TERMS AND CONDITIONS

General Information

The property is being offered for sale by Sealed Bid Auction by the sellers.  RPM-Mitchum Auctions, LLC (RPMMA), the broker and auctioneer, is soliciting written offers to purchase the property.  The sealed bids will be reviewed by the sellers and RPMMA as they are received.  At any time during the Sealed Bid Auction, the Seller may elect to accept a bid and the auction will end.

You should thoroughly review all the Terms and Conditions in this document and all of the property information that is presented.  Additionally, it is critical that you conduct your own due diligence prior to placing your bid.

Rosedale Baptist Church Properties

Parcel 1           South  Church Building located at 7621 West 40^th Street, Little Rock, Ar

Parcel 2                       City lot next to (1) located at 7617 West 40^th Street, Little Rock, Ar

Parcel 3                       City lot next to (2) located at 7609 West 40^th Street, Little Rock, Ar

Parcel 4           North  Church Building located at 7624 West 40^th Street, Little Rock, Ar

The two buildings are being sold with personal property in place.  A list of the personal property is included in the Property Information Package.

Sealed Bid Auction

Parcels identified as 1, 2 and 3 are offered as “Sealed Bid 1.”  Parcel 4 is offered as “Sealed Bid 2.”  If you want to own the entire church campus, you will have to submit two sealed bids and be declared the successful bidder on each.  Sealed bids will be accepted until Friday April 8th at 5 pm-cst.  In order for your bids to be considered, they have to comply with the rules set forth herein.

The Sealed Bid Form is included in the Property Information Package.  All sealed bids are to be submitted by mail or delivered to:

Johnny B. Mitchum, Principal Auctioneer and Executive Broker

RPM-Mitchum Auctions, LLC

Suite 800

1501 North University

Little Rock, Arkansas 72207

Inspection

Inspection of the buildings may be done at any time.  Inspection of the buildings is by appointment only through April 5 and anytime April 6^th  and 7th from 10 am till 3 pm.  Call Johnny Mitchum at 501-940-3231 to arrange an appointment.

Property Condition, Contingencies, and Seller Warranty

The properties are being sold “as is, where is” with no contingencies on closing, such as financing.  The only warranty given by the sellers is “good merchantable title.”  Properties shall be conveyed without any liens or encumbrances other than those for easements for utility companies, highway easements, public right of way easements, etc. as shown in the public records.  Buyers may, at their expense, have a survey performed prior to closing.  Closing shall not be contingent on survey results.  Disclosure:  The “South Church” has various rooms that contain asbestos floor tile.  A copy of the asbestos inspection is included in the documents along with a quote for asbestos abatement.  It appears that only two rooms have asbestos that is loose (the room in the southwest corner and the nursery.)  Abatement can be accomplished by removal by a certified asbestos abatement company or by covering “non-disturbed” floor tile with carpet.  Buyers should seek expert opinions on these matters.

Bidder Registration and Bid Deposit

When submitting Sealed Bid(s) be sure to include the Bidder Registration and Information Sheet and a check for $10,000 if your are bidding on “Sealed Bid 1” and a check for $5,000 if your are bidding on “Sealed Bid 2.”  Checks should be made payable to RPM-Mitchum Auctions, LLC.  Your checks will not be deposited unless the seller accepts your bid(s).  In that event, you will be required to raise your deposit to 10% of your bid within 48 hours.  If you are not a successful bidder, your check will be promptly returned.

Reserve Auction

The property is being offered on a reserve basis.  The sellers are not obligated to accept the highest bids unless the bids meet or exceed predetermined amounts.  The reserve will not be disclosed and it may or may not be the same amount as the “minimum bid to be considered” which is shown on each Sealed Bid Form.

Response to Bid

Notice of acceptance or rejection of your bids may be given by email, mail, fax or telephone.  The Sellers reserves the right to determine the High Bid at the Seller’s sole and absolute discretion, which may or may not be the highest bid, or reject all bids if none are determined to be satisfactory.  The Sellers shall have no obligation or liability whatsoever to any bidder unless or until the Seller, at its sole discretion, elects to accept a bid. 

Bid Form and Real Estate Sales Contract

If accepted by the Sellers, the “Sealed Bid Form” will become the “Real Estate Sales Contract.”  The 10% Bid Deposit is non-refundable.  If there is any conflict between the Terms and Conditions and the Real Estate Sales Contract, the Real Estate Sales Contract shall prevail.

Buyer’s Premium and Total Purchase Price

A Buyer’s Premium of 10% shall be added to your high bids to determine Total Purchase Price.

Title Insurance and Closing

The seller is responsible for providing “good, merchantable title.”  Title Insurance shall be available and shall be paid for by the buyers.  Title insurance is highly recommended.  All other closing costs shall be born equally by the sellers and the buyers.  Closing shall occur within 30 days at the offices of:

Janice Clayton, Closing Agent

First National Title Company

4001 North Rodney Parham Road

Suite 101                

Little Rock, Ar 72212

501-221-0101

Confidentiality

All information contained in any documents included in the “Property Information Package and Sealed Bid Documents” is confidential and shall be kept confidential by each prospective Bidder, the Buyer(s), and any other parties receiving or reviewing the information.

Agency

RPM-Mitchum Auctions, LLC and Rector Phillips Morse, Inc. are acting as exclusive auctioneers and agents for sellers.  RPM-Mitchum Auctions, LLC auctioneer’s license number is AALB 1787.

From University Avenue and I-630W, go South 5.38 miles to Asher Avenue, turn right on Asher Avenue, go 2.9 miles and turn Right on 40th Street, go .42 miles, South church and two lots are on the left and the Fellowship Hall is on the right.