AUCTION

THURS, FEBRUARY 23, 2017 at 12:00 NOON

VALUABLE AUTO DEALERSHIP BUILDING
1100 GREENVILLE AVE. STAUNTON, VA

Gilbert Schwartzman, Auctioneer

gil.schwartzman@foxcommercialauctions.com
VA Auction License 2907004153

Phone (410) 484-8618; 410-833-5343 Fax (410) 510-1158 www.FoxCommercialAuctions.com

Property Information Package

 NOTICE TO ALL BIDDERS

The information included herewith is a summary of information available from a number of sources, most of

which have not been independently verified. This summary has been provided only for the use of prospective

bidders at the Public Auction to be held on Thursday, February 23, 2017 at 12 Noon. It is supplied for

whatever assistance it may provide in answering questions; however:

SUCH INFORMATION AND OPINIONS ARE SUPPLIED WITHOUT ANY WARRANTIES OR

REPRESENTATIONS, EITHER EXPRESSED OR IMPLIED, WHATSOEVER.

Prospective bidders are advised to avail themselves of the land and tax records of the City of Staunton,

Virginia and to make an inspection of the premises on their own behalf; consulting whatever advisors they

may feel appropriate.

The property for sale will be auctioned in an "AS IS", "WHERE IS" condition and neither Fox Commercial

Auctions, LLC, nor the Seller, or their respective agents make any express or implied warranties of any kind.

The descriptions and conditions listed in this and other advertising materials are to be used as guidelines only

and are not guaranteed.

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 TABLE OF CONTENTS

PROCEDURES FOR PURCHASING AT AUCTION. 4

FREQUENTLY ASKED QUESTIONS 5

PROPERTY SUMMARY.. 6

GENERAL INFORMATION. 7

SITE DESCRIPTION ... 9

IMPROVEMENTS DESCRIPTION.. 10

ELEVATIONS... 12

SITE MAP. 13

FLOOR PLAN . 14

PHOTOS.... 15

TERMS OF SALE..... 17

CONTRACT OF SALE. 18

BIDDER REFERRAL RULES.. 22

BIDDER REFERRAL AGREEMENT.. 23

EXHIBIT A PROPERTY DEED.... 24

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 PROCEDURES FOR PURCHASING AT AUCTION

Thank you for your interest in this auction! If you are unfamiliar with buying real estate at auction, here is
an easy to follow set of instructions on how to participate:

REGISTRATION:
1. Upon arriving at the auction site, seek out one of the members of the auction staff to find out where
to register.

2. At the registration desk, you will be asked to fill out a bid card. Once completed, you will receive
your bid number for the auction.

3. You will also be asked to show us your deposit, which must be in the form of bank or cashiers check,
or in cash. We must see your deposit prior to the auction to make sure that everything is in other and
that you are in fact a qualified bidder.

BIDDING:
Bidding is a very simple process that can be accomplished through one of the following ways. The most
important rule is to listen closely to the auctioneer. When the auctioneer is calling out bids to the crowd, you
can increase your bid by:

1. Raising your bid card in the air,

2. Shouting your bid out to the auctioneer verbally,

3. Having one of the auction staff place your bid for you, or

4. Communicating a signal to the auctioneer that has been arranged prior to the auction.

Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer.
Announcements made from the podium at the time of the sale take precedence over all printed materials. If
you have any questions at the auction about the property, procedures, or anything else, do not hesitate to ask.
We will be happy to help in any way we can.

POST AUCTION:
Upon completion of the auction when the auctioneer says, SOLD, the winning bidder will immediately be
required to sign the Agreement of Sale and post the proper deposit. At this time, instructions regarding closing
of the sale will be thoroughly explained to you and any questions will be answered. If you have any additional
questions, please direct them to any of the auction staff members present or call our offices at (410) 484-
8618.

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 FREQUENTLY ASKED QUESTIONS

The following questions are frequently asked by prospective bidders. Additional information for each topic
may be found on the referenced page.

Q: What is the opening bid and who determines what it will be?

A: The opening bid will be determined on the day of the auction by the bidders themselves. The auctioneer
will ask the bidders for an opening bid, a bidder will call out their opening bid, and the auction will proceed
from there. For more information, see the Procedures for Purchasing at Auction section in this Property
Information Package on page 4.

Q: What are the requirements to bid?

A: To bid, simply arrive at the property before the scheduled auction time with the specified deposit in either
bank or cashiers check, or in cash. The deposit will be collected from the winning bidder. We suggest bidders
have the checks made payable in their own name. That way, they can sign the funds over to Fox Commercial
Auctions if they are the winning bidder; otherwise, it is easier to deposit back into their accounts. For more
information, see the Procedures for Purchasing at Auction section in this Property Information Package on
page 4.

Q: What are the terms and conditions of this sale?

A: Information on the manner of sale and terms of sale may be found in this Property Information Package
in the legal ad.

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 PROPERTY SUMMARY

PROPERTY ADDRESS: 1100 Greenville Avenue

City of Staunton, Virginia 24401

PROPERTY DESCRIPTION: 25, 247 +- sq. ft. automobile dealership building

SIZE: 3.2730+- acres

ZONING: B-2, General Business District

TOTAL REAL ESTATE

ASSESSMENTS: $1,196,370 (Total)

REAL ESTATE TAXES: $11,366

TITLE: Fee simple

BUILDING RENOVATED IN 2013!!!

BROKER PARTICIPATION INVITED!!

INSPECTIONS: FRIDAY, FEBUARY 10 AND THURSDAY, FEBUARY 16

FROM 12 NOON TO 2 PM EACH OF THOSE DAYS.

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 GENERAL INFORMATION

SUMMARY OF SALIENT FACTS

The subject property is an automobile sales and service facility identified as the former Elliott Chevrolet Cadillac. The
subject is a complete automobile dealership facility that consists of one primary building occupying a single parcel of
land. The subject is located in the southern portion of the City of Staunton on the corner of Greenville Avenue and
Lincoln Avenue; a commercial corridor.

The subject property includes a 25,247-square foot automobile dealership facility that was originally constructed in 1964
and is situated on 3.273 acres. Renovations to the property were completed in 2013 to meet General Motor's Facility
Image (GMFI) Essential Brand Elements (EBE) facility image program. The renovations were completed to the
showroom exterior and retail interior. As such it is in good condition.

The renovations largely involved the dealership showroom, service write-up area, and retail area and included
showroom exterior and interior renovations. The showroom interior was updated and the front facade was upgraded to
current manufacture design standards. The interior of the showroom and retail area was updated to include an upgraded
customer lounge, restrooms, and sales offices. In addition, customer service lanes and a new car delivery area
were added, which expanded the building by 432 square feet. The reported construction budget was $1,101,750. We
were not provided with the final construction costs.

LOCAL INFLUENCES

The subject property is located along the west side of Greenville Avenue (US Route 11), proximate to its intersection with
Lincoln Avenue. in City of Staunton, Virginia. The local market area is situated in the west-central section of the
Commonwealth of Virginia, about 85 miles north of Roanoke, 100 miles west of Richmond, and about 150 miles
southwest of Washington, DC. This area is known as the southern portion of the Shenandoah Valley at the foothills of the
Blue Ridge and Allegheny Mountains. The area is where two interstate highways intersect, Interstates Route
81 and 64.

The local market area is situated in the southern end of the City of Staunton. Greenville Avenue (US Route 11) which
is a major commercial corridor in the region. The local area contains many commercial use properties such as
shopping centers, restaurants, office, freestanding retail, and several automobile dealerships and service centers. Just
off the Greenville Avenue corridor is residential development.

ACCESS
The local market area is easily accessible from two major interstates: 1-64 and 1-81, along with US Routes 11 and
250 from the Blue Ridge Parkway and Skyline Drive. Local area accessibility is generally average, relying on the
following transportation arteries:

Local:

Local access is via Greenfield Avenue (US Route 11) which connects to the downtown area of the City of
Staunton. US Route 250 (a/k/a Jefferson Highway) runs in an east-west direction. This roadway is heavily
developed with commercial uses and is the primary commercial artery. US

Route 250 is a four-lane roadway that provides access into the downtown area of the City of Staunton to the
west and Waynesboro to the east.

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 Regional:

Interstate 81 provides regional ingress and egress. The Woodrow Wilson Parkway (VA Route 262) forms an
outer 'beltway' around the city and connects to 1-81 to the north and the south.

The Shenandoah Valley Regional Airport is 15 miles north of Staunton, with a shuttle running to and from the city and
airport. Staunton is also easily reached from the expanding Charlottesville-Albemarle Airport (CHO) in just under an
hour, while the Commonwealth's capital city of Richmond and nation's capital of Washington are both only two hours
away. Amtrak serves the city in railway transportation as well.

DOWNTOWN STAUNTON
Staunton's 250-year history is visible in its 5 National Historic Districts. Gospel Hill is a neighborhood of elegant
homes where religious meetings were held in the 1790s. Stuart Addition is a diverse neighborhood adjoining the
campus of Mary Baldwin College, with many buildings listed in the National Register of Historic Places. Newtown dates
to 1787 and includes the historic Trinity Church and the city's first African-American church. Beverly is the
19th century area that contains downtown Staunton's finest collections of Victorian architecture. The Wharf District was
the town's center of commerce during the boom years of the 19th century railroads, where produce and supply
warehouses were built around the train depot.

In these 5 historic districts are dozens of antique and gift shops, restaurants, art galleries, and bed and breakfast inns.
Museums range from the Frontier Culture Museum illustrating the lifestyles of early European settlers to the area, to
the museum of distinguished artist P. Buckley Moss and several collections of military artifacts. Outdoor attractions
include a farmers' market and the Andre Viette Gardens, the largest collection of perennial flowers in the eastern
United States.

For several years the downtown business area was severely tested with the location of new shopping centers in the
southern end of the city and the resulting outward expansion. This also spurred the commercial development of the
various corridors leading in and out of the city. This includes a Super Walmart and Lowe's Home Improvement store along
Route 250, the main commercial artery. A selection of budget hotels, restaurants, banks and gas stations are also
located along this roadway.

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Location: 1100 Greenville Avenue

Staunton, City of Staunton, Virginia 24401

The subject property is located along the west side of Greenville Avenue (US Route 11),
proximate to its intersection with Lincoln Avenue. The subject is located on a primary
transportation route inside of the city limits.

Land Area: 3.2730 gross acres (3.2730 net)

142,572 gross square feet (142,572 net)

On occasion, there may be a difference between the gross and net site areas. Regarding the
subject site, there is no difference between the net and gross site areas.

Shape: Irregular

Topography: Generally level and at street grade.

Frontage and Visibility: Good frontage and visibility along US Route 11. Frontage and access is provided along
this roadway.

Wetlands: None present.

Flood Zone: FEMA Zone X: Area determined to be outside of the 500 year flood plain.

Soil Conditions: Load-bearing capacity assumed to be adequate, with no evidence to contrary upon
inspection

Utilities: All Available

Access: There is multiple curb cuts along US Route 11.

Zoning: B-2, General Business District, by the City of Staunton. This district encompasses retail
and general commercial uses. The subject's use appears to be allowed by-right.

Land Use Restrictions: We do not know of any easements, encroachments, or restrictions that would adversely
affect the site's use.

Special Hazards: None known

Land-to-Building Ratio: 5.65:1, based on the gross building area and the net land area.

Comments: The site is functional for its current use.

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BUILDING DESCRIPTION
Year Built: 1964

Year Renovated/Expanded: 2013

Number of Buildings: 3

Number of Stories:

Gross Building Area (Linked 25,247 square feet, excluding mezzanine (unfinished) and canopy
To Cost): structures (if any).

Overall Condition: Average to very good

Layout: Typical, with a showroom located along the primary frontage road and with
the service and parts departments located behind it.

CONSTRUCTION DETAIL
Basic Construction: Structural steel frame and a combination of metal panel walls and brick

Foundation: Concrete

Framing: Steel

Roof Height: 10' to 23', refer to the Cost Approach section for details

Exterior Walls: Metal, with the exception of the showroom, which has single-pane plate glass
walls in aluminum frames.

Roof Structure: Steel decking with steel trusses

Roof Cover: Metal

Condition: Average to good; no problems reported or noted during inspection

MECHANICAL DETAIL
Heating and Cooling: The showroom and office areas are 100 percent heated and cooled by
rooftop HVAC units. The service department is not cooled and is heated by
ceiling hung space heaters.

Electrical Service: Assumed to be adequate for typical auto dealership use.

Fire Protection: None

Condition: Average to very good

INTERIOR DETAIL
Floors: Ceramic tile in the showroom and office areas, and concrete in the
service/parts storage area.

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 Walls: Painted drywall, plate glass in aluminum frames, and insulated metal
panels

Ceilings: Drop ceiling in the showroom and office areas and exposed roof in the
service and parts area.

SITE IMPROVEMENTS
Onsite Paving: 105,000 square feet +- of asphalt paving.

Landscaping: Minimal

Signage: There are a total of 20 light fixtures on multiple poles.

Fencing: None

Other: None

Condition: The site improvements are in average condition.

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PHOTOS

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 TERMS OF SALE

A deposit payable by bank or cashiers check, or in cash, will be required of the Purchaser at the time

and place of sale in the amount of One Hundred Thousand Dollars ($100,000)* The balance of the

purchase price due at closing.

Closing must occur on or before Tuesday, April 4, 2017.

All costs incident to closing including, but not limited to recordation fees, transfer taxes, title insurance

fees, etc. to be paid by the Purchaser. All annualized expenses, such as real property taxes, to be

adjusted to date of closing and assumed thereafter by the Purchaser. A Buyers Premium of Three and

one half Percent (3.5%) applies.

Time is of the essence. For complete Terms of Sale see the Contract of Sale printed in this Property

Information Package on page 18.

* Make check payable to yourself. If you are the winning bidder, you will endorse it to us; if you are not the
purchaser, you can easily redeposit it to your own account.

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 CONTRACT OF SALE

THIS CONTRACT OF SALE (Contract) made this day of , 2017 by and between the
following parties:

Seller:

Hereinafter referred to as SELLER.

Purchaser:

Hereinafter referred to as PURCHASER.

WITNESSETH, that for and in consideration of the mutual covenants herein, SELLER agrees to sell and
PURCHASER agrees to buy the property and the improvements thereon generally known as 1100
Greenville Avenue, Staunton, Virginia 24401 and more particularly described in Exhibit A, attached
hereto and made a part hereof (hereinafter referred to as PROPERTY), upon the following terms and
conditions:

PURCHASE PRICE OF PROPERTY IS

Dollars ($ ). DEPOSIT has been received

from PURCHASER with this Contract in the form of in the amount of

Dollars ($ ) which shall

be deposited by Fox Commercial Auctions, LLC., hereinafter referred to as AUCTIONEER, in one or
more escrow accounts subject to default provisions. Additional deposit in the amount of

Dollars ($ ) shall
deposited by PURCHASER with AUCTIONEER not later than 5:00 PM, Thursday, March 2,

2017. Balance of purchase price in the amount of _______________________________________

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 Dollars ($ ) shall be due from PURCHASER at closing by
certified check.

CLOSING. PURCHASER agrees to make full settlement, in accordance with the terms hereof,
on or before Tuesday, April 4, 2017 (Closing). CLOSING is to be made at a mutually agreed upon
location. TIME IS OF THE ESSENCE.

EXAMINATION OF TITLE AND COSTS. Any and all costs incident to CLOSING, including transfer
taxes, recordation fees, documentary stamps and any other related costs, to be paid by PURCHASER.

TITLE. At Closing, Seller shall convey the Property to Purchaser by Special Warranty Deed, subject,
however, to covenants, rights of way, easements, conditions and restrictions of record existing on the
settlement date.

DAMAGES FOR PURCHASER'S BREACH. In the event of default by PURCHASER in the

consummation of the purchase of PROPERTY in accordance with the terms of this Contract, the deposit
and interest accrued thereon shall be forfeited to SELLER. In addition, SELLER reserves the right to
pursue any and all legal remedies available at law or equity including the right to maintain an action for
specific performance or to have PROPERTY resold at the risk and expense of PURCHASER.

ADJUSTMENTS. All annualized charges including but not limited to taxes, water charges, sewer
charges, escrows, insurance, ground rent, if any, shall be prorated as of the date of Closing.

POSSESSION. SELLER agrees to give possession and occupancy at time of closing.

ATTORNEY'S FEES. Should any litigation be commenced between the parties hereto concerning the
premises, this Contract, or the rights and duties of either in relation thereto, the party (PURCHASER or
SELLER) prevailing in such litigation shall be entitled, in addition to such other relief granted, to a
reasonable sum as and for their attorney's fees in such litigation, such sum to be determined by the Court
in such litigation, or in a separate action brought for that purpose, and the parties agree not to enjoin
AUCTIONEER and to indemnify AUCTIONEER for its costs and fees.

SELLER'S WARRANTIES AND REPRESENTATIONS. SELLER h a s m a d e n o representations or

warranties, including but not limited to, representations and warranties as to the condition of the premises,
title, zoning conditions, governmental requirements or environmental matters. The PROPERTY is being
sold in "AS IS", "WHERE IS" condition, with any and all faults.

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SPECIAL NOTICE. AUCTIONEER assumes no responsibility for the condition of PROPERTY or for
the performance of this Contract by any or all parties hereto. PURCHASER hereby warrants and
represents that AUCTIONEER has not made any statement, representation or warranty regarding the
condition of the premises, zoning conditions, governmental requirements or environmental matters,
guarantees or warranties of the like, upon which PURCHASER has relied and which is not contained in
this Contract.

OBLIGATION OF PRINCIPALS. If PURCHASER is a business entity, the principals of PURCHASER

hereby join in the execution of this Contract for the purpose of guaranteeing the performance by
PURCHASER of each and every one of its obligations under this Contract, including without limitation,
the payment of the purchase price on the closing date. If more than one person executes this Contract
pursuant to this clause, the obligations of each such person shall be joint and several.

ASSIGNMENT. This Contract may not be assigned by PURCHASER without the express written
consent of the SELLER.

CONDEMNATION OR CASUALTY. All risk of loss or damage to Property prior to Closing by fire,
windstorm, casualty, or any cause shall be borne by the SELLER, (other than an act or damage caused by
an act or omission by PURCHASER, which shall be borne by PURCHASER.

In the event of substantial loss or damage to the Property before closing. PURCHASER shall have the
option of either (A) terminating this Contract, or (B) affirming this Contract and proceeding to Closing.

AGREEMENT OF PRINCIPALS. The undersigned hereby ratify, accept and agree to the Contract and
acknowledge receipt of a copy thereof. The parties to this Contract mutually agree that it shall be binding
upon them, their personal representatives, successors and assigns; that all parties hereto have authority to
execute this Contract; that this Contract contains the final and entire agreement between the parties hereto,
and neither they nor their agents shall be bound by any items, conditions, statements, warranties, or
representations, oral or written, not herein contained.

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WITNESS: SELLER:

BY: (SEAL)

WITNESS: PURCHASER:

BY: (SEAL)

WITNESS: PURCHASER:

BY: (SEAL)

PRINCIPALS OF PURCHASER

BY: ______________________________________

BY: ______________________________________

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 BIDDER REFERRAL RULES

As a REALTOR, you can refer buyers to our auctions and earn a 1% Bidder Referral Fee if your buyer
is the winning bidder at the auction, once the property closes. To qualify for the referral fee the
REALTOR must abide by the following rules:

1. REALTOR must be validly licensed.

2. The REALTOR must refer the bidder on an official referral form and forward by mail or fax to
Fox Commercial Auctions, LLC, 13 Hambleton Court, Baltimore, MD 21208, fax #: (410) 510-
1158, Attn: Project Manager, received and accepted by Fox Commercial Auctions, LLC not later
than forty-eight (48) hours prior to the auction date.

3. Referral form must be signed by both REALTOR and bidder.

4. REALTOR must attend the auction with the bidder.

5. No referral fee will be paid to any REALTOR or agent, or member of his/her immediate family,
or participating in the purchase of property as a principal. An affidavit may be required as proof
that the REALTOR or agent is serving only as a referring REALTOR or agent and not as a
principal. Registrations of REALTOR s or agent by other REALTORs will not be accepted.

6. Referral fees will be paid upon closing.

7. Oral referrals, or referrals received later than forty-eight (48) hours prior to the auction date
WILL NOT be accepted. These requirements will be strictly adhered to.

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 BIDDER REFERRAL AGREEMENT

I, _____________________________________________________________________________________________a Broker/Agent
(Name of Broker/Agent)

with________________________________________________________________hereby refers_____________________________
(Brokerage)

__________________________________________________________________________as a bidder for the auction of 1100

GREENVILLE AVE., STAUNTON, VA.

BROKER HEREBY AGREES TO THE FOLLOWING:

1. If my bidder is the Successful Bidder at the Auction, I will receive a referral fee of One Percent (1%) of the Final Bid Price from
the Seller upon compliance with all terms and conditions of this agreement. It is understood and agreed that bidder must
acknowledge this referral by signing this agreement. Referral fee will be paid upon closing under the Purchase Agreement.
It is understood and agreed that no referral fee or compensation whatsoever shall be due unless and until each of the following
conditions has occurred: (i) my delivery and acceptance of this Bidder Referral Agreement to Fox Commercial Auctions, LLC (ii)
execution by bidder and ratification by Seller of the Purchase Agreement; and (iii) actual and final closing of title as evidenced by
execution, delivery and recording (where applicable) of all closing instruments, and payment in full of the purchase price specified
in the Purchase Agreement. It is further understood and agreed that if for any reason whatsoever the sale is not finally closed,
including acts, omissions, or negligence on the part of Seller and/or Auctioneer, Auctioneer and Seller are relieved from any and all
liability, claim or charge whatsoever, and no referral fee or other compensation shall be due or payable to me. If the bidders
default under the Purchase Agreement results in forfeiture of the Deposit (as defined in the Purchase Agreement), or any portion
thereof, or bidder pays or becomes liable for damages to Seller, I shall not be entitled to any portion of such forfeited deposit(s) or
damages.
2. I hereby represent and warrant that I am, (i) a duly licensed real estate Broker/Agent under the laws of Virginia; (ii) who has only
referred the bidder to the auction, and I am not a principal in this transaction; and (iii) the bidder has no principal or ownership
interest in my brokerage and is not a member of my immediate family.
3. I understand that a prospective purchaser may only be represented by one Broker/Agent.
4. It is understood and agreed that this referral agreement is valid only for the day of Auction and expires upon conclusion of the
Auction, unless the bidder is the Successful Bidder at the auction.

BIDDER HEREBY AGREES TO THE FOLLOWING:

1. I hereby acknowledge being referred by the within named Broker/Agent and that this agreement does not create an agency
relationship between the Broker/Agent and myself, unless such relationship has been created by separate agreement. I have
received from the Broker/Agent and signed the document Understanding Whom Real Estate Agents Represent.
2. I represent and warrant that I am not a principal in, nor do I have any ownership interest in, the brokerage named in this
Bidder Referral Agreement and am not a member of the immediate family of said Broker/Agent.

THIS AGREEMENT MUST BE COMPLETED IN FULL BY ALL PARTIES AND RECEIVED AND ACCEPTED BY FOX RESIDENTIAL
AUCTIONS, LLC NO LATER THAN FORTY-EIGHT (48) HOURS PRIOR TO THE AUCTION DATE.

BIDDER: REFERRING BROKER/AGENT:

Print Name_________________________________________________ Print Name___________________________________________________

Signature__________________________________________________
(Bidder)
__________________________________________________________
(Address)
__________________________________________________________
(_________)_______________________________________________
(Telephone)
__________________________________________________________
(Date)
Signature_____________________________________________________
(Broker/Agent)
____________________________________________________________
(Name of Company)
____________________________________________________________
(Address)
____________________________________________________________
(___________)________________________________________________
(Telephone)

Received and accepted by Fox Commercial Auctions, LLC by __________Date____________________

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EXHIBIT A PROPERTY DEED

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