Thank you for your interest in this personal property UCC auction brought to you by Auction Markets, LLC (“Auction Markets” and/or “Auctioneer”). All furniture and equipment owned by Ecomnets, Inc. located at 45615 Willowpond Plaza, Sterling, Virginia will be sold in their entirety on Thursday, July 20, 2017 at 11:30 AM. The auction will be held on-site at 45615 Willowpond Plaza, Sterling, Virginia.
PLEASE READ ALL TERMS AND CONDITIONS BEFORE BIDDING. BY BIDDING, YOU ARE AGREEING TO THESE TERMS AND CONDITIONS
10% Buyers Premium and Virginia Sales Tax. A 10% Buyers Premium applies to all bids and is due and payable in full with the final payment. Each winning bidder is responsible for paying a 6.0% sales tax on their entire purchase directly to the Auction Company. For example, if you are the winning bidder for $1,000.00, a 10% Buyers Premium will be added ($100.00), resulting in a $1,100.00 sales price. The 6% sales tax will be calculated on the $1,100.00 sales price, resulting in a final purchase price due to Auction Markets of $1,166.00. No sales tax will be charged to out-of-state buyers that have their purchases shipped to them and to tax-exempt resellers that provide a tax-exempt certificate to Auction Markets prior to payment. All Virginia residents are subject to payment of the 6% sales tax. Auction Markets reserves the right to reject any tax-exempt certificate it does not deem to be valid and the buyer will be required to apply for a tax refund from the Commonwealth of Virginia.
Payment. If the winning bidder is also the winning bidder of the real estate foreclosure auction scheduled for Thursday, July 20, 2017 at 11:00 AM, then payment shall be made by paying a 25% non-refundable deposit to the Auction Company immediately after the UCC Auction and paying the balance within 30 days of the UCC Auction but no later than the day the winning bidder closes on the sale of the real estate. The purchase of the personal property is not contingent upon the winning bidder closing on the purchase of the real estate. The balance of the purchase price is due to the Auction Company within 30 days of the UCC Auction.
If the winning bidder is not the winning bidder of the real estate, then payment in full must be made immediately after the UCC Auction to the Auction Company.
Payment may only be made in cash, certified check, wire transfer or pre-approved company check in US Dollars only. Cash purchases are limited to under $10,000. Purchases over $10,000 must be made by wire transfer. No credit cards will be accepted. If payment is made by check, then the Auction Company reserves the right to delay the removal of any assets until the check has cleared.
Default. Simply put, this is not Nordstrom. This is a UCC auction with very specific terms and conditions that you are agreeing to abide by when you bid. You understand that there are specific legal consequences if you do not follow through with your obligations. Therefore, at Auction Markets, we trust that when you bid, you will follow through with your bid. Unfortunately, there are some people that don’t always follow the rules so we have a “One Strike” policy. If you are a winning bidder and you default on any part of your purchase, for any reason, including that you decide you only want some of the items you purchased, you will (a) be immediately banned from participating in all future Auction Markets auctions, (b) be subject to litigation, specific performance and enforcement of your bid by the secured creditor including but not limited to either payment in full of your bid plus all legal fees associated with enforcement of your bid and/or payment of any difference between your bid price and the re-sales price and all costs of re-sale in the event we re-sell the item(s) you defaulted on and (c) other legal remedies available to Auction Markets and the secured creditor for damages caused. If you do not pay for your item(s) by the payment due date, we reserve the right to immediately re-sell the item without further notice. We have no obligation to “work with you” or “wait for payment”.
Jurisdiction. Auction Markets is selling these assets on behalf of the secured creditor. These assets were repossessed as a result of a default on a commercial loan. The Loudoun County Circuit Court shall have exclusive jurisdiction over any disputes that may arise between a buyer, the seller and/or Auction Markets.
Asset Condition. We have taken great care to accurately describe each asset being sold. Regardless, all assets are being sold in "As-Is, Where-Is" condition and with all faults. Neither the Seller nor Auctioneer makes any warranty, express or implied, as to the nature, quality, value or condition of any asset. Auctioneer and Seller expressly disclaim any warranty of merchantability or fitness for a particular use. No sale shall be invalidated by reason of any defect or inaccuracy in any description or listing, and no liability shall be borne by the Auctioneer with respect to such errors. All information has been obtained from sources generally believed to be reliable, but the accuracy cannot be guaranteed or warranted by the Auctioneer. By bidding you acknowledge it is your responsibility to inspect all items and to make your own inquires prior to bidding. Please submit any inquiries about any item being sold to firstname.lastname@example.org. All descriptions are believed to be accurate but are not guaranteed. Please verify all quantity counts. The Auction Company, Trustee or their representatives do not make any representations or warranties concerning condition, merchantability, or use of any of the assets being sold. All assets are being sold strictly in "as-is, where-is" condition.
Each bidder understands that all items being sold were previously owned. Any item referenced as “new” indicates that the item still has its original sale tags on or with the item and there is indication that the item was over used by the previous owner. In some cases, the previous owner verbally indicated to Auction Markets that they never used the item, in which case we will reference the item as being new or in like new condition. Otherwise, each bidder understands that all items being sold have been used or worn.
Provenance and Authenticity. All items described are based on our research, based on the labels on the items being sold and based on our conversation(s) with the former owner.
Inspection of Assets. The assets will be made available for inspection prior to the auction. The public preview dates and times are Wednesday, July 12, 2017 from 10am to Noon; Tuesday, July 18, 2017 from 10am to Noon and Thursday, July 20, 2017 from 10:00am to 11:30am.
Shipping Services. All assets are located in Sterling, Virginia. Since we are selling all Assets for one price, there are no shipping services available. If you are the winning bidder of the real estate, then all of the personal property must remain in the real estate until you close on the purchase of the real estate. If you are not the winning bidder of the real estate but are the winning bidder of the personal property, then you have seven (7) days to remove all of the personal property from the premises.
Removal Terms. The winning bidder shall select two days within seven days of the auction to schedule the removal of the personal property. At the time of removal, the winning bidder must have sufficient resources to remove the assets, including a truck, multiple people and equipment to efficiently remove the assets. If any equipment is hard wired into the building, then the wires must be capped after removal. The winning bidder shall take reasonable precautions to protect the real estate while removing the assets. If the winning bidder damages the real estate, they are responsible for repairing the damage or paying for the repair of the damage within three (3) days of the damage occurring.
Time is of the Essence. Time is of the essence with respect to all timelines and deadlines described in these terms and conditions. All times are local time.
Severability, Indemnification and Release of Liability. If any part of these Terms and Conditions are deemed unenforceable or invalid, it shall not invalidate any other provision. Each bidder shall indemnify and hold harmless Seller and Auction Markets, LLC against any and all claims, damages, losses, liability or expenses, including reasonable attorneys’ fees that may result as a breach of these Terms and Conditions, or its officers, directors, employees or representatives. Neither the Seller nor Auction Markets, LLC shall be responsible for any damages to any bidder in the event any bidder has a financial loss as a result of their bid(s) and/or purchase(s) from any auction.
Additional terms may be announced or modifications may be made, as necessary, at the time of the auction. These terms are subject to change.