Owl Cafe Real Estate & Equipment

By participating in this auction the bidder agrees to the following terms and conditions:

NOMINAL OPENING BID: $10,000

THIS IS AN ONLINE ONLY AUCTION: If you prefer to turn in a bid in person, please call the office at (406) 652-2266 to make arrangements.

BIDDER REGISTRATION: Bidders must register with Auctioneer prior to bidding on the Property, return a signed Bid Certification form and tender $5,000 deposit. Unsuccessful bidder deposits will be returned after the auction ends.

BUYER’S PREMIUM: There will be a Five Percent (5%) Buyer’s Premium added to the winning bid price to arrive at the total contract price to be paid by the Buyer.

PROCEDURE: The property will be offered in (1) individual tract. This will be Online Only Bidding forum with increments as determined by the Auctioneer. Bidding starts at the nominal Opening Bid indicated and is open to the public. The Auctioneer is the sole arbiter and controller of the conduct of the auction and shall be the final and absolute authority without liability to any party.

AUCTION ENDING: Beginning at the stated closing time, the auction software will conclude bidding for the auction lot with the following exception: if a bid is placed in the last 10 minutes remaining for that auction lot, bidding for that lot will remain open for an additional 10 minutes or until 10 minutes pass without a bid increase.

OUTBID NOTIFICATION: Until the auction begins to close, the bidding software will notify bidders by email when they have been outbid.

ACCEPTANCE OF BID PRICE: Opening Bid of $10,000 – Unreserved Absolute Auction. Property sells to the highest bidder regardless of price.

AGREEMENT OF PURCHASE AND SALE: The Purchaser shall execute an Agreement of Purchase and Sale, in the form provided by the auctioneer, without modification, on March 4, 2020 by 2:00 pm, after being declared the high bidder at Musser Bros, Inc office in Billings, MT.

EARNEST MONEY: The Purchaser shall pay an amount equal to 10% of the total contract sales price when executing the agreement of purchase and sale. The balance of funds will be due in full at the time of closing on or before April 8, 2020, at First American Title & Escrow of Billings, MT.

YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.

ESCROW AGENT: The earnest and purchase monies in respect of the property shall be paid to and deposited with First American Title & Escrow of Billings, MT, (406) 248-7877, 1001 S 24th St W, #200, Billings, MT 59102

DEED: At closing, Seller shall execute a recordable deed sufficient to convey the real estate to Buyer or its nominee, in fee simple absolute, subject only to exceptions permitted herein, to be delivered to Buyer at the closing of this transaction upon Buyer’s compliance with the terms of this Contract.

CLOSING: The balance of the purchase price shall be paid at or before closing. Closing shall take place on or before 4:00 PM on April 8, 2020. The Escrow Agent will schedule and conduct closing.

TITLE: Seller shall provide an Owner’s Policy of Title Insurance in the amount of the purchase price, and shall execute a proper deed conveying the real estate to the Buyer(s). Seller shall pay the premium of the title insurance policy.

CLOSING COSTS: At closing, Seller shall pay for its escrow and closing fees, and all of the costs for preparation of all documents to convey the property. At closing, Purchaser shall pay for its escrow and closing fees, any and all recording fees, and all other sale, financing or closing fees as required. Taxes and association fees, if any, shall be prorated to the date of closing.

POSSESSION: Purchaser will receive possession at closing, subject to the rights of parties in possession, if any.

AS-IS SALE: The Purchaser shall accept the property in an as-is condition with all faults as of the closing date and the purchaser shall specifically agree that the seller has not and does not make any representations or warranties of any kind whatsoever, expressed or implied, to the purchaser regarding the property or any improvements thereon. The property is selling subject to anything an accurate survey or personal inspection of the property may reveal, including any existing rights-of-way, easements or claims to easements, encroachments, rights or claims of parties in possession, restrictive covenants and easements, flood zones, zoning or subdivision regulations, building codes, governmental agencies regulations, environmental conditions, lead-based paint, asbestos, radon gas, hazardous materials, any mineral rights, water rights, riparian or littoral rights, and reservations or conveyances, if any. The purchaser shall have satisfied himself as to the location and condition of the property, and all descriptions thereof, before bidding. All information contained in the brochure and all promotional materials, including, but not limited to, square footages, acreage, dimensions, maps, taxes, etc., was derived from court house records and is believed to be correct; however, neither the seller nor the auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information

NO NEW SURVEY: The property will be conveyed according to the existing legal description.

AGENCY: Musser Bros, Inc. and its representatives are exclusive agents of the Seller and are agents of no other party to this transaction.

MISCELLANEOUS: All decisions of the auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding and any other matters that may arise before, during, or after the auction. Seller reserves the right to deny any person the right to participate in the auction or to ban anyone from the auction who attempts to disrupt it.

SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Musser Bros, Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor MUSSER BROS, INC. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Musser Bros, Inc.

DEBT COLLECTION AND INTEREST CHARGE: The bidder agrees to pay all reasonable attorney fees and other costs incurred by Musser Bros, Inc. 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 Musser Bros, Inc. Any debt collection or dispute proceedings will be heard in Yellowstone County, Montana.

AGE REQUIREMENT: All bidders must be 18 years of age or older.

OWNER: Secured Creditor