Wildwood Shores on Lake Conroe Treeline Lot

1. INTRODUCTION/DISCLAIMER AND AGENCY DISCLOSURE The Bidder’s Information Package is intended to provide interested parties with preliminary information only and is not a solicitation of offers and does not constitute an offer to sell. The delivery of this material to any person shall not create any agency relationship between such person and Broker. The information included herein is believed to be correct, but it is not guaranteed. Some information furnished is from outside sources deemed to be reliable, but is not certified as accurate by the Seller, Broker, or any other affiliates. All information based on the offeror’s own investigation of the property and not on any representation made by the Seller, Broker, or other party. Neither Seller nor Broker make any representation or warranty, express or implied, with respect to the property identified herein, and the property is being sold in an “AS-IS”, condition except as may be specifically stated in the Purchase and Sale Agreement. The recipient of this Bidder’s Information Package, and its Agents, acknowledge and agree that the examination of the information included herein is being conducted solely for the purpose of evaluating in good faith its interest in submitting a bona fide bid for the purchase of the property. The recipient further agrees that all information about the property which is not public record and was obtained through the Broker or the Seller for the purpose of evaluating its interest in the purchase of the property will be held confidential and will not be disclosed to any other party except those assisting or working with or for the recipient in connection with evaluating the property. This offering may be withdrawn, modified or canceled without notice at any time and is subject to prior sale. This is not a solicitation or offering to residents of any state where this offering is prohibited by law. Disclaimer: TO THE EXTENT THERE ARE ANY INCONSISTENCIES BETWEEN THE INFORMATION CONTAINED HEREIN AND ANY INFORMATION CONTAINED IN OTHER MARKETING MATERIALS, THE INFORMATION IN THE BIDDER’S INFORMATION PACKAGE SHALL PREVAIL, BUT THE RESL ESTATE PURCHASE AND SALE AGREEMENT SHALL CONTROL THE “AGREEMENT” BETWEEN THE PARTIES. 2. AUCTION TERMS AND CONDITIONS PRODECURE: The property will be offered up in one tract. BUYER’S PREMIUM: A 10% Buyer’s Premium is in effect for all purchases. The Buyer’s Premium will be added to the “Auction Price” to determine the “Sales Price” or “Contract Price”. CASHIER’S CHECK REQUIRED TO BID: All bidders registering at the auction for this property will be required to bring a cashier’s check payable to The Title Company, as Escrow agent, or use a credit card in order to bid on line in the following amount: $1,000 DOWN PAYMENT: Ten percent (10%) down payment on the day of the auction, upon signing a purchase agreement immediately following the close of bidding. The down payment may be paid in the form of cash, personal check, business check, or cashier’s check. The remainder of the purchase price is payable in cash at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing. TERMS: Effective date of closing shall be the date the Title Company receives certified funds from your bank. The name in which you register as Bidder at the Auction shall be the entity used on all sales and closing documents. ACCEPTANCE OF BID PRICE: The successful Bidder will sign a purchase agreement at the auction site immediately following the close of the auction. REAL ESTATE TAXES AND ASSESSMENTS: All of the 2012 real estate taxes will be prorated. The Buyer will be responsible for any “rollback” in the property taxes. The Buyer(s) will be responsible for all additional taxes imposed after the date of execution of the Warranty Deed by Seller as a result of any change in use of any part of the subject property, the intent being that all such additional taxes shall be the responsibility of the Buyer and the Buyer’s heirs, personal representatives and assigns. BROKER PARTICIPATION: A 3% commission of the submitted written opening bid and 1% commission of any amount above the written opening bid will be paid to the properly licensed Broker whose prospect purchases and closes on the real estate per cooperating Broker Guidelines. A Broker cannot act as a principal and a broker on the same transaction. To obtain these guidelines, please contact Auction Office. No commission will be paid to a Broker who has not properly executed the Broker / Prospect registration form and the Auction Opening Bid Form. CLOSING: Closing shall occur on or before April 22, 2012. POSSESSION: Full possession will be given at closing . TITLE: Seller shall provide on Owner’s Policy of Title Insurance in the amount of the purchase price.at Buyers expense. Buyer(s) will be responsible for all expenses related to acquiring a mortgagee’s title policy, if required. Seller shall execute a Warranty Deed conveying the real estate to the buyer(s). EASEMENT: Sale of the property is subject to any and all easements o record. SURVEY: Seller shall provide a recorded plat. MINERAL: No Minerals will be conveyed in this sale. AGENCY: Ranchline, Inc. and Paul Taylor, III are exclusive agents of the seller and is acting on their own behalf as seller. DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an ‘AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the seller, the broker, the auction company or any of their respective representatives. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the auction and increments of bidding are at the direction and discretion of the auctioneer. The seller, broker and auction company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the auctioneer are final. NEW DATE, CORRECTIONS CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections or additions to the property information. SELLER(s): See Title Commitment. 3. AUCTION INFORMATION a. WHY THE AUCTION Seller has decided to employ the accelerated marketing of its exceptional facilities through an auction. Seller has determined to pass the savings derived via the accelerated marketing to the Buyer. Therefore, an exceptional opportunity is created for you, the investor, and owner / operator to name your price to acquire this excellent opportunity. b. AUCTION INFORMATION: 1. PURCHASE AND SALE AGREEMENT – Please read the Specimen Real Estate Purchase and Sale Agreement included in this package and become familiar with it. 2. FINANCING – Bidding is not conditional upon financing. Financing is provided to registered bidders upon application. Terms are twenty percent down, 7% interest per annum. 3. BIDDING AT THE AUCTION – All bidding will be conducted online. 4. BUYER’S PREMIUM – The purchaser shall pay a premium equal to ten-percent (10%) of the High Bid Price indicated in the Agreement. This amount shall be added to the final bid and inserted in the Agreement to determine the total purchase price. Financing is based on the Total Purchase Price. For instance, if you were to bid $5,000,000 the 10% Buyer’s Premium would equal $500,000 and therefore your Total Purchase Price would equal $5,500,000. 5. TYPE OF SALE – The property shall be sold subject to seller’s confirmation. 6. PURCHASE AND SALE AGREEMENT - Please read the Specimen Real Estate Purchase and Sale Agreement included in this package and become familiar with it. Present any questions that you may have regarding the Specimen Purchase and Sale Agreement before the date of the Auction, by calling 866-323-3111. 7. BIDDING PROCEDURES TO BE AWARE OF: A. All bidding is open and public and will be conducted via the internet. B. Bidding will remain open until C. YOUR BIDDING IS NOT CONTINGENT UPON FINANCING, so be sure you have arranged financing, if needed, and/or are capable of paying cash at closing. B. Minimum bid increments are at the discretion of the auctioneer. c. AUCTION DAY INFORMATION: Property condition: The property is being sold on an “as-is, where-is” basis. We invite you and your experts (e.g. contractors, engineers, roofers, plumbers, accountants, electricians, or other experts) to inspect the property and the financial documents, and thus have scheduled inspection to allow you ample time to investigate the property. Title: The Purchase and Sale Agreement describes the condition of title to be delivered at closing. A preliminary commitment of title insurance is included in section 11 of this package. Closing Date: On or before April 22, 2012.