Highway 51 Classic & Collector Car Auction Terms of Sale 1.) Note: Online Simulcast Bidders will pay a Buyers premium of 10% of the sales price. 2.) Full payment of purchase must be received on day of purchase, except as allowed in item # 15. Terms are listed below. Personal checks or sight drafts will not be accepted unless accompanied by an irrevocable letter of guaranteed credit from the bank stating buying limit and authorized by an officer of the bank. Letter of credit is retained by Highway 51 Auction at time of issuing bid pass. 3.) All bidders may be required to provide Highway 51 Auction with proof of means to pay for any purchases. Highway 51 Auction retains the right to require a cash deposit before issuing a bid pass. 4.) All vehicles and/or other items are purchased "AS IS" and are sold "WITH OUT WARRANTY OR GUARANTEE, EXPRESS OR IMPLIED". The purchaser warrants that no representations, oral or written, have been made by Highway 51 Auction or any of its employees or agents regarding any vehicle or item sold at the auction by or through Highway 51 Auction. 5.) All statements by the Auctioneer and those statements printed in advertisements are believed to be correct, however, bidders are to examine all cars, motorcycles and other items before bidding and do so upon his or her opinion and examination. 6.) Highway 51 Auction is not responsible for correctness of year, genuine or any other description or condition of the vehicles. 7.) All cars and motorcycles that are offered for sale are subject to a reserve price set by the seller unless otherwise stated. 8.) Ownership of an item passes to bidder when Auctioneer says "Sold". Should any dispute in a bid arise the Auctioneer will use his judgment and his decision is final. At that time the new owner assumes full responsibility of the item. Highway 51 Auction shall do our best to protect auction vehicles but Highway 51 Auction or Grady County Fairgrounds shall not be held responsible or liable in any way for any damages or loss due to transport, movement or display, including theft, vandalism, water damage or fire or any human act or act of mother nature. Buyers and sellers should maintain proper insurances at all times. 9.) The removal of auction vehicles from Highway 51 Auction premises requires a signed vehicle release form provided by Highway 51 Auction office. 10.) Removal of purchased vehicles must be removed from the auction premises by the purchaser at his own expense with the appointment made to do so no later than 4:00 PM CST the third banking day following the sale. If it is not removed, Highway 51 Auction may remove and store the vehicle at the owner's risk and expense. Highway 51 Auction or Grady County Fairgrounds will not be held liable in any way for any damages occurred to vehicles for any reason. 11.) All state and local taxes apply. Taxes do not apply when shown proof of an Automobile Dealer's number and resale tax number. (Be prepared with your tax number.) Out of state purchases must acquire necessary transportation permits (bill of lading). 12.) Statements about the vehicles on the description sheets are provided by the consignor to Highway 51 Auction. The Purchaser agrees to base his purchase on his independent investigation and agrees not to rely upon the Consignor's description sheet. Purchaser acknowledges his responsibility to pay for any purchase made through Highway 51 Auction irrespective of the information on such description sheets. Highway 51 Auction expressly disavows the information on such description sheets. 13.) I agree to abide by Highway 51 Auction Policies as listed on each vehicle description. 14.) A purchaser's failure to comply with terms of sale shall entitle Highway 51 Auction and consignor to use, at their discretion, any and all remedies available at law or in equity including without limitation to hold the purchaser liable. This may include the following: A. Cancel the sale and retain as liquidation damages all payments made by the purchasers. Should a bidder default on payment in any manner whatsoever, without limiting any recourse Highway 51 Auction may have, bidder agrees to pay Highway 51 Auction all lost auction fees, which is the maximum published rates for the (1) sellers commission & (2) buyer's premium, this amount is due and payable without relief. Bidder will also be liable to seller for its damages. Bidder hereby authorizes Highway 51 Auction to deduct these lost auction fees from bidders cash deposit, or to charge bidder's credit card provided. Bidder agrees not to dispute this charge with the credit card company at any time. Bidder agrees to also pay Highway 51 Auctions costs of collection, including attorneys' fees and other related costs. B. Re-sell the vehicle or item at a private or public sale for the highest offered price. Purchaser herein agrees to be liable for the difference between the bid price offered by the purchaser under this bidding contract and the amount received at the private or public sale. In addition, the purchaser shall be liable for any expenses of sale, attorney fees and court costs. 15.) Delayed Payment Agreement: A. I agree to pay in full, plus buyer's fee and all applicable state and local sales tax with terms listed below, the amount owed on any vehicle for which I am the winning bidder. B. I understand that the entire amount of any purchase must be paid by 4:00 P.M. by the first banking day following the auction, including buyer's fee and all applicable state and local sales tax. 16.) Highway 51 Auction provides title only. Licensing (including any emissions requirements, vehicle inspections, plates and tags) is the sole responsibility of the new Buyer. 17.) Titles for items purchased are mailed by certified mail to the purchaser on or by the twentieth (20''') banking day following the sale. ON CASH TRANSACTIONS ONLY ARE TITLES ARE IMMEDIATELY RELEASED TO PURCHASER AT THE TIME OF SALE. Due to liens and titles held in safety deposit boxes, any title may be delayed up to thirty (30) days before it is released to Buyer regardless of method of payment. 18.) As a collector of these types of vehicles, I understand these vehicles may not be fit for ordinary driving and reasonably safe agree defects. This includes but is not limited to tires, brakes, steering, motor mounts & drive units. I agree to inspect each vehicle myself and I agree to rely upon such personal inspection in lieu of any other descriptions or representations which may have been made to me which, in any manner, concerns this vehicle. 19.) The parties agree that in any auction to which Highway 51 Auction is a party, the laws of the state of Oklahoma shall be used to interpret and enforce this contract. The parties agree that in any action to which Highway 51 Auction is a party, the proper venue and jurisdiction for any dispute herein shall be either in the Superior Court of Payne County, Oklahoma, or in the District Court located in Stillwater, Oklahoma. Purchaser agrees to address which it has listed below is the property address to be used for any services of process. 20.) This contract may not be assigned by the Purchaser without the written consent of Highway 51 Auction. It is binding upon the Purchaser, his heirs, representatives, assigns, or successor of whatsoever nature. Time is of the essence herein.