Absolute Auction- Parkland Motel Stearns, KY

by Ayers Auction & Realty

When

January 07, 2016 Thursday Jan. 7th at 10 A.M. Eastern

Where

Parkland Motel 1950 S Hwy 27 Stearns, KY

How

Live / Online

Notes

Absolute Auction of the Parkland Motel in Stearns, Ky a great investment opportunity close to the Big South Fork National Park, near the Federal prison system in Pine Knot and 1 of only 3 motels in McCreary County, KY. Can continue to ran as a motel or converted to apartments or excellent commercial location on HWY 27 with many uses.

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Parkland Motel at Absolute Auction

Thursday January 7th, 2016 at 10 A.M.

Will be a live onsite auction with online bidding available

Parkland motel has 45 motel rooms, office, 3 efficiency apartments, 6 RV hookups, pool, large paved parking lot, and a large lot located on HWY 27 in Historic Stearns, KY.

Located in the heart of the Big South Fork National Park area only 1 mile from the Big South Fork Scenic Railway.

Located within 90 miles of Knoxville, TN and 110 miles to Lexington, KY.

Possible owner financing is available call auction company for details or for bank financing call United Cumberland Bank ask for Melvin Stephens or Michael Bush at 606-376-5031

Deeds will be prepared by Attorney Tim Lavender in Whitley City, KY

Hotel website is www.parklandmotel.com

map number 122-30-01-002.00

deed number 176 457

Current tax assessment $600,000.00

County real estate property tax is $5,220.00 per year and the tangible tax is $93.49 per year

Motel is one of only 3 motels operating in McCreary County, KY

Near the Federal Prison in Pine Knot, KY

The Parkland can continue to be ran as a motel, we will be selling it as a running business, the new owners will not only be buying the real estate but all the motel furniture and equipment.

Could also be converted into apartments, or the lot and location has several commercial potential uses.

Auction sale to be done with the assistance of Ford Brothers Inc. Auctioneers in Somerset, KY

Ayers Auction KY auctioneer lic#3596 and real estate Broker lic#52491

 

A 10% BUYER'S PREMIUM WILL BE ADDED TO THE WINNING BIDS TO DETERMINE THE TOTAL PURCHASE PRICE FOR THE REAL ESTATE.



ORDER OF SALE: AUCTION BEGINS AT 10:00 A.M. (ET). REGISTRATION BEGINS AT 9:00A.M. (ET)



1. TERMS OF SALE

TERMS: 10% down day of auction, balance within 30 days at closing.

A 10% Buyers Premium

Motel's Furniture and equipment will be included.

To be sold 'as is, where is' so therefore potential bidders should conduct their own inspections prior to Bidding.

Announcements day of sale take precedence over any written or oral statements made prior to auction day.

County real estate taxes are $5,220.00 per year and the tangible tax is $93.49 per year­ Current tax assessment of$600,000.00

Seller to pay 2015 taxes.

Buyer to be responsible for 2016 taxes.

Buyers will execute a sales contract today and sign a promissory note attached to the contract.



2.EASEMENT

Subject to an easement for the purpose of ingress and egress across the parking lot ofthe Parkland Motel property for the benefit of the property of Janice Worley, said property located at the rear of and adjacent to the motel property. With respect to said property, Janice Worley shall also have the right to continue the utilize the water and sewer service of the Parkland Motel property, provided, however , that Janice Worley shall pay reasonable and fair compensation for such water and sewer services to the owner of the motel property.



Parkland Motel has 45 rooms, office, 3 efficiency apartments, 6 RV Hook-ups.

Can continue to run as a motel, the new owner will not only be buying the real estate but the motel furniture and equipment could also be converted into apartments, or the lot and location has several commercial potential uses.



3. PROPERTY DISCLOSURES

• Sale is subject to any and all easements for roads, utilities, drainage, right-of-ways and restrictive covenants.

• It is expressly agreed by ad between the parties that Ayers Auction & Real Estate, does not make representation with regard to (a) Parties in possession; (b) deficiencies in quantities ofland; (c) boundary lines; (d) roadways; (e) easements; (f) condition or state of repair of subject property; (g) water or drainage problems; (h) payment or non-payment of real property taxes; (i) release of any mortgage or lien; or G) any other matter or condition regarding subject property of whatsoever type of nature.

• No representations or warranties about the condition of the property have been made unless stated herein. It is agreed that the purchaser is buying the property on an 'as is' basis. It is the sole responsibility of the buyer to inspect the above property prior to closing or possession, whichever comes first and the buyer agrees that he has not relied upon any representation made by Ayers Auction & Real Estate or it's agents in describing the property.

• Earnest money shall be forfeited if buyer fails to complete terms of contract.



4. PROPERTY INFORMATION

A) The Property will be conveyed by Warranty Deed, free and clear of all liens and encumbrances, subject to the terms and conditions relating to such liens and encumbrances.

B) The Property is selling 'AS IS' subject to, and any CONTRACT IS NOT CONTINGENT upon, any

state of facts an accurate survey or personal inspection of the Property may reveal, any existing or proposed rights-of-way, prior reservation or conveyances, restrictive or protective covenants, easements, encroachments, rights or claims of parties in possession , zoning, building codes, permits, governmental agencies regulations, environmental conditions (including but not limited to wetlands, riparian, or littoral rights), flood zones, zoning or subdivision regulations , hazardous materials, water rights or water access, mineral rights or reservations, leases or tenancies.



5. PROPERTY INSPECTION

A) It is the purchaser 's sole responsibility , before bidding, to: 1) inspect the real property and the immediate surroundings, and to be satisfied as to their condition prior to bidding ; 2) review all property information ;

3) independently verify any information they deem important including available in public records; and 4)

inquire of public officials as to the applicability of and compliance with land use laws, zoning, building codes, health, sanitary, safety and fue codes, any environmental laws and regulations , and any other local, state or federal laws and regulations.

B) All information contained in the brochure ad all promotional materials, including, but not limited to, square footages, acreage, dimensions , zoning, maps, taxes, etc., is believed to be correct; however , neither the Seller nor the Auction Company makes any guarantee or warranty as to the accuracy or completeness of such information. Neither the Seller nor the Auctioneer is required to update any information .



Purchaser and/or Purchaser's Agent/Broker shall bear the responsibility to confirm all information relevant to the property prior to bidding and/or for verifying all acreage and square footage amounts through public records.



6. BIDDER REGISTRATION

In order to register to bid at this auction you must sign in at the registration table to obtain a bidder number. The bid/offer made by the Bidder on auction day shall be binding on the Bidder. The confirmed Bidder (the 'Purchaser') shall pay the required Earnest Money Deposit to Ayers Escrow on Auction day and shall execute and deliver a completed Contract for Sale and Purchase (the 'Sales Contract'), together with all related Exhibits for such Property at the Auction. The fully executed Sales Contract (together with all related Exhibits thereto) shall control all terms and conditions of the sale and constitute the entire agreement between Purchaser and Seller. In the event of any conflict between these Terms and Conditions of Sale and Terms and Conditions for such Sales Contract, the Terms and Conditions of the Sales Contract shall prevail. NO CHANGES TO THE TERMS OF THE SALES CONTRACT WILL BE PERMITTED. PURCHASER WILL REQUIRED TO ENTER INTO THE SALES CONTRACT 'AS IS' ON AUCTION DAY.



7. CLOSING

A) Closing shall be secluded on or before February ih,2016. Ayers Auction & Real Estate shall deposit ,

in their Escrow Account , the down payment until closing of the property. Closing will take place at the

attorney's office of Attorney Tim Lavender.

B) The proceeds due from the Purchaser at closing shall be in U.S. cash, locally drawn bank , certified or cashier's check or confirmed wire transfer.

C) Seller will pay for preparation of the deed, and seller closing fees. Purchaser will be required to pay all

other closing cost including but not limited to survey fees, recording fees, attorney's fees, Title Insurance and loan/financing fees if any, etc.. Seller to pay 2015 taxes and the buyer(s) will pay 2016 taxes.

D) If Purchaser is obtaining a loan to finance the property purchase, purchaser agrees not to use ay lender that restricts the selling agents fee's, commission, or any expense money that is due Auction Co. It is



the Purchaser's responsibility to inquire in advance of loan application/ commitment with lender about any fee restriction to Seller's agent. This sale is not contingent upon Purchaser 's ability to obtain financing.

E) Seller may or may keep the motel open and in operation up to closing day.





8. DEFAULT

It is agreed by all parties that in the event the Purchaser fails to close and pay his/her balance when due, Seller

and Auction Company reserves all rights allowed by law ad the Sales Contract, including a suit for damages, specific performance or cancellation of the transaction , with the Seller's option with all costs incurred by Seller being paid by the Purchaser. If ay legal action is required to enforce this agreement , or to collect any fees or costs eared or advanced pursuant thereto, the Seller or Auction Company shall be entitled to recover any and all costs of such action, including, but not limited to, the expenses and court costs of the action [and] a reasonable attorney 's fee.



9. AUCTIONEER'S AGENCY DISCLOSURE

The Auctioneer is acting exclusively as the agent for the Seller in this transaction and is to be paid a fee by the Seller pursuant to a separate written agreement between Seller and the Auction Company. The Auctioneer is not acting as an Agent in this transaction for the Purchaser. Any third party Buyer Broker is not a Subagent of Auction Company.



10. DISCLAMER

A) Personal on-site inspection of the property is recommended and bidders are advised to independently verify all information they deem important. This property is being sold 'as is, where is' and 'with all faults'. The seller, auctioneer , and/or auction company have not made, do not make and will not make, and hereby disclaim any representation or warranty , whether expressed or implied or statutory,

whether oral or written, with respect to the property, including limitation, any warranty as to their

value, condition, suitability, merchantability, marketability , operability, tenant ability, habitability, zoning or subdivision regulations, mineral rights, environmental condition, soil condition, sink holes or percolation, compliance with any building code, safety and health codes, or other governmental agency rules or regulations, or fitness for a particular use or purpose . No guarantees are given as to the availability or utilities or accesses or the permitted or allowable uses on the property.

B) Neither the Seller, its Attorneys, any Broker, nor the Auction Company shall be liable for any relief

including damages, rescission, reformation, allowance or adjustments based on the failure of the property, including but not limited to, amount of square feet, acreage, zoning, and environmental or hazardous conditions to conform to any specific standard or expectation, or any third party documents or information.



11. EQUAL OPPORTUNITY CLAUSE

A) All decisions of the Auctioneer are final as to the methods of bidding , disputes among bidders , increments of bidding and any other matters that may arise before, during or after the auction. Auctioneers reserve the right to deny any person admittance to the Auction or expel anyone from the Auction whom attempts to disrupt the Auction.

B) All announcements made Auction Day supercede any prior oral or written statements. Auction Co. may at its discretion, change or modify any part of the sales contract or terms of sale at ay time prior to contract without further notice to any bidder or buyer.





12. LIABILITY

A) ALL PERSONS WHO ATTEND THE SALE DO SO AT THEIR OWN RISK. NEITHER THE SELLERS, AYERS REALTY AND/OR FORD BROTHERS NOR ANY OTHER PERSON CONNECTED WITH THE SALE ASSUME ANY LIABILITY LEGAL OR OTHERWISE, FOR ANY ACCIDENTS, WHICH MAY OCCUR. AYERS AUCTION & REAL AND FORD BROTHERS IS ACTING AS SELLIG AGENTS ONLY.

Conducted By

Ayers Auction & Realty

LaFollette Office: (423) 562-4941

Ask The Auctioneer