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The
Chancery Court of Knox County, in the matter of FIRST CENTURY BANK and
J. MICHAEL WINCHESTER, SUCCESSOR TRUSTEE, Plaintiffs, vs. HALLS MEMORY
GARDEN, INC., DON C. STRINGFELLOW, Personal Representative of the
Estate of George W. Fortner, Deceased, BEVERLY A. REYNOLDS, SANDRA J.
STRINGFELLOW; PAULA FLOWERS, in her capacity as Commissioner of the
Tennessee Department of Commerce & Insurance, LOREN L. CHUMLEY, in
her capacity as Commissioner of the Tennessee Department of Revenue,
JAMES NEELY, in his capacity as Commissioner of the Tennessee
Department of Labor and Workforce Development, and FRANKLIN CREDIT
SERVICES, INC., Defendants, Docket No. 162401-1 orders the sale of
Halls Memory Garden, a for-profit cemetery on 9.97 +/- acres with
improvements located at 4846 Salem Church Road, Knoxville, Tennessee
37938 in a combination sealed bid / outcry auction with sealed bids
being due on Tuesday, August 19 at 4:00 PM ET.
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Tuesday, August 12,
2008
from 10:00 AM ET to 2:00 PM ET
A McLemore Auction Company, LLC representative will be present at the
property on this date to answer questions and allow for the inspection
of the office. The remainder of the property is available for
inspection at your convenience.
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GENERAL
INFORMATION
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Address:
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4846
Salem Church Road, Knoxville, TN 37938
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County:
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Knox
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Zoning:
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Knox County Tax ID 019-094: A (Agricultural)
Knox County Tax ID 019-095.03: RA (Low Density Residential)
Knox County Tax ID 019-095.04: CB (Business and Manufacturing)
Knox County Tax ID 019-095.06: CB (Business and Manufacturing)
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Acres:
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9.97 +/- Total in Four Tax Parcels
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TAXES
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2007 Taxes:
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Knox County Tax ID 019-094: Exempt
Knox County Tax ID 019-095.03: $241
Knox County Tax ID 019-095.04: $256
Knox County Tax ID 019-095.06: $192
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| 1.
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Auction Procedure: The
auctioneer shall offer the property as a single lot to all registered
bidders. Bidders may register by submitting a sealed bid form.
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2.
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Agreement of
Purchase and Sale: The purchaser shall execute an
agreement of purchase and sale, in the form provided by the auctioneer,
without modification, immediately after being declared the high bidder at the outcry auction.
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3.
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Acceptance of Bid Price: This
auction is subject to court approval.
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4.
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Deposit: A ten percent (10%)
down payment will be due immediately after being declared the buyer at
the outcry auction. |
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Buyer's Premium:
A ten percent (10%) buyer's premium will be added to the winning bid
price to arrive at the total contract price to be paid by the
purchaser.
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6.
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Closing: The balance is due in
cash at closing on or before September 26. The escrow agent will
schedule
and conduct closing. |
7.
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Escrow
Agent:
The deposit, earnest and purchase monies in respect
of the property shall be paid to and deposited with Shanks &
Blackstock, PO Box 1346, Knoxville, TN 37901, (865) 637-2981,
Greg Shanks, Contact.
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8.
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Deed: Seller shall provide a
receiver's deed.
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9.
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Title Insurance:
Sellers shall provide an owner’s title insurance policy in the amount
of the purchase price. |
10.
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Closing Costs:
At closing, Seller shall pay for half of the escrow closing fees, all
of the costs for preparation of all documents to convey the property
and the entire premium for the owner’s policy of title insurance.
At closing, purchaser shall pay for half of the escrow closing fees,
any and all recording fees, and all other sale, financing or closing
fees as required. Taxes shall be prorated to the date of closing. |
11.
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Cash Sale:
This is a cash sale and is not contingent on purchaser's ability to
obtain financing. |
12.
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Possession:
Purchaser will receive possession at closing. |
13.
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As-Is Sale:
The Purchaser shall accept the property in an as-is condition with all
faults as of the closing date and the purchaser shall specifically
agree that the seller has not and does not make any representations or
warranties of any kind whatsoever, expressed or implied, to the
purchaser regarding the property or any improvements thereon. The
property is selling subject to anything an accurate survey or personal
inspection of the property may reveal, including any existing
rights-of-way, easements or claims to easements, encroachments, rights
or claims of parties in possession, restrictive covenants and
easements, flood zones, zoning or subdivision regulations, building
codes, governmental agencies regulations, environmental conditions,
lead-based paint, asbestos, radon gas, hazardous materials, any mineral
rights, water rights, riparian or littoral rights, and reservations or
conveyances, if any. The purchaser shall have satisfied himself
as to the location and condition of the property, and all descriptions
thereof, before bidding. All information contained in the
brochure and all promotional materials, including, but not limited to,
square footages, acreage, dimensions, maps, taxes, etc., was provided
by the seller and is believed to be correct; however, neither the
seller nor the auctioneer makes any guarantee or warranty as to the
accuracy or completeness of such information. |
14.
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Easements:
Sale of the property is subject to any and all easements of record. |
15.
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No New
Survey: The property will be conveyed according to the
existing legal description. |
16.
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Personal
Property: No personal property shall be conveyed with the
property unless specifically included in the agreement of purchase and
sale. |
17.
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Agency:
McLemore Auction Company, LLC and its representatives are exclusive
agents of the seller and are agents of no other party to this
transaction. |
18.
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Equal
Opportunity Clause: All bidding is open to the public. The
property is available to qualified purchasers without regard to a
prospective purchaser’s race, color, religion, sex, familial status,
national origin, or physical handicap. |
19.
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Announcements:
All announcements made on auction day supersede any prior oral or
printed statements. |
20.
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Miscellaneous:
All decisions of the auctioneer are final as to the methods of bidding,
disputes among bidders, increments of bidding and any other matters
that may arise before, during, or after the auction. Seller reserves
the right to deny any person admittance to the auction or expel anyone
from the auction who attempts to disrupt it.
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