TERMS & CONDITIONS White’s Regal Stores, Inc. Personal & Chattel Property Auction • ‘No property may be removed prior to auction. • A 13.5% Buyer’s Premium will be added to the final bid to establish the final sale price on all purchases. • A 6% Indiana Sales Tax will be charged on all inventory items; however not on equipment and trade fixtures. • Full payment must be made day of auction by cash, MC, Visa or Company check with proper ID and Bank Letter of Credit. • Property must be removed within 7 days of auction after full payment. • Property sells “as-is” with no warranty expressed or implied.’ • Payment to be made with US funds, Local approved Check, MC or Visa Real Estate: TERMS & CONDITIONS White’s Regal Stores, Inc. COMMERCIAL REAL ESTATE AUCTION 360 E. Main Street Bloomfield, Greene County, IN • PROCEDURE: The Real Estate owned by White’s Regal Stores, Inc. is being sold at public auction. The oral auction will be conducted on site at White’s Square on E. Main Street in Bloomfield, Indiana on December 8, 2006 at 10:00am. • Auction Registration will begin one hour prior to the sale. The following will be required for bidders to become registered to bid at the auction • A picture ID • A $5,000.00 Certified check or guaranteed funds equal to $5,000.00 made out to yourself. • A Bank letter of guarantee or a Lender’s Pre-Approval letter. • LIVE ON-LINE INTERNET BIDDING: Live on-line bidding is available for this auction, call Jimmie Dean Coffey Auctions and Realty for on-line information and terms. • RESERVE: The property sells subject to seller’s confirmation and prior sale. • BUYER’S FEE: A Buyer’s Premium Fee of 10% will be added to the final bid amount. The Bid Amount plus the 10% Buyer’s Premium equals the Final Purchase Price. • EARNEST MONEY: The successful bidder will be required to pay a down payment equal to 10% of the final purchase price the day of the auction. Cash, cashier’s check or a personal or corporate check immediately negotiable is satisfactory for the down payment. The 10% down payment deposit will be non-refundable; your bidding is not conditional upon financing, so be sure you have arranged financing, if needed, and are capable of paying cash at closing. The balance of the purchase price will be due on delivery of clear title. • PROMISSORY NOTE: A promissory note will be signed along with the down payment check • ACCEPTANCE OF BID PRICES: The successful bidder(s) will be required to enter into a purchase agreement immediately following the close of the auction. The final bid price is subject to the Seller’s acceptance or rejection. • EVIDENCE OF TITLE: The seller agrees to furnish buyer(s) with evidence of a marketable title in the form of a Preliminary Title Insurance Commitment. • Buyer(s) may purchase an Owner’s Policy of Title Insurance at his or her expense. • DEED: Seller shall provide a general warranty deed. The real estate is being sold subject to any existing easements and right of ways to record. • POSSESSION: Possession of the property shall be day of closing. • REAL ESTATE TAXES: The seller will pay all taxes up to and including the 2005 taxes payable in 2006. • The Buyer will be responsible for 2006 taxes payable in 2007 and all subsequent real estate taxes and assessments thereafter.. • CLOSING: The balance of the purchase price is due at closing. Closing shall take place on January 10, 2007 • Closing fee will be paid by the buyer. • PROPERTY INSPECTION: Each potential bidder is responsible for conducting, at his or her own risk, his or her own independent inspections, investigations, inquiries and due diligence concerning the property. If private investigations or previews are needed please contact Jimmie Dean Coffey Auctions & Realty 812-824-6000. • Further; Property sells as-Is with no warranties express or implied • Sale of property is not contingent upon Financing-Appraisal-Inspection -Survey-Etc. • AGENCY: JDC Group, Inc. / Jimmie Dean Coffey Auctions & Realty and its representatives are Exclusive Agents of the Seller. • ABSENTEE BIDDING: For interested bidders who cannot attend the auction but would like to have a representative bid at the auction on their behalf, an “Absentee Bid Form” can be obtained by contacting Jimmie Dean Coffey at (812) 824-6000. • DISCLAIMER AND ABSENCE OF WARRANTIES: all information contained in this brochure and all related materials are subject to the Terms and Conditions outlined in the Agreement to Purchase. The property is being sold on an AS IS, WHERE IS basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller or the Auction Company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is believed to be accurate, but is subject to verification by all parties relying on it. No liability for accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and Auction Company reserves the right to preclude any person from bidding if there is any question as to the person(s) credentials, fitness, etc. All decisions of the auctioneer are final. • BROKER PARTICIPATION: Broker Participation is Invited & Encouraged: A (2%) two percent broker commission will be paid to cooperating real estate Broker. A commission will be paid to the properly licensed broker whose prospective buyer purchases and closes on the real estate. The commission will be two (2%) percent of the winning bid. • To qualify for a cooperating broker commission, the Broker must register by mail, fax or hand delivery the prospective buyer’s name and address on the real estate company’s letterhead. The registration letter must be signed by the prospective buyer and the Broker, and must be received at the office of JDC Group, Inc. no later than 48 hours prior to start of sale, two (2) business days prior to auction – 10:00am Friday December 8, 2006. Broker must also show the property to the bidder/attend pre-auction inspection with bidder, attend to the bidder’s pre-auction needs; post auction needs as well as attend the auction and sign the Auction Real Estate Sales Contract if their client is the winning bidder. A co-op commission will be paid only upon closing of the transaction. Commission will be based on the final bid amount before the inclusion of the buyer’s premium commissions will be paid by JDC Group, Inc. to a qualified licensed Real Estate Broker on this property. • Broker / Agent is required to assist the buyer throughout the entire transaction (i.e. attend open house, show property to prospect prior to auction, handle necessary buyers paperwork) Broker / Agent MUST attend the Auction with the prospect • Prospects/Bidders who have dealt with the Jimmie Dean Coffey Auctions & Realty throughout the marketing process will not be eligible for Broker registration. ANY AND ALL ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY AND ALL PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE