Income Producing Motel

Motel 80, Hindman, KY 41822
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Motel 80, Hindman, KY 41822
Auctioned: 9:00 AM Thursday, February 25, 2010

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Motel 80, Hindman, KY 41822
212523 00-1346-KS-JN/02-2010

US MARSHALS SERVICE SEIZED PROPERTY.
Two-story motel on approx 19ac lot. 5,360+/- sf with 8 bedrooms and baths. Built in 1985. Includes 8 parking spaces and separate office building.
Property ID:212523

Auctioned: 9:00 AM Thursday, February 25, 2010

Directions: From Hwy 550/Main St and Hwy 160/Hindman Bypass: North to Hwy 80. East to property.

US MARSHALS SERVICE SEIZED PROPERTY

Details: Real estate forfeited under laws enforced by the United States Department of Justice and its investigative agencies including the DEA, FBI and ATF.

Note: The service fee for this property will be paid by the seller.

Legal Description: A TRACT OF LAND AND IMPROVEMENTS SITUATED ON MONTGOMERY CREEK, KNOTT COUNTY, KENTUCKY, AND DESCRIBED AS FOLLOWS: TRACT NO. 1; BEGINNING AT THE MOUTH OF BARLOW BRANCH; THENCE RUNNING TO A ROCK MARKED X DOWN THE BRANCH; THEN UP THE POINT WITH MARINDA SHEPHERD'S LINE TO A ROCK, MARKED X; THENCE UP THE SPUR TO THE TOP OF THE MAIN SPUR TO A CHESTNUT OAK TREE; THENCE WITH THE MAIN SPUR AND LUCINDA PATRICK'S LINE TO THE TOP OF A KNOB TO A MARKED ENCUMBER; THENCE DOWN THE POINT AS IT MEANDERS TO A ROCK, MARKED X; THENCE DOWN THE HILL TO A MARKED WHITE OAK; THENCE DOWN THE HILL TO A ROCK MARKED X; THENCE DOWN THE HILL TO A HORNBEAM; THENCE A STRAIGHT LINE DOWN THE HILL TO THE CREEK;THENCE DOWN THE CREEK TO THE BEGINNING, CONTAINING 20 ACRES, MORE OR LESS. TRACT NO 2: BEGINNING ON A MARKED ROCK AT THE BARLOW BRANCH AND UP THE BRANCH WITH ROBERT TERRILL AND DOROTHY TERRILL'S LINE TO LEONARD CREECH'S LINE; THENCE WITH LEONARD CREECH'S LINE TO ALONZO ROBERT'S LINE TO A LARGE BLACK WALNUT TREE; THENCE UP THE HILL WITH SAID ROBERT'S LAND TO THE TOP OF THE HILL TO A MARKED ROCK; THENCE DOWN THE HILL WITH LEE CONLEY'S LINE TO THE BEGINNING, CONTAINING 5 ACRES, MORE OR LESS. IT IS UNDERSTOOD THAT FIVE (5) ACRES OF THE ABOVE PROPERTY ON NEW ROUTE 80, PURCHASED BY THE KENTUCKY DEPARTMENT OF TRANSPORTATION, ARE SPECIFICALLY EXCLUDED FROM THIS DEED WITH A MORE ACCURATE AND COMPLETE DESCRIPTION OF SAID PROPERTY BEING RECORDED IN DEED BOOK 108, PAGE 699, KNOTT COUNTY COURT CLERK'S RECORDS A NEW SURVEY AND THE DRAFTING OF A NEW LEGAL DESCRIPTION WILL BE REQUIRED PRIOR TO THE ISSUANCE OF A TITLE POLICY. SUBJECT TO AND TOGETHER WITH ALL EASEMENTS, RESTRICTIONS AND LEGAL HIGHWAYS, IF ANY, OF RECORD.


Auctioned: 9:00 AM Thursday, February 25, 2010


Disclosures: BUYER ACKNOWLEDGES AND UNDERSTANDS THAT WILLIAMS AND WILLIAMS MAKES NO ASSERTATIONS TO THE COMPLIANCE STANDARDS OF SMOKE AND/OR CO2 DETECTORS TO THIS PROPERTY AND BUYER ACCEPTS RESPONSIBILITY FOR ALL INSPECTIONS FEES AND REMEDIATIONS THEREOF.

BUYER ACKNOWLEDGES AND UNDERSTANDS THAT PROPERTY HEREIN IS PARTIALLY OCCUPIED. BUYER ACCEPTS RESPONSIBILITY FOR EVICTION, LEASE OR RENTAL NEGOTIATION, OR OTHER REMEDIATION, AS BUYER FINDS NECESSARY IN ORDER TO CLARIFY LEGAL OCCUPANCY STATUS. BUYER AGREES TO HOLD SELLER, WILLIAMS AND WILLIAMS, AND ITS AGENTS HARMLESS FROM ANY AND ALL RESULTS THEREIN.

BUYER ACKNOWLEDGES RECEIPT OF AND HAS INITIALED THE FOLLOWING: ADDENDUM TO REAL ESTATE PURCHASE CONTRACT, LEAD BASED PAINT ADDENDUM, BUYER'S CERTIFICATION PACKET. BUYER RESPONSIBLE FOR ALL REMEDIATIONS AND COSTS THEREIN.

BUYER(S) UNDERSTANDS AND ACKNOWLEDGES THAT THE REAL ESTATE HEREIN CONVEYED IS OCCUPIED BY A MOBILE/MANUFACTURED HOME. SELLER WILL CONVEY WHATEVER INTEREST THEY HAVE IN THE MOBILE HOME/MANUFACTURED HOME BY WAY OF A BILL OF SALE. SELLER AND WILLIAMS & WILLIAMS HAVE NO KNOWLEDGE OF THE TITLE STATUS OF SUCH MOBILE/MANUFACTURED HOME, AND DO NOT WARRANT TITLE TO SUCH. MOBILE/MANUFACTURED HOME MAY BE ATTACHED TO THE REAL PROPERTY OR IF NOT, MAY BE DEEMED ABANDONED. BUYER ACCEPTS ALL RESPONSIBILITY FOR TITLING, REGISTERING, OR TRANSFER OF THE MOBILE/MANUFACTURED HOME AND THE DISPOSITION THEREOF, INCLUDING ANY REMEDIATIONS, PERMITS, COSTS OR FEES INCURRED FOR DISPOSITION OF SAME AND ACCEPTS THE PROPERTY “AS IS,WHERE IS”.

BUYER AGREES THAT THE LEGAL DESCRIPTION SET FORTH HEREIN IS SUBJECT TO MODIFICATION AND BUYER FURTHER ACKNOWLEDGES AND UNDERSTANDS THAT PROPERTY HEREIN WILL REQUIRE A SURVEY. BUYER AGREES TO COMPLY WITH OBTAINING THE SURVEY, AT BUYER'S EXPENSE, TO BE DONE PRIOR TO CLOSING.

BUYER ACKNOWLEDGES AND UNDERSTANDS THAT PROPERTY HEREIN MAY BE SUBJECT TO MULTIPLE CODE VIOLATIONS WITH THE CITY/COUNTY/BUROUGH AND BUYER ACCEPTS IN 'AS IS' CONDITION. BUYER ACCEPTS ALL RESPONSIBILITY FOR ANY REMEDIATIONS, FEES, OR TERMS REQUIRED BY THE AUTHORITY THEREOF, WHICH MAY OR MAY NOT INCLUDE DEMOLITION, ESCROW FEES, OR HABITATION CERTIFICATES.

SELLER WILL PAY THE AUCTION SERVICE FEE (REFERENCED IN PARAGRAPH 3 OF SECTION 4 OF THE PURCHASE CONTRACT) ON BEHALF OF THE BUYER AT THE TIME OF CLOSING.


Disclosures: BUYER ACKNOWLEDGES AND UNDERSTANDS THAT WILLIAMS AND WILLIAMS MAKES NO ASSERTATIONS TO THE COMPLIANCE STANDARDS OF SMOKE AND/OR CO2 DETECTORS TO THIS PROPERTY AND BUYER ACCEPTS RESPONSIBILITY FOR ALL INSPECTIONS FEES AND REMEDIATIONS THEREOF.

BUYER ACKNOWLEDGES AND UNDERSTANDS THAT PROPERTY HEREIN IS PARTIALLY OCCUPIED. BUYER ACCEPTS RESPONSIBILITY FOR EVICTION, LEASE OR RENTAL NEGOTIATION, OR OTHER REMEDIATION, AS BUYER FINDS NECESSARY IN ORDER TO CLARIFY LEGAL OCCUPANCY STATUS. BUYER AGREES TO HOLD SELLER, WILLIAMS AND WILLIAMS, AND ITS AGENTS HARMLESS FROM ANY AND ALL RESULTS THEREIN.

BUYER ACKNOWLEDGES RECEIPT OF AND HAS INITIALED THE FOLLOWING: ADDENDUM TO REAL ESTATE PURCHASE CONTRACT, LEAD BASED PAINT ADDENDUM, BUYER'S CERTIFICATION PACKET. BUYER RESPONSIBLE FOR ALL REMEDIATIONS AND COSTS THEREIN.

BUYER(S) UNDERSTANDS AND ACKNOWLEDGES THAT THE REAL ESTATE HEREIN CONVEYED IS OCCUPIED BY A MOBILE/MANUFACTURED HOME. SELLER WILL CONVEY WHATEVER INTEREST THEY HAVE IN THE MOBILE HOME/MANUFACTURED HOME BY WAY OF A BILL OF SALE. SELLER AND WILLIAMS & WILLIAMS HAVE NO KNOWLEDGE OF THE TITLE STATUS OF SUCH MOBILE/MANUFACTURED HOME, AND DO NOT WARRANT TITLE TO SUCH. MOBILE/MANUFACTURED HOME MAY BE ATTACHED TO THE REAL PROPERTY OR IF NOT, MAY BE DEEMED ABANDONED. BUYER ACCEPTS ALL RESPONSIBILITY FOR TITLING, REGISTERING, OR TRANSFER OF THE MOBILE/MANUFACTURED HOME AND THE DISPOSITION THEREOF, INCLUDING ANY REMEDIATIONS, PERMITS, COSTS OR FEES INCURRED FOR DISPOSITION OF SAME AND ACCEPTS THE PROPERTY “AS IS,WHERE IS”.

BUYER AGREES THAT THE LEGAL DESCRIPTION SET FORTH HEREIN IS SUBJECT TO MODIFICATION AND BUYER FURTHER ACKNOWLEDGES AND UNDERSTANDS THAT PROPERTY HEREIN WILL REQUIRE A SURVEY. BUYER AGREES TO COMPLY WITH OBTAINING THE SURVEY, AT BUYER'S EXPENSE, TO BE DONE PRIOR TO CLOSING.

BUYER ACKNOWLEDGES AND UNDERSTANDS THAT PROPERTY HEREIN MAY BE SUBJECT TO MULTIPLE CODE VIOLATIONS WITH THE CITY/COUNTY/BUROUGH AND BUYER ACCEPTS IN 'AS IS' CONDITION. BUYER ACCEPTS ALL RESPONSIBILITY FOR ANY REMEDIATIONS, FEES, OR TERMS REQUIRED BY THE AUTHORITY THEREOF, WHICH MAY OR MAY NOT INCLUDE DEMOLITION, ESCROW FEES, OR HABITATION CERTIFICATES.

SELLER WILL PAY THE AUCTION SERVICE FEE (REFERENCED IN PARAGRAPH 3 OF SECTION 4 OF THE PURCHASE CONTRACT) ON BEHALF OF THE BUYER AT THE TIME OF CLOSING.
Terms of Sale:

Registration at the auction confirms your agreement to the terms and conditions of sale as stated in the Contract for Sale and its Addenda (the 'Contract') which are incorporated by reference into your bidding. DO NOT BID unless you have registered, received a Bidder's Card and Sale Day Notes and have read and agreed to be bound by the terms of sale in the Contract as they are enforceable against you upon becoming a high bidder.

All properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale. Williams & Williams represents the Sellers only and does not inspect properties on bidder's behalf. Read the Contract and Sale Day Notes to determine the existence of any disclosures, exclusions, representations and disclaimers. Do not bid if you have not inspected the property(s). By bidding you agree to all disclosures.

Buyers receive a deed and insurable title to each property, as evidenced by the Title Insurance offered by the Closer indicated in the Contract. Current year's property taxes are pro-rated through day of closing as customary. Any manufactured housing not already considered attached to the real estate will be conveyed only with a hold harmless agreement or quit claim Bill of Sale unless otherwise noted.

An Auction Services Fee of $3,000 OR a Buyer's Premium of 5% ($2,500 minimum) will be added to the high bid and included in the total purchase price. Please see the Sale Day Notes, The Contract for Sale, and/or the Auctioneer for specifics about the property you wish to bid on.

Each high bidder must make a 5% non-refundable deposit per property ($2,500 MINIMUM - whichever is greater) immediately following auction. Cash, cashier's checks, and personal checks (electronically processed) are accepted. If you are a resident / citizen of a country outside of the US, certified funds (bank check, wire transfer, certified checks) are required for the down payment and closing. The balance of the purchase price and all closing costs are due at closing. Closing costs generally total approximately $1,500 and include title exam, title policy, closing fee, filing costs and any other fees noted. If for any reason Seller does not perform or accept the terms of the Contract, the sole remedy shall be the return of Buyer's deposit.

A "QUICK CLOSE" option, if available (see Disclosures or listen day of sale), allows Buyers to save all title/closing costs (per above, approximately $1,500). To qualify, buyer must pay the total purchase price (high bid plus 5% Buyer's Premium or Auction Services Fee) in full day of sale.

Bidding starts at the nominal Opening Bid(s) indicated and is open to the public. The Auctioneer will call the sale and control any increments of bidding. To make a bid, raise your hand or Bid Card to be recognized. The bidding usually takes less than 3 minutes for each property. Absentee bids may be accepted at the discretion of the Auctioneer. The Auctioneer reserves the right to enter bids on behalf of absentee bidders as specified in 21 NCAC 4B. Any mistakes during bidding as to who has the high bid and/or at what price may be called to the Auctioneer's attention and corrected. The Auctioneer is the sole arbiter and controller of the conduct of the auction and shall be the final and absolute authority without liability to any party.

Your inspection of the property(ies) and attendance at this auction are at your own risk. Broker and Seller, their agents and employees, expressly disclaim any "invitee" relationship and shall not be liable to any person for damage to their person or property while in, on or about these properties, nor shall they be liable for any defects, dangers or conditions on the property(ies). All persons enter the property(ies) and attend the auction at their own risk and shall defend, indemnify, and save harmless Broker and Seller, their agents and employees, from any and all liability attendant thereto.

All auctions are subject to court or seller approval. Most sales are approved within 14 days. Buyers are not allowed possession until Closing and filing of the deed, at which time the property should be re-keyed. If for any reason the court or Seller approval is not granted, the Down Payment shall be returned in its entirety to the high bidder. "Showing" requests from Buyers after the auction may not be able to be accommodated.

If more than one property, the Auctioneer may choose to offer a group of the properties for auction at the same time. The price being called for and bid is for any one property only. This is called "BUYER'S CHOICE" and is to accommodate buyers who have an interest in more than one property and/or have 2nd and 3rd choices if they are out bid for a favorite property. Upon winning the bid, please choose which property, or properties, you want. You pay the high bid price for each property selected. Each sale is final and stands alone. Remaining properties are then offered in another round of bidding. 2nd high bidders do not win a right to choose. Anyone may bid at any time, including prior High Bidders.

Williams & Williams and the Seller expressly disclaim any liability for errors, omissions or changes regarding any information provided for these sales. Please read the Contract and Sale Day Notes for a full and complete understanding of Williams & Williams and Seller's disclaimers. Bidders are strongly urged to rely solely upon their own inspections and opinions in preparing to purchase property and are expressly advised to not rely on any representations made by the Seller or their agents and employees. Property information may change without notice and potential purchasers should investigate all data fully before relying upon it.

Auction Network
TERMS & CONDITIONS OF SERVICE

The property offered in this auction will be offered and sold by Williams & Williams Marketing Services, Inc. ("Williams & Williams"). Any questions regarding the auction process or a property should be directed to Williams & Williams or its designated representative. Auction Network, LLC ("Auction Network") serves solely as the online bidding service (the "Service") for Williams & Williams. Your use of the Service is governed by these Auction Network Terms & Conditions of Service, and the Auction Network Terms of Use located at the following URL: http://www.auctionnetwork.com/Site/TermsOfUse.asp, as amended from time-to-time by posted notices or oral announcements made during any auction.

Williams & Williams serves as the auctioneer, and represents the owner of the property at auction. The auction and conveyance of each property shall be governed by property specific Contract for Sale, Sale Day Notes, Disclosures, and the Williams & Williams Terms & Conditions of Sale. These documents govern your bid and the sale of each property, and can be accessed and reviewed at the Williams & Williams property specific web page.

DO NOT BID unless you have read the Williams & Williams Terms & Conditions of Sale, the Contract for Sale, Property Disclosures, and the Sale Day Notes for each property. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, SALE DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.

Auction Network, Williams & Williams and the Seller are not responsible for technical difficulties during online or remote bidding. Occasionally, the Auction Network online bidding interface may be unable to submit bids in the live auction due technical difficulties including, without limitation, the lack of sufficient communication infrastructure at the location of the live auction. Online bidders are advised to place an absentee bid at least 1 day prior to the live auction to ensure their bid is entered into the live auction on the online bidder's behalf.

In the event of any conflict between Auction Network's Terms & Conditions of Service and the Williams & Williams Terms & Conditions of Sale, the Williams & Williams Terms & Conditions of Sale shall control in each instance.

Auction Network has no authority to, and does not provide, any guarantee, warranty, or covenant, of any kind or nature, regarding a property. Per the Williams & Williams Terms & Conditions of Sale, all properties auctioned are otherwise sold "AS-IS, WHEREIS" without any representation or warranty, express or implied, of any kind by Williams & Williams, Auction Network, or the respective seller, and with no financing, inspection or other contingencies to sale. Buyers must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction. Buyers must rely solely upon their own investigation and not any information provided by the Seller or Williams & Williams. Failure of a Buyer to be fully informed on the condition of a property will not constitute grounds for any claim adjustment or right to cancel sale.

Neither Auction Network nor Williams & Williams assumes any risk, liability or responsibility for the authenticity of the authorship of any property or livestock offered at this auction (that is, the identity of the creator or the period, culture, source or origin, or lineage, as the case may be, with which the creation of any property is identified).

The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.

Any property may be withdrawn by Auction Network or Williams & Williams at any time before the actual sale without any liability therefore. If the auctioneer determines that any opening bid is not commensurate with the value of the article offered, he or she may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he or she decides that any advance thereafter is insufficient, he or she may reject such advance.

These Auction Network Terms & Conditions of Service, Terms & Conditions of Use, Williams & Williams' Terms & Conditions of Sale, as well as the online buyer's rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Oklahoma. By bidding at this auction, whether in person or by agent, order bid, telephone, online, or other means, the buyer shall be deemed to have consented to the exclusive jurisdiction of the state and federal courts sitting in the State of Oklahoma.

You are registering to bid on the following properties, and as stated above, your bid, and the sale of the property, will be governed by the property specific Williams & Williams Contract for Sale, Disclosures, Sale Day Notes, and Terms & Conditions of Sale. Each of these documents are available for your review at the Williams & Williams property specific web page. DO NOT BID unless and until you review these documents. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, SALE DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.



Legal Description: A TRACT OF LAND AND IMPROVEMENTS SITUATED ON MONTGOMERY CREEK, KNOTT COUNTY, KENTUCKY, AND DESCRIBED AS FOLLOWS: TRACT NO. 1; BEGINNING AT THE MOUTH OF BARLOW BRANCH; THENCE RUNNING TO A ROCK MARKED X DOWN THE BRANCH; THEN UP THE POINT WITH MARINDA SHEPHERD'S LINE TO A ROCK, MARKED X; THENCE UP THE SPUR TO THE TOP OF THE MAIN SPUR TO A CHESTNUT OAK TREE; THENCE WITH THE MAIN SPUR AND LUCINDA PATRICK'S LINE TO THE TOP OF A KNOB TO A MARKED ENCUMBER; THENCE DOWN THE POINT AS IT MEANDERS TO A ROCK, MARKED X; THENCE DOWN THE HILL TO A MARKED WHITE OAK; THENCE DOWN THE HILL TO A ROCK MARKED X; THENCE DOWN THE HILL TO A HORNBEAM; THENCE A STRAIGHT LINE DOWN THE HILL TO THE CREEK;THENCE DOWN THE CREEK TO THE BEGINNING, CONTAINING 20 ACRES, MORE OR LESS. TRACT NO 2: BEGINNING ON A MARKED ROCK AT THE BARLOW BRANCH AND UP THE BRANCH WITH ROBERT TERRILL AND DOROTHY TERRILL'S LINE TO LEONARD CREECH'S LINE; THENCE WITH LEONARD CREECH'S LINE TO ALONZO ROBERT'S LINE TO A LARGE BLACK WALNUT TREE; THENCE UP THE HILL WITH SAID ROBERT'S LAND TO THE TOP OF THE HILL TO A MARKED ROCK; THENCE DOWN THE HILL WITH LEE CONLEY'S LINE TO THE BEGINNING, CONTAINING 5 ACRES, MORE OR LESS. IT IS UNDERSTOOD THAT FIVE (5) ACRES OF THE ABOVE PROPERTY ON NEW ROUTE 80, PURCHASED BY THE KENTUCKY DEPARTMENT OF TRANSPORTATION, ARE SPECIFICALLY EXCLUDED FROM THIS DEED WITH A MORE ACCURATE AND COMPLETE DESCRIPTION OF SAID PROPERTY BEING RECORDED IN DEED BOOK 108, PAGE 699, KNOTT COUNTY COURT CLERK'S RECORDS A NEW SURVEY AND THE DRAFTING OF A NEW LEGAL DESCRIPTION WILL BE REQUIRED PRIOR TO THE ISSUANCE OF A TITLE POLICY. SUBJECT TO AND TOGETHER WITH ALL EASEMENTS, RESTRICTIONS AND LEGAL HIGHWAYS, IF ANY, OF RECORD.
Property
Motel 80,
Hindman, KY 41822
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KY Broker:

Bradford P. White, Principal Re Lic 72548


Auctioneer:

Cody Shane Lowderman Auc Lic RP 3502
Danny Green Auc Lic RP7172
Eddie Burks Auc Lic P1201
Eli Detweiler Auc Lic RP3448
John Nicholls Auc Lic RP3380
Joseph M Mast Auc Lic RP 3225
Monte W. Lowderman Auc Lic NP02644
Randy Burdette Auc Lic RP7214
Thomas Barnes Auc Lic RP818
Tony Langdon Auc Lic RP3534