Terms & Conditions:
• To register for this real estate auction, the buyer must submit this form to Mayo Auction and Realty by April 30, 2024.
Deposit: The buyer must agree to deliver a nonrefundable deposit of 10% of the winning bid for each property to our office (16513 Cornerstone Dr; Belton, MO 64012) or via wire transfer, and execute a purchase agreement the next business day following the conclusion of the auction. The deposit must be in the form of a cashier’s check, personal check with a bank letter of guarantee, wire transfer, or cash.
• Be it understood that Mayo Auction & Realty advises all potential buyers to seek legal counsel if for any reason they do not understand any part of the auction’s TERMS and CONDITIONS. The buyer confirms that by placing their signatures below, they have inspected the subject property to their satisfaction for their intended uses, and further understands that he/she agrees to all of the terms and conditions for this auction.
Agency Disclosure:
• It is clearly understood and agreed by the parties hereto, Mayo Auction & Realty is the selling agent, and all parties employed by or associated with Mayo Auction & Realty represent the Seller in this transaction. Further, the Buyer confirms that verbal disclosure of representation was provided to them prior to signing this agreement.
THIS IS AN INTERNET ONLY AUCTION - If you prefer to turn in a bid in person, please
call the office at 816-361-2600 to make arrangements.
Buyers Premium: A 10% buyer's premium will be added to the final bid. If you bid $10,000.00 the total sale price will be $11,000.00.
Possession: Closing will take place no more than 30 days from the day of the auction. The seller at closing will convey a good and marketable title. Buyer & Seller will be responsible for customary closing costs issued by the title company.
Easements: The sale of this property is subject to any and all easements of record.
Real Estate Taxes: Real Estate taxes shall be prorated to the date of possession.
Purchase Agreement: The successful bidder shall execute a purchase agreement the following business day after being declared the winning bidder by the auction company. Please Note: The purchase agreement will offer no contingencies, including but not limited to financing.
Terms: The property is being sold “AS IS, WHERE IS” without warranty or guarantee of any kind. Each potential buyer is encouraged to perform his/her own independent inspections, investigations, inquiries, and due diligence concerning the described property prior to bidding.
Agency Disclosure: Mayo Auction & Realty is the selling agent and all parties employed by or associated with Mayo Auction & Realty represent the Seller in this transaction.
Financing: Terms for this auction are cash. The seller is offering no other terms or
contingencies. Therefore the buyer may NOT purchase this real estate subject to loan
approval.
Broker Participation: To qualify for a three percent (3%) Buyers Agent Commission, all licensed real estate agents must register their client prior to the auction by submitting a broker participation form.
Backup Bids: In the rare event that the winning bidder is unable to close on this transaction, we do accept backup bids. If you are not the winning bidder and would like to make a backup bid. Please call our office for the necessary paperwork.
Dynamic Closing: The closing time of a property is automatically extended an additional 5 minutes whenever a bid is placed within the last 5 minutes of the auction closing time.
Warranty and Condition of Items Sold: All items are sold 'AS IS, WHERE IS, with NO WARRANTY expressed or implied. It is the responsibility of the buyer to determine the
condition of the property and bid accordingly. Descriptions are believed to be accurate
but not guaranteed. If you are not certain of the condition of the property, please bid accordingly.
Catalog Discrepancies: You are bidding on the described item, not the photograph, occasionally the wrong photo may be displayed, always read the item description.
The auctioneer reserves the right to add or remove items from the auction; split or combine lots; add minimum bids or reserve prices; cancel, suspend, extend or reschedule an individual item or auction event. The auctioneer reserves the right to make changes to the auction closing times or inspection or removal times.
AUCTION PROCEDURES
On March 14, 2024, Victor Weber, the receiver (the “Receiver”) herein filed a Motion to Approve (A) Auction Procedures and (B) One or More Potential Sale(s) of All Assets Free and Clear of all Liens, Interests, Claims, Encumbrances, and Rights of Redemption and (C) Related Procedures/Relief Pursuant to Section 515.645 of Missouri’s Statutes (the “Sale Motion”) pursuant to which the Receiver requested authority to sell substantially all of the real estate assets of the receivership estate to the highest and best bidders subject to the process outlined herein. These Auction Procedures have been approved and authorized pursuant to the Order Approving Auction Procedures (the “Auction Procedures Order”) entered by the Circuit Court of Jackson County, Missouri, (the “Court”) on March [___], 2024.
AUCTION
1. Time and Place of Auction; Assets to be Sold. The auction shall consist of the following described real property of the receivership estate listed below and substantially all the equipment and fixtures located in the real property. The real estate, buildings on the real estate, fixtures of the real estate, and appliances and furniture in the real estate are collectively referred to herein as (the “Real Property”). The list of address of the Real Property is listed in Addendum 1 to these Auction Procedures in an online auction, commencing on before April 1, 2024 and finishing at 5 pm Central Standard Time on May 1, 2024 (the “Auction”).
2. Auctioneer. Receiver has selected Mayo Auction and Realty (the “Auctioneer”) to conduct the Auction. The Auction will be conducted through the Auction Online Service, AuctionbyMayo.com. .
3. Bids. The Real Property will be sold by lot. The Receiver and Auctioneer shall have discretion to combine several addresses into one lot or to sell each address in its own separate lot. Each lot will include the appliances and fixtures on the real estate addresses included in the lot. Each lot may be sold to the highest bidder subject to any reserve prices (as further described below) and also subject to the right of the Receiver at his discretion to withdraw any lot from the auction at any time prior to the Court’s entry of a Final Sale Order (as defined below) – even after bidding has closed. PLEASE TAKE NOTICE THAT IF THE RECEIVER OBTAINS SUFFICIENT PROCEEDS FROM SALES OF LESS THAN ALL REAL ESTATE TO PAY THE COSTS OF THE RECEIVERSHIP AND ALL OF THE CLAIMS AGAINST IT, THEN THE RECEIVER SHALL ONLY CLOSE SALES OF SUCH REAL ESTATE AS IS NECESSARY TO PAY SUCH COSTS AND CLAIMS. FURTHER, IN THE EVENT THAT ENOUGH PROCEEDS ARE REALIZED FROM THE SALE OF A PORTION OF THE REAL ESTATE TO PAY ALL COSTS OF THE RECEIVERSHIP ESTATE AND CLAIMS AGAINST IT AND THE RECEIVER NEED NOT CLOSE A SALE OF THE REAL ESTATE AT 641-51 E 59th Street, Kansas City, Missouri 64110 TO PAY SUCH COSTS AND CLAIMS THE PROPERTY AT 641-51 E 59TH STREET SHALL NOT BE SOLD. The Auctioneer may take and sell to back-up bidders if the highest bidder fails to close and timely close the sale of the Real Property. All bids will be in dollar denominations. In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Auctioneer will have the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR AUCTIONEER SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Auctioneer. BY PLACING A BID, A BIDDER SHALL BE DEEMED TO HAVE AGREED TO ALL OF THE AUCTION PROCEDURES AND WITH THE INDIVIDUAL TERMS AND CONDITIONS OF THE AUCTIONEER WHICH SHALL BE POSTED ON AUCTIONBYMAYO.COM.
4. Court Approval. The day immediately following following the completion of the Auction, the Receiver will file and serve a report of the Auction, listing the names of the successful bidders and thebackup bidders, the amount of such bids, and a description of the lot bid on (the “Auction Report”) on all parties on all parties included in the Master Mailing List of all parties in interest maintained by the Receiver in this case via US Mail. At the same time, the Auction Report shall be published on AuctionbyMayo.com. Additionally, any party in interest may, prior to the end of the Auction, send a request to the Receiver at
[email protected] , requesting that the Auction Report be sent to them via electronic mail. The Receiver shall, substantially contemporaneously with posting the results on this case’s docket, email all such requesting parties a copy of the Auction Report. The Auction Report shall include the price paid for each lot, the identity of each winning bidder and back-up bidder, and the amount of sale costs and expenses including, without limitation, the Auctioneer’s commission and costs of conducting the sale and any costs incurred by the Auctioneer securing the Real Property prior to and immediately after the sale (the “Sale Expenses”) to be allocated to each of the lots, and the proposed distribution of sale proceeds. The Receiver will seek an Order from the Court approving the various sales (the “Sales”), the Sale Expenses, and the distribution of the Sales proceeds to the Receivership Estate and to creditors of the receivership estate (the “Final Sale Order”). The receiver shall request that the Final Sale Order contain a finding that the Sales were made in good faith and are final.
5. Bidders. In order to participate in the Auction, every bidder must submit a filled out Buyer Registration Form, a copy of which is attached as Addendum 3 and incorporated by reference
6. Payment.
a. Real Property. Terms for this Auction are cash. The Receiver is offering no other terms or contingencies. The winning bidder may NOT purchase the Real Property subject to loan approval. The winning bidder is required to bring a deposit of ten percent (10%) of the winning bid amount to the Auctioneer’s office and execute a purchase agreement, the next business day following the conclusion of the Auction. The purchase agreement must be substantially in the form as attached as Addendum 4 and be acceptable to the Receiver. The deposit must be in the form of wire transfer, cashier’s check, personal check with bank letter of guarantee or cash. The purchase agreement will offer no contingencies, including but not limited to financing; provided, however, it will be subject to Court approval.
b. Escrow and Disbursement of Sale Proceeds. The Auctioneer shall hold the deposits in escrow pending approval of the various sales by the Court. Upon approval of the Sales, all deposits held by the Auctioneer shall be turned over as directed by the Final Sale Order. If a Sale is not approved, then the Auctioneer shall promptly refund the deposits to the winning bidder.
7. Buyers Premium. A 10% buyer's premium will be added to the final bid and paid to the Auctioneer. Example: If buyer bids $10,000.00, the total sale price will be $11,000.00.
8. Broker Participation and Commissions. Broker/Agent participation is encouraged with respect to the Real Property. From the 10% commission charged by the Auctioneer shall be paid to the Receiver’s real estate agents, Berkshire Hathaway, a commission equal to 3% of the high bid. Further, if a successful buyer is represented by a properly registered broker, then from the 10% commission charged by the Auctioneer shall be paid to the successful purchaser’s broker a commission equal to 3% of the high bid. To qualify for a three percent (3%) Buyer’s Agent Commission, all buyers’ brokers and agents must register their client with the Auctioneer by submitting a filled out Broker Participation Form, a copy of which is attached as Addendum 2 and incorporated by reference by 5 p.m. Central Standard time, April 25, 2024 unless otherwise agreed to by the Receiver. In order to register, all brokers must submit the Broker Participation Form attached as Addendum 2 and incorporated herein.
9. Closing.
a. Real Property. Closing will take place no more than 30 days from day of the entry of the Final Sale Order unless otherwise agreed to by the Receiver. Closing shall be at National Secured Title 4400 Shawnee Mission Parkway, Suite 102, Fairway, KS 66205. At closing, the Receiver will convey a Receiver’s Deed to the buyer. The buyer & Receiver will be responsible for customary closing costs issued by the title company. The sale of this property is subject to any and all easements of record. Real estate taxes shall be prorated to April 26, 2024.
10. Warranty and Condition of Real Property. All Real Property is sold 'AS IS, WHERE IS', with NO WARRANTY expressed or implied. It is the responsibility of the buyer to determine the condition of the Real Property and bid accordingly. Descriptions are believed to be accurate but not guaranteed.
11. Venue & Jurisdiction of All Disputes. Any and all disputes which may arise by virtue of the Auction or stemming from this Auction shall be resolved exclusively by the Court.
12. Choice of Law. All disputes and other matters related to the Auction shall be governed by the laws of the State of Missouri without regard to its conflicts of law provisions.
RESERVE PRICES
13. Reserve Prices.
a. Real Property. No later than ten days prior to the Auction, the Receiver shall designate a reserve price on the lots of Real Property to be sold, and shall send a list each of the properties to be sold and each of their reserve prices to Judgment creditor Larhonda Jones’ counsel Chris M. Troppito at
[email protected] and Brian Russell at
[email protected]. Judgment creditor Larhonda Jones and her counsel shall have the right to know all reserve prices and prior to the auction, to reject any reserve price set by the Receiver by having her counsel send an e-mail to the Auctioneer at ______________________, with a CC to the Receiver at
[email protected]. Following rejection of a reserve price, the Receiver shall suggest another, which shall be provided to Larhonda Jones and her counsel in the same manner as the initial reserve price, and Larhonda Jones shall have the option to accept or to reject such price in the same manner as the initial reserve price. The Receiver shall have the discretion whether to disclose the reserve price to all other parties. For the avoidance of doubt, if a reserve price is disclosed to anyone other than the Receiver or his counsel and real estate agents, Larhonda Jones or her counsel, and the Auctioneer, it shall be published so all parties in interest can learn it on the Auction Online Service in such a manner that any party viewing the site to make a bid shall see it. If the Real Property does not obtain a bid higher than the reserve price (exclusive of the 10% Buyer’s premium), then the Real Property shall not be sold unless both the Receiver and Judgment Creditor Larhonda Jones agree to lower the reserve price.
MODIFICATIONS
14. The Auctioneer, with the explicit consent of the Receiver in any particular case, and not in contradiction with any rules, requirements, or language herein, shall have the right to adopt such other rules for the Auction that the Auctioneer believes in its business judgment will promote the goals of the Auction. Nothing herein shall prohibit an impacted party from seeking immediate Court intervention to the extent that after consultation with the Auctioneer and Receiver, the party disagrees with the Auctioneer’s proposed course of action. Notwithstanding anything to the contrary herein, the procedures related to reserve prices and the right of the Receiver to withdraw any lot from the Auction at any time prior to the entry of a Final Sale Order may only be modified by Order of this Court.
SALE HEARING AND OBJECTIONS
15. If any objections are filed, an evidentiary hearing to consider the Sale Motion and approval of the Successful Bid(s) (the “Sale Hearing”), will be held on May (no less than ten days after objection deadline), 2024 at _____ prevailing Central time (the “Sale Hearing”), in the courtroom of the Honorable Joel Fahnestock, Missouri Circuit Court Judge, at the Jackson County Courthouse 415 East 12th Street, Sixth Floor, Kansas City, Missouri 64106. The Sale Hearing may be adjourned or rescheduled as ordered by the Court without further notice to parties in interest other than by announcement by the Receiver of the adjourned date at the Sale Hearing.
16. The Receiver’s presentation to the Court for approval of the Successful Bid(s) does not constitute the Receiver’s acceptance of the Bid(s). The Receiver will be deemed to have accepted a Bid only when the Bid has been approved by Order of the Court. Both the successful purchaser and the back-up bidder shall be deemed to have agreed to keep its final bid made at the Auction open through thirty (30) days after the entry of the Final Sale Order.
17. Objections, if any, to the Sale Motion shall be filed with the Court on or before 5:00 p.m., prevailing Central time on May (four business days after close of Auction), 2024 (the “Objection Deadline”).
