Terms and Conditions for Membership Interest auction starting October 19 and ending October 21. 2020. All bidding will be on the online bidding platform at CunninghamAuctions.com, there will be no live auction.
ASSETS: Lender is separately auctioning two 100% Delaware limited liability company membership interests in management companies holding the exclusive management rights to two Arizona licensed medical marijuana dispensaries, one with an onsite cultivation facility and a prime location in Tempe and another with a prime location in Scottsdale. The sale of each 100% interest includes the exclusive and comprehensive management rights for the related dispensary with customary complete changes in management, in compliance with the Arizona medical Marijuana Act, A.R.S. 36-2801et seq. More information on these companies and their assets can be obtained from the auctioneer after signing a non-disclosure agreement.
By agreeing to these Terms and Conditions and making your $3 million refundable bidder deposit you will be approved to bid on the Assets.
DEPOSIT: Cunningham & Associates, Inc. will act as Escrow Agent. A $3 million deposit is required to be approved to bid on the Assets. Wire instructions for the escrow account are attached. Your deposit must be verified as received no later than 2:00 PM, Arizona Time (Zulu -7) Tuesday, October 20, 2020. Once your deposit is verified you will be approved to bid and will be able to register on the online bidding platform at CunninghamAuctions.com. All bidding for the Assets will take place online, there will be no live auction.
PAYMENT: If you are the winning bidder your deposit is applicable to the total winning bid amount, payment in full is due no later than 2:00 PM, Arizona Time (Zulu-7) Friday, October 23, 2020. If you fail to pay the remaining amount by the payment deadline you will forfeit your bidder deposit and the Asset will be offered to the second highest bidder (Backup Bidder).
DEFAULT: If you are the second highest bidder and want to be Backup Bidder you will need to leave your deposit in escrow until the highest bidder performs or defaults. If the highest bidder defaults, you will be given the option to perform at your bid amount.
DEPOSIT REFUND: If you are not the winning bidder and do not want to be Backup Bidder your deposit will be wired to you Thursday, October 22, 2020.
SALES TAX: There is no sales tax.
SALES LIST: The sales list is furnished by the auctioneer as a guide only. No guarantee as to the accuracy or description is made. Deletions and additions may take place.
DISPUTE BETWEEN BIDDERS: If any dispute between bidders occur, the auctioneer may decide to put the lot up for sale again. The auctioneer’s decision is final and absolute.
THE BIDDER MUST UNDERSTAND WHAT HE/SHE IS BIDDING ON AND HOW IT IS BEING SOLD. NO REFUNDS.
RECORD: The record of sale that is kept by the auctioneer or his clerk will be taken as final word in the event of a dispute.