ABSOLUTE AUCTION!!    ONLINE & LIVE EVENT!!

Wednesday, August 19^th  10:00AM (CT)

PROPERTY IS SELLING AS AN ENTIRETY, HOWEVER IT WILL BE BID BY THE LOT. YOUR BID WILL BE FOR 1 LOT AND WILL BE MULTIPLIED BY 66 TO ARRIVE AT YOUR HIGH BID PRICE. (ex: your bid is $2,000 then x 66 = $132,000)

Montevallo’s Premier Development

"Cambridge Park"

Montevallo, Shelby County, AL

  Attention Developers and Home Builders!

• 66 Home Sites – Selling as an Entirety
• Prime Location in the Heart of Town
• Beautiful Views
• Minutes to University of Montevallo
• Less than half hour to Birmingham and I-65
• Underground Utilities and Street Lights
• Curb and Gutter Paved Streets
• Ready to Build
• Level & Ready to Build

AUCTION INFORMATION:

Sale Date and Location:  Wednesday, August 19^th at 10:00am (CT), registration begins at 9:00am (CT). The property will be sold from The Tutwiler Hotel – Hampton Inn & Suites, 2021 Park Place, Birmingham, AL 35203

Terms of Sale:  10% down due on auction day with the balance due at closing within 30 days. PROPERTY IS SELLING AS AN ENTIRETY, HOWEVER IT WILL BE BID BY THE LOT. YOUR BID WILL BE FOR 1 LOT AND WILL BE MULTIPLIED BY 66 TO ARRIVE AT YOUR HIGH BID PRICE. (ex: your bid is $2,000 then x 66 = $132,000)

Online Bidding: In order to bid online you must be pre-authorized to bid. $10,000 is required to bid and 10% down will be due within 24 hours of being declared the successful bidder. Closing will take place within 30 days. Information and guidelines are available on our website.

Property Information:  Additional information is available on our website.

Buyer’s Premium:  A 10% Buyer’s Premium will be added to the final bid to determine the total contract price paid by the purchaser.

Property Inspection: Property may be viewed at any time.

Buyer Broker Participation:  Buyer Broker Guidelines are available on our website.

Directions: From Hwy 119 and Hwy 25 in Montevallo, take Hwy 25 South 0.1 mile, turn left on Day Street, go 0.1 to Property.

To bid on our property(s), you must be of legal age to enter into contract to purchase real estate (18 in most states, 21 in others). If you're in doubt about the legal age to enter into contract in your state, please consult with competent legal counsel before bidding. All bids are placed in US DOLLARS.

1. BIDDER ACKNOWLEDGEMENT –
   1. While auction is "active", all bids MUST be placed online. Written offers will not be accepted.
   2. The bidding will be open and everyone will have access to the bid history during the auction.
   3. As the auction nears the ending time it will auto-extend until bidding is silent for 10 minutes.
   4. If there is more than one high bid at the same level (a tying bid), the bid first submitted will be honored.
   5. The auctioneer shall have sole discretion in deciding the successful bidder in the event of a bidding dispute. Auctioneer's determination of the successful bidder shall be the final determination of the successful bidder.
   6. All bids shall be deemed pending until duly accepted by the auctioneer/seller.
   7. Seller reserves the right to postpone or cancel this auction at any time for any reason.
   8. Neither the company providing the software nor the auction company or seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason.
   9. All registration information the bidder provides shall be current, complete, and accurate. All bidders are responsible for any bids placed under their bidding numbers and passwords. The security of bidder information is the responsibility of the bidder. Bidders must notify Target Auction Company if they believe that their bidder number and password have been compromised.
   10. All properties will be selling subject to seller’s approval unless otherwise stated.
   11. By placing a bid, you agree to all of the terms and conditions and expressly acknowledge and affirm that you have read and are familiar with the Terms and Conditions of Sale as well as the Online Bidding Guidelines and all other related documents.
   12. By placing a bid, you acknowledge that your bid is a legally binding offer to purchase the property being auctioned.
2. TERMS OF SALE – This is a CASH SALE. This sale is not contingent upon Purchaser’s ability to obtain financing. Successful buyer(s) will deposit 10% of total contract price amount in the form of cashier's check or bank wire transfer to Target Auction Company within 24 hours after auction ends, with the remaining balance due at closing. Wire Transfers: Please note that a service fee will apply to all payments made via wire transfer. For wire transfer instructions, please email info@targetauction.com
3. BUYER’S PREMIUM – a 10% buyer’s premium will be added to the winning bids to determine the total contract price.
4. ON-LINE AUCTION REGISTRATION – All bidders will be required to submit  an auction registration fee, through a valid credit card, for bidding approval in the amount of $10,000.00. If a bidder is not deemed the winner, this fee will be returned.
5. CONTRACTS – Contract Packages will be sent by e-mail to the successful high bidder at the conclusion of the auction. Successful high bidder must execute and fax, email or hand deliver the package back to Target Auction Company by 5:00pm (CT) the following business day after the auction. The deposit of 10% of the total contract price is due within 24 hours of auction end.
6. DEFAULT – It is agreed by all parties that in the event the Purchaser fails to execute the contract, submit the required deposit, or close the transaction, Purchaser will be declared in default and will forfeit any registration fees or deposits. Seller and Auction Company reserves all rights allowed by law and the Sales Contract, including a suit for damages, specific performance or cancellation of the transaction, with the Seller to retain the Earnest Money Deposit. 
7. BUYER BROKER PARTICIPATION – A commission/referral will be to any properly licensed real estate broker whose client is the successful purchaser of the property.  The client must close on the property and must pay the total contract price for the property. The broker and client must complete the Broker Registration Form and submit as outlined on the form.
8. EQUAL OPPORTUNITY CLAUSE – All bidding is open to the public.  The Property is available to qualified Purchasers without regard to race, color, religion, sex familial status, national origin, or physical handicap.
9. BIDDER VERIFICATION – The identity of all bidders will be verified, bidding privileges are provisional, and if complete verification is not possible, Target Auction Company reserves the right reject the registration and bidding activity is subject to termination.
10. 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.
11. AUCTION END TIMES – All Target Auction Company Online Real Estate Auctions are timed events and subject to extended bidding due to bidding activity.  Target Auction Company reserves the right to adjust the auto extension time period or end the auction at any time.
    1. If you are outbid by another bidder, you will receive an email notice so you can return and increase your bid if you so desire.
    2. The high bidder will be notified via email after the auction ends.
12. TIME SHALL BE OF THE ESSENCE.
13. PROPERTY INFORMATION –
    1. The Property will be conveyed by a Warranty Deed, free and clear of all liens and encumbrances, subject to the terms and conditions relating to such liens and encumbrances contained in the Sales Contract, Terms and Conditions of Sale and the Title Commitment.
    2. 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, and subject to all title exceptions as set forth in the Title Commitment.
    3. 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.
    4. All information contained in the brochure and all promotional materials, was provided by the Seller and 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.
    5. If a home was built prior to 1978, any lead base paint inspection will need to be completed by buyer prior to auction. If not, the buyer will be required to sign a Lead Base Paint Disclosure waiving the inspection.
14. CLOSING – Closing will take place at seller's designated closing agent within 30 days after auction end. This transaction shall be closed and the deed and other closing papers delivered on or before 30 days after auction ends, unless extended by provision of the contract.
    1. Buyer agrees to extend closing, if necessary, for any additional title or survey work not to exceed an additional 30 days after original closing date.
15. NEW DATA, CORRECTIONS, AND CHANGES – Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information. Any statements made auction day, supersede any prior oral or written statements.
16. GUARANTY AGREEMENT – By submitting a bid in the name of a business entity or corporation, the individual submitting the bid has the authority to bid and enters into a guaranty agreement whereby he or she personally guarantees payment of any bid amount not paid when due by the business entity or corporation, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorney's fee.
17. THE PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED IN THE PURCHASE CONTRACT AND THE TERMS AND CONDITIONS OF SALE. PLEASE READ AND REVIEW THE THESE THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THESE, DO NOT BID.