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RTL Permit # 01116 ABC

  Status: Closed
 
This auction has closed

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Type:

Internet-only (timed) auction

By:

Orrell Auctions and Real Estate

  Web
At:

4089 Hwy 1, Watson, Arkansas, 71674. USA. tel: 870-723-9116

Started:
25th May, 2021
Ended: 25th May, 2021
View: Arkansas Auctions
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Auction Info, Terms & Conditions & Contract Sample - (see below)Sale is Subject to Seller Confirmation: seller has up to 24 hrs to accept or reject the final bid. Seller reserves the right to accept or reject any or all bids.Items to be auctioned: The business assets, free and clear of any liens and encumbrances, of T-Man Liquor Store in Desha County, at 4089 Hwy 1, Watson, Arkansas. Transfer of assets will be pursuant to ABC Regulations. Assets include: Arkansas Retail Liquor License #01116 issued by and in good standing with the ABC and approximately $10,000, more or less, in liquor inventory (not beer & wine).Permit must be moved: Sale does not include a lease of or any interest in the real property at 4089 Hwy. 1, Watson, Arkansas. Seller will execute an ABC Replacement notice in standard form. Purchaser is responsible for finding a suitable location for the retail liquor permit and file a qualified replacement Application with the ABC within 10 business days of signing the purchase contract. Inspection: Prospective buyers may view and inspect the inventory any time during normal business hours Monday - Saturday, 11 am until 7 pm at 4089 Hwy 1 Watson, ARBidder Approval & Registration Requirements 1.Registrant must be qualified by the ABC to hold an Arkansas Retail Liquor Permit. It is the prospective bidder's responsibility to research qualification criteria and take necessary steps to gain qualification. 2.Name, address, phone number, valid email address. 3.Bid Deposit or Bank Letter RequiredA.Bid Deposit: Bidders must submit $7,500 bid deposit prior to bidding. All bid deposits will be held in Orrell Auctions Escrow Account until the auction closes. The winning bidder's deposit will be retained to also serve as earnest money. Non-winning bidder's deposits will be immediately refunded.Acceptable currency for the bid deposit is certified check, cashier check or electronic transfer. B.Bank Letter: In lieu of the $7,500 bid deposit, bidders may provide a loan commitment letter from a bank licensed in Arkansas for an amount equal to or in excess of the bidders anticipated highest bid. C.Bid Deposits or Bank Letters must be received by Orrell Auctions & Real Estate PLLC no later than Noon on May 24th, 2021 (2 hrs. before the auction commences). Preferred methods of delivery are in person at our office at 1815 Hwy 278 E, Monticello, AR or wire transfer. Call Jimmy at 870-723-9116 for wiring instructions. Delivery by US Mail or courier service not recommended. Timeline for Auction 1. Registration Approval & Bid Deposit deadline - Noon Tuesday May 25th, 2021.Approval is granted upon receipt of the bid deposit. For deposit instructions & bidder approval call 870-723-9116 2. Auction bidding commences - 2pm Tuesday May 25th, 2021 3. Bidding ends with 3 minute "soft close" in effect - 3pm Tuesday May 25th, 2021 4. Deadline for Seller Confirmation - 3pm Wednesday May 26th, 2021 After the auction ends: Seller may immediately accept or reject the final bid but may take up to 24 hrs to accept or reject. Explanation of Soft Close Ending. Bidding timer will be set to end the auction at 3pm. If a bid is received in the last 3 minutes of the countdown, an additional 3 minutes will be added to the time. If a new bid is received and each time a new bid is received while the counter is below 3 minutes, an additional 3 minutes will be added to the time. The auction will end only when 3 minutes have elapsed with no bidding activity and the bidding timer counts down to zero.Contract Signing & Earnest Money: Within 24 hours from the Seller's Confirmation of acceptance of the highest bid, the winning bidder will sign a purchase contract at the office of Mark Tiner phone number at Union Bank in Monticello, AR. Along with the purchase contract, Bidder will submit $7500 in certified funds as non-refundable earnest money which will apply towards the purchase price at settlement. If winning bidder had already submitted a bid deposit, the bid deposit will be retained to serve as non-refundable earnest money. Closing: The balance of the purchase price will be due at closing, which is addressed in the purchase contract, (Memorandum of Agreement) of which a copy is included below for your examination.Following is a copy of the contract. _______________________________________________________________________ MEMORANDUM OF AGREEMENTThis Memorandum of Agreement, hereinafter "Agreement," made and executed the_____ day of _______________, 2021, by and between KING FAMILY BUSINESSES, LLCd/b/a T-MAN LIQUOR, hereinafter referred to as "Seller" and _______________________________________, hereinafter referred to "Purchaser" W-I-T-N-E-S-S-E-T-H:WHEREAS, Seller is the owner of all business assets of T-Man Liquor, 4089 Hwy. 1,Watson, Arkansas; andWHEREAS, Purchaser is the bidder accepted by Seller at an auction of the Seller'sbusiness assets; andWHEREAS, the parties hereto execute this Agreement for purpose of memorializing theirrights and duties for the sale and purchase of the Seller's business assets.NOW, THEREFORE, in consideration of the mutual covenants herein contained andother good and valuable consideration, the legal sufficiency of which is hereby acknowledged,the parties hereto agree as follows:1. Sale of Business Assets: The Seller hereby sells to Purchaser, free and clear of anyliens or encumbrances, the business assets of Seller for the retail liquor business, T-Man Liquor,at 4089 Hwy. 1, Watson, Arkansas, including all inventory as it exists on date of this Agreement,good will, and retail liquor permit #01116 issued by the Alcoholic Beverage Control Division,Department of Finance and Administration, hereinafter "ABC."2. Purchase Price: The purchase price for the business assets set forth above shall be__________________________________________ Dollars ($______________) payable asfollows:a. Nonrefundable earnest money of Seven Thousand Five Hundred Dollars($7,500.00) payable by certified funds upon execution of this Agreement; andb. Balance of the purchase price payable by certified funds at closing.3. Representations of Seller: Seller hereby warrants and represents as follows:a. It is the owner of and has marketable title to the business assets described above,free of all liens or encumbrances; b. Seller holds retail liquor permit #01116 issued by the ABC which is in goodstanding and to the best of Seller's knowledge not subject to any investigations ordisciplinary actions. The permit will be placed on "inactive" status with ABCthereby allowing Purchaser to file a Replacement Application;c. There are no outstanding contracts to sell, mortgage, or encumber the businessassets or any portion thereof;d. There are no judgments, liens, actions, or proceedings against the business assetspending in any court: ande. Seller has filed all returns and paid all taxes associated with the business assets ofsubject to this Agreement. Further, Seller shall indemnify and hold harmlessPurchase from and against any and all tax liability incurred prior to date ofAgreement.4. Representations of Purchaser: Purchaser hereby warrants and represents asfollows:` a. Purchaser shall pay all sums due hereunder in a prompt and timely fashionby certified funds;b. Purchaser shall make prompt application with the ABC for replacementretail liquor permit. Purchaser shall be responsible for all costs or renewalfees associated with its replacement application or renewal of license; andc. Purchasers certifies the applicant for replacement permit is qualified forsuch permits and Purchaser will diligently pursue approval of thereplacement application.5. Compliance with Laws and Regulations: The parties hereto stipulate and agree itis the intent of the parties to comply with all laws and regulations affecting thebusiness assets transferred herein. Seller shall execute an ABC replacementnotice in standard form authorizing the Purchaser to make application forreplacement permit. Purchaser understands and agrees the sale of business assetsdoes not include a lease of or any interest in the real property at 4089 Hwy. 1,Watson, Arkansas, and it shall be the sole and exclusive of responsibility ofPurchaser to find a suitable location for the retail liquor permit and to file aqualified Replacement Application with the ABC within ten (10) days of thisAgreement.6. Closing: The closing of the sale shall be held at a mutually agreeable locationwithin seven (7) days following approval of the replacement application by theABC. At closing, Seller shall execute a general Bill of Sale transferring title tothe business assets to Purchaser. Purchaser shall pay the balance of the purchaseprice in cash or certified funds at closing.7. Miscellaneous Provisions: This Agreement shall be binding upon and inure to thebenefit of the parties, their respective heirs, devisees, successors and assigns. ThisAgreement is personal to the Purchaser and may not be sold or assigned withoutthe prior written consent of Seller. The parties specifically agree that time is ofthe essence to this Agreement and each shall use their best efforts to consumatethe sale promptly. This Agreement may not be modified except by writtenagreement signed by all parties hereto. Any failure or refusal to comply with theterms and conditions of this Agreement necessitating legal action by a party shallresult in the noncompliant party being responsible for all attorney fees andexpenses including discovery costs incurred in securing compliance.IN WITNESS WHEREOF, the undersigned parties have duly executed this Memorandum of Agreement on the date set forth in the preface.SELLER: KING FAMILY BUSINESSES, LLC d/b/a T-MAN LIQUOR BY: _________________________________PURCHASER:By: __________________________________