415 ACRES - MINERALS, GAS & OIL - Online Bidding Ends Thursday, July 9 @ 4:00 PM EDT

Commercial Auction in 1244 Sugartree Road -, Martha Kentucky, United States

09 Thursday
09th July, 2020
Barr Realty & Auction Company, Inc.

415 ACRES - MINERALS, GAS & OIL - Online Bidding Ends Thursday, July 9 @ 4:00 PM EDT

Commercial Auction in 1244 Sugartree Road -, Martha Kentucky, United States

Thursday at - 09th July , 2020

Notes

TERMS & CONDITIONS: REAL ESTATE: $2,000 to $5,000 down per tract within 48 hours of the auction ending time. Deposit to be made in the form of cash, cashier’s check, personal check with up to date bank letter guaranteeing funds or wire transfer. Balance due by August 13, 2020. POSSESSION: date of new deed only. TAXES: 2020 real estate taxes to be prorated. The mobile home was built before 1978. Lead paint could be present, make your inspection 10 days prior to the auction ending time. Purchaser will be required to sign an inspection waiver prior to signing a sales purchase agreement. Other online bidding terms apply, see barrrealtyauction.com for details. BUYERS PREMIUM: A 10% buyer’s premium will be added to all winning bids to determine the final selling price. IMPORTANT NOTICE: All real estate sold as is where is condition with no warranty or guarantee expressed or implied. Although information has been obtained from sources deemed to be reliable, neither the seller nor the auctioneer makes any warranty or guarantee, expressed or implied, as to the accuracy of the information herein contained. It is for this reason that buyers should avail themselves of the opportunity to make an inspection prior to the auction. All announcements from the auction block take precedence over any printed material or any oral statements made. Not responsible for accidents. 1. Real Estate Terms and Conditions: NOTE: If you require any type of government guaranteed loan such as VA, FHA, RHS or KY Housing Corporation, PLEASE DO NOT BID! There are no financing contingencies for homes sold at auction. If you are obtaining financing it is recommended that you use a conventional type loan only. You should speak with your loan officer prior to bidding to ensure that the financing can be completed within the allowed time frame and according to the terms and conditions as shown on the purchase contract agreement and addendum REAL ESTATE: $2,000 to $5,000 down within 48 hours of the auction ending time. Deposit to be made in the form of cash, cashier’s check, personal check with up to date bank letter guaranteeing funds or wire transfer. Balance due by August 13, 2020. POSSESSION: date of new deed only. TAXES: 2020 real estate taxes to be prorated. Other online bidding terms apply, see barrrealtyauction.com for details. BUYERS PREMIUM: A 10% buyer’s premium will be added to all winning bids to determine the final selling price. IMPORTANT NOTICE: All property sold “as is where is” condition with no warranty or guarantee expressed or implied. Although information has been obtained from sources deemed to be reliable, neither the seller nor the auctioneer makes any warranty or guarantee, expressed or implied, as to the accuracy of the information herein contained. It is for this reason that buyers should avail themselves of the opportunity to make an inspection prior to the auction. All announcements take precedence over any printed material or any oral statements made. Not responsible for accidents. 2. This online only auction is a cash sale not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Agreement to Purchase Real Estate. 3. A Buyer’s Premium of 10% is added to the high bid. At the close of the auction, the successful Bidder will be emailed an Agreement to Purchase Contract to be executed and returned to Barr Realty & Auction Co., Inc. within Twenty-Four (24) hours. Successful Bidders will make their deposits in the form of cash, cashier’s check, or wire transfer with Barr Realty & Auction Co., Inc. within Twenty-Four (24) hours of the completion of the auction. The entirety of the remaining balance is due at closing on or before August 13, 2020. 4. Purchaser will be responsible for all wire transfers. 5. Per the Contract, time is of the essence; you should proceed to closing within Thirty (30) days. Possession shall be given to the successful Buyer(s) at closing. Any closing fees charged by the buyer(s) lender or closing attorney will be a buyer(s) expense. 6. Successful Bidders not executing and returning their Contract with Earnest Money deposit within Twenty-Four hours of the conclusion of the auction will be considered in default. If your closing is delayed for any reason, by you, as purchaser or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made and could be additionally liable for any and all costs incurred by Seller and Barr Realty & Auction Co., Inc. incurred in a subsequent resale of the property. 7. Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e. financing, appraisal, repairs or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. This property is being sold for cash “as is, where is.” with a closing deadline. 8. SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Barr Realty & Auction Co., Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the Company providing the software nor Barr Realty & Auction Co., Inc. shall be held responsible for a missed bid or the failure of the software to function properly for any reason. 9. Barr Realty & Auction Co., Inc. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the seller. The identity of all bidders will be verified, bidding rights are provisional and if complete verification is not possible, Barr Realty & Auction Co., Inc. will reject the registration and bidding activity will be terminated. 10. Barr Realty & Auction Co., Inc. will make its best efforts to accept and submit your bids. However, due to possible equipment malfunctions, lapsed time due to internet connections or bidders not acting quickly enough we do not guarantee that a bid will be received and/or accepted. It is of no benefit to wait to the last second to submit a bid. In the event bidding is active the auto extend feature will automatically extend the time unless we inform you otherwise. It is for this reason that we highly recommend that you submit any and all bids as quickly as you can to ensure that it is received/accepted. 11. Auctioneers and/or a Barr Realty & Auction Company, Inc. representative have the option of reopening the bidding for any item if they deem a computer or electronic malfunction prevented a potential or existing bidder from placing bids. Even though a bidding time may have ended and the computer screen may show the bidding is CLOSED. The auctioneers and/or a Barr Realty & Auction Company, Inc. representative may reopen the bidding at their sole discretion. 12. Barr Realty & Auction Company reserves the right to change a bidder’s user name and/or password at any time for any reason. 13. Buyer acknowledges they are buying property “as is, where is”, without inspections or contingencies, Buyer(s) will rely on his/her own judgment and inspection. 14. Barr Realty & Auction Co., Inc. and their representatives are Exclusive Agents of the Seller(s). 15. Real Estate is sold subject to any and all existing matters of record and all easements building use or zoning laws and regulations. 2020 real estate taxes to be prorated. 16. All Barr Realty & Auction Co., Inc. Online Only Real Estate Auctions are timed events that have an auto-extend feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction for 5 minutes from the time the bid is placed. Example: If an auction scheduled to end at 12:00 p.m. receives a bid at 11:59 a.m., the close time of the auction automatically extends to 12:04 p.m. The auto-extend feature remains active until no further bids are received within the 5 minute time frame. 17. IMPORTANT NOTICE: Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. 18. When using the website you must obey any and all local state and federal laws. Violations will result in termination of website use privileges. 19. Auction company employees and/or auction company may bid on auction items. 20. We gather aggregate information from this web site which may include but is not limited to: number of page visitors, most visited pages, any and all correspondence. All property sold “as is where is” condition with no warranty or guarantee expressed or implied. Although information has been obtained from sources deemed to be reliable, neither the seller nor the auctioneer makes any warranty or guarantee, expressed or implied as to the accuracy of the information herein contained. It is for this reason that buyers should avail themselves of the opportunity to make an inspection prior to the auction. All instant announcements from the auction company take precedence over any printed material or any oral statements made. Not responsible for accidents. 21. This is a binding agreement upon the buyer. If the buyer defaults on this agreement, the real estate can be sold again. The buyer will be responsible for paying the monetary difference between the selling prices and all expenses incurred in the resale including but not limited to advertising, promotion, sales fees, closing fees, buyers premiums, attorney fees and court costs.

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Location has been calculated by address and may not be 100% accurate.

Auction Items For Sale

ABSOLUTE

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ONLINE BIDDING ONLY

BIDDING ENDS THURSDAY, JULY 9 @ 4:00 PM EDT

                                                                                                 

LOCATED IN LAWRENCE COUNTY at 1244 Sugartree Road, Martha, KY 41159.  Approximately 25 miles southwest of Louisa KY and 50 miles south of Ashland, KY and Huntington, WV.  From Louisa, KY take HWY 32 about 24 miles to the Martha Community.  At Ralph’s Market, turn left on HWY 469 and go 2 miles to HWY 1715.  Turn right and go 1 mile to Sugartree Road (also known as Kelly Hollow) and follow 1.7 miles to the property.

BARR REALTY & AUCTION CO., INC. and FORD BROTHERS INC. AUCTIONEERS have been selected by Losowe Resources LLC and Gibraltar Founders Fund LLC to conduct this online absolute auction. Auctioneers Devin Ford, Mark Barr, Stephen Barr, Jamie Barr, Chris Barr, Dennie Armes, Bobby Carwile, and App. Evan Barr with offices in Hardinsburg and Brandenburg, KY.

 

415 ACRES  MINERALS  GAS & OIL

ONLINE BIDDING ONLY

Bidding Ends Thursday, July 9 @ 4:00 PM EDT

Selling Regardless of Price

 

Going on the auction block, selling by online bidding only will be approximately 415 acres all wooded, near Yatesville Lake Wildlife Management Area. Improvements include an older mobile home with addition, city water. ATTENTION DEER HUNTERS, TURKEY HUNTERS, ATV RIDERS AND OUTDOOR ENTHUSIASTS: Do not let this property pass you by!  There are miles and miles of jeep trails on this property and it is a prime wildlife habitat.  According to KDF&W records there were 892 deer harvested in Lawrence County in 2019. It has not been mined or clear cut and it is not steep mountain terrain.  Please inspect prior to bidding.  INSPECTION: You may inspect the mobile home and land on your own anytime during daylight hours.   If you need help placing a bid call us at 270-422-2136. 


Click below to view the drone video


The farm will be sold in Ten (10) land surface rights tracts and Two (2) mineral, gas & oil tracts.  It will also be offered in its entirety, which will include all the land surface rights tracts and the mineral, gas & oil rights tracts that the sellers own.

The land surface rights tracts are:

TRACT 2:   30.13 ACRES

TRACT 3:   35.76 ACRES

TRACT 4:   17.93 ACRES

TRACT 5:   54.32 ACRES

TRACT 6:   36.72 ACRES

TRACT 7:   41.09 ACRES 

TRACT 8:   24.39 ACRES

TRACT 9:   74.82 ACRES

TRACT 10:  PVA TRACT 05-53 = 50 ACRES (more or less)

TRACT 11: PVA TRACT 05-52 = 50 ACRES (more or less) with mobile home and water meter

 

  • Tract 12:   Includes all gas, oil and mineral rights on Tracts 2,3,4,5,6,7,8,9, and 10; consisting of 365 acres (more or less) that the sellers own.  The sellers believe that they own 25/27 (92%) of the oil, gas and mineral rights on tracts 2 through 9. They believe that they own 50% of mineral rights on tract 10 and 100% of gas and oil rights on tract 10.  However, they do not guarantee the amount of ownership that they own.   The buyer will receive whatever ownership interest the sellers possess.  The seller will transfer to the buyer what interest (if any) that they own in oil wells, tanks, pumps, pump jacks, wiring, piping, and all other miscellaneous equipment.
  • Tract 13:   Includes all gas, oil and mineral rights on Tract 11; consisting of 50 acres (more or less) that the sellers own. The sellers believe that they own 50% of the mineral rights and 100% of the gas and oil rights.  However, they do not guarantee the amount of ownership that they own.  The buyer will receive whatever ownership interest the sellers possess.  The seller will transfer to the buyer what interest (if any) that they own in oil wells, tanks, pumps, pump jacks, wiring, piping, and all other miscellaneous equipment.
  • Tract 14 includes all the real estate 415 acres (surface rights), and mobile home, and all gas, oil and mineral rights (if any) which include tracts 2,3,4,5,6,7,8,9,10,11, 12 and 13.
  • The buyer of tracts 12 and 13 oil, gas and minerals or tract 14 real estate and oil, gas and minerals will be required at closing to pay to the seller $10,000 in consideration of an assignment of the existing bond in favor of the State of Kentucky. If tracts 12 and 13 have different buyers, the $10,000 will be prorated on a per acre basis. 
  • The buyer of tract 10, the Losowe Resources, LLC 50-acres tract known as PVA Tract 05-53 will be required to pay delinquent property taxes in the amount of $500 at closing. 
  • The 2015 Unmined Coal Taxes of $4,000 have not been paid.  The winning bidders of tracts 2 through 11 will pay $9.90 per acre at closing in order to pay off the 2015 Unmined Coal Taxes.  Example:  Tract 2 = 30.23 acres X $9.90 = $299.27
  • If tracts 2 through 11 sell individually, they sell subject to the following verbiage:

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  • Tracts 10 and 11 are subject to 40-foot ingress-egress and utility easements being 20-foot each side from center of the existing roadway, for the use of tracts 2 through 11.
  • There is currently no road maintenance agreement in effect for the roads and right of ways that run throughout the land.
  • The mobile home located on tract 11 will be transferred to the buyer by Bill of Sale if the seller can not procure the title to the mobile home.

There are more terms and conditions which are outlined in the purchase agreement and the purchase agreement addendum.  Please click the red buttons above to view them.

To view plat, air photo, reports, purchase agreements and addendums click on the red document buttons above.


 Losowe Resources LLC and Gibraltar Founders Fund LLC, Owners