5400 +/- sf restaruant with kitchen equipment and seating on 3.28 in Peoria, IL

1. By placing a bid at this auction, you represent that you are at least 18 years of age and are capable of entering into a legally binding contract. If you are not at least 18 years of age and are not capable of entering into a legally binding contract, you may not bid at the auction. 2. The purchase contract is a non-contingent contract meaning that it is a cash only purchase and the property is sold "as-is, where-is" with all faults and without recourse and is subject to confirmation of the seller in a reserve auction. Buyer irrevocably agrees to purchase the property subject to a title company's standard exceptions, liens for all current and special real property taxes not yet due and payable, covenants, conditions, restrictions, reservations, rights, rights of way, and easements of record, in any, any state of facts that an accurate survey or personal inspection may disclose, any laws, regulations, or ordinances (including, but not limited to, zoning, building, or environmental), any future assessments, and the rights of any existing tenants or occupants. The buyer acknowledges that no representation is either expressed or implied by the seller of the property, the auction company, its affiliates, and/or brokers as to the condition of the property, its zoning, its habitability, use, code violations if any, or the financial information contained in information packets or advertising. All information provided by the seller to the auction company in advertising and information packets is deemed reliable, but its accuracy is not guaranteed. Buyers are solely responsible for their own due diligence and any inspection prior to bidding in order to determine the amount they are willing to pay. 3. At the conclusion of the auction, the successful bidder is required to immediately tender a non- refundable earnest amount of $25,000 to the FDIC insured escrow account of Oakwood Real Estate to be applied to the purchase price of the property. 4. The successful bidder must sign all documents and disclosures without buyer modification at the conclusion of the auction. The bidder acknowledges that they must adhere to the specifications regarding the timeframe of the contract. Please note that the bidder may not withdraw their bid prior to the seller acceptance timeframe specified in the contract or, in the event of a foreclosure or bankruptcy sale, the acceptance by the court of jurisdiction. In the event the seller does not accept the sales price or the court does not confirm the sale, the earnest money will be released back to the successful bidder. 5. A buyer's premium of 5% will be added to the winning bid price. The total of the buyer's premium and the high bid will be the agreed upon purchase price. For example, if you bid $100,000 on a piece of property, the buyer's premium will be $5,000 and the agreed upon purchase price will be $105,000. 6. The auction company represents that they are agents for the seller only in the real estate purchase. 7. The seller will provide merchantable title insuring title to the property for the amount of the purchase price to the buyer. Permissible exceptions include only the lien of real estate taxes not yet due and payable, zoning laws and building ordinances, easements of record, any lien which may be paid with the proceeds at closing, restrictions and covenants of record, and the ALTA policy standard exemptions. If applicable, a Bill of Sale will be provided for the purchase of any personal property. 8. This property may be removed by the auctioneer at any time prior to the start of the auction with no liability to the auction company, its affiliates, and/or brokers. In addition, the auctioneer may reject any starting bid less than the reserve. The auctioneer also reserves the right to reject any bid at his/her sole discretion. In the event of any dispute, the auctioneer reserves the right, whether before, during, or after the sale to re-open the bidding on the property. 9. All announcements made the day of the sale take precedence over any oral or written announcements made prior to the day of the sale. 10. Closing shall take place at a title company, the seller's attorney's office, or such other place as both parties may agree. Unless otherwise stated in the purchase agreement, possession shall take place immediately after closing, subject to tenants' rights, if any. 11. Seller will pro-rate real estate taxes, rents, deposits, at closing, will pay any state, county, or city transfer taxes, and provide title insurance to the buyer. All other costs associated with the closing will be paid by the buyer including closing and escrow fees. 11. Bidders acknowledge that the auction company can videotape and record the auction and use its contents at their discretion. Any unauthorized videotaping and/or recording is prohibited. 12. The buyer must comply with the terms and conditions of the auction and the sales contract. Any default made by the buyer will result in forfeiture of the bid deposit and earnest money. In addition, the seller and auction company may pursue any remedy available by law or equity including specific performance. Amounts recoverable are not limited to the bid deposit and earnest money. In the event of litigation, the buyer will be responsible for reasonable attorney fees and court costs. The buyer, seller, and auction company agree that in the event of litigation, waive their right to a trial by jury and agree to a bench trial in the court of jurisdiction. 13. The buyer agrees to and approves the use of using an electronic signature and/or of any documents including contracts and disclosures related to the purchase contract and disclosures, if necessary, as a means of expediting the sales procedure. These electronic signatures and initials are legally binding in a court of law. 14. The auction company may elect to have the second highest bidder sign a back up bidder consent form and hold the initial bid deposit with the auction company until the winning bidder performs. 15. A Buyer's Broker commission will be paid only to a licensed real estate brokerage in the state where the auction takes place. The Buyer's Broker must register his/her client prior to the start of the auction and attend the auction with the buyer. The Buyer's Broker cannot represent themselves or any entity in which they own all or part. The Buyer's Broker commission is specific for this event only and is paid only when the property closes escrow.