TERMS AND CONDITIONS OF AUCTION SALE FOR REAL ESTATE Thank you for registering for the March 5th, 2020 Auction @ 12:00 (NoonCST)! All bidders must register acknowledging that they have read and agree to the Terms and Conditions of Auction Sale for Real Estate (herein referred to as the “Terms of Sale”) as outlined prior to bidding. Announcements: The Auctioneer will explain the Terms of Sale and make any Auction Day Announcements one time, at the beginning of the auction. As a purchaser, it is your responsibility to know and understand all announcements before the auction begins. All announcements made the day of auction take precedence over all previously written advertisements or any prior written or verbal terms of sale. Auctioneer/Seller reserves the right to withdraw property from auction at any time. Agency: Listing agent, Co-listing agent and auctioneer(s) will be acting as Seller(s)’ Agents. Auctioneer Rights: All decisions of the Auctioneer are final. The Auctioneer reserves the right to reject any bid or bidder and has the right to accept back-up contracts the day of sale. In case of a tie or disputed bid, the Auctioneer reserves the right to re-open the bidding to determine the highest bid and settle the disputed bid. This is at the sole discretion of the Auctioneer. Earnest Money Deposit: To register for the auction, the bidder is required to show a Minimum Required Deposit Amount, as advertised on behalf of each property. This can be verified by showing account information, proof of wired funds, a bank letter/email/phone call or any other method approved by the Auction Company. Personal check may be accepted from a registered bidder known by the Auctioneer, or with proof of funds. Within 4 hours following the conclusion of the auction, the highest bidder shall enter into and sign a Real Estate Purchase Contract for the auctioned property, in person or via docusign. The high bidder shall provide an earnest deposit for $3500 made payable to the Title Company. Deposit funds are non-refundable, unless the offer is not accepted by the Seller. Funds may be wired or delivered to the Title Company or delivered to an officer of Riggin & Company. Only certified funds will be accepted, unless a personal check is accepted under one of the terms above. Earnest money must be received by 5pm CST on Auction Day for Noon auctions, or by Noon of the following business day for auctions scheduled after Noon. OR deliver pre-approved funds to an officer of Riggin & Co during the same time frame. Total Purchase Price: A Buyer’s Premium will be added to the winning bid amount and become part of the total contract price for all property(s) purchased at the auction. Note that online bidders will pay 1% more than bidders attending the auction. At closing, the winning bidder must pay any remaining balance per the Purchase and Sale Agreement in addition to all other applicable fees and charges described herein and in the Auction Purchase and Sale Agreement. Broker Registration: If there is going to be cooperation with Brokers/Agents the Broker/Agent must register their client by the published Deadline via the Broker Registration Form. The offered, registered broker commission of the winning bid price (not to be confused with the Total Purchase Price) will be paid to any properly registered broker whose client purchases real estate at the auction and closes in full. It is the responsibility of any agent representing a client to have completed and returned the Broker Registration Form by the published deadline (if applicable). No registration forms will be accepted after the start of the auction. Bidding Process: No bid may be withdrawn by a bidder once made to the Auctioneer. All bids are an irrevocable offer to buy and shall remain valid and enforceable until the Auctioneer declares the property “Sold” and or “Sold Subject to Seller Confirmation” and the auction has concluded. The bidder’s number is nontransferable. All Sales are Final: By registering and bidding, the Purchaser acknowledges they understand and agree to the Terms of Sale. The Purchaser acknowledges that they have read the Auction Purchase and Sale Agreement and the Terms and Conditions of the Auction Sale provided by Auctioneer and accept the Auction Purchase and Sale Agreement without any changes to the pre-printed text. The Purchaser must sign all contract documents within 4 hours after the auction is completed. Representation: Although information has been obtained from sources deemed reliable, the Auctioneer, Double R, LLC dba Riggin and Company, its representatives, employees, firm, broker, their attorney’s nor the Seller make any guarantee or warranty of any kind expressed or implied as to the accuracy of the information herein contained. Property: Seller is selling the Property AS IS, WHERE IS WITH ALL FAULTS AND LIMITATIONS. Accepted as stated herein in or the Auction Purchase and Sale Agreement, Seller has not made, does not make and specifically disclaims, and Purchaser, to the extent permitted by applicable law, shall waive, all warranties, representations or guaranties of any kind or character, expressed or implied, oral or written, past, present or future, with respect to the quality, design, condition or value of the Property or any fixtures or personal property thereon or therein, or the compliance of such Property, fixtures or personal property with any plans or specifications or any applicable laws, including but not limited to any implied warranties of ownership, quality, habitability, workmanlike construction, freedom from defects, merchantability, suitability or fitness for a particular purpose. Without limiting the generality of the foregoing, to the extent applicable, Purchaser shall acknowledge that Seller’s disclaimer of warranties, representations or guaranties with respect to defects in the following items, or failures of the following items to comply with applicable laws, was an integral part of the basis of the bargain between the parties: (i) soil conditions, the presence of asbestos, lead-based paint, radon gas, mold, mildew, spores or other microscopic organisms or hazardous materials, or any other environmental matters, (ii) the square footage of any improvements or dimensions of any land; (iii) all electrical wiring and fixtures in the building, the furnace, all materials comprising or supporting the roof, and all components of the air conditioning system; (iv) any built-in appliances; (v) the plumbing system and public and private water and sewer systems; (vi) all structural components of improvements (including foundations, retaining walls, columns, chimneys, floors, walls, ceilings and roofs); (vii) exterior walls, doors and windows, and insulation; (viii) all components of interior walls, including the presence of Chinese-manufactured drywall; (ix) any crawl space or attic ventilation systems, fireplaces or flues; (x) any porches, decks, patios, balconies or garages; and (xi) drainage conditions or evidence of excessive moisture. If inspection reports have been obtained by Seller or its representatives, said reports may be provided to Auction Company or Purchaser for information purposes only. Seller does not and will not warrant the truth or validity of any findings that may be contained in such reports. Seller discloses that mold, mildew, spores and other microscopic organisms are environmental conditions that are common in residential properties and may affect the property. Mold, in some form, has been reported to be toxic and cause serious physical illnesses, including, but not limited to, allergic and/or respiratory reactions or other problems, particularly in persons with immune system problems, young children and/or the elderly. Mold has also been reported to cause extensive damage to personal and real property. Seller cannot suggest, refer, recommend, or infer that Purchaser should or should not use a mold inspector. Should Purchaser desire an inspection by a certified mold inspector, Purchaser should contact an Inspector who has been certified to capture mold samples for laboratory testing. No warranty, representation or recommendation can be made by any agent or representative of the Seller concerning any mold inspector. Purchaser is STRONGLY URGED to independently determine the competency of any mold inspector to be used relating to the purchase, sale or rental of real estate. All terms of this Section shall survive the termination of this Agreement or Closing. Financing: The purchase is not contingent on obtaining financing or qualification. Default by Purchaser: If Purchaser shall default in the performance of any terms and conditions of this Agreement, or if the Closing shall not occur on or before the Closing Date because of the fault of Purchaser, then Seller, at its option, shall have the right to retain the Deposit paid as property of the Seller for damages, the determination of which is difficult or incapable of determination. By retaining the Deposit, Seller does not waive any rights or remedies it may have because of Purchaser’s default. It is intended hereby that all the rights and remedies of Seller available either pursuant to the terms of this Agreement, or under the law or otherwise, are cumulative and not exclusive of any other such right or remedy. Purchaser’s Indemnity: Purchaser hereby agrees to indemnify, defend and hold the Seller and Seller’s affiliates, parent companies and subsidiaries, and each of their respective members, employees, agents, representatives, consultants, attorneys, fiduciaries, officers, directors, trustees, partners, principals and shareholders, predecessors in interest, successors and assigns and related corporate divisions (collectively, with Seller, the “Seller Indemnified Parties”) harmless from and against any and all obligations, liabilities, claims, liens, encumbrances, losses, damages, costs and expenses, including, without limitation, reasonable attorneys’ fees, whether direct, contingent or consequential (collectively, “Claims”), incurred or suffered by, or asserted or awarded against any one or more of the Seller Indemnified Parties to the extent arising from any one or more of the following after the Closing: (i) the activities of Purchaser, its agents, employees or contractors; or (ii) any breach of any term, condition, covenant, representation or warranty of Purchaser contained in this Agreement or any exhibit or documents provided pursuant to this Agreement; or (iii) the violation by Purchaser, its agents, employees or contractors of any federal, state or local law, ordinance or regulation, occurring or allegedly occurring with respect to the Property; or (iv) the failure of Purchaser to perform the obligations of the owner of the Property, if any, under the Permitted Exceptions. This subsection shall survive the termination of this Agreement or Closing. Environmental Disclaimer: The Seller and Riggin and Company, agents, contractors and employees do not warrant or covenant with Purchaser(s) with respect to the existence or nonexistence of any pollutants, contaminants, mold, or hazardous waste prohibited by federal, state or local law or claims based thereon arising out of the actual or threatened discharge, release, disposal, seepage, migration or escape of such substances at, from or into the demised premises. Purchaser is to rely upon its own environmental audit or examination of the premises. Well & Septic System: Riggin and Company, the Auctioneer(s), Seller and their agents, contractors and employees makes no warranty or representation as to the condition of the well and the septic system or even if a well and/or septic system exist on the property. Acreage: All acreages are approximate. If there is a discrepancy between Riggin and Company or its representative and the actual acreage as determined by a surveyor, the price will not be adjusted. The statements, while not guaranteed, are from reliable sources. Any costs incurred in establishing boundaries shall be the responsibility of the Purchaser(s), unless stipulated otherwise in the contract. Each sale is subject to easements, right-of-way, reservation and/or restrictions of record. Closing: TIME IS OF THE ESSENCE. The remaining balance of the total purchase price will be due within 30 days of the Offer’s Commencement, or as provided for in the Purchase and Sale Agreement. The Seller at closing will convey the real estate with Warranty Deed (“Deed”), insurable fee simple title to the Property free and clear of liens, claims, interests and encumbrances, subject only to standard permitted exceptions and existing easements and other conditions outlined within the Purchase and Sale Agreement. Title Insurance will be used as evidence of marketable title with the cost of the premium split 50-50 between Purchaser and Seller. Closing fee will also be shared 50-50 between Purchaser and Seller. Office of Foreign Assets Control (OFAC) Compliance: All bidders must register at the designated area. In addition, the winning bidder may be required to disclose their place of birth and/or the following information: 1. A driver’s license, passport or other reliable identification document, to confirm the identity of the customer. 2. If a legal entity is involved, such as a corporation or LLC, information to identify who controls or owns the entity. This is commonly referred to as beneficial ownership information. 3. Other appropriate information required to understand the customer’s circumstances and business. By providing this information the winning bidder agrees to allow Riggin and Company, if necessary, to perform a search of the Specially Designated Nationals List, Blocked Persons List and Sanctioned Country List provided by the United States Office of Foreign Assets Control. Riggin and Company, reserves the right to reject any bid and accept a back-up contract, if applicable after this search has been completed. By registering and accepting a number, all bidders agree to abide by all the Terms of Sale. By registering for this auction, you agree to buyer representations: • I have read and agree to the Terms and Conditions of Auction Sale as set forth herein. • I have read, understand and agree to all the terms and conditions in the Auction Purchase and Sale Agreement. • I understand that I do not have an agency relationship with the Listing Agent, Co-Listing Agent, and/ or Auctioneer(s) for this property. • I accept full responsibility for due diligence on the real estate I am bidding on. • I understand that all real estate will be sold “As-Is, Where-Is”. • I understand that, in the event I am the successful bidder of real estate, and if I fail to close per the Auction Purchase and Sale Agreement, my earnest money deposit(s) will be forfeited. • I hereby acknowledge that the offer is subject to seller approval unless the Auctioneer declares a Property to be sold “Absolute”. • I understand this agreement will become part of the Auction Purchase and Sale Agreement if I am the winning bidder. • I represent that I am not an employee, affiliate, officer, or director associated with the seller. • In the case of a conflict between the Auction Purchase and Sales Agreement and Terms and Conditions of Auction Sale for Real Estate, the Auction Purchase and Sale Agreement shall control. BY REGISTERING AND BIDDING, YOU HAVE ACCEPTED THESE TERMS AND CONDITIONS OF AUCTION SALE.