ABSOLUTE AUCTION - schradercommercial.com

TERMS: The property and improvements thereon will be sold “as is” with no warranty, express or implied. Announcements on day of sale take precedence over any advertisement. 10% down and signed contract due day of sale. There will be a 10% buyer’s premium added to the fi nal bid price. Closing within 30 days of sale date.

The information contained herein is from sources believed, but not guaranteed to be accurate. Schrader Auction Group, LLC and Schrader Commercial Properties, LLC make no representation or warranties regarding the property and you should conduct a careful, independent, investigation of the property to determine its suitability for your use and investment.

859-252-SOLDwww.schradercommercial.com

+/- 29,409 SF top fl oor condominium unit in the strategically located Triangle Center at the busy corner of Main Street and Broadway.

For more information, contact:James Schrader,James Schrader,James Schrader Principal Auctioneer/Broker

[email protected]

Downtown Lexington Offi ce Condo at Triangle Center!325 W Main Street, Ste 300, Lexington, KY

Thursday, July 15th, 12:00 Noon, On-Site (3rd Floor)

OPEN HOUSE:Thursday, June 24th, July 1st & 8th, 2:00-5:00pm

ABSOLUTE AUCTIONThird Floor Offi ce Condominum

“Name your price. Property to be sold to the highest bidder without reserve!”


444 E Main Street, Suite 110Lexington, KY 40507

James M. Schrader, James M. Schrader, James M. SchraderPrincipal Auctioneer / Broker

[email protected]

Property HighlightsTop fl oor condominium unit in the strategically located Triangle Center at the busy corner of Main Street and Broadway. Tall ceilings, open fl oorplan, fl oor to ceiling windows and high tech vibe make this an exciting business location.

+/- 29,409 SF rentable square feet of high end, technology type offi ce space in an open environment. The primary tenants are Ross, Sinclaire and Associates and iHigh.

Triangle Center is located in the heart of downtown Lexington at its busiest intersection near Rupp Arena, Civic Center and scores of restaurants, bars and retail within a short walk.

• Selling to the highest bidder regardless of price

• Visible major downtown intersection

• Large open fl oorplan

• Redevelopment opportunity

• High technology look and feel

• Furniture is available for quick start up

• High traffi c count: W Main St: 17,495 (2019) vehicles per day Broadway: 23,445 (2018) vehicles per day

• New roof installed in 2015. Original membrane was removed and a new system was installed, this roof is eligible for a retrofi t (or recover) application when it reaches the end of its expected life-cycle. This represents a signifi cant savings since the existing roof will not need to be torn off when it needs to be replaced again.

For more photos, information, and documentation, please visit schradercommercial.com.




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Auction Registration FormComplete and return this Registration Form immediately in order to be eligible to bid.

BIDDER NUMBER: BUSINESS PHONE: _________________ (To be fi lled in by auctioneer)

BIDDER INFORMATION:

Name: ___________________________________ Cell Phone:__________________

Email Address: ________________________________________________________

Company Name: ______________________________________________________

Address: _____________________________________________________________

City: ____________________________________ State:________ Zip:____________

BANKING INFORMATION:

Bank: _____________________________________ Account #:__________________

Address: _____________________________________________________________

City: ____________________________________ State:________ Zip:____________

Bank Contact: _________________________________ Phone:__________________

I have received and read the Terms & Conditions of sale for the Absolute Auction which are set forth in the Auction package and incorporated herein by reference. I hereby give permission to Schrader Auction Group, LLC to verify all credit references.

Date: ______________ Signature: _________________________________________

Aerial View

PVA

Parcel Number 38031600Location Address 325 W MAIN ST UNIT 300

LEXINGTON KY 40507Tax District District 01Tax Rate 1.2777Acres 0Legal Description G-570 TRIANGLE CENTER LOTProperty Class C - COMMERCIALPVA Neighborhood 730 - CENTRAL BUSINESS DISTRICTLand Use Code (420) C-OFFICEUSA/RSA Map 01Map Block 005LotSubdivision TRIANGLE CENTERCabinet/Slide G-570ND-1 ZoneOverlayPDRMap Scale 100BlockLFUCG Zoning B-2B - DOWNTOWN CENTER BUSINESSDeeded SqFt 0Frontage / Out of 0 / 99-OUT OF 325 W MAIN ST #10017710

COMMUNITY TRUST BANK INC 346 N MAYO TRL PIKEVILLE KY 41501January 1, 2021 Owner COMMUNITY TRUST BANK INC

Sale Date Sale Price Deed Book Deed Page Sales Validity Owner Previous Owner Recording

5/30/2012 $0 91 370 OBLIGATION SALES/LAND CONTRACT COMMUNITY TRUST BANK INC MES ENTERPRISES LLC 91 370

1/18/2000 $1,350,000 41 227 ARMS LENGTH TRANSACTION MES ENTERPRISES LLC REGENCY FINANCIAL LLC 41 227

1/18/2000 $1,350,000 0041 227 ARMS LENGTH TRANSACTION REGENCY FINANCIAL LLC 0041 227

9/21/1994 $0 1750 709 CHANGED TRANSFERRED SALE REGENCY FINANCIAL LL LEX FESTIVAL MARKET 1750 709

2021 2020 2019 2018

Fair Cash Value $1,200,000 $1,200,000 $1,200,000 $1,200,000

Agricultural Value Land $0 $0 $0 $0

Agricultural Value Total $0 $0 $0 $0

Exempt $0 $0 $0 $0

Taxable Value $1,200,000 $1,200,000 $1,200,000 $1,200,000

Summary

Owner

Commercial Improvement Information

Card 1Building No 1Structure Code/Desc 355-OFIC CONDOUnits 3

Year Built 1985Above Grade Sqft 29,409Total Basement Sqft

Sales

Valuation

Photos

Floor Plan

Property Photos




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Auction Purchase ContractThis AUCTION PURCHASE CONTRACT (herein “CONTRACT”) is made and entered into this 15th day of July, 2021, by and between Community Trust Bank, Inc. (herein, ”SELLERS”) and ____________________________________________ (herein “PURCHASER” whether one or more) and Schrader Auction Group, LLC, duly licensed by the Commonwealth of Kentucky as real estate brokers and auctioneers, 444 E. Main Street, Suite 110, Lexington, Fayette County, Kentucky, 40507 (herein “SELLING AGENT” or “AGENT”).

W I T N E S S E T H T H A T:SELLERS are authorized to sell and have granted to AGENTS an exclusive contract authorizing AGENTS to sell the property located at 325 West Main Street, Ste 300, Lexington, Fayette County, Kentucky, at Absolute Auction on July 15, 2021 at 12:00 noon.

At the conclusion of the absolute auction held the day, month and year fi rst above written ______________________________________________________________ was deemed the successful bidder and deemed to be the PURCHASER.

For and in consideration of the fi nal bid and total purchase price of $____________________, the agreements and covenants contained herein, SELLERS do hereby agree to sell to PURCHASER and PURCHASER does hereby agree to purchase from SELLERS the property hereinabove described.

1. The property is to be sold at absolute auction, without reserve, in its “as is” condition without any warranty or guaranty as to the physical condition of the property or any of the improvements thereon. The property shall include all permanent improvements located thereon but shall not include any movable personal property.

2. The fi nal bid price of $______________________ representing the total purchase price of the said property is payable as follows:

A. The sum of $____________________, representing ten percent (10%) of the total purchase price, a check for which simultaneously with the execution of this contract, shall be presented to AGENTS for immediate deposit into their escrow account for payment to SELLERS at the closing of the said property or returned to PURCHASER or to be paid to SELLERS under other provisions hereof, if applicable.

Auction Purchase Contract B. The sum of $____________________, representing the balance of the total purchase price, shall be paid to SELLERS at the closing.

3. Closing of this said sale shall be held at the offi ce of Schrader Auction Group, LLC on or before thirty (30) days, or at such other location as may be acceptable to both PURCHASER and SELLERS. Time shall be of the essence in closing this sale.

4. At the closing, SELLERS shall deliver to PURCHASER, or its nominee, a Special Warranty Deed conveying title to the said property, free and clear of all encumbrances excepting easements, restrictions and conditions of record or as herewith set out and health and zoning regulations and other governmental regulations, if any.

5. SELLERS agree to deliver to PURCHASER complete possession of the property at the time of the closing.

6. SELLERS grants to PURCHASER the privilege of rights of ingress and egress prior to the closing to make such inspections as may be agreed upon by both SELLERS and PURCHASER.

7. All ad valorem taxes for the year 2021 assessed against the said property are to be prorated to the date of the closing and SELLERS shall pay the transfer tax.

8. In the event that the title to the property should prove unmerchantable in the opinion of the attorney for PURCHASER, SELLERS shall be notifi ed in writing of any such defect(s) and SELLERS shall have thirty (30) days from the receipt of said written notice within which to correct said defect(s) and this CONTRACT shall be extended accordingly. In the event that title to the said property fi nally proves unmerchantable, then the amount of $____________________ shall be returned to PURCHASER and this CONTRACT shall be declared null and void. In the event the PURCHASER, for any reason other than failure of merchant ability of title, fails to consummate this CONTRACT, SELLERS shall retain the sum of $____________________ herewith deposited, as liquidated damages and declare this CONTRACT null and void and/or pursue such other remedies as the law may provide.




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Auction Purchase Contract9. Sellers shall continue to maintain the property and continue insurance coverage until closing.

10. This CONTRACT is binding upon the parties hereto, their heirs, successors, personal representatives and assigns.

11. NO SURVIVAL OR SELLER OBLIGATION. The acceptance of a deed by the PURCHASER shall be deemed to be a full performance and discharge of every obligation on the part of the SELLERS and the AGENTS to be performed pursuant to this CONTRACT.

12. SELLERS agree to pay AGENTS a commission as set forth in a contract granting AGENTS exclusive right to sell said property at absolute auction.

We, the undersigned, have read this CONTRACT and fully understand the contents therein, and understand that this is the complete content of said CONTRACT and acknowledge the receipt of same. Further, we acknowledge that we are not relying on any verbal statements or representations by either the SELLERS or AGENTS.

IN WITNESS WHEREOF, the parties have hereunto set their hands this the day, month and year fi rst above written.

SELLERS:Community Trust Bank, Inc.

By: _________________________________ Date: __________________________

Title: _______________________________ Date: __________________________

PURCHASERS:

By: _________________________________ Date: __________________________

Title: _______________________________ Date: __________________________

AGENTS:Schrader Auction Group, LLC

By: _________________________________ Date: __________________________

Title: ________________________________ Date:




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Terms & Conditions1. The property to be sold is known as 325 W Main St, Ste 300, Lexington, Fayette County, Ky. Being Unit 3, a condominium and the common elements appurtenant thereto of the Triangle Center Condominiums, according to the Master Deed and Declaration of Horizontal Property Regime date December 14, 1999, and of record in Deed Book 2100, Page 175 and in Condominium Deed Book 41, Page 97, in the offi ce of the Fayette County Clerk and as shown on the plans of the Triangle Center condominiums of record in Plat Cabinet G, Slide 567 through 570 in the offi ce of the Fayette County Clerk.

2. The property is to be sold at Absolute Auction in its “as is”, “where-is” condition without any warranty or guaranty as to the physical condition of the property or any of the improvements thereon.

3. This is a non-contingent auction sale. Any information contained in the Property Information Package or otherwise obtained directly or indirectly from the Auctioneer and/or Seller is being presented to the best of the Auctioneer’s and the Seller’s actual knowledge without independent verifi cation. Therefore, it is your sole and exclusive responsibility to inspect the property; review the documents relating to the property; assess the accuracy and completeness of the information contained in the Property Information Package and any such other documents; and independently verify and confi rm any estimates, projections, or assumptions relating thereto, none of which may be considered to be guaranties. In connection therewith, you have the sole and exclusive responsibility to select and consult with any and all professional advisors of your choosing in determining whether to bid at this auction. You acknowledge that you have relied exclusively on your own investigation and determinations and the advice of your own professional advisors, and expressly represent that you have not relied upon any information provided by the Seller or the Auctioneer in any way, whether through the Property Information Package or other documents, through the Auctioneer’s website, or by any oral, written or electronic communications with the Auctioneer or the Seller, or otherwise.

4. All prospective Buyers must register prior to auction with the Agents to bid at the auction.

5. A 10% buyer’s premium will be added to the winning bid to determine the fi nal sale price.

6. The Purchaser must pay ten percent (10%) of the gross purchase price in certifi ed funds or check with prior approval, immediately following the auction sale and must sign the Auction Purchase Contract. The balance of the purchase price shall be paid in certifi ed funds within 30 days of the date hereof, with time being of the essence. The closing may be postponed only in accordance with the terms of the Auction Purchase Contract.

7. The property will be conveyed to the Purchaser in fee simple, by deed of special warranty, subject to the easements and condominium association dues, restrictions, and conditions of record, if any, aff ecting the property.

8. All taxes and assessments shall be prorated as of the closing. All rents will be prorated at the time of closing.

9. The property is to be sold as a single entity and shall include all permanent improvements located thereon but shall not include any movable personal property.

10. Sellers agree to deliver to Purchaser complete possession of the property at the time of the closing.

11. Sellers shall continue to maintain and insure property until the closing.

Announcements made the day of Sale take precedence over printed material or prior verbal statements.

TERMS: The property and improvements thereon will be sold “as is” with no warranty, express or implied. Announcements on day of sale take precedence over any advertisement. 10% down and signed contract due day of sale. There will be a 10% buyer’s premium added to the fi nal bid price. Closing within 30 days of sale date.

The information contained herein is from sources believed, but not guaranteed to be accurate. Schrader Auction Group, LLC and Schrader Commercial Properties, LLC make no representation or warranties regarding the property and you should conduct a careful, independent, investigation of the property to determine its suitability for your use and investment.


For more information, contact:James Schrader,James Schrader,James Schrader Principal Auctioneer/Broker

859-288-5008 or [email protected]

Documents

ABSOLUTE AUCTION - schradercommercial.com