Real Estate Auction Terms

PROPERTY IS SUBJECT TO PRIOR SALE AND WITH RESERVE

PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED. PLEASE READ AND REVIEW THE TERMS THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE TERMS and all DOCUMENTATION PROVIDED IN THE FILES TAB IN REGARD TO THE CONTRACT OF THE PURCHASE AND SALE OF REAL ESTATE, DO NOT BID.

This is an online auction only, with the bidding ending on Wednesday, April 12, 12:00 Noon.

This online auction is set for automatic approval. You may register for the auction. However, before you bid, please print from the Files Section a Working with a Real Estate Broker. After printing and reviewing, please acknowledge with your signature above, the Customer line your acknowledgement of non-representation. Please email to ruthie@taylorauction.com or fax to 1.662.227.1653. If you need assistance with these forms, please call us at 1.662.226.2080.

Taylor Auction & Realty, Inc. have put forth every effort in preparing the catalog for this auction to provide an accurate description of the property. The property is sold as-is with no warranty written or implied by Taylor Auction & Realty, Inc. The following information is provided to you as a matter of convenience only, and no representation or warranty, expressed or implied, is made as to its accuracy or completeness.

It is encouraged that you inspect the property you wish to purchase PRIOR TO THE ONLINE AUCTION. No sale will be contingent upon a property inspection by the successful bidder after the auction or is the sale contingent upon Buyer obtaining financing. You are expected to pre-qualify yourself with a lender before the auction. Please review all information supplied and seek appropriate assistance prior to bidding at auction.

All information contained in regard to the properties was derived from reliable sources and is believed to be correct, but is not guaranteed. Printed statements or descriptions by staff or seller are provided in good faith and are matters of opinion. Buyers shall rely entirely on their own judgment and inspection.

Auctioneer has the right to sell this Property in any form or fashion that is legal and ethical in order to produce the best offer to the Seller.

Announcements from the Auction block Website will take precedence over any previously printed material or any other oral statements made.

All parties acknowledge and agree that the Property is being sold AS IS with any and all faults, Purchaser and Seller acknowledge and agree that the only auctioneer/broker involved in this transaction is Taylor Auction & Realty, Inc., and they are agents for the Seller in this transaction. Taylor Auction & Realty, Inc. have not acted as agent in this transaction for the Purchaser.

BIDDER BROKER PARTICIPATION:

A Broker Participation Form with complete instructions is available at www.taylorauction.com

BIDDING PROCEDURES:

Our online auctions move quickly! If you are interested in bidding, bid quickly.

If you win you will be notified by email. In order to have enough time to conduct authorizations, registration must be completed at least 24 hours in advance of the auction. If the day before an auction falls on a holiday or weekend, the deadline is the day before the holiday or the Friday prior to the auction.

In order to better serve our customers, all bidders must provide their name, address, daytime phone number or cell number, and email address at which they can be contacted. This is to insure good communication between Taylor Auction & Realty, Inc. and the bidder throughout any transactions. Each bidder's identity will be verified. Bidding rights are provisional, and if complete verification is not possible, Taylor Auction & Realty, Inc. will reject the registration, and bidding activity will be terminated.

AUCTION END TIMES:

All online only real estate auctions are timed events and are subject to auto extend. Online Auctions have an auto extend feature of 5 minutes. Any bid placed in the final 5 minutes of an auction, the auction ending time will be automatically extended 5 minutes from the time the bid was placed. The auto-extend feature remains active until no further bids are received within the 5 minute time frame. At close of the auction, all bidders are encouraged to watch the catalog in case in goes into extension.

ORDER OF AUCTION:

OFFERING - The real estate will be offered in one tract, as a whole by the dollar.

TERMS:

BUYER'S PREMIUM:

A 10 % Buyer's Premium will be added to your final bid to equal the contract price.

Buyer's Premium example:

Bid price ($50,000.00) + 10% Buyer's Premium ($ 5,000.00) = Total Contract price ($ 55,000.00)

CLOSING/CLOSING TIME:

Time being of the essence, this contract shall be closed as soon as possible within the 30 day period. The seller will pay for preparation of the deed of conveyance and prior real estate taxes past due. All other closing costs, i.e. survey fees, title work, and other fees associated with the closing are the buyer's responsibility.

TAXES:

2017 Taxes will be prorated to the day of closing.

POSSESSION:

Purchaser shall receive possession of the property at closing.

ACREAGE AND AERIAL PHOTOS: Parcel Dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.

RESTRICTIONS:

Property restrictions are subject to all Specific City, County and State of Mississippi laws, ordinances and regulations. Property is selling to all easements of record. Seller is placing no restrictions on the property. The owner does warrant that they have good merchantable title to the real estate and that they will convey the same with a deed, free from all encumbrances, liens or judgments at the time of closing.

SPECIAL INSTRUCTIONS:

Any special instructions must be written on sales contract today. Complete terms and conditions will be provided prior to auction day and specified within the Contract for the Sale and Purchase of Real Estate showcased in the files section of the project.

AUCTION CONTRACTS:

At the close of the auction, successful bidders will be emailed a contract to be executed and returned to Taylor Auction & Realty, Inc. Successful bidders will deposit 10% of the contract price per property in the form of cashier's check or wire transfer to Taylor Auction & Realty, Inc. within 24 hours of contract ratification by seller. The entirety of the remaining balance is due at closing. Purchaser will be responsible for all wire transfer fees. You will be closing on the property on which you are the successful bidder in the final manner in which you bid at the auction.

AUCTION BID DEFAULT:

Successful bidder not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default. In the event a winning bidder fails to submit the signed Contract for the Sale and Purchase of Real Estate and 10% of High Bid Price in earnest money deposit, the winning bidder will be charged a penalty fee of $1,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by Taylor Auction & Realty, Inc. and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. Taylor Auction & Realty, Inc. reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.

LIQUIDATED DAMAGES:

If the buyer chooses not to close within the stated time and no written extension has been granted by the seller, the buyer will forfeit all of the deposit. If such action occurs, Taylor Auction & Realty, Inc. hereby has the right to disperse the deposit as stated in the listing agreement and the buyer has no claims to such money or property being sold. Liquidated damages are to cover cost of auction, cost incurred by seller, labor cost and additional cost of auction as not defined in this agreement.

Taylor Auction & Realty, Inc.'s INVOLVEMENT IN THIS CONTRACT:

Taylor Auction & Realty, Inc. is the agent of the seller and their fiduciary duties of loyalty and faithfulness are owed to their client (the seller). Taylor Auction & Realty, Inc. is not acting as a buyer's agent. TAR reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. The seller and buyer hereby agree that Taylor Auction & Realty, Inc. is a part of this contract and shall receive compensation as stated in agreement hereto or as stated in listing agreement hereby made a part of.

SERVER & SOFTWARE TECHNICAL ISSUES:

In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Taylor Auction & Realty, Inc., reserve the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE, nor Taylor Auction & Realty, Inc. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Taylor Auction & Realty, Inc.

Hold Harmless: Buyer and or bidder agrees that Taylor Auction and Realty, Inc. is a representative of the Seller and agrees to hold harmless and indemnify Taylor Auction & Realty, Inc. and its Agents, Owner, Directors, Employees and its Representatives from any and all claims, demands, expenses, damages which bidder/buyer may claim on account of or any way growing out of said auction and to look solely to the Seller for any remedy demanded.

SOLE AND EXCLUSIVE VENUE & JURISDICTION OF ALL DISPUTES: Any and all claims, including debt collection and all other disputes of any kind, nature, or character whatsoever arising from this auction sale shall be brought in the appropriate court of Grenada County, Mississippi, and shall be governed by the laws of the State of Mississippi; Seller, Bidder and Buyer each individually and collectively by virtue of participating in the Auction conducted by Taylor Auction and Realty, Inc. do hereby irrevocably agree to submit themselves and any claims to the jurisdiction and venue of the courts of Grenada County, Mississippi, and the laws of the State of Mississippi, which shall be the sole venue and jurisdiction for the resolution of any claims between them and Taylor Auction and Realty, Inc. regardless of the nature or location of the property sold/purchased or the physical location of the Auction.

Bidder Acknowledgment: Bidder acknowledges that no relationship of any nature or type, agent, employee, independent contractor or otherwise is created between bidder and auctioneer, affiliated auction companies, affiliated software companies and/or any servant, agent or employee of the same by bidder’s participation in this auction. Bidder acknowledges and agrees that Auctioneer is acting solely as the agent for the seller in this auction. Disclaimer of warranties: There are no understandings, agreements, representations or warranties, express or implied not specified herein, respecting this contract or the item or property sold hereunder, including but not limited to the merchantability or fitness for a particular purpose.

Bidder Responsibilities: Bidder responsibilities include, but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or auction company may bid on auction for absentee bidders or at the direction of interested bidders.

Guaranty Agreement in regard to bidding for a business entity: By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Taylor Auction & Realty, Inc and completion of the transaction.

By bidding on any item, the bidder shows acceptance of the terms of the auction.

Thank you for your interest in this auction.

Benny Taylor CAI AARE CAGA

Taylor Auction & Realty, Inc.

Commercial Real Estate Auction, Jackson, MS