AUCTION MANAGERS Iron Horse Auction Company Will Lilly 704.985.9300 Loeb Winternitx Industrial Auctioneers Charlie Winternitz 773.496.5740 Importance of Terms: Please take the time to read the following set of terms and conditions for the online auction. When you register to bid, you will have to acknowledge that you have read these terms and conditions. If you intend to register the following items will pertain to you. Agency: Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctions are acting as agent of the Seller and at no time acting on behalf of the Buyer. Buyer's Premium: There will be a Fifteen percent (15%) Buyer’s Premium added to the final bid price to determine the final contract purchase price. Auction Ending: Iron Horse Auction Company, Inc. Online Auctions are timed events and all bidding will begin to close at a specified time. Iron Horse Auction Company, Inc. online auctions also have an auto-extend feature. Any bid placed in the final five minutes for an auction item will automatically extend the auction item five minutes from the time the bid was placed. Example: If an auction item is scheduled to close at 3:00 and receives a bid at 2:56, the close time will automatically extend to 3:01. The auto-extend feature will continue until there is a five-minute period without a bid being placed on each item in the auction. We will close 2 auction lots per minute. Outbid Notification: During the bidding auction process, there is a chance that you will be over bid. At that time you will receive an outbid notification. Until the auction begins to close, the bidding software will notify bidders by email when they have been outbid. Bidders may also find out if they have been outbid by watching the auction close. Due to varying internet connections and speed, sometimes email notifications can be delayed. We are not responsible for failure of any part of the bidding process or internet bidding. Property Information & Inspection: Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctioneers are not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctioneers have attempted to provide accurate descriptions; however, it is the Bidder's responsibility to conduct any inspections to determine the condition and feasibility of the Bidder’s intended use. Descriptions that are provided by Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctioneers are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have either personally inspected the items being sold, hired an agent to inspect the items being sold, or waived your right to inspect the items being sold. Placing a bid creates a contractual agreement to purchase the items being sold at the high bid price plus a Buyer’s Premium and any additional fees including rigging and shipping. Auctioneer's Discretion: Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctioneers have full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctioneers or the Seller. Server & Software Technical Issues: In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Iron Horse Auction Company, Inc., Loeb Winternitz Industrial Auctioneers, Proxibid, and the Seller reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Iron Horse Auction Company, Inc., Loeb Winternitz Industrial Auctioneers, Proxibid, or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Iron Horse Auction Company, Inc. may send email notifications to registered Bidders with updated information as deemed necessary. Payment Terms: Payment is due in full at the conclusion of the auction. No items will be released from the auction site without a valid paid invoice. NO EXCEPTIONS. CREDIT CARDS WILL NOT BE ACCEPTED FOR PAYMENT OF TITLED VEHICLES. Property Condition: All items in this auction are selling “AS-IS, WHERE IS” with all faults, if any. Iron Horse Auction Company, Inc. makes no representations or warranties, expressed or implied, concerning the items being sold. Descriptions of the items are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspections prior to the auction. All due diligence periods end the date the auction is scheduled to end and prior to the end of the auction. It is possible that the property being sold is subject to local, state and federal regulatory authorities and it is the Buyer’s responsibility to ascertain if they are subject to regulation and permitting. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the items before placing a bid. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to placing a bid or doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property. The sale of an item is not negotiable if you are not the winning bidder of other items. If you bid on an item, you will pay and pick up that item. Legal Interpretations: The laws of the State of North Carolina and the United States Bankruptcy Code shall interpret this document. Disputes: Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Richmond County, North Carolina or the United States Bankruptcy Court, Western District of NC as the sole and exclusive venues. Auction Bidder and/or Buyer Default: The Successful Bidder and/or Buyer not attempting to settle their invoice within 48 hours of the conclusion of the auction will be considered in default and will be black-flagged in our database as a Non-Paying Bidder. Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctioneers reserve the right to sell to the next highest qualified Bidder and/or Buyer in the event the successful high Bidder and/or Buyer does not comply with the terms of the sale. By bidding on the items in the auction, the Buyer agrees to all terms and conditions set forth. By registering and placing a bid, you agree that if you happened to become a Default Bidder or Non-Paying Bidder, Iron Horse Auction Company, Inc. has the right to charge your credit card for the entire balance of your invoice. If Iron Horse Auction Company, Inc. is able to sell your item to the next highest qualified Bidder at a price lower than the auction high bid price, the Default Bidder agrees to allow Iron Horse Auction Company, Inc. to charge their credit card for the difference in their invoice price and the actual selling price to the back-up Bidder. In addition to not issuing a credit card charge back or credit card dispute. Auction Cancellation – Bid Rejection: Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctioneers reserve the right to reject any and all bids for any reason. Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctioneers reserve the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed. Acceptance of Bid Prices: All bids are subject to Seller confirmation. Vehicle Titles: Vehicle titles will be mailed in 20 banking days after the conclusion of the auction. Vehicles cannot be paid for with credit card. Possession: Items are not release from auction sites or facilities until the Buyer has a paid in full invoice. The Buyer shall insure their items once they have been deemed the winning Bidder. Bidder Verification: The identity of all Bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctioneers will reject the registration, and bidding activity will be terminated. The Seller, Iron Horse Auction Company, Inc. and Loeb Winternitz Industrial Auctioneers reserve the right to refuse service to any person who we feel to be fraudulent. Bidder Responsibilities: Bidder responsibilities include, but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for any and all activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges. We gather aggregate information from the website, which may include but is not limited to: the number of page visitors, most visited pages, and any and all correspondence. Guaranty Agreement: By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees payment to Iron Horse Auction Company, Inc. Age Requirement: All bidders must be eighteen (18) years of age or older. Check Out and Rigging: The Auctioneers have hired Graphic Equipment Movers, Inc. of Gallatin, TN to remove from the building and place onto the Buyer's truck the following items: LOT# DESCRIPTION RIGGING PRICE 101 CNC ROUTER $1,000.00 104 CNC ROUTER $800.00 105 CNC ROUTER $800.00 108 CNC ROUTER $1,000.00 306 GERBER FABRIC CUTTER $1,000.00 193 TENONER $100.00 213 SLOT MORTISER $100.00 219 3 HEAD BELT SANDER $1,000.00 131 ABRASIVE PLANNER $400.00 129 CHAIN FED RIP SAW $200.00 130 CHAIN FED RIP SAW $200.00 191 VARIETY SAW $100.00 200 TRIMMING AND BORING MACHINE $600.00 198 SINGLE END TRIM & BORE $100.00 115 AIR TANK $200.00 195 BAND SAW $100.00 196 BAND SAW $100.00 307 BAND SAW $100.00 133 EDGE GLUIER $400.00 202 VERTICAL BORING MACHINE $400.00 206 HORIZONTAL BORING MACHINE $300.00 215 HORIZONTAL BORING MACHINE $100.00 225 STROKE SANDER $300.00 217 TWIN SPINDLE SHAPER $200.00 214 SINGLE SPINDLE PIN ROUTER $200.00 234 DUST COLLECTION SYSTEM $14,250.00 425 LIGHT OVEN $400.00 426 LIGHT OVEN $400.00 427 LIGHT OVEN $400.00 428 LIGHT OVEN $400.00 406 SPRAY BOOTH $400.00 405 SPRAY BOOTH $250.00 407 SPRAY BOOTH $400.00 408 SPRAY BOOTH $400.00 409 SPRAY BOOTH $400.00 410 SPRAY BOOTH $400.00 111 VACUUM PUMP $600.00 112 VACUUM PUMP $600.00 113 VACUUM PUMP $100.00 114 VACUUM PUMP $100.00 235 SAW DUST HOPPER BIN $5,000.00 223 EDGE SANDER $100.00 224 EDGE SANDER $100.00 232 VERTICAL BAND SAW $100.00 422 SPRAY BOOTH $400.00 430 AIR COMPRESSOR $250.00 431 AIR COMPRESSOR $250.00 432 AIR COMPRESSOR $250.00 433 AIR DRYER $250.00 434 OIL FILTER $100.00 435 AIR TANK $100.00 These prices will be for the disconnect, removal from building and placement on your truck or hired transit hauler. They will be included in the your final invoice. In the event that you purchased an item that is not listed above, GEM will box and ship your purchases for a fee that is negotiated between the Buyer and GEM. Otherwise, it is the Buyer's Responsibility for removal of your items.