PARCEL BOROUGH OF BROOKLYN FOR EACH PURCHASE, THE SUCCESSFUL BIDDERS MUST HAVE THE CASH REQUIREMENT INDICATED BELOW IN THE FORM OF NO. BLOCK LOT LOCATION SIZE. BOROUGH OF BROOKLYN PARCEL FOR EACH PURCHASE, THE SUCCESSFUL BIDDERS MUST HAVE THE CASH REQUIREMENT INDICATED BELOW IN THE FORM OF NO. BLOCK LOT LOCATION SIZE CASH MINIMUM UPSET PRICE $ 5,500. Irreg. The information contained in this booklet is not guaranteed and is provided for the The properties in this auction sale are offered at the minimum upset prices specified, STANDARD TERMS AND CONDITIONS OF SALE 1. The purchase price on sales of $100.00 or less shall be paid in full at the time and place of sale. On all other sales the deposit shall be 20% of the sale price with a minimum of $100.00. The successful bidder will be required to pay 20% of the amount bid, in cash or by check made payable to the COMMISSIONER of FINANCE of the City of New York together with the auctioneer's fee at the time and place of sale, and the balance of the cash due shall be payable within 30 days from the date of sale. In making the above payment, "cash or certified check, postal or bank money order is required" on each transaction as follows: Where Parcel appears in brochure With Minimum Upset Price of $25.00 to $500.00 Over $500.00 CASH OR CERTIFIED CHECK, POSTAL OR Payment must be in cash or certified check, postal or bank money Payment must be in cash or certified check, postal or bank money order in the amount of 20% of the minimum upset price. The balance of the purchase price shall be payable as follows: (a) If the purchase price is less than $5,000.00 the entire balance is due and payable within 30 days from the date of sale. If the purhase price is $5,000.00 or more but less than $15,000.00 and the successful bidder requests a mortgage as provided for in paragraph 2 hereof, the minimum cash requirement due and payable within 30 days from the date of purchase will be the difference between the down payment on date of purchase and 50% of the purchase price. (b) If the purchase price is $15,000.00 or more and the successful bidder requests a mortgage as hereinafter provided, the minimum cash requirement due and payable within 30 days from date of purchase will be the difference between the down payment on date of purchase and 333% of the purchase price. (c) If no mortgage is requested by successful bidder, the entire balance of the purchase price must be paid within 30 days from the date of purchase. All balance payments shall be made by certified check, money order or bank check payable to the order of the Commissioner of Finance of the City of New York. 2. The balance of the purchase price in excess of the cash payments as hereinabove provided for shall be represented by a purchase money bond or note, and mortgage. The purchase money mortgage shall be payable in constant quarter annual installments aggregating twelve per cent (12%) per annum of the original amount of such mortgage until the full sums secured thereby are paid. Out of each such installment there will be first deducted interest on the unpaid principal balance at the rate of seven percent (7%) per annum and the remainder will be applied in reduction of the principal. The said note and/or bond, and mortgage shall contain a provision permitting prepayment of additional sums in multiples of $100.00 on due dates of each of the installments and to prepay the entire outstanding principal amount of indebtedness with interest up to and including the date of payment. 3. The mortgagor shall pay a late charge of one percent (1%) in addition to interest for each month or fraction thereof on any delinquent mortgage installment payment, retroactive to the due date of such installment. 4. The purchase money bond or note, and mortgage shall be prepared by the Corporation Counsel of the City of New York at the expense of the purchaser. The following schedule of fees for drawing purchase money bonds or notes, and mortgages shall apply: Where the sum secured is up to $10,000.00 Where the sum secured is from $10,001.00 to $25.000.00 Where the sum secured is from $50,001.00 to $100,000.00 5. A fee of $50.00 shall be charged for the drawing of a Satisfaction of Mortgage. $100.00 $125.00 $150.00 $250.00 $500.00 6. A charge of $100.00 shall be made for attendance by the Corporation Counsel at any transactions outside his principal office relating to the satisfaction of a mortgage or the release of part of the mortgaged premises. 7. A fee of $75.00 shall be charged for the preparation and drawing of an assignment of mortgage by the Corporation Counsel. 8. The deed to be delivered shall be in the form of a bargain and sale deed without covenants and shall be delivered within 90 days from the date of sale. 9. In the event that a purchaser, and/or, the assignee, fails to make the deposit due at the time of auction, and/or fails to make the balance payment, and/or, fails to appear at the closing, or appears and refuses to close at the time and place fixed therefor by the Commissioner of the Division of Real Property, the Commissioner may declare the purchaser and/or assignee in default and The City of New York shall retain all moneys paid on account of the purchase as partial liquidated damages, and The City of New York may sell the property as hereinafter provided in paragraph 10. 10. The City of New York, at its option, may resell the property if the successful bidder, or his principals or assignees, if any, shall fail to comply with the terms of sale, and such bidder and/or principals and/or assignees shall, in addition to forfeiting any deposits made on account thereof, be held liable for any deficiency which may result from such resale. 11. (a) Any objections to title including survey objections, must be submitted to the Commissioner of the Division of Real Property in writing no later than thirty (30) days after the date of the auction sale. The failure to submit such notice of objections shall be deemed a waiver of any and all title objections. (b) In the event any of the objections involve Federal tax liens, the sale will be cancelled and the provisions of paragraph 20 shall apply, unless the purchaser desires to take title subject to such Federal tax lien. 12. Upon the closing or in the event a closing is postponed at the request of the purchaser, for reasons other than valid objections to title as determined by the Corporation Counsel, all adjustments, including but not limited to taxes, sewer rents, maintenance and repair expenditures of the seller, reasonable management fees. fuel, water rates, rents and other adjustable items, will be apportioned from the date of closing originally fixed, including interest and mortgage amortization payment or payments. 13. The risk of loss or damage by fire between the date of sale and the date of delivery of the deed inclusive shall ba "TERMS": CONTINUED 14. An insurance policy providing fire and extended coverage insurance to cover the current insurable value of the property is to be delivered by the purchaser at title closing on improved properties on which the City has taken back a mortgage to secure a portion of the purchase price. 15. The successful bidder will be required to accept the parcel and/or any improvements thereon, in its "as is" condition as of the date of closing title. 16. The successful bidder, as part of the consideration, shall pay for and furnish at the closing any revenue stamps required to be affixed on the deed, purchase money bond, and mortgage, and shall also pay the mortgage tax and the fees for recording the mortgage and deed, as well as any other conveyance taxes, fees or revenue charges which may be in force at the time of the delivery of the deed. 17. All titles will be closed at the offices of the Division of Real Property, 2 Lafayette Street, Borough of Manhattan, City of New York, or such other place as the Commissioner of the Division of Real Property may direct in writing. 18. The property shall be sold subject to the following conditions, all of which shall be incorporated in the deed, to wit: (a) Subject to building restrictions, and to zoning regulations in force at the time of the delivery of the deed. (b) Subject to covenants, restrictions and easements of record, if any, affecting the premises, provided that they do not prohibit the maintenance or present use of the existing structure. (c) Subject to the provisions of all laws, codes, statutes, ordinances, acts, rules, regulations, etc., of any local, state or federal government, or any agency or subdivision thereof, having jurisdiction, or any violation of same. existing at the time of sale and/or at the time of the closing. (d) Subject to any state of facts an accurate survey would show provided same does not render title unmarketable. (e) Subject to the rights, if any, of tenants and persons in possession, if any. (f) Subject to all pending assessments, if any, which the purchaser will assume and pay. (g) Subject to any state of facts that a thorough inspection of the premises would reveal. (h) Subject to the condition that title to the property is to revert to the City of New York if within (2) years from the date of closing of title, all class B and C housing code violations of record as of such closing date, shall not be cleared, satisfied and removed. 19. The right is reserved to the Commissioner of the Division of Real Property to withdraw any parcel from the sale, and reject any and all bids. 20. The City, at its option, may cancel the sale at any time before the actual delivery of the deed. In such event, and also where the City is unable to convey a marketable title, subject to the provisions of paragraph "18" above, the City's sole liability in such event shall be limited to the return to the successful bidder of all payments made to the City on account of the purchase, and the net cost of title examination without title insurance, as actually charged to the purchaser by the title company which is engaged to make a search of the premises for the purchaser, and the net cost of a survey, if any, and that thereupon the parties shall be mutually released from all obligations as a result of such purchase. Receipted bills for title examination and survey must be submitted. However, if the purchaser or his successor or assignees is in default of any of the terms herein, then the purchaser or his successor or assignees shall forfeit all moneys paid hereunder as partial liquidated damages. 21. Statements made in any sales catalog or sales brochure, published or distributed in connection with any sale, pertaining to street location and/or size of property offered for sale, are for information only and should be verified by the purchaser before the sale. However, it is understood and agreed that the purchaser is bound by any state of facts disclosed in the tax maps, zoning maps and resolutions, building restrictions, and other data pertaining to the subject premises. 22. No individual or corporation or any stockholder, director or officer of any corporation who or which is in default in or on any contract, obligation or agreement of any kind or nature whatsoever entered into with The City of New York, or any of its agencies, will be accepted as a bidder or purchaser for this property and the Commissioner of Real Property reserves the right to reject any bid and/or cancel any sale at any time prior to the actual closing if an investigation establishes such a default, and in such event the City may retain all money paid on account of the purchase as partial liquidated damages. 23. The purchaser or assignee of the successful bidder shall be required to submit an affidavit in a form prescribed by the Commissioner, at the sale, wherein it is provided, among other things: (a) That the purchaser or assignee has not been a former owner of such property, directly or indirectly, for a period of five (5) years prior to the date hereof and that he will not permit a transfer of title to such former owner for a period of three (3) years following the transfer of title, and (b) That the purchaser or assignee has no interest, directly or indirectly, in any property, in default of real estate taxes for a period exceeding one (1) year, purchased at a prior Division of Real Property auction sale. (c) That the purchaser or assignee does not personally own any property located in the City of New York which is delinquent in the payment of real estate taxes for a period exceeding one year. (d) In the event it is discovered that the affidavit was untruthful, the City may, in addition to all other civil and criminal remedies it may have, obtain an Order of the Supreme Court cancelling the deed and annulling the sale, In such event, all sums paid on account thereof shall be retained as partial liquidated damages. This covenant shall appear in the deed and shall run with the land. In connection with the above, the Commissioner of the Division of Real Property may request from the purchaser or assignee a certification of the chain of title prior to the closing. 24. If there is an inconsistency between the standard terms and conditions of sale and the special conditions of sale of any particular parcel sold, the special conditions of sale shall prevail. 25. In the event of the acquisition by the City of New York by condemnation or otherwise of any part or portion of the purchased premises lying within the bed of any street, avenue, parkway, expressway, park, public place or catch basin as said street, avenue, parkway, expressway, park, public place or catch-basin is shown on the present City Map, the purchasers, their successors and assigns shall only be entitled as compensation for such acquisition by the City to the amount of one dollar, and shall not be entitled to compensation for any buildings or structures erected thereon within the lines of the street, avenue, parkway, expressway, park, public place or catch-basin so laid out and acquired. This covenant shall be binding upon and run with the land and shall endure until the City Map is changed so as to eliminate from within the lines of said street, avenue, parkway, expressway, park, public place or catch-basin any part or portion of the premises and no longer. |