Ripley Hardware Auction

Real Estate, Inventory & Fixtures

Offered as Operating Business / Bulk Sale

See Terms and Conditions for Details

TERMS AND CONDITIONS OF SALE

REAL PROPERTY LOCATED AT

2 WEST MAIN STREET & 5 SOUTH STATE STREET

TOWN OF RIPLEY, COUNTY OF CHAUTAUQUA

STATE OF NEW YORK, 

IDENTIFIED AS TAX PARCELS: SECTION 240.12 BLOCK 3 LOT 21

                                                                        SECTION 240.12 BLOCK 3 LOT 22

WILL BE OFFERED FOR SALE AT PUBLIC AUCTION

ON WEDNESDAY AUGUST 7, 2019. BIDDING TO BEGIN AT 6:30 PM

The auction will be held on location at the property

Pre-approved web cast bidding available

 OPEN HOUSE / PREVIEW - Monday July 29 11am to 3pm.

Auction Format:

Auction Lot 1: Real Estate and all Contents as 1 lot – Will offer Route 20 Hardware building, Storage building at 5 South State Street and all Inventory, Fixtures and small engine repair equipment. (No inventory, Fixtures or equipment removed until complete settlement is made)

Auction Lot 2: Contents only as 1 lot - All Inventory, Fixtures (not attached to building) and small engine repair equipment to be removed by August 31, 2019

Auction Lot 3: Real Estate Only as 1 lot – Route 20 Hardware building & Storage building at 5 South State Street. 

The highest and best offer or combination of offers will be presented to seller for consideration under terms and conditions of auction.

All Real and Personal Property is being offered for sale “AS IS, WHERE IS”, with no guarantees or warranties of any sort, either actual or implied.

(1.) The Real Property is “AS IS” which includes but not limited to the existence of a septic/sewer system, water system, plumbing, heating, electrical, interior and exterior of all buildings, any fixtures, and the land. If required, the Purchaser will pay for a Chautauqua County health department water test at closing and will pay for any and all repairs or updates if required by Chautauqua County. 

(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.)  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.)  Deposits:

             The successful high bidder of Auction Lot 1, will immediately sign a Contract for  

             Sale of Real Property which also includes personal property and will place

             $8,500.00 in the form of cash or good check with Mike Peterson Auction & Realty

             Service to be held in their escrow account until closing.  

             The successful high bidder of Auction Lot 2, will place $ 5,000.00 down auction  

             day and a balance due within 72 hours and before any removal of any items.

             The successful high bidder of Auction Lot 3, will immediately sign a Contract for 

             Sale of Real Property and will place $3,500.00 in the form of cash or good check

             with Mike Peterson Auction & Realty Service to be held in their escrow account

             until closing.  

(6.)  The deposits 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 deposits 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 seller will maintain utilities and insurance (including fire and theft) on Real Property and contents until closing.

(9.)  The BALANCE of Real Estate purchases will be due AT CLOSING, ON OR BEFORE Sept 10, 2019. POSSESSION will be granted at closing.

(10.)  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.

(11.)  REAL ESTATE CLOSING COSTS - The Seller will pay for the Title Search update. Purchaser’s will pay for Revenue Stamps, TP 584 Filing Fee, Deed Recording Fee, RP5217 Filing Fee, and any costs in obtaining financing. Each will pay own attorney fees.

(12.)  ALL PROPERTY TAXES will be PRORATED as of the CLOSING DATE.  

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

(14.) 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: Sahir Sarvaiya

ATTORNEY: Dana Lundberg

                        202 West 4^th. Street, Jamestown, NY 14701

                        716-664-2346

BROKER:      Michael W. Peterson, Mike Peterson Auction and Realty Service

                       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

REAL PROPERTY DESCRIPTION

Open House / Preview - Monday July 29 11am to 3pm.

Location: 2 West Main St. & 5 South State St., Ripley NY 14775

TAX PARCEL NUMBERS:    SECTION 240.12 BLOCK 3 LOT 21

                                                  SECTION 240.12 BLOCK 3 LOT 22                          

FULL MARKET VALUE FOR ASSESMENT PURPOSES:  2 West Main -  $ 42,300.00

                                                                                            5 South State -   $ 12,500.00                                              

2019 TAXES: 2 West Main - $ 2,010.30

                        5 South State - $  691.60

 SCHOOL DISTRICT: Ripley School District

 LAND: 2 village lots – 45.5’ x 105’ & 30’ x 135’

 BUILDINGS: 2 Story row building with front road frontage on route 20, retail space and shop / service bay with back alley access & a 2 story stand alone storage building with road frontage on South State Street.

 INVENTORY & FIXTURES: The store has been operating as a retail hardware store / small engine repair shop until 7/16/2019 at which time the store was closed for auction preparation. Inventory is current and modern with estimated wholesale value of $55,000.00 on 7/16/2019. The fixtures include ATV lift, small engine repair shop equipment, paint mixing station, key machine, gondola shelving, bolt and screw bins, end cap shelving, belt racks and wire racks. It is responsibility of potential buyers to inspect prior to bidding at the open house to be held Monday July 29 11am to 3pm.