Terms & Conditions Reagan~Martin Auction & Appraisal Co. FULL PAYMENT IN US DOLLARS IS DUE PRIOR TO BUYER LEAVING THE PROPERTY ON THE DAY OF THE SALE. 1. Bidding Requirements: A bidder may either A) Provide the Auctioneer with a TWENTY-FIVE PERCENT (25%) refundable deposit or B) Provide a bank letter guaranteeing the amount of the check or wire transfer, or C) Provide a cashier’s check made out to Reagan~Martin Auction & Appraisal Co, equivalent to 25% of the amount of anticipated purchases. The bank letter shall specify whether the account is a business or personal account. 2. Payment Methods: CASH, CHECKS, or WIRE TRANSFERS payable to Reagan~Martin Auction & Appraisal Co. will be accepted. A LETTER OF GUARANTEE from the Buyer’s Bank must accompany all COMPANY CHECKS and all Out-of-state checks. All funds are payable in US Dollars. Visa, MasterCard and American Express will be considered for payment, if approved in advance the Auctioneer. Full payment is due on day of sale. 3. Warranty and Description: While the Auctioneers make every effort to be accurate and while descriptions are believed to be correct, the Auctioneers and the Owners make no warranties or guarantees expressed or implied, as to the genuineness, authenticity of, or defect in any lot and will not be held responsible for accuracy of lot descriptions, written or verbal. Everything sold “AS IS” and “WHERE IS” except as expressly made in writing. The buyer must rely on their own inspection of the items being offered. No warranties are made as to the merchantability of any items or their fitness for any purpose. 4. Safety Devices: It is the buyer’s responsibility to secure and use all safety equipment to meet all applicable government safety standards or any common sense standards for using or removing items purchased . 5. Sales Tax: If determined to apply, a Sales Tax of ______ may be added to the purchase of all taxable items. If a sales tax is determined to apply, only those persons or legal entities who present a bona fide sales tax exempt certificate or a reseller’s certificate will not be charged sales tax. Dealers who purchase for resale must file their resale permit numbers, on an acceptable form, with Reagan~Martin Auction & Appraisal Co. Page 1 6, Indemnification: Purchaser hereby indemnifies and holds harmless auctioneer and sellers from any and all damages including claims of all liabilities relating to condition of, use of or removal of any equipment, or claims or liabilities from injuries to persons or property, of any type whatsoever, caused during the previewing, sale or by the removal of items purchased. 6. Failure to Pay: In the event the purchaser fails to pay the whole of the purchase within the time set forth by the auctioneers and/or fails to comply with any of the conditions or terms of sale, the seller may retain and/or recover the deposit specified as liquidated damages and, in addition thereto, items that are not paid for can be resold at public or private sale without further notice. The defaulting purchaser shall pay any deficiency resulting from such resale to the auctioneers, together with all charges, fees, and expenses incurred by such resale and enforcement of the obligation hereunder 7. REMOVAL: ITEMS MUST BE REMOVED FROM THE PREMISES by October 23rd at 5 p.m., unless other arrangements are made with auctioneer in advance, and in writing, signed by both parties. No item can, on any account, be removed before termination of the sale. Removal shall be at the expense, risk and liability of the purchaser. Auctioneers shall not be responsible for items not removed within the time allowed. If equipment is NOT REMOVED within specified removal time, the auction company, may, at its option, move and store the item at the expense of the buyer, or they may deem the item abandoned and dispose of it in any manner they see fit, at no benefit to the purchaser THIS RULE SHALL NOT HAVE ANY EXCEPTIONS! Buyers will be required to show proof of purchase prior to removing the items from the building. Any damage to the building, caused by the removal of equipment, or by any other reason, is the responsibility of the buyer. At the time damage is discovered, the buyer shall cease to remove items and shall make arrangements with the building manager/owner to make right the damage and shall present Auction Co. with written proof of repair-acceptance, signed by the building owner or manager, prior to removal or loading recommencing. 9. REMOVAL TERMS & CONDITONS: All buyers agree to be bound by the Terms of personal property removal below. 10. Disputed bids: If any dispute arises between two or more bidders, the auctioneers may or may not put the lot up again at once, and resell to the highest bidder. The auctioneer’s and clerks records are deemed as the official records of the sale. If the dispute is over price, an auctioneer representative and the buyer shall, after the auction is complete, listen to the audio recording of the auction and determine the correct price. 11. Lotting: The auctioneer reserves the right to group one or more lots into one or more selling lots, or to add to or delete lots at his sole discretion. The auctioneer reserves the right to reject any bid which is only a fractional advance over the proceeding bid. The auctioneer or the owner may bid for one or more lots, either in their own names or through a representative or an agent to protect their interest. 12. Proxy Bids: Proxy Bids may be submitted to the auctioneer prior to the sale if accompanied by a cashier’s check for 25% of the bid. All proxy bids will be held in confidence and bid on by Reagan~Martin Auction & Appraisal Co on the buyer’s behalf. 13. Claims: After the removal of equipment, no claims will be allowed. 14. Precedence: Announcements made day of sale shall take precedence and shall supersede any written or previously stated information. 15) Buyer’s Premium: A 20% Buyer's Premium shall apply to All Sales. A cash or cash-equivalent discount of 5% shall apply. Reagan~Martin Auction & Appraisal Co appreciates your business and will do it best to meet your needs. Terms of Personal Property Removal Following are the terms for removal of all personal property sold at auction. All Buyers and those contracted to disassemble, pack, and remove for the Buyers, herein referred to jointly as “Riggers”, and their helpers, who participate in the disassembling, or packing, or removing of any of the auctioned items are required to review, acknowledge, accept and abide by the following terms before commencement of any removal activities: 1. It is the responsibility of all Buyers and their Riggers to carry liability insurance in an amount sufficient to cover any damages to property, real or personal, which is not their own, and which may be damaged as a result of the disassembling, or packing, or removing of auctioned items 2. Should any damage be noted by the Auctioneer’s check out personnel, then the Buyer and/or Rigger herby agree to immediately stop removal and not re commence removal until the Buyer and/or Rigger shall present Auctioneer an agreement between the building owner/manager which expresses that building owner/managers agreement that adequate compensation/restitution/repairs have occurred. 3. Buyer/Rigger take possession of the equipment where it sits, subsequent to the auctioneer saying “Sold”. Removal of items may not occur until the items have been paid in full, as verified by the auctioneers paid receipt, initialed by the clerk and until the completion of the auction. Buyers are advised to protect their purchases from potential damage in any reasonable and non-disruptive manner they may choose, until such time as the purchases may be removed 4. Buyers may not block access to the building driveways. Those blocking such driveways may be towed at their own expense. 5. While Auctioneers will provide such security for check out as it can, it is hereby accepted by both parties that neither Auctioneers nor the secured party are not liable for any missing or damaged purchases nor for equipment and tools left on premises. 6. Theft will not be tolerated, and we reserve the right to inspect all trucks and tool boxes of Riggers. Instances of theft will result in immediate termination of removal privileges and prosecution to the full extent of the law. 7. Riggers must present the original white copy of the customer’s paid invoice to authorized auction personnel prior to removal of any equipment. 8. All purchases must be removed by date announced by auctioneer at sale or as indicated in the catalog. Page 1 9. By virtue of the below signature, Riggers accept full responsibility for and agree to exercise all reasonable care to insure that there is no release into the environment of any hazardous wastes or substances as are defined in applicable Federal, State and Local Statutes, Regulations, Rules or Ordinances. The undersigned Buyer/Rigger of personal property assets sold at the Dixie Development October 18, 2007 auction (collectively, the “Assets”), hereby acknowledges that the Assets are sold “AS-IS”, “WHERE-IS”, WITH ALL FAULTS, without representation or warranty of any kind, either express or implied. The undersigned hereby indemnifies and holds harmless Reagan~Martin Auction & Appraisal Co. and the secured party and any of its agents, against any loss, costs, damages or expenses arising from the storage-after-sale, disassembly, packing, removal or loading of any of the Assets offered at and sold at auction Rigger’s Signature _______________________________________ Rigger’s Name & Co. Name Printed ________________________________________ Representing Buyer No. _____________________________ Date of Signing _____________________________