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Sealed Bid Public Auction
Bid Deadline: Monday June 30, 2008 (12Noon)

Short's Grill
122 N Raiford Street
Selma, NC 27576

Here is your chance to own a legend. Short's Grill has been in continuous operation since 1940. The current owner is going to fulfill a lifelong dream and go back to Law School.

This restaurant should bring $100,000 or more, but the minimum bid is only $45,000. Fully equipped and staffed, means you can start making $$$$ the first day you own it.

Open for 68 years. Must be a good location... ya' think???? Change the menu or redecorate at your own peril. Maybe a coat of paint or a good cleaning would be okay BUT any more than that and the customers will not know what to think. If you don't serve CAROLINA PACKERS hot dogs we can't be held responsible for what might happen.

Located in the heart of Selma's business district. If you can’t find it, ask anybody in Johnston County. Everybody knows where it is. Stop by for breakfast or lunch--you will be impressed.

Rent & utilities total less than $2,000 per month--hard to believe--but, then again, the rent has been paid since before World War II.

Terms & Conditions of Sale:

1. Short's Grill is being offered for sale at sealed bid auction.
2. Sale shall include all equipment and goodwill belonging to the seller.
3. The seller guarantees that, at closing, all assets will be free of encumbrance.
4. The seller guarantees that, at closing, all vendors and suppliers will be paid.
5. Buyer may purchase remaining food inventory, at cost.
6. All bidders will use the designated form to place a bid. This form must be complete, and accurate before the bid will be accepted. This form is available on the web site, by fax, or email at the bidder's request.
7. No bid below $45,000 will be accepted.
8. In the event of a tie bid, the first bid received will take priority and will receive the contract. In the event, the first high bidder does not execute the contract, then the next bidder in line will be offered the sale.
9. All bids must be faxed to (866)972-3322 before Noon on Monday, June 30, 2008.
10. Once the high bid is established the following will take place:
    • A 10% buyer's premium will be added to the final bid to determine the Contract Sales Price.
    • The high bidder will be notified by telephone, email, and/or fax.
    • The Sales Contract will be sent to the high bidder by email or fax.
    • The high bidder will sign the Sales Contract and return a copy by fax.
    • The seller will execute the document and a final copy will be returned to the high bidder by fax.
11. The high bidder will then make an Earnest Money Deposit of 25%, by wire transfer to the Auction Company Trust Account, or by overnight delivery, no later than 24 hours after the Contract is signed by both parties.
12. The Buyer will have 15 days from the date of contract to acquire a new lease. If the landlord, fails to offer the Buyer a new lease under the same conditions, the Buyer may void the purchase and all deposits will be returned.
13. Closing will be within 15 days of execution of the Sales Contract, at a mutually agreed upon location within a one hour drive of Selma, NC.
14. The balance of the Contract Sales Price will be due, in full, at closing.