UHVLGHQWLDO FRPPHUFLDO DXFWLRQ FDWDORJXH
:DOHV :HVW&RXQWU\ 7KXUVGD\0D\ SP
6RXWK:DOHV 7KXUVGD\0D\ SP EX\HU V SOHDVHQRWHȋ SURRIRILGHQWLW\
'XHWRFKDQJHVLQWKH$QWL0RQH\ /DXQGHULQJUHJXODWLRQVDQ\RQHZLVKLQJ WRELGRQDQ\SURSHUW\ZLOOEHUHTXLUHG WRUHJLVWHUDWQRFRVWSULRUWRWKHVDOHLQ WKHURRPDQGSURGXFHWZRIRUPVRIWKH IROORZLQJLGHQWL̰FDWLRQ Ȋ3KRWRJUDSKLFSDVVSRUWRUGULYLQJOLFHQFH Ȋ$GGUHVVFXUUHQWXWLOLW\ELOOEDQN VWDWHPHQWHWF ,I\RXDUHVXFFHVVIXOLQSXUFKDVLQJD SURSHUW\\RXZLOOEHDVNHGE\WKHFDVKLHUWR SURGXFH\RXULGHQWL̰FDWLRQDQGWKHVHZLOO WKHQEHSKRWRFRSLHG GHSRVLWV :HDFFHSWVWHUOLQJXSWRe &KHTXHVDQG%DQNHUV'UDɓVEXW &$1127$&&(37&5(',7 '(%,7&$5'6 FRPSOLPHQWDU\ SDUNLQJDYDLODEOH
DXFWLRQGHWDLOV
M4 M4 M4 30
A48(M)
Pentwyn A48 29a St Mellons
Llanrumney A48 A470 A469 Llanedeyrn Park Inn Hotel
A48 Gabalfa Flyover A48 Newport Rd
Cardiff
7KH3DUN,QQ+RWHO 7KXUVGD\0D\ SP &LUFOH:D\(DVW/ODQHGH\UQ &DUGL̯&) ;) 7HO 2UGHURIVDOH
/RW 3URSHUW\$GGUHVV
3HQUK\Q7HUUDFH3KLOOLSVWRZQ1HZ7UHGHJDU
%ODHQ\FZP7HUUDFH7UHKHEHUW7UHRUFK\
%U\QK\IU\G7HUUDFH7\ORUVWRZQ)HUQGDOH
(DVW6WUHHW1HZSRUW
0HDGRZ6WUHHW/ODQKLOOHWK$EHUWLOOHU\
$FUHVRIODQGWRWKHVRXWKRI(GZDUGV:RUNV/ODQGDUF\1HDWK
%U\QKHXORJ7HUUDFH7\ORUVWRZQ
)ODWVDW+DQEXU\5RDG3RQWQHZ\Q\GG3RQW\SRRO
/DQGDWWKH5HDURI+DQEXU\5RDG3RQWQHZ\Q\GG3RQW\SRRO
)RUPHU1DWZHVW%DQN0DUNHW6WUHHW(EEZ9DOH
(DVW5RDG7\ORUVWRZQ
$UQROG6WUHHW0RXQWDLQ$VK
&RPPHUFLDO6WUHHW$UFDGH$EHUWLOOHU\
7\&ZP&ZP(EEZ9DOH
)ODW(DVW&RXUW(DVW5RDG7\ORUVWRZQ
$EHUQDQW5RDG$EHUGDUH
3HQQ\̰HOG&ZPEUDQ
&DWEUDLQ/DQH%ULVWRO
E2[IRUG6WUHHW0RXQWDLQ$VK
)ODW /RQGRQ5RDG3HPEURNH'RFN
%ULGJH6WUHHW3RQW\SULGG
'RQDOG6WUHHW&DUGL̯
*DUDJHVDW2OLSKDQW&LUFOH1HZSRUW
$UQROG6WUHHW0RXQWDLQ$VK
7KH7HFKQRORJ\&HQWUH:LOOLDP6WUHHW*LOIDFK%DUJRHG
:HQWORRJH5RDG&DUGL̯
7D̯6WUHHW%ODHQOOHFKDX)HUQGDOH
+LJK6WUHHW0HUWK\U7\G̰O
/DQGWRWKH(DVWRI0LQLQJ6FKRRO+LOO&UXPOLQ1HZSRUW
3LFWRQ+RXVH6ZDQ6WUHHW0HUWK\U7\G̰O
3HQWUHJHWKLQ5RDG5DYHQKLOO6ZDQVHD
)RUPHU1DWZHVW%DQN &OHYHGRQ5RDG:HVWRQ6XSHU0DUH 5HVLGHQWLDO &RPPHUFLDO /RW 3URSHUW\$GGUHVV &RPPHUFLDO5RDG/ODQKLOOHWK$EHUWLOOHU\ $FUHV\DUG(GZDUGV:RUNV,QGXVWULDO(VWDWH/ODQGDUF\1HDWK 3XJVOH\6WUHHW1HZSRUW .H\QVKDP5RDG3O\PRXWK 3ORW*UHHQ̰HOG7HUUDFH3HQ\GDUUHQ0HUWK\U7\G̰O 3ORW*UHHQ̰HOG7HUUDFH3HQ\GDUUHQ0HUWK\U7\G̰O )RUPHU1DWZHVW%DQN:RRG̰HOG6WUHHW0RUULVWRQ6ZDQVHD 7KH3DUDGH)HUQGDOH :\QGKDP6WUHHW7UHKHUEHUW7UHRUFK\ /DQGWRWKH5HDURI5ḺH6WUHHW%ODHQDYRQ3RQW\SRRO :KLWVRQ&KXUFK:KLWVRQ1HZSRUW /DQGWRWKH5HDURI:\QGKDP&UHVFHQW$EHUGDUH 9LFWRULD6TXDUH$EHUGDUH *OHQUDIRQ7HUUDFH1HER&DHUQDUIRQ 7RS/ODQ5RDG*ODQ&RQZ\&ROZ\Q%D\ +LOOVLGH&RWWDJH5HGKLOO%ULVWRO D%HWKFDU6WUHHW(EEZ9DOH %HWKFDU6WUHHW(EEZ9DOH 6LQJOHWRQ7HPSOH'ULYH/ODQUGULQGRG:HOOV (DVWYLOOH$YHQXH5K\O 1HDWK5RDG%ULWRQ)HUU\1HDWK &-%XWFKHUV0DULRQZHQ6WUHHW&HIQ)IRUHVW%ODFNZRRG &RPPHUFLDO6WUHHW0RXQWDLQ$VK :LOOLDP6WUHHW 2YHUVWRQH&RXUW&DUGL̯ *DUDJHVUHDURI%HOO9XH6WUHHW$EHUGDUH -DPHV6WUHHW7RQ\SDQG\ :HUQ5RDG 7KRPSVRQ&KDSHO7KRPSVRQ6WUHHW 3OHDVDQW9LHZ$EHUIDQ0HUWK\U7\G̰O -HUVH\5RDG%ODHQJZ\Q̰3RUW7DOERW )RUPHU7ULQLW\&KDSHO:HVWOH\3ODFH1L[RQYLOOH0HUWK\U9DOH0HUWK\U7\G̰O 2DNVIRUG&RHG(YD&ZPEUDQ LOT 1 18 Penrhyn Terrace, Phillipstown, New Tredegar NP24 6BG Guide Price £18,000 House For Owner Occupation/Investment '(6&5,37,21 A three bedroom end of terraced house situated in the village of Phillipstown which is within close proximity to local amenities, major road networks and rail links. The property is in need of full renovation and would be an ideal investment. $&&2002'$7,21 Ground Floor: Lounge/dining room, kitchen, bathroom First Floor: Landing, 3 bedrooms Outside: Front and rear gardens 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Thurs 19 Apr - Wed 25 Apr - Tues 01 May 10.40 Paul Fosh Auctions Contact: Lanleigh Payne LOT 2 88 Blaen-y-Cwm Terrace, Treherbert, Treorchy CF42 5NE Guide Price £40,000+ House For Owner Occupation/Investment '(6&5,37,21 A well-maintained mid terraced house with accommodation over three floors and wonderful views to the rear. The property benefits from UPVC double glazing and gas central heating (not tested) and offers scope to improve further internally. The village of Treherbert benefits from an excellent range of amenities and shopping facilities including train station with direct links to Cardiff and Treorchy with its wider selection of shops is easily accessible. $&&2002'$7,21 Ground Floor: Entrance, lounge Lower GF: Kitchen/dining room, bathroom First Floor: Landing, 3 bedrooms Outside Rear garden with lane access 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 13.00 Paul Fosh Auctions Contact: Sean Roper LOT 3 20 Brynhyfryd, Tylorstown, Ferndale CF43 3AR Guide Price £28,000+ Owner Occupation/Investment '(6&5,37,21 A three-storey mid terraced house situated in a well established residential location. The property has previously benefited from upgrading to include UPVC double glazing, gas central heating (not tested), refitted kitchen and bathroom and has a first floor WC. The village of Tylorstown benefits from a good range of local amenities including a Lidl supermarket and the nearby towns of Ferndale and Porth are easily accessible with their wide selection of amenities and facilities. $&&2002'$7,21 Ground Floor: Entrance, lounge Lower GF: Kitchen, bathroom, utility room First Floor: Landing, 3 bedrooms, WC Outside: Rear garden with fine views 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 14.00 Paul Fosh Auctions Contact: Sean Roper deposit Buyers, the minimum deposit is £,000 or 10% of the maximum bid price, whichever is the greater. LOT 4 27 East Street, Newport NP20 4BR Guide Price £49,000+ Commercial Investment Opportunity '(6&5,37,21 The property is an end of terrace building comprising two storeys The property is located within Newport city centre and is situated of retail and ancillary accommodation and is currently leased at on East Street to the corner of Caxton Place. Friars Walk Shopping an annual rent of £3,900. The property provides a retail unit to Centre and Newport train station are both within close proximity. the ground floor comprising a shop area, rear office with kitchen facilities, storage area and WC facilities. The first floor provides ancillary accommodation comprising of three rooms. ACCOMMODATION Floor Description Area Sq Ft Area Sq M Ground Floor Retail Area 276 25.7 Ground Floor Office 172 16.0 First Floor Ancillary Accommodation 129 12.0 First Floor Ancillary Accommodation 133 12.4 First Floor Ancillary Accommodation 141 13.1 Total 851 79.2 TENANCIES: Leased at an annual rent of £3,900 per annum TENURE: Advised Freehold - to be verified by solicitor Date Time Thurs 19 Apr - Tues 24 Apr - Mon 30 Apr 10.50 Paul Fosh Auctions Contact: Matthew Jordan LOT 5 70 Meadow Street, Llanhilleth, Abertillery NP13 2JH Guide Price £35,000+ House For Owner Occupation/Investment '(6&5,37,21 A traditional mid terraced house offering generous accommodation over two floors. The property benefits from UPVC double glazing and gas central heating (not tested) and will be ideal for either homeowner or a landlord for buy to let. The village of Llanhilleth is ideally situated for access to the nearby towns of Abertillery, Newbridge and Ebbw Vale and there is a train station offering direct links to Cardiff. $&&2002'$7,21 Ground Floor: Entrance, lounge/dining room, kitchen, WC First Floor: Landing, 2 bedrooms, bathroom Outside: Rear yard with lane access 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Thurs 19 Apr - Wed 25 Apr - Tues 01 May 15.30 Paul Fosh Auctions Contact: Sean Roper LOT 6 5.3 Acres of Land to the South of Edwards Works, Llandarcy, Neath SA10 6JY Guide Price £17,000+ Amenity Land '(6&5,37,21 The property comprises a parcel of land measuring approximately 5.3 acres (2.14 hectares). The land is bordered by the Neath and Tennant Canal along the entire eastern and southern side, which we are advised is well stocked with a variety of fish. The plot is accessed via a public footpath along the canal and benefits from having its own pond. The site is mainly flat with areas of grazing and some woodland. The land is situated to the south west of the Edwards Works Industrial Estate. Junction 43 of the M4 is nearby providing links to Swansea in the south west and Cardiff and Bristol in the south east. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Leasehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Matthew Jordan LOT 7 42 Brynheulog Terrace, Tylorstown, Ferndale CF43 3DW Guide Price £40,000+ House for Owner Occupation/Investment '(6&5,37,21 A well presented and maintained mid terraced house with wonderful views to the front. The property benefits from UPVC double glazing and gas central heating (not tested) and has an alarm system. The village of Tylorstown is ideally situated for access to the towns of Ferndale, Porth, Pontypridd and access to the A470 to Cardiff. $&&2002'$7,21 Ground Floor: Hallway, lounge/dining room, kitchen First Floor: Landing, 2 bedrooms, bathroom Outside: Forecourt, rear yard with steps to garden 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 15.45 Paul Fosh Auctions Contact: Sean Roper buyer’s premium Buyers, in addition to the 1% purchase price, buyers will be required to pay a buyer’s premium of 1% or Minimum £0.00 inc VAT per lot. LOT 8 Flats at 85 Hanbury Road, Pontnewynydd, Pontypool NP4 6PF Guide Price £140,000+ Residential Investment Opportunity but has previously enjoyed high occupancy levels with long-term tenants. Each of the flats benefit from new electric storage '(6&5,37,21 heating (not tested), fitted kitchens and bathrooms and have also A freehold investment opportunity which comprises four recently been redecorated and have new carpets. The property is situated upgraded flats. The property is currently part let following the in a well-established residential location which is convenient for vendor's decision to sell and upgrade prior. local amenities and access to Pontypool town centre with its excellent range of facilities and a Tesco supermarket. There are 7(185( Advised Freehold - to be verified by solicitor excellent road links to Cwmbran, Newport and the M4 motorway. 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Please contact office for viewing times ACCOMMODATION Floor Description Rent Ground - Flat 3 Hallway, lounge, kitchen, bedroom, bathroom - Vacant Previously £352.00 First - Flat 2 Entrance, lounge, kitchen, bedroom, bathroom, WC - Let AST £341 pcm First - Flat 1 Entrance, lounge, kitchen, bedroom, bathroom - Vacant Previously £352 pcm Ground (separate access) - Flat 4 Entrance, kitchen, lounge, bedroom, bathroom, access to courtyard - Previously £355 pcm Vacant Outside Courtyard to rear Annual income when fully let £16,800pa Paul Fosh Auctions Contact: Sean Roper LOT 9 Land at the Rear of 85 Hanbury Road, Pontnewynydd, Pontypool NP4 6PF Guide Price £5,000+ Land With Potential '(6&5,37,21 A mainly level parcel of land that is rectangular in shape situated off a lane running from Hanbury Road itself. The land will be ideal for a number of uses offering potential to build a garage, parking spaces or workshop (subject to necessary planning consents). 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Sean Roper thinking of selling at auction? Unsure of what to do next? Speak to one of our professional advisors who are DOZD\VDWKDQGWRR̯HUVSHFLDOLVWDGYLFH DERXWVHOOLQJ\RXUSURSHUW\DWDXFWLRQ Call us on 01633 254044 or visit www.paulfoshauctions.com LOT 10 Former Natwest Bank, 14 Market Street, Ebbw Vale NP23 6YG Guide Price £75,000+ Commercial / Redevelopment Opportunity The property offers a number of potential alternative uses or '(6&5,37,21 redevelopment opportunities subject to the necessary consents. The property is a mid-terrace three storey building comprising approximately 332.6 Sq m (3,580 Sq ft) of accommodation. The The property is situated on Market Street in the town centre of property is of solid brick and stone elevations with a pitched slate Ebbw Vale where there are a number of local and national roof. The ground floor is fitted out as a banking hall and benefits retailers, to include Lloyds Pharmacy, Peacocks, Lloyds Bank and from carpeted flooring, timber frame sash windows and Boots. Access to the A465 is nearby providing links to suspended ceiling with inset fluorescent strip lighting. The first Abergavenny and Merthyr Tydfil. floor comprises staff and ancillary accommodation benefiting from carpeted flooring and plastered walls and ceilings. The second floor (roof space) comprises a vacant flat which requires refurbishment. ACCOMMODATION Floor Description Area Sq Ft Area Sq M Ground Banking Hall 999 92.8 First Ancillary 862 80.1 Second Residential 1,122 104.2 Basement Storage 597 55.5 Total 3,580 332.6 TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Thurs 19 Apr - Wed 25 Apr - Tues 01 May 11.30 Paul Fosh Auctions Contact: Matthew Jordan LOT 11 216 East Road, Tylorstown, Ferndale CF43 3DA Guide Price £32,000+ '(6&5,37,21 An end of terrace house that has previously been upgraded but offers scope for further improvements. The property benefits from UPVC double glazing, gas central heating (not tested), fitted kitchen, first-floor shower room and lower ground floor bathroom. There is a garage to the rear of the property which has suffered fire damage and a garden with lane access. The village of Tylorstown benefits from a good range of local amenities, shopping facilities and excellent road links to both Ferndale and Porth. $&&2002'$7,21 Ground Floor: Entrance, lounge Lower GF: Kitchen/dining room, bathroom, WC First Floor: 2 bedrooms, shower room Outside: Access to side leading to rear garden with garage and lane access (garage requires attention following fire damage) 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 14.30 Paul Fosh Auctions Contact: Sean Roper LOT 12 18 Arnold Street, Mountain Ash CF45 4LF Guide Price £45,000+ Residential Investment '(6&5,37,21 An opportunity to acquire a well-maintained and presented mid terraced house situated in a sought-after residential location. The current tenants have been in occupation for approximately 20 years and have expressed a keen interest to remain at the property. The property is partly UPVC double glazed and has gas central heating (not tested). The town of Mountain Ash benefits from an excellent range of shopping facilities, schools and transport links including train station. $&&2002'$7,21 Ground Floor: Entrance, hallway, lounge, kitchen, bathroom First Floor: Landing, 3 bedrooms Outside: Garden to rear 7(1$1&,(6 The property is let on an Assured Shorthold Tenancy Agreement at £325 per calendar month £3,900 per annum) 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Wed 18 Apr - Tues 24 Apr - Tues 01 May 11.00 Paul Fosh Auctions Contact: Sean Roper LOT 13 Unit 10, 11, 13 Commercial Street Arcade, Abertillery NP13 1DH Guide Price £75, 000+ Commercial Investment DESCRIPTION An opportunity to acquire three lock up shop units situated in what is believed to be one of the oldest shopping arcades in Wales. The town of Abertillery benefits from an excellent range of local amenities and shopping facilities and has good road access to the nearby towns of Ebbw Vale and Newbridge. ACCOMMODATION SOLD PRIORRetail Sales Area Small Store and Basement TENANCIES: TBC TENURE: Advised Leasehold - to be verified by solicitor VIEWING CONTACT Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Paul Fosh Auctions Contact: Sean Roper legal packs The legal packs can be updated at any time and you should therefore check with the auctioneers on the day of the auction to check all the details. LOT 14 Ty Cwm, River Row, Cwm, Ebbw Vale NP23 7TJ Guide Price £300,000+ Paul Fosh Auctions Contact: Sean Roper LOT 14 Ty Cwm, River Row, Cwm, Ebbw Vale NP23 7TJ Guide Price £300,000+ Residential Investment Opportunity The building is currently part tenanted with 14 individual tenants some of whom have been in occupation for a number of years. '(6&5,37,21 The current vendors have worked closely with both the local A substantial detached building comprising 34 letting rooms. The authority and supported housing groups in successfully sourcing property has only recently benefitted from full planning for use of tenants. The building benefits from full certificates such as fire the full building and had previously traded with only 15 rooms in risk assessment, gas, electric and all will be available for operation. The building has been upgraded and improved over inspection in the legal pack. the last few years and has a full intercom system, 23 camera security system both internally and externally. The flats have Planning: Planning has been granted for change of use from double glazing and gas central heating and each of them have nursing home to shared accommodation facility. The planning kitchen area. There is also a communal garden area, lounge, reference is APP/Z6910/A17/3187987 laundry room, office and 2 counselling rooms. Please contact office for viewing times 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Room 1 - bedsit £90 pw Room 2 - communal lounge N/A Room 3 - currently storeroom £87 pw Room 4 - en-suite £87 pw Room 5 - en-suite £87 pw Room 6 - bedsit £70 pw Room 7 - bedsit £70 pw Room 8 - en-suite £87 pw Room 9 - bedsit £70 pw Room 10 - bedsit £70 pw Room 11 - bedsit £70 pw Room 12 - bedsit £70 pw Room 13 - bedsit £70 pw Room 14 - counselling room N/A Room 15 - en-suite £87 pw Room 16 - en-suite £87 pw Room 17 - en-suite £87 pw Room 18 - en-suite £87 pw Room 19 - bedsit £70 pw Room 20 - en-suite £87 pw Room 21 - bedsit £70 pw Room 22 - bedsit £70 pw Room 23 - bedsit £70 pw Room 24 - bedsit £70 pw Room 25 - bedsit £70 pw Room 26 - counselling room N/A Room 27 - en-suite £87 pw Room 28 - en-suite £87 pw Room 29 - bedsit £70 pw Room 30 - en-suite £87 pw Room 31 - bedsit £70 pw Room 32 - bedsit £70 pw Room 33 - en-suite £87 pw Room 34 - bedsit £70 pw Room 35 - en-suite £87 pw Room 36 - en-suite £87 pw Room 37 - bedsit £70 pw Current weekly income per week - £1,068.00 Total income per week fully let - £2,655.00 Annual income when fully let - £138,060.00 Paul Fosh Auctions Contact: Sean Roper LOT 15 Flat 1 East Court, 170/171 East Road, Tylorstown, Ferndale CF43 3BU Guide Price £19,000-£20,000 Ideal Investment '(6&5,37,21 A generous one bedroom flat accessed to the rear of 170-171 East Road. Although the flat is a one bedroom there could be potential for two bedrooms due to the generous size. The lot would be an ideal investment for an investor looking for a speedy turnaround given the minimal work required. The flat has been recently renovated and benefits from a damp proof course which has been substantiated. It further benefits from newly fitted carpets and UPVC double glazed windows. $&&2002'$7,21 Flat: Entrance hall, lounge, kitchen, bedroom, generous storage room (previously used as a bedroom), bathroom Outside: Space for refuge/storage 7(1$1&,(6 To be sold with vacant possession but previously let at £350 per calendar month`(£4,200 per annum) 7(185( Advised Leasehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 15.10 Paul Fosh Auctions Contact: Lanleigh Payne guide prices The guide prices quoted in this catalogue are neither our opinion of the value of the property nor DUHWKH\WKHSUHFLVH̰JXUHLQZKLFKWKHUHVHUYHSULFH ZLOOEHVHW Reserve prices may be set at, below or above the guide price but normally within a range of 10%. Please note that guide prices are set before the catalogue goes to print and reserve prices are normally set just a few days before the auction. On this basis, the auctioneers and their clients reserve the right to alter both guide prices and reserve prices at any time. LOT 16 4 Abernant Road, Aberdare CF44 0PY Guide Price £180,000+ Commercial/Re-development Opportunity '(6&5,37,21 A substantial freehold building occupying a prominent corner The property is located within close proximity to Aberdare town position comprising three storeys of commercial retail/office centre and is situated adjacent to Aberdare train station and the accommodation arranged over ground, first and second floors. In new Coleg y Cymoedd Aberdare Campus. Access to the A470 is addition the property benefits from a large yard area to the rear approximately seven miles away providing links to Cardiff in the and side of the property with vehicular access provided at the south east. eastern boundary off Abernant Road. Internally the accommodation benefits from carpeted floors, gas central heating (not tested), UPVC double glazing, fluorescent strip lighting, kitchen and WC facilities. The property offers a number of potential redevelopment opportunities including conversion to residential subject to the necessary consents. ACCOMMODATION Floor Description Area Sq Ft Area Sq M Ground Retail/Office 1,224 113.7 First Office 1,224 113.7 Second Office 630 58.5 Total 3,078 285.9 TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Wed 18 Apr - Tues 24 Apr - Tues 01 May 13.45 Paul Fosh Auctions Contact: Matthew Jordan LOT 17 2 Pennyfields, Greenmeadow, Cwmbran NP44 4SA Guide Price £55,000+ House For Owner Occupation/Investment '(6&5,37,21 A mid link three bedroom property situated in a popular residential location close to Cwmbran town centre. The property benefits from UPVC double glazing, gas central heating (not tested) and has spacious rooms and garden space to the front. The property is ideally situated for good road links to the M4 motorway making it a good investment opportunity with scope to develop further for resale. $&&2002'$7,21 Ground Floor: Entrance, porch, kitchen, WC, lounge First Floor: Landing, bathroom, 3 bedrooms Outside: Paved front garden 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Thurs 19 Apr - Wed 25 Apr - Tues 01 May 17.00 Paul Fosh Auctions Contact: Sean Roper deposit Buyers, the minimum deposit is £,000 or 10% of the maximum bid price, whichever is the greater. LOT 18 1 Catbrain Lane, Bristol BS10 7TQ Guide Price £375,000+ House with Self-Contained Flat and Potential Development Plot '(6&5,37,21 A three bedroom semi-detached house with a one bedroom self- contained flat, located just minutes from the motorway network and the extensive shopping and leisure facilities at Cribbs Causeway, Bristol, including The Mall. The property benefits from UPVC double glazed windows and gas fired central heating (not tested). To the rear there is a sizeable rear garden which may offer the opportunity to develop a further dwelling, or dwellings, subject to obtaining the necessary consents, including planning permission. $&&2002'$7,21 Ground Floor: Entrance hallway, lounge, kitchen First Floor: Landing, 3 bedrooms, including master bedroom with en-suite, bathroom Self-Contained Ground Floor Flat: Lounge/kitchenette, bathroom, bedroom Outside: Paved driveway providing parking for several cars, rear garden with development potential Planning: Interested parties are advised to make their own enquires with the local planning authority, South Gloucestershire District Council. Block plan shown is for illustrative purposes only 7(1$1&,(6 Both parts of the property are currently let. Further details to be provided 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Haart Bristol - 0117 407 2444 Paul Fosh Auctions Contact: Jay Ridsdale, 0117 370 0139 LOT 19 25B Oxford Street, Mountain Ash CF45 3HB Guide Price £35,000+ Commercial Opportunity '(6&5,37,21 The property is a mid-terrace two storey building comprising The property is situated on Oxford Street in the centre of 111.9 Sq m (1,204 Sq ft) of commercial and ancillary Mountain Ash in close proximity to Mountain Ash train station. accommodation. The property comprises a ground floor retail Oxford Street accommodates a mix of both local traders and unit with first floor ancillary space. The property benefits from national retailers and provides nearby access to the A470 with vinyl floor covering, suspended ceiling with inset fluorescent links to Pontypridd and Cardiff in the south. lighting and WC facilities. Car parking is available to the rear of the property. ACCOMMODATION Floor Description Area Sq Ft Area Sq M Ground Retail 575 53.4 Ground Storage 172 16.0 First Ancillary 457 42.5 Total 1,204 111.9 TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 Date Time Wed 18 Apr - Tues 24 Apr - Tues 01 May 10.15 Paul Fosh Auctions Contact: Matthew Jordan LOT 20 Flat 1, 19 London Road, Pembroke Dock SA72 6DS Guide Price £22,000+ Flat for Owner Occupation/Investment '(6&5,37,21 An opportunity to acquire a two bedroom flat situated in a convenient location offering easy access to local amenities and Pembroke Dock town centre. The property benefits from gas central heating (not tested) and has its own parking space externally. $&&2002'$7,21 Ground Floor: Entrance, kitchen/lounge/dining room, 2 bedrooms, bathroom, WC Outside: Parking area 7(1$1&,(6 Previously let at £425 pcm (£5,100 pa) 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Sure Sales & Lettings, 01267 240081 Paul Fosh Auctions Contact: Sean Roper buyer’s premium Buyers, in addition to the 1% purchase price, buyers will be required to pay a buyer’s premium of 1% or Minimum £0.00 inc VAT per lot. LOT 21 15 Bridge Street, Pontypridd CF37 4PE Guide Price £79,000+ Commercial Opportunity '(6&5,37,21 The property is an end of terrace two storey building comprising The property is situated in a prominent position on Bridge Street 106.1 Sq m (1,142 Sq ft) of retail/office accommodation. The in the town of Pontypridd with immediate access to the A470 and property comprises a ground floor retail/office unit with first floor in close proximity to Pontypridd train station. Bridge Street office accommodation and attic level ancillary space. The accommodates a number of local traders and Pontypridd Retail property benefits from carpeted flooring, gas central heating (not Park is nearby accommodating B&Q, Argos, Currys PC World and tested), mix of suspended and plastered ceilings, fluorescent strip Halfords. lighting, kitchen and WC facilities. ACCOMMODATION Floor Description Area Sq Ft Area Sq M Ground Retail/Office 492 45.7 First Office 421 39.1 Attic Ancillary 228 21.2 Total 1,141 106.0 TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 9.30 Paul Fosh Auctions Contact: Matthew Jordan LOT 22 97 Donald Street, Cardiff CF24 4TL Guide Price £230,000 + '(6&5,37,21 A substantial freehold building comprising a ground floor commercial unit and further residential accommodation above. This would be ideal for both a mixed use opportunity or conversion to full residential (subject to necessary planning consents). The property is situated in a mainly residential side street close to the bustling shopping area of Albany Road and the student area of Cathays. $&&2002'$7,21 Ground Floor: Entrance hall, 3 reception rooms, kitchen (commercial) Basement: 1 room First Floor: 3 bedrooms, WC, bathroom Second Floor 2 bedrooms Outside: Rear garden, WC, 2 brick outbuildings 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Fri 20 Apr - Thurs 26 Apr - Wed 02 May 10.20 Paul Fosh Auctions Contact: Lanleigh Payne LOT 23 8 Garages at Oliphant Circle, Newport NP20 6AD Guide Price £27,000+ Investment Opportunity DESCRIPTION A newly refurbished block of eight garages all fully let and situated in a secured fenced and gated yard. The garages are situated north west of Newport city centre just off Malpas Road with access off Oliphant Circle. There is an area of land to the side of the garages that may offer scope for development (subject to necessary planning consents). TENANCIES: The garages are all let at £50 pcm each (£4,800 pa) TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Sean Roper LOT 24 59 Arnold Street, Mountain Ash CF45 4LF Guide Price £45,000+ Residential Investment '(6&5,37,21 A traditional mid terraced house with stone and brick elevations to the front. The property benefits from UPVC double glazing and gas central heating (not tested) and is situated in a popular residential side street of Mountain Ash. The property would be ideal for investment as the tenant has expressed a keen interest to remain in occupation having been there since 2014. The town of Mountain Ash benefits from an excellent range of amenities, shopping facilities and schools. $&&2002'$7,21 Ground Floor: Entrance hall, lounge/dining room, kitchen First Floor: Landing, 3 bedrooms, bathroom Second Floor: Attic space Outside: Enclosed rear garden 7(1$1&,(6 The property is let on an Assured Shorthold Tenancy Agreement at £119 per week £476 per month (£5,712 per annum) 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* 6&+('8/( Date Time WedPaul 18 Fosh Apr Auctions - Tues 24 Contact: Apr - TuesSean 01 May Roper 11.30 thinking of selling at auction? Unsure of what to do next? Speak to one of our professional advisors who are DOZD\VDWKDQGWRR̯HUVSHFLDOLVWDGYLFH DERXWVHOOLQJ\RXUSURSHUW\DWDXFWLRQ Call us on 01633 254044 or visit www.paulfoshauctions.com LOT 25 The Technology Centre, William Street, Gilfach, Bargoed CF81 8XQ Guide Price £165,000+ Residential/Commercial Development Opportunity '(6&5,37,21 The property would suit a variety of alternative uses subject to The site known as the Technology Centre provides a number of the necessary consents. Outline planning consent was passed by buildings including a substantial two storey office and storage Caerphilly County Borough Council on 9th April 2013 under building, two storey pre-fabricated storage building and former Application No. 11/0370/OUT for a residential scheme single storey doctor's surgery all built around a central car parking comprising ten residential dwellings. area. The site is square in shape measuring approximately 1,500 The property is located within close proximity to Bargoed town sq m and occupies a prominent position fronting William Street at centre and train station. Access to the M4 is approximately 14 the western boundary. miles to the south providing links to Cardiff in the south and Bristol in the south west. TENANCIES: To be sold with vacant possession VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Thus 19 Apr - Wed 25 Apr - Tues 01 May 9.40 Paul Fosh Auctions Contact: Matthew Jordan LOT 26 130 Wentloog Road, Rumney, Cardiff CF3 3EB Guide Price £165,000 + House for Owner Occupation/Investment '(6&5,37,21 A spacious three bedroom bay fronted semi-detached house. The property is situated in the popular area of Rumney which offers an excellent range of local amenities. The property also benefits from large garden space, UPVC double glazing, gas central heating (not tested) and recently refitted kitchen. This would make an excellent family home/investment. $&&2002'$7,21 Ground Floor: Entrance porch, hallway, sitting room, lounge/dining room, kitchen, rear lobby, shower room First Floor: Landing, 3 bedrooms, bathroom Outside: Paved front garden with path to side leading to large rear garden 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Fri 20 Apr - Thurs 26 Apr - Wed 02 May 9.30 Paul Fosh Auctions Contact: Sean Roper LOT 27 10 Taff Street, Blaenllechau, Ferndale CF43 4NL Guide Price £39,000+ House For Owner Occupation/Investment '(6&5,37,21 A mid terrace three bedroom well presented property which has had most of the work completed. An ideal investment opportunity or owner occupier looking for something to move into requiring minimal work. The property is ideally situated close to the town of Ferndale which has a range of shops, cafes and good transport links. The house benefits from UPVC double glazing and gas central heating (not tested). $&&2002'$7,21 Ground Floor: 2 reception rooms, kitchen, diner, bathroom First Floor: 3 bedrooms Outside: Rear garden with lane access, ideal for a garage 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 16.20 Paul Fosh Auctions Contact: Lanleigh Payne LOT 28 104-105 High Street, Merthyr Tydfil CF47 8AP Guide Price £195,000+ A3 Retail and Nightclub / Investment Opportunity '(6&5,37,21 The property comprises two freehold mid-terrace buildings The property is located on High Street in Merthyr Tydfil town providing four storeys of accommodation currently operating as a centre, within proximity to the junction with Church Street. Other bar/nightclub and A3 licensed takeaway. The property is fully occupiers in the vicinity include Wetherspoons, Lloyds Bank, tenanted and provides an excellent investment opportunity in Redhouse Cymru and Central Library. Access to both the A465 Merthyr Tydfil town centre. The ground floor is split providing a and A470 is nearby providing links to Cardiff in the south east and self-contained A3 licenced takeaway unit and an entrance/bar Abergavenny in the east. providing access to a fully refurbished nightclub occupying the first and second floors. In addition there is a mezzanine floor installed at second floor level providing further accommodation, a basement providing cellar and WC facilities and an open roof terrace. ACCOMMODATION Floor Description Area Sq Ft Area Sq M Rental Ground A3 Retail 1,065 98.9 10 year lease from 11 June 2015 at £12,000 pa Ground Bar 904 84.0 5 year lease from 20 September 2017 at £25,000 pa First Nightclub 1,868 173.5 Included in above lease Second Nighclub 1,082 100.5 Included in above lease Total 4,919 456.9 £37,000 pa TENANCIES: The property is sold subject to the leases above TENURE: Advised Freehold - to be verified by solicitor 9,(:,1* 6&+('8/( Date Time Wed 18 Apr - Tues 24 Apr - Tues 01 May 16.10 Paul Fosh Auctions Contact: Matthew Jordan LOT 29 Land to the East of Mining School Hill, Crumlin, Newport NP11 4AN Guide Price Nil Amenity Land '(6&5,37,21 A parcel of amenity land measuring approximately 1.18 acres occupying an elevated position with a boundary along Main Road to the eastern side. Planning: We are not aware of any planning applications in respect of the land. The property may have the potential for other uses subject to the necessary consents. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Leasehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Matthew Jordan legal packs The legal packs can be updated at any time and you should therefore check with the auctioneers on the day of the auction to check all the details. LOT 30 Picton House, Swan Street, Merthyr Tydfil CF47 8EU Guide Price £140,000+ Commercial/Residential Investment '(6&5,37,21 A substantial freehold building comprising ground floor retail Unit 1 is occupied by financial advisers who trade as Money Line units and two spacious first floor flats. The property was formerly and have been in occupation for approximately six years. a public house and was converted approximately 10 years ago. Flat 1 is currently occupied by the seller's family member and will The building is situated close to Merthyr Tydfil town centre and is be sold with vacant possession. Flat 2 is let to a well-established convenient for its shopping facilities, train station and access to tenant who has been in occupation since May 2011. major link roads and the new Merthyr Tydfil bus station is due to Please contact office for viewing times be built opposite. Merthyr Tydfil has enjoyed an exceptional amount of regeneration and investment over a number of years and employers in the area include The Welsh Assembly, EE call centre and Cyfartha Retail Park. The new Trago Mills Megastore is due for completion shortly and should open in April of this year. ACCOMMODATION Floor Description Rent Unit 1 Open plan office space,further office area £10,000 per annum (let on a 3 year lease from 2017) to East Lancs Moneyline to rear, wcs, kitchenette an organisation with 18 branches across England & Wales Unit 2 Sold off on a 999 year lease from October 2017 Flat 1 Entrance hall, store, kitchen, bathroom, 2 Currently let to family member reduced rent of £200 per calendar month bedrooms, lounge (£2,400 per annum) Flat 2 Hallway, lounge, kitchen, 2 bedrooms, Let at £425 per calendar month (£5,100 per annum) bathroom Current annual rent £17,500 Potential rent with flat 1 let privately £20,500 per annum TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Sean Roper LOT 31 601 Pentregethin Road, Ravenhill, Swansea SA5 5EU Guide Price £59,000+ House For Owner Occupation/Investment '(6&5,37,21 A spacious semi-detached house that has previously benefited from upgrading to include new kitchen and bathroom. The property is situated in a popular location of Ravenhill which has an excellent range of local amenities and is ideally situated for access to the M4 motorway and good road links to Swansea city centre. The property will be ideal for either a first-time buyer or an investor for buy to let and also benefits from UPVC double glazing and gas central heating (not tested). $&&2002'$7,21 Ground Floor: Entrance, lounge, kitchen First Floor: 2 bedrooms, bathroom Outside: Garden to front and rear 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Fri 20 Apr - Thurs 26 Apr - Wed 02 May 13.20 Paul Fosh Auctions Contact: Sean Roper insure Buyers should be aware that it is your responsibility to insure any property that you purchase from exchange of contracts. LOT 32 Former Natwest Bank, 215 Ystrad Road, Pentre CF41 7BE Guide Price £45,000+ Commercial / Redevelopment Opportunity '(6&5,37,21 The property is an end of terrace three storey building, which previously operated as a bank. The ground floor is fitted out as a banking hall and benefits from carpeted flooring, painted plastered walls and suspended ceiling with inset fluorescent strip lighting. The first floor comprises staff and ancillary accommodation benefiting from UPVC double glazing, carpeted flooring, plastered walls, suspended ceilings with inset fluorescent strip lighting and WC facilities. The property offers a number of potential alternative uses or redevelopment opportunities subject to the necessary consents. The property is situated on Ystrad Road in the village of Ton Pentre. Nearby there are a number of local retailers. Access to the A470 is nearby providing links to Cardiff in the south east. ACCOMMODATION Floor Description Area Sq Ft Area Sq M Ground Banking Hall 1,414 131.4 First Ancillary 1,030 95.7 Basement Storage Not measured Not measured Total 2,444 227.1 TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 11.40 Paul Fosh Auctions Contact: Matthew Jordan LOT 33 59 Clevedon Road, Weston-super-Mare BS23 1DD Guide Price £190,000+ House with Annexe for Owner To the rear of the building is a self-contained annexe offering one Occupation/Investment double bedroom with an en-suite, separate kitchen and living room. The property also benefits from a garden to the rear and '(6&5,37,21 parking at the front. An opportunity to acquire a large house, now in need of some The property was previously let under separate agreements for improvement, which could provide an investment property, a the annexe and the house at a combined rental equivalent to substantial family home or a guest house. The accommodation £15,800 per annum. There could be potential to increase on the includes four bedrooms which all benefit from en-suites, a previous rental income. spacious kitchen/diner and living room. $&&2002'$7,21 Ground Floor: Entrance hall, living room, kitchen/diner First Floor: Landing, 4 bedrooms with en suites, cloakroom Outside: Shared use of a patio garden, access to boiler room, off road parking Annexe: Ground Floor: Living room, kitchen, bathroom, bedroom Outside: Courtyard to rear 7(1$1&,(6 To be sold with vacant possession. 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Haart Weston-Super-Mare: 01934 635550 Paul Fosh Auctions Contact: Jay Ridsdale, 0117 370 0139 LOT 34 6 Commercial Road, Llanhilleth, Abertillery NP13 2JA Guide Price £36,000+ Commercial/Residential Investment Opportunity DESCRIPTION A spacious freehold building comprising ground floor shop and self-contained first floor flat. The flat has previously benefited from an upgrade and has UPVC double glazing, gas central heating (not tested), fitted kitchen and bathroom. The shop would be ideal for either commercial use or conversion to residential (subject to necessary planning consents). The adjoining properties are a mixture of both residential and commercial and the train station is situated directly opposite. ACCOMMODATION Ground Floor: Shop - retail sales area, rear store, further store, storage area, WC First Floor: Flat - Entrance, kitchen, lounge, bedroom, bathroom Outside: Rear yard with scope for parking TENANCIES: Flat let on an Assured Shorthold Tenancy Agreement at £260 per calendar month (£3,120 pa) Shop - income to be confirmed TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Sean Roper thinking of selling at auction? Unsure of what to do next? Speak to one of our professional advisors who are DOZD\VDWKDQGWRR̯HUVSHFLDOLVWDGYLFH DERXWVHOOLQJ\RXUSURSHUW\DWDXFWLRQ Call us on 01633 254044 or visit www.paulfoshauctions.com LOT 35 1.03 Acre Yard Edwards Works Industrial Estate, Llandarcy, Neath SA10 6JY Guide Price £130,000+ Commercial Storage Yard '(6&5,37,21 Opportunity to acquire a secure yard measuring approximately 1.03 acres. The yard is rectangular in shape and is secured with perimeter fencing. Vehicular access is provided via double metal gates to the eastern boundary of the site. We are advised the yard currently benefits from planning for waste management and segregation activities and is currently used for the storage of plastic recyclable material. The yard offers potential for alternative uses subject to the necessary planning consents. The yard is situated on the Edwards Works Industrial Estate, which is accessed via the B4290 providing nearby access to the M4 at junction 43 providing links to Swansea in the south west and Cardiff and Bristol in the south east. TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Matthew Jordan LOT 36 4 Pugsley Street, Newport NP20 5JU Guide Price £95,000+ House for Owner Occupation/Investment The city of Newport has benefited from an impressive amount of regeneration investment including the new Friars Walk shopping '(6&5,37,21 centre and entertainment complex. The M4 motorway is easily A substantial six bedroom property situated in a sought-after accessible giving good access to Cardiff or Bristol especially with location convenient for Newport city centre. This versatile the M4 bridge tolls set to be abolished at the end of 2018. property will be ideal for a number of uses including conversion to flats or house of multiple occupation (HMO) or one large family dwelling subject to necessary planning consent. The property benefits from partial UPVC double glazing and gas central heating (not tested) and has an attractive fitted kitchen and bathroom. $&&2002'$7,21 Ground Floor: Entrance hallway, lounge/dining room, kitchen, utility room, shower room First Floor: Landing, 6 bedrooms (bedroom one has dressing area), bathroom Outside: Rear garden with gate access Planning: Previous planning was granted for conversion to a two bedroom flat and a three bedroom house. Planning application number is 11/1032 Newport city council. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Thurs 19 Apr - Tues 24 Apr - Mon 30 Apr 10.00 Paul Fosh Auctions Contact: Sean Roper LOT 37 12 Keyham Road, Plymouth PL2 1QX Guide Price £165,000+ Commercial/Residential Opportunity '(6&5,37,21 An opportunity to acquire a semi-detached, three storey building arranged as a takeaway (currently closed) and commercial kitchen on the ground floor with spacious four bedroom residential/owner's accommodation above. The property could be of interest to investors or developers and may lend itself to a conversion of the ground floor to additional residential accommodation, subject to the necessary statutory consents being obtained. Alternatively, the property may be of interest to owner occupiers/takeaway operators. Planning: Planning consent was granted in 1980 for a change of use of the premises from café/restaurant to takeaway hot food shop. Ref: 80/03734/FUL. Under a later application, Ref: 87/00100/FUL, consent was granted for alterations to form a restaurant in addition to the existing takeaway. Interested parties are advised to make their own enquiries with the local planning authority, Plymouth city council. TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Haart Plymouth 01752 674000 Paul Fosh Auctions Contact: Jay Ridsdale, 0117 370 0139 LOT 38 Plot 15, Greenfield Terrace, Penydarren, Merthyr Tydfil CF47 9HN Guide Price NIL RESERVE Plot With Potential '(6&5,37,21 A plot with road frontage situated in a popular residential location which should offer potential for either residential development or change of use (subject to necessary planning consent). The plot is situated close to the local primary school and has a good range of local amenities, road links to Merthyr Tydfil town centre and the A465 Heads of the Valley trunk road. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Sean Roper LOT 39 Plot 16, Greenfield Terrace, Penydarren, Merthyr Tydfil CF47 9HN Guide Price NIL RESERVE Plot With Potential '(6&5,37,21 A plot with road frontage situated in a popular residential location which should offer potential for either residential development or change of use (subject to necessary planning consent). The plot is situated close to the local primary school and has a good range of local amenities, road links to Merthyr Tydfil town centre and the A465 Heads of the Valley trunk road. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Sean Roper LOT 40 Former Natwest Bank, 21 Woodfield Street, Morriston, Swansea SA6 8DN Guide Price £55,000+ Commercial Opportunity '(6&5,37,21 The property comprises the ground floor and basement of a two storey detached building located on Woodfield Street, which is an established secondary retail location. The property occupies a prominent position and provides approximately 182.0 Sq m (1,959 Sq ft) of accommodation. Externally, parking is provided to the rear for 3-5 vehicles via a shared side lane. The property is situated on Woodfield Street in the suburb of Morriston in the city and county of Swansea. Nearby there are a number of local and national retailers including Peacocks, Greggs, Boots and Poundland. Access to the M4 at Junction 45 is approximately 1 mile to the north providing links to Cardiff and Bristol in the south east. ACCOMMODATION Floor Description Area Sq Ft Area Sq M Basement Ancillary 360 33.4 Ground Banking Hall 1,600 148.6 Total 1,960 182.0 TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor Date Time Fri 20 Apr - Thurs 26 Apr - Wed 02 May 12.30 Paul Fosh Auctions Contact: Matthew Jordan LOT 41 1 The Parade, Ferndale CF43 4SU Guide Price £38,000 + House for owner occupation/investment '(6&5,37,21 An opportunity to acquire house that has been stripped back ready for upgrading. The property is situated in a row of traditional terraced houses that have historically been popular with both investors and homeowners. The town of Ferndale benefits from an excellent range of amenities and shopping facilities and there are excellent road links to Aberdare, Porth and Pontypridd. The house has gas central heating (not tested) and UPVC double glazing. $&&2002'$7,21 Ground Floor: Entrance hallway, lounge/dining room, kitchen area, bathroom First Floor: Landing, 3 bedrooms Outside: Forecourt and rear garden 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 17.00 Paul Fosh Auctions Contact: Sean Roper LOT 42 30 Wyndham Street, Treherbert, Treorchy CF42 5BS Guide Price £59,000+ Residential Investment '(6&5,37,21 A spacious mid-terrace house that is situated in a popular residential location. The village of Treherbert benefits from a good range of local amenities with a wider selection in the nearby town of Treorchy, which is easily accessible via various means of public transport. The property benefits from mostly UPVC double glazing and gas central heating (not tested) $&&2002'$7,21 Ground Floor: Entrance, lounge/dining room, kitchen, wc/cloaks First Floor: Landing, 3/4 bedrooms, bathroom Outside: Rear garden 7(1$1&,(6 The property is let on an Assured Shorthold Tenancy Agreement at £935 on a 4 weekly basis that equates to £1,012 per month (£12,155 per annum) 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 12.30 Paul Fosh Auctions Contact: Sean Roper LOT 43 Land to the Rear of Rifle Street, Blaenavon, Pontypool NP4 9QS Guide Price £40,000+ Residential Development Opportunity '(6&5,37,21 The site extends to circa 1.0 acre and previously had outline planning consent for residential development. An indicative scheme has been prepared which shows 11 units and we are advised the Section 106 agreement had not been completed. The land offers potential for alternative uses subject to the necessary planning consents. The site is located to the rear of Rifle Street where the road forks with Abergavenny Road (B4246). The site has good road connections with easy access to the A4042 providing links to the M4 at Junction 26 in the south. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Matthew Jordan guide prices The guide prices quoted in this catalogue are neither our opinion of the value of the property nor DUHWKH\WKHSUHFLVH̰JXUHLQZKLFKWKHUHVHUYHSULFH ZLOOEHVHW Reserve prices may be set at, below or above the guide price but normally within a range of 10%. Please note that guide prices are set before the catalogue goes to print and reserve prices are normally set just a few days before the auction. On this basis, the auctioneers and their clients reserve the right to alter both guide prices and reserve prices at any time. LOT 44 Whitson Church, Whitson, Newport NP18 2PP Guide Price £110,000+ Grade II Church With Planning The Village of Whitson is situated on the Caldicot levels where there are a number of farmsteads and houses and the property is '(6&5,37,21 close to the sea wall. The city of Newport is approximately 7 km A rare opportunity to acquire a Grade II listed church with away with its wide range of amenities and shopping facilities planning for conversion to a residential dwelling. The church is including the Friars Walk Shopping Centre. The M4 motorway is situated in the picturesque location of Whitson and original parts easily accessible offering easy access for commuters to both of the building date back as far as the 12th century with later Cardiff and Bristol especially with the abolishment of the M4 additions including a 15th century tower. tollbridge. The property is approached via a new driveway with work already Planning: commenced on the installation of a small bridge over the reen. Planning pending for conversion to residential dwelling. The planning comprises the development of a 2 bedroom dwelling with open plan living area, kitchen to the ground floor, 2 Outside: Area of land for proposed driveway, area of possible bedrooms and bathroom to the first floor and further garden accommodation within the tower. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Thurs 19 Apr - Tues 24 Apr - Mon 30 Apr 11.45 Paul Fosh Auctions Contact: Sean Roper LOT 45 Land to the Rear of 2 Wyndham Crescent, Aberdare CF44 6RR Guide Price £9,000+ Land With Development Potential '(6&5,37,21 A generous parcel of land situated in a sought after location of Aberaman in Aberdare. The land could have development potential (subject to necessary planning consents). Access is via the rear of Wyndham Crescent, a row of terraced properties. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Lanleigh Payne insure Buyers should be aware that it is your responsibility to insure any property that you purchase from exchange of contracts. LOT 46 33 Victoria Square, Aberdare CF44 7LB Guide Price £64,000+ A3 Retail/Commercial Opportunity The property was previously a bank and retains some of the security features including high tempered steel and has had re- '(6&5,37,21 wire (3 phase). The front of the property has previously been A substantial freehold building that occupies a prominent refitted with local authority planning and regulation requirements position on the one-way system through Aberdare town centre. and has an electric roller shutter door. Planning consent has been granted by Rhondda Cynon Taff County Borough Council for a change of use to provide an A3 The town of Aberdare benefits from a bustling town centre with licenced retail unit under application No. 17/1129/10. Other an excellent range of shopping facilities, amenities and transport occupiers in the area include Principality Building Society, Coral links including train station. Access to the A470 is nearby and a number of independent traders. providing links to Cardiff in the south east. Please contact office for viewing times. ACCOMMODATION Floor Area Sq Ft Area Sq M Ground Floor Sales 2,003 186.13 TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor Paul Fosh Auctions Contact: Matthew Jordan LOT 47 4 Glanrafon Terrace, Nebo, Caernarfon LL54 6EL Guide Price £125,000 House For Owner Occupation/Investment '(6&5,37,21 This is a spacious three bedroom end of terrace property with approximately 9 acres of land. The property is situated in the sought after rural village of Nebo and enjoys spectacular views towards the Isle Of Anglesy and Irish Sea. A small river runs through the land which was once used for equestrian purposes. Potentially it could be used for rearing livestock or even those wishing to be completely self sufficient. * Please note there has in the past been a dispute with a neighbouring land owner regarding work that they had tried to undertake previously (please see legal pack). $&&2002'$7,21 Ground Floor: Lounge, breakfast room, kitchen, bathroom, utility First Floor: Spacious landing, 3 bedrooms Outside: Off road parking for 3 vehicles, generous gardens with workshop, 9 acres of land (approx), double garage 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Lanleigh Payne legal packs The legal packs can be updated at any time and you should therefore check with the auctioneers on the day of the auction to check all the details. LOT 48 30 Top Llan, Glan Conwy LL28 5ND Guide Price £110,000+ House For Owner Occupation/Investment/Holiday Use '(6&5,37,21 The property is in good decorative order having been redecorated A traditionally built double fronted terraced character house within the past six months. The house enjoys amazing views to believed to date back to around the 1880's with additional the rear across the estuary to Conway and to the edge of basement cellar rooms dating back much further. The property Snowdon and views up to the Snowdonia National Park. benefits from UPVC double glazing and gas fired central heating (not tested). The character features retained within the property include inglenook fireplace and bread oven. $&&2002'$7,21 Ground Floor: Entrance porch, reception hall/sitting room with open stone fireplace, dining room, lounge with French doors to rear raised decking area, fitted kitchen Lower GF: 2 rooms (one having nook fireplace with 'beehive' wood fired baking oven) First Floor: Landing, 3 bedrooms, bathroom Outside: Small paved frontage with the rear garden being mainly paved and gravelled with seating patio area and uninterrupted views over the field below across the estuary. The rear also benefits from an access which runs to the side of the property with a door to the basement rooms in addition. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor Paul Fosh Auctions Contact: Lanleigh Payne 9,(:,1* &217$&7 Robbie Howarth 01492 572213 LOT 49 Hillside Cottage, Redhill, Bristol BS40 5TE Guide Price £250,000+ House with Potential Development Plot '(6&5,37,21 A detached, three-bedroom, cottage occupying an elevated position above the A38 and benefitting from views towards the Mendips. The property has a sizeable garden to one side which may offer potential for the development of a further dwelling subject to the necessary consents, including planning permission. $&&2002'$7,21 Ground Floor: Entrance hall, kitchen/diner, lounge with bay front aspect window, UPVC double glazed conservatory with double doors to the decked and lawned garden First Floor: Landing, 3 bedrooms, bathroom with bath/wc and shower cubicle Planning: Interested parties are advised to make their own enquires with the local planning authority, North Somerset Council 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor Paul Fosh Auctions Contact: Jay Ridsdale, 0117 370 0139 9,(:,1* &217$&7 Haart Bristol - 0117 407 2444 LOT 50 65A Bethcar Street, Ebbw Vale NP23 6HW Guide Price £59,000+ Commercial/Residential Opportunity '(6&5,37,21 The property is a semi-detached three storey building providing a The property is in good condition throughout and offers potential mix of retail and office accommodation over the ground and first for conversion of the first floor to provide a further residential floors. The ground floor provides a retail area of approximately accommodation subject to the necessary consents. 30.2 sq m (325 sq ft). In addition there is a self-contained one bedroom flat to the second floor, which is accessed at the rear of The property is situated on Bethcar Street the main retail the property. thoroughfare in Ebbw Vale town centre where there are a good range of local amenities and shopping facilities. Access to the A465 is nearby providing links to Abergavenny and Merthyr Tydfil. TENANCIES: Ground and first floor to be sold with vacant possession. Second floor flat is let at £290 per calendar month (£3,480 per annum). TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Thurs 19 Apr - Wed 25 Apr - Tues 01 May 12.20 Paul Fosh Auctions Contact: Matthew Jordan LOT 51 44 Bethcar Street, Ebbw Vale NP23 6HG Guide Price £70,000+ Commercial Opportunity The property is situated on Bethcar Street the main retail '(6&5,37,21 thoroughfare in the town centre of Ebbw Vale where there are a The property is a mid-terrace three storey building comprising good range of local amenities and shopping facilities. Access to approximately 104.8 sq m (1,128 sq ft) of retail and office the A465 is nearby providing links to Abergavenny and Merthyr accommodation. The property benefits from carpeted floors, Tydfil. suspended ceiling with inset fluorescent light panels, electric roller shutters, kitchen and WC facilities and to the rear there is a small yard area. The upper floors offer potential for conversion to residential subject to the necessary consents. ACCOMMODATION Floor Description Area Sq Ft Area Sq M Ground Retail 386 35.9 First Office 419 39.0 Second Office 322 30.0 Total 1,127 104.9 TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 Date Time Thurs 19 Apr - Wed 25 Apr - Tues 01 May 12.40 Paul Fosh Auctions Contact: Matthew Jordan LOT 52 2 Singleton, Temple Drive, Llandrindod Wells LD1 5LU Guide Price £47,000+ Flat For Owner Occupation/Investment '(6&5,37,21 An exceptionally spacious ground floor flat with garden and The property will be ideal for either an investor for buy to let or a parking. The flat is situated in a popular residential location which homeowner, in particular retired persons or people requiring easy is within easy reach of Llandrindod town centre with its excellent access to ground floor accommodation. range of amenities. The flat itself is well presented and well The town of Llandrindod Wells has a wealth of shopping facilities maintained and benefits from gas central heating (not tested) and and transport links and is also home to Powys county council's has fitted kitchen and bathroom. We are informed that the administrative centre. building has benefited from extensive upgrading and complies fully with fire regulations. $&&2002'$7,21 Ground Floor: Entrance, hallway, living room, kitchen/diner, bedroom, bathroom Outside: An attractive garden area that is mainly paved with well planted borders. There is also a former garage which has now been sealed to the lane side but offers access to the rear and is ideal for storage. There is also a covered courtyard area immediately to the rear of the kitchen which has a perspex roof covering. There is lane access to the rear which also offers scope for parking. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Leasehold - Approx 108 years remaining - to be verified by solicitor Paul Fosh Auctions Contact: Sean Roper 9,(:,1* &217$&7 Gwalia Properties, 01597 825644 LOT 53 25 Eastville Avenue, Rhyl LL18 3TH Guide Price £70,000 Detached Bungalow '(6&5,37,21 A detached two bedroom bungalow situated in a well established side street in Rhyl. The property is in need of total renovation making it ideal for the investor market. The property benefits from a driveway, front side and rear gardens and further benefits from gas central heating (not tested) and UPVC double glazing. The property is situated east of the town within walking distance to the sea front, local parade and amenities. $&&2002'$7,21 Ground Floor: Hallway, lounge, 2 bedrooms, shower/wet room, kitchen, utility,porch Outside: Garden to front, rear and side 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Peter Large - 01745 334411 Paul Fosh Auctions Contact: Lanleigh Payne guide prices The guide prices quoted in this catalogue are neither our opinion of the value of the property nor DUHWKH\WKHSUHFLVH̰JXUHLQZKLFKWKHUHVHUYHSULFH ZLOOEHVHW Reserve prices may be set at, below or above the guide price but normally within a range of 10%. Please note that guide prices are set before the catalogue goes to print and reserve prices are normally set just a few days before the auction. On this basis, the auctioneers and their clients reserve the right to alter both guide prices and reserve prices at any time. LOT 54 193 Neath Road, Briton Ferry, Neath SA11 2BJ Guide Price £65,000+ A3 Retail/Commercial Opportunity '(6&5,37,21 The property is a two storey mid terrace A3 licensed commercial property currently operating as a fish and chip shop. The ground floor retail space is accessed via a shop front off Neath Road and comprises a customer area, preparation areas and rear store rooms. The accommodation benefits from vinyl flooring, fluorescent strip lighting and painted/plastered walls and ceilings. The first floor provides a number of rooms and bathroom and was previously used as residential accommodation. Externally to the rear of the property is an enclosed yard with access to a rear lane via a pedestrian gate. The property is located on Neath Road in Briton Ferry in close proximity to the A48. Access to the M4 is nearby at Junctions 41 and 42 providing links to Swansea in the west and Cardiff in the south east. TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Paul Fosh Auctions Contact: Matthew Jordan Date Time Fri 20 Apr - Thurs 26 Apr - Wed 02 May 15.10 LOT 55 CJ's Butchers, Marionwen Street, Cefn Fforest, Blackwood NP12 3JT Guide Price £29,000+ Retail/Commercial Opportunity DESCRIPTION The property is a single storey retail unit which previously operated as a butchers. The property comprises a main customer area and WC to the rear and the accommodation benefits from UPVC double glazing, vinyl floor covering, plastic wall cladding, plastered/painted ceiling, fluorescent strip lighting and electric roller shutter. The property provides approximately 19.8 Sq m (213 Sq ft) of retail space and offers potential for various uses subject to the necessary consents. The property fronts Marionwen Street, which is predominantly a residential area and is within close proximity to Cardiff Road (A469) to the west. Blackwood town centre is approximately 1 mile to the east and Bargoed Town centre is approximately 2.5 miles to the north west. Pengam train station is within close proximity. TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT Paul Fosh Auctions, 01633 254 044 Date Time Thurs 19 Apr - Wed 25 Apr - Tues 01 May 9.00 Paul Fosh Auctions Contact: Matthew Jordan buyer’s premium Buyers, in addition to the 1% purchase price, buyers will be required to pay a buyer’s premium of 1% or Minimum £0.00 inc VAT per lot. LOT 56 80 Commercial Street, Mountain Ash CF45 3PP Guide Price £50,000+ Withdrawn Commercial / Redevelopment Opportunity The property offers a number of potential alternative uses or redevelopment opportunities subject to the necessary consents. '(6&5,37,21 The property is a freehold end of terrace three storey building The property is situated on Commercial Street to the corner of occupying a prominent corner position in the town of Mountain Pryce Street in the centre of Mountain Ash in close proximity to Ash. The property comprises approximately 544.2 Sq m (5,859 Sq Mountain Ash train station. Oxford Street accommodates a mix of ft) of accommodation. The ground floor is fitted out as a banking both local traders and national retailers and provides nearby hall with partitioned office content and benefits from carpeted access to the A470 providing links to Pontypridd and Cardiff in flooring, suspended ceiling with inset fluorescent strip light the south. panels, wall mounted air-conditioning units and gas central heating (not tested). The first floor is divided into two units having previously been occupied as banking offices and a solicitor’s office. The second floor provides further office accommodation that benefits from carpeted floors, fluorescent strip lighting, kitchen and WC facilities. ACCOMMODATION Floor Description Area Sq Ft Area Sq M Ground Banking Hall 2,349 218.2 First Office 1,594 148.0 Second Office 1,695 157.5 Basement Storage 221 20.5 Total 5,859 544.2 TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Matthew Jordan LOT 57 83 William Street, Ystrad, Pentre CF41 7QY Guide Price £54,000+ House For Owner Occupation/Investment '(6&5,37,21 An opportunity to acquire a three bedroom semi detached new build property that offers generous accommodation over three floors. The property now requires further upgrading and finishing works and would be ideal for a trades person, builder or person into general property development. The property has been built with a NHBC warranty. There is also a spacious garden/parking area to the rear with road access. $&&2002'$7,21 Ground Floor: Entrance, hallway, area for downstairs WC, lounge Lower GF: Hallway, kitchen area First Floor: Landing, 3 bedrooms, bathroom area Outside: Spacious garden with parking 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 11.00 Paul Fosh Auctions Contact: Sean Roper LOT 58 177 Overstone Court, Cardiff CF10 5NW Guide Price £125,000 Apartment For Owner Occupation/Investment '(6&5,37,21 A fourth floor apartment in a very popular area of Cardiff Bay. The riverside position proves very popular for landlords and owner occupiers. This would be an ideal investment property for an investor. $&&2002'$7,21 Ground Floor: Communal entrance Fourth Floor: Entrance hall, living room/kitchen, bedroom, bathroom Outside: Allocated parking 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Leasehold- to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Fri 20 Apr - Thurs 26 Apr - Wed 02 May 11.10 Paul Fosh Auctions Contact: Lanleigh Payne LOT 59 Garage to the rear of 43 Belle Vue Street, Aberdare CF44 8NR Guide Price £4,000+ A single garage with up and over door '(6&5,37,21 The garage is situated in a rear lane in a well-established residential location. 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Sean Roper LOT 60 1 James Street, Tonypandy CF40 1TS Guide Price £40,000+ '(6&5,37,21 A traditional end of terrace house with stone and brick elevations to the front. The property has been upgraded and benefits from UPVC double glazing, gas central heating (not tested) and has external wall insulation to the rear. There is also a refitted kitchen and bathroom. The house is situated in a very popular residential location for both homeowners and investors and there are a good range of local amenities, shopping facilities and good road links to Tonypandy, Porth and Pontypridd. $&&2002'$7,21 Ground Floor: Entrance hall, lounge, bathroom, kitchen First Floor: Landing, 3 bedrooms Outside: Garden with decking area and pedestrian side access 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Tues 17 Apr - Mon 23 Apr - Mon 30 Apr 10.20 Paul Fosh Auctions Contact: Sean Roper LOT 61 9 Wern Road, Ystalyfera, Swansea SA9 2LX Guide Price £79,000+ Residential Development Opportunity '(6&5,37,21 A freehold building located on Wern Road in the village of Ystalyfera. The front of the property comprises a ground floor retail unit and first floor 3 bedroom flat. This section of the property has recently been granted planning for residential conversion to provide a ground floor one bedroom flat and two first floor one bedroom flats. To the rear of the property is a substantial building which benefits from access to the rear of Wern Road. This section of the property has recently been granted planning for residential conversion to provide a scheme known as Cwrt Mair, comprising of five flats. Planning consent was passed on 5th July 2017 by Neath Port Talbot County Borough Council under application Nos. P/2017/323 and P/2017/325. Full plans are available via the Neath Port Talbot County Borough Council Planning Department Portal. The nearby A4067 provides access to the M4 at Junction 45 with links to Swansea in the south and Cardiff in the south east. TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor VIEWING CONTACT: Paul Fosh Auctions, 01633 254 044 Date Time Fri 20 Apr - Thurs 26 Apr - Wed 02 May 14.15 Paul Fosh Auctions Contact: Matthew Jordan LOT 62 Thompson Chapel, Thompson Street, Ynysybwl, Pontypridd CF37 3EN Guide Price £54,000+ Development Opportunity '(6&5,37,21 A spacious former chapel with previous planning for conversion to a residential dwelling. The building is of stone and brick construction under a pitched tiled roof and is situated in a popular residential street. The village of Ynysybwl benefits from a good range of local amenities and shopping facilities and the bustling town of Pontypridd is easily accessible with its excellent range of shops and transport links. Planning: Previous planning application number is 08/1553/10 $&&2002'$7,21 Ground Floor: Entrance with spacious room Lower GF: Room with rear access Outside: Yard area with scope for parking 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* 6&+('8/( Date Time Wed 18 Apr - Tues 24 Apr - Tues 01 May 9.30 Paul Fosh Auctions Contact: Sean Roper LOT 63 21 Pleasant View, Aberfan, Merthyr Tydfil CF48 4PQ Guide Price £38,000+ House For Owner Occupation/Investment '(6&5,37,21 A three bedroom mid terrace house situated in a well established side street in the village of Aberfan, popular for residents and investors. The property is part modernised but does require further works for improvement but benefits from a generous rear garden, UPVC double glazing and gas central heating (not tested). The village of Aberfan is 4 miles south of Merthyr Tydfil town centre and has a range of local amenities, schools, shops and post office. The A470 trunk road is within a 10 minute drive. $&&2002'$7,21 Ground Floor: Lounge/dining room, kitchen, bathroom First Floor: 3 bedrooms Outside: Generous and pleasant garden to rear 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Wed 18 Apr - Tues 24 Apr - Tues 01 May 15.20 Paul Fosh Auctions Contact: Lanleigh Payne LOT 64 139 Jersey Road, Blaengwynfi, Port Talbot SA13 3TF Guide Price £35,000+ House For Owner Occupation/Investment '(6&5,37,21 An opportunity to acquire a substantial mid terraced house with accommodation over four floors. The property has benefited from some improvement works and includes UPVC double glazing. The village of Blaengwynfi is in a popular area for both investors and homeowners and also for holiday lets being close to the renowned Afan Forest Park with its mountain bike trails. $&&2002'$7,21 Ground Floor: kitchen/dining area Lower GF: Games room/living room, access to garden First Floor: 3 bedrooms, bathroom Second Floor: Attic room Outside: Garden to rear 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 9,(:,1* 6&+('8/( Date Time Fri 20 Apr - Thurs 26 Apr - Wed 02 May 16.15 Paul Fosh Auctions Contact: Sean Roper The auction insight tool used by professionals WHY USE EIG ? OUR website offers.. භ Over 3,000 auction properties each month භ Full, detailed property sales history භ Guide price to sale price comparisons භ Custom alerts for new properties We give YOU... භ Total view of the marketplace භ Maximum choice of auction lots භ No time wasted searching OnlyOnly one wewebsitebsite hhasas it aall...ll... භ(YHU\ORWRILQWHUHVWLGHQWLƞHG 01737 226150 ¨ The property auction specialists [email protected] â www.eigpropertyauctions.co.uk ¾ LOT 65 Former Trinity Chapel and Adjacent Office Building, Westley Place, Merthyr Vale, Merthyr Tydfil CF48 4RF Guide Price £65,000+ Commercial / Development Opportunity The office building is a detached two storey property providing approximately 132.6 sq m (1,427 sq ft) of office accommodation. '(6&5,37,21 The property is accessed off Tram Road to the rear of Westley The property comprises the former Trinity Chapel, a detached Place and benefits from suspended ceilings with inset light office building and an asphalt recreation yard. The site would suit panels, carpeted floors, UPVC double glazing, electric roller a variety of alternative uses including residential, subject to the shutters, kitchen and WC facilities. The rectangular shaped necessary consents. recreation yard is laid to asphalt and is located adjacent to the Trinity Chapel building. The former Trinity Chapel is a detached two storey building providing approximately 182.0 sq m (1,960 sq ft) of office The property is located within close proximity to Merthyr Vale accommodation. The property is accessed off Westley Place and train station. Merthyr Tydfil town centre is approximately 5 miles benefits from gas central heating (not tested), suspended ceilings to the north west and access to the A470 is nearby providing with inset light panels, carpeted floors, kitchen and WC facilities. access to Cardiff in the south east. TENANCIES: To be sold with vacant possession TENURE: Advised Freehold - to be verified by solicitor 9,(:,1* 6&+('8/( Date Time Wed 18 Apr - Tues 24 Apr - Tues 01 May 14.40 Paul Fosh Auctions Contact: Matthew Jordan LOT 66 160 Oaksford, Coed Eva, Cwmbran NP44 6UN Guide Price TBC House For Owner Occupation/Investment '(6&5,37,21 A spacious three bedroom house with accommodation over three floors. The property benefits from gas central heating (not tested), double glazing and offers scope to improve further. The town of Cwmbran offers an excellent range of amenities and shopping facilities including the Cwmbran shopping centre with its excellent range of both national and local retailers. $&&2002'$7,21 Ground Floor: Kitchen, dining room First Floor: Living room, bedroom Second Floor: 2 bedrooms, bathroom Outside: Rear garden and communal parking area to front 7(1$1&,(6 To be sold with vacant possession 7(185( Advised Freehold - to be verified by solicitor 9,(:,1* &217$&7 Paul Fosh Auctions, 01633 254 044 Paul Fosh Auctions Contact: Sean Roper Newport Printing Co. Ltd. Providing quality design and print locally Design and nationally since 1914 Print The complete design and print solution Finishing t: 01633 270075 f: 01633 270100 e: [email protected] w: www.newportprinting.co.uk South Wales Viewing Schedule 3 May 2018 Auction Tues 17 Wed 18 Thur 19 Fri 20 Mon 23 Tues 24 Wed 25 Thur 26 Mon 30 Tues 01 Wed 02 Apr Apr Apr Apr Apr Apr Apr Apr Apr May May 55 CJ Butchers, Marionwen Street, Blackwood, NP12 3JT 09.00 09.00 09.00 25 The Technology Centre, William Street, Bargoed, CF81 8XQ 09.40 09.40 09.40 1 18 Penrhyn Terrace, New Tredegar, NP24 6BG 10.40 10.40 10.40 Former Natwest Bank, 14 Market Street, Ebbw Vale, NP23 10 11.30 11.30 11.30 6YG 50 65a Bethcar Street, Ebbw Vale, NP23 6HW 12.20 12.20 12.20 51 44 Bethcar Street, Ebbw Vale, NP23 6HG 12.40 12.40 12.40 14 Ty Cwm, Cwm, Ebbw Vale, NP23 7TJ 13.40 13.40 13.40 34 6 Commercial Street, Llanhilleth, Abertillery, NP13 2JA 14.50 14.50 14.50 5 70 Meadow Street, Llanhilleth, Abertillery, NP13 2JH 15.30 15.30 15.30 8 Flats at 85 Hanbury Road, Pontypool, NP4 6PF 16.15 16.15 16.15 17 2 Pennyfield, Cwmbran, NP44 4SA 17.00 17.00 17.00 36 4 Pugsley Street, Newport, NP20 5JU 10.00 10.00 10.00 4 27 East Street, Newport, NP20 4BR 10.50 10.50 10.50 44 Whitson Church, Whitson, Newport, NP18 2PP 11.45 11.45 11.45 62 Thompson Chapel, Thompson Street, Ynysybwl, CF37 3EN 09.30 09.30 09.30 19 25b Oxford Street, Mountain Ash, CF45 3PG 10.15 10.15 10.15 12 18 Arnold Street, Mountain Ash, CF45 4LF 11.00 11.00 11.00 24 59 Arnold Street, Mountain Ash, CF45 4LF 11.30 11.30 11.30 46 33 Victoria Square, Aberdare, CF44 7LB 13.00 13.00 13.00 16 4 Abernant Road, Aberdare, CF44 0PY 13.45 13.45 13.45 Former Trinity Chapel, Westley Place, Nixonville, 65 14.40 14.40 14.40 Merthyr Vale, Merthyr Tydfil, CF48 4RF 63 21 Pleasant View, Aberfan, Merthyr Tydfil, CF48 4PQ 15.20 15.20 15.20 28 104 -105 High Street, Merthyr Tydfil, CF47 8AP 16.10 16.10 16.10 30 Picton House, Swan Street, Merthyr Tydfil, CF47 8EU 17.00 17.00 17.00 21 15 Bridge Street, Pontypridd, CF37 4PE 09.30 09.30 09.30 60 1 James Street, Tonypandy, CF40 1TS 10.20 10.20 10.20 57 83 William Street, Ystrad, Pentre, CF41 7QY 11.00 11.00 11.00 32 Former Natwest Bank, 215 Ystrad Road, Pentre, CF41 7BE 11.40 11.40 11.40 42 30 Wyndham Street, Treherbert, Treorchy, CF42 5BS 12.30 12.30 12.30 2 88 Blaen Y Cwm Terrace, Treherbert, Treorchy, CF42 5NE 13.00 13.00 13.00 3 20 Brynhyfryd Terrace, Tylorstown, Ferndale, CF43 3AR 14.00 14.00 14.00 11 216 East Road, Tylorstown, CF43 3DA 14.30 14.30 14.30 Flat 1 East Court, 170/171 East Road, Tylorstown, CF43 15 15.10 15.10 15.10 3BU 7 42 Brynheulog Terrace, Tylorstown, CF43 3DW 15.45 15.45 15.45 27 10 Taff Street, Blaenllechau, Ferndale, CF43 4NL 16.20 16.20 16.20 41 1 The Parade, Fenrdale, CF43 4SU 17.00 17.00 17.00 26 130 Wentloog, Cardiff, CF3 3EB 09.30 09.30 09.30 22 97 Donald Street, Cardiff, CF24 4TL 10.20 10.20 10.20 58 177 Overtsone Court, Cardiff, CF10 5NW 11.10 11.10 11.10 Former Natwest Bank, 21 Woodfield Street, Morriston, 40 12.30 12.30 12.30 Swansea, SA6 8AQ 31 601 Pentregethin Road, Ravenhill, Swansea, SA5 5EU 13.20 13.20 13.20 61 9 Wern Road, Ystalyfera, Swansea, SA9 2LX 14.15 14.15 14.15 54 193 Neath Road, Briton Ferry, Neath, SA11 2BJ 15.10 15.10 15.10 64 139 Jersey Road, Blaengwynfi, Port Talbot, SA13 3TF 16.15 16.15 16.15 This is for information purposes only. All viewings are strictly by appointment only. To book onto a property, please contact Paul Fosh Auctions on 01633 254044. FDQȃW PDNHWKH DXFWLRQ" 8VHRXUQHZRQOLQHELGGLQJ VHUYLFHDQGELGIURPWKH FRPIRUWRI\RXURZQKRPH )RUIXOOGHWDLOVRQKRZWRUHJLVWHUWRELGRQOLQHGXULQJRXU DXFWLRQSOHDVHFRQWDFWWKHR̲FHRQ &ŽƌƵLJĞƌƐĂŶĚ^ĞůůĞƌƐĂƚƵĐƚŝŽŶ tĞŽĨĨĞƌƚŚĞĐŽŵƉůĞƚĞƐĞƌǀŝĐĞĂƚĐŽŵƉĞƚŝƚŝǀĞƌĂƚĞƐ ǁŚĞƚŚĞƌLJŽƵĂƌĞďƵLJŝŶŐŽƌƐĞůůŝŶŐ͘ tĞĂůƐŽŽĨĨĞƌĂ&Z >ĞŐĂůƵĐƚŝŽŶWĂĐŬǁŚĞƌĞ ZƵďŝŶ>ĞǁŝƐK͛ƌŝĞŶĂƌĞŝŶƐƚƌƵĐƚĞĚƚŽŚĂŶĚůĞƚŚĞ ƐĂůĞŽĨƚŚĞƉƌŽƉĞƌƚLJ &ŽƌĨƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂĚǀŝĐĞĐĂůů ĂŶĚĂƐŬĨŽƌŽƵƌŽŶǀĞLJĂŶĐŝŶŐdĞĂŵ ůƚĞƌŶĂƚŝǀĞůLJLJŽƵĐĂŶĐŽŶƚĂĐƚƵƐďLJĨĂdžŽƌĞŵĂŝůŽŶ ͗ŝŶĨŽΛƌůŽ͘ůĂǁǁǁǁ͘ƌůŽ͘ůĂǁ 7KHORDQIRURQHSURMHFW WKDWSURYLGHVIXQGVIRU WKHQH[W 2XUQHZUHIXUELVKPHQWEULGJLQJSURGXFWLVLGHDOIRULQYHVWRUV ZKRZDQWWRSXUFKDVHDSURSHUW\FDUU\RXWOLJKWUHIXUELVKPHQWV DQGWKHQUHOHDVHWKHLULQYHVWPHQWTXLFNO\WRPRYHRQWRWKHQH[W SURMHFW /RDQVIURP WR /79XSWR )OH[LEOHWHUPV )RUPRUHLQIRUPDWLRQFDOO RUYLVLWWRJHWKHUPRQH\FRPDXFWLRQÀQDQFH $Q\SURSHUW\XVHGDVVHFXULW\LQFOXGLQJ\RXUKRPHPD\EHUHSRVVHVVHGLI\RXGRQRWNHHSXSUHSD\PHQWVRQDPRUWJDJHRUDQ\RWKHU GHEWVHFXUHGRQLW /LJKWUHIXUELVKPHQWLQFOXGHVWKHUHSODFHPHQWRUUHIXUELVKPHQWRINLWFKHQVDQGEDWKURRPVUHZULULQJGHFRUDWLYHDWWHQWLRQRULQWHUQDO UHFRQÀJXUDWLRQ,WGRHVQRWLQFOXGHDQ\WKLQJWKDWUHTXLUHVSODQQLQJSHUPLVVLRQRUVWUXFWXUDOFKDQJHV )25 $// 7<3(6 2) 3523(57< ,1685$1&( WHITE KNIGHT GROUP 2&&83,(' 25 812&&83,(' 2:1(5 2&&83,(' 25 /$1'/25' Britannia House • High Street • Bream 5(6,'(17,$/ 25 &200(5&,$/ Lydney • Gloucestershire • GL15 6JS Tel 01594 564444 • Fax 01594 564084 &217$&7 86 )25 $ )5(( 4827$7,21 www.whiteknightgroup.co.uk Monday to Friday 9.00am - 5.00pm FARMER SWAMBO NEWENT DEAN MAGNA & INSURANCE N DM CLARKFC WOOLLETT SW SERVICES IS Motor Fleets . Commercial . Liability . Property . Healthcare . Income Replacement . Life Assurance . Pensions . Mortgages . Savings . Investments PARTNERS: Bill Ballinger, Tim Beal, Paul Clack White Knight Group are Financial Advisers, Mortgage & General Insurance Intermediaries authorised and Regulated by the Financial Conduct Authority who also trade under the names of: Dean Magna Insurance & Financial Consultants, Farmer & Clark Insurance & Financial Consultants, Swambo Woollett Insurance & Financial Consultants and Newent Insurance Services ,PSRUWDQWQRWHVWREHUHDG E\DOOELGGHUV $WWHQWLRQLVGUDZQWRWKH*HQHUDO&RQGLWLRQVRI6DOHSULQWHG 5HIHUHQFHPDGHWRDQ\̰[WXUHVRṴWWLQJVGRHVQRWLPSO\WKDW ZLWKLQWKLVFDWDORJXH6SHFLDO&RQGLWLRQVRI6DOHDQGVXSSRUWLQJ WKHVHDUHLQZRUNLQJRUGHUDQGKDYHQRWEHHQWHVWHGE\WKH GRFXPHQWDWLRQDUHDYDLODEOHSULRUWRWKH$XFWLRQIURPWKH $XFWLRQHHUVRU$JHQWVLQVWUXFWHG3XUFKDVHUVVKRXOGHVWDEOLVK $XFWLRQHHUȃV2̲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̰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ȃVJDYHOIDOOVRQKLVRUKHUELG,PPHGLDWHO\WKHUHDɓHU WKHSXUFKDVHULVUHTXLUHGWRSURYLGHWKH$XFWLRQHHUȃV&OHUNZLWK DQRWHRIKLVKHUQDPHDQGDGGUHVVDQGWKDWRIKLVKHUVROLFLWRUV DQGWRVLJQD0HPRUDQGXPRI6DOHDQGSD\WKHUHTXLUHGGHSRVLW DVZHOODVWKHEX\HUVSUHPLXPEHIRUHOHDYLQJWKH$XFWLRQ5RRP )DLOXUHWRIROORZWKLVSURFHGXUHPD\UHVXOWLQWKHSURSHUW\EHLQJ UHR̯HUHG 7HUPVDQGFRQGLWLRQVIRUSUR[\ DQGWHOHSKRQHELGGHUV $SURVSHFWLYHSXUFKDVHUVKRXOGFRPSOHWHDQGVLJQWKH 7KHDXFWLRQHHUUHVHUYHVWKHULJKWWRELGKLPVHOIRUWKURXJKDQ UHJLVWUDWLRQIRUPRYHUOHDI,QSDUWLFXODUWKHSURVSHFWLYHSUR[\ DJHQWXSWRWKHUHVHUYHSULFHIRUWKHSDUWLFXODUORW SXUFKDVHUVKRXOGFRPSOHWHWKHIRUPVKRZLQJWKHPD[LPXP SULFHZKLFKWKHSURVSHFWLYHSXUFKDVHUDXWKRULVHVWKH 7KHDXFWLRQHHUZLOOPDNHQRFKDUJHWRDSURVSHFWLYHSXUFKDVHU DXFWLRQHHUWRELGIRUDSDUWLFXODUSURSHUW\ IRUWKLVVHUYLFHDQGZLOODFFHSWQROLDELOLW\ZKDWVRHYHUIRUDQ\ ELGQRWEHLQJPDGHRQEHKDOIRIWKHSURVSHFWLYHSXUFKDVHU 7KHPD[LPXPSULFHWRZKLFKWKHDXFWLRQHHULVDXWKRULVHG ZKHWKHUWKURXJKODFNRIFODULW\RILQVWUXFWLRQVRUIRUDQ\RWKHU WRELGPXVWEHDQH[DFW̰JXUH DFFRUGLQJO\ZRUGLQJVXFKDV UHDVRQZKDWVRHYHU3URVSHFWLYHWHOHSKRQHSXUFKDVHUVZLOOQRW ȅeRYHUWKHKLJKHVWELGLQWKHURRPȆZLOOQRWEHDFFHSWDEOH KROG3DXO)RVK$XFWLRQVOLDEOHIRUDQ\ORVVRUFODLPVUHODWLQJWR 7KHDXFWLRQHHUUHVHUYHVWKHULJKWQRWWRELGRQEHKDOIRIWKH WKHWHOHSKRQHV\VWHPRUWKHLQWHUUXSWLRQRUVXVSHQVLRQRIWKLV SURVSHFWLYHSXUFKDVHUVKRXOGWKHUHEHDQ\HUURURUFRQIXVLRQLQ VHUYLFH7KHSURVSHFWLYHSXUFKDVHUZLOOEHDGYLVHGLIWKHUHOHYDQW UHVSHFWRIWKHVHLQVWUXFWLRQVRUWKHDFFRPSDQ\LQJGHSRVLW ORWKDVEHHQVXFFHVVIXOO\SXUFKDVHGRQKLVEHKDOIDVVRRQDV $VHSDUDWHIRUPPXVWEHFRPSOHWHGIRUHDFKORWIRUZKLFKD SRVVLEOHDɓ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̰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̯HUHG PHPRUDQGXPRIFRQWUDFWLQFRUSRUDWLQJDOOVXFKPDWWHUVDWRU IRUVDOH,QWKLVFDVHWKHDXFWLRQHHUZLOOQRWPDNHDQ\ELGVRQ DɓHUWKHDXFWLRQ EHKDOIRIWKHSURVSHFWLYHSXUFKDVHUV 3URVSHFWLYHSUR[\SXUFKDVHUVVKRXOGVHQGZLWKWKLVIRUPDYDOLG 3URVSHFWLYHSXUFKDVHUVDUHDGYLVHGLQUHVSHFWRIWHOHSKRQHELGV FKHTXHRUEDQNHUVGUDɓGUDZQRQD8QLWHG.LQJGRP%UDQFK WKDWVKRXOGWKH\EHFRPHGLVFRQQHFWHGGXULQJELGGLQJRUDUH RIDEDQNUHSUHVHQWLQJRIWKHPD[LPXPSULFHVXEMHFWWRD XQREWDLQDEOH3DXO)RVK$XFWLRQVZLOOQRWEHKHOGUHVSRQVLEOHRU PLQLPXPRIeWRZKLFKWKHSURVSHFWLYHSXUFKDVHUZLVKHV OLDEOHIRUDQ\ORVVVX̯HUHGLQUHVSHFWWKHUHRI WKHDXFWLRQHHUWRELG:KHUHWKHSDUWLFXODUORWLVSXUFKDVHG EHORZWKHPD[LPXPELG̰JXUHWKHEDODQFHRIWKHGHSRVLWZLOOEH FRQVLGHUHGDVDQDGGLWLRQDOGHSRVLWWRZDUGVWKHSXUFKDVHSULFH 7KHSURVSHFWLYHSXUFKDVHUPD\LQZULWLQJRQO\DWDQ\WLPHXS WRWKHFRPPHQFHPHQWRIWKHDXFWLRQLQZKLFKWKHSDUWLFXODU ORWLVWREHVROGZLWKGUDZWKHDXFWLRQHHUȃVDXWKRULW\WRELG,WLV WKHSURVSHFWLYHSXUFKDVHUȃVUHVSRQVLELOLW\WRHQVXUHWKDWWKH DXFWLRQHHUSHUVRQDOO\UHFHLYHVVXFKLQVWUXFWLRQVDQGKHVKRXOG FKHFNWRHQVXUHVXFKLQVWUXFWLRQVKDYHEHHQUHFHLYHG 8QOHVVWKHUHOHYDQWORWLVVROGWRWKHSURVSHFWLYHSXUFKDVHUWKH DPRXQWRIWKHSURVSHFWLYHSXUFKDVHUVELGZLOOQRWEHGLVFORVHG WRWKHYHQGRURUDQ\RWKHUSHUVRQHLWKHUGXULQJRUDɓHUWKHVDOH ZLWKRXWWKHFRQVHQWRIWKHUHVSHFWLYHSXUFKDVHU 0DLOLQJOLVWVXEVFULSWLRQIRUP 2XUVXEVFULSWLRQVHUYLFHR̯HUVSULRULW\PDLOLQJRIRXUFDWDORJXHVE\̰UVWFODVVSRVWIRURQH\HDU'LVSDWFKLVJXDUDQWHHGZLWKRXWWKHQHHG IRU\RXWRSKRQH\RXUUHTXHVWLQ 7RUHFHLYHWKLVVHUYLFHSOHDVHFRPSOHWHWKHIRUPEHORZDQGIRUZDUGZLWKDFKHTXHRUEDQNWUDQVIHU GHWDLOVRQUHTXHVWIRUePDGH SD\DEOHWRȅ3DXO)RVK$XFWLRQVȆWR 0DLOLQJ/LVW6XEVFULSWLRQV3DXO)RVK$XFWLRQV/RZHU'RFN6WUHHW1HZSRUW13$* 7LWOH 0U0UV0LVV0V2WKHU SOHDVHVSHFLI\ )LUVW1DPH /DVW1DPH $GGUHVV 3RVW&RGH 7HOHSKRQH (PDLO 3URSHUW\7\SH 3URSHUW\$UHD 2̲FH8VH 5HFHLYHG 'DWH &KHTXH1R 0/8SGDWHG %\ 6XE(['DWH 5HJLVWUDWLRQIRUPIRURQOLQH WHOHSKRQHDQGSUR[\ELGGHUV 'DWHRI$XFWLRQ /RW1XPEHU 2QOLQH7HOHSKRQH3UR[\ 3OHDVHGHOHWHDVDSSURSULDWH ,KHUHE\LQVWUXFWDQGDXWKRULVH\RXWRELGRQP\EHKDOILQDFFRUGDQFHZLWKWKHWHUPVDQGFRQGLWLRQVDWWDFKHGKHUHWRDQG,XQGHUVWDQGWKDW VKRXOGP\ELGEHVXFFHVVIXOWKHR̯HUZLOOEHELQGLQJXSRQPH $GGUHVVRI/RW 0D[LPXP%LG3ULFH ZRUGV &KHTXHIRUeRUGHSRVLW ZKLFKHYHULVWKHJUHDWHU %X\HUȃVSUHPLXPRIRU0LQLPXPe e HQFORVHGKHUHZLWK 1RWH )RUDGPLQLVWUDWLYHUHDVRQVXQOHVVRWKHUZLVHDJUHHGZLWKWKH$XFWLRQHHUVWKHPLQLPXPGHSRVLWIRURQOLQHWHOHSKRQHSUR[\ELGVLV eRURIWKHPD[LPXPELGSULFHZKLFKHYHULVWKHJUHDWHUSOXVEX\HUȃVSUHPLXPRIRU0LQLPXPe 3XUFKDVHUV'HWDLOV )XOO1DPH V $GGUHVV 3RVW&RGH %XVLQHVV7HO +RPH7HO )RUWHOHSKRQHELGVWHOHSKRQHQXPEHUDWWLPHRIDXFWLRQ 6ROLFLWRUV 3RVW&RGH )RUWKH$WWHQWLRQRI 7HOHSKRQH 6LJQDWXUHRI3URVSHFWLYH3XUFKDVHURU3HUVRQ6LJQLQJ )XOO1DPHDQG$GGUHVVRI6LJQDWRU\LIGL̯HUHQWIURP3XUFKDVHUV RQ3XUFKDVHUVEHKDOI GHWDLOVJLYHQDERYH 'DWHRI6LJQLQJ &RPPRQFRQGLWLRQV 7KH&RPPRQ$XFWLRQ&RQGLWLRQVKDYHEHHQSURGXFHGIRU ,03257$17127,&( UHDOHVWDWHDXFWLRQVLQ(QJODQGDQG:DOHVWRVHWDFRPPRQ $SUXGHQWEX\HUZLOOEHIRUHELGGLQJIRUDORWDWDQDXFWLRQ VWDQGDUGDFURVVWKHLQGXVWU\7KH\DUHLQWKUHHVHFWLRQV Ȋ7DNHSURIHVVLRQDODGYLFHIURPDFRQYH\DQFHUDQGLQDSSURSULDWH *ORVVDU\ FDVHVDFKDUWHUHGVXUYH\RUDQGDQDFFRXQWDQW 7KHJORVVDU\JLYHVVSHFLDOPHDQLQJVWRFHUWDLQZRUGVXVHGLQERWK Ȋ5HDGWKHFRQGLWLRQV VHWVRIFRQGLWLRQV Ȋ,QVSHFWWKHORW $XFWLRQ&RQGXFW&RQGLWLRQV Ȋ&DUU\RXWXVXDOVHDUFKHVDQGPDNHXVXDOHQTXLULHV 7KH$XFWLRQ&RQGXFW&RQGLWLRQVJRYHUQWKHUHODWLRQVKLSEHWZHHQ Ȋ&KHFNWKHFRQWHQWRIDOODYDLODEOHOHDVHVDQGRWKHUGRFXPHQWV WKHDXFWLRQHHUDQGDQ\RQHZKRKDVDFDWDORJXHRUZKRDWWHQGV UHODWLQJWRWKHORW RUELGVDWWKHDXFWLRQ7KH\FDQQRWEHFKDQJHGZLWKRXWWKH DXFWLRQHHUȃVDJUHHPHQW Ȋ&KHFNWKDWZKDWLVVDLGDERXWWKHORWLQWKHFDWDORJXHLVDFFXUDWH :HUHFRPPHQGWKDWWKHVHFRQGLWLRQVDUHVHWRXWLQDWZRSDUW Ȋ+DYH̰QDQFHDYDLODEOHIRUWKHGHSRVLWDQGSXUFKDVHSULFH QRWLFHWRELGGHUVLQWKHDXFWLRQFDWDORJXHSDUWRQHFRQWDLQLQJ Ȋ&KHFNZKHWKHU9$7UHJLVWUDWLRQDQGHOHFWLRQLVDGYLVDEOH DGYLVRU\PDWHULDOǿZKLFKDXFWLRQHHUVFDQWDLORUWRWKHLUQHHGVǿ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ȊVLQJXODUZRUGVFDQEHUHDGDVSOXUDOVDQGSOXUDOVDVVLQJXODUZRUGV ȊDȅSHUVRQȆLQFOXGHVDFRUSRUDWHERG\ $55($56 $UUHDUVRIUHQWDQGRWKHUVXPVGXHXQGHUWKHWHQDQFLHVDQGVWLOO ȊZRUGVRIRQHJHQGHULQFOXGHWKHRWKHUJHQGHUV RXWVWDQGLQJRQWKHDFWXDOFRPSOHWLRQGDWH ȊUHIHUHQFHVWROHJLVODWLRQDUHWRWKDWOHJLVODWLRQDVLWPD\KDYHEHHQ PRGL̰HGRUUHHQDFWHGE\WKHGDWHRIWKHDXFWLRQRUWKHFRQWUDFW $55($566&+('8/( GDWH DVDSSOLFDEOH DQG 7KHDUUHDUVVFKHGXOH LIDQ\ IRUPLQJSDUWRIWKHVSHFLDOFRQGLWLRQV ȊZKHUHWKHIROORZLQJZRUGVSULQWHGLQEROGEODFNW\SHDSSHDULQ $8&7,21 EROGEOXHW\SHWKH\KDYHWKHVSHFL̰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̰HGLQWKHVSHFLDOFRQGLWLRQV RU E LIQRGDWHLVVSHFL̰HGEXVLQHVVGD\VDɓHUWKHFRQWUDFW GDWH EXWLIWKDWGDWHLVQRWDEXVLQHVVGD\WKH̰UVWVXEVHTXHQW EXVLQHVVGD\ %8<(5 35$&7,7,21(5 7KHSHUVRQZKRDJUHHVWREX\WKHORWRULIDSSOLFDEOHWKDWSHUVRQȃV $QLQVROYHQF\SUDFWLWLRQHUIRUWKHSXUSRVHVRIWKH,QVROYHQF\$FW SHUVRQDOUHSUHVHQWDWLYHV LIWZRRUPRUHDUHMRLQWO\WKHEX\HUWKHLU RULQUHODWLRQWRMXULVGLFWLRQVRXWVLGHWKH8QLWHG.LQJGRP REOLJDWLRQVFDQEHHQIRUFHGDJDLQVWWKHPMRLQWO\RUDJDLQVWHDFKRI DQ\VLPLODUR̲FLDO WKHPVHSDUDWHO\ 35,&( &$7$/2*8( 7KHSULFHWKDWWKHEX\HUDJUHHVWRSD\IRUWKHORW 7KHFDWDORJXHWRZKLFKWKHFRQGLWLRQVUHIHULQFOXGLQJDQ\ VXSSOHPHQWWRLW 5($'<72&203/(7( 5HDG\ZLOOLQJDQGDEOHWRFRPSOHWH LIFRPSOHWLRQZRXOGHQDEOH &203/(7,21 WKHVHOOHUWRGLVFKDUJHDOO̰QDQFLDOFKDUJHVVHFXUHGRQWKHORW 8QOHVVRWKHUZLVHDJUHHGEHWZHHQVHOOHUDQGEX\HU RUWKHLU WKDWKDYHWREHGLVFKDUJHGE\FRPSOHWLRQWKHQWKRVHRXWVWDQGLQJ FRQYH\DQFHUV WKHRFFDVLRQZKHQERWKVHOOHUDQGEX\HUKDYH ̰QDQFLDOFKDUJHVGRQRWSUHYHQWWKHVHOOHUIURPEHLQJUHDG\WR FRPSOLHGZLWKWKHLUREOLJDWLRQVXQGHUWKHFRQWUDFWDQGWKH FRPSOHWH EDODQFHRIWKHSULFHLVXQFRQGLWLRQDOO\UHFHLYHGLQWKHVHOOHUȃV FRQYH\DQFHUȃ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̯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ȅWRWUDQVIHUȆ ),1$1&,$/&+$5*( LQFOXGHVȅWRFRQYH\ȆRUȅWRDVVLJQȆ $FKDUJHWRVHFXUHDORDQRURWKHṴQDQFLDOLQGHEWQHVV QRW LQFOXGLQJDUHQWFKDUJH 783( 7KH7UDQVIHURI8QGHUWDNLQJV 3URWHFWLRQRI(PSOR\PHQW *(1(5$/&21',7,216 5HJXODWLRQV 7KDWSDUWRIWKHVDOHFRQGLWLRQVVRKHDGHGLQFOXGLQJDQ\H[WUD JHQHUDOFRQGLWLRQV 9$7 9DOXH$GGHG7D[RURWKHUWD[RIDVLPLODUQDWXUH ,17(5(675$7( ,IQRWVSHFL̰HGLQWKHVSHFLDOFRQGLWLRQVDERYHWKHEDVHUDWH 9$7237,21 IURPWLPHWRWLPHRI%DUFOD\V%DQNSOF 7KHLQWHUHVWUDWHZLOODOVR $QRSWLRQWRWD[ DSSO\WRMXGJPHQWGHEWVLIDSSOLFDEOH :( $1'86$1'285 /27 7KHDXFWLRQHHUV (DFKVHSDUDWHSURSHUW\GHVFULEHGLQWKHFDWDORJXHRU DVWKHFDVH <28 $1'<285 PD\EH WKHSURSHUW\WKDWWKHVHOOHUKDVDJUHHGWRVHOODQGWKH EX\HUWREX\ LQFOXGLQJFKDWWHOVLIDQ\ 6RPHRQHZKRKDVDFRS\RIWKHFDWDORJXHRUZKRDWWHQGVRUELGV DWWKHDXFWLRQZKHWKHURUQRWDEX\HU 2/'$55($56 $UUHDUVGXHXQGHUDQ\RIWKHWHQDQFLHVWKDWDUHQRWȅQHZ WHQDQFLHVȆDVGH̰QHGE\WKH/DQGORUGDQG7HQDQW &RYHQDQWV $FW 3$57,&8/$56 7KHVHFWLRQRIWKHFDWDORJXHWKDWFRQWDLQVGHVFULSWLRQVRIHDFKORW DVYDULHGE\DQ\DGGHQGXP (GLWLRQ$XJXVW $XFWLRQFRQGXFWFRQGLWLRQV $ ,1752'8&7,21 $ ,IWKHVSHFLDOFRQGLWLRQVGRQRWFRQWDLQDGHVFULSWLRQRI $ :RUGVLQEROGEOXHW\SHKDYHVSHFLDOPHDQLQJVZKLFKDUH WKHORWRUVLPSO\UHIHUWRWKHUHOHYDQWORWQXPEHU\RXWDNH GH̰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̯HUHDFKORWIRUVDOH $ $VXFFHVVIXOELGLVRQHZHDFFHSWDVVXFK QRUPDOO\RQWKH F VHOOHDFKORW IDOORIWKHKDPPHU 7KLVFRQGLWLRQ$DSSOLHVWR\RXLI\RX G UHFHLYHDQGKROGGHSRVLWV PDNHWKHVXFFHVVIXOELGIRUDORW H VLJQHDFKVDOHPHPRUDQGXP DQG $ :RUGVLQEROGEOXHW\SHKDYHVSHFLDOPHDQLQJVZKLFKDUH E WKHSK\VLFDOFRQGLWLRQRIWKHORWDQGZKDWFRXOG GH̰QHGLQWKH*ORVVDU\ UHDVRQDEO\EHGLVFRYHUHGRQLQVSHFWLRQRILWZKHWKHURUQRW 7KHJHQHUDOFRQGLWLRQV LQFOXGLQJDQ\H[WUDJHQHUDOFRQGLWLRQV WKHEX\HUKDVLQVSHFWHGLW DSSO\WRWKHFRQWUDFWH[FHSWWRWKHH[WHQWWKDWWKH\DUHYDULHGE\ * 7KHEX\HULVQRWWRUHO\RQWKHLQIRUPDWLRQFRQWDLQHGLQ VSHFLDOFRQGLWLRQVRUE\DQDGGHQGXP WKHSDUWLFXODUVEXWPD\UHO\RQWKHVHOOHUȃVFRQYH\DQFHUȃV ZULWWHQUHSOLHVWRSUHOLPLQDU\HQTXLULHVWRWKHH[WHQWVWDWHGLQ * 7+(/27 WKRVHUHSOLHV * 7KHORW LQFOXGLQJDQ\ULJKWVWREHJUDQWHGRUUHVHUYHGDQG * '(326,7 DQ\H[FOXVLRQVIURPLW LVGHVFULEHGLQWKHVSHFLDOFRQGLWLRQV RULIQRWVRGHVFULEHGWKHORWLVWKDWUHIHUUHGWRLQWKHVDOH * 7KHDPRXQWRIWKHGHSRVLWLVWKHJUHDWHURI PHPRUDQGXP D DQ\PLQLPXPGHSRVLWVWDWHGLQWKHDXFWLRQFRQGXFW * 7KHORWLVVROGVXEMHFWWRDQ\WHQDQFLHVGLVFORVHGE\WKH FRQGLWLRQV RUWKHWRWDOSULFHLIWKLVLVOHVVWKDQWKDW VSHFLDOFRQGLWLRQVEXWRWKHUZLVHZLWKYDFDQWSRVVHVVLRQRQ PLQLPXP DQG FRPSOHWLRQ E RIWKHSULFH H[FOXVLYHRIDQ\9$7RQWKHSULFH * 7KHORWLVVROGVXEMHFWWRDOOPDWWHUVFRQWDLQHGRUUHIHUUHGWR * 7KHGHSRVLW LQWKHGRFXPHQWVEXWH[FOXGLQJDQ\̰QDQFLDOFKDUJHV D PXVWEHSDLGLQSRXQGVVWHUOLQJE\FKHTXHRUEDQNHUȃV WKHVHWKHVHOOHUPXVWGLVFKDUJHRQRUEHIRUHFRPSOHWLRQ GUDɓGUDZQRQDQDSSURYHG̰QDQFLDOLQVWLWXWLRQ RUE\DQ\ * 7KHORWLVDOVRVROGVXEMHFWWRVXFKRIWKHIROORZLQJDVPD\ RWKHUPHDQVRISD\PHQWWKDWWKHDXFWLRQHHUVPD\DFFHSW D̯HFWLWZKHWKHUWKH\DULVHEHIRUHRUDɓ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̰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ȃVLQWHUHVWQRWHGRQWKHSROLF\LILWGRHVQRW * 7KHVHOOHUPXVWQRWLI\WKHEX\HURIDQ\QRWLFHVRUGHUV FRYHUDFRQWUDFWLQJSXUFKDVHU GHPDQGVSURSRVDOVDQGUHTXLUHPHQWVRIDQ\FRPSHWHQW H XQOHVVRWKHUZLVHDJUHHGFDQFHOWKHLQVXUDQFHDW DXWKRULW\RIZKLFKLWOHDUQVDɓHUWKHFRQWUDFWGDWHEXW FRPSOHWLRQDSSO\IRUDUHIXQGRISUHPLXPDQG VXEMHFWWR WKHEX\HUPXVWFRPSO\ZLWKWKHPDQGNHHSWKHVHOOHU WKHULJKWVRIDQ\WHQDQWRURWKHUWKLUGSDUW\ SD\WKDWUHIXQGWR LQGHPQL̰HG WKHEX\HU DQG * 7KHORWGRHVQRWLQFOXGHDQ\WHQDQWȃVRUWUDGH̰[WXUHVRU I VXEMHFWWRWKHULJKWVRIDQ\WHQDQWRURWKHUWKLUGSDUW\ ̰WWLQJV KROGRQWUXVWIRUWKHEX\HUDQ\LQVXUDQFHSD\PHQWVWKDWWKH * :KHUHFKDWWHOVDUHLQFOXGHGLQWKHORWWKHEX\HUWDNHVWKHP VHOOHUUHFHLYHVLQUHVSHFWRIORVVRUGDPDJHDULVLQJDɓHUWKH DVWKH\DUHDWFRPSOHWLRQDQGWKHVHOOHULVQRWOLDEOHLIWKH\ FRQWUDFWGDWHRUDVVLJQWRWKHEX\HUWKHEHQH̰WRIDQ\FODLP DUHQRW̰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ɓWUDQVIHUWRWKHVHOOHUDW OHDVWWHQEXVLQHVVGD\VEHIRUHWKHDJUHHGFRPSOHWLRQ * 7,7/($1','(17,7< GDWHDQGWKHHQJURVVPHQW VLJQHGDVDGHHGE\WKHEX\HU * 8QOHVVFRQGLWLRQ*DSSOLHVWKHEX\HUDFFHSWVWKHWLWOHRI LIFRQGLWLRQ*DSSOLHV ̰YHEXVLQHVVGD\VEHIRUHWKDW WKHVHOOHUWRWKHORWDVDWWKHFRQWUDFWGDWHDQGPD\UDLVHQR GDWHRU LIODWHU WZREXVLQHVVGD\VDɓHUWKHGUDɓKDVEHHQ UHTXLVLWLRQRUREMHFWLRQH[FHSWLQUHODWLRQWRDQ\PDWWHUWKDW DSSURYHGE\WKHVHOOHU DQG RFFXUVDɓHUWKHFRQWUDFWGDWH E WKHVHOOHUPXVWDSSURYHRUUHYLVHWKHGUDɓWUDQVIHUZLWKLQ * ,IDQ\RIWKHGRFXPHQWVLVQRWPDGHDYDLODEOHEHIRUHWKH ̰YHEXVLQHVVGD\VRIUHFHLYLQJLWIURPWKHEX\HU DXFWLRQWKHIROORZLQJSURYLVLRQVDSSO\ * ,IWKHVHOOHUUHPDLQVOLDEOHLQDQ\UHVSHFWLQUHODWLRQWRWKHORW D 7KHEX\HUPD\UDLVHQRUHTXLVLWLRQRQRUREMHFWLRQWRDQ\ RUDWHQDQF\ IROORZLQJFRPSOHWLRQWKHEX\HULVVSHFL̰FDOO\ RIWKHGRFXPHQWVWKDWLVPDGHDYDLODEOHEHIRUHWKHDXFWLRQ WRFRYHQDQWLQWKHWUDQVIHUWRLQGHPQLI\WKHVHOOHUDJDLQVW E ,IWKHORWLVUHJLVWHUHGODQGWKHVHOOHULVWRJLYHWRWKHEX\HU WKDWOLDELOLW\ ZLWKLQ̰YHEXVLQHVVGD\VRIWKHFRQWUDFWGDWHDQR̲FLDO * 7KHVHOOHUFDQQRWEHUHTXLUHGWRWUDQVIHUWKHORWWRDQ\RQH FRS\RIWKHHQWULHVRQWKHUHJLVWHUDQGWLWOHSODQDQGZKHUH RWKHUWKDQWKHEX\HURUE\PRUHWKDQRQHWUDQVIHU QRWHGRQWKHUHJLVWHURIDOOGRFXPHQWVVXEMHFWWRZKLFKWKH ORWLVEHLQJVROG * &203/(7,21 F ,IWKHORWLVQRWUHJLVWHUHGODQGWKHVHOOHULVWRJLYHWRWKH * &RPSOHWLRQLVWRWDNHSODFHDWWKHR̲FHVRIWKHVHOOHUȃV EX\HUZLWKLQ̰YHEXVLQHVVGD\VDQDEVWUDFWRUHSLWRPHRI FRQYH\DQFHURUZKHUHWKHVHOOHUPD\UHDVRQDEO\UHTXLUHRQ WLWOHVWDUWLQJIURPWKHURRWRIWLWOHPHQWLRQHGLQWKHVSHFLDO WKHDJUHHGFRPSOHWLRQGDWH7KHVHOOHUFDQRQO\EHUHTXLUHG FRQGLWLRQV RULIQRQHLVPHQWLRQHGDJRRGURRWRIWLWOHPRUH WRFRPSOHWHRQDEXVLQHVVGD\DQGEHWZHHQWKHKRXUVRI WKDQ̰ɓHHQ\HDUVROG DQGPXVWSURGXFHWRWKHEX\HUWKH DQG RULJLQDORUDQH[DPLQHGFRS\RIHYHU\UHOHYDQWGRFXPHQW * 7KHDPRXQWSD\DEOHRQFRPSOHWLRQLVWKHEDODQFHRIWKH G ,IWLWOHLVLQWKHFRXUVHRIUHJLVWUDWLRQWLWOHLVWRFRQVLVWRI SULFHDGMXVWHGWRWDNHDFFRXQWRIDSSRUWLRQPHQWVSOXV LI FHUWL̰HGFRSLHVRI DSSOLFDEOH 9$7DQGLQWHUHVW L WKHDSSOLFDWLRQIRUUHJLVWUDWLRQRIWLWOHPDGHWRWKHODQG * 3D\PHQWLVWREHPDGHLQSRXQGVVWHUOLQJDQGRQO\E\ UHJLVWU\ D GLUHFWWUDQVIHUWRWKHVHOOHUȃVFRQYH\DQFHUȃ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ȃVFRQYH\DQFHUȃVFOLHQW VHQGWKHFRPSOHWHGUHJLVWUDWLRQGRFXPHQWVWRWKHEX\HU DFFRXQW H 7KHEX\HUKDVQRULJKWWRREMHFWWRRUPDNHUHTXLVLWLRQV * ,IFRPSOHWLRQWDNHVSODFHDɓHUKRXUVIRUDUHDVRQRWKHU RQDQ\WLWOHLQIRUPDWLRQPRUHWKDQVHYHQEXVLQHVVGD\VDɓHU WKDQWKHVHOOHUȃVGHIDXOWLWLVWREHWUHDWHGIRUWKHSXUSRVHV WKDWLQIRUPDWLRQKDVEHHQJLYHQWRWKHEX\HU RIDSSRUWLRQPHQWDQGFDOFXODWLQJLQWHUHVWDVLILWKDGWDNHQ SODFHRQWKHQH[WEXVLQHVVGD\ * 8QOHVVRWKHUZLVHVWDWHGLQWKHVSHFLDOFRQGLWLRQVWKHVHOOHU VHOOVZLWKIXOOWLWOHJXDUDQWHHH[FHSWWKDW DQGWKHWUDQVIHU * :KHUHDSSOLFDEOHWKHFRQWUDFWUHPDLQVLQIRUFHIROORZLQJ VKDOOVRSURYLGH FRPSOHWLRQ D WKHFRYHQDQWVHWRXWLQVHFWLRQRIWKH/DZRI3URSHUW\ * 127,&(72&203/(7( 0LVFHOODQHRXV3URYLVLRQV $FW VKDOOQRWH[WHQGWR * 7KHVHOOHURUWKHEX\HUPD\RQRUDɓHUWKHDJUHHG PDWWHUVUHFRUGHGLQUHJLVWHUVRSHQWRSXEOLFLQVSHFWLRQ WKHVH FRPSOHWLRQGDWHEXWEHIRUHFRPSOHWLRQJLYHWKHRWKHU DUHWREHWUHDWHGDVZLWKLQWKHDFWXDONQRZOHGJHRIWKHEX\HU QRWLFHWRFRPSOHWHZLWKLQWHQEXVLQHVVGD\V H[FOXGLQJ DQG WKHGDWHRQZKLFKWKHQRWLFHLVJLYHQ PDNLQJWLPHRIWKH E WKHFRYHQDQWVHWRXWLQVHFWLRQRIWKH/DZRI3URSHUW\ HVVHQFH 0LVFHOODQHRXV3URYLVLRQV $FW VKDOOQRWH[WHQGWR * 7KHSHUVRQJLYLQJWKHQRWLFHPXVWEHUHDG\WRFRPSOHWH DQ\FRQGLWLRQRUWHQDQWȃVREOLJDWLRQUHODWLQJWRWKHVWDWHRU * ,IWKHEX\HUIDLOVWRFRPSO\ZLWKDQRWLFHWRFRPSOHWHWKH FRQGLWLRQRIWKHORWZKHUHWKHORWLVOHDVHKROGSURSHUW\ VHOOHUPD\ZLWKRXWD̯HFWLQJDQ\RWKHUUHPHG\WKHVHOOHUKDV * 7KHWUDQVIHULVWRKDYHH̯HFWDVLIH[SUHVVO\VXEMHFWWRDOO D WHUPLQDWHWKHFRQWUDFW PDWWHUVVXEMHFWWRZKLFKWKHORWLVVROGXQGHUWKHFRQWUDFW E FODLPWKHGHSRVLWDQGDQ\LQWHUHVWRQLWLIKHOGE\D * 7KHVHOOHUGRHVQRWKDYHWRSURGXFHQRUPD\WKHEX\HU VWDNHKROGHU REMHFWWRRUPDNHDUHTXLVLWLRQLQUHODWLRQWRDQ\SULRURU VXSHULRUWLWOHHYHQLILWLVUHIHUUHGWRLQWKHGRFXPHQWV F IRUIHLWWKHGHSRVLWDQGDQ\LQWHUHVWRQLW * 7KHVHOOHU DQGLIUHOHYDQWWKHEX\HU PXVWSURGXFHWRHDFK G UHVHOOWKHORW DQG RWKHUVXFKFRQ̰UPDWLRQRIRUHYLGHQFHRIWKHLULGHQWLW\DQG H FODLPGDPDJHVIURPWKHEX\HU WKDWRIWKHLUPRUWJDJHHVDQGDWWRUQH\V LIDQ\ DVLVQHFHVVDU\ IRUWKHRWKHUWREHDEOHWRFRPSO\ZLWKDSSOLFDEOH/DQG * ,IWKHVHOOHUIDLOVWRFRPSO\ZLWKDQRWLFHWRFRPSOHWHWKH 5HJLVWU\5XOHVZKHQPDNLQJDSSOLFDWLRQIRUUHJLVWUDWLRQRIWKH EX\HUPD\ZLWKRXWD̯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̰YHEXVLQHVVGD\VRI LIDSSOLFDEOH XQOHVVWKHVHOOHULVHQWLWOHGWRIRUIHLWWKHGHSRVLW WKHGDWHZKHQWKHDPRXQWLVNQRZQ XQGHUFRQGLWLRQ* * $55($56 * /$1'/25'ȃ6/,&(1&( 3DUW &XUUHQWUHQW * :KHUHWKHORWLVRULQFOXGHVOHDVHKROGODQGDQGOLFHQFHWR * ȅ&XUUHQWUHQWȆPHDQVLQUHVSHFWRIHDFKRIWKHWHQDQFLHV DVVLJQLVUHTXLUHGWKLVFRQGLWLRQ* DSSOLHV VXEMHFWWRZKLFKWKHORWLVVROGWKHLQVWDOPHQWRIUHQWDQG * 7KHFRQWUDFWLVFRQGLWLRQDORQWKDWOLFHQFHEHLQJREWDLQHG RWKHUVXPVSD\DEOHE\WKHWHQDQWLQDGYDQFHRQWKHPRVW E\ZD\RIIRUPDOOLFHQFHLIWKDWLVZKDWWKHODQGORUGODZIXOO\ UHFHQWUHQWSD\PHQWGDWHRQRUZLWKLQIRXUPRQWKVSUHFHGLQJ UHTXLUHV FRPSOHWLRQ * 7KHDJUHHGFRPSOHWLRQGDWHLVQRWWREHHDUOLHUWKDQWKH * ,IRQFRPSOHWLRQWKHUHDUHDQ\DUUHDUVRIFXUUHQWUHQWWKH GDWH̰YHEXVLQHVVGD\VDɓHUWKHVHOOHUKDVJLYHQQRWLFHWR EX\HUPXVWSD\WKHPZKHWKHURUQRWGHWDLOVRIWKRVHDUUHDUV WKHEX\HUWKDWOLFHQFHKDVEHHQREWDLQHG DUHJLYHQLQWKHVSHFLDOFRQGLWLRQV * 7KHVHOOHUPXVW * 3DUWVDQGRIWKLVFRQGLWLRQ*GRQRWDSSO\WRDUUHDUVRI FXUUHQWUHQW D XVHDOOUHDVRQDEOHHQGHDYRXUVWRREWDLQWKHOLFHQFHDWWKH VHOOHUȃVH[SHQVH DQG 3DUW %X\HUWRSD\IRUDUUHDUV E HQWHULQWRDQ\DXWKRULVHGJXDUDQWHHDJUHHPHQWSURSHUO\ * 3DUWRIWKLVFRQGLWLRQ*DSSOLHVZKHUHWKHVSHFLDO UHTXLUHG FRQGLWLRQVJLYHGHWDLOVRIDUUHDUV * 7KHEX\HUPXVW * 7KHEX\HULVRQFRPSOHWLRQWRSD\LQDGGLWLRQWRDQ\RWKHU PRQH\WKHQGXHDQDPRXQWHTXDOWRDOODUUHDUVRIZKLFK D SURPSWO\SURYLGHUHIHUHQFHVDQGRWKHUUHOHYDQW GHWDLOVDUHVHWRXWLQWKHVSHFLDOFRQGLWLRQV LQIRUPDWLRQ DQG * ,IWKRVHDUUHDUVDUHQRWROGDUUHDUVWKHVHOOHULVWRDVVLJQ E FRPSO\ZLWKWKHODQGORUGȃVODZIXOUHTXLUHPHQWV WRWKHEX\HUDOOULJKWVWKDWWKHVHOOHUKDVWRUHFRYHUWKRVH * ,IZLWKLQWKUHHPRQWKVRIWKHFRQWUDFWGDWH RUVXFKORQJHU DUUHDUV SHULRGDVWKHVHOOHUDQGEX\HUDJUHH WKHOLFHQFHKDVQRW 3DUW %X\HUQRWWRSD\IRUDUUHDUV EHHQREWDLQHGWKHVHOOHURUWKHEX\HUPD\ LIQRWWKHQLQ EUHDFKRIDQ\REOLJDWLRQXQGHUWKLVFRQGLWLRQ* E\QRWLFHWR * 3DUWRIWKLVFRQGLWLRQ*DSSOLHVZKHUHWKHVSHFLDO WKHRWKHUWHUPLQDWHWKHFRQWUDFWDWDQ\WLPHEHIRUHOLFHQFHLV FRQGLWLRQV REWDLQHG7KDWWHUPLQDWLRQLVZLWKRXWSUHMXGLFHWRWKHFODLPV D VRVWDWH RU RIHLWKHUVHOOHURUEX\HUIRUEUHDFKRIWKLVFRQGLWLRQ* E JLYHQRGHWDLOVRIDQ\DUUHDUV * ,17(5(67$1'$33257,210(176 * :KLOHDQ\DUUHDUVGXHWRWKHVHOOHUUHPDLQXQSDLGWKHEX\HU * ,IWKHDFWXDOFRPSOHWLRQGDWHLVDɓHUWKHDJUHHG PXVW FRPSOHWLRQGDWHIRUDQ\UHDVRQRWKHUWKDQWKHVHOOHUȃV D WU\WRFROOHFWWKHPLQWKHRUGLQDU\FRXUVHRIPDQDJHPHQW GHIDXOWWKHEX\HUPXVWSD\LQWHUHVWDWWKHLQWHUHVWUDWHRQ EXWQHHGQRWWDNHOHJDOSURFHHGLQJVRUIRUIHLWWKHWHQDQF\ WKHSULFH OHVVDQ\GHSRVLWSDLG IURPWKHDJUHHGFRPSOHWLRQ GDWHXSWRDQGLQFOXGLQJWKHDFWXDOFRPSOHWLRQGDWH E SD\WKHPWRWKHVHOOHUZLWKLQ̰YHEXVLQHVVGD\VRIUHFHLSW LQFOHDUHGIXQGV SOXVLQWHUHVWDWWKHLQWHUHVWUDWHFDOFXODWHG * 6XEMHFWWRFRQGLWLRQ*WKHVHOOHULVQRWREOLJHGWR RQDGDLO\EDVLVIRUHDFKVXEVHTXHQWGD\ȃVGHOD\LQSD\PHQW DSSRUWLRQRUDFFRXQWIRUDQ\VXPDWFRPSOHWLRQXQOHVVWKH VHOOHUKDVUHFHLYHGWKDWVXPLQFOHDUHGIXQGV7KHVHOOHU F RQUHTXHVWDWWKHFRVWRIWKHVHOOHUDVVLJQWRWKHVHOOHURU PXVWSD\WRWKHEX\HUDɓHUFRPSOHWLRQDQ\VXPWRZKLFK DVWKHVHOOHUPD\GLUHFWWKHULJKWWRGHPDQGDQGVXHIRUROG WKHEX\HULVHQWLWOHGWKDWWKHVHOOHUVXEVHTXHQWO\UHFHLYHVLQ DUUHDUVVXFKDVVLJQPHQWWREHLQVXFKIRUPDVWKHVHOOHUȃV FOHDUHGIXQGV FRQYH\DQFHUPD\UHDVRQDEO\UHTXLUH * ,QFRPHDQGRXWJRLQJVDUHWREHDSSRUWLRQHGDWDFWXDO G LIUHDVRQDEO\UHTXLUHGDOORZWKHVHOOHUȃVFRQYH\DQFHU FRPSOHWLRQGDWHXQOHVV WRKDYHRQORDQWKHFRXQWHUSDUWRIDQ\WHQDQF\DJDLQVWDQ XQGHUWDNLQJWRKROGLWWRWKHEX\HUȃVRUGHU D WKHEX\HULVOLDEOHWRSD\LQWHUHVW DQG H QRWZLWKRXWWKHFRQVHQWRIWKHVHOOHUUHOHDVHDQ\WHQDQWRU E WKHVHOOHUKDVJLYHQQRWLFHWRWKHEX\HUDWDQ\WLPHXS VXUHW\IURPOLDELOLW\WRSD\DUUHDUVRUDFFHSWDVXUUHQGHURIRU WRFRPSOHWLRQUHTXLULQJDSSRUWLRQPHQWRQWKHGDWHIURP IRUIHLWDQ\WHQDQF\XQGHUZKLFKDUUHDUVDUHGXH DQG ZKLFKLQWHUHVWEHFRPHVSD\DEOHE\WKHEX\HU LQZKLFKHYHQW LQFRPHDQGRXWJRLQJVDUHWREHDSSRUWLRQHGRQWKHGDWH I LIWKHEX\HUGLVSRVHVRIWKHORWSULRUWRUHFRYHU\RIDOO IURPZKLFKLQWHUHVWEHFRPHVSD\DEOHE\WKHEX\HU DUUHDUVREWDLQIURPWKHEX\HUȃVVXFFHVVRULQWLWOHDFRYHQDQW LQIDYRXURIWKHVHOOHULQVLPLODUIRUPWRSDUWRIWKLV FRQGLWLRQ* * :KHUHWKHVHOOHUKDVWKHULJKWWRUHFRYHUDUUHDUVLWPXVW * 7KHVHOOHUFRQ̰UPVWKDWWKHVHOOHU QRWZLWKRXWWKHEX\HUȃVZULWWHQFRQVHQWEULQJLQVROYHQF\ D LVUHJLVWHUHGIRU9$7HLWKHULQWKHVHOOHUȃVQDPHRUDVD SURFHHGLQJVDJDLQVWDWHQDQWRUVHHNWKHUHPRYDORIJRRGV PHPEHURIWKHVDPH9$7JURXS DQG IURPWKHORW E KDV XQOHVVWKHVDOHLVDVWDQGDUGUDWHGVXSSO\ PDGHLQ * 0$1$*(0(17 UHODWLRQWRWKHORWD9$7RSWLRQWKDWUHPDLQVYDOLGDQGZLOOQRW * 7KLVFRQGLWLRQ*DSSOLHVZKHUHWKHORWLVVROGVXEMHFWWR EHUHYRNHGEHIRUHFRPSOHWLRQ WHQDQFLHV * 7KHEX\HUFRQ̰UPVWKDW * 7KHVHOOHULVWRPDQDJHWKHORWLQDFFRUGDQFHZLWKLWV D LWLVUHJLVWHUHGIRU9$7HLWKHULQWKHEX\HUȃVQDPHRUDVD VWDQGDUGPDQDJHPHQWSROLFLHVSHQGLQJFRPSOHWLRQ PHPEHURID9$7JURXS * 7KHVHOOHUPXVWFRQVXOWWKHEX\HURQDOOPDQDJHPHQWLVVXHV E LWKDVPDGHRUZLOOPDNHEHIRUHFRPSOHWLRQD9$7RSWLRQ WKDWZRXOGD̯HFWWKHEX\HUDɓHUFRPSOHWLRQ VXFKDVEXW LQUHODWLRQWRWKHORWDQGZLOOQRWUHYRNHLWEHIRUHRUZLWKLQ QRWOLPLWHGWRDQDSSOLFDWLRQIRUOLFHQFH DUHQWUHYLHZ D WKUHHPRQWKVDɓHUFRPSOHWLRQ YDULDWLRQVXUUHQGHUDJUHHPHQWWRVXUUHQGHURUSURSRVHG IRUIHLWXUHRIDWHQDQF\ RUDQHZWHQDQF\RUDJUHHPHQWWR F DUWLFOH % RIWKH9DOXH$GGHG7D[ 6SHFLDO3URYLVLRQV JUDQWDQHZWHQDQF\ DQG 2UGHU GRHVQRWDSSO\WRLW DQG D WKHVHOOHUPXVWFRPSO\ZLWKWKHEX\HUȃVUHDVRQDEOH G LWLVQRWEX\LQJWKHORWDVDQRPLQHHIRUDQRWKHUSHUVRQ UHTXLUHPHQWVXQOHVVWRGRVRZRXOG EXWIRUWKHLQGHPQLW\ * 7KHEX\HULVWRJLYHWRWKHVHOOHUDVHDUO\DVSRVVLEOHEHIRUH LQSDUDJUDSK F H[SRVHWKHVHOOHUWRDOLDELOLW\WKDWWKHVHOOHU WKHDJUHHGFRPSOHWLRQGDWHHYLGHQFH ZRXOGQRWRWKHUZLVHKDYHLQZKLFKFDVHWKHVHOOHUPD\DFW D RIWKHEX\HUȃV9$7UHJLVWUDWLRQ UHDVRQDEO\LQVXFKDZD\DVWRDYRLGWKDWOLDELOLW\ E WKDWWKHEX\HUKDVPDGHD9$7RSWLRQ DQG E LIWKHVHOOHUJLYHVWKHEX\HUQRWLFHRIWKHVHOOHUȃVLQWHQGHG DFWDQGWKHEX\HUGRHVQRWREMHFWZLWKLQ̰YHEXVLQHVVGD\V F WKDWWKH9$7RSWLRQKDVEHHQQRWL̰HGLQZULWLQJWR+0 JLYLQJUHDVRQVIRUWKHREMHFWLRQWKHVHOOHUPD\DFWDVWKH 5HYHQXHDQG&XVWRPV DQGLILWGRHVQRWSURGXFHWKHUHOHYDQW VHOOHULQWHQGV DQG HYLGHQFHDWOHDVWWZREXVLQHVVGD\VEHIRUHWKHDJUHHG FRPSOHWLRQGDWHFRQGLWLRQ*DSSOLHVDWFRPSOHWLRQ F WKHEX\HULVWRLQGHPQLI\WKHVHOOHUDJDLQVWDOOORVVRU OLDELOLW\WKHVHOOHULQFXUVWKURXJKDFWLQJDVWKHEX\HUUHTXLUHV * 7KHEX\HUFRQ̰UPVWKDWDɓHUFRPSOHWLRQWKHEX\HU RUE\UHDVRQRIGHOD\FDXVHGE\WKHEX\HU LQWHQGVWR D UHWDLQDQGPDQDJHWKHORWIRUWKHEX\HUȃVRZQEHQH̰WDV * 5(17'(326,76 DFRQWLQXLQJEXVLQHVVDVDJRLQJFRQFHUQVXEMHFWWRDQGZLWK * 7KLVFRQGLWLRQ*DSSOLHVZKHUHWKHVHOOHULVKROGLQJRU WKHEHQH̰WRIWKHWHQDQFLHV DQG RWKHUZLVHHQWLWOHGWRPRQH\E\ZD\RIUHQWGHSRVLWLQUHVSHFW RIDWHQDQF\,QWKLVFRQGLWLRQ*ȅUHQWGHSRVLWGHHGȆ E FROOHFWWKHUHQWVSD\DEOHXQGHUWKHWHQDQFLHVDQGFKDUJH PHDQVWKHGHHGRURWKHUGRFXPHQWXQGHUZKLFKWKHUHQW 9$7RQWKHP GHSRVLWLVKHOG * ,IDɓHUFRPSOHWLRQLWLVIRXQGWKDWWKHVDOHRIWKHORWLVQRWD * ,IWKHUHQWGHSRVLWLVQRWDVVLJQDEOHWKHVHOOHUPXVWRQ WUDQVIHURIDJRLQJFRQFHUQWKHQ FRPSOHWLRQKROGWKHUHQWGHSRVLWRQWUXVWIRUWKHEX\HUDQG D WKHVHOOHUȃVFRQYH\DQFHULVWRQRWLI\WKHEX\HUȃV VXEMHFWWRWKHWHUPVRIWKHUHQWGHSRVLWGHHGFRPSO\DWWKH FRQYH\DQFHURIWKDW̰QGLQJDQGSURYLGHD9$7LQYRLFHLQ FRVWRIWKHEX\HUZLWKWKHEX\HUȃVODZIXOLQVWUXFWLRQV UHVSHFWRIWKHVDOHRIWKHORW * 2WKHUZLVHWKHVHOOHUPXVWRQFRPSOHWLRQSD\DQGDVVLJQLWV E WKHEX\HUPXVWZLWKLQ̰YHEXVLQHVVGD\VRIUHFHLSWRIWKH LQWHUHVWLQWKHUHQWGHSRVLWWRWKHEX\HUXQGHUDQDVVLJQPHQW 9$7LQYRLFHSD\WRWKHVHOOHUWKH9$7GXH DQG LQZKLFKWKHEX\HUFRYHQDQWVZLWKWKHVHOOHUWR F LI9$7LVSD\DEOHEHFDXVHWKHEX\HUKDVQRWFRPSOLHGZLWK D REVHUYHDQGSHUIRUPWKHVHOOHUȃ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ȃVFODLPIRUFDSLWDODOORZDQFHV JLYHQDYDOLG9$7LQYRLFH * 7KHYDOXHWREHDWWULEXWHGWRWKRVHLWHPVRQZKLFKFDSLWDO * :KHUHWKHVSHFLDOFRQGLWLRQVVWDWHWKDWQR9$7RSWLRQKDV DOORZDQFHVPD\EHFODLPHGLVVHWRXWLQWKHVSHFLDO EHHQPDGHWKHVHOOHUFRQ̰UPVWKDWQRQHKDVEHHQPDGHE\LW FRQGLWLRQV RUE\DQ\FRPSDQ\LQWKHVDPH9$7JURXSQRUZLOOEHSULRUWR * 7KHVHOOHUDQGEX\HUDJUHH FRPSOHWLRQ D WRPDNHDQHOHFWLRQRQFRPSOHWLRQXQGHU6HFWLRQ * 75$16)(5$6$*2,1*&21&(51 RIWKH&DSLWDO$OORZDQFHV$FWWRJLYHH̯HFWWRWKLV * :KHUHWKHVSHFLDOFRQGLWLRQVVRVWDWH FRQGLWLRQ* DQG D WKHVHOOHUDQGWKHEX\HULQWHQGDQGZLOOWDNHDOO E WRVXEPLWWKHYDOXHVSHFL̰HGLQWKHVSHFLDOFRQGLWLRQVWR SUDFWLFDEOHVWHSV VKRUWRIDQDSSHDO WRSURFXUHWKDWWKH +05HYHQXHDQG&XVWRPVIRUWKHSXUSRVHVRIWKHLUUHVSHFWLYH VDOHLVWUHDWHGDVDWUDQVIHURIDJRLQJFRQFHUQ DQG E WKLV FDSLWDODOORZDQFHFRPSXWDWLRQV FRQGLWLRQ*DSSOLHV * 0$,17(1$1&($*5((0(176 EX\HURQFRPSOHWLRQ * 7KHVHOOHUDJUHHVWRXVHUHDVRQDEOHHQGHDYRXUVWR G 7KHEX\HULVWRNHHSWKHVHOOHULQGHPQL̰HGDJDLQVWDOO WUDQVIHUWRWKHEX\HUDWWKHEX\HUȃVFRVWWKHEHQH̰WRI OLDELOLW\IRUWKH7UDQVIHUULQJ(PSOR\HHVDɓHUFRPSOHWLRQ WKHPDLQWHQDQFHDJUHHPHQWVVSHFL̰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̯HU WKHORW * 6$/(%<35$&7,7,21(5 * 6(59,&(&+$5*( * 7KLVFRQGLWLRQ* DSSOLHVZKHUHWKHVDOHLVE\DSUDFWLWLRQHU * 7KLVFRQGLWLRQ*DSSOLHVZKHUHWKHORWLVVROGVXEMHFWWR HLWKHUDVVHOOHURUDVDJHQWRIWKHVHOOHU WHQDQFLHVWKDWLQFOXGHVHUYLFHFKDUJHSURYLVLRQV * 7KHSUDFWLWLRQHUKDVEHHQGXO\DSSRLQWHGDQGLVHPSRZHUHG * 1RDSSRUWLRQPHQWLVWREHPDGHDWFRPSOHWLRQLQUHVSHFWRI WRVHOOWKHORW VHUYLFHFKDUJHV*:LWKLQWZRPRQWKVDɓHUFRPSOHWLRQ * 1HLWKHUWKHSUDFWLWLRQHUQRUWKH̰UPRUDQ\PHPEHURIWKH WKHVHOOHUPXVWSURYLGHWRWKHEX\HUDGHWDLOHGVHUYLFHFKDUJH ̰UPWRZKLFKWKHSUDFWLWLRQHUEHORQJVKDVDQ\SHUVRQDO DFFRXQWIRUWKHVHUYLFHFKDUJH\HDUFXUUHQWRQFRPSOHWLRQ OLDELOLW\LQFRQQHFWLRQZLWKWKHVDOHRUWKHSHUIRUPDQFHRIWKH VKRZLQJ VHOOHUȃVREOLJDWLRQV7KHWUDQVIHULVWRLQFOXGHDGHFODUDWLRQ D VHUYLFHFKDUJHH[SHQGLWXUHDWWULEXWDEOHWRHDFKWHQDQF\ H[FOXGLQJWKDWSHUVRQDOOLDELOLW\ E SD\PHQWVRQDFFRXQWRIVHUYLFHFKDUJHUHFHLYHGIURP * 7KHORWLVVROG HDFKWHQDQW D LQLWVFRQGLWLRQDWFRPSOHWLRQ F DQ\DPRXQWVGXHIURPDWHQDQWWKDWKDYHQRWEHHQ E IRUVXFKWLWOHDVWKHVHOOHUPD\KDYH DQG UHFHLYHG F ZLWKQRWLWOHJXDUDQWHH DQGWKHEX\HUKDVQRULJKWWR G DQ\VHUYLFHFKDUJHH[SHQGLWXUHWKDWLVQRWDWWULEXWDEOHWR WHUPLQDWHWKHFRQWUDFWRUDQ\RWKHUUHPHG\LILQIRUPDWLRQ DQ\WHQDQF\DQGLVIRUWKDWUHDVRQLUUHFRYHUDEOH SURYLGHGDERXWWKHORWLVLQDFFXUDWHLQFRPSOHWHRUPLVVLQJ * ,QUHVSHFWRIHDFKWHQDQF\LIWKHVHUYLFHFKDUJHDFFRXQW * :KHUHUHOHYDQW VKRZVWKDW D WKHGRFXPHQWVPXVWLQFOXGHFHUWL̰HGFRSLHVRIWKRVH D SD\PHQWVRQDFFRXQW ZKHWKHUUHFHLYHGRUVWLOOWKHQ XQGHUZKLFKWKHSUDFWLWLRQHULVDSSRLQWHGWKHGRFXPHQW GXHIURPDWHQDQW H[FHHGDWWULEXWDEOHVHUYLFHFKDUJH RIDSSRLQWPHQWDQGWKHSUDFWLWLRQHUȃ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̰YHEXVLQHVVGD\VRIUHFHLSWLQ * ,IWKHVSHFLDOFRQGLWLRQVVWDWHȅ7KHUHDUHQRHPSOR\HHVWR FOHDUHGIXQGV EXWLQUHVSHFWRISD\PHQWVRQDFFRXQWWKDWDUH ZKLFK783(DSSOLHVȆWKLVLVDZDUUDQW\E\WKHVHOOHUWRWKLV VWLOOGXHIURPDWHQDQWFRQGLWLRQ* DUUHDUV DSSOLHV H̯HFW * ,QUHVSHFWRIVHUYLFHFKDUJHH[SHQGLWXUHWKDWLVQRW * ,IWKHVSHFLDOFRQGLWLRQVGRQRWVWDWHȅ7KHUHDUHQR DWWULEXWDEOHWRDQ\WHQDQF\WKHVHOOHUPXVWSD\WKH HPSOR\HHVWRZKLFK783(DSSOLHVȆWKHIROORZLQJSDUDJUDSKV H[SHQGLWXUHLQFXUUHGLQUHVSHFWRIWKHSHULRGEHIRUHDFWXDO DSSO\ FRPSOHWLRQGDWHDQGWKHEX\HUPXVWSD\WKHH[SHQGLWXUH LQFXUUHGLQUHVSHFWRIWKHSHULRGDɓHUDFWXDOFRPSOHWLRQ D 7KHVHOOHUPXVWQRWLI\WKHEX\HURIWKRVHHPSOR\HHV GDWH$Q\QHFHVVDU\PRQHWDU\DGMXVWPHQWLVWREHPDGH ZKRVHFRQWUDFWVRIHPSOR\PHQWZLOOWUDQVIHUWRWKHEX\HURQ ZLWKLQ̰YHEXVLQHVVGD\VRIWKHVHOOHUSURYLGLQJWKHVHUYLFH FRPSOHWLRQ WKHȅ7UDQVIHUULQJ(PSOR\HHVȆ 7KLVQRWL̰FDWLRQ FKDUJHDFFRXQWWRWKHEX\HU PXVWEHJLYHQWRWKHEX\HUQRWOHVVWKDQGD\VEHIRUH FRPSOHWLRQ * ,IWKHVHOOHUKROGVDQ\UHVHUYHRUVLQNLQJIXQGRQDFFRXQWRI IXWXUHVHUYLFHFKDUJHH[SHQGLWXUHRUDGHSUHFLDWLRQIXQG E 7KHEX\HUFRQ̰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̰YHEXVLQHVVGD\V EHXQUHDVRQDEO\ZLWKKHOGRUGHOD\HG DɓHUWKHFRQVHQWKDVEHHQREWDLQHG * 7KHVHOOHUPXVWSURPSWO\ * ,IDZDUUDQW\LVQRWDVVLJQDEOHWKHVHOOHUPXVWDɓHU D JLYHWRWKHEX\HUIXOOGHWDLOVRIDOOUHQWUHYLHZQHJRWLDWLRQV FRPSOHWLRQ DQGSURFHHGLQJVLQFOXGLQJFRSLHVRIDOOFRUUHVSRQGHQFHDQG D KROGWKHZDUUDQW\RQWUXVWIRUWKHEX\HU DQG RWKHUSDSHUV DQG E DWWKHEX\HUȃ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ȃVLQWHUHVWXQGHU EX\HUPXVWDFFRXQWWRWKHVHOOHUIRUDQ\LQFUHDVHGUHQWDQG WKLVFRQWUDFW LQWHUHVWUHFRYHUHGIURPWKHWHQDQWWKDWUHODWHVWRWKHVHOOHUȃV SHULRGRIRZQHUVKLSZLWKLQ̰YHEXVLQHVVGD\VRIUHFHLSWRI * 5(*,675$7,21$77+(/$1'5(*,675< FOHDUHGIXQGV * 7KLVFRQGLWLRQ*DSSOLHVZKHUHWKHORWLVOHDVHKROG * ,IDUHQWUHYLHZLVDJUHHGRUGHWHUPLQHGEHIRUHFRPSOHWLRQ DQGLWVVDOHHLWKHUWULJJHUV̰UVWUHJLVWUDWLRQRULVDUHJLVWUDEOH EXWWKHLQFUHDVHGUHQWDQGDQ\LQWHUHVWUHFRYHUDEOHIURPWKH GLVSRVLWLRQ7KHEX\HUPXVWDWLWVRZQH[SHQVHDQGDVVRRQ WHQDQWKDVQRWEHHQUHFHLYHGE\FRPSOHWLRQWKHLQFUHDVHG DVSUDFWLFDEOH UHQWDQGDQ\LQWHUHVWUHFRYHUDEOHLVWREHWUHDWHGDVDUUHDUV D SURFXUHWKDWLWEHFRPHVUHJLVWHUHGDW/DQG5HJLVWU\DV * 7KHVHOOHUDQGWKHEX\HUDUHWREHDUWKHLURZQFRVWVLQ SURSULHWRURIWKHORW UHODWLRQWRUHQWUHYLHZQHJRWLDWLRQVDQGSURFHHGLQJV E SURFXUHWKDWDOOULJKWVJUDQWHGDQGUHVHUYHGE\WKHOHDVH XQGHUZKLFKWKHORWLVKHOGDUHSURSHUO\QRWHGDJDLQVWWKH * 7(1$1&<5(1(:$/6 D̯HFWHGWLWOHV DQG * 7KLVFRQGLWLRQ*DSSOLHVZKHUHWKHWHQDQWXQGHUD WHQDQF\KDVWKHULJKWWRUHPDLQLQRFFXSDWLRQXQGHUSDUW F SURYLGHWKHVHOOHUZLWKDQR̲FLDOFRS\RIWKHUHJLVWHU ,,RIWKH/DQGORUGDQG7HQDQW$FW DVDPHQGHG DQG UHODWLQJWRVXFKOHDVHVKRZLQJLWVHOIUHJLVWHUHGDVSURSULHWRU UHIHUHQFHVWRQRWLFHVDQGSURFHHGLQJVDUHWRQRWLFHVDQG * 7KLVFRQGLWLRQ*DSSOLHVZKHUHWKHORWFRPSULVHVSDUWRI SURFHHGLQJVXQGHUWKDW$FW DUHJLVWHUHGWLWOH7KHEX\HUPXVWDWLWVRZQH[SHQVHDQGDV * :KHUHSUDFWLFDEOHZLWKRXWH[SRVLQJWKHVHOOHUWROLDELOLW\RU VRRQDVSUDFWLFDEOH SHQDOW\WKHVHOOHUPXVWQRWZLWKRXWWKHZULWWHQFRQVHQWRI D DSSO\IRUUHJLVWUDWLRQRIWKHWUDQVIHU WKHEX\HU ZKLFKWKHEX\HUPXVWQRWXQUHDVRQDEO\ZLWKKROG E SURYLGHWKHVHOOHUZLWKDQR̲FLDOFRS\DQGWLWOHSODQIRUWKH RUGHOD\ VHUYHRUUHVSRQGWRDQ\QRWLFHRUEHJLQRUFRQWLQXH EX\HUȃVQHZWLWOH DQG DQ\SURFHHGLQJV F MRLQLQDQ\UHSUHVHQWDWLRQVWKHVHOOHUPD\SURSHUO\PDNH * ,IWKHVHOOHUUHFHLYHVDQRWLFHWKHVHOOHUPXVWVHQGDFRS\WR WR/DQG5HJLVWU\UHODWLQJWRWKHDSSOLFDWLRQ WKHEX\HUZLWKLQ̰YHEXVLQHVVGD\VDQGDFWDVWKHEX\HU UHDVRQDEO\GLUHFWVLQUHODWLRQWRLW * )ROORZLQJFRPSOHWLRQWKHEX\HUPXVW D ZLWKWKHFRRSHUDWLRQRIWKHVHOOHUWDNHLPPHGLDWHVWHSV WRVXEVWLWXWHLWVHOIDVDSDUW\WRDQ\SURFHHGLQJV E XVHDOOUHDVRQDEOHHQGHDYRXUVWRFRQFOXGHDQ\ SURFHHGLQJVRUQHJRWLDWLRQVIRUWKHUHQHZDORIWKHWHQDQF\ DQGWKHGHWHUPLQDWLRQRIDQ\LQWHULPUHQWDVVRRQDV UHDVRQDEO\SUDFWLFDEOHDWWKHEHVWUHQWRUUHQWVUHDVRQDEO\ REWDLQDEOH DQG F LIDQ\LQFUHDVHGUHQWLVUHFRYHUHGIURPWKHWHQDQW ZKHWKHU DVLQWHULPUHQWRUXQGHUWKHUHQHZHGWHQDQF\ DFFRXQWWRWKH VHOOHUIRUWKHSDUWRIWKDWLQFUHDVHWKDWUHODWHVWRWKHVHOOHUȃV SHULRGRIRZQHUVKLSRIWKHORWZLWKLQ̰YHEXVLQHVVGD\VRI UHFHLSWRIFOHDUHGIXQGV * 127,&(6$1'27+(5&20081,&$7,216 * $OOFRPPXQLFDWLRQVLQFOXGLQJQRWLFHVPXVWEHLQZULWLQJ &RPPXQLFDWLRQWRRUE\WKHVHOOHURUWKHEX\HUPD\EHJLYHQ WRRUE\WKHLUFRQYH\DQFHUV * $FRPPXQLFDWLRQPD\EHUHOLHGRQLI D GHOLYHUHGE\KDQG RU E PDGHHOHFWURQLFDOO\DQGSHUVRQDOO\DFNQRZOHGJHG DXWRPDWLFDFNQRZOHGJHPHQWGRHVQRWFRXQW RU F WKHUHLVSURRIWKDWLWZDVVHQWWRWKHDGGUHVVRIWKH SHUVRQWRZKRPLWLVWREHJLYHQ DVVSHFL̰HGLQWKHVDOH PHPRUDQGXP E\DSRVWDOVHUYLFHWKDWR̯HUVQRUPDOO\WR GHOLYHUPDLOWKHQH[WIROORZLQJEXVLQHVVGD\ * $FRPPXQLFDWLRQLVWREHWUHDWHGDVUHFHLYHG D ZKHQGHOLYHUHGLIGHOLYHUHGE\KDQG RU E ZKHQSHUVRQDOO\DFNQRZOHGJHGLIPDGHHOHFWURQLFDOO\ EXWLIGHOLYHUHGRUPDGHDɓHUKRXUVRQDEXVLQHVVGD\ DFRPPXQLFDWLRQLVWREHWUHDWHGDVUHFHLYHGRQWKHQH[W EXVLQHVVGD\ * $FRPPXQLFDWLRQVHQWE\DSRVWDOVHUYLFHWKDWR̯HUVQRUPDOO\ WRGHOLYHUPDLOWKHQH[WIROORZLQJEXVLQHVVGD\ZLOOEHWUHDWHG DVUHFHLYHGRQWKHVHFRQGEXVLQHVVGD\DɓHULWKDVEHHQ SRVWHG * &2175$&76 5,*+762)7+,5'3$57,(6 $&7 1RRQHLVLQWHQGHGWRKDYHDQ\EHQH̰WXQGHUWKHFRQWUDFW SXUVXDQWWRWKH&RQWUDFW 5LJKWVRI7KLUG3DUWLHV $FW * (;75$63(&,$/'(7$,/6 6HH$XFWLRQHHUVIRUGHWDLOV 0HPRUDQGXPRIVDOH $XFWLRQGDWH /RW1R $JUHHPHQWGDWH 6HOOHU VQDPH 6HOOHU VDGGUHVV 3RVWFRGH 7HOHSKRQH %X\HUȃVQDPH %X\HUȃVDGGUHVV 3RVWFRGH 7HOHSKRQH 3URSHUW\ &RPSOHWLRQGDWH 3XUFKDVH3ULFH 'HSRVLWe 3OXV%X\HUȃV3UHPLXPRI RUe 7RWDOSDLG %DODQFHe %X\HUVFRQYH\DQFHU &RQWDFW $GGUHVV 3RVWFRGH 7KHVHOOHUDFNQRZOHGJHVWKDWKHKDVDJUHHGWRVHOODQGWKHEX\HUDFNQRZOHGJHVWKDWKHKDVDJUHHGWREX\WKHSURSHUW\PHQWLRQHGDERYHDW WKH3XUFKDVH3ULFHVXEMHFWWRWKH6WDQGDUG*HQHUDODQG6SHFLDO&RQGLWLRQVRI6DOH 7KH$XFWLRQHHUDFNQRZOHGJHVUHFHLSWRIWKHGHSRVLWDVDJHQWIRUWKHVHOOHU 6LJQHGE\RURQEHKDOIRIWKH%X\HU 6LJQHGDVDJHQWIRUWKH6HOOHU VDYHWKH GDWH ZDQWWR VHHPRUH" 2XUQH[WDXFWLRQVȋ 7KH3DUN,QQ+RWHO 7KH+ROLGD\,QQ 9HQXH&\PUX /ODQHGH\UQ&DUGL̯ )LOWRQ5RDG%ULVWRO 7KH3URPHQDGH/ODQGXGQR -XQHSP -XQHSP -XQHSP /RZHU'RFN6WUHHW1HZSRUW6RXWK:DOHV13$* )RUPRUHLQIRUPDWLRQFDOO RUHPDLOLQIR#SDXOIRVKDXFWLRQVFRP ZZZSDXOIRVKDXFWLRQVFRP