STONE RIDGE CANYON SUBDIVISION REAL ESTATE AUCTION

34 Developed Lots and +- 60 Acres –
Stone Ridge Canyon Subdivision
St. Charles County, Missouri                                    

Auction Date:
February 20, 2010 at Noon                                       Address:
33 Majestic Lakes Court, Moscow Mills, MO 63362

Physical Features

§  Size/Dimensions – The “typical” lot (those lots that are not located on a cul-de-sac) average approximately 9,000 square feet and a lot frontage of 75 feet.

§  Type of Property – 34 detached single-family home lots, approximately 60 acres of undeveloped land

§  Topography/Drainage – Topography is best described as gently rolling.  Drainage of the lots appears to be adequate.

§  Flood Plain – According to the FEMA Flood Insurance Rate Map panels 29183C 0205 E dated August 6, 1996, it appears that no portion of the subject home sites lies within the flood plain.  It appears that all of the developed lots which are the subject of the auction are not in the flood plain.

§  Access – Direct access to the subject lots is available from interior streets.  Access to the subdivision is available from Wentzville Parkway.  The subject has good access to commercial, recreational, and institutional areas, as well as the employment centers of St. Louis and St. Charles Counties.

Legal

§  Zoning Analysis – Current zoning is, “R-1d”, Single Family Suburban Residential District by the City of Wentzville.

§  Easements/Encumbrances/Moratoriums – There appear to be no adverse easements affecting the subject lots, but only the standard utility and road right-of-way easements.

§  Encroachments – There appear to be no encroachments on the subject property.

§  Utilities – All public utilities will be available to the developed single family home lots.

Auction Terms and Conditions

§  Earnest Money - (10%) non-refundable earnest money in US Funds (cash or cashiers check) shall be deposited by the highest bidder on the individual lots, which is due the day of the auction.  For the highest bidder on the undeveloped land, a cashiers check for $75,000 made payable to BCL Auction shall be deposited on the day of the auction.

§  Brokers Participation Accepted - A broker fee of 2% will be paid to the properly registered and licensed real estate brokers.  Call for pre-registration form or visit www.bclauction.com for additional information.

§  Real Estate Terms -These properties are selling at a public auction in their present condition & are accepted by the buyer(s) without any contingencies.  It is the buyer(s) responsibility to exercise their own due diligence and inspection prior to bidding on these properties.  Secured Creditor has the right to accept or reject any and all bids.  All properties are offered As-Is Condition.  Any announcements made day of sale shall take precedence over anything previously stated or printed.  Closing will be approximately 30 days from the date of the sale.  Taxes will be pro-rated and paid at closing.

Live Auction Protocol

§  The 60+- undeveloped acres will be the first item auctioned, and it will be auctioned as a single lot.  However, the bidding will be per acre.  For example, if the highest bidder bids $6,000 then they will

owe: $6,000 X 60= $360,000.

§  The 34 lots will be the second item to be auctioned.  The bidding will start by auctioning off just one of the 34 lots.  The winner of the first bid will have their option to purchase as many lots as they wish at the winning bid price.  For example, if the highest bidder bids $20,000 then they can pick a single lot and just owe $20,000.  On the other hand, the winner bidder could take multiple lots: 15, 20, 30-35 which would result in them owing a total of $160, 000 ($20,000 X 8).  This process will continue until all the lots are sold.

§  Lastly, the lots and undeveloped acres will be offered in bulk as a single package.  There will be a single winning bid for all 34 lots and 60+- undeveloped acres.