Moonachie, NJ Single Family Home

Terms and Conditions of Bidder Participation

READ THIS AND ALL SALES INFORMATION AS TO THE PROPERTY, REVIEW THE CONTRACT OF SALE, AND LISTEN CAREFULLY TO ALL ANNOUNCEMENTS BEFORE SUBMITTING A BID.  YOU ARE BOUND BY THE PROVISIONS OF THESE TERMS AND CONDITIONS, AND THE ANNOUNCEMENTS.  THE SALE OF THIS PROPERTY IS “AS IS” WITHOUT ANY PROMISE, REPRESENTATION OR WARRANTY OF ANY NATURE, EXPRESS OR IMPLIED, ORAL OR WRITTEN, OTHER THAN AS MAY BE EXPRESSLY CONTAINED HEREIN.  YOU ASSUME ALL RISKS OF ANY NATURE IN SUBMITTING A BID AND IN BUYING THE PROPERTY.

AS IS/WHERE IS SALE NO WARRANTY:

Except as expressly provided in these Terms and Conditions, the Property is being sold by Seller in “AS IS, WHERE IS” condition, without warranty of any nature, either express or implied, including, but not limited to, the nature and/or condition of the Property, its size,  usage, and zoning.   The Property and its sale is subject to all conditions, easements, agreements, covenants of record, and other restrictions, if any. 

CLOSING; TITLE; TAXES AND CHARGES:

ALTA title insurance commitment for the Property prepared by a title company of national repute and consistent with Seller will convey title by [special warranty] deed with covenants against grantor’s acts, subject to the usual and customary exceptions set forth in a New Jersey standards of title.  Buyer shall be responsible for the payment of all title insurance premiums payable to that company serving as title agent in connection with this transaction.  At closing Seller shall convey the Property free and clear of any monetary liens and/or monetary encumbrances.  Prior to auction, Bidder should determine the existence of any encumbrances.  No buildings department or other municipal violation shall be deemed to be a monetary encumbrance, unless the municipality has filed a lien in connection with the corrections thereof.  Closing on the real estate shall take place on the thirtieth day after the Bankruptcy Court has approved this sale,  or as otherwise agreed by the parties, in the county where the Property is located (the “Closing” or “Closing Date”).  Time is of the essence with respect to all dates herein unless mutually agreed otherwise.  All expenses associated with the Property such as Property taxes and water charges shall be adjusted as of the Closing Date. Ad valorem and similar taxes assessed against the Property shall be prorated between Seller and Buyer at the time of Closing on the basis of a 365-day calendar year.  Prorations shall be based upon current year’s taxes and assessments, if available, or upon figures for the last preceding year and all proration shall be final as of Closing.  Any then due but unpaid special assessments, special improvement district or taxing district levies, shall be prorated in the same manner as ad valorem taxes. The foregoing obligations shall survive the Closing.  At the Closing, any other expenses or charges due on the deed of conveyance or payable in connection with the closing (including without limitation, the payment of any documentary stamps and transfer taxes) shall be allocated to the parties in accordance with the customs of the county in which the Property is located.

NOTICE:

All announcements made the day of sale take precedence over any prior written information, these Terms and Conditions, or any verbal information that may have previously been provided. Each Bidder must independently investigate and confirm any information or assumptions on which such Bidder’s bid(s) are based. Any decision to purchase or not to purchase the Property is the sole and independent business decision of the Bidder.  Seller shall be liable for any errors or incorrect information, and Bidder hereby agrees that it waives all claims and has no recourse or cause of action of any nature against Seller (or any of their respective agents) arising from any information provided to Buyer OR relating in any way to the “As Is, Where Is” status of this sale. The Property is offered for sale to qualified purchasers without regard to race, color, religion, sex, sexual orientation, marital status or national origin.

SELLER’S REMEDIES:

If Bidder fails to execute the Contract of Sale at the amount bid at auction, fail to complete settlement as provided herein or defaults in any manner under these Terms and Conditions, Bidder shall be responsible to Seller for the damages and may undertake any and all legal and equitable actions, including without limitation, a suit for specific performance. At no time after a default by Bidder shall Seller be restricted from selling the Property in any manner it deems appropriate, including without limitation a sale of the property to another auction bidder. 

BUYER’S REMEDIES:

If Seller is in default hereunder for failure to comply with any one or more of the material terms or conditions of this Contract and such failure continues for more than thirty (30) business days after receipt of written notice and opportunity to cure, Buyer at its sole option may either: (i) terminate this Contract by written notice delivered to Seller on or before the Closing, in which event Buyer shall be entitled to full return of the Deposit, (ii) waive such defaults and proceed to Closing; or (iii) bring an action against Seller for specific performance. Buyer hereby knowingly waives any and all right to institute any action, claim or suit for damages against Seller with respect to any default by Seller hereunder.

JURISDICTION:

The United States Bankruptcy Court For The District of New Jersey shall be the sole jurisdiction to resolve any disputes surrounding the auction, and all terms and conditions of the sale and transfer of the property or any other disputes by any parties related hereto.

RISK OF LOSS:

Seller assumes all risks and liability for damage to or injury occurring to the Property by fire, storm, accident, or any other casualty or cause until the Closing has been consummated. If the Property, or any part thereof, suffers any damage in excess of 10% of the Purchase Price prior to the Closing from fire or other casualty, which Seller, at its sole option, does not elect to repair, Buyer may either at or prior to Closing (a) terminate this Contract, or (b) consummate the Closing, in which latter event all of Seller’s right, title, and interest in and to the proceeds of any insurance covering such damage to the extent the amount of such insurance does not exceed the Purchase Price, shall be assigned to Buyer at Closing. If the Property, or any part thereof, suffers any damage less than 10% of the Purchase Price prior to the Closing, Buyer agrees that it will consummate the Closing and accept the assignment of the proceeds of any insurance covering such damage plus an amount equal to Seller’s deductible under its insurance policy and there shall be no reduction in the Purchase Price.

REPORTING OF FOREIGN INVESTMENT:

Buyer agrees to comply with any and all reporting requirements applicable to the transaction which is the subject of this Contract of Sale which are set forth in any law, statute, ordinance, rule, regulation, order or determination of any governmental authority and further agrees upon request of Seller to furnish Seller with evidence of such compliance.

MISCELLANEOUS

These Terms and Conditions, together with the Procedures are hereby incorporated into the Contract of Sale. The person signing these Terms and Conditions and the Contract of Sale individually represents that, if he/she is acting on behalf of an entity, that he/she is fully and validly authorized to act on behalf of the entity and that the entity is financially capable of fulfilling the Terms and Conditions and the Contract of Sale.  The Terms and Conditions and the Contract of Sale may be assigned to an affiliated entity at closing; provided, however, until the closing you shall remain responsible for the terms and conditions agreed to herein. All notices required by the Contract of Sale or these Terms and Conditions, shall be sent to the address specified for each party on the front part of the Contract and delivered by certified U.S. mail or by a national overnight delivery service.    

Final sales are subject to Trustee and Bankruptcy Court Approval.

I have read and understand and agree to these Terms and Conditions.