Pre-Auction Offers: Not Accepted
Auction Begins 11/29 10:00 AM, Auction Ends 12/03 10:50 AM

Mortgage Note Sale | Philadelphia, PA
2 Story Porch-Front Townhouse located in Philadelphia, PA. Property is in close proximity to The Fairmount Park Athletic Fields, West Fairmount Park, Philadelphia Zoo, & Thomas Jefferson University East Falls Campus. Easy Access to Major Traffic Artery Ridge Ave. See below for more information.

This auction is NOT for the sale of real estate. This auction is for the Mortgage Note. Seller’s rights are only to the Mortgage Note.

Please click the Documents Tab to review the Mortgage Note, Assignment Agreement, and Plat Map, or click on the links above. Please review the Mortgage Note Auction Terms Below.

Date of Note: October 13th, 2020

*No payments have been made.

Any information regarding 2512 W Somerset St. Philadelphia, PA 19132 is for informational purposes only.

1. Auction Platform: This online auction will be held on www.ashlandauction.com. By participating in this auction, you agree to abide by these terms and conditions, as well as any other terms and conditions set forth on the Ashland Auction Group website.

2. Property: The Mortgage Note for sale is for the property located at 2815 W Somerset St. Philadelphia, PA 19132

3. As-Is Condition: The Mortgage Note is sold in "AS IS" condition, without express or implied warranty as to the nature and description of the improvements as contained herein; and subject to easements, agreements, restrictions, or covenants of record affecting the same.

4. Waiver of Inspection Rights: By participating in this auction, you agree to waive the right of inspection for the property associated with the Mortgage Note.

5. Government Code Violations: The Mortgage Note is sold subject to any local, state, or federal government housing code violation notices or vacant house notices.

6. Occupancy and Use Permits: It is the purchaser’s responsibility to verify if a use and occupancy permit exists on the subject property and to obtain any necessary permits or licenses related to the property.

7. Risk of Loss: The purchaser assumes the risk of loss or decrease in the property's value from the date of purchase.

8. Broker Representation: No real estate commission and/or broker commission shall be payable on this transaction.

9. Good Faith Authorization Charge: All bidders are required to post a Good Faith Credit Card Authorization Charge to establish themselves as a bona fide bidder.

10. Non-Performance Penalties: Bidders acknowledge and agree that failure to execute a contract of sale with a deposit may result in substantial economic damages and losses.

11. Buyer's Premium: There will be a 10% Buyer's Premium or a $1,000 auction service fee, whichever is greater, added to the high bid. This fee is in addition to the winning bid amount and must be paid in full at the close of the auction.

12. Payment and Transfer: Upon winning the auction, the bidder must pay the full amount of their bid plus the Buyer's Premium or auction service fee within 3 business days of contract ratification. Upon receipt of payment, the Mortgage Note will be assigned to the winning bidder.

13. Indemnification: The winning bidder agrees to indemnify and hold harmless Ashland Auction Group and its agents, employees, and representatives from and against any and all losses, damages, liabilities, claims, actions, judgments, costs, and fees (including reasonable attorneys' fees) caused by, relating to, or arising out of the winning bidder's purchase or attempted purchase of the Mortgage Note.

14. Limitation of Liability: In no event shall Ashland Auction Group or its agents, employees, or representatives be liable for any indirect, incidental, special, punitive, or consequential damages whatsoever arising out of, resulting from, or in connection with this auction and/or the bidder's use of the auction website, whether based on warranty, contract, tort, or any other legal theory, and whether or not Ashland Auction Group is advised of the possibility of such damages.

15. Force Majeure: Ashland Auction Group shall not be held responsible for any interruption in service, errors, and/or omissions caused by any means and does not guarantee continual, uninterrupted or error-free service or use of the auction website. Bidder acknowledges that this auction is conducted electronically and relies on hardware and software that may malfunction without warning.

16. Legal Compliance: The winning bidder is responsible for complying with all laws and regulations related to the purchase, holding, and enforcement of the Mortgage Note. This includes, but is not limited to, laws regarding tax collection, interest rates, redemption rights, foreclosure, and eviction.

17. Legal Disputes: In the event of any misunderstanding or disagreement, the parties all mutually agree to binding arbitration by an agreed upon mediator in the Commonwealth of Pennsylvania.

Deposit: The initial deposit amount is listed above. All deposits must be cash or certified funds.
Property Disclaimers: This auction is only for the Mortgage Sale and not for the real estate itself.
Auction Disclaimers: Purchaser responsible for independently verifying/obtaining all zoning, permits, licenses, usage, etc.
Auction ID: A-000011191