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COMPANY CONTACT	United Country - Triangle J Auction Co 102 West Main St Wakefield, VA 23888
MAIN PHONE	757-556-1017
ALTERNATE	757-899-5010
FAX	757-866-5010
Auction Details
AUCTION LOCATION	The Institute Conference Center-150 Slayton Ave Danville , VA
INTERNET BUYER'S PREMIUM	11% Please Read Payment Instructions!
STATE SALES TAX	0%
PAYMENT INSTRUCTIONS	Online Bidding Instructions Ordered Sold by Taylor & Scruggs Real Estate Auction, Saturday, March 14, 2009, at 1 PM The following are guided instructions to assist a Online Bidder in order to participate in the Auction. 1. Download from www.sugartreeauction.com the following documents for completion; a) Bidder Registration Form b) General Terms and Conditions of Sale c) Online Bidder Contract 2. Complete, sign and date the Bidder Registration Form. 3. Sign and date Online Bidder Contract. 4. Sign and date the General Terms and Conditions of Sale. 5. Retain copies of the above documents for your file. 6. Return the two (2) original executed documents and a copy of your valid State issued Driver’s License or a valid Passport no later than 12:00 Noon, E.D.T., Wednesday, March 11, 2009 to Triangle J Auction Co. LLC. 102 West Main Street., Wakefield, VA 23888. The required Escrow Deposit(s) in U.S. Funds must be wire transferred to All-Virginia Title & Escrow Inc. (Escrow Agent) and verified by the above mentioned date / time (see wiring instructions below). 7. Once all the documents and the Escrow Deposit is received and verified by Triangle J Auction Co. LLC. you will be notified of your approved telephone number to bid. 8. If you are declared the highest and successful Bidder, you will immediately be required to execute via facsimile the Sales Contract (“Contract”) and tender via wire transfer the additional Escrow Deposit required per the Contract. The Seller and Triangle J Auction Co. LLC. wish you the best of luck in the bidding process!
SHIPPING INSTRUCTIONS	n/a
PREVIEW DATES AND TIMES	Please contact the auction house for preview dates & times.
CHECKOUT DATES AND TIMES	Please contact the auction house for checkout dates & times.
PREFERRED SHIPPERS	NA.
TERMS AND CONDITIONS	GENERAL TERMS AND CONDITIONS OF SALE Ordered Sold by TAYLOR & SCRUGGS Real Estate Auction, MARCH 14, 2009 @ 1:00 PM Please review this document carefully. In order to register and receive a Bidder’s Number, a Bidder must sign their Acknowledgment and Acceptance of the General Terms and Conditions of Sale, which will be incorporated into the Sales Contract. 1. AUCTION TIME AND PLACE: The Auction (“Auction”) shall be held on MARCH 14, 2009 at the (Location) THE INSTITUTE CONFERENCE CENTER, DANVILLE, VA. The Auction will commence at approximately 1:00 PM. 2. AUCTION REGISTRATION: Registration will begin one (1) hour prior to the Auction time. Registration is required to become a qualified and eligible bidder (“Bidder”) at the Auction. To register, a prospective Bidder must: (a) Provide Bidder’s full name, company name, residence/business addresses with telephone numbers, cellular telephone number, facsimile number, email address, a State valid driver’s license number and the name (s) and / or entity in which the Bidder will take title to the Property. (b) Present (for review) at registration a Cashier’s Check or Certified Funds ( no exceptions) payable in U.S. Funds from a U.S. Bank to ALL-VIRGINIA TITLE & ESCROW INC. Real Estate Escrow Account in the following amounts(s): Condominiums and Homes: $10,000.00 (per Property) / Vacant Home Sites; $2,500.00 (per property). If desired, Bidders may wire transfer said deposit prior to the Auction (see wiring instructions. Wired deposit (s) must be verified by Settlement Agent as being received by Settlement Agent prior to the commencement of the Auction). (c) Sign an acknowledgement that the Bidder has read and agrees to be bound by these General Terms and Conditions of Sale. 3. SUCCESSFUL BID, TOTAL PURCHASE PRICE, ESCROW DEPOSITS, CASHIER’S CHECK, SALES CONTRACT: (a) If the Seller accepts the highest bid (“Successful Bid”) for the Property, then the successful Bidder will be required to execute, as Buyer (“Buyer”), the Sales Contract (“Contract”) immediately following the conclusion of the Auction, with no exceptions, and tender the escrow deposits so required. The Successful Bidder’s deposit (s) stated in 2 (b) above shall be delivered to ALL-VIRGINIA TITLE & ESCROW INC. as Settlement Agent, (“Initial Deposit”) for deposit into their real estate escrow account and held as a required deposit pursuant to the terms of the Contract. (b) The amount of ( i ) the Successful Bid AND ( ii ) 10% of the Successful Bid (“Buyer’s Premium”), added together, will be the Total Purchase Price (“Total Purchase Price”) for the Property to be purchased by the Buyer under the Contract. (c) An additional deposit (“Additional Deposit”) equal to the difference between 10% of the Total Purchase Price and the Initial Deposit, will also be due Auction Day in the form of a personal or business check from a U.S. Bank Payable to ALL-VIRGINIA TITLE & ESCROW INC. Real Estate Escrow Account and delivered to ALL-VIRGINIA TITLE & ESCROW INC., as Settlement Agent, for deposit into there real estate escrow account and held in escrow as a required deposit pursuant to the terms of the Contract 4. CLOSING AND PAYMENT OF TOTAL PURCHASE PRICE: (a) The Closing (“Closing”) will be on or before 30 days from acceptance of the Contract and will be coordinated through the offices of the Settlement Agent. (b) The Total Purchase Price will be due and payable by Buyer at Closing by Cashier’s Check from a U.S. Bank in U.S. Bank Funds (Payable to ALL-VIRGINIA TITLE & ESCROW INC. Real Estate Escrow Account) or by Wire Transfer pursuant to instructions from the Settlement Agent. Buyer shall receive credit for the Initial Deposit and the Additional Deposit which shall be released from escrow and applied by the Settlement Agent towards the Total Purchase Price at Closing. (c) Time shall be of the essence. 5. TITLE INSURANCE AND ZONING: (a) Seller, at Buyer’s expense and payable at Closing by Buyer to the Settlement Agent, will provide Buyer a commitment (“Commitment”) to issue an Owner’s Title Insurance Policy for the Property. The Commitment and Owner’s Title Insurance Policy will be issued by the Settlement Agent. A copy of the proposed Commitment will be attached to the Contract. (b) It is understood and agreed that fee simple title, at time of closing, will be conveyed to the Purchaser by GENERAL WARRANTY DEED. (c) Buyer agrees that the Property is subject to all laws, ordinances, codes, rules and regulations of applicable governmental authorities pertaining to the ownership, use and occupancy of the Property, including, but not limited to, zoning, land use, and building codes, Homeowners/Condominium Association Documents, Covenants, Restrictions and Obligations, Recorded Plat and agrees to take title subject to such matters. 6. BUYER’S NOTE: (a) The sale of the Property is an “All Cash” transaction and shall not be subject to any financing or post due diligence. (b) The Seller, Triangle J Auction Co LLC., their representatives, attorneys, agents, and sub-agents, assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and material. The Seller, Triangle J Auction Co. LLC, their representatives, attorneys, agents and sub-agents, make no guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotional/publicity statements and material. Neither the Seller nor Triangle J Auction Co. have any obligation to update this information. Neither Triangle J Auction Co. nor the Seller their agents, sub-agents, have any liability whatsoever for any oral or written representations, warranties, or agreements relating to the Property (including information appearing in this advertisement or announcements at the time of the Auction) except as is expressly set forth in the Contract. (c) All Bidders are encouraged to inspect the Property prior to placing any bid at the Auction and the Successful Bidder, as Buyer, acknowledges that it has a reasonable opportunity to inspect and examine the condition of the Property and make inquiries of applicable governmental authorities pertaining to Buyer’s proposed use of the Property prior to the Auction as Buyer has deemed necessary or desirable. (d) Competitive bidding is an essential element of an Auction sale, and such a sale should be conducted fairly and openly with full and free opportunity for competition among bidders. Any conduct, artifice, agreement, or combination the purpose and effect of which is to stifle fair competition and chill the bidding, is against public policy and will cause the sale to be set aside. Collusion/Bid Rigging is a Federal Felony punishable by imprisonment and fine. Triangle J Auction Co will report all illegal conduct to the F.B.I. and cooperate with any prosecution. (e) The Property(s) may be changed or withdrawn from the Auction at any time without notice and is subject to prior sale. (f) The Seller in its absolute sole discretion reserves the right to amend, negotiate, modify, or add any terms and conditions to these General Terms and Conditions of Sale and to announce such amendments, modifications, or additional terms and conditions, at anytime. (g) The highest bid shall be the Successful Bid only if same is acceptable to and accepted by Seller as evidenced by Seller and the Successful Bidder, as Buyer, each executing the Sales Contract. (h) Back-up bids will be recorded and received. Should the Property not close with the Buyer, the Seller will have the option to pursue back-up bids. (i) The highest Bid shall be considered an agreement to buy and is final. If you are unsure about anything regarding the Property, do not place a bid. Review of the Contract before making any bids is strongly recommended. (j) The Auctioneer reserves the right to bid on behalf of the seller until the reserve price is achieved for each property. 7. ANNOUCEMENTS: All announcements from the Auction Block at the Auction will take precedence over all previously printed material and any other oral statements made. In the event of a dispute over any matter, the Auctioneer shall make the sole and final decision and will have the right either to accept or reject the final bid or re-open the bidding. 8. ABSENTEE/TELEPHONE/ONLINE BIDDING: Absentee / Telephone / Online Bids will be accepted, subject to all terms and conditions of the Auction. Interested bidders must obtain and sign the proper forms by contacting Triangle J Auction Co. LLC. And tender the required escrow deposit(s). 9. DEFAULT: If the Buyer fails to comply with any of these General Terms and Conditions of Sale, the Seller may retain the required deposit(s) under the Contract as liquidated damages and not as a penalty. 10. REPRESENTATIONS: All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Property and records. Neither Seller nor Auctioneer its Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only. 11. BROKER PARTICIPATION: Three Percent (3%) of the Bid Price (s) will be paid to a qualified Licensed Real Estate Broker (“Broker”) whose registered Buyer’s offer (s) is accepted by the Seller and closes on the Property (s), provided the Broker is not prohibited by law from being paid such commission. To qualify for commission, the Broker must first register their prospect on the MANDATORY REAL ESTATED BUYER BROKER PARTICIPATION REGISTRATION form. This form must be mailed such that it is received by the office of Triangle J Auction Co. LLC. no later than 3:00 P.M. E.D.T. MARCH 12, 2009 This registration must be sent to Triangle J Auction Co. LLC., 102 West Main St., Wakefield, VA 23888. Brokers may also fax their broker registration (s) to 757-899-5010. NO LATE REGISTRATIONS WILL BE ACCEPTED. Commissions will be paid only after closing and after Triangle J Auction Co. LLC. has been paid in full. Brokers are not required to attend closing. If a cooperating Broker has not met all of these requirements, no commission will be paid to the cooperating Broker, even if the cooperating Broker’s prospect purchases the Property (s). No oral registrations will be accepted. Under no circumstances whatsoever will any commission be paid of the sale does not close for any reason. 12. BID PRICE: The bid price for the Property shall be determined by competitive bidding at the Auction. Some Properties will be sold Absolute to the highest Bidders with no minimums or reserves and some Properties will be sold Subject to Final Approval by the Seller. 13. ACKNOWLEDGMENT AND ACCEPTANCE: The Undersigned Bidder acknowledges receipt of a copy of these General Terms and Conditions of Sale, and having read and understood the provisions set forth therein, accepts same and agrees to be bound thereby. Facsimile signatures will be treated and considered original.

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