Port Bailey Cannery & Seaplane Base (KPY) - Kodiak Island, AK - Real Estate Auction

Details

Terms

PLEASE READ AND REVIEW THESE REAL ESTATE AUCTION BIDDING TERMS AND CONDITIONS OF SALE THOROUGHLY PRIOR TO BIDDING ON THE PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THESE, DO NOT BID.
 

1. AGREEMENT:
This agreement outlines the sale of Real Property at public auction. Alaska Premier Auctions and Appraisals LLC hereafter called Auctioneers, and the individuals executing this Terms & Conditions Contract, hereafter called Buyer for the properties for sale.

2. TERMS OF AUCTION:
a. Online Registration:
Visit AlaskaPremierAuctions.com/PortBailey to register for the auction online. All US citizens are eligible to bid in this auction, regardless of location. This auction will be accepting bids online up until the live auction. During the live auction, bids will be placed with the process server via a proxy bidder from Alaska Premier Auctions & Appraisals LLC present at the live auction. Bidder registration forms, limited Power of Attorney, and identity verification must be completed by 10am on Tuesday, October 10th, 2023. Interested parties may complete registration local to Anchorage at 325 W Potter Dr, Anchorage AK 99518 no later than 5pm on Monday, October 9th, 2023. Bidders elsewhere may complete registration packets with remote online notarization 24/7 for $25. https://www.notarize.com/states/alaska. All bidding history is published anonymously online during and after the sale.
b. Live Auction Date: The live auction will commence Tuesday, October 10th, 2023 at 11am Alaska Time.
c. The properties are sold “as-is, where-is”. Buyers are encouraged to do their own due diligence before bidding in the auction.
d. This auction is additionally bound by all terms of Alaska Statues and the Alaska State Courthouse in Kodiak. These terms including but not limited to the date of sale or deadline to make payment are subject to change by the State of Alaska and presiding judge.

3. PAYMENT INSTRUCTIONS:
a. You must be at least 18 years old and have a valid credit card on file with our company to register for and participate in our auctions.
b. The first time you save a new card to your account, there is a $100 soft charge and void to confirm there are funds available. This soft charge will automatically be voided in 5-7 business days, depending on your financial institution and merchant services provider. Alaska Premier Auctions and Appraisals LLC does not receive these funds in any way. You must reach out to your financial institution for resolution beyond the typical timeframe.
c. Payment in Full: At the close of the auction the successful bidder will be required to arrange payment within 60 minutes of the end of the auction using only an interbranch cashier's check authorization from one of the institutions listed below. (No wire transfers or payments from other banks will be permitted, as they will not be able to fulfill the 2-hour requirement ruling by the judge.) Two cashier's checks are to be authorized: 1. The balance of the winning bid, made out to the State of Alaska Kodiak Court Clerk; 2. The Bidding Service fee of $1,500 or 5% of the high bid amount, whichever is greater, made payable to Alaska Premier Auctions and Appraisals LLC. There are several banking institutions to work with on Kodiak Island. While we prefer Wells Fargo, please refer to the following list of available banks with this capability:

• Wells Fargo - Yes
• Global Credit Union - Yes
• Northrim Bank - Yes
• First National Bank of Alaska - Yes
• Credit Union 1 - Yes
• KeyBank - Unknown

5. BUYER RESPONSIBILITIES:
a. You should inspect the property before purchasing. The properties are sold “as-is, where-is”. It is the responsibility of the potential bidder / purchaser to conduct their own due diligence and thoroughly research and inspect each interested parcel prior to the sale. It is the Buyer's responsibility to perform any inspections they deem pertinent to the purchase of the property to their satisfaction prior to bidding, including but not limited to review of posted inspections, disclosures, and/or a personal on-site inspection. You are recommended to independently verify all information you deem important. Alaska Premier Auctions and Appraisals LLC assumes no liability for errors or omissions in these disclosures or any other property listings or advertising, promotional or publicity statements and materials.
b. Buyer may not withdraw a bid because of any discovery during or in relation to an inspection(s). The Buyer must be prepared before placing a bid.
c. In the course of your inspections, if the property is damaged by the Buyer or their chosen contractors, Buyer will be liable for all costs of repair and any related damage.
d. Buyer agrees to execute and deliver all documentation and submit funds in an efficient and timely manner.
e. Buyer agrees to not make false or misleading claims or statements regarding their availability of funds, or their ability or interest to purchase the property.
f. Buyer agrees to ensure their availability of funds before placing a bid.
g. Buyer agrees to comply with all applicable laws regarding the sale of real property in Alaska.
h. Collusion between bidders is prohibited by the Federal Anti-Trust Laws. If Auctioneers perceive attempted collusion, they may cancel the auction, ban the bidders, or seek other remedy they deem fit.

6. BUYER DEFAULT:
a. In the event the Buyer is the winning bidder, and fails to submit payment or complete documentation in a timely manner, the Auctioneers may terminate this agreement and ban you from future participation. Time is of the essence.
b. If the transaction fails to close and record due to any fault of the Buyer, known or unknown, the parcel may be offered to a backup bidder, or otherwise sold.
c. Buyer agrees to not withdraw any bid or offer, including offers in writing with a Purchase and Sale Agreement. By participating in our auction Buyer agrees they will not retract or lower their offer in any way.
d. BIDDING ON THE PROPERTY IS A LEGALLY ENFORCEABLE COMMITMENT BY THE BUYER TO PURCHASE THE PROPERTY.
e. If Buyer is found to be in violation of any of these terms herein in any way, the Auctioneers reserve the right to terminate the agreement and ban the Buyer from future participation.
f. In the event of Buyer default, Auctioneers reserve the right to sell to the next highest qualified Buyer.
g. In any event of Buyer Default, the Buyer will be blocked and banned from future participation in any auctions.

7. DOCUMENTS & DISCLOSURES:
a. Buyer must be prepared to execute all purchase and sale documents immediately following the conclusion of the auction.

8. BIDDING ONLINE:
a. All bidding is open to the public. The property is available to purchasers without regard to race, color, religion, sex, familial status, national origin, or physical handicap.
b. Bidder registration must be manually approved by the Auctioneers. Approval will be on a case by case basis determined by Buyer’s availability of funds and genuine intent to purchase the property. The identity of all bidders will be verified, bidding privileges are provisional, and if complete verification is not possible, Auctioneers reserve the right to reject the registration and bidding activity is subject to termination. Auctioneers reserve the right to refuse service to any bidder or reject any bid for any reason.
c. Auctioneers reserve the right to ban Buyer from bidding at any time, for any reason.
d. Any person bidding on behalf of another person or entity must have a valid, legally enforceable, unexpired, Power of Attorney approved by Auctioneers before being approved to place bids.
e. The auction will be open online for bidding until the date of the auction with bid increments as outlined below. At the scheduled time for the live portion of the auction, the Auctioneer will take over the bid calling and may adjust the bidding increments at their discretion.
f. Company Defined Online Bidding Increments: $1 - 1,000,000+: $1000
g. Bid increments are subject to change during a live online auction at auctioneer's discretion. Alaska Premier Auctions & Appraisals LLC does not control the bidding process for this auction, the auction will be conducted by Cook Inlet Professional Services, LLC, Inc. outside the steps of the State Courthouse in Kodiak.
h. During this auction process, there is a chance that you will be outbid. If you have the bidding app, you will receive a popup notification, otherwise, you will receive an email. It is the responsibility of the Buyer to realize and maintain their desired bidding position.
i. Placing a Maximum Bid will place a bid for the next bid increment and will automatically bid for the Buyer up to the value of their Maximum Bid unless there is a reserve as outlined in below.
j. When a user places a Maximum Bid it will be placed at the reserve price if said Maximum Bid exceeds the reserve. If the Maximum Bid amount is below the reserve the bid will be placed for the full amount.
i. The MaxBid function on the online bidding platform is private to users; however, it can be seen by the Auctioneers.

9. LEGAL & TAX ADVICE:
a. Alaska Premier Auctions and Appraisals will not provide any legal or tax advice. Any and all disclosures to third parties are the sole responsibility of the Buyer.

10. CONDITIONS OF SALE:
a. All property is sold “AS IS”, and ALL SALES ARE FINAL. Any condition statement given, as a courtesy to a client, is only an opinion and should not be treated as a statement of fact. Buyers are always encouraged to inspect items in person prior to bidding to make their own determinations as to condition, safety, and more. Alaska Premier Auctions and Appraisals LLC accepts no responsibility for any error or omission in regards to their statements or the statements of independent contractors.
b. It is the Buyer’s sole responsibility to determine condition, safety, value or any other determining factor. Alaska Premier Auctions and Appraisals LLC may attempt to describe the property in advertising, on the Internet, and at the auction but makes no representations. In no event shall Alaska Premier Auctions and Appraisals LLC be held responsible for having made or implied any warranty of merchantability or fitness for a particular purpose. Buyer shall be the sole judge of value and authenticity and may not make any contest regarding any determining factor. Buyers who participate from off-site and forego the opportunity to be present at the preview understand and acknowledge that this affects their ability to inspect the property as well as if they examined it in person. Alaska Premier Auctions and Appraisals LLC will not be responsible for any errors or omissions in the description unless it is a material and intentional misrepresentation of the property. Buyer agrees that everything is sold as-is. THERE ARE NO REFUNDS.

11. WARRANTIES:
a. The Buyer warrants that they have the purchasing power and legal right to bid on the property and complete the sale.
b. The Buyer warrants that they are committing to purchase the property by placing a bid. In the event the Buyer is unable to complete the purchase for any reason, known or unknown, the Non-Refundable Deposit will be forfeit and awarded to the Auctioneers. By bidding at the auction, you represent, warrant and agree that you have inspected the property to your satisfaction and that you have made your bid after having relied solely upon your own independent investigation and/or analysis of third parties’ inspection, appraisal and evaluation of the property and the facts and circumstances related thereto.
c. Alaska Premier Auctions and Appraisals LLC is providing Internet auction bidding as a service to Bidder. Bidder acknowledges and understands that this service may or may not function correctly the day of the auction. Under no circumstances shall Bidder have any kind of claim against Alaska Premier Auctions and Appraisals LLC or anyone else if the Internet service fails to work correctly before or during the timed online auction. Alaska Premier Auctions and Appraisals LLC will not be responsible for any missed bids from any source. Internet bidders who desire to make certain their bids are acknowledged should use the website feature and leave their maximum bid 24 hours before the auction ends.

12. GOVERNING LAW & VENUE:
a. This agreement is governed by and construed in compliance with the domestic laws of the State of Alaska without giving effect to any choice-of-law or conflict-of-law provision or rule (whether of the State of Alaska or of any other jurisdiction) that would cause the application of the laws of any jurisdiction except the State of Alaska. All disputes related to this agreement shall be resolved in a court of law located in Anchorage, Alaska.

13. INDEMNIFY:
a. Buyer agrees to indemnify and save harmless the Auctioneers and their employees, agents, successors, or assigns, against any and all claims, injury, loss, liabilities, damages, demands, action or cause of action whatsoever in any manner arising from this auction or privately negotiated sale; before, during, or after the auction.

14. BINDING:
a. Parties agree that this agreement shall be binding upon the undersigned and their respective heirs, administrators, executors, powers of attorney, trustees, agents, receivers, successors, and assigns, etc. If there is more than one party described as Buyer herein, the obligations imposed by this agreement shall be joint, and several. If any term of this agreement is determined by a court to be unenforceable, the remainder of this agreement shall not be affected. The terms & conditions of this agreement shall survive settlement or lack thereof.

15. ACKNOWLEDGEMENT & ACCEPTANCE:
a. This written agreement constitutes the entire agreement between the parties and no modification of this agreement shall be effective unless made in writing and signed by both Buyer and Auctioneers. Buyer has read the foregoing agreement, agrees to, and understands the responsibilities, obligations, and conditions thereof. Buyer acknowledges receipt of a copy of this agreement and attached schedules, if any.

YOUR SIGNATURE WHETHER ELECTRONIC OR HAND-WRITTEN CONSTITUTES ACKNOWLEDGEMENT AND ACCEPTANCE OF ALL TERMS HEREIN.

We're pleased to provide online remote proxy bidding services for 3 pieces of real estate to the highest bidder in the Kodiak Island Borough. Please direct all questions to our in-house REALTOR®, Abigail McLagan at 907.308.0282 or Abigail@AlaskaPremierAuctions.com

Thank you for your interest in the sale of Port Bailey Cannery & Seaplane Base (KPY) - Kodiak Island, AK Real Estate Auction! Best of luck on your bids!