Terms and Conditions of Online Auction Bidder Participation
Plenary Retail Consumption Alcoholic Beverage License #1221-33-004-008
issued by the Township if South Brunswick, NJ.
YOU ARE BOUND BY THE PROVISIONS OF THESE TERMS AND CONDITIONS. THE SALE OF THE PROPERTY IS “AS IS” WITHOUT ANY PROMISE, REPRESENTATION OR WARRANTY OF ANY NATURE, EXPRESS OR IMPLIED, ORAL OR WRITTEN, OTHER THAN AS MAY BE EXPRESSLY CONTAINED HEREIN. YOU ASSUME ALL RISKS OF ANY NATURE IN BIDDING ON AND BUYING THE PROPERTY.
The License was issued to New Jersey Restaurant Group, LLC (the “Owner”), 4095 Route 1 South, Monmouth Junction, NJ and, subsequent to such issuance, Owner, as Assignor, executed a Deed of Assignment for the Benefit of Creditors of New Jersey Restaurant Group, LLC to Brian Hofmeister, Esq., as Assignee (“Assignee”). The sale of the License and the effectiveness of any contract of sale is subject to the approval of the Superior Court of New Jersey, Chancery Division, Probate Part (the “Court”) and the transfer of the License is additionally subject to approval of the local South Brunswick issuing authority and must be in compliance with the requirements of State of New Jersey Division of Alcoholic Beverage Control.
All online auction participants (“Bidder(s)”) are required to register by giving their full name, address, and phone number, and to have read the Contract of Sale and these Terms and Conditions prior to bidding. All Bidders also acknowledge that they have either exercised or waived their rights to do any due diligence prior to auction.
A Buyer’s premium (“BP”) of fifteen percent (15%) will be added to the amount of successful Bidder’s high bid at auction. The total purchase price you shall pay for the Property shall therefore be 15% higher than the amount actually bid at auction by the successful Bidder.
In the event you as a Bidder submit a bid that is the high bid at auction, you as Bidder (and after the Contract is executed, the “Buyer”) shall be required to promptly execute a Contract, a form of which has been previously made available to you and will be sent to you immediately after the auction and return these forms to Broker/Auctioneer (defined below) by fax or email for countersigning by Seller. The Contract will become effective only upon approval of the Assignee within ten business days of the close of the auction. In the event the Assignee does not approve the Contract for any reason, within 10 business days of the date of auction, the Contract shall be null and void and any deposit monies held (pursuant to the following paragraph or otherwise) shall be promptly returned to the Buyer.
In order to participate at the auction you are required to agree that if you are the high bidder at auction, you shall unconditionally make an immediate (but no later than the end of the following business day) deposit of Twenty Five Percent (25%) of the high bid Contract price in the form of a wire transfer, to the trust account of “Brian Hofmeister, Esq.” (“Escrow Agent”). Such deposit shall be non-refundable (in the event of Buyer default, including Buyer being unable to satisfy the closing condition Buyer is required to satisfy) and shall be applied to partially cover damages in the event you are in breach of the Contract. The initial Deposit and any money subsequently paid by Bidder as a Deposit will be held by Escrow Agent in a non-interest bearing escrow account. If Bidder fails to make any of the required deposit payments within the above-referenced time frame Seller shall be entitled to sell the License to another bidder and hold the Bidder responsible for the difference plus any other incidental costs and expenses related thereto (including without limitation any attorney costs) or to a Bidders breach of these terms.
AS IS/WHERE IS SALE NO WARRANTY:
Except as expressly provided in these Terms and Conditions, the Property is being sold by Seller in “AS IS, WHERE IS” condition, without warranty of any nature, either express or implied, including, but not limited to, the nature and/or condition of the Property or its fitness or condition for any particular use.
CLOSING; TITLE; TAXES AND CHARGES:
Seller will convey title by delivery of an executed Bill of Sale and the Property shall be delivered free and clear of any monetary liens and/or monetary encumbrances. Any other expenses or charges due on the deed of conveyance or payable in connection with the closing (including without limitation, the payment of any documentary stamps and transfer taxes) shall be paid by the Buyer. Possession of the Property will turn over to Buyer upon receipt of payment.
All information contained on the AuctionAdvisors website or in any advertisements, in any oral communications, in any material provided to buyer by Auctioneer, or in announcements made the day of sale was obtained from sources believed to be accurate. However, no warranty or guarantee, expressed or implied, is intended or made. Neither AUCTIONADVISORS, LLC., nor their respective affiliates, agents or representatives (collectively, “Broker/Auctioneer”), nor the Seller make or have made any representation or warranty with respect to the accuracy, correctness, or completeness of the information provided to any Bidder regarding the Property, the contents or meaning of such information, or the valuation of the Property. Each Bidder must independently investigate and confirm any information or assumptions on which such Bidder’s bid(s) are based. Any decision to purchase or not to purchase the Property is the sole and independent business decision of the Bidder. Neither Broker/Auctioneer, nor Seller shall be liable for any errors or incorrect information, and Bidder hereby agrees that it waives all claims and has no recourse or cause of action of any nature against Broker/Auctioneer, or Seller (or any of their respective agents) arising from any information provided to Buyer OR relating in any way to the “As Is, Where Is” status of this sale.
LIABILITY OF AUCTIONEER:
Bidder agrees that Broker/Auctioneer and the Escrow Agent shall not be responsible or liable in any way and hereby release them from and indemnify them against (to the greatest extent permitted by law) any and all claims of any nature relating to the auction, the Property, the condition of the Property, the Seller’s inability or refusal to comply with the provisions of any information, these Terms and Conditions, or the Contract of Sale and any other claims or damages that may be a result of Broker/Auctioneer’s engagement by seller and the sale and marketing of this Property. In the event of any dispute with Auctioneer/Broker where Broker/Auctioneer is the substantially prevailing party as to such claim, then in that event Broker/Auctioneer shall be entitled to recover from the Bidder the full amount of the attorneys’ fees Broker/Auctioneer incurs in connection with the claim.
The Court shall be the sole jurisdiction to resolve any disputes surrounding the auction, and all terms and conditions of the sale and transfer of the property or any other disputes by any parties related hereto.
These Terms and Conditions, are hereby incorporated into the Contract of Sale. All notices required by the Contract of Sale or these Terms and Conditions, shall be sent to the address specified for each party on the front part of the Contract and delivered by certified U.S. mail or by a national overnight delivery service.
I have read and understand and agree to these Terms and Conditions.