COURT ORDERED BANKRUPTCY AUCTION OF REAL PROPERTY
(2) UNIMPROVED PARCELS OF LAND IN IRON COUNTY, UTAH
SATURDAY, NOVEMBER 21ST 10:00 AM
5099 W Wheeler Way, Hurricane Utah (in Washington Regional Park near DMV)
$3,000 Bidder Deposit Required to Participate - See complete bidder terms at bottom of page
Description of PARCEL 1:
District: Iron County, Utah
Tax Parcel #: E-1273-0000-0000
Account #: 0179322
Legal Description: S 20 AC OF FOLLOW DESC PROP: NW1/4NW1/4SEC 18,T34S,R16W, SLM; EXCPT THEREFR PART LYING W/IN EXIST CNTY RD.
Description of PARCEL 2:
District: Iron County, Utah
Tax Parcel #: E-1535-0006-0001
Account #: 0246014
Legal Description: UND 1/2 INT IN FOLLOW DESC PROP: N1/2NE1/4SW1/4 SEC 18,T34S,R17W, SLM
Click Here to View Title Report:
Bidder Terms and Auction Rules
Michael F. Thomson, Chapter 7 Trustee’s Auction of Real Property
In re Adams; Case No. 12-35807, United States Bankruptcy Court for the District of Utah
(Sale of Real Property is subject to the approval of the United States Bankruptcy Court)
1. Auction. The Auction will take place on Saturday, November 21, 2015 at 10:00 AM. It will be held at Statewide Auction Company’s Auction Facility located at 5099 West Wheeler Way in Hurricane, Utah. The Auction Sale is subject to Court Approval.
2. Seller. The seller of the real property is Michael F. Thomson as trustee of the bankruptcy estate of Melvin and Vie Ann Adams.
3. Property Description. The Property is described as two parcels of unimproved real
property located in Iron County, Utah, and more particularly described as follows:
The South 20 Acres More or Less of the Following Described Property; the
Northwest Quarter of the Northwest Quarter of Section 18, Township 34
South, Range 16 West, Salt Lake Base and Meridian.
Excepting Therefrom that Portion Lying Within the Existing County Roads.
Tax Parcel No. E-1273-0000-0000
An Undivided 1/2 Interest in and to the Following Described Property: the
North Half of the Northeast Quarter of the Southwest Quarter of Section 18,
Township 34 South, Range 17 West, Salt Lake Base and Meridian.
Tax Parcel No. E-1535-0006-0001
(collectively referred to as the “Property”).
4. Property Information. Interested parties may obtain information about the Property by visiting www.StatewideAuctionCo.com or by contacting Statewide Auction Company at (801) 521-5600. Prior to the Auction Sale, prospective bidders are encouraged to inspect the Property, review title reports, available plat maps, surveys, etc.
5. Condition. The Property shall be sold as is, unrepaired, WITHOUT WARRANTY, EXPRESS OR IMPLIED, as to any matter. Prospective bidders rely solely on their independent investigation in purchasing the Property, including physical inspections and inspection of documents. Successful bidders will release Seller from all claims and liabilities regarding the environmental condition of the Property.
6. Registration and Deposit. To obtain a bidder’s card, a deposit in the amount of $3,000 is required at the time of auction and shall be applied to the purchase price at the time of closing. This deposit is to be in the form of a cashier’s check made payable to Statewide Auction Company and will be refunded to unsuccessful bidders on the day of the auction. In the event that the winning bidder's offer is not accepted by the Seller or Court, the deposit shall be promptly refunded. Each bidder making a deposit shall be bound by all
the terms of the Auction Sale.
7. Bid Procedure. Seller shall conduct the Auction Sale through Statewide Auction Company. Bids must be for payment in full at the closing by certified funds. Upon bids receiving acceptance, the successful bidders must sign a memorandum confirming the bid; the successful bidders’ deposit shall then become nonrefundable, except upon Seller's default.
8. Closing. First American Title will handle closing and issuance of title insurance. Closing is to take place within 30 days of the Auction Sale.
9. Backup Purchasers. The second place bidders of each of the Property will be recorded as the “Backup Purchasers” should the first place purchasers fail to close for any reason.
10. Liens. The property will be sold free and clear of liens.
11. Property Taxes. Property taxes will be shared on a pro rata basis between the Seller and purchaser.
12. Title Insurance. The Seller will provide an owner’s title insurance policy.
13. Property Transfer. At the closing, the seller shall convey the Property via Trustee’s Deed
14. Default. If the bidder defaults, seller may recover additional damages including attorney’s fees, lost commission, losses created by reduction of the sale price or any deficiencies in the resale of the Property.
15. Governing Law. This agreement shall be governed by, construed and enforced in accordance with the laws of the state of Utah.
16. Disclaimer. Statewide Auction Company and Seller have obtained information about the Property from sources that they deem to be reliable, however, they make no warranties as to the accuracy of, and disclaim all liability for errors or omissions in, advertisements, brochures or other promotional statements and materials relating to the Auction Sale. The terms of the announcement made by the Seller at the time of the Auction Sale shall take precedence over all such materials.
17. Modification of Terms. In the Seller’s sole discretion, the Seller may withdraw all or part of the Property from the Auction Sale; may postpone or cancel the Auction Sale; and in the Seller’s business judgment, may modify the terms and conditions of the Auction Sale. The Seller reserves the right to accept or reject bids.