ONLINE ONLY FORECLOSURE AUCTION: 2 Convenience Stores

PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED IN THE PURCHASE CONTRACT. PLEASE READ AND REVIEW THE CONTRACT THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE CONTRACT FOR SALE OF REAL ESTATE AND ALL TERMS, DO NOT BID. <br>
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A. FORECLOSURE NOTICE:<br>
SUCCESSOR TRUSTEE’S SALE<br>
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WHEREAS, default having been made in the payment of the debts and obligations secured to be paid in a certain Deed of Trust, Assignment of Rents and Security Agreement executed March 10, 2005 by TENNESSEE MARKET GROUP, LLC, to Richard G. Rhodes, as Trustee, as the same appears of record at Instrument No. 05039983 in the Register’s Office of Shelby County, Tennessee; (“Deed of Trust”); as modified by Modification Agreement dated October 20, 2008, recorded at Instrument No. 08139047 in the Register’s Office of Shelby County, Tennessee; as further modified by the Modification of Deed of Trust dated November 23, 2010, recorded at Instrument No. 11001895 in the Register’s Office of Shelby County, Tennessee, and as further modified by Modification of Deed of Trust dated April 7, 2015, recorded at 15032739 in the Register’s Office of Shelby County, Tennessee; and<br>
WHEREAS, the owner of the debt secured, Regions Bank, having appointed Douglas M. Alrutz as Successor Trustee in accordance with the provisions of said Deed of Trust, as the same appears of record at Instrument No. 15012721, recorded on February 10, 2015 in the Register’s Office of Shelby County, Tennessee; and <br>
WHEREAS, Regions Bank having requested the undersigned to advertise and sell the property described in and conveyed by said Deed of Trust, all of said indebtedness having matured by default in the payment of a part thereof, at the option of the owner, this is to give notice that Douglas M. Alrutz, as Successor Trustee, will on Wednesday, the 20th day of May , 2015, commencing at twelve o’clock noon at the southwest corner of the Courthouse, Memphis, Shelby County, Tennessee, Adams Avenue entrance thereof, proceed to sell to the highest and best bidder for cash, the following described property to wit:. <br>
Parcel 1:<br>
Survey of part of Lot 1, Section “B”, Viola M. Jenkins Subdivision, recorded in Plat Book 41, Page 71 in the Shelby County Register’s Office, and being more particularly described as follows:<br>
Beginning at a point in the North line of Lamar Avenue, said point being the common corner of Lot 1 and Lot 2 of said subdivision; thence N 70°43’51” E a distance of 96.59’ to a point; thence N 89°48’59” E a distance of 98.06’ to a point; thence N 04°26’27” E a distance of 42.01’ to a point; thence S 88°33’58” E a distance of 137.03’ to a point; thence S 03°00’24” W a distance of 108.24’; thence N 87°08’21” W a distance of 64.49’ to a point; thence S 47°40’31” W a distance of 191.66’ to a point in the North line of Lamar Avenue; thence northwestwardly along the said North line along an arc to the left (Rad.=5775.78’) a distance of 201.28’ to the point of beginning, containing 0.927 acres more or less.<br>
Per the survey of Timothy E. McCaskill, R.L.S. dated March 2015.<br>
Parcel 2:<br>
Lot 2 of Resubdivision of Lot 5 of Perimeter Park Subdivision (also known as 1 of 4, Mt. Moriah Commercial S/D, Sec A, Pb 62, Pg 24) as recorded in Plat Book 61, Page 46, also recorded in Instrument Number K4-3443, in the Shelby County Register’s Office, located in Memphis, Shelby County, Tennessee, and being more particularly described as follows:<br>
Beginning at a point on the North right of way line of Mt. Moriah Road, said point being 2,680 feet East of the center line of Interstate 240; thence North 06 degrees, 01 minutes, 19 seconds East, a distance of 140.00 feet to a found iron pin; thence South 30 degrees, 25 minutes, 48 seconds East, a distance of 135.14 feet to a found iron pin; thence South 25 degrees, 46 minutes, 03 seconds West, a distance of 170.67 feet to a point on the North line of Mt. Moriah Road; thence along the said right of way line, North 29 degrees, 58 minutes, 41 seconds West, a distance of 231.20 feet to said point of beginning.<br>
The street addresses of the above described property is believed to be 2986 Lamar Avenue, Memphis, TN for Parcel 1, and 2534/2546 Mt. Moriah Memphis, TN for Parcel 2, but such addresses are not part of the legal description of the properties sold and in the event of any discrepancy, the legal descriptions herein shall control.<br>
OWNER OF PROPERTY: POC Real Estate Company, LLC f/k/a Tennessee Market Group, Inc.<br>
INTERESTED PARTIES: M. Kyle Rice; Richard K. Rice; Premier Oil Company, LLC, Carlos Condori, and BP Products North America, Inc. <br>
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This sale shall proceed first by public outcry at the Courthouse for a period of thirty minutes. Bidding shall then continue online at the following online auction site: www.comasmontgomery.com. Bidders may register and place presale bids in advance of the public outcry, and the opening bid at public outcry will be the highest presale bid, if any, entered online. The highest bid at public outcry will then be entered online, and online bidding will continue until 4:00 p.m. Central Standard Time, or until the final bidding has ended via the “automatic extend feature” on www.comasmontgomery.com, on the day of the sale. Additional terms regarding online bidding and bid acceptance are more fully described at the online auction site listed above. The winning bidder will be required to execute an unmodified contract and to post a non-refundable 10% deposit within 24 hours of the close of the auction and the winning bidder must close within 30 days of the auction date.<br>
Any and all rights to have the property, or any part thereof, marshaled, and the equity of redemption, any statutory or common law right or redemption, homestead, dower, marital share and all other exemptions and any other rights are expressly waived in the Deed of Trust or the modifications thereto, and the title is believed to be good, but the undersigned will sell and convey only as Successor Trustee. This sale is subject to all matters shown on any applicable recorded plat or plan; any unpaid taxes, interest and penalty which exist as a lien against said property (said taxes shall not be prorated); any restrictive covenants, easements or set back lines that may be applicable; or claims of parties in possession; and any filed or unfiled liens, adverse claims or encumbrances that may exist against the property which have priority over the Deed of Trust.<br>
The right is reserved to accept bids collectively for both properties, and individually for each property, and to accept the highest and best bid after bidding has concluded both ways. The sale scheduled pursuant to this notice may be rescinded at the Successor Trustee’s option at any time. The right is reserved to adjourn the day of the sale to another day certain without further publication, upon announcement at the time and place for the sale set forth herein.<br>
The failure of any high bidder to pay the purchase price and close the sale shall, at the option of the Successor Trustee, be cause for rejection of the bid, and, if the bid is rejected, the Successor Trustee shall have the option of making the sale to the next highest bidder who is ready, willing, and able to comply with the terms thereof. The proceeds derived from the sale of the property will be applied as provided for in said Deed of Trust.<br>
All announcements at the sale on the date of the sale will take priority over this notice. Additional announcements, terms and conditions may also be posted on the online auction site. THE ONLY GUARANTEE THAT YOU HAVE A CHANCE TO BID IS TO ATTEND THE PUBLIC OUTCRY OF THE FORECLOSURE SALE. BY ENTERING BIDS ONLINE, A BIDDER WILL AGREE TO ALL OF THE TERMS AND CONDITIONS SET FORTH ON THE AUCTION SITE. THE AUCTION SITE IS OWNED AND OPERATED BY COMAS MONTGOMERY REALTY & AUCTION CO., INC.<br>
/s/ Douglas M. Alrutz <br>
Douglas M. Alrutz, Successor Trustee<br>
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PUBLISH: CHARGE TO:<br>
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April 28, 2015 WYATT, TARRANT & COMBS, LLP<br>
May 5, 2015 1715 Aaron Brenner Dr. Suite 800<br>
May 12, 2015 Memphis, TN 38120<br>
Attn: Douglas M. Alrutz<br>
61334328.1<br>
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1. AUCTION END TIMES: Comas Montgomery Realty & Auction Co., Inc. Online Auctions are timed events and all bidding will close at specified time. Comas Montgomery Realty & Auction Co., Inc. Online Auctions also have an auto extend feature. Any bid placed in the final 5 minutes of an auction, the auction ending will be automatically extended 5 minutes from the time the bid was placed. Example: if an auction scheduled to close at 4:00 receives a bid at 3:59, the close time will automatically extend 4:04.The auto extend feature remains active until no further bids are received within a 5 minute time frame. <br>
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2. ALL LOTS EXTEND IF ANY LOT IS EXTENDED. The bid amount entered and shown will be the bid placed on this software platform. This bidding software does not bid for you as an absentee bid.<br>
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3. SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Comas Montgomery Realty & Auction Co., Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor COMAS MONTGOMERY REALTY & AUCTION CO., INC. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Notifications may be sent to registered bidders with updated information as deemed necessary by Comas Montgomery Realty & Auction Co., Inc.<br>
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4. TERMS: 10% OF THE FINAL BID PRICE REQUIRED as non-refundable deposit in the form of a certified check, cash or wire transfer within 24 hour of the close of auction, with the balance of purchase price due at closing. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Contract for Sale of Real Estate. This online only auction is a CASH SALE not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by Bidder and or Buyers at registration prior to bidding and specified in the Contract for Sale of Real Estate under “files” sections of the webpage. <br>
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5. CONTRACT FOR SALE OF REAL ESTATE: The contract is required to be fully and correctly completed, WITHOUT any modifications and properly signed within 24 hours of the close of auction.<br>
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6. BUYER’S PREMIUM: There will be a buyer’s premium of 10% added to the bid price to arrive at final purchase price. Example: Bid Price $100,000 plus $10,000 (10% buyer’s fee) equals purchase price of $110,000. <br>
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7. AUCTION BIDDER DEFAULT: Successful bidder not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default. Default remedies are reserved by Comas Montgomery Realty & Auction Co., Inc. and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. The failure of any high bidder to pay the purchase price and close the sale shall, at the option of the Successor Trustee, be cause for rejection of the bid, and, if the bid is rejected, the Successor Trustee shall have the option of making the sale to the next highest bidder who is ready, willing, and able to comply with the terms thereof. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default. <br>
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8. ACCEPTANCE OF BID PRICES: Successful bidder(s) will be required to enter into a purchase agreement immediately following the close of the auction. Comas Montgomery Realty & Auction Co., Inc. will e-mail documents to be executed and fax or e-mail back to WYATT, TARRANT & COMBS, LLP within 24 hours of the end of the auction. Successful bidders not executing and returning contracts with earnest money deposit within 24 hours will be considered in default. Any and all inspections that a buyer may want must be done at buyer’s expense prior to the close of the online bidding. <br>
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9. TITLE: As specified in the Contract for Sale of Real Estate <br>
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10. DEED: As specified in the Contract for Sale of Real Estate<br>
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11. REAL ESTATE TAXES AND CLOSING COST: Buyer is responsible for taxes. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees and any cost associated with the purchaser’s loan.<br>
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12. EASEMENTS: Subject to any and all easements of record. <br>
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13. ZONING: This property is subject to all state and local zoning ordinances.<br>
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14. ACREAGE: Parcel dimensions and acreages are based on legal descriptions. <br>
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15. AERIAL PHOTOS: Aerial photos are for illustration purposes only and not surveyed boundary lines. <br>
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16. BIDDER VERIFICATION: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Comas Montgomery Realty & Auction Co., Inc. will reject the registration, and bidding activity will be terminated. The Seller and Comas Montgomery Realty & Auction Co., Inc. reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.<br>
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17. AGENCY: Comas Montgomery Realty & Auction Co., Inc., Agents and Representatives are agents of the Seller. Buyer and or Bidder agrees to hold harmless and indemnify Comas Montgomery Realty & Auction Co., Inc. and its Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.<br>
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18. NEW DATA, CORRECTIONS, AND CHANGES: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information. <br>
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19. DISCLAIMER & ABSENCE OF WARRANTIES: All information contained in this information packet and all related materials are subject to the terms and conditions outlined in the Contract for Sale of Real Estate agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation either expressed or implied, concerning the property is made by the Seller or Comas Montgomery Realty & Auction Co., Inc., Agents or Representatives. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the brochure and on the website is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller, Comas Montgomery Realty & Auction Co., Inc., Agents or Representatives. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of Comas Montgomery Realty & Auction Co., Inc. are final. Any dispute between Comas Montgomery Realty & Auction Co., Inc., its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Rutherford County, Tennessee. By bidding on the property, buyer agrees to all terms and conditions set forth. <br>
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20. Hold Harmless: Buyer and or Bidder agrees to hold harmless and indemnify Comas Montgomery Realty & Auction Co., Inc. and its Agents, Owners, Directors, Employees and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc. <br>
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21. BENEFICIARY RESERVES THE RIGHT TO BID.