Broker's representation. The letter must then be sent by certified mail, return receipt requested, to Dan Kull, Kull Auction & Real Estate Co., Inc. 201 SE 59th St., Topeka, KS. 66619 This email (Dan@KullAuction.com) or fax (785-862-8811) must be received at 201 SE 59th ST., Topeka, KS., no later than April 6, 2016, 5:00 PM CST. • All registrations accepted by Auctioneer will be acknowledged by facsimile or email with the Participating Broker. • A broker may not serve as a principal or other participant with respect to a property for which he or she is paid a Participating Broker's Fee. An affidavit will be required stating the Participating Broker is serving only as a broker and not as a principal. • No prospect(s) shall be recognized as a Broker’s client if the prospect(s) had previously contacted or been contacted by the owners or their representatives. • If a Participating Broker has not met all of these requirements, no commission will be paid to the Participating Broker even if its prospect purchases the Property. A complete registration file on all prospects will be maintained by Auctioneer. No oral registrations by Participating Brokers will be accepted. There will be NO EXCEPTIONS to these requirements. • Each bidder who registers with a broker shall represent that it has dealt with no other brokers with respect to the property (except for Auctioneer and its agents) and such bidder will indemnify the seller and Auctioneer against claims by any other broker claiming a fee by reason of having dealt with such bidder. 11. FINANCING. This auction is not contingent on Purchaser’s ability to obtain financing. 12. ADDITIONAL INFORMATION. Specimen Sales Contract, property description, site plan, floor plans, auction overview, survey, Phase I environmental or any other pertinent information are available at the scheduled on-site inspections. 13. ADDITIONAL CONDITIONS. Seller and Auctioneer reserve the absolute right, in their sole discretion, to amend these Procedures, Terms and Conditions at or before the auction. To the extent there is any conflict between the provisions of these Procedures, Terms and Conditions as set forth herein and in any Sales Contract, the terms of the Sales Contract shall govern. • Auctioneer has the right, in its sole discretion, to modify or add any terms and conditions of the auction and to announce such modifications or additional terms and conditions prior to or during the auction. • All bidders acknowledge that Auctioneer does NOT have an ownership interest in any properties in this auction, and therefore, all bidders further acknowledge that Auctioneer is NOT responsible for any actions or inactions by Seller(s) regarding Seller(s) obligations under the Sales Contract. • The accuracy and completeness of the information contained in the marketing materials and in the Bidder's Information Package cannot be guaranteed and prospective bidders are advised to independently verify any information they deem important. • EXCEPT AS EXPRESSLY STATED IN THIS PARAGRAPH, THESE PROCEDURES, TERMS AND CONDITIONS DO NOT CREATE ANY LEGAL OBLIGATIONS ON AUCTIONEER OR THE SELLER. IF AUCTIONEER OR THE SELLER FAILS TO COMPLY WITH ANY OF THESE PROCEDURES, TERMS AND CONDITIONS FOR ANY REASON, NEITHER AUCTIONEER NOR THE SELLER SHALL HAVE ANY LIABILITY OR OBLIGATION WHATSOEVER. THESE PROCEDURES, TERMS AND CONDITIONS NEVERTHELESS ARE BINDING UPON AND MUST BE COMPLIED WITH BY ANY PERSON OR ENTITY SUBMITTING A BID. SELLER WILL BE BOUND ONLY BY THE PROVISIONS OF THE ACTUAL SALES CONTRACT AS AND WHEN EXECUTED AND DELIVERED BY EACH PARTY THERETO. • DISCLAIMER. INFORMATION CONTAINED IN THE AUCTION BROCHURE, THE BIDDER’S INFORMATION PACKAGE AND WEBSITE HAS BEEN OBTAINED FROM THE SELLER(S) AND OTHER SOURCES DEEMED TO BE RELIABLE. HOWEVER, NEITHER THE SELLER(S), AUCTIONEER, NOR THEIR AGENTS MAKE ANY REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF THIS INFORMATION. EACH PROSPECTIVE BIDDER MUST UNDERTAKE AND RELY ON HIS OR HER OWN INVESTIGATION OF THE PROPERTY.

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