26,322±sf School Building in Lansing on 6.617A
Date Built: 2000
Capacity: 225± students
Classrooms: 9
Restrooms: (2) Boys (2) Girls
Gymnasium: 74’ x110’ (8,000±sf)
Parking Spaces: 73±
Parcel: 33-01-01-32-376-375
SEV: none
Lansing City Taxes: none
Zoned: A-Residential
Please note the change in terms from our usual auctions: 25% earnest money is due the day of the auction, close in 60 days. 10% buyers premium. Sale is subject to reciever approval.
At the conclusion of the auction, the lead bidder will be sent a purchase agreement to sign, and the backup bidder will also sign a backup offer.
This online only auction is subject to seller confirmation and is a cash sale not contingent on or subject to financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Agreement to Purchase Real Estate (the “Purchase Agreement”).<br>
<br>
Background<br>
<br>
On or about January of 2008, Ingham County, Michigan Circuit Court appointed Mr. Thomas Woods as the permanent receiver for the Property (the “Seller”). The Seller has engaged Sheridan Realty & Auction Co (the “Broker”) to auction the Property to the highest bidder subject to certain conditions, including Court approval, as more specifically described below. Transnation Title Agency, as agent for Fidelity National Title Insurance Company (“Title Company”), located in Lansing, Michigan has been selected to handle the final closing of the proposed sale. <br>
<br>
U.S. Bank National Association, as Trustee (the “Trustee”) for holders of certificates (“Holders”) under that certain Trust Agreement dated as of June 1, 2000 (the “Trust Agreement”), by and among the Trustee, MJK Capital Corporation (the “Issuer”), Sankofa Shule (a public school academy), holds a Mortgage on the Property as collateral security for the repayment of the certificates. On or about January 28, 2014 and in contemplation of a pending sale, the Trustee filed a trust instruction petition (the “Petition”) with the Ramsey County District Court (the “Court”) to seek the Court’s approval and direction for the Trustee to consent to the sale of the Property on the terms of the Purchase Agreement referenced below and to the highest and best offer received at the auction. In the Petition, the Trustee informed the Court that the Trustee will inform all Holders, as well as parties who expressed an interest in acquiring the Property, of the Petition, and the opportunity to appear at the auction and submit a higher offer for the Property. The Court set a hearing on the Petition for March 31, 2014, at 1:30 p.m. CDT, at the address: Ramsey County District Courthouse, 15 West Kellogg Boulevard, Room 1574, St. Paul, Minnesota 55102-1612, District Court, Probate Division. The Trustee will request that the Court authorize and direct the Trustee to consent to the sale of the Property to the highest bidder (the “Court Approval”). <br>
<br>
<br>
Bid Procedures and Auction<br>
<br>
Once you place a bid, it cannot be removed, even if you have bid incorrectly. Please verify your bids before submitting.<br>
<br>
Bidding increments are as follows:<br>
$100- $1000 = $25<br>
$1,000- $10,000 = $100<br>
$10,000- $25,000 = $500<br>
$25,000- $500,000 = $1,000<br>
$500,000- $1,000,000 = $5,000<br>
$1,000,000 and up= $10,000<br>
<br>
A Buyer’s Premium of 10% is added to the high bid. Please take this into consideration when bidding. Example: Final bid price on a property is $100,000. Add the 10% buyer’s premium of $10,000 to get a final price of $110,000. This is the actual sales price that will be used on the purchase agreement, and the number upon which transfer tax and title insurance are based. Anyone participating in the auction agrees to be a backup bidder if their last bid was the second highest bid (the “Backup Bidder”). In the event that the highest bidder (the “Winning Bidder”) fails to close the sale of the Property, the Backup Bidder agrees to acquire the Property at the amount last bid by the backup bidder.<br>
<br>
At the close of the auction, the Winning Bidder and the Backup Bidder will be emailed a Purchase Agreement to be executed and returned to Sheridan Realty & Auction Co. within Forty Eight (48) hours after the completion of the auction. <br>
<br>
The Winning Bidder and Backup Bidder will deposit 25% of the sale price in the form of a cashier’s check or wire transfer with Sheridan Realty & Auction Co., which deposit must be delivered (a) by the Winning Bidder within Forty Eight (48) hours of the completion of the auction and (b) by the Backup Bidder within Forty Eight (48) hours after Sheridan Realty shall notify the Backup Bidder that the Winning Bidder has failed to timely close. The earnest money deposit is non-refundable unless Seller shall fail to close. The entirety of the remaining balance is due at closing on or before Thirty Days (30) from Auction Day. Purchaser will be responsible for all wire transfers. <br>
<br>
Per the Purchase Agreement, time is of the essence; you shall proceed to closing within Thirty (30) days after the Trustee’s receipt of Court approval of the sale at the final bid amount. Possession shall be given to the successful Buyer(s) at closing, and all closing fees (including the cost of the Owner’s Title Policy) charged by the Title Company are shared equally between Buyer(s) and Seller(s).<br>
<br>
Successful Bidders not executing and returning their Contract with Earnest Money deposit within Forty Eight (48) hours of the conclusion of the auction will be considered in default. If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made, and could be additionally liable for any and all costs incurred by Seller and Sheridan Realty & Auction Co. incurred in a subsequent resale of the property.<br>
<br>
Buyer(s) must be prepared to make a cash offer. Buyer acknowledges that the property is being sold for cash “AS-IS, WHERE-IS AND WITH ALL FAULTS” with a closing deadline. There are no contingencies to this sale (i.e. financing, appraisal, survey matters, repairs, title, physical or other condition of the Property or inspections). Therefore, all due diligence must be done in advance of the close of the auction and Buyer(s) will rely on his/her own judgment and inspection. By signing an offer, Buyer(s) will be waiving the 10 day lead based paint test. Buyer(s) should be pre-qualified by a lender prior to bidding if you require financing. <br>
<br>
Sheridan Realty & Auction Co. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the Seller. The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Sheridan Realty & Auction Co. will reject the registration, and bidding activity will be terminated.<br>
<br>
Seller(s) will provide an owner’s policy of title and convey title with a Covenant Deed.<br>
Sheridan Realty & Auction Co. and their representatives are Exclusive Agents of the Seller(s). Auctioneers and sales agents reserve the right to negotiate final sales price on behalf of the seller, or bid on behalf of the seller, if necessary.<br>
<br>
Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations. There are no security deposits for any properties. Utilities, taxes and assessments will be pro-rated to the closing date.<br>
<br>
All Sheridan Realty & Auction Co. Online Only Real Estate Auctions are timed events that have an auto-extend feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction for 5 minutes from the time the bid is placed. Example: If an auction scheduled to end at 6:00 pm receives a bid at 5:59 pm, the close time of the auction automatically extends to 6:05 pm. The auto-extend feature remains active until no further bids are received within the 5 minute time frame. Notwithstanding any contrary term or provision, Seller’s obligation to close is subject to the Trustee obtaining Court Approval and Seller reserves the right to cancel the auction and sale at any time.<br>
<br>
A two percent (2%) bid price commission is available to properly registered Brokers. You must pre-register your Buyers with Sheridan Realty & Auction Co. twenty four (24) hours before the end of the auction. Agents who fail to pre-register their Buyer will not be recognized as Buyer Agents and will not be entitled to a co-op commission. Broker cannot act as a Principal and Broker on the same transaction. Please review the form for eligibility. <br>
<br>
The terms and covenants of the purchase agreement, including these additional terms (Exhibit B), shall survive closing and shall bind and the benefits shall inure to the heirs, successors, representative and assigns of the Parties.
<br>
Background<br>
<br>
On or about January of 2008, Ingham County, Michigan Circuit Court appointed Mr. Thomas Woods as the permanent receiver for the Property (the “Seller”). The Seller has engaged Sheridan Realty & Auction Co (the “Broker”) to auction the Property to the highest bidder subject to certain conditions, including Court approval, as more specifically described below. Transnation Title Agency, as agent for Fidelity National Title Insurance Company (“Title Company”), located in Lansing, Michigan has been selected to handle the final closing of the proposed sale. <br>
<br>
U.S. Bank National Association, as Trustee (the “Trustee”) for holders of certificates (“Holders”) under that certain Trust Agreement dated as of June 1, 2000 (the “Trust Agreement”), by and among the Trustee, MJK Capital Corporation (the “Issuer”), Sankofa Shule (a public school academy), holds a Mortgage on the Property as collateral security for the repayment of the certificates. On or about January 28, 2014 and in contemplation of a pending sale, the Trustee filed a trust instruction petition (the “Petition”) with the Ramsey County District Court (the “Court”) to seek the Court’s approval and direction for the Trustee to consent to the sale of the Property on the terms of the Purchase Agreement referenced below and to the highest and best offer received at the auction. In the Petition, the Trustee informed the Court that the Trustee will inform all Holders, as well as parties who expressed an interest in acquiring the Property, of the Petition, and the opportunity to appear at the auction and submit a higher offer for the Property. The Court set a hearing on the Petition for March 31, 2014, at 1:30 p.m. CDT, at the address: Ramsey County District Courthouse, 15 West Kellogg Boulevard, Room 1574, St. Paul, Minnesota 55102-1612, District Court, Probate Division. The Trustee will request that the Court authorize and direct the Trustee to consent to the sale of the Property to the highest bidder (the “Court Approval”). <br>
<br>
<br>
Bid Procedures and Auction<br>
<br>
Once you place a bid, it cannot be removed, even if you have bid incorrectly. Please verify your bids before submitting.<br>
<br>
Bidding increments are as follows:<br>
$100- $1000 = $25<br>
$1,000- $10,000 = $100<br>
$10,000- $25,000 = $500<br>
$25,000- $500,000 = $1,000<br>
$500,000- $1,000,000 = $5,000<br>
$1,000,000 and up= $10,000<br>
<br>
A Buyer’s Premium of 10% is added to the high bid. Please take this into consideration when bidding. Example: Final bid price on a property is $100,000. Add the 10% buyer’s premium of $10,000 to get a final price of $110,000. This is the actual sales price that will be used on the purchase agreement, and the number upon which transfer tax and title insurance are based. Anyone participating in the auction agrees to be a backup bidder if their last bid was the second highest bid (the “Backup Bidder”). In the event that the highest bidder (the “Winning Bidder”) fails to close the sale of the Property, the Backup Bidder agrees to acquire the Property at the amount last bid by the backup bidder.<br>
<br>
At the close of the auction, the Winning Bidder and the Backup Bidder will be emailed a Purchase Agreement to be executed and returned to Sheridan Realty & Auction Co. within Forty Eight (48) hours after the completion of the auction. <br>
<br>
The Winning Bidder and Backup Bidder will deposit 25% of the sale price in the form of a cashier’s check or wire transfer with Sheridan Realty & Auction Co., which deposit must be delivered (a) by the Winning Bidder within Forty Eight (48) hours of the completion of the auction and (b) by the Backup Bidder within Forty Eight (48) hours after Sheridan Realty shall notify the Backup Bidder that the Winning Bidder has failed to timely close. The earnest money deposit is non-refundable unless Seller shall fail to close. The entirety of the remaining balance is due at closing on or before Thirty Days (30) from Auction Day. Purchaser will be responsible for all wire transfers. <br>
<br>
Per the Purchase Agreement, time is of the essence; you shall proceed to closing within Thirty (30) days after the Trustee’s receipt of Court approval of the sale at the final bid amount. Possession shall be given to the successful Buyer(s) at closing, and all closing fees (including the cost of the Owner’s Title Policy) charged by the Title Company are shared equally between Buyer(s) and Seller(s).<br>
<br>
Successful Bidders not executing and returning their Contract with Earnest Money deposit within Forty Eight (48) hours of the conclusion of the auction will be considered in default. If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made, and could be additionally liable for any and all costs incurred by Seller and Sheridan Realty & Auction Co. incurred in a subsequent resale of the property.<br>
<br>
Buyer(s) must be prepared to make a cash offer. Buyer acknowledges that the property is being sold for cash “AS-IS, WHERE-IS AND WITH ALL FAULTS” with a closing deadline. There are no contingencies to this sale (i.e. financing, appraisal, survey matters, repairs, title, physical or other condition of the Property or inspections). Therefore, all due diligence must be done in advance of the close of the auction and Buyer(s) will rely on his/her own judgment and inspection. By signing an offer, Buyer(s) will be waiving the 10 day lead based paint test. Buyer(s) should be pre-qualified by a lender prior to bidding if you require financing. <br>
<br>
Sheridan Realty & Auction Co. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the Seller. The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Sheridan Realty & Auction Co. will reject the registration, and bidding activity will be terminated.<br>
<br>
Seller(s) will provide an owner’s policy of title and convey title with a Covenant Deed.<br>
Sheridan Realty & Auction Co. and their representatives are Exclusive Agents of the Seller(s). Auctioneers and sales agents reserve the right to negotiate final sales price on behalf of the seller, or bid on behalf of the seller, if necessary.<br>
<br>
Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations. There are no security deposits for any properties. Utilities, taxes and assessments will be pro-rated to the closing date.<br>
<br>
All Sheridan Realty & Auction Co. Online Only Real Estate Auctions are timed events that have an auto-extend feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction for 5 minutes from the time the bid is placed. Example: If an auction scheduled to end at 6:00 pm receives a bid at 5:59 pm, the close time of the auction automatically extends to 6:05 pm. The auto-extend feature remains active until no further bids are received within the 5 minute time frame. Notwithstanding any contrary term or provision, Seller’s obligation to close is subject to the Trustee obtaining Court Approval and Seller reserves the right to cancel the auction and sale at any time.<br>
<br>
A two percent (2%) bid price commission is available to properly registered Brokers. You must pre-register your Buyers with Sheridan Realty & Auction Co. twenty four (24) hours before the end of the auction. Agents who fail to pre-register their Buyer will not be recognized as Buyer Agents and will not be entitled to a co-op commission. Broker cannot act as a Principal and Broker on the same transaction. Please review the form for eligibility. <br>
<br>
The terms and covenants of the purchase agreement, including these additional terms (Exhibit B), shall survive closing and shall bind and the benefits shall inure to the heirs, successors, representative and assigns of the Parties.