Smith Mountain Lake and Ferrum, Virginia • Franklin County

Absolute Auctions
Sale 1: Mariner's Cove Estates
Sale 2: Ferrum Restaurant & Rentals

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Sale 1: Mariner's Cove Estates

100± Acres Offered in 7 Tracts
4.6± Acre Common Area with 6 Covered Boat Slips on Becky's Creek

Auction Tract #	Acreage ±	Mariner's Cove Lot #
1	11.40	1,2
2	16.53	3,4,5
3	10.01	6,7
4	25.29	8,9,10,11,12
5	15.33	13,14,15
6	10.54	16,17
7	Remaining Property on Lakewood Forest Road
8	Potential Boat Slip Space
9	Potential Boat Slip Space

Here is your chance to purchase acreage property with water access at your price. This Becky’s Creek jewel is waiting for you. These carefully planned acreage tracts offer private secluded wooded building sites with wonderful access to Smith Mountain Lake and just 2.9 miles from Westlake. The common area already has 6 covered boat slips in place awaiting your boat. The summer awaits you and the time is right to purchase.

This development consists of 17 five plus acre tracts with common areas on Lakewood Forest Road and on Becky’s Creek. We are combining the road frontage common area with the first two interior tracts and every tract will have access to the 4.676 acre common area on Becky’s Creek.

The common area is 4.676 acres and is enhanced by six covered boat slips with party decks. Each one of the auction tracts will be granted an easement to use the common area and will have deeded access to one boat slip.

Preview the land at your leisure. Auctioneers will be on site for open houses at the docks on Sunday, May 23 and Saturday, May 29 from 1:00 - 4:00 PM.


View from Common Area	Common Area

	Tract 6

Directions to the property: From Westlake at the intersection of 122 and 616, take Scruggs Road (616) south for 1.7 miles and turn left on Lakewood Forest Road (949). Go 1.2 miles and turn right into the property.

Sale 2: Ferrum Restaurant & Rental Properties

Ferrum Restaurant

The Ferrum Restaurant and rental properties are located at 8150 and 8160 Franklin Street, Ferrum, VA. Located beside the restaurant is a building that has been converted to four single rooms each with its own complete bath. Great rental potential that is close to the college.

This restaurant was most recently operated as El Torito Mexican Restaurant. What a great well known site on Route 40 just 1.5 miles east of Ferrum College and 8.3 miles west of Downtown Rocky Mount. The restaurant equipment will be sold immediately following the real estate. The real estate and the equipment will be sold at Atlantic Bay Mortgage Building at the same time as sale 1.

Directions to Auction Sale 2: Located on Route 40, 8.3 miles west of Rocky Mount and 1.5 miles east of Ferrum College.

Personal Property in sale 2 will be conveyed "AS IS, WHERE IS."

Sale 2 Open Houses are Fridays, May 21 & 28 from 12 NOON to 3 PM.

Restaurant Equipment


Lot 400: Two Plants	Lot 401: Two Square Tile Tables

Lot 402: Six Square Light Brown Tables	Lot 404: Three Round Tile Tables

Lot 403: Twenty-four Red Chairs	Lot 405: Four Bar Stools

Lot 406: Four Bar Stools	Lot 407: Four Bar Stools

Lot 408: Sixteen Red Chairs	Lot 410: Three Tables (2 square, 1 rectangular)

409:Two Round, High Bar-Type Tables	Lot 415: Contents of Office

Lot 411: Twenty-six Red Chairs	Lot 412: Three Rectangle Tile Tables

Lot 413: Four Tile Tables (3 rounded ends and 1 round white table)	Lot 414: Booths

Lot 416: Three-tier Work Table	Lot 417: Cups, Glasses and Misc.

Lot 418: Roll-around Rack with Some Trays	Lots 419: US Range Gas Griddle Stove, Oven, etc.

Lot 420: Star Manufacturing Gas Grill and Table	Lot 421: Dean Gas Fryers

Lot 422: Continental Refrigerator	Lot 423: Continental Refrigerator

Lot 424: Contents of Three Racks in Back Room	Lot 425: Three Storage Racks

Lot 426: Sink Without Faucets	Lot 427: Three Rack in Walk-in Cooler (Racks Only)

Lot 428: Frigidaire Refrigerator/Freezer	Lot 430: Small Sink-Type Item

Lot 429: Rapids Beer Keg Cooler with 3 Taps	Lot 431: Old Dr. Pepper Chest-type Cooler

Lot 432: Flower Pot and Miscellaneous Pictures and Paintings

Topography Map

Boundaries shown on aerial photographs and topographical maps, which are provided by Auction Company as a courtesy to bidders, are approximate. Bidders should refer to the surveys provided in the Bidder Packet for boundary locations.

Documents

Mariners Cove Survey
Mariners Cove Map
Mariners Cove Common Area Drain Field Layout
Auction Tract 7 Survey
Survey Restaurant
Survey 2 Restaurant
Dock Assignments
Personal Property List
Preliminary Bidder Packet
Broker Participation Form

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 Broker’s license number and Federal Tax ID number. The form must be received in the office of Woltz & Associates, Inc. by 12:00 noon on June 3, 2010. 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. Broker Participation Form

Terms and Conditions

REGISTRATION: Bids will be accepted only from registered bidders. Registration begins at 5:00PM. Please bring a driver’s license for identification.
AUCTION SALE: Auction Tracts 1-9 in Sale One and the property in auction Sale Two will be sold absolute to the highest bidder regardless of price. ALL SALES ARE FINAL: All property is auctioned “AS IS, WHERE IS” with all faults in its condition at the time of sale without recourse by way of refund, reduction of the purchase price, or otherwise. Bidders should perform such independent investigation with respect to the property as they deem necessary or appropriate.
FINANCING: Your bidding and purchase of the property is not conditional upon financing. Be sure you have arranged financing, if needed, and are capable of paying cash at closing.
LIABILITY: Bidders inspecting property enter at their own risk. Auction Company assumes no risk for bodily injury or damage to personal property.
BIDDING: Qualified bidders may bid on individual tracts or any grouping of tracts. The auctioneer will determine all bid increments. All decisions by the auctioneer regarding bid acceptance are final.
ANNOUNCEMENTS: Announcements on day of sale take precedence over all prior releases, verbal and written, concerning this auction sale.
BUYER’S PREMIUM: The Buyer’s Premium on the real estate is 5% of the high bid amount. The Buyer’s Premium will be added to the high bid to determine the final sale price.
AGENCY: The Auction Company and its representatives represent the Seller.
LEAD PAINT: The property in auction sale two in this auction was built prior to 1978 and may contain lead-based paint. A lead-paint inspection may be performed by bidders prior to the auction sale date. Applicable lead paint documents and information are available from Auction Company. Bidders will be provided a lead-paint disclosure prior to signing a real estate purchase agreement and agree to waive the ten (10) day right to inspection after the auction sale.
REAL ESTATE DEPOSIT: A deposit in the amount of ten percent (10%) of the contract sale price will be required on day of sale. The deposit is payable by cash, cashier’s check, or pre-approved personal check payable to Woltz & Associates, Inc. Escrow Account. Personal checks will be approved if the Buyer presents a bank letter stating that the Buyer is a customer of the bank and the checking account is in good standing.
REAL ESTATE DEED: The real estate will be conveyed by general warranty deed free and clear of liens, subject, however, to any rights of way, easements and restrictions of record. The balance of the purchase price is due at settlement on or before July 7, 2010. There will be no assigning of tracts or deeds between bidders. Tracts will be deeded in the manner purchased at the auction.
BOUNDARY LINES: Boundaries on aerial photos and topo maps are approximate. Refer to survey for exact boundary locations.
PAYMENT FOR PERSONAL PROPERTY: All personal property must be paid for in full on day of auction sale by cash, cashier’s check, wire transfer, or pre-approved personal or business check. Personal and business checks will be approved if the Buyer presents a bank letter stating that the Buyer is a customer of the bank and the checking account is in good standing.
REMOVAL OF PERSONAL PROPERTY: Personal property becomes the responsibility of the Buyer at the time of sale. The Auction Company does not provide equipment or labor to remove purchased items. Except heavy equipment, all personal property must be removed from the premises during the posted times for pick-up unless prior arrangements are made with Auction Company. Pick-up times for the personal property will be May 22 from 10:00 AM to 4:00 PM.
GENERAL: The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.

Contact

For more information, please contact Russell Seneff (VA# 1185).
Phone Number: (540) 342-3560 or 800-551-3588
Email:russell@woltz.com