Fisher Auction Company and CRES CORP International, as sole and exclusive agents for Lake Cecile Resort, Inc. are pleased to present via Online Bankruptcy Auction the fee simple interest in Three Contiguous Motel Properties totaling 17.91± Acres (Hotel, Resort or Property) situated at 4840 / 4880 / 4900 W. Irlo Bronson Memorial Highway, Kissimmee, Florida.
PALM LAKEFRONT RESORT & HOSTEL
4840 W. Irlo Bronson Memorial Highway, Kissimmee, Florida 34746
• Guestrooms: 42
• Total Land Area: 4.24± Acres / 184,694± SF (2.74± Acres Upland / 1.50± Acres Lake Area)
• Gross Building Area: 20,105± SF (4 Buildings)
• Year Built: 1978
• Folio Number: 11-25-28-0000-0070-0000
• Currently Operating
STAR MOTEL AT LAKESIDE
4880 W. Irlo Bronson Memorial Highway, Kissimmee, Florida 34746
• Guestrooms: 128
• Total Land Area: 8.21± Acres / 357,627± SF (4.50± Acres Upland / 3.71± Acres Lake Area)
Gross Building Area: 63,010± SF (4 Buildings)
• Year Built: 1983
Folio Number: 11-25-28-0000-0080-0000
• Currently under a County Demolition Order
LAKE CECILE INN & SUITES
4900 W. Irlo Bronson Memorial Highway, Kissimmee, Florida 34746
• Guestrooms: 120
• Total Land Area: 5.46± Acres / 237,837± SF (3.10± Acres Upland / 2.36± Acres Lake Area)
• Gross Building Area: 58,273± SF (2 Buildings)
• Year Built: 1984
• Folio Number: 11-25-28-0000-0090-0000
• Currently under a County Demolition Order
This is a Contract entered into by and between the Bidder (“Bidder”) and Fisher Auction Company.
- All registration information the Bidder provides to Fisher Auction Company shall be current, complete, and accurate. Bidder must be 21 years of age or older. Bidder agrees not to use any device, software or routine to interfere or attempt to interfere with the proper working of any transaction being conducted during this Online Auction.
- Bidder agrees not to retract its offer(s). The successful Bidder is legally bound to purchase the Property awarded in accordance with his / her bid, the Purchase and Sale Agreement and all other Federal and State Regulations governing contracts for the purchase of real property, including but not limited to Federal Bankruptcy Court Order(s) and the Bid Procedures listed within such Order. Unilateral conditions asserted by any Bidder will not be accepted. There will be a 6% Buyer’s Premium which the Purchaser must pay at Closing, in addition to the Purchase Price.
- Fisher Auction Company, the Federal Bankruptcy Court and the Debtor reserve the right, for any reason, in their sole discretion, to terminate, change or suspend any aspect of this Online Auction.
- Disputes Between Bidders - If a dispute arises between two or more Bidders, Fisher Auction Company, the Federal Bankruptcy Court and the Debtor reserve the right to reopen the bidding. The Debtor, acting in consultation with the Auctioneer, reserves the right to determine whether to accept the highest and best bid from the Auction. The Debtor’s designation of the Successful Bidder shall be final with the sale subject to Federal Bankruptcy Court Approval.
- Termination: This Contract constitutes a binding agreement between Bidder and Fisher Auction Company until terminated by Fisher Auction Company, which Fisher Auction Company, may do at any time, without notice, in Fisher Auction Company’s sole discretion. If Bidder dissatisfaction occurs with this Online Auction in any way, Bidder’s only recourse is to immediately discontinue use of this Online Auction. Fisher Auction Company reserves the right to terminate Bidder registration and use of this Online Auction and impose limits on certain features of this Online Auction or restrict Bidder access to, or use of, part or the entire Online Auction without notice or penalty.
- Hold Harmless – Fisher Auction Company cannot, and will not, be held responsible for any interruption in service, errors, and/or omissions, caused by any means, therefore they cannot guarantee continual, uninterrupted or error free service as the website could be interfered with by means out of Fisher Auction Company’s control. Bidder acknowledges that this Online Auction is conducted electronically and relies on hardware and software that may malfunction without warning. Fisher Auction Company may void any sale, temporarily suspend bidding, extend bidding times and/or re-sell the Property that was affected by any malfunction. The decision of Fisher Auction Company is final.
- Required Escrow Deposit – In order to be fully and properly registered for this Online Auction, Bidder has wired into The Closing Agent, Inc.’s Escrow Account (the “Escrow Agent”), a $250,000 initial escrow deposit no later than 5PM Eastern Time on Monday, August 30th, 2021 as well as submitted the required forms referenced within the Instructions for Bidder Qualification Package. All wired deposits have been verified by Fisher Auction Company.
- Property Inspection: The Bidder is invited, urged and cautioned to inspect the Property prior to submitting any bid. Failure to inspect the Property shall not constitute cause for cancellation of sale.
- OFFICE OF FOREIGN ASSETS CONTROL (OFAC) COMPLIANCE: All bidders are subject to providing appropriate government identification that includes full legal name and date of birth. In addition, all bidders are subject to being required to disclose their place of birth. By providing this information bidders agree to allow Seller to perform a search of the Specially Designated Nationals List, Blocked Persons List and Sanctioned Country List provided by the United States Office of Foreign Assets Control. Seller reserves the right to reject any bidder from registration after this search has been completed. By registering all bidders agree to abide by all of the Terms of Sale.
- The Bidder agrees that, should they be the successful Bidder on the Property, all information regarding the transaction may be published on Fisher Auction Company’s web site per the Electronic Freedom of Information Act Amendments of 1996 (5 U.S.C. 522(2000).
I hereby acknowledge and accept the above terms of this Online Bidding Contract and agree to comply with same.