DISCLAIMER This Bidder s Information Packet is solely intended to provide interested parties with preliminary information only and is not a solicitation of offers and does not constitute an offer to sell. The delivery of this material to any person shall not create any agency relationship between such person and Furrow Auction Company. The information included herein is believed to be correct, but it is not guaranteed; some of the information furnished is from outside sources deemed to be reliable but is not certified as accurate by the seller or Furrow Auction Company. All of the information contained herein is subject to corrections, errors and omissions. All bids must be based on the bidder s own investigation of any property offered herein and not on any representations made by any selling broker or any other party. Neither seller or Furrow Auction Company makes any representation or warranty, express or implied, with respect to the property identified herein, and the property is being sold in an AS-IS, WHERE-IS, WITH ALL FAULTS condition except as specifically stated in the purchase and sale contract. This property is offered for sale to qualified purchasers without regard to potential purchaser s race, color, religion, sex, marital status or national origin. All announcements made at the auction or in the bid offering take precedence ov er any other information or printed material. Property may be added or deleted without notice or penalty. All prospective bidders are specifically advised to refrain from exclusive reliance on the information provided herein as a basis for making a bid on the property. Prospective purchasers are further encouraged to conduct a personal inspection of the property which they contemplate purchasing.
Table of Contents 1. Property Overview 2. Real Estate Terms & Conditions 3. Tax Information 4. Utility Information 5. Zoning Information 6. School Information 7. Title Commitment 8. TDOT Info Regarding Widening of Hwy. 9. Sample Sale Day Contract 10. Sample Deed
Online Bidding Real Estate Terms and Conditions Bidding Opens: January 26 th at Noon Location: 3040 Roane State Hwy, Harriman, TN Inspection: Wednesday, January 25, 12:00 pm 4:00 pm Payment: The Successful bidder shall pay an amount of 10% of the purchase price (including Buyer s Premium) (Earnest Money) and is due by 4pm on January 26, 2017 in the form of cash, cashier s check or wire transfer, plus a real estate sales contract must be signed. Balance is due in certified funds at closing. NO EXTENSIONS AVAILABLE. Buyer s Premium: There is a 13% Buyer s Premium in effect for this auction. Terms for Online Bidding: The online registration will need to be completed, including credit card information which will be verified and approved, and the credit card will be charged $1.00 for this process. If you are the successful bidder and do not deliver the earnest money as outlined above, a charge of 10% of the Purchase Price will be placed on the credit card plus a 3% credit card fee. The card is for verification purposes to ensure we have serious bidders. The balance of the contract price will be paid in full at closing no later than 20 days from date of contract. The successful online bidder will be notified immediately following the closing of the auction and issued the sales contract. The executed sales contract shall be submitted per the instructions received with the contract. If you have any questions, please call our office at 865-546-3206. BUYER S PREMIUM: A 13% buyer s premium will be added to the high bid. Example: For each $10,000 a 13% buyer s premium of $1,300 will be added to arrive at the total purchase price. AGENCY: Furrow Auction Company, auctioneer/broker, is acting exclusively as agent for the seller. CLOSING ATTORNEY: Closings will be conducted by Title One, Inc., 1025 Waterford Place, Kingston, TN. Taxes to be pro-rated at closing. Buyer shall pay: (1) all title examination updates and insurance (at Buyer s option and expense); (2) one-half closing fee; (3) recording of deed. For questions regarding closings contact Rob Strickland, Furrow Auction Company, 865-546-3206 or email rob@furrow.com. DISCLAIMER: Property is selling as-is, where-is with all faults and is selling subject to easements, leases, restrictions, covenants, conditions, zoning HOA and POA fees and all other matters which would be revealed by a current survey or an inspection of the property or which is contained in public records. Seller reserves the right to cancel the sale. Property will be conveyed by a Warranty Deed. Information contained herein was obtained from sources deemed reliable. The seller and their agents reserve the right to place bids on the property up to the seller s reserve at their sole discretion. The property will sell as-is, where-is with no warranty, expressed or implied, as to improvements, soil condition, environmental and wetlands, or zoning. No personal property conveyed with real estate. Neither the seller, Furrow Auction Company nor their agents will be responsible for any errors or omissions herein. Bidders should carefully verify all information and make their own decisions as to the accuracy thereof before submitting their bid. Purchaser or purchaser s representative will acknowledge
by signature of the Contract of Sale they have inspected the property. The terms of the Contract of Sale are controlling in the event of any perceived inconsistency between its terms and any statements or other advertisement. Cash Sale: This is a cash sale and is not contingent on Purchaser s ability to obtain financing. Possession: Purchaser will receive possession at closing. No New Survey: The Property shall be conveyed by the existing legal description. 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, material status, national origin, or physical handicap. Debt Collection and Interest Charge: The bidder agrees to pay all reasonable attorney fees and other costs incurred by Furrow Auction Company in its efforts to collect unpaid funds from the bidder. The bidder agrees that a fee of 2% of the outstanding balance per month be added to any unpaid balance due Furrow Auction Company. Any debt collection or dispute proceedings will be heard in Knox. County. Guaranty Agreement: By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees payment of any bid amount not paid when due by the business entity or corporation, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorney s fee. Age Requirement: All bidders must be 18 years of age or older.
Property Report Monday, December 19, 2016 3040 Roane State Hwy, Harriman, TN 37748-7781 Roane County, TN parcel# 057 022.00 Property Report Location Property Address Subdivision County Current Owner Name Mailing Address Property Summary Property Type Land Use Improvement Type Square Feet 3040 Roane State Hwy Harriman, TN 37748-7781 Roane County, TN Maples Larry Lucy 316 Peach Blossom Ln Bowling Green, KY 42103-7073 Commercial Household Units Rec/Bowling 12826 sf General Parcel Information Parcel/Tax ID 057 022.00 Special Int 000 Alternate Parcel ID Land Map 057 District/Ward 01 2010 Census Trct/Blk 306/3 Assessor Roll Year 2015 Sales History through 11/23/2016 Date Amount Buyer/Owners Buyer/Owners 2 Instrument Quality Book/Page or Document# 11/18/2014 $769,984 Trustees Deed 1520/758 01/24/2003 $300,000 Farmer B Keith Et Al Warranty Deed Personal L22/283 Property 03/30/1963 Maples Betty Non-Arms Length B9/357 Tax Assessment Appraisals Amount Taxes Amount Jurisdiction Rate Assessment Year 2015 Tax Year 2015 Appraised Land $104,600 City Taxes $0 Appraised Improvements $215,700 County Taxes $3,299.09 Roane 2.575 Total Tax Appraisal $320,300 Total Taxes $3,299.09 Total Assessment $128,120 Exempt Amount Exempt Reason Mortgage History No mortgages were found for this parcel. Property Characteristics: Building Building # Type Condition Sq Feet Year Built Effective Year BRs Baths Rooms Stories Units COPYRIGHT 2016 COURTHOUSE RETRIEVAL SYSTEM. ALL RIGHTS RESERVED. Call (865) 584-8017. Information Deemed Reliable But Not Guaranteed.
3040 Roane State Hwy, Harriman, TN 37748-7781 - Roane County, TN parcel# 057 022.00, cont. 1 Rec/Bowling Average 12826 1960 1960 1 1 Building Square Feet (Living Space) Building Square Feet (Other) Rec/Bowling 1036 Open Porch Finished 56 Rec/Bowling 11790 Utility Finished 266 Utility Unfinished 120 Utility Unfinished 391 Utility Unfinished 1960 Construction Quality Below Average + Roof Framing Bar Joist/Rigid Frame Shape Rectangular Design Roof Cover Deck Prefin Metal Crimped Partitions Cabinet Millwork Average Common Wall 11 Floor Finish Vinyl Asbestos Tile Foundation Spread Footing Interior Finish Paneling Below Average Floor System Slab On Grade Air Conditioning Cooling Split Exterior Wall Prefin Metal Crimped Heat Type Heat Split Structural Framing Rigid Frame Bathroom Tile Fireplace Plumbing Fixtures 10 Other Occupancy Occupied Building Data Source Other Property Characteristics: Extra Features Feature Size or Description Year Built Condition Asphalt Paving 10000 1992 Average Property Characteristics: Lot Land Use Household Units Lot Dimensions Block/Lot Lot Square Feet 115,434 Latitude/Longitude 35.873733 /-84.573607 Acreage 2.65 Property Characteristics: Utilities/Area Gas Source Road Type Paved Electric Source Public Topography Level Water Source Public District Trend Z Sewer Source Public Special School District 1 Zoning Code Special School District 2 Owner Type Legal Description Subdivision Plat Book/Page Block/Lot Description Deed Acres 2.65 District/Ward 01 Flood Zone Information Zone Code Flood Risk BFE Description X Minimal Area of minimal flood hazard, usually depicted on FIRMs as above the 500-year flood level. Zone Source: FEMA DFIRM Data Firm Panel FIRM Panel ID Eff. Date 47145C0205G 11/18/2009 COPYRIGHT 2016 COURTHOUSE RETRIEVAL SYSTEM. ALL RIGHTS RESERVED. Call (865) 584-8017. Information Deemed Reliable But Not Guaranteed.
CRS Bing Map Map for Parcel Address: 3040 Roane State Hwy Harriman, TN 37748-7781, Parcel ID: 057 022.00 COPYRIGHT 2016 COURTHOUSE RETRIEVAL SYSTEM. ALL RIGHTS RESERVED. Call (865) 584-8017. Information Deemed Reliable But Not Guaranteed.
Roane County - Parcel: 057 022.00 December 19, 2016 1:2,257 0 0.0175 0.035 0.07 mi 0 0.03 0.06 0.12 km TN Comptroller - OLG Sources: Esri, HERE, DeLorme, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China (Hong Kong), Esri Korea, Esri (Thailand), MapmyIndia, NGCC, OpenStreetMap contributors, and the GIS User Community
Tax Information 3040 Roane State Hwy., Harriman, TN According to the Roane County Property Assessors office, the estimated annual taxes for this property are as follows: o Roane County $3,299.09 Taxes will be pro-rated at closing For more information, please contact the Roane County Property Assessor s Office at office at (865) 376-4362 or visit them at www.roanegov.org.
Utility Information 3040 Roane State Hwy., Harriman, TN Electric: Harriman Utility Board Property has two meters (one for bowling alley, 1 for diner) Contact: 865-882-3242, www.hub-tn.com Water: Roane Central Utility District Contact: 865-882-5762 Sewer: Roane County Public Utility Contact: 865-354-2702 Natural Gas: Harriman Utility Board Property has two meters (one for bowling alley, 1 for diner) Contact: 865-882-3242, www.hub-tn.com
Zoning Information 3040 Roane State Hwy., Harriman, TN C-2: Highway Commercial This District is intended to accommodate and regulate those business and commercial uses which draw customers primarily by automobile and for which a location on a highway or arterial street is therefore desirable if not necessary. The purpose of this district is to control the impact of uses on the efficiency and safety of traffic movement, as well as on the character of adjacent commercial and residential uses. For more information please feel free to contact Roane County Zoning Department at (865) 376-5505 or visit their website at www.roanegov.org.
Chuck Fisher From: Stacy Weaver <Stacy.Weaver@tn.gov> Sent: Friday, January 06, 2017 3:15 PM To: 'chuck@furrow.com' Subject: Roane SR-1 (US-70) From SR-382 to Midtown PIN: 101244.03 Good afternoon Chuck, You had called regarding the schedule and timeline of this project and I am replying in an email for your records. Our projects are funded in phases. First phases being the Environmental and Engineering phase, next phase is Right of Way, and finally Construction. We are currently still awaiting Right of Way funding for this project. We are anticipating receiving this funding and submitting Right of Way plans Spring 2017. After the Right of Way plans are submitted we will begin the process of appraising and acquiring the needed property to build the proposed roadway. Acquisition of the Right of Way for this project is expected to take approximately 16 18 months. Construction submittal, if funded, would be in Fall 2018. Construction activities would probably begin Early 2019. Again as of right now all of these dates are estimates pending funding for each phase. If you have any additional questions or concerns feel free to contact me. Thank you, Mr. Stacy Weaver C.E. Manager 1 Design Division 7345 Region Ln. Knoxville, TN 37914 p. 865-594-2442 stacy.weaver@tn.gov tn.gov/tdot 1
furrow auction co. SAMPLE SALES CONTRACT DATE: January 26, 2017 This contract entered into this 26 th Day of January, 2017 by and between with an address of the Seller; FURROW AUCTION COMPANY, with an address of 1022 Elm Street, Knoxville, TN 37921 (phone:865-546-3206),agent and, with an address of, BUYER. WITNESSETH Pursuant to a bid placed at real property auction conducted by Agent on behalf of Seller and the terms and conditions agreed upon by Buyer in conjunction with Buyer placing a bid for purchase, Seller hereby agrees to sell to Buyer, and Buyer hereby agrees to purchase from Seller, subject to the conditions hereinafter set out, the following described premises: Approximately 15,563 sq. ft. metal building situated on approximately 2.65 acres located at 3040 Roane State Highway in Harriman (Roane County), TN identified as Parcel/Tax ID 057 022.00 in the Roane County, TN Property Assessor s Office and further described in Deed Book 1520 on Page 758 as recorded in the Roane County Register of Deeds Office, the Property. In consideration of $, paid by Buyer as earnest money and part of the purchase price, the EARNEST MONEY, receipt of which is hereby acknowledged, this contract is made binding on both parties, their heirs, executors, successors and/or assigns. Seller shall deliver to Buyer a WARRANTY DEED conveying fee simple title to the Property to Buyer free and clear of all encumbrances, except as stated herein, being: ALL PRIOR YEARS PROPERTY TAXES WILL BE PAID BY THE SELLER AT CLOSING. ALL CURRENT YEAR PROPERTY TAXES WILL BE PRORATED AT CLOSING. RIGHTS OF TENANTS IN POSSESSION (IF APPLICABLE); PRO-RATION OF RENTS (IF APPLICABLE); ANY RECORDED OR VISIBLE ROAD-WAY RIGHTS OF WAY, RAILROAD OR UTILITY EASEMENTS; SUB-DIVISION RESTRICTIONS; HOA REQUIREMENTS; ZONING; ALL EXCEPTIONS BOTH STANDARD AND SPECIAL AS SHOWN ON COMMITMENT FOR TITLE OBTAINED BY SELLER FROM OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY DATED JANUARY 5, 2017, COMMITMENT # TRICITYLANES.1-17. BUYER SHALL PAY ANY AND ALL TRANSFER TAXES AND/OR RECORDING FEES IN CONJUNCTION WITH THIS DEED. SELLER OR AGENT MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO TITLE TO THE SUBJECT PROPERTY. Buyer shall, within 20 days after date of this contract, pay for the property the total purchase price of $ (WHICH SUM INCLUDES 10% BUYER'S PREMIUM FOR ON SITE BIDDERS OR 13% BUYER S PREMIUM FOR ON LINE BIDDERS ABOVE THE BID PRICE), under the following terms: 10% DOWN WITH THE SIGNING OF THIS CONTRACT; BALANCE DUE IN CASH AT CLOSING WITHIN 20 DAYS. THIS IS A CASH TRANSACTION - CLOSING NOT SUBJECT TO ANY CONTINGENCIES. TITLE INSURANCE AND/OR SURVEY FOR THE PROPERTY MAY BE PROCURED BY BUYER AT BUYER'S SOLE OPTION AND EXPENSE. THIS PROPERTY SOLD IN ITS AS IS, WHERE IS WITH ALL FAULTS CONDITION WITH NO WARRANTIES EITHER IMPLIED OR EXPRESS EXCEPT WARRANTY OF TITLE. Buyer acknowledges that all properties are being sold at public auction, subject to all existing covenants, conditions, restrictions, reservations, exploration rights, easements, rights of way, assessments, zoning, and all other land use restrictions. No personal property is included in this contract. DEED SHALL BE MADE: AS DIRECTED BY BUYER Title Insurance (at Buyer's expense ) Yes ( ) ( ) No WILL ADVISE - Buyer may, at its own expense, obtain title insurance provided Seller shall not incur any cost as a result of such insurance. IT IS FURTHER MUTUALLY AGREED 1. Agent. Agent is not the owner of the Property, but solely an agent for Seller, who is the fee owner of the Property. 2. Seller s Default. If marketable title subject to the above-listed exceptions cannot be given to Buyer at closing, the Earnest Money in the amount of $ will be refunded to Buyer as Buyer s sole remedy. This contract is subject to any event that would adversely affect the quality of title as described in Schedule B of above-referenced Title Commitment subsequent to the execution of this sales contract. 3. Casualty. The risk of hazard or casualty loss or damage to Property shall be borne by the Seller until transfer of title. If casualty loss prior to Closing exceeds 10% of the Purchase Price, Seller or Buyer may elect to terminate this Agreement with a refund of Earnest Money to Buyer. 4. Buyer s Default. If Buyer fails to carry out and perform the terms of this agreement within 20 days after date of this contract, except in the case of Seller s default, Seller may recover additional damages or obtain specific performance as permitted by law. In such event, Agent may retain the earnest money for commissions previously earned and related sales expenses from the forfeited Earnest Money. 5. Closing and Settlement. Closing to be conducted by Title One, Inc., 1025 Waterford Place, Kingston, TN on or before Wednesday, Feb. 15, 2017. At the closing each party shall execute and deliver all documents necessary to effect and complete the closing, any statements, including any affidavits reasonably required by the Title Company for issuance of its title policy without the standard preprinted exceptions. The Deed to be executed by Seller shall be on the form then generally used by the Title Company and shall convey to Buyer marketable fee simple title, free and clear of all liens, restrictions and encumbrances except as specified herein and insurable as such by the Title Company at standard rates on the current American Land Title Association Owner's Policy Standard Form, 1992. All blanks in all of the closing documents shall be filled in at the closing, and all documents shall otherwise be conformed to meet the requirements of the parties as expressed in this Contract. Buyer shall pay: (1) all title examination updates and insurance (at Buyer's option and expense); (2) one-half closing fee; (3) recording of deed. Seller shall pay: (1) title examination prepared for auction; (2) one-half closing fee; (3) preparation of Deed. 6. Condition of Property. Buyer hereby acknowledges Buyer s obligation to perform due diligence in regard to this transaction as well as the condition of the Property, and agrees that an inspection of the Property has been made by Buyer, that the purchase is based upon such inspection and such additional independent investigation as Buyer has chosen to make, and not by or through any representations made by Seller or Agent. Buyer agrees that Buyer is acquiring the Property as is, where is, with all faults and defects, latent and patent, whether known, unknown, disclosed, or undisclosed by Seller, and Buyer acknowledges and agrees that Seller has not made, does not make, and Seller hereby specifically disclaims any Page 1 of 2 1022 Elm Street Knoxville, TN 37921 (865) 546-3206 1-800-4FURROW www.furrow.com
furrow auction co. representations, warranties, promises, covenants, agreements, or guaranties of any kind or character whatsoever, whether expressed or implied, oral or written, past, present, or future, of, as to, concerning or with respect to (a) the habitability, merchantability, or fitness of a particular purpose of the Property or any part thereof; (b) the compliance of or by the Property or its operation with any laws, rules, ordinances, or regulations of any governmental authority or body having jurisdiction including, without limitation, all applicable zoning laws or other land use regulations including those, without limitation, permitting and certificates of occupancy; (c) the nature, quality, or condition of the Property, including, without limitation, water, soil, and geology, or the presence or absence of any pollutant, mold, lead-based paint, radon, hazardous or toxic substance or material, hazardous or solid waste, termites or other wood destroying organism or any other type of insects, underground or above ground storage tank system, or any other contamination or environmental condition on, in, under, or about the Property; (d) the suitability of the Property for any and all activities and uses which Buyer may intend to conduct thereon; (e) any income to be derived from the Property; (f) the marketability, merchantability, age, quality, state of repair, or fitness for a particular purpose of any items of personal Property that may or may not be located upon the Property, including, without limitation, any HVAC, cooking, refrigerating, dishwashing, plumbing, or electrical apparatus or equipment boilers, engines, motors, generating equipment, piping or plumbing fixtures, underground or above ground storage tank systems, ventilating or vacuum cleaning systems, irrigation systems, fire alarms, fire extinguishing apparatus, security systems, telephone systems, telephone jacks, cable jacks, gas and electric fixtures, elevators, mantels, built-in mirrors, screens, storm sashes, awnings, carpeting, under padding or drapes; or (g) any other matter related to or concerning the Property or any items of personal property which may or may not be located thereon. Buyer shall not seek recourse against Seller on account of any loss, cost, or expense suffered or incurred by Buyer with regard to any of the matters described in above and hereby assumes the risk of any adverse matters related to the matters described above from and after the date of closing. In addition, and without limiting the foregoing, Seller specifically makes no representations as to the existence, suitability, or the working condition of, of any system including but not limited to electric, gas, water, (public or well), septic (public or private), cable, internet, or the status of any available permits or approvals related thereto. Buyer hereby expressly waives any and all claims for damages or rescission of this contract due to any representations made by Seller or Agent, except such representations as may be contained in this contract. THE PROPERTY SHALL BE TRANSFERRED TO AND ACCEPTED BY ANY BUYER IN AS-IS CONDITION WITH NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, OTHER THAN THOSE EXPRESSLY CONTAINED HEREIN AND FREE OF ANY AND ALL LIENS, ENCUMBRANCES, SECURITY AGREEMENTS OR OTHER FINANCING DEVICES, EXCEPT AS EXPRESSLY ALLOWED HEREIN. Seller and Agent each makes no representations or warranties of any kind as to the suitability of the Property for any purpose whatsoever or as to the physical condition thereof (including, without limitation, environmental condition) or otherwise. It is expected that Buyer will rely on its own inspection to determine the condition of the Property, and will not rely on any statement or representation of Seller, or Seller s agents (including Agent), representatives or consultants with respect thereto. Buyer agrees to accept the Property without recourse against Seller of any kind under applicable laws and regulations. By acceptance of the deed to the Property, Buyer shall have released and waived any claim against or rights of contribution against Seller or Agent under any Environmental Law for environmental conditions at the Property that may exist as of the closing date and such release and waiver shall survive the closing and the transfer of title to the Real Property. For purposes hereof, Environmental Laws includes, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (42 U.S.C. 9601, et. seq.), the Hazardous Materials Transportation Act, as amended (49 U.S.C. 108, et. seq.), the Resource Conservation and Recovery Act, as amended (42. U.S.C. 6901, et. seq.), the Toxic Substances Control Act, as amended (15 U.S.C. 2601, et seq.), the Clean Water Act, as amended (33 U.S.C. 1251, et. seq.), and/or any corresponding state law and the regulations, rules, ordinances, decisions, orders, or determinations of a judicial or governmental entity. 7. Acknowledgement. Buyer acknowledges that in connection with its purchase of this Property from Seller, Agent disclosed to the undersigned Buyer all information, if any, made known by Seller to Agent concerning the exposure of the Property to hazardous wastes and/or substances, and/or the storage of hazardous wastes and/or substances and/or existence of lead-based paint or Chinese drywall or other defective drywall on the Property. The undersigned Buyer is hereby determining to go forward with the purchase based on this information. 8. Agency Disclosure Statement. Buyer acknowledges that Agent disclosed Seller's name. 9. Assignment. Buyer may assign this contract provided Buyer shall give Agent notice in writing of such assignment prior to the closing. The terms and provisions of this contract shall be binding upon and inure to the benefit of Seller and Buyer and their respective heirs, executors, successors and/or assigns and no assignment of this Sales Contract shall serve to release Buyer from any of the obligations contained herein. 10. Entire Agreement. Both Seller and Buyer agree that this contract constitutes the sole and only agreement between them with respect to the above-described Property and shall not be modified, except in writing, and shall be binding upon their heirs, successors and/or assigns. Time is of the essence. ACCEPTED: SELLER FURROW AUCTION COMPANY, AGENT SELLER DATE: BUYER BUYER DATE Page 2 of 2 1022 Elm Street Knoxville, TN 37921 (865) 546-3206 1-800-4FURROW www.furrow.com