TERMS AND CONDITIONS OF SALE
REAL PROPERTY LOCATED AT
24-30 BROAD STREET, CITY OF SALAMANCA
COUNTY OF CATTARAUGUS, STATE OF NEW YORK,
IDENTIFIED AS TAX PARCEL: SECTION 73.079 BLOCK 2 LOTS 30 & 31
WILL BE OFFERED FOR SALE AT PUBLIC AUCTION
ON THURSDAY, JUNE 11, 2020. BIDDING TO BEGIN AT 6:00 PM

Live Auction with online bidding available
The auction will be held on location at the property

Viewing Preview Thursday June 4, 2020 from 4 pm - 6 pm

Auction Parcel:

Approximate 73' x 140' city lot with attached row building, approximately 6,390 sq ft of space. Public sewer and water.

(1.) This property is being offered for sale "AS IS, WHERE IS", with no guarantees or warranties of any sort, either actual or implied, including but not limited to the existence of a sewer system, water system, plumbing, heating, electrical, interior and exterior of all buildings, any fixtures, and the land. The property is currently serviced by city sewer and water. Seller will maintain and pay for all utilities until closing.

(2.) All property boundaries are approximate, and no guarantees of any kind are given with respect to the acreage shown on tax maps or referred to in any existing deeds, surveys, or sale literature. If a land survey is required or desired, it is the responsibility of Purchaser's to order and pay for prior to closing.

(3.) Prospective Purchasers are responsible for inspecting the property, being knowledgeable about its physical condition and any existing zoning regulations, leases, easements, rights of way, or other restrictions regarding its use, and understanding closing costs and fees, PRIOR TO THE AUCTION.

(4.) Opening Bid $25,000.00, The sale will be subject to the approval of the Sellers within 48 hours of the auction. The Sellers reserves the right to accept or reject any and all bids, for any reason whatsoever.

(5.) The successful high bidders will immediately sign a Contract for Sale of Real Property and will place $5,000.00 in the form of cash or good check with Peterson Auction & Realty LLC to be held in their escrow account until closing.

(6.) The deposit will NOT be refunded if the sale is not completed due to the default of the Purchasers for any reason and therefore will be forfeited to the seller.


(7.) The deposit WILL be refunded in full to the Purchasers if the sale is not completed due to the default of the Sellers for any reason.

(8.) The BALANCE will be due AT CLOSING, ON OR BEFORE AUGUST 7, 2020. POSSESSION will be granted at closing.

(9.) The Seller shall furnish an INSURABLE TITLE to the Purchaser, free and clear of any liens or encumbrances, subject to any leases, easements, rights of way, or deed restrictions of record. All sellers' oil, gas, mineral, & timber rights will be conveyed to the purchasers at time of closing.

(10.) Closing costs - Seller will pay for title search update. Purchaser will pay for deed recording fee, revenue stamps, TP 584 filing fee, RP5217 filing fee and any costs associated with financing. Each party will pay their own attorney fees.

(11.) ALL PROPERTY TAXES and RENTAL INCOME will be PRORATED as of the CLOSING DATE.

(12.) Seller and/or Auctioneer reserve the right to cancel the auction for any reason prior to set auction date.

(13.) Michael W. Peterson is acting only as Sales Agent for the Seller, and has no personal interest in the property.

ANY ANNOUNCEMENTS MADE BY THE AUCTIONEER ON THE DAY OF THE SALE WILL TAKE PRECEDENCE OVER ANY PRINTED MATERIAL.

THE SELLER AND HIS SALES AGENTS WILL NOT BE HELD RESPONSIBLE FOR ANY ACCIDENTS SHOULD THEY OCCUR BEFORE, DURING, AFTER, OR BECAUSE OF THE AUCTION.

SELLER: Income Opportunities Unlimited LLC
PO Box 25
Springville, NY 14141

ATTORNEY: TBD


BROKER: Michael W. Peterson, Peterson Auction and Realty LLC
164 Ivory Street, Frewsburg, New York 14738
Telephone: 716-665-0668 Fax: 716-661-9629
E-mail: peteauction@hotmail.com Web Site: www.petersonauction.com

PROPERTY DESCRIPTION

Location: 24-30 Broad Street, Salamanca, New York 14779

TAX PARCEL NUMBER: Section 73.079 Block 2 Lots 30 & 31
Deed Book: 18681 Deed Page: 5001 Date: 7/26/2012
TOTAL ASSESMENT: $ 17,965

FULL MARKET VALUE: $ 123,897.00

2019 TAXES: Total: $ 1,493.46 School: $ 131.84
Town & County: $ 1,361.62
SCHOOL DISTRICT: Salamanca

ALL MEASUREMENTS ARE APPROXIMATE

LAND: City lot 73' x 140'

ATTACHED ROW BUILDING: 1900's block construction with common walls, 6,500 +/- sq ft of space, with 6 residential (2 lower, 4 upper (2-remodeld 2-unihabitual) ) and 2 commercial lower units. Rear basement access. Public sewer & water. National fuel gas & City of Salamanca electric. New Asphalt roof 3 years ago. 2 50 gln hot water tanks one gas one electric. Breakers, 100 amp service


REAL ESTATE AGENCY RELATIONSHIP DISCLOSURE
AND ACKNOWLEDGMENT OF PROSPECTIVE PURCHASER FOR
PROPERTY BEING SOLD AT AUCTION ON JUNE 11, 2020

I HEREBY ACKNOWLEDGE THAT I UNDERSTAND THAT

MICHAEL W. PETERSON, Auctioneer, Broker, and Owner of PETERSON AUCTION AND REALTY LLC, License Number 10491210026

Is employed by the SELLER- Income Opportunities Unlimited LLC/David Turner to act as Sales Agent for property located at 24-30 Broad Street, City of Salamanca, County of Cattaraugus, State of New York, IDENTIFIED AS OF TAX PARCELS: SECTION 73.079 BLOCK 2 LOTS 30 & 31 to be sold as one auction parcel,

And therefore they owe the SELLER the following fiduciary duties: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and a duty to account.

In dealings with the PURCHASER(S), Seller's Agents are required to exercise reasonable skill and care in performance of the agents' duties; deal honestly, fairly, and in good faith, and disclose all facts known to the agents that materially affect the value or desirability of the property.

HEREBY ACKNOWLEDGE THAT I HAVE READ AND UNDERSTAND THE TERMS AND CONDITIONS OF THIS AUCTION. I understand that the property is being sold "as is, where is", and that I am responsible for inspecting its physical condition and being familiar with any existing zoning regulations, leases, easements, rights of way, or other restrictions regarding its use, PRIOR TO THE AUCTION.

A.) In order to participate in Peterson Auction & Realty LLC. online auctions, users must register with Peterson Auction & Realty LLC. by filling out a registration form. During the registration process the credit card you are putting on file will be charged $ 1.00 to verify that it is a valid credit card. This charge is nonrefundable and is the cost of registration to use the auction site. Upon approval of card and submission of the registration form, such user shall become a 'Registered User'. "Registered Users" agree that such information shall be (and kept) current, complete and accurate. Peterson Auction & Realty LLC. reserves the right to disapprove, suspend or terminate User accounts for any reason, at it's sole discretion, and prohibit such User(s) from participating in the Services.

B.) During the registration process, Users will select a 'Member ID', and password. Users are solely responsible in all aspects for all use of the login information provided by Peterson Auction & Realty LLC. Users agree to notify Peterson Auction & Realty LLC. immediately of any unauthorized use of any Member ID or password, or any other breach of security regarding the Site.

C.) Peterson Auction & Realty LLC. is not responsible and shall not be held liable for interruptions or loss of internet connectivity, user errors or software issues, system failures of the bidder, or their internet provider, or due to unforeseen acts of nature.

D.) Neither Peterson Auction & Realty LLC. or any Seller make any warranties or representations of any kind or nature with respect to the property in the online auctions.
When bids are accepted by the seller then All sales are final and no refunds will be issued. All merchandise is sold "as-is", with no warranty, written or implied. No warranty is made with respect to the accuracy of any information provided to bidders regarding auction items, provided in either written or image form, and bidders should rely solely on their own investigation and/or research of the item or items they place bids on. Descriptions and photographs provided in online auction listings are for bidder convenience only. We recommend that all potential bidders personally and physically inspect all auction merchandise, before bidding.

E.) Once the system accepts your online bid, you have entered into a binding contract with Peterson Auction & Realty LLC., and are obligated to pay for your winning bid(s). By bidding, you are agreeing to be held personally liable for the bid amount, buyer's premium, and any other fees or applicable taxes specified in the item description. Bidders agree that bidding on the Site is the legal equivalent of a firm purchase order. Peterson Auction & Realty LLC. reserves the right, and you acknowledge and agree to its exercise of this right, to notify third parties, including law enforcement authorities, credit bureaus, other auction companies and industry regulators and authorities, about bidder's involved with or connected to fraudulent bidding or the failure to fully pay invoices in accordance with our terms and conditions and the terms and conditions of the auction involved.

F.) By using this service, you agree that any dispute concerning an auction, any bid, use of the online auction service, or goods purchased shall be governed by and resolved in accordance with the laws of the State of New York, that you consent to personal jurisdiction over you in New York State, and that the exclusive locale and venue for any claim, dispute or legal action concerning same shall be the New York State Supreme Court, County of Chautauqua . A proceeding commenced in any other jurisdiction or venue shall be immediately dismissed and/or transferred to the Chautauqua County Supreme Court. If you commence a claim or legal action in other than the Chautauqua County Supreme Court, then you agree to be liable for all attorney's fees, court costs and disbursements incurred by Peterson Auction & Realty LLC. in connection with obtaining a dismissal and/or transfer of the matter. If you fail to pay for your winning bid, including the buyer's premium, or any portion thereof, then you shall be liable for all attorney's fees, court costs and disbursements incurred by Peterson Auction & Realty LLC. in attempting to collect the amounts due. In all other respects, attorney's fees, disbursements, and court costs associated with any claim, dispute or legal action between the parties to this Agreement shall not be recoverable by one party against the other.

G.) If a purchase agrrement is not signed by bidder / purchaser witin the required time period the pre-auction deposit will be forfited with no recourse and the property will be offered to the backup bidder(s) and/or re-listed in the online auctions. Peterson Auction & Realty LLC. reserves the right to offer any real estate that was not paid for to any qualified buyer in order to satisfy the needs of our selling clients.

H.) Peterson Auction & Realty LLC. does not transfer legal ownership of items from the Seller to the Buyer. The Buyer will become the Item's lawful owner upon physical receipt of the Item. Peterson Auction & Realty LLC. shall not be responsible for dispute claims filed after an auction Item has been removed from the Seller's premises by the Buyer, the transportation company hired by the Buyer, or any and all other agents of the Buyer.

I.) All items listed on www.petersonauction.com are sold 'Subject to Seller Approval' after the auctions close unless otherwise stated as being sold absolute to the highest bidder. Sellers that consign merchandise or Real Property to our auctions reserve the right to accept or decline bids after the auction has concluded. Members who are the high bidder on a specific lot or item will be notified of approval or decline of such bids and auctions they have participated in by email within 48 hours of close of the auction.

J.) For payments made with cash, money order, wire-transfer or guaranteed funds, no buyer's premium will be added to the high bid price unless stated in the terms of an individual auction. A 3.5% convievce fee will be added to the high bid price for payments made with credit cards, debit cards, personal or business checks. Read the payment terms in each auction listing to see whether there is a buyer's premium charged. All buyers will be charged appropriate sales tax unless they provide a completed resale certificate or other appropriate tax-exempt documentation with their payment.

K.) Peterson Auction & Realty LLC. reserves the right to reject or void bids, whether winning or not, which it believes were not been made in good faith, or are intended to manipulate the auction process, or are prohibited by law. If Peterson Auction & Realty LLC. determines that a Seller or someone associated with the Seller has bid on that Seller's own item (shill bidding). Peterson Auction & Realty LLC. will ban the Seller from future use of Peterson Auction & Realty LLC., internet auction site. Cancel the involved transaction(s) and the Seller will be charged a Seller Default Penalty of a minimum of $ 1000.00 (one thousand dollars), or 25% of the high bid placed, whichever is greater.

L.) Peterson Auction & Realty LLC. reserves the right to withdraw, cancel, or postpone any auction listing at our discretion, and Peterson Auction & Realty LLC will have no liability to prospective bidders or Sellers as a result of any withdrawal, cancellation or postponement of any auction.

M.) Peterson Auction & Realty LLC. makes every effort to accurately describe real estate, vehicles and equipment using standard industry terms. Buyers must refer to the pictures contained in the auction listings to clarify their understanding of the specific item characteristics. Peterson Auction & Realty LLC. cannot be responsible for misinterpretation or oversight by the Buyer.

N.) Without limiting other remedies, we may limit, suspend, or terminate our service and user accounts, prohibit access to our website, delay or remove hosted content, and take technical and legal steps to keep Users off the Site if we think they are creating problems, possible legal liabilities, or acting inconsistently with the letter or spirit of our policies, terms and conditions. We also reserve the right to cancel accounts that have been inactive for over a one year period.

O.) If any provision of this Agreement is held or determined to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced.

Real Estate Auction 24-30 Broad Street, Salamanca NY Attached Row building with mulitupe rental units Live Auction with Pre-Online Bidding and live web cast