Bankruptcy Auction-Eastern District of Louisiana
Case No. 21-10644
355 Lakeview Court, Covington, LA 70433
Auction Terms and Conditions
You should read these terms carefully and discuss them with an attorney.
On behalf of SVN|Gilmore Auction & Realty Co. (SVN|GARC), thank you for your interest in this important real estate auction. Please review the following sections carefully. The Auction Terms and Conditions explain the process of buying property at this auction. These Auction Terms and Conditions are non-negotiable.
REGISTRATION: All bidding is open to qualified bidders. The event will be conducted online using Internet bidding only. The bidding will open on September 17th and end on September 23rd. You must register in order to bid at this online bidding event.
Prior to being authorized to bid, bidders MUST register using a credit card, with at least $1,000 credit, at our bidding site online. Upon registration our credit card system will check your credit card for available credit of $1,000. This is NOT a charge to your card. The system will authorize and capture but not charge the account. Some banks or credit card companies may place a hold, for some period, on your account. If you have any concerns about this, please ask your bank before registering to bid. SVN Gilmore Auction & Realty, SVN Auction Services and BidWrangler are not responsible for any hold that is placed on your account or card.
TERMS OF SALE:
a. A buyer’s premium of ten percent (10%) (“Buyer’s Premium”) will be added to the final winning bid and included in the total contract price paid for the property (“Contract Price”).
b. The successful bidder must submit an additional check or wire within 2 business days a deposit of ten (10%) percent of the Contract Price and must close on the sale on or before 30 days from the conclusion of the auction and order from the Bankruptcy Court. Title will be conveyed free of all liens and encumbrances.
c. All property to be sold in “As is, where is” condition, with any and all faults and no implied warranties. All information and dimensions were derived from sources believed correct but are not guaranteed. Bidders should personally inspect the property.
d. In the event the successful bidder does not close on the sale before 30 days from the conclusion of the auction (or as extended pursuant to the terms of the Purchase Agreement described below), the entire ten (10%) percent deposit will be retained by the Bankruptcy Court as liquidated damages, and the property will be sold to a backup bidder in the order of the priority of the backup bidders, as determined at the auction.
e. All photographs, aerial photographs, location maps and displays are only approximations or approximate locations and are not intended to be used as a survey or definitive location maps.
f. SVN|Gilmore Auction & Realty Co. is not guaranteeing this property for any suitability of use, access or development. Bidders should verify zoning, use and any other issues prior to bidding on the property.
BUYERS SHALL RELY ON THEIR OWN INFORMATION, JUDGEMENT AND INSPECTION OF THE PROPERTY AND RECORDS.
If you are the Winning Bidder, you will be contacted by phone by a representative of SVN|GARC at the phone number you provided during registration. The Winning Bidder will be sent the Purchase Agreement via e-mail for electronic signature with instructions on returning the Purchase Agreement and other applicable documents.
If a Winning Bidder cannot be reached within twenty-four (24) hours, or the Winning Bidder fails to return the Purchase Agreement executed (within 2 business days), then SVN|GARC or the Court can declare the Winning Bidder to be in default without further notice and the Bidder will be subject to liquidated damages itemized in the Purchase Agreement in the event of a default. The winning bid shall be declared Null & Void and the Seller and SVN|GARC shall have absolutely no further obligation or liability to that bidder. SVN|GARC or Seller reserve the right to immediately re-offer the property for sale.
TERMS: Conduct of the auction and increments of bidding are at the direction of SVN|GARC and sellers. SVN|GARC reserves the right to assist bidders in bidding online. Please contact SVN|GARC for bidding assistance.
ONLINE BIDDING APP:
Please download the online bidding app from the Apple Store or Google Play for smart-phones and tablets enabling bidders to place bids from any location.
AUTO MAX BIDS: The bidding system allows for an “automatic incremental bid” where the bidder enters the bidder’s maximum amount, but it only bids up to the next nearest amount. This saves the bidder from having to re-bid after another bidder bids. The bidding platform gives priority to Auto/Max bids. For example, if Bidder “A” has a max bid of $50,000 and Bidder “B” enters a single bid of $50,000, Bidder “A’s” max bid will prevail. The system will only bid for the bidder up to the next increment. It is advisable to utilize an Auto/Max bid.
SOFT CLOSE: If a bid is received within the final 5 minutes of the auction closing, the bidding will automatically extend for another 10 minutes and the system will contact all bidders with a “Bid Again” message. The system will continue to automatically extend bidding for another 10 minutes each time a bid is received within the final 5 minutes of each extension until bidding ceases. This is the online version of a live auctioneer’s “Going Once, Going Twice….”
SELLING AGENTS: SVN|GARC is acting as Agent for the Seller in these transactions and is to be paid a commission by the Seller. SVN|GARC is not acting as Agent for the Purchaser.
PURCHASE AGREEMENTS: Potential bidders are advised to review the Purchase Agreement thoroughly prior to undertaking due diligence review of the property. A copy of the form of Purchase Agreement to be executed by the high bidder is available from SVN|GARC.
ANNOUNCEMENTS: All announcements on www.SVNGilmoreAuction.com or by email from the auction company will take precedence over any previously printed or electronic material and any other oral statements made. The Purchase Agreement represents the final contracted terms.
WITHDRAWALS: The Seller and the Bankruptcy Court reserves the right to withdraw the property from the auction at any time.
FINANCING: Purchasers to obtain their own financing if required. Purchase Agreements are not subject to financing or qualification.
REPRESENTATIONS: Auctioneer makes no representations or warranties of the accuracy or completeness of any information provided. Each prospective purchaser must conduct and rely solely upon their own investigation of the property. Each bidder shall be deemed to represent, warrant and agree that:
(a) Such bidder has examined the property on which he or she intends to bid, is familiar with the physical condition thereof and has conducted such investigation of the property as such bidder has considered appropriate, or has waived investigation of the property. There is no inspection period after the auction bidding. Bidding confirms you’ve inspected the property and read and agreed to the terms of sale in the Purchase Agreement.
(b) Auctioneer, nor any affiliate, agent, officer, employee or representative of any of the foregoing has made any verbal or written representations, warranties, promises or guaranties whatsoever to such bidder, express or implied, with respect to the physical condition, operation, or any other matter or thing affecting or related to the property or the offering of sale of the property.
(c) Such bidder has not relied upon any representations, warranties, guaranties or promises or upon any statements made or any information provided concerning the property, including but not limited to the Brochures or Property Information Packages provided by the Auctioneer or the Trustee or their respective agents and representatives.
(d) Such bidder has determined to make its bid after having made and relied solely on its own independent investigation, inspection, analysis, appraisal and evaluation of the property and the facts and circumstances related thereto.
Auctioneer and Agents shall NOT be under any obligation to disclose to any bidder and shall have no liability for its failure to disclose to any bidder, any information known to it relating to any property.
By registering and placing a bid, you agree to all terms and conditions of the auction.
Bidder’s Signature Date Email
Bidder Printed Name Phone