KOREAN RESTAURANT-Secured Party Sale-

The Woo Korean Restaurant, 209 Spring Street, New York, NY 10012

Morning of Sale from 10:00 am to 11:00 am

On Site Bidding Only: Monday, November 18 at 11:00 am sharp. Bidders must register at the auction site, acknowledge the auction terms & conditions and sign a waiver & release form in order to receive a Bidding Paddle.

Bulk Bid Only: This auction offers the entirety of the auction catalog in one (1) bid and will not be offered on a piece-by-piece basis. Upon the knockdown of the bid, the successful bidder must tender a twenty-five percent (25%) deposit in immediately available funds (ie; cash or cashier’s check payable to “Caspert Management Co., Inc.”) balance due within twenty-four (24) hours (ie; Tuesday, November 19 by 11:00 am)

Buyer's Premium: There is a fifteen percent (15%) Buyer's Premium in effect for this auction.

Sales Tax: Sales Tax (8%).

Documentation: Any purchaser claiming tax exemption status must provide acceptable documented proof including a completed and signed resale certificate form. In addition, prior to the removal of any item from the auction site, the successful bidder must provide a Certificate of Insurance naming Caspert Management Co., Inc. 11 Oxford Road, North Caldwell, New Jersey 07006 and 206 Spring Property LLC c/o MD Property Group, 7 Penn Plaza Suite 601, New York, New York 10011.

Pick Up Dates & Times: Pick up will be Tuesday thru Friday, November 19-22 from, 9:00 am to 3:00 pm each day. Any items not removed by the conclusion of the scheduled pick-up will be considered abandoned property. 

Removal: All items must be removed by the bidder at his own risk and expense no later than Friday, November 22 and in compliance with all applicable laws, regulations or ordinances. Quantities should be checked by the bidder or their agent before removal of items. No allowances will be made for claims or shortages once the item has been removed. The successful bidder is responsible for bringing adequate and qualified help and equipment to remove any items they have purchased. without assistance from the Auction Company.

The successful bidder represents that they are familiar with the item(s) they are purchasing, as well as their condition and location and are purchasing such item(s) with a knowledge and understanding of the removal requirements of said item(s) and the ability to do so within a commercially reasonable workmanlike manner.

Resale: The Auction Company reserves the right to resell any item not paid for in full by the conclusion of the stated pick-up period. In any such event, the bidder will still be responsible for payment for the original purchase, buyer’s premium, sales tax, any shortfall resulting from the bidders’ inability to timely perform as well as the costs of collection of this payment and/or damages resulting from the resale of the item(s).

Risk of Loss: Merchandise becomes the full responsibility of the bidder at time of payment and the bidder assumes all risk of loss and damage to the item(s) at that time.

No Returns: All sales are final. There are no returns, refunds, credits or exchanges once an item has left the auction site.

Disclaimer: All items are offered “as is, where is, with all faults”. The Auction Company does not give or make any type of guarantee or warranty regarding the lots to be sold, implied or otherwise as to the quality, condition, performance, hours or nomenclature of any item to be offered, so buyer beware. The Auction Company encourages all bidders to inspect lots in person before bidding. The Auction Company is not responsible for incorrect listing information, if any. The Auction Company has attempted to provide accurate descriptions of all items however, it is the bidder's responsibility to determine the condition and suitability of each lot. Printed statements or descriptions by The Auction Company are provided in good faith and are matters of opinion. Furthermore, the Auctioneer reserves the right to deny registration to any prospective bidder at his sole discretion, remove any person from the auction site as well as refuse an individual’s offer to purchase items and may reject any and all bids. This is not an absolute auction. The secured party has the right to credit bid.

Debt Collection and Interest Charges: The bidder agrees to pay all reasonable attorney fees and other costs incurred by the Auction Company in its efforts to collect unpaid funds from the bidder. The bidder agrees that a fee of 2% of the outstanding balance per month be added to any unpaid balance due the Auction Company.

Guaranty Agreement: By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees payment to the Auction Company for any bid amount not paid when due by the business entity or corporation, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorney's fee.

Limitation of Liability: If, for any reason, The Auction Company is unable to make available or deliver any purchase, or portion thereof, or documentation required in respect of any purchase, the sole liability of the Auction Company, if any, shall be the return of monies paid in respect of such purchase upon its return by Purchaser.

Waiver & Release: All persons entering the auction site acknowledge that the auction site is a potentially dangerous place. Every person entering the auction site before, during and after the auction does so at their own risk and no person shall have any claim against the Auction Company, Seller or Landlord for any injuries sustained or damages to or loss to persons or property which may occur from any cause whatsoever. The Auction Company, Seller and Landlord shall not be liable by reason of any defect in or about the condition of the auction site and all bidders as well as their agents, employees or representatives specifically release the Auction Company, Seller and Landlord as well as their agents, employees and representatives from all liability thereof.

Theft: Any instances or theft or vandalism will be prosecuted to the full extent of the law. Security surveillance cameras may be present at the auction site.

All bidders must be 21 years of age or older.

Addtional Terms to be provided at the sale site on the day of the auction.

 

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