Online Registered bidders: Registered Bidders are all persons who complete, sign, and acknowledge acceptance of this Registration Contract and any other terms of the Auction as established by the Auctioneer, and who present at the time of registration and prior to bidding an Initial Deposit of ten thousand dollars ($10,000.00) Registered Bidders are referred to as “Bidders”. Initial Deposit: is CASH or CASH EQUIVALENT INSTRUMENT earnest money in the amount of ten thousand dollars ($10,000.00) payable to The Counts Realty & Auction Group, Inc. It must be delivered to the auctioneer in order to be approved as an online bidder. The Winning Bidder agrees to forfeit all claims to the Initial Deposit for the particular Auction Property won upon announcement by Auctioneer of the Winning Bidder’s identity. The Initial Deposit shall be credited against the Winning Bidder’s purchase payment. At that moment, the Initial Deposit will become non-refundable to the Buyer. In the event of a default by the online buyer, the bidder will be responsible for any additional costs or losses incurred in the resale of the property. Please contact office for additional information 1-800-780-2991. Additional Cash Deposit is that amount equal to ten percent (10%) of the Contract Price less the ten thousand dollars ($10,000.00) Initial Deposit. The Additional Cash Deposit must be deposited into escrow within twenty-four hours (24 hrs.) of the announcement of the Winning Bidder’s Identity by the auctioneer. Buyer’s Premium is 10% percent (10%) of the Hammer Price which is added to the Hammer Price which constitutes the Total Contract Price of the Auction Property. In the event the Winning Bidder fails to execute the Purchase Agreement or fails to deliver the Additional Cash Deposit strictly in accordance with the terms, the Winning Bidder forfeits all of his Initial Deposit of Ten thousand dollars ($10,000.00), and the Winning Bidder releases the Initial Deposit to the Auctioneer and Sellers and the Sellers are free to dispose of the Auction Property to the next highest bidder or the person of the Seller’s choice. Bidder/Buyer holds Auction Company harmless from any and all claims and instructs them to release all deposit funds to Auctioneer and Seller equally and immediately pursuant to this clause. Partial Terms of Sale: A 10% Buyer's Premium will be added to the high bid at the auction to determine the final contract sales price. A _$10,000 non-refundable deposit is required (for each unit) at the conclusion of the auction payable to The Counts Realty & Auction Group in the form of cash, cashier's check, or a personal check with proper identification with the balance due at closing. The closing will take place within 45 days of the auction unless specified otherwise or as soon thereafter as necessary to correct any defects in title. If you are not prepared to make the required deposit and close within the timeframe stated, please do not bid. All properties are sold "As Is - Where Is - With All Faults" without any warranties or representations neither expressed nor implied. Financing is not a contingency of the sale. Title will convey by General warranty deed. The property is being sold “SUBJECT TO OWNER CONFIRMATION” which means the owner will have the right to accept or reject the high bid at the auction. A broker participation fee of up to 3% of the high bid will be paid to a licensed real estate agent who pre-registers their buyer with The Counts Realty & Auction Group at least 24-hours prior to the auction, attends the auction with the buyer, and accompanies the winning bidder through the contract signing and closing process. A Broker Participation Form may be downloaded from our website at www.countsauction.com. The auctioneer is an agent for the Seller. If you are unable to attend the auction, you may bid online during the auction via http://www.Proxibid.com/CountsRealtyLynchburg Bidders who choose to bid online through: http://www.ProxiBid.com/CountsRealtyLynchburg must pre-register for the auction and remit a deposit of $10,000 prior to the auction. The $10,000 deposit must be wired to The Counts Realty & Auction Group's checking account not later than 3:00 P.M. (Eastern Time) on Wednesday, September 29th. For wiring instructions, please call Ernie Rogers at 804-327-9090 or Jennifer Bryant at 434-525-2991. The Buyer's Premium for online bidders will be 10% (TEN Percent). A completed Bidder Registration Form must be faxed to 804-486-9840 prior to being allowed to bid online. Announcements made the day of sale take precedence over any printed material or other oral statements made. All information contained herein is believed to be correct, but is not guaranteed. All purchasers must independently investigate and confirm any information or assumption on which any bid is based. In the event that the closing does not occur for any reason whatsoever, other than solely due to the fault of the Seller, Seller shall retain the earnest money deposit as a measure of liquidated damages. This provision shall in no way affect the right of Seller and Auctioneer to rely upon and to exercise any other legal remedies or recourse available to them, including without limitation seeking specific performance or monetary damages, in the event the closing contemplated herein does not occur due to default by Purchaser. Purchaser further agrees to pay all attorney fees, court costs and other costs of collection/enforcement incurred by Auctioneer and Seller due to a default by Purchaser. The auction is subject to cancellation, additions, deletions, or postponement. The real estate taxes will be pro-rated to the date of closing. For more information, please contact Ernie Rogers at 804-327-9090 or by e-mail at ernie@countsauction.com VAAF93