Keywords:
813 +/- Acres in 22 Tracts in Franklin County, TN
Date & Time: Sold at Live Auction - October 6, 2011
Location:

CLOSED AUCTION


Please Note: This auction is being conducted at an alternate location; from Monterey Station (105 Montgomery Street, Cowan, TN 37318).
Dates and Times Locations Videos Property Details Documents and Links Terms and Conditions
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These 813 +/- acres of land in Franklin County, TN sold for $2,721,000 to 6 buyers. The property contained both hunting/recreational tracts as well as tillable land between the towns of Winchester and Cowan. This auction was conducted in conjunction with Schrader Real Estate & Auction Company.

Gross Auction Sales: $2,721,000.00
Registered Bidders: 56

Dates and Times
Sale Date
Thursday, October 6th, 2011
from Monterey Station at 6:00 PM CT
105 Montgomery Street, Cowan, TN 37318
Inspection Dates
Thu, September 8th, 4:00 PM - 6:00 PM CT
Sat, September 24th, 9:00 AM - 11:00 AM CT
Please Note: This auction is being conducted at an alternate location; from Monterey Station (105 Montgomery Street, Cowan, TN 37318).

Locations
1330 Henderson Lane, Winchester, TN
1330 Henderson Ln, Winchester, TN 37398

Videos

Property Details


Terms and Conditions
By participating in this auction the bidder agrees to the following terms and conditions:
  1. Auction Procedure:
    There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneers. Bids on tracts, tract combinations, and the total property may compete. Bidding will remain open on individual tracts and all combinations until the close of the auction. You may bid on any tract, combination of tracts or the entire property. Bidding will be on a lump sum basis.
  2. Agreement of Purchase and Sale:
    The purchaser(s) shall execute an Agreement of Purchase and Sale, in the form provided by the auctioneer, without modification, immediately after being declared the high bidder. This agreement is available for your review in your Bidder's Packet. The terms of this agreement and exhibit(s) are non-negotiable. You will be closing on the tract or combination of tracts on which you are the successful bidder.
  3. Absolute Auction:
    The property will sell to the highest bidder, regardless of price.
  4. Deposit:
    A 10% deposit is due on the day of the auction with the balance in cash at closing. The deposit may be made in the form of cashiers check or immediately negotiable personal or corporate check.
  5. Closing:
    Closing will be within 30 days after auction or within 15 days of the presentation of insurable title, whichever is later.
  6. Escrow Agent:
    The deposit, earnest and purchase monies in respect of the property shall be paid to and deposited with Sovereign Title and Escrow, LLC, Brenda K. Wells, Contact, 305 1st Ave. SE, Winchester, TN 37398, 931-967- 6100 (office), 931-967-5111 (fax).
  7. Acreage:
    All tract acreages, dimensions, and proposed boundaries are approximate and have been estimated based on current legal descriptions and/or aerial photos.
  8. Deed:
    Sellers shall provide a warranty deed.
  9. Title Insurance:
    The Seller has furnished Bidders a preliminary title insurance commitment to review before the auction. The preliminary title insurance commitment is posted for your review. The Purchaser may obtain title insurance at Purchaser's cost. Seller agrees to provide merchantable title to the property subject to matters of record, general conditions of title, and similar or related matters.
  10. Closing Costs:
    At closing, Seller shall pay for its escrow and closing fees and all of the costs for preparation of all documents to convey the property. At closing, purchaser shall pay for its escrow and closing fees, any and all recording fees, and all other sale, financing or closing fees as required including the entire premium for the owner's policy of title insurance (if desired). Taxes shall be prorated to the date of closing. All rollback taxes triggered by the subdivision of the property or potential future use of the property shall be paid by the Purchaser(s).
  11. Cash Sale:
    This is a cash sale and is not contingent on purchaser's ability to obtain financing.
  12. Possession:
    Possession of the land at closing, subject to tenants rights to harvest the 2011 crops on tillable land or Purchaser(s) may have immediate possession after the auction for hunting privileges by signing a hunting lease which will expire at closing. Existing recorded leases, if any, will be assigned to the Purchaser.
  13. As-Is Sale:
    The Purchaser shall accept the property in an as-is condition with all faults as of the closing date and the purchaser shall specifically agree that the seller has not and does not make any representations or warranties of any kind whatsoever, expressed or implied, to the purchaser regarding the property or any improvements thereon. The property is selling subject to anything an accurate survey or personal inspection of the property may reveal, including any existing rights-of-way, easements or claims to easements, encroachments, rights or claims of parties in possession, restrictive covenants and easements, flood zones, zoning or subdivision regulations, building codes, governmental agencies regulations, environmental conditions, lead-based paint, asbestos, radon gas, hazardous materials, any mineral rights, water rights, riparian or littoral rights, and reservations or conveyances, if any. The purchaser shall have satisfied himself as to the location and condition of the property, and all descriptions thereof, before bidding. All information contained in the brochure and all promotional materials, including, but not limited to,square footages, acreage, dimensions, maps, taxes, etc., was provided by the seller and is believed to be correct; however, neither the seller nor the auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information. Seller and the Auctioneers assume no liability for its accuracy, errors or omissions. All sketches and dimensions in this brochure are approximate. Pink flags on red painted iron posts indicate approximate corners and are not actual survey work.
  14. Easements:
    Sale of the property is subject to any and all easements of record.
  15. Taxes:
    Real estate taxes and assessments shall be pro-rated to the date of closing.
  16. Survey:
    The Seller shall provide a new survey where there is no existing legal description or where new boundaries are created by the tract divisions in this auction. Any need for a new survey shall be determined solely by the Seller. The type of survey performed shall be at the Sellers option and sufficient for the issuance of an owners title insurance policy. Seller has obtained a new boundary survey of the property from Kurt M. Johnson & Associates, Inc. of Winchester, TN at a cost of $10,250.00. The Purchaser hereby agrees to pay for surveying according to the following schedule: If the Property sells as a whole, the Purchaser shall pay $5,125.00. If the Purchaser purchases a tract(s) totalling less than 20 acres, the Purchaser shall pay $250.00 per tract. Combination purchases will receive a perimeter survey only. If the Purchaser purchases a tract(s) totalling more than 20 acres, the Purchaser shall pay $9.10 per acre. Combination purchases will receive a perimeter survey only. If a new survey is used to provide the legal description for the Property and if the acreage in said surveyed description varies more than 1.0 acre from the acreage stated for the Property herein, then the Purchase Price shall be adjusted pro rata in accordance with the acreage disclosed by the survey.
  17. Property Inspection:
    Each potential Bidder is responsible for conducting at their own risk, their own independent inspections, investigations, inquiries, and due diligence concerning the Property. Inspection dates have been scheduled and will be staffed with auction personnel. Bidder shall be liable for any Property damage caused by Bidders inspection and investigation, if any.
  18. Mineral Rights:
    The sale shall include 100% of the mineral rights owned by the Seller.
  19. Personal Property:
    No personal property shall be conveyed with the property unless specifically included in the agreement of purchase and sale.
  20. Agency:
    McLemore Auction Company, LLC and Schrader Real Estate and Auction and their representatives are the Auctioneers and exclusive agents of the Seller regarding the sale of the Property.
  21. Equal Opportunity Clause:
    All bidding is open to the public. The property is available to qualified purchasers without regard to a prospective purchaser's race, color, religion, sex, familial status, national origin, or physical handicap.
  22. Announcements:
    All information contained in the brochure and all related materials are subject to the terms and conditions outlined in the Agreement of Purchase and Sale. No warranty or representation, either express or implied, or arising by operation of law concerning the Property is made by the Seller or Auctioneers, and are hereby expressly disclaimed. In no event shall Seller or the Auctioneers be liable for any consequential damages. ANNOUNCEMENTS MADE BY THE AUCTIONEER WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL AND ANY OTHER ORAL STATEMENTS.
  23. Miscellaneous:
    All decisions of the auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding and any other matters that may arise before, during, or after the auction. Seller reserves the right to deny any person admittance to the auction or expel anyone from the auction who attempts to disrupt it. Seller and the Auctioneers reserve the right to preclude any person from bidding if there is any question, in the sole judgment of Seller or the Auctioneers, as to such persons creditworthiness, ability or willingness to close on the purchase of the Property, credentials, fitness, etc. Time is of the essence. All terms and conditions of the Agreement of Purchase and Sale and Exhibit B shall survive the closing. To the extent that any provision of this exhbit is inconsistent with a provision of the Agreement of Purchase and Sale, the provision of this addendum shall control. There is no deeded access for ingress and egress to Tract 8. There is a cemetery near the Northwest corner of Tract 15. There is an old well, no longer in service, located near the Northwest corner of Tract 16. There is a 25' water line easement running across Tracts 9, 18, 19, and 15. Please refer to the boundary survey for the exact location of this easement. According to the existing legal description of the property, there is an easement and right of way over and across an existing roadway from Arnold Farm Road to the Southwestern corner of Tract 13. Tract 13 is still being offered as a "Swing Tract" only, meaning that the Auctioneer and Owner do not represent or warrant that there is access to Tract 13 via this easement. Please see the surveyor's note on the boundary survey related to this easement.

    (a) The auction brochure listed different estimated areas for Tracts 11, 21 and 22 on the Tract Map and in the Tract Chart. For the purposes of the auction, the areas listed on the Tract Map shall be used. Tract 11 is estimated to consist of 39 +/- acres, Tract 21 is estimated to consist of 25 +/- acres and Tract 22 is estimated to consist of 21 +/- acres.

  24. Owner:
    Owens Farms, LP

In Conjunction With
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Highlights:

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Gross Auction Sales: $2,721,000.00
Registered Bidders: 56
Categories: Catalog Summary - ALL ITEMS (22)
Notes:
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