REAL ESTATE AUCTION FORMAT We will offer all the properties using the Open Forum Method with the High Bidder having choice of any and all parcels. The Open Forum Method differs from other auction methods, in that it allows all bidders the opportunity to bid on the properties they desire without being left out because of grouping. The bidder may bid on any parcel, combination of parcels, on the whole parcel or any other configuration they so desire until the auction is concluded. The winning bidders will be announced upon the conclusion of the auction. The OPEN FORUM METHOD is conducted by the following process: The Open Forum Method with High Bidder’s Choice of Any and All Parcels. This means that the High Bidder can choose as many parcels as he or she desires during the first round of bidding. However, if more than 1 parcel is chosen the bidder will be responsible to keep the group of parcels together after the initial round. The auctioneer will keep you informed of your position by means of the board at the front of the room administered by our computer system. After the successful bidder chooses the parcel or parcels of their choice, we will repeat the process until all the parcels have been chosen. At this time the first round of bidding will be complete. Note: More than one parcel can be picked at the time your high bid is acknowledged by the Auctioneer. However, you must protect your grouping of parcels throughout the auction; In the first round, Auction Lot #’s 1, 5, 8, 9 & 10 will be offered first for gross dollars. Auction Lot #’s 2, 3, 4, 6, 7 and 11 through 16 will be offered by the acre. The per-acre price will be multiplied by the acreage and the total price will be rounded to the nearest $100.00 and posted on the board at the front of the room. After the first round, all further increases on all parcels will be in gross dollars; The second round of bidding will begin when we accept bids on any combination of parcels, group of parcels or any increases on any individual parcels or any existing combinations; Note: Should a Bidder choose multiple parcels in the first round, you can still bid on individual parcels throughout the auction; With every bid, all of the bids will be evaluated and the results will be displayed on the completion board; We will continue to accept bids on the individual parcels and on any combination of parcels until there is no more bidding activity, at which time the auctioneer will determine the end of the auction. Regarding Combinations: Combination bids will either be accepted in entirety or rejected, except if you choose multiple parcels in the first round. Never, will you be required to buy a portion of your combination. If you place a combination bid on parcel 1 and 2, you will either get parcels 1 and 2 at the amount you bid or you will get nothing at all. In order to increase or combine a parcel or parcels with a value up to $100,000, an increase of $3,000.00 is required. In order to increase a parcel or combine parcels with a value of $100,001.00 to $500,000.00, an increase of $7,000.00 is required. In order to increase a parcel or combine parcels with a value of $500,001.00 to $1,000,000.00, an increase of $10,000.00 is required. In order to increase a parcel or combine parcels with a value of $1,000,001.00 to $2,000,000.00, an increase of $25,000.00 is required. In order to increase a parcel or combine parcels with a value of $2,000,001.00 or more, an increase of $35,000.00 is required. In order to win on an individual parcel that is pulled from a combination, the individual Bidder or Bidders must pay the difference between the individual bid and the total combination bid, plus the minimum bid fee as noted above. If you only want an individual parcel, it is in your best interest to bid early in the auction. Any bidder can bid at any time. You do not have to bid on the individual parcels in order to bid on any combination. Bids Are Not Final Until the End of the Auction: If you are a successful bidder at any time during the auction, DO NOT LEAVE the auction until the Auctioneer announces that the auction is completed. It is possible to regain your bid position if a combination or grouping goes back to the previous bidders. Example: Parcels 1, 2 & 3 are grouped and the individual bidder on Parcel 3 raises his or her bid and breaks the combination. The individual bidder(s) on Parcels 1 and 2 would be back in play unless they were regrouped later. It is the responsibility of the potential Buyer to personally inspect the property being sold and to bid accordingly based on his/her judgment. PERSONAL PROPERTY TERMS AND CONDITIONS: Terms - A 10% Internet Buyer's Premium will apply. These items have been used, they do have wear and tear, they are not perfect, so please inspect all items and bid accordingly. Neither Iron Horse Auction Co. Inc. hereinafter referred to as (auctioneers) nor Jeremy and Shana Mayfield, Mayfield Motorsports as their interest may appear, hereinafter referred to as (the seller) will be responsible for the auction items after the end of the auction. These items are being sold AS/IS WHERE/IS. Purchases become the responsibility of, and shall be, and remain at the risk of the purchaser immediately upon acceptance of his/her bid. It shall be the responsibility of the purchaser to insure his/her purchases immediately. No sale shall be invalidated by reason of any defect or inaccuracy in any of the lots by reason of their being incorrectly described in the listing or elsewhere and no liability shall be borne by the auctioneers in respect of any such fault or errors. This listing has been prepared only as a guide based on information from sources generally believed to be reliable and from the seller but the accuracy thereof cannot be guaranteed or warranted by the auctioneers. Bidder acknowledges that it is their responsibility to inspect all equipment and to make his own inquires. There shall be no guarantees or warranties, expressed or implied statutory or otherwise of any nature whatsoever. Each and every lot will be sold “AS IS” “WHERE IS”. Specifically, but not to restrict the generality of the foregoing, the auctioneers make no representation or warranty on any of the lots which are the subject of the auction. Since the property sold is second-hand property, seller makes no warranty of any kind and sells the goods on an “AS IS” basis, further, seller makes no warranty of any kind whatever, expressed or implied: and all implied warranties or merchantability and fitness for a particular purpose are hereby disclaimed to the seller. Immediately at the end of the auction, all accounts must be settled at the conclusions of the auction. No item will be released, until satisfactory funds have been received in the auctioneers escrow account. Satisfactory funds are described as: Cash, Official Bank Check, Personal or Company Checks accompanied by bank letter of guarantee of payment. The following is a sample of a Bank Letter of Guarantee of Payment. BANK GUARANTEE FORM DATE: ________________ (BANK LETTERHEAD) Our bank, (bank’s name), irrevocably will guarantee any checks written to IRON HORSE AUCTION CO., INC. for the purchase of items at the Auction by (you or your company name) from account number (fill in number) up to the total amount of $______________. Sincerely, (Bank Officer’s Name, Title and Phone) _______________________________________________________________________________ Please note:. These terms are as noted unless you the bidder make other arrangements with the auctioneer. This listing with pictures is only a guide and may not be accurate in anyway. Every item will sell “AS IS” “WHERE IS”. Please inspect the equipment prior to bidding. All sales are final. We reserve the right to put a hold on your account for an amount up to the amount of your bid prior to the end of the auction. Bidders who bid understand and acknowledge that they may not be able to inspect an item as well as if they examined it in person. It is the bidder’s responsibility to determine condition, age, genuineness, value or any other determinative factor. The Auctioneers shall endeavor to describe in detail each item and any pertinent information about it. The Auctioneers will not be responsible for any error or omissions in the description of the merchandise unless it is a material and intentional misrepresentation of the item itself. Bidder aggress that everything is sold “AS IS” and that they may not return any item purchased. Titled Equipment and Vehicles: Titles and transfer documents will be mailed via registered mail to the buyer within 14 days after the conclusion of the auction. Titles and transfer documents will be made out the name of the bidder unless otherwise authorized in writing. By bidding on any item, the bidder shows acceptance of the terms of the auction. The auction company reserves the right to refuse service to any person. Bidder agrees that everything is sold as is and that they may not return any item they purchase for any reason. Iron Horse Auction Company Inc frequently deals with international online buyers via our internet auctions. It is our policy to require a $1,000.00 deposit in order to bid from another country. This is immediately refundable if you do not purchase any items and will be applied towards your balance if you are a successful purchaser. Bidders acknowledges that any and all cause of action that may arise as a result of this Contract shall be interpreted in accordance with the laws of the State of North Carolina and any action brought thereon must be brought in the General Court of Justice of Richmond County, North Carolina as the sole and exclusive venue. Conditions – All information contained herein is deemed to be from reliable sources. However, neither the Auctioneer nor the Seller guarantees this information to be correct. We reserve the right to add or delete. Please inspect the property and bid accordingly. The Auctioneer represents the Seller in this transaction. SHIPPING INSTRUCTIONS: Shipping may be arranged with the auctioneers with contact prior to the date of the auction. Shipping arrangements and cost are the buyer’s sole responsibility. REMOVAL No item may be removed from the sale site unless settlement is made in full to the satisfaction of Iron Horse Auction Co., Inc. Purchases must be removed from the sale site on the week after the auction during business hours 8:30 a.m. to 5:00 p.m., or by appointment! Payment Terms: Real Estate - 20% deposit due at the auction by cash or check, with the balance due at closing. A 7% buyer’s premium will apply. A 10% buyer’s premium will apply to any purchases made over the internet. Personal Property - Balance due in full at the auction by cash or check. A 7% buyer’s premium will apply to all purchases. A 10% buyer’s premium will apply to any purchases made over the internet. Preliminary Sales Map - Distances and acreages are estimated and will be adjusted based on final survey, by a licensed surveyor, and in accordance with the existing subdivision laws. Conditions – All information contained herein is deemed to be from reliable sources. However, neither the Auctioneer nor the Seller guarantees this information to be correct. We reserve the right to add or delete. Please inspect the property and bid accordingly. The Auctioneer represents the Seller in this transaction.