- Keenan Auction Company

Keenan
Auction
Company
PROPERTY INFORMATION PACKAGE
Parcel #1
Parcel #2
Parcel #3
Real Estate Foreclosure Auction 06-102
(3) On-Mountain Condominiums
SUGARLOAF/USA SKI RESORT
Carrabassett Valley, Maine
Friday, October 20, 2006 at 1:00 PM
(Auction will be held at the Sugarloaf Grand Summit Resort Hotel)
Keenan
Auction
Company
1 RUNWAY ROAD
SO. PORTLAND, MAINE 04106
(207) 885-5100
www.KeenanAuction.com
email:info@keenanauction.com
October 3, 2006
Dear Prospective Bidder:
Keenan Auction Company would like to announce Auction 06-102: (3) on-mountain
condominiums located at Sugarloaf/USA Ski Resort in Carrabassett Valley, Maine. The auction
will be held at the Sugarloaf Grand Summit Resort Hotel on Friday, October 20, 2006 at
1:00PM. Please find our detailed Property Information Package enclosed for your review.
A deposit is required to bid (non-refundable as to the highest bidder) in CASH or CERTIFIED
U.S. FUNDS, made payable to the Keenan Auction Company (deposited with Auctioneer as a
qualification to bid), with the balance due and payable within 45 days from date of public sale.
The deposit amounts are as follows:
Parcel #1 Unit 622 Birchwood I Condominiums $25,000
Parcel #2 Unit 809 Birchwood II Condominiums $10,000
Parcel #3 Unit 272 Sugartree I Condominiums $10,000
Keenan Auction Company is committed to providing you with comprehensive information
concerning this property. Our staff is readily available to assist you with any questions you may
have regarding this property or the auction process. Thank you for your interest in this property
and we look forward to seeing you on the day of the sale.
Sincerely,
KEENAN AUCTION COMPANY
Enc.
"This agency represents the Seller's interests and, as such, has a fiduciary duty to
disclose to the Seller information, which is material to the sale, acquired from the Buyer
or any other source."
Real Estate Foreclosure Auction 06-102
(3) On-Mountain Condominiums
SUGARLOAF/USA SKI RESORT
Carrabassett Valley, Maine
PREPARED FOR:
Joseph Malone,
as Trustee for the
Joseph Malone Defined Benefit Plan
PREPARED BY:
KEENAN AUCTION COMPANY
Table of Contents
Agency Relationships (Form 3) .............................................................................................
1
Disclaimer...............................................................................................................................
2
Legal Advertisement ..............................................................................................................
3
Terms and Conditions ............................................................................................................
4
Location Map ..........................................................................................................................
7
Mountain Map.........................................................................................................................
8
Parcel Maps............................................................................................................................
9
Municipal Tax & Condominium Fee Information ....................................................................
12
Condominium Fee Statements ..............................................................................................
13
Condominium Association Budgets ........................................................................................
16
Purchase & Sale Agreement .................................................................................................
19
Assessment Cards ................................................................................................................
21
Deeds ....................................................................................................................................
26
Property Disclosure Forms ....................................................................................................
32
Condominium Declarations Are Available To View And Download At Keenanauction.com
Reference Auction Number 06-102 and click on the Property Information Package icon.
Note: Please use page number in lower right hand corner of page
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DISCLAIMER
Joseph Malone, as Trustee for the Joseph Malone Defined Benefit Plan and Keenan Auction
Company have provided the information contained in this property information package to persons
interested in bidding for the real property described herein. They believe the information contained
herein to be accurate and complete. However, neither Joseph Malone, as Trustee for the Joseph
Malone Defined Benefit Plan nor Keenan Auction Company, nor their respective agents, employees
or attorneys, make any warranties of any kind as to the accuracy or completeness of the information
contained herein. Prospective bidders are urged to make such an independent investigation as to
each of those matters to which an ordinary and prudent buyer would inquire.
For further information regarding the sale please contact Keenan Auction Company at (207)
885-5100 or www.keenanauction.com
2
Notice of
Real Estate Foreclosure Auction 06-102
Pursuant to 14 M.R.S.A. § 6323
(3) Ski Condominiums ~ Office Building
Sugarloaf/USA Ski Resort
Carrabassett Valley, Maine
Friday, October 20, 2006 at 1PM
Parcel #1
Parcel #2
Parcel #3
Parcel #4
Notice is hereby given that in accordance with an Order Granting Relief From Stay and an Amended
Order and Judgment of Foreclosure, which judgment was entered by the Maine Superior Court (at
Farmington) in the case of Joseph Malone, as Trustee for the Joseph Malone Defined Benefit Plan vs.
Red River Ski Company 9, a Limited Partnership, a/k/a Red River Ski Company No. 9, Docket No.
RE-05-13, and wherein the Court adjudged a foreclosure of 4 Mortgages which were all recorded on
March 4, 2005 in the Franklin County Registry of Deeds in Book 2573, Page 91 (Administration
Building Mortgage), Book 2573, Page 114 (622 Birchwood Mortgage), Book 2573, Page 138 (809
Birchwood Mortgage), Book 2573, Page 162 (272 Sugartree Mortgage), the period of redemption from
said judgment having expired, a public sale will be conducted on October 20, 2006 commencing at
1:00 p.m. at the Sugarloaf Grand Summit Hotel at Sugarloaf/USA Ski Resort in Carrabassett Valley,
Maine. Reference should be had to said mortgages deed for a more complete legal description of the
properties to be conveyed.
Parcel #1: Unit 622 Birchwood I Condominiums – (3) bedrooms plus loft and (2) bedroom breakaway
unit – mountain views – trailside access. Deposit $25,000
Parcel #2: Unit 809 Birchwood II Condominiums – (2) bedrooms – 590+/- s.f. Deposit $10,000
Parcel #3: Unit 272 Sugartree Condominiums. Studio w/ fireplace – deck. Deposit $10,000
Parcel #4: Commercial/Office (Administration) Building on leased land. Deposit $50,000
Preview Date: Saturday, October 7, 2006 (3) Condos from 11AM-1 PM and the Administration
Building by appointment starting at 1PM
Terms: Above deposits to bid in CASH or CERTIFIED U.S. FUNDS (except for the mortgagee),
made payable to the Keenan Auction Company closing within 45 days from date of auction. For a
real estate Property Information Package containing legal and bidding information, visit
KeenanAuction.com or call (207) 885-5100 and request Auction Number 06-102. The mortgagee
reserves the right to waive or modify the terms of sale. Buyer’s Broker Participation Program,
Keenan
Auction
Company
1 RUNWAY ROAD
SO. PORTLAND, MAINE 04106
(207) 885-5100
Email: info@keenanauction.com
ME R.E. Lic. #2175
ME AUC Lic. #236
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TERMS & CONDITIONS OF SALE
Real Estate Foreclosure Auction 06-102
Parcel #1: Unit 622 Birchwood I Condominiums 622 Webber St.
Parcel #2: Unit 809 Birchwood II Condominiums 809 Birchwood Lane
Parcel #3: Unit 272 Sugartree One Condominiums Mountainside Rd.
At Sugarloaf/USA Ski Resort Carrabassett, Maine
Friday, October 20, 2006 at 1PM
1.
Date/Place of Sale: The Properties shall be sold on Friday, October 20, 2006 commencing at
1:00 p.m. at the Sugarloaf Grand Summit Resort Hotel, Carrabassett, Maine.
2.
Terms of Sale:
A.
The sale is subject to all of those terms set forth in the Notice of Public Sale including but
not limited to the terms set forth below.
B.
The properties shall be sold subject to and with the benefit of all development rights,
easements, appurtenances, restrictive covenants, rights of way of record, and any easements,
restrictions and rights of way which are disclosed in the Notice of Sale or which are of record or which are
visible upon the face of the earth or as set forth in the Purchase and Sale Agreement, a copy of which is
available from the auctioneer.
C.
The Real Estate (“Properties”) is being sold "AS IS, WHERE IS, AND WITH ALL
FAULTS." Joseph Malone, as Trustee for the Joseph Malone Defined Benefit Plan (the “Seller”)
assumes that bidders have inspected the Properties prior to the sale. The Properties are offered for sale
"AS IS, WHERE IS, AND WITH ALL FAULTS" un-repaired and without any express or implied warranties
of any kind or nature. Square footage dimensions are approximate and should be independently verified
prior to bidding. The Seller, its agents and subagents, assume no liability for errors or omissions in these
Terms and Conditions of Sale or in any of the property listings or advertising or promotional/publicity
statements and/or materials. Although information has been obtained from sources deemed reliable, the
auctioneer makes no guarantees as to the accuracy of the information herein contained or in any other
property listing or advertising or promotional/publicity statements and materials. Any information
provided regarding the Properties is for informational purposes only, and cannot be relied upon for any
purpose. No representations or warranties are made regarding any matter including, without limitation,
the accuracy or completeness of any information or materials provided or any comments made by the
auctioneer or by the Seller or regarding the environmental, structural or mechanical condition of the
Properties.
D.
A deposit to bid of $25,000 for Parcel #1, $10,000 for Parcel #2, and $10,000 for Parcel
#3, must be left with the auctioneer prior to the sale. The deposits must be in the form of certified U.S.
funds and must be made payable to the Keenan Auction Company. The deposit to bid is nonrefundable
as to the highest bidder for each of the Properties. Unsuccessful bidder's checks will be returned
immediately after the auction.
E.
The Properties shall be sold subject to any outstanding real estate taxes, condominium
association dues and any other unpaid assessments due to municipal or quasi-municipal corporations.
F.
The balance of the purchase price will be due on or before forty-five (45) days from date
of public sale.
G.
The deed to the real estate will be by Quitclaim Deed Without Covenant. The high bidder
shall at his/her cost pay all real estate transfer taxes (including the Seller's share, if any), whether
assessed to purchaser or Seller.
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H.
The sale is subject to all of the terms set forth in the Purchase and Sale Agreement, the
form of which is included in the Property Information Package.
I.
If the high bidder or high bidders default by failing to pay the purchase price in full within
the time specified in the Purchase and Sale Agreement, or if a high bidder otherwise breaches the terms
of sale, the Seller may, in addition to all other remedies allowed by law or equity, retain the full Deposit as
damages. In addition, the Property(s) may be resold in any manner to any party and any deficiency,
together with all expenses and costs of resale (including attorneys’ fees) will be paid by the defaulting
high bidder. In addition, and at the Seller's sole and exclusive option, the Seller may have the rights of
the defaulting high bidder under any Purchase and Sale Agreement assigned to the Seller, or to the
Seller's nominee, without any other or further action by the defaulting high bidder.
J.
The Seller and the auctioneer reserve the right, subject to applicable provisions of Maine
Law, to: (i) refuse or accept any irregular bids; (ii) hold periodic recesses in the sale process; (iii) continue
the sale from time to time without notice to any person; and (iv) amend the terms of sale as it deems in
the best interest of the Seller.
K.
A record of bidding will be maintained by the Seller and/or the auctioneer for its own use.
All persons present at the Sale and wishing to submit a bid must register and sign a bidding contract with
the auctioneer, and submit the requisite deposit in cash or certified funds prior to commencement of the
bidding.
L.
Seller, and its assigns, reserves the right to bid without making the required deposits and,
if Seller, or its assigns, is the high bidder, to pay for the Properties with a credit against the debt owed to
them.
3.
Auction Procedure: Open and verbal. Unless otherwise announced, announcements made on
the day of the sale will be subject to all printed material. Method, order of sale, and bidding increments
shall be at the sole discretion of the auctioneer. The Seller reserves the right to delete or add additional
property at its discretion. Seller reserves the right to modify the terms and structure of the Sale. Seller
reserves the right to add to or change any of the terms and conditions of sale, to add or withdraw
properties, and to adjourn, cancel, recess, delay or reschedule the Sale at any time before or during the
auction.
4.
Disclaimer: All bidders are invited to inspect the Properties and the public records prior to
making a bid. No warranties, guarantees or representations of any kind are made, and all warranties are
disclaimed with respect to any improvements located on the Properties, including improvements located
underground, the location and/or boundaries of the Properties or improvements thereon, title to the
Properties, environmental compliance, or its compliance with any applicable zoning, land use or
hazardous waste regulations, laws or ordinances. The buyer shall assume responsibility and expense
for any title search, title examination or title insurance. THE SELLER/AUCTIONEER EXPRESSLY AND
SPECIFICALLY MAKES NO, AND SHALL MAKE NO, REPRESENTATIONS OR WARRANTIES
REGARDING HAZARDOUS OR TOXIC WASTE, SUBSTANCES, MATTERS OR MATERIALS, AS
THOSE TERMS MAY BE DEFINED FROM TIME TO TIME BY APPLICABLE STATE, LOCAL AND
FEDERAL LAWS, STORED OR OTHERWISE LOCATED ON THE PROPERTY BEYOND ANY
INFORMATION WHICH WAS CONTAINED IN THE PROPERTY INFORMATION PACKAGE.
The Seller specifically disclaims, and buyer acknowledges that Seller shall not be responsible for or
obligated now or at any time in the future to, protect, exonerate, defend, indemnify and save buyer or its
successors or assigns, harmless from and against any loss, damage, cost, expense, clean-up or liability,
including, but not limited to, attorneys' fees and court costs, and including, but not limited to such loss,
damage, cost, expense or liability, based on personal injury, death, loss or damage to property suffered
or incurred by any person, corporation or other legal entity, which may arise out of the presence of any
such hazardous or toxic waste, substance, matter or material on the premises.
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5.
Risk of Loss: The risk of loss with respect to the properties shall be with the successful
purchaser.
6.
Possession: Buyer shall only be entitled to possession at closing as set forth in the Purchase
and Sale Agreement. Third parties may occupy the Properties at the time of the Sale and closing, and
the Properties are sold subject to any claims such third parties may have to continue possession.
7.
Applicable Law: You have signed a written binding contract agreeing to the Terms and
Conditions of Sale, and understand that any bid you make falls under the Maine Auction Law, Title II,
Section 2-328 of the Uniform Commercial Code, and the Statute of Frauds. Maine auctions are under
the jurisdiction of the State of Maine Department of Professional and Financial Regulations, Board of
Licensure of Auctioneers, 35 State House Station, Augusta, Maine, 04330.
8.
Bidder's Card: By signing for a bid number, the bidder has signed a written and binding contract
agreeing to all of the terms and conditions set forth herein. If you do not agree with any of the terms or
conditions set forth above, please return your bid number to the auctioneer immediately. Proxy bids are
subject to all terms and conditions of sale as listed herein or announced at the Sale. Any party
submitting a proxy bid must be available, or have a representative available, to execute a purchase and
sale agreement at the time of the Sale, in the form provided at the Sale, and such representative must
provide documentation satisfactory to Seller that the representative is duly and appropriately authorized
to act on behalf of the parties submitting the proxy bid.
9.
Conflict With Purchase and Sale Agreement: In the event of a conflict between these Terms
and Conditions of Sale and the terms of the Purchase and Sale Agreement executed by the Seller and
the successful bidder, the Purchase and Sale Agreement shall control.
10.
Lead-based Paint and/or Lead-based Paint Hazards: Purchaser hereby acknowledges that
he/she has waived the opportunity to conduct a risk assessment or inspection for the presence of
lead-based paint and/or lead-based paint hazards and has received a copy of the U.S. Environmental
Protection Agency's pamphlet entitled "Protect Your Family From Lead In Your Home".
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Parcel #4
Parcel #1
Parcel #2
Parcel #3
8
Parcel #1
9
Parcel #2
10
Parcel #3
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Municipal Tax & Condominium Fee
Information
Real Estate Foreclosure Auction 06-102
(3) On-Mountain Condominiums
SUGARLOAF/USA SKI RESORT
Carrabassett Valley, Maine
Mill Rate $6.40 - Per $1,000.00 - Percent of Valuation at Market 91%
Property
Parcel #1 Unit 622 Birchwood I Condominiums
Parcel #2 Unit 809 Birchwood II Condominiums
Parcel #3 Unit 272 Sugartree I Condominiums
Tax Map
122
141
107
Lot
622
809
272
2006 TAX ASSESSED VALUES & TAX AMOUNTS:
Property
Parcel #1 Unit 622 Birchwood I
Parcel #2 Unit 809 Birchwood II
Parcel #3 Unit 272 Sugartree I
Land
$26,000
$26,000
$16,000
Building
$208,600
$ 66,500
$ 52,200
Total
$234,600
$ 92,500
$ 68,200
2005
$1,714.93
$ 701.85
$ 528.60
2006
$1,507.70
$ 594.47
$ 438.30
Total
$3,222.63
$1,296.32
$ 966.90
Tax Amount
$1,501.44
$ 592.00
$ 436.48
TAXES DUE AS OF 10/20/06:
Property
Parcel #1 Unit 622 Birchwood I
Parcel #2 Unit 809 Birchwood II
Parcel #3 Unit 272 Sugartree I
CONDO FEES and AMOUNT DUE AS OF 9/20/06:
Property
Parcel #1 Unit 622 Birchwood I
Parcel #2 Unit 809 Birchwood II
Parcel #3 Unit 272 Sugartree I
Monthly Fee
$457.96
$170.40
$151.20
Amt Due_
$7,972.47 (see enclosed association statement)
$2,809.30 (see enclosed association statement)
$3,012.87 (see enclosed association statement)
WATER & SEWER: Included in condominium fee
The tax information was obtained from the Carrabassett Town Office. For further details on municipal
tax information please contact the Town Office at 207-235-2645. The condominium information was
obtained from Sugarloaf Property Management. For further details on condominium information
contact Pam Lambert at 237-2898.
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