CLASSIC MOTORCAR AUCTION, LLC Glenmoor Country Club Grande Salon Antique & Classic Car Auction 4191 Glenmoor Rd NW At The Glenmoor Gathering Canton, OH 44718 September 18, 2010 TERMS AND CONDITIONS OF BIDDING 1. All items are sold “AS IS WHERE IS” and with no warranties or guaranties of any type either expressed or implied made by Classic Motorcar Auctions, LLC. Any warranties made by the Seller must be in writing on an instrument separate from the Purchase Invoice and Bill of Sale and signed by both the Buyer and the Seller. In no event shall Classic Motorcar Auctions, LLC, the auctioneer, any employee, agent or associate of Classic Motorcar Auctions, LLC be responsible or liable for such warranties, guarantees or the geniuses or description of any item offered for sale. 2. All statements printed in Classic Motorcar Auctions, LLC catalogues, ads, brochures, signs and car cards as well as verbal statements made by the auctioneer or staff, have come from the Seller and are accepted as reliable, Classic Motorcar Auctions, LLC assumes no responsibility or liability for the representations made by Sellers and shall have no obligation to verify or authenticate such statements or claims. Any announcements made sale day supersede printed information in the catalogues, ads, brochures, signs and car cards. 3. Unless the sale of an article is advertised or announced to be absolute (no reserve), each lot is offered subject to the reserve price of the Seller. When an article is sold with reserve, the auctioneer may bid on the Seller’s behalf in an amount not to exceed the reserve price. “Absolute Auction” means an auction of real or personal property to which the property is sold to the highest bidder without reserve, the auction does not require a minimum bid, the auction does not require competing bids of any type by the seller or an agent of the seller and the seller of the property cannot withdraw the property from auction after the auction is opened and there is public solicitation or calling for bids. Consignor will transfer ownership of the property to the highest bidder. “Reserve auction” means a auction in which the seller or an agent of the seller reserves the right to establish a stated minimum bid, the right to reject or accept any or all bids, or the right to withdraw the real or personal property at any time prior to the completion of the auction by the auctioneer. 4. Absentee bidding will be accepted. “Absentee bidding” means a method by which a potential purchaser authorizes a proxy to place on behalf of the potential purchaser a written or oral bid to an auctioneer or auction firm or an agent of an auctioneer or auction firm. 5. Payment of funds due Buyer from any other transaction may, at Classic Motorcar Auctions, LLC discretion, be withheld from Buyer and applied to other purchases made by Buyer. All payments must be made with good funds which are defined as cash, cashier’s checks, traveler’s checks or personal/company check backed by an Irrevocable Bank Letter of Guarantee stating the amount to be honored by the bank. Drafts are not acceptable. No item can be removed from the premises before making settlement. Title for any titled item purchased may be withheld until Buyer’s funds clear Classic Motorcar Auctions, LLC’s bank account. All cash payments will be reported to the Federal Government subject to applicable law. 6. All items shall be removed from the sale area by the Buyer at Buyer’s expense immediately following the sale, and if not so removed, Classic Motorcar Auctions, LLC may remove the item with all costs of moving and storage to be paid by the Buyer. 7. If any of the terms of sale contained herein, or in any instrument collateral hereto, are not complied with by the Buyer, in addition to other remedies available by law to Classic Motorcar Auctions, LLC and/or the Seller (including the right to hold the Buyer liable for the bid price), Classic Motorcar Auctions, LLC and/or Seller at its option may do either of the following: (1) Cancel the sale and retain as liquidated damages all payments made by the Buyer, or (2) resell the item on 5 days written notice to the Buyer at a private or public sale for the account of and at the risk of the Buyer, and in such event the Buyer shall be liable for any deficiency plus all costs for such reselling, including moving and storage and the entry fees and commissions for both the first and second sale and all reasonable attorney fees and court cost incurred. 8. All terms of sale posted on the auction premises, printed in sale brochures, forms, signs, publicly announced, or otherwise published are incorporated herein by reference. 9. If any check given in payment is dishonored for any reason (including but not limited to insufficient funds, stop payment or the like), Buyer aggress, whether such check is signed by Buyer as maker or endorser, that if such check is placed in the hands of an attorney for collection, to pay all reasonable attorney fees incurred, together with all court costs and associated expenses in the event suit is instituted. 10. If Buyer sues Classic Motorcar Auctions, LLC and does not prevail, Buyer will reimburse Classic Motorcar Auctions, LLC for all reasonable legal fees and expenses connected with such suit. 11. Buyer shall pay all city and state sales, use and other taxes assessed, due to or resulting from Buyer’s failure to qualify as exempt from such taxes. Buyer also agrees to pay the Buyer’s Premium and any other applicable fees.