PUBLIC

AUCTION OF REAL PROPERTY

Conducted by
EAST RIVER MORTGAGE CORP.

Auction Date and Time:
March 27, 2015
10:00 AM

Place of Auction:
BROOKLYN BRIDGE MARRIOTT
333 Adams Street, Brooklyn NY 11201

All inquiries directed to:
EASTRIVERMORTGAGE@GMAIL.COM
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The property more fully described in Schedule A and commonly known as _____________
_______________ (the Property), will be sold at public auction on March 27, 2015 (the
Auction Date) conducted by East River Mortgage Corp (the Seller).
Each bidder shall be required to provide the Seller with his or her name and address prior
to commencement of the auction. In order to be permitted to bid, prior to the
commencement of the auction, each bidder must deliver a down- payment check, to the
Sellers attorney, made payable to Jared Rich Esq., As Attorney, in the amount of at least
$300,000 for each parcel bidder intends to bid on. The property known as 1511 Pacific
Street shall require a down payment of $50,000. For 1031 buyers or others, Seller will agree
to another escrow agent so long as the same is reviewed and approved prior to the auction
date.
The balance of the purchase price, and any additional payments required herein, must be
paid on or before 10 am on April 27, 2015 (the Closing Date) when the deed will be ready
for delivery at the Law Office of Jared Rich, 44 Court Street, Suite 917, Brooklyn NY. TIME IF
OF THE ESSENCE AS TO THE PURCHASER ONLY.
Purchaser is free to choose its own title company. In the event that Purchasers title
company is not ready to close, Seller will provide title insurance through___________.
All deposits and final settlements are payable by certified or bank check(s) drawn on a
member bank of the New York Clearing House.
No notice will be sent to the successful purchaser, and if the successful purchaser
neglects to call at the time and place specified herein to receive his deed, Purchaser agrees
that he will be held in default and the down payment will be forfeited to the Seller as
liquidated damages.
In the event that the Seller shall extend Purchasers time to close, Purchaser consents that
such extension shall be granted only on the following terms and conditions: (a) any
extensions of time granted herein shall not exceed thirty (30) calendar days; (b) the
successful purchaser shall pay interest at the legal rate of interest, which is nine (9%)
per year, on the total bid price during the period of such extension; (c) the successful

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purchaser shall assume all responsibility for the maintenance payments of the property
and any loss or damage from any cause whatsoever during the period of such extension
shall be borne by the successful purchaser; (d) TIME SHALL BE OF THE ESSENCE, with
respect to the Closing Date as to the purchaser only.
The purchaser will at the time and place of sale sign a memorandum of his purchase and
agrees to comply with the Terms and Conditions of sale herein contained.
The sale is subject to a ten (10%) buyers premium, payable directly to the Seller.
No Representations or warranties express or implied---
THE AUCTION SALE OF THE P ROPERTY C ONTEMPLATED H EREIN IS AN ALL CASH SALE.
PURCHASER HEREBY REPRESENTS AND WARRANTIES THAT HE HAS THE FUNDS TO
CONSEMATE THE TRANSACTION. THE FAILURE OF THE SUCCESSFUL PURCHASER TO
OBTAIN FINANCING, OR TO REMIT THE BALANCE OF THE SUCCESSFUL BID SHALL NOT
CONSTITUTE GROUNDS FOR THE RETURN OF THE DOWN PAYMENT. IN THE EVENT THAT
THE SUCCESSFUL PURCHASER FAILS TO PAY THE BALANCE OF THE SUCCESSFUL BID WITHIN
THE TIME PERIOD SET FORTH IN THESE TERMS OF SALE, THE DOWN PAYMENT WILL BE
FORFEIGHTED TO THE SELLER. IT IS HEREBY STIPULATED AND AGREED THAT SUCH
FOREIFITURE IS LIQUIDATED DAMAGES AND REPRESENTS THE AGREED COST TO SELLER FOR
READVERTIZING THE PROPERTY FOR SALE AND OTHER RELATED EXPENSES.
Upon the failure of the successful purchaser to complete the purchase pursuant to
these Terms of Sale, the Seller, in its sole discretion, may on any number of occasions,
either accept the next highest bid or re-notice the sale.
The successful purchaser shall be obligated to pay a closing fee to Sellers Attorney in the
amount of $1,000. Additionally, Purchaser shall pay any and all New York City Real
Property Transfer Taxes, New York State Transfer taxes.
Seller may cancel this agreement at any time, for any reason whatsoever, without further
obligation on the part of the Seller. If the Seller cancels this contract, or is unable to deliver
title, Sellers sole obligation is the return of the down-payment money. It is hereby
stipulated and agreed that the return of said down-payment monies shall constitute a
mutual release by both parties (and any other party) of any and all obligations regarding this
transaction.
The sale contemplated herein is expressly subject to the tenancy, or rights of parties in
possession of the property. Seller warrants that there are no rent stabilized or rent
controlled tenants in any of the properties.
All advertising and marketing materials have been produced and provided by third party
sources. Purchaser hereby represents and warranties that Purchaser has not relied on any
representations made by any party, (including but not limited to the Seller, sellers attorney,
or sellers employees), in connection with its purchase of the Property. Purchaser further
represents and warranties that Purchaser has inspected the premises and the public records
and acknowledges that this purchase is as is. Purchaser has also reviewed and verified any
and all data regarding the Property to Purchasers own satisfaction.
Notwithstanding any provision contained herein to the contrary, in the event that
marketable title cannot be delivered for whatever reason, whatsoever, except for the
default of the purchaser, the purchasers sole remedy shall be a return of the down

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payment. The sale is without recourse, to the Auctioneer, employees, agents, Attorney for
the Seller or any other party.
The Terms of Sale herein are subject to addition or amended terms and conditions, if
any, which may be announced at the time of sale.
The Property AS IS and is further subject to (a) any state of facts that a physical
inspection of the Property would disclose; (b) all violations and orders of government
entities having jurisdiction over the Property; (c) rights of the public and others in and to
any part of the property that lies within the bounds of any street, alley or highway (d) any
stat of facts that an accurate survey would show; (e) any covenants, restrictions,
easements, and public utility agreements of record; (f) any building and zoning regulations,
restrictions, ordinances and amendments thereto of the City of New York or the State of
New York and possible violations or notices of the violations of the same including but not
limited to: code violations, unsafe building notices, sidewalk violations, emergency repair
liens, any hazardous materials in the property including but not limited to flammable
explosives, radioactive materials, hazardous wastes, asbestos, or any material containing
asbestos, toxic substances and vault charges; (g) the rights of any tenants, occupants,
squatters or persons in possession of the subject property; (h) Any work done by the City
of New York for any such work that may result in charges by New York City Department of
Rent and Housing Emergency Services or New York City Department of Housing
Preservation and Development, charges by the New York City Department of
Environmental Protection for water tap closing or any related work and charges by the
New York City Department of Health whether or not such charges are liens; (i) any tenancy
or occupancy of the Property (j) Purchasers legal fees in connection with the sale; (l) the
cost of any title search; and
The Properties known as 259 4th Avenue. 194 S 2nd Street and 1509 Pacific Street are under
the management of a court appointed Receiver pursuant to New York Supreme Courts
appointment in the underlying foreclosure actions for said properties. The Purchaser
acknowledges that said properties are under the control of said receivers. It shall be the
responsibility of Purchaser to coordinate with the receiver and to arrange all aspects of the
Receivers turnover of possession to the Purchaser. Upon payment of the sums due in the
foreclosure action, a motion may be required to discharge the receiver. Purchaser shall be
responsible for all aspects of the turnover of the property from the receiver. Seller will
assist in all ways possible.
The Sale is expressly subject to all outstanding violations. Seller will pay all fines
associated with such violations. The property is sold in as is condition and Purchaser
undertakes to cure any violations of record at purchasers sole cost and expense.
Purchaser shall order a title search within 5 days of the signing of this document and
provide a copy to Sellers Attorney within 2 weeks. Failure to do so shall constitute a
material breach of this agreement and Seller may cancel the Terms of Sale and retain
Buyers deposit as liquidated damages.

MEMORANDUM OF SALE

I/We have this March 27, 2015 purchased the Property commonly known as

_________________________ ______________________________, and is more fully described in
Schedule A attached hereto. For the sum of $_______________________plus a (10% buyers
premium of $______________________, and hereby promise and agree to comply with the
terms and conditions of sale as above mentioned and set forth.






_________________________________________





Purchaser





Name:





Title:

Purchaser Phone:_____________________________Email__________________________
Purchaser Attorney_________________________________Phone___________________________
Email______________________________

I have received from the purchaser above the sum of $_________________being the amount
specified as the applicable down payment for the property sold under the Terms of Sale
herein described:







_________________________________________





Escrow agent for East River Mortgage Corp.