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LAND AUCTION-SMITH MOUNTAIN LAKE-143+/- Acres Offered in 24 Estate Size Tracts in Franklin County
Wed, Oct 14, 5:00 PM
Smith Mountain Lake, Virginia-Franklin County

Owner: AEP

SOLD FOR $6,835,500

• 143+/- Acres Smith Mountain Lake offered in 24 Estate Size Tracts • 2.3 Miles of Shoreline • Rare Opportunity • Scenic Waterfront

OPEN HOUSE/INSPECTION DATES
Sundays, Sept. 20th, Sept. 27th, Oct. 4th from Noon to 4pm
Day of Auction from 10am to 2pm
Meet an Auction Representative at Tract 4.

PROPERTY LOCATION
171 Alpine Drive, Union Hall, Virginia, 24176.
From Roanoke, Virginia take US 220 south to Rocky Mount, Virginia. Take Hwy. 40 east 12.4 miles and turn north on Kemp Ford Road. Go 1.5 miles and turn right on Dillards Hill Road. Go 2.5 miles turn right on Alpine Dr. Go 2/10th of a mile and stay left at the Y and in 1/10th of a mile turn left into the property. Watch for auction signs as well as tract signs! The property fronts on Hill, Lake Stone Drive and Alpine Drive.

AUCTION LOCATION
Hotel Roanoke, located in Downtown Roanoke Virginia, 110 Shenandoah Avenue, Roanoke, Virginia 24016

TRACT DESCRIPTIONS
Tract 1: 5.0± ac 359.9 Footage Along 800 ft. Contour
262 Footage Along 795 ft. Contour
Tract 2: 5.0± ac 671.0 Footage Along 800 ft. Contour
611 Footage Along 795 ft. Contour
Tract 3: 5± ac 1214.1 Footage Along 800 ft. Contour
1191 Footage Along 795 ft. Contour
Tract 4: 5± ac 996.9 Footage Along 800 ft. Contour
1087 Footage Along 795 ft. Contour
Tract 5: 5.1± ac 830.0 Footage Along 800 ft. Contour
814 Footage Along 795 ft. Contour
Tract 6: 5.0± ac 596.4 Footage Along 800 ft. Contour
565 Footage Along 795 ft. Contour
Tract 7: 5.9± ac 518.3 Footage Along 800 ft. Contour
445 Footage Along 795 ft. Contour
Tract 8: 6.7± ac 1017.7 Footage Along 800 ft. Contour
918 Footage Along 795 ft. Contour
Tract 9: 5.4± ac 383.6 Footage Along 800 ft. Contour
344 Footage Along 795 ft. Contour
Tract 10: 7.5± ac 205.4 Footage Along 800 ft. Contour
191 Footage Along 795 ft. Contour
Tract 11: 11.4± ac 342.4 Footage Along 800 ft. Contour
292 Footage Along 795 ft. Contour
Tract 12: 18.1± ac 368.5 Footage Along 800 ft. Contour
295 Footage Along 795 ft. Contour
Tract 13: 16.8± ac 185 Footage Along 800 ft. Contour
204 Footage Along 795 ft. Contour
Tract 14: 6.4± ac 368.2 Footage Along 800 ft. Contour
385 Footage Along 795 ft. Contour
Tract 15: 4.0± ac 280.2 Footage Along 800 ft. Contour
149 Footage Along 795 ft. Contour
Tract 16: 4.6± ac 584.3 Footage Along 800 ft. Contour
747 Footage Along 795 ft. Contour
Tract 17: 3.9± ac 691.6 Footage Along 800 ft. Contour
411 Footage Along 795 ft. Contour
Tract 18: 3.5± ac 361.8 Footage Along 800 ft. Contour
332 Footage Along 795 ft. Contour
Tract 19: 3.2± ac 500.1 Footage Along 800 ft. Contour
432 Footage Along 795 ft. Contour
Tract 20: 3.6± ac 393.3 Footage Along 800 ft. Contour
362 Footage Along 795 ft. Contour
Tract 21: 3.2± ac 263.7 Footage Along 800 ft. Contour
206 Footage Along 795 ft. Contour
Tract 22: 3.6± ac 555.2 Footage Along 800 ft. Contour
609 Footage Along 795 ft. Contour
Tract 23: 3.1± ac 653.0 Footage Along 800 ft. Contour
457 Footage Along 795 ft. Contour
Tract 24: 2.2± ac 272.4 Footage Along 800 ft. Contour
258 Footage Along 795 ft. Contour
Tract 25: 0.7± ac

BIDDING PROCEDURE: All tracts will be offered individually, in any combination or as a whole unit. There will be open bidding on all tracts and combinations during the auction as determined by the auctioneer. Bidding on individual tracts, tract combinations and the entire property will compete.

PURCHASE CONTRACT: Immediately following the close of bidding, each high bidder will sign a purchase contract in the form provided in the bidder packets. All information contained in this sale brochure and other marketing materials is subject to the terms and conditions contained in the written purchase contract. Seller shall not be bound by any statement promise or inducement that is not contained or incorporated in the written purchase contract.

SELLERS ACCEPTANCE: The final bids are subject to the Sellers acceptance or rejection.

BUYERS PREMIUM: A Buyers Premium in the amount of five percent (5%) of the bid amount shall be charged to Buyer and added to the bid amount to arrive at the total contract purchase price.

PAYMENT TERMS: 10% of the purchase price will be due immediately after the bidding concludes, with the balance due in cash at closing. The down payment may be made in the form of a cashiers check, personal check or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.

CLOSING: Closing shall take place after January 1, 2016 but prior to March 30, 2016.

POSSESSION: Possession shall be delivered at closing. However, Buyer will have a license for pre-closing access as described above.

REAL ESTATE TAXES: Taxes to be prorated to day of closing.

DELIVERY OF TITLE: At each closing, Seller shall furnish at Sellers expense: (i) a limited warranty deed conveying marketable title to Buyer, subject to all permitted exceptions as described in the purchase contract; and (ii) an owners title insurance policy in the amount of the purchase price insuring marketable title, subject to all standard requirements, conditions and exceptions and subject to the permitted exceptions.

BROKER PARTICIPATION: Any broker actively licensed in the Commonwealth of Virginia whose agent properly registers the successful high bidder will be paid a two percent (2%) commission at settlement by the Seller. Registration must be on a Woltz & Associates, Inc. Broker Participation Application form and contain the name, address and signature of agent and prospect as well a Brokers license number and Federal Tax ID number. The form must be received in the office of Woltz & Associates, Inc. by 12:00 noon on OCTOBER 7, 2015. If prospect attends preview, agent must attend with prospect. Additionally, agent must attend sale and co-register with prospect on auction day. Only the first broker to register the high bidder will be paid a commission. Agents acting as principals, on behalf of licensed real estate agents, on behalf of family members, on behalf of entities in which they hold an ownership interest or who represent prospects who have had prior contact with seller or auction company are not eligible. Only one registered bidder per agent.

SURVEY: Seller to provide survey.

PROPERTY INSPECTION: Inspection dates have been scheduled and will be staffed with auction personnel. Owner, Broker and Auction Company disclaim any and all responsibility for the safety of prospective bidders and other persons during any physical inspection of the property. No person shall be deemed an invitee to the property by virtue of its being offered for sale. DISLAIMER AND ABSENCE OF WARRANTIES: THIS PROPERTY IS OFFERED AS IS, WHERE IS. NO WARRANTY OR REPRESENTATION, STATED OR IMPLIED, IS MADE BY SELLER, BROKER OR AUCTION COMPANY CONCERNING THE PROPERTY. Prospective bidders are responsible for conducting, at their own risk, their own independent inspections, investigations, inquiries and due diligence concerning the property. The information contained in this brochure and other marketing materials is subject to verification by all parties relying on it. Seller, Broker and Auction Company assume no liability for any inaccuracies, errors or omissions in such materials. All sketches, tract maps, measurements and dimensions are approximate.

AGENCY: Schrader Real Estate and Auction Company, Inc., Woltz & Associates, Inc. and Murry Wise Associates LLC (and their respective agents and representatives) are exclusively the agents of the Seller.

CONDUCT OF AUCTION: The conduct of the auction and increments of bidding will be at the direction and discretion of the auctioneer. Seller and Auction Company reserve the right to preclude any person from bidding if there is any question as to the persons identity, credentials, fitness, etc. All decisions of the auctioneer at the auction are final.

CHANGES: Please arrive prior to scheduled auction time to inspect any changes or additions to the property information. OFFICIAL ANNOUNCEMENTS MADE FROM THE AUCTION PODIUM ON AUCTION DAY WILL TAKE PRECEDENCE OVER THE MARKETING MATERIALS AND ANY OTHER PRIOR STATEMENTS.