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SEALED BID AUCTION PROCESS AND TERMS

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					           SEALED BID AUCTION PROCEDURES & TERMS

s Auction & Realty Co., Inc. will open sealed bids in the auction of the real property commonly known as 1528-32 Grand Boulevard, Kansas
o the terms and details provided in the Property Information Package (PIP).

uction. To bid in the auction, your written sealed bid must be received by 4:00 p.m. (CST), Wednesday, November 30, 2011, and should be
on & Realty Co., Inc., 1440 Iron Street, North Kansas City, MO 64116. Conforming bids must be made on the Real Estate Sale Contract
 clude a completed “Sealed Bid Certification” form along with an earnest money deposit as described below. Bids that are received after the
be returned to the sender unopened. All bids must have a complete return address on the outside of the envelope.

spection on November 9th, 16th & 23rd, 4-6pm. Additional showings are available by appointment.

n supplied to prospective buyers to assist in consideration of the property. The property is being sold on an AS IS, WHERE-IS basis and Seller
bed in the Real Estate Sale Contract. It is the bidder’s responsibility to inspect the property prior to bidding to make all determinations as to the
 property. All information is taken from sources deemed reliable, all measurements are approximate and not to scale. Bidders must
 nd the Seller, Broker, Auctioneer, and Brokerage Companies are not responsible for any omissions, incorrect information, or opinions of third


are subject to Seller acceptance on or before Wednesday, December 7, 2011. Bids must remain irrevocable by the bidder during this period.
in its sole discretion to reject any or all bids, counter, request best and final bids, or invite top bidders to a final round of bidding in a live or
his period will be returned to the bidders along with accompanying deposits. Failure to notify the bidder does not constitute acceptance or
 le offer. Seller agrees that no negotiations shall take place with parties other than the participants of the sealed bid program during the
val or rejection will be provided to the high bidder immediately following a decision.

at each purchaser pay a buyer’s premium (BP) equal to 10% of the high bid. This amount shall be added to the final bid and the total shall be
e total purchase price. (High bid + BP = purchase price). See the Bid Certification Form and the Sale Contract for details.

an earnest money deposit (non-refundable for the successful high bidder) equal to 10% of his/her purchase price amount. Deposits must be in
and Title. The auctioneer will hold these down payment checks during the consideration period until a successful bidder is chosen, and upon
l forward the successful bidder’s check to the title company to deposit in escrow. (Checks and agreements will be returned to all non-winning
se price is due at closing in 30 days. Financing is not a contingency of sale in this offering. If purchaser cannot obtain financing, then purchaser
or forfeit his/her earnest money deposit. Taxes will be prorated to closing. The Seller is providing the seller’s title insurance policy. The
expense.

 “Auctioneer” and all licensees employed by or associated with Cates Auction & Realty Co. represent the Seller in the sale of this property, and


igh bid shall be paid to the qualified broker who is duly licensed in Missouri, whose properly registered client is the successful bidder, and
sing date. Brokers must register their prospective clients by fully completing the proper Broker Participation Agreement provided by Cates
eted forms may be faxed or submitted along with the sealed bid documents to be eligible for commission consideration.

n procedures or terms should be directed to:
ansas City, MO 64116 / www.CatesAuction.com
Toll free) / 816-781-1135 (Fax) / Sold@CatesAuction.com

				
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posted:11/18/2011
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