29 Water’s Edge Drive, Lincolnville, ME          19PM-07

GENERAL TERMS & CONDITIONS

AGENT OF THE SELLER:  Paul McInnis LLC is acting solely as an Agent of the Seller.

BIDDER REGISTRATION:  In order to bid online, any prospective bidder must first request a Property Information Package. The next step is to create an online bidding account (refer to the Due Diligence Checklist contained in the Property Information Package) and submit your registration form to the Auctioneer.

In order to receive a bidder number, a Registration Deposit of Ten Thousand Dollars ($10,000) made payable to Paul McInnis LLC is to be delivered to the office of the Auctioneer. The Successful Bidder will be required to tender an EARNEST MONEY DEPOSIT equal to Ten Percent (10%) of the Total Purchase Price, and sign the Purchase and Sale Agreement no later than Friday, April 5^th at 4:00 p.m. Should the successful bidder fail to execute the Purchase and Sale Agreement and tender the EARNEST MONEY DEPOSIT, the Bidder agrees to forfeit the Registration Deposit which shall become a NON-REFUNDABLE, NON-COMPLIANCE FEE.

NOTE:  If you prefer, you may deliver the $10,000 registration deposit to a representative at one of the Open Houses.

Once the Online Bidding Registration Form has been completed, and Paul McInnis LLC has determined that you have met all the requirements, a bidding number will be provided to you. Unsuccessful bidder’s deposits will be returned by US Mail.

Your registration form must be submitted prior to 11:00 a.m. the day of the auction in order to participate in the auction. Please note that Paul McInnis LLC will make our best effort to respond to your request within three hours during normal business hours of Monday through Friday from 8:30 a.m. to 4:30 p.m. EST.

ONLINE BIDDING:  The bidding will open on Wednesday, March 27^th at 9:00 a.m. and the bidding will end on Wednesday, April 3^rd at 2:00 p.m., subject to extended bidding. Bid increments are shown on the bidding portal. It is the bidder’s responsibility to ensure the accuracy and timeliness of their bid(s). Bidders are encouraged not to wait until the last minute to place a bid. Online bidding is subject to technical difficulties that can develop at any time.

TIMED AUCTION EXTENDED BIDDING:  A timed auction event refers to the opening and ending time for placing bids. When a bid is placed within two minutes of the auction ending (1:58 p.m.), the bid time window will extend for an additional two minutes. During that additional two-minute window if a bid is placed it will be extended again and so on. This is done to prevent bid "sniping."  This process can go on indefinitely. Even though the auction is set to end at 2:00 p.m. the bidding could be extended to 3:00 p.m. or longer depending on the activity from the bidders.

The Auctioneer in his sole and absolute discretion reserves the right to cancel, postpone, extend, or reschedule the Auction.

DUE DILIGENCE:  It is the Bidder’s responsibility to undertake their own due diligence and inspection of the Property prior to placing any bids. A complete review with your attorney of the Property Information Package, including the sample Real Estate Purchase & Sale Agreement, is encouraged.

PROPERTY CONDITIONS:  Except as expressly set forth in the Real Estate Purchase & Sale Agreement, if and when executed, the property is being sold "AS IS," "WHERE IS," and "WITH ALL FAULTS," as of the closing date. Neither the Seller, Paul McInnis LLC nor any of their agents, contractors, attorneys, officers or directors ("Agents") makes any representations or warranties with respect to the physical condition of the land or any improvements thereon, the property’s fitness for any particular purpose, the property’s merchantability, or any other warranty, express or implied.

The Seller, Paul McInnis LLC and their Agents specifically disclaim any warranty, guaranty, or representation, oral or written, past or present, express or implied, concerning the land and any improvements thereon. Bidders are expected to undertake their own independent physical inspection of the property, and public records, and thorough review of all documents prior to submitting their bid(s) and to submit their bid(s) based solely on their own independent investigations and findings including but not limited to bidders’ own independent investigation of the uses, code compliance and land use regulatory approvals necessary for redevelopment and not in reliance on any information provided by the Seller, Paul McInnis LLC or their Agents.

BUYER’S PREMIUM:  A 12% (Twelve Percent) Buyer’s Premium will be added to the successful Bid Price to become the Total Purchase Price. Example: $Bid Price + 12% of $Bid Price = $Total Purchase Price due from the Buyer at Closing, less any Earnest Money Deposit.

SUCCESSFUL BIDDER:  The successful bidder is defined as that registered bidder who placed the highest bid as declared by the Auctioneer and the highest bid being acceptable to the Seller. The successful bidder will be notified by the Auctioneer via email, as well as by telephone confirmation.

REAL ESTATE PURCHASE & SALE AGREEMENT:  A copy of the Agreement is included in the Property Information Package. PLEASE REVIEW it carefully or have your attorney review it. The successful bidder is required to sign the Real Estate Purchase & Sale Agreement together with all Seller Disclosure Forms without any changes or additional terms and deliver 10% of the total purchase price as the Earnest Money Deposit no later than Friday, April 5^th at 4:00 p.m. Only the Buyer’s Name, Bid Price, 12% Buyer’s Premium, Total Purchase Price, Earnest Money Deposit and the Balance Due Amount will be entered into the Real Estate Purchase & Sale Agreement.

EARNEST MONEY DEPOSIT:  The successful bidder must tender a deposit in the amount of 10% of the total purchase price which is due no later than Friday, April 5^th at 4:00 p.m. The deposit must be by cash, check or wire transfer payable to Paul McInnis LLC Escrow Account in U.S. Funds.

SUCCESSFUL BIDDER DEFAULT:  Should the successful bidder fail to execute the Real Estate Purchase & Sale Agreement and deliver the Earnest Money Deposit in a timely manner as outlined in these General Terms & Conditions, said bidder will be deemed to be in default and bidder agrees to forfeit the Registration Deposit which shall become a $10,000 NON-REFUNDABLE NON-COMPLIANCE FEE.

RESERVATION OF RIGHTS:  This auction is subject to approval of the high bid by the Seller. The Seller in his sole and absolute discretion may enter into a contract with the next highest bidder should the highest accepted bidder default.

ADDITIONAL TERMS:  Additional terms are included in the Real Estate Purchase & Sale Agreement. Any changes or amendments to these General Terms & Conditions and/or to the Real Estate Purchase & Sale Agreement will be communicated to any registered bidder via the email said bidder provided at registration.

BUYER BROKER PARTICIPATION INVITED:  Please contact the Auction Company (admin@paulmcinnis.com) to request the MANDATORY REAL ESTATE BUYER BROKER PARTICIPATION REGISTRATION form (prior to a prospect having contacted Paul McInnis LLC).  The completed and signed form must be faxed or mailed such that it is received by the office of Paul McInnis LLC at the same time as the Online Bidding Registration Request Form.

If you have any questions, please contact Paul McInnis LLC at (603) 964-1301 or via email at paul@paulmcinnis.com