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REAL
ESTATE AUCTION
Former
Indian Motorcycle Plant
200 East 10th Street, Gilroy, California 95020
154,000
sq.ft. Office/Warehouse | 274,000 sq.ft. Prime Land
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| TERMS AND CONDITIONS OF AUCTION |
Auction
Date & Time
Wednesday,
January 21st, 2004,
Time: 1:00 PM |
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Auction
Location
Historic
Strand Theater
7588 Monterey Avenue
,
Gilroy, California 95020
A few blocks from Subject Property with ample parking
300 Miles North of Los Angeles / 80 Miles
South of San Franciso
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| Bidder
Qualification |
| If
you care to be a spectator only, you are more than welcome.
If you intend to be an active bidder please note
Auction Deposit requirements to be eligible to bid. |
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| To
obtain a Bidder Number every bidder MUST
Present a Cashier's
Check in the amount
Of One Hundred Thousand Dollars
($100,000.00), drawn on a California bank,
made payable to
"The Piatelli Co.Trust Account". |
| Terms
of Sale |
A total of Ten (10%)
Percent down payment which will include the $100,000.00
Cashier's Check plus a company check for the balance of the
Non Refundable
Ernest money
Auction deposit. Balance at the closing of a 30 day
Escrow. |
| Deposit
Receipt and
Preliminary Title Report |
At
the concluision of the auction High Bidder will be required
to immediately
sign
Auctioneers
Deposit Receipt and
Preliminary Title report and no further
Instructions will be
Necessary to close
Escrow. |
| Grant
Deed / Title Insurance
/ Escrow |
| Seller
will convey a
Grant Deed to new
Buyer through a 30 day escrow to be held at:
Chicago Title Co.
Gilroy, California
Title will be
free and clear of all monetary liens and subject to all
existing Conditions,
Covenants,
Restrictions,
Rights of Way,
Reservations,
Easements,
and Zoning
of Record.
Closing Costs: Escrow costs will be shared Fifty-Fifty
(50/50) between Buyer and Seller. Seller will pay
all documentary
transfer taxes. Buyer to pay all
other charges, including policy
of title insurance for the amount of the
purchase price.
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| Buyer's
Premium |
A
Six (6%) Percent Buyer's Premium
will be added to the
Final Purchase Price.
That is, the High Bid plus the (6%) will be
the final purchase
price.
For
Example:
IF the high bid is
$5,000,000,
add the 6% Buyer's Premium or
$300,000 for a
final
purchase price
of $5,300,000 ;
example only.
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| Broker
Cooperation |
Broker
cooperation is encouraged.
To
qualify for a two (2%) percent Co-op commission,
the Broker MUST register by mail, fax, or hand delivery
the Prospects Name, Address and Telephone number on the
Broker's
letterhead. The registration letter must be signed by the
Prospect and the Broker, and must be received at the
Piatelli office
in Beverly Hills no later than 1/19/2004.
Broker
must also attend the auction with the Buyer and sign
the Real Estate Auction Sales Contract, if brokers Client
is
the high bidder. A Broker cannot act as a principal and
a broker on the
same transaction.
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| Inspection |
| Call
Auctioneer's Office to make
an appointment to inspect the facility.
Auctioneer's
Representatives will
be on the site
January
16th thru the 20th
to show the property. |
| Bidder
Qualification Reminder |
To
be eligible to bid
Don't
forget to bring the
$100,000.00
Cashier's Check
Made payable to:
The Piatelli Co.
Trust Account |
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| AUCTIONEERS |
CREDIT
MANAGERS ASSOCIATION
40 East Verdugo Ave,
Burbank, CA 91502
Phone: (818) 972-5352
/ Fax: (818) 972-5301
www.cmaauctions.com
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