I, the undersigned, agree to the following terms and conditions, should I be the high bidder.
1. Auction Day Requirements: All bidders must be pre-registered. I hereby agree to sign the Lease with City of Atlantic City immediately upon the conclusion of bidding and send the City the first years rent by bank cashier’s check within 24 hours. In addition to the bid price, the purchaser shall pay the cost for publication to the City of Atlantic City and a 10% Buyers Premium to Max Spann Real Estate & Auction Co.
2. I recognize that this is an Auction Sale and is not subject to an attorney review period. I will review the contract of lease prepared by Seller’s Counsel prior to the auction.
3. I have read the terms of this sale and said terms are incorporated herein by reference, as are any public announcements made sale day.
4. I agree to review the Property Information Packet prior to participating in Auction.
5. A Buyer’s Premium of 10% of the Bid Price will be added to the bid price. The successful high bidder will be required to sign a lease immediately upon the conclusion of the auction. Properties are being sold subject to Confirmation and Approval of City of Atlantic City.
6. If any check given in payment is not honored for any reason, I agree, whether said check be signed by me as maker or endorser, that if such check is placed in the hands of any attorney for collection, to pay all reasonable attorney’s fees, together with all costs of suit in the event is instituted.
7. Bidder acknowledges that the lease is being auctioned by Max Spann Real Estate & Auction Co. (“Spann”) subject to all faults, and specifically and expressly without any warranties, representations or guarantees, either express or implied, of any kind, nature, or type whatsoever from Spann in its own capacity or as the agent, servant or employee of the seller of the property. Bidder further acknowledges that Spann has not made any independent investigation of the condition of the property or examined, verified or confirmed the validity of any information, documents, literature, maps or sketches, pro-forms, or any other written documents provided in the Property Information Packet.
Bidder and Bidder’s heirs, transferees, administrators, personal representatives, trustees, successors and assigns, forever waive, release, discharge and hold Spann harmless, from any claim it has, might have had, or may have against Spann with respect to:
a. The condition of the Premises, either patent or latent, of any nature whatsoever, including environmental contamination;
b. Buyer's ability or inability to obtain or maintain building permits, temporary or final certificates of occupancy or other licenses for the use or operation of the Premises, and/or certificates of compliance for the Premises;
c. The actual or potential income or profits to be derived from the Premises;
d. Any other state of facts which exist with respect to the Premises which at the time of closing were not the subject of actual knowledge on the part of Seller.