ONSITE & SIMULCAST REAL ESTATE TERMS: 1. Importance of Terms: Please take the time to read the following set of terms and conditions for the 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. 2. Agency: Iron Horse Auction Company, Inc. are acting as agents of the Seller and at no time acting on behalf of the Buyer. 3. Buyer's Premium: There will be a TEN PERCENT (10%) Buyer’s Premium added to final bid price of the real estate to determine the final contract purchase price 4. Simulcast Auction Ending: The Real Estate auction will be conducted live onsite with an online simulcast accepting bids from internet bidders. The Auctioneer reserves the right to offer the real estate and accept bids in the manner that creates the highest amount of return for the Receivership Estate. This means that Lots 1 & 2 may display PASSED on the online bidding application for a short period until the highest bid can be established whether onsite or online. Bidders will be made aware of their position through the instant messaging feature. Once we have established a confirmed high bid price, we will then post each property as SOLD. 5. Property Information & Inspection: Iron Horse Auction Company, Inc. is not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. has 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. are provided in good faith and are matters of opinion. It is automatically acknowledged by registering to bid that you have either personally inspected the property, hired an agent to inspect the property or waive your right to inspect the property. By placing a bid, this creates a contractual agreement to purchase the property at the high bid price plus Buyers Premium and any additional fees included in closing the real property transaction. 6. Auctioneer's Discretion: Iron Horse Auction Company, Inc. has 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. or the Seller. 7. 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., Proxibid.com 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., Proxibid com 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. 8. Payment Terms: 20% of the final contract purchase price is required as a non-refundable earnest money deposit in the form of a certified check, cash or wire transfer within 24 hours of the close of auction, with the balance of contract purchase price due at closing, which shall be in thirty (30) days or upon delivery of the deed, whichever is sooner. Title will be conveyed as stated in the auction purchase contract which can be found under the files section located at www.ironhorseauction.com/zeekreceiverday1. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This auction is a Cash Transaction not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by Bidder and or Buyer’s at registration prior to bidding and specified in the Auction Purchase Contact on the event page of each specific auction. The party who submits the second-highest bid must agree that their bid will be irrevocable until the earlier of: (a) 60 days after the auction; or (b) the closing of the sale to the successful bidder. 9. Auction Purchase Contract: The contract is required to be fully and correctly executed, without any modifications and properly signed within 48 hours of the close of auction. 10. Closing: Property is to be closed within 30 days after the auction or upon delivery of the deed, whichever is sooner. 11. Closing Costs: Buyers closing cost can include new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items and any other fees required for closing. Seller’s closing cost is limited to their portion of the prorated tax, revenue stamps and the cost of deed preparation. 12. Property Condition: All property in this auction is 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 property. Descriptions of the property 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. Crop allotments, mineral rights, timbers rights, water rights, if any will transfer with the deed. It is possible that the property being sold is subject to restrictive covenants and homeowner’s association rules, regulations and dues, if any. 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 property before placing a bid. The Buyer as a result of HE/SHE not conducting their own inspection prior to placing a bid shall invalidate no sale. It is automatically acknowledged by placing a bid that you have either personally inspected the property, hired an agent to inspect the property or waive your right to inspect the property. 13. Legal Interpretations: The laws of the State of North Carolina & The United States Of America shall interpret this document. 14. Disputes: Any and all causes of action resulting from this auction shall be heard in the United States District Court, Western District of North Carolina as the sole and exclusive venue. 15. Auction Cancellation Bid Rejection: Iron Horse Auction Company, Inc. reserves the right to reject any and all bids for any reason. Iron Horse Auction Company, Inc. reserves 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, unless the auction is an Absolute Auction. 16. Acceptance of Bid Prices: All bids are subject to Seller Confirmation unless the auction is advertised as Absolute. The successful Bidder and or Buyer(s) will be required to enter into a purchase agreement immediately following the close of the auction. Iron Horse Auction Company, Inc. will e-mail documents to be executed and fax or e-mail back to Iron Horse Auction Company, Inc. within 48 hours of the end of the auction. Successful Bidder and or Buyers not executing and returning contracts with earnest money deposit within 48 hours will be considered in default. Any and all inspections that a buyer may want must be completed at buyer’s expense prior to the end of the auction. Iron Horse Auction Company, Inc. reserves the right to sell to the next highest qualified Bidder and or Buyer if the winning Bidder and or Buyer are in default of these terms. Winning Bidder and or Buyer must execute the contract with no changes, modification, additions or deletion. In the event that you find yourself as a Bidder in default, you will be black flagged as a NON PAYING BIDDER and not allowed to participate in any further Iron Horse Auction Company, Inc. auctions. 17. Title: As specified in the Auction Purchase Contract. 18. Deed: As specified in the Auction Purchase Contract. 19. Possession: Not given until Closing and further specified in the Auction Purchase Contract. 20. Real Estate Taxes and Closing Cost: Taxes will be prorated to day of closing using the most current available year’s tax amount. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees. 21. Easements: Subject to any and all easements recorded or unrecorded. 22. Zoning: This property is subject to all state and local zoning ordinances. 23. Acreage & Aerial Photos: Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines. 24. 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. will reject the registration, and bidding activity will be terminated. The Seller and Iron Horse Auction Company, Inc. reserve the right to refuse service to any person who we feel to be fraudulent. 25. Online 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 web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or auction company may not bid in the auction. We gather aggregate information from the web site, which may include but is not limited to: number of page visitors, most visited pages, and any and all correspondence. 26. 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 earnest money payment to Iron Horse Auction Company, Inc. 27. Age Requirement: All bidders must be eighteen (18) years of age or older. ONSITE & SIMULCAST PERSONAL PROPERTY TERMS: 1. 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. 2. Agency: Iron Horse Auction Company, Inc. are acting as agents of the Seller and at no time acting on behalf of the Buyer. 3. Buyer's Premium: There will be an onsite buyer's premium of TEN PERCENT (10%) & an online buyer's premium of FIFTEEN PERCENT (15%) added to final bid price of the personal property to determine the final contract purchase price. 4. Simulcast Auction Ending: All bidding will end during the live auction with the Auctioneer declaring the winning bidder. The auctioneer shall decide any and all disputes. 5. Property Information & Inspection: Iron Horse Auction Company, Inc. is not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. has attempted to provide accurate descriptions. This includes Authenticity, items are believed to be authentic, but cannot be proven to be authentic. There will be no Letters of Authenticity provided unless stated by the Auctioneer at the time the items enter the bidding ring. 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. 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 waive your right to inspect the items being sold. By placing a bid, this creates a contractual agreement to purchase the items being sold at the high bid price plus Buyers Premium and any additional fees including shipping. 6. Auctioneer's Discretion: Iron Horse Auction Company, Inc. has 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. or the Seller. 7. 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., Proxibid.com 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., Proxibid.Com 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. 8. Payment Terms: -Online Bidders: Payment is due in full at the conclusion of the auction. All invoices under $2,000.00 will be charge with the credit card on file. If your invoice exceeds $2,000.00 we require a certified check, cash or wire transfer within 48 hours of the close of auction. Purchaser shall be responsible for all wire transfer fees. If your credit card is declined there will be additional fee of $25.00 per attempt to collect invoice balance. If you have an invoice in excess of $2,000.00 and have not attempted to pay your invoice within 48 hours after the auction, you the Buyer, authorize Iron Horse Auction Company, Inc. to charge your credit card for the balance of the invoice or partial charges until your invoice is paid in full. Bidder furthermore agrees that they will not issue a charge back on their Credit Card after Iron Horse Auction Company has charged your card. No items will be released from the auction site without a valid paid invoice. NO EXCEPTIONS -Onsite Bidders: Payment is due at the end of each auction day. Acceptable forms of payment are cash, cashier's check, company or personal check accompanied by a bank letter of guarantee, electronic funds transfer or credit card not exceeding $2,000.00. Any amount above $2,000.00 must be made in certified funds. Bidder furthermore agrees that they will not issue a charge back on their credit card after Iron Horse Auction Company has charged your card. No items will be released from the auction site without a valid paid invoice. NO EXCEPTIONS 9. 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. This includes Authenticity, items are believed to be authentic, but cannot be proven to be authentic. There will be no Letters of Authenticity provided unless stated by the Auctioneer at the time the items enter the bidding ring. 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. 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. The Buyer as a result of the HE/SHE not conducting their own inspection prior to placing a bid shall invalidate no sale. It is automatically acknowledged by placing a bid that you have either personally inspected the property, hire an agent to inspect the property or waive 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 pickup that item. 10. Legal Interpretations: This is a Court Ordered Auction. The laws of the State of North Carolina & The United States Of America shall interpret this document and purchase made in this auction. 11. Disputes: Any and all causes of action resulting from this auction shall be heard in the United States District Court For The Western District of North Carolina as the sole and exclusive venue. 12. 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. reserves 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 the their high bid price and the actual selling price to the Backup Bidder. 13. Auction Cancellation * Bid Rejection: Iron Horse Auction Company, Inc. reserves the right to reject any and all bids for any reason. Iron Horse Auction Company, Inc. reserves 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, unless the auction is an Absolute Auction. 14. Possession: Items are not release from auction sites or facilities until the Buyer has a paid invoice. The Buyer shall insure their items once they have been deemed the winning bidder. 15. 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. will reject the registration, and bidding activity will be terminated. The Seller and Iron Horse Auction Company, Inc. reserve the right to refuse service to any person who we feel to be fraudulent. 16. 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 web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. We gather aggregate information from the web site, which may include but is not limited to: number of page visitors, most visited pages, and any and all correspondence. 17. 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 earnest money payment to Iron Horse Auction Company, Inc. 18. Age Requirement: All bidders must be eighteen (18) years of age or older.