All Furniture, Fixtures & Equipment, sold in bulk

AUCTION TERMS & CONDITIONS

Sells Monday, October 19, 2020 @ 11:00 am ET

By Order of Secured Party

Inspection 9:00 am to 11:00 am ET Morning of Sale

MAINLAND INN

17 Main Street Harleysville, PA 19438

Face Coverings Required for Entry – Social Distancing Strictly Enforced

Thank you for participating in this Live On-Site & Web Simulcast Auction

In person and on-line bidding by qualified bidders is permitted at this auction. In order to participate in the auction, all prospective bidders must register with the auction company in advance of the auction and be approved for eligibility. Prospective bidders must contact the auction company for registration and qualifying requirements and must demonstrate their financial ability to tender payment prior to being issued a bidding paddle number. Contact the Auction Company by telephone at (201)-871-1600 for qualifying instructions.

Qualified bidders will be issued a bidding paddle number and be permitted to bid on (1) the Liquor License, (2) the Furniture, Fixtures & Equipment, or (3) the Liquor License and the Furniture, Fixtures & Equipment.  These items are being offered ‘as is’ and “where is” the highest and/or best qualified bidder as determined by the Secured Party, free and clear of all liens, claims, interests, and/or encumbrances.

A qualified bidder is a potential bidder capable of providing, among other things, (1) a bid equivalent to the fair market value of the Liquor License (if a bid is submitted with respect to the Liquor License only), the Furniture, Fixtures & Equipment (if a bid is submitted with respect to the Furniture, Fixtures & Equipment only), or the Liquor License and the Furniture, Fixtures & Equipment (if a bid is submitted with respect to the Furniture, Fixtures & Equipment and the Liquor License), (2) a good faith deposit to the Auction Company at the time of the auction which is equal to ten percent (10%) of the final bid; (3) written evidence to the Secured Party, through its’ attorneys at least five (5) days prior to the auction that the potential bidder has available cash or evidence of ability to consummate the proposed sale without a financing contingency within two (2) days oof the acceptance of the bid and; (4) an executed copy of the Auction Terms and Conditions to the Auction Company. The acknowledgement and acceptance of the terms of sale is a condition precedent to the qualification of a potential bidder as a qualified bidder.

Please be aware that any party wishing to submit a bid on the Liquor License must satisfy additional requirements specific to the Pennsylvania Liquor Control Board in order to make a qualifying bid.  All parties interested in submitting a bid on the Liquor License should consult the applicable code and regulations for eligibility to apply for the transfer of a liquor license, which can be obtained online at the Pennslyania Liquor Control Board’s website (www.lcb.pa.gov).  Without limiting the generality of the foregoing, a qualified bidder with respect to the Liquor License shall be (1) if a natural person, a citizen of the United States and shall have been a resident of the Commonwealth of Pennsylvania for at least two years immediately preceding the auction, and (2) if a corporation, limited liability company, or partnership, such corporation, limited liability company, or partnership shall have been incorporated or formed, as the case may be, and subsisting under the laws of Pennsylvania or duly authorized to transact business in Pennsylvania, further provided that all officers, directors, shareholders, partners, members, and/or managers, as the case may be, of such corporation, limited liability company, or partnership, and the manager of the restaurant operated by such corporation, limited liability company, and/or partnership and purported to use the License in its operations shall be citizens of the United States.  Furthermore, no person, corporation, partnership, limited liability company, or association shall be a “qualified bidder” if such person, or any officer or director of such corporation, or any member or partner of such partnership, limited liability company, or association shall have been convicted or found guilty of a felony within a period of five years immediately preceding the date of the auction. The transfer of the Liquor License to the successful bidder is contingent upon the approval of the Pennsylvania Liquor Control Board, in which the successful bidder must comply with all rules, regulations, and/or procedures of the Pennsylvania Liquor Control Board for the transfer of the Liquor License. 

THERE IS NO WARRANTY RELATING TO TITLE, POSSESSION, QUIET ENJOYMENT, OR THE LIKE IN THIS DISPOSITION.  FOR THE AVOIDANCE OF DOUBT, NEITHER THE SECURED PARTY (REPUBLIC FIRST BANK D/B/A REPUBLIC BANK) NOR ANY OF ITS EMPLOYEES, AGENTS, REPRESENTATIVES, CONSULTANTS, AND/OR ATTORNEYS MAKE ANY EXPRESS OR IMPLICIT REPRESENTATIONS, WARRANTIES, OR GUARANTEES CONCERNING THE STATUS, CONDITION, QUALITY, FITNESS, MERCHANTABILITY, OR USE OF THE PROPERTY. ANY SUCH REPRESENTATION, WARRANTY, OR GUARANTEE IS EXPRESSLY DISCLAIMED, IN WHICH THE PROPERTY IS BEING SOLD ‘AS IS.’ BUYER BEWARE. IT IS FOR THESE ABOVE REASONS THE AUCTION COMPANY ENCOURAGES ALL BIDDERS TO TAKE OPPORTUNITY FOR INSPECTION PRIOR TO BIDDING.

No offers may be withdrawn once made, but no sale is final until accepted in writing by the Secured Party or its agent. The items are being sold at public auction to the highest and/or best qualified bidder, as will be determined by the Secured Party in its sole discretion. 

The successful bidder shall remit the balance of the purchase price to the Auction Company within two (2) days upon acceptance of the successful bid.    No alternative payment arrangements will be accepted.  If the successful bidder is unable to remit payment in accordance with these terms, the successful bid shall be deemed null and void, and the items shall be offered for sale at public auction to the highest qualified bidder immediately thereafter on that same date and time.

The Secured Party reserves the right to take part in the bidding process and credit bid on the items offered at the auction.

The successful bidder must exercise reasonable care with respect to the removal of the furniture, fixtures and equipment from the premises and the successful bidder shall be liable for any and all damage to the premises arising out of and/or related to the removal of the furniture, fixtures and equipment. Removal dates and times will be established by the auction company post sale.

The proceeds from the auction shall be held in escrow pending approval of the relevant government divisions, agencies, or bodies, including, but not limited to the Pennsylvania Liquor Control Board and the U.S. Small Business Administration.The Auction Company, the Secured Party, and/or any of its’ representatives do not warrant the accuracy, genuineness, authenticity, amount or description of any of the items contained herein. Furthermore, Secured Party reserves the right to cancel the auction, without notice, in its entirety, delay the auction, or to adjourn the auction to a future date, or to amend these Auction Terms and Conditions at any time.All questions relating to the auction should be directed to Secured Party’s Counsel: Inez M. Markovich, Esquire or Matthew J. Rifino, Esquire, McCarter & English, LLP, 1600 Market Street, Suite 3900, Philadelphia, Pennsylvania 19103, (T) 215.979.3800. (E) Imarkovich@mccarter.com or Mrifino@mccarter.com

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CATALOGE OF AUCTION ITEMS

Lot #1:

Retail Restaurant Liquor License

License Number:  R-20614

LID Number:  68711

Licensor:  Pennsylvania Liquor Control Board

Current Licensee:  Mainland Inn, Inc.

Location of License:  17 Mainland Street, Harleysville, Montgomery County, Pennsylvania 19438 (the “Liquor License”)

Lot#2:

All furniture, fixtures & equipment, sold in bulk, on the premises located at or about 17 Mainland Street, Harleysville, Montgomery County, Pennsylvania 19438 as more fully described in the attached list of items.

Lot#3:

Retail Restaurant Liquor License and all furniture, fixtures & equipment, sold in bulk, as described above.