Keywords:
15,495 +/- sf Office Building on .67 +/- Acres
Located at 403-411 Madison Street, Clarksville, TN 37040

Date & Time: Sold at Live Auction - January 31, 2013
Location:

CLOSED AUCTION


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McLemore Auction Company, LLC sold this 15,495 +/- sf office building on .67 +/- acres located at 403-411 Madison Street, Clarksville, TN 37040 at absolute foreclosure auction. This property was in a prime commercial location in downtown Clarksville. This auction offered a unique opportunity to acquire a downtown office building with 40 parking spaces and a separate storage building. This was a Foreclosure Auction, conducted on behalf of the Secured Creditor, a national bank. The Substitute Trustee had indicated that the Bank would not bid at the auction. Therefore, the winning bidder at the auction is the buyer at foreclosure. This auction was conducted in conjunction with Auction Management Corporation.

Gross Auction Sales: $528,000.00
Registered Bidders: 9

Dates and Times
Sale Date
Thursday, January 31st, 2013
from Montgomery County Veterans Plaza at 10:00 AM CT
Inspection Date
Inspection may not be available for this property at all. Contact Jennie Wolff at (615) 517-7675 for more information.

Photos

Property Information
GENERAL INFORMATION
Address: 403-411 Madison Street, Clarksville, TN 37040
City: Clarksville
County: Montgomery
LAND INFORMATION
Lot Size: 148.5' X 199.43' IRR
Acres: .67 +/- Acres
Zoning: CBD (Central Business District). From the Municipal Code: The CBD Central Business District, with complementary office and related uses, forms the center for commercial, residential, financial, professional, governmental, and cultural activities. Pedestrian-oriented uses are encouraged, and while uses related to automobiles and vehicular traffic are discouraged.
BUILDING INFORMATION
Area: 15,495 +/- sf
Year Built: 1947
UTILITIES
Electricity: Electric service is available from CDE Electric. Call Customer Service at (931) 648-8151 for more information on applicable set up and deposit fees.
Gas: Gas service is available from Clarksville Gas and Water. Call Customer Service at (931) 645-7400 for more information on applicable set up and deposit fees.
Water: Water service is available from Clarksville Gas and Water. Call Customer Service at (931) 645-7400 for more information on applicable set up and deposit fees.
Wastewater: Wastewater service is available from Clarksville Gas and Water. Call Customer Service at (931) 645-7400 for more information on applicable set up and deposit fees.
TAXES
County Tax ID: 066K A 015.00
2012 Taxes: $13,771
Unpaid 2011 Taxes Due to
Montgomery County Trustee:
$11,648.96
Unpaid 2011 Taxes Due to
City of Clarksville:
$4,600.83
Unpaid 2010 Taxes Due to
Montgomery County Trustee:
$20,254.03
Total Tax Liability to be Assumed
by Buyer at Closing:
$50,274.82. If buyer closes after February 28, 2013, there may be additional tax liability beyond this amount.


Terms and Conditions
By participating in this auction the bidder agrees to the following terms and conditions:
  1. Auction Procedure:
    The auctioneer shall offer the property to all registered bidders. Bidders may register by agreeing in writing to be bound by these real estate auction terms and conditions.
  2. Absolute Auction:
    The property will sell to the highest bidder, regardless of price.
  3. Buyer's Premium:
    A ten percent (10%) buyer's premium will be added to the high bid price to arrive at the total contract price for the property.
  4. Foreclosure Contract:
    The Purchaser(s) shall execute a foreclosure contract, in the form provided by the Substitute Trustee, without modification, immediately after being declared the high bidder.
  5. Deposit:
    The Purchaser shall submit a nonrefundable deposit via wire transfer to Neal & Harwell, PLC, the appointed escrow agent, in the amount of 15% of the purchase price immediately after being declared the high bidder. Neal & Harwell, PLC must be in receipt of the deposit by 4:00 PM CT, January 31, 2013.
  6. Taxes:
    All Montgomery County, TN and City of Clarksville, TN property taxes currently due or past due shall be paid by the Purchaser at closing. The 2010 Montgomery County and City of Clarksville taxes are overdue, and the 2010 taxes plus late fees in the amount of $20,254.03 must be paid to the Montgomery County Trustee by February 28, 2013. The 2011 Montgomery County taxes are overdue, and the 2011 taxes plus late fees in the amount of $11,648.96 must be paid to the Montgomery County Trustee by February 28, 2013. The 2012 Montgomery County taxes have not been paid, and the taxes in the amount of $9,872 are due to the Montgomery County Trustee by February 28, 2013. The 2011 City of Clarksville taxes are overdue, and the 2011 taxes plus late fees in the amount of $4,600.83 must be paid to the City of Clarksville by February 28, 2013. The 2012 City of Clarksville taxes have not been paid, and the 2012 taxes in the amount of $3,899 are due to the City of Clarksville by February 28, 2013. 2013 taxes are the responsibility of the Purchaser. The total unpaid tax liability is $50,274.82, not including any 2013 property taxes. If Purchaser closes after February 28, 2013, there may be additional tax liability beyond this amount.
  7. Closing:
    The balance of the purchase price shall be paid at or before closing. Closing shall take place on or before March 1, 2013. The Escrow Agent will schedule and conduct closing.
  8. Escrow Agent:
    The deposit, earnest and purchase monies in respect of the property shall be wired to the trust account of Neal and Harwell, PLC, Attorneys. Stephen Montgomery, contact. (615) 244-1713. 150 4th Avenue North, Suite, 2000, Nashville, TN 37219. Wiring instructions will be provided to the Purchaser.
  9. Deed:
    Purchaser shall receive a substitute trustee's deed.
  10. Title Insurance:
    Title insurance will not be provided. Purchaser may elect to purchase title insurance from First Title and Escrow Company, Inc. Contact Jennie Wolff at (615) 517-7675 for more information.
  11. Cash Sale:
    This is a cash sale and is not contingent on Purchaser's ability to obtain financing.
  12. Possession:
    Purchaser will receive possession at closing, subject to the rights of parties in possession, if any.
  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 Substitute Trustee 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 Substitute Trustee and is believed to be correct; however, neither the Substitute Trustee nor the Auctioneer make any guarantee or warranty as to the accuracy or completeness of such information
  14. Easements:
    Sale of the property is subject to any and all easements of record.
  15. No New Survey:
    The property will be conveyed according to the existing legal description.
  16. Closing Costs:
    At closing, Purchaser shall pay for its closing fees, any and all recording fees, including without limitation the fee to record the substitute trustee?s deed, and all other sale, financing or closing fees as required.
  17. Personal Property:
    No personal property shall be conveyed with the property unless specifically included in the agreement of purchase and sale.
  18. Agency:
    McLemore Auction Company, LLC and its representatives are exclusive agents of the Substitute Trustee and are agents of no other party to this transaction.
  19. 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.
  20. Announcements:
    All announcements made on auction day supersede any prior oral or printed statements.
  21. 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. Substitute Trustee reserves the right to deny any person admittance to the auction or expel anyone from the auction who attempts to disrupt it.
  22. Owner:
    John M. Richardson Jr.

In Conjunction With
CONTACT:      Jeb Howell
     Phone Number: (770) 980-9565
     Website: http://www.auctionebid.com/
locationPrimary filterBy2984 categoryReal-Estate-Commercial--Office-Buildings
Highlights:

11234

Gross Auction Sales: $528,000.00
Registered Bidders: 9
Categories: ALL ITEMS (1)
Notes:
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