TERMS AND CONDITIONS OF SALE

 REAL PROPERTY LOCATED AT 24-30 BROAD STREET, CITY OF SALAMANCA

 COUNTY OF CATTARAUGUS, STATE OF NEW YORK, 

 IDENTIFIED AS TAX PARCEL: SECTION 73.079 BLOCK 2 LOTS 30 & 31

 WILL BE OFFERED FOR SALE AT PUBLIC AUCTION ON THURSDAY, JUNE 11, 2020. BIDDING TO BEGIN AT 6:00 PM

Live Auction / Online Bidding Available

The auction will be held on location at the property  

Preview/Open House: Thursday, June 4th, 2020 from 4 pm – 6 pm 

Auction Parcel:  

Approximate 73’ x 140’ city lot with attached row building, approximately 6,390 sq. ft of space. Public sewer and water. 

1.) This property is being offered for sale “AS IS, WHERE IS”, with no guarantees or warranties of any sort, either actual or implied, including but not limited to  the existence of a sewer system, water system, plumbing, heating, electrical, interior and exterior of all buildings, any fixtures, and the land. The property is currently serviced by city sewer and water. Seller will maintain and pay for all utilities until closing.  

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.) Opening Bid $25,000.00, 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.) The successful high bidders will immediately sign a Contract for Sale of Real Property and will place $5,000.00 in the form of cash or good check with Peterson Auction & Realty LLC to be held in their escrow account until closing.   

6.) The deposit 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 deposit 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 BALANCE will be due AT CLOSING, ON OR BEFORE AUGUST 7, 2020. POSSESSION will be granted at closing. 

9.) 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. 

10.) Closing costs - Seller will pay for title search update. Purchaser will pay for deed recording fee, revenue stamps, TP 584 filing fee, RP5217 filing fee and any costs associated with financing. Each party will pay their own attorney fees.    

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

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

13.) 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: Income Opportunities Unlimited LLC 

                 PO Box 25 

                 Springville, NY  14141 

ATTORNEY: TBD 

BROKER:    Michael W. Peterson

                 Peterson Auction and Realty LLC 

164 Ivory Street, Frewsburg NY 14738 

Telephone:  716-665-0668 

Fax:  716-661-9629 

E-mail: peteauction@hotmail.com   

Web Site:  www.petersonauction.com  

PROPERTY DESCRIPTION  

Location: 24-30 Broad Street, Salamanca, New York 14779 

TAX PARCEL NUMBER:    Section 73.079 Block 2 Lots 30 & 31 

                                                Deed Book: 18681   

Deed Page: 5001 Date: 7/26/2012                        

TOTAL ASSESMENT: $17,965 

 FULL MARKET VALUE: $123,897.00 

2019 TAXES: Total: $1,493.46   

                          -School: $131.84 

-Town & county: $1,361.62 

SCHOOL DISTRICT: Salamanca 

ALL MEASUREMENTS ARE APPROXIMATE 

LAND: City lot 73’ x 140’ 

ATTACHED ROW BUILDING: 1900’s block construction with common walls, 6,500 +/- sq. ft of space, with 6 residential (2 lower, 4 upper (2-remodeld 2-unihabitual)) and 2 commercial lower units. Rear basement access. Public sewer & water. National fuel gas & City of Salamanca electric. New asphalt roof 3 years ago. 2 50-gallon hot water tanks: one gas, one electric. Breakers, 100-amp service. 

Lower Level 

Common entry way: 10’ x 11’ concrete floor, ceiling light 

Commercial unit #1: 20’ x 48’, wood floor, sink, toilet, kitchen area w/ sink 

Commercial unit #2: 20’ x 48’, laminate floor, sink, toilet, kitchen area w/ sink 

2-Residential 1-bedroom efficiency’s rate of $425 month includes utilities 

Upper Level:  

Common porch (in need of repair) 

Closet

These two remodeled units share own set of steps 

1 Bedroom unit- Rental rate of $600. Includes utilities 

Kitchen- 12’ x 14’, linoleum floor, oak cupboards, refrigerator, gas stove 

Living room- 12’ x 22, carpet, ceiling light w/ fan, decorative fireplace 

Bathroom- 6’ x 10’, tub/shower, sink, toilet, linoleum floor 

Bedroom- 10’ x 12’, ceiling light, carpet, small closet space 

2 Bedroom unit: Rental rate of $625. Includes utilities. 

Kitchen- 13’ x 13’, oak cupboards, laminate floors, ceiling light, electric stove, refrigerator, built in shelves 

Living Room- 11’ x 13’, carpet, ceiling light w/fan 

Bathroom- laminate floor, ceiling vent fan, tub/shower 

1^st Bedroom- 8’ x 10’, carpet, ceiling light, small closet 

2^nd Bedroom- 10’ x 20’, carpet, ceiling light, small closet 

2-Upstair units in need of full repair, share own set of stairs.