OF REAL PROPERTY: TOOELE, UTAH
TUESDAY, MARCH 13TH 12:00 NOON
TO BE HELD AT STATEWIDE AUCTION COMPANY:
200 NORTH 1000 WEST, SALT LAKE CITY, UTAH 84116
PLEASE NO CHILDREN
SALE INCLUDES: 4 INDIVIDUAL PARCELS WITH OVER 260 ACRES OF LAND:
ALSO TO BE SOLD: WATER RIGHT #15-4962 (IN CENTRAL ZONE) WITH 16 ACRE FEET OF WATER:
A $25,000 Bidder Deposit in the form of a Cashier's Check is required to bid
(to be returned to unsuccessful bidders immediately following the auction)
See Complete Bidder Terms Below...
(1) Qualified Bidders. Only “Qualified Bidders” may participate at the Auction Sale. No person will be deemed to be a Qualified Bidder, unless the person:
(i) Delivers to Statewide a deposit, which shall be a cashier’s check in an amount not less than $25,000.00 (“Auction Deposit”).
(ii) Executes a Deposit and Obligation Agreement, which will require the bidder to agree to the following:
a. that the bidder represents and warrants that bidder has the ability to perform at the Auction Sale and has cash readily available to pay the bidder’s highest bid, less the Auction Deposit, within 30-days of close of the Auction Sale, and that bidder will provide proof of such ability prior to the close of the Auction Sale if requested by Statewide or the Seller;
b. that bidder understands that the Auction Deposit of the bidder(s) making the highest and best bid (“Successful Bidder(s)”) shall be wholly non-refundable;
c. that bidder agrees to be bound by any auction procedures approved by the Seller that will be provided to the bidder prior to or contemporaneously with the Deposit and Obligation Agreement, including that any disputes related to any aspect of the Auction Sale will be resolved by the Court;
d. that bidder understands that the sale of the Property is AS IS WHERE IS with no representations or warranties of any kind;
e. that bidder agrees that bidder’s last offer made at each phase of the Auction Sale is irrevocable, and that upon becoming the Successful Bidder(s) or “Back-Up Bidder(s)”, the bid is irrevocable until the “Sale Closing Date” and
f. that bidder understands that, unless otherwise agreed to in advance by the Seller, bidder must be present at the Auction Sale, or be represented by a qualified agent who has provided proof satisfactory to the Seller of the representative’s ability to act on behalf of the bidder at the Auction Sale.
(2) Terms of Sale. The Property shall be sold “AS IS, WHERE IS,” without warranty or representation of any kind, expressed or implied.
The sale of the Property is also being made under 11 U.S.C. § 363(b) and (f), and thus is free and clear of financial interests against the Property, with any financial interests attaching to the sale proceeds.
(3) Auction. In collaboration with the Seller, Statewide may choose to conduct the Auction Sale in either one or more phases as follows: (i) “Parcel Sale”—Statewide will obtain the highest and best bid for each one of the four Parcels and one Water Right, with each of the Parcels and Water Right being subject to separate auction; and/or (ii) “Bulk Sale”—Statewide will obtain the highest and best bid for all of the Property, including all Parcels and Water Right, in bulk. For purposes of clarity, the term “Auction Sale” means both phases as described herein, through the close of the entire Auction Sale as discussed in subpart (5) below.
(4) Successful Bidders. Provided that a Two-Phase Auction as provided for in subpart (3) above occurs, Statewide shall call the highest and best bid for the Bulk Sale at the conclusion of the Bulk Sale, and that bidder shall be registered as the holder of the “Successful Bulk Bid,” which Bid shall be irrevocable. Statewide shall call the highest and best bid made for each of the four (4) Parcels of Land and the Water Right at the conclusion of each of the phases of the Parcel Sale, and each such bidder shall be registered as a holder of a “Successful Parcel Bid” for the relevant Parcel, which Bids shall be irrevocable. At the close of the Auction Sale as provided for in subpart (5) below, the bidder(s) making the highest and best offer, as determined by the Seller in his sole discretion, will be the “Successful Bidder(s).” If a two-phase Auction Sale does not occur (i.e., the Seller elects in his sole discretion to only hold a Bulk Sale or a Parcel Sale, but not both), the Successful Bidders will be the holder
of the Successful Bulk Bid or the holders of the Successful Parcel Bids.
(5) Close of Auction Sale. Subject only to subpart (6) below, Statewide shall close the Auction Sale after calling the Successful Bidder(s).
In the event of a Two-Phase Auction as provided for in subpart (3) above, this will occur after (i) Statewide has registered the Successful Bulk Bid and the Successful Parcel Bids, and (ii) consulted with the Seller as to which bids the Seller deems, in his sole discretion, to be the highest and best bid(s).
(6) Back-Up Bids. Statewide may accept, with approval from the Seller, a “Back-Up Bid” for the sale of the Property from a “Back-Up Bidder.” Each Back-Up Bid must be accompanied by a written agreement from the Back-Up Bidder (i) stating the amount of its Back-Up Bid, which shall not be less than the last bid the Back-Up Bidder made during the Auction Sale, (ii) agreeing that its Back-Up Bid is irrevocable through the Sale Closing Date, (iii) agreeing that its Auction Deposit will be held pending the Sale Closing Date and become non-refundable if the Back-Up Bidder becomes a Successful Bidder, and (iv) agreeing to be obligated in the event that the Auction Sale to the Successful Bidder(s) does not close.
(8) Warranty. Neither Statewide nor its representatives, employees or agents, makes any representation or promise, oral or written, to any person, including without limitation, prospective bidders or purchasers, which is contrary to the terms and conditions of sale contained in this Agreement and any Court order.
(9) Seller Discretion. The Seller has the right to control all aspects of the Auction Sale, including but not limited to the method of sale, closing or cancelling the Auction Sale, method of payment, acceptance of Back-Up Bids, and enforcement of the Auction Sale and Successful Bid(s) made at the Auction Sale. Whether a bid is the highest and best bid is within the sole discretion of the Seller.
(10) Closing. The Seller will close the sale of the Property to the Successful Bidder(s) within thirty (30) days of the close of the Auction Sale.
(11) Title Insurance. The Seller will provide a title insurance policy to the Successful Bidder(s). Seller will only provide a basic policy with the Successful Bidder(s) assuming responsibility for any policy upgrades.