Auction Info, Terms & Conditions & Contract Sample Sale is Subject to Seller Confirmation: seller has up to 24 hrs to accept or reject the final bid. Seller reserves the right to accept or reject any or all bids. Items to be auctioned: The business assets, free and clear of any liens and encumbrances, of T-Man Liquor Store in Desha County, at 4089 Hwy 1, Watson, Arkansas. Transfer of assets will be pursuant to ABC Regulations. Assets include: Arkansas Retail Liquor License #01116 issued by and in good standing with the ABC and approximately $10,000, more or less, in liquor inventory (not beer & wine). Permit must be moved: Sale does not include a lease of or any interest in the real property at 4089 Hwy. 1, Watson, Arkansas. Seller will execute an ABC Replacement notice in standard form. Purchaser is responsible for finding a suitable location for the retail liquor permit and file a qualified replacement Application with the ABC within 10 business days of signing the purchase contract. Inspection: Prospective buyers may view and inspect the inventory any time during normal business hours Monday - Saturday, 11 am until 7 pm at 4089 Hwy 1 Watson, AR Bidder Approval & Registration Requirements 1. Registrant must be qualified to hold an Arkansas Retail Liquor Permit. It is the prospective bidder's responsibility to research qualification criteria and take necessary steps to gain qualification. 2. Name, address, phone number, valid email address. 3. Bid Deposit or Bank Letter Required A. Bid Deposit: Bidders must submit $7,500 bid deposit prior to bidding. All bid deposits will be held in Orrell Auctions Escrow Account until the auction closes. The winning bidder's deposit will be retained to also serve as earnest money. Non-winning bidder's deposits will be immediately refunded. Acceptable currency for the bid deposit is certified check, cashier check or electronic transfer. B. Bank Letter: In lieu of the $7,500 bid deposit, bidders may provide a loan commitment letter from a bank licensed in Arkansas for an amount equal to or in excess of the bidders anticipated highest bid. C. Bid Deposits or Bank Letters must be received by Orrell Auctions & Real Estate PLLC no later than Noon on May 24th, 2021 (2 hrs. before the auction commences). Preferred methods of delivery are in person at our office at 1815 Hwy 278 E, Monticello, AR or wire transfer. Call Jimmy at 870-723-9116 for wiring instructions. Delivery by US Mail or courier service not recommended. Timeline for Auction 1. Registration Approval & Bid Deposit deadline - Noon Tuesday May 25th, 2021. Approval is granted upon receipt of the bid deposit. For deposit instructions & bidder approval call 870-723-9116 2. Auction bidding commences - 2pm Tuesday May 25th, 2021 3. Bidding ends with 3 minute "soft close" in effect - 3pm Tuesday May 25th, 2021 4. Deadline for Seller Confirmation - 3pm Wednesday May 26th, 2021 After the auction ends: Seller may immediately accept or reject the final bid but may take up to 24 hrs to accept or reject. Explanation of Soft Close Ending. Bidding timer will be set to end the auction at 3pm. If a bid is received in the last 3 minutes of the countdown, an additional 3 minutes will be added to the time. If a new bid is received and each time a new bid is received while the counter is below 3 minutes, an additional 3 minutes will be added to the time. The auction will end only when 3 minutes have elapsed with no bidding activity and the bidding timer counts down to zero. Contract Signing & Earnest Money: Within 24 hours from the Seller's Confirmation of acceptance of the highest bid, the winning bidder will sign a purchase contract at the office of Mark Tiner phone number at Union Bank in Monticello, AR. Along with the purchase contract, Bidder will submit $7500 in certified funds as non-refundable earnest money which will apply towards the purchase price at settlement. If winning bidder had already submitted a bid deposit, the bid deposit will be retained to serve as non-refundable earnest money. Closing: The balance of the purchase price will be due at closing, which is addressed in the purchase contract, (Memorandum of Agreement) of which a copy is included below for your examination. Following is a copy of the contract. _______________________________________________________________________ MEMORANDUM OF AGREEMENT This Memorandum of Agreement, hereinafter "Agreement," made and executed the _____ day of _______________, 2021, by and between KING FAMILY BUSINESSES, LLC d/b/a T-MAN LIQUOR, hereinafter referred to as "Seller" and ___________________________ ____________, hereinafter referred to "Purchaser" W-I-T-N-E-S-S-E-T-H: WHEREAS, Seller is the owner of all business assets of T-Man Liquor, 4089 Hwy. 1, Watson, Arkansas; and WHEREAS, Purchaser is the bidder accepted by Seller at an auction of the Seller's business assets; and WHEREAS, the parties hereto execute this Agreement for purpose of memorializing their rights and duties for the sale and purchase of the Seller's business assets. NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the legal sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. Sale of Business Assets: The Seller hereby sells to Purchaser, free and clear of any liens or encumbrances, the business assets of Seller for the retail liquor business, T-Man Liquor, at 4089 Hwy. 1, Watson, Arkansas, including all inventory as it exists on date of this Agreement, good will, and retail liquor permit #01116 issued by the Alcoholic Beverage Control Division, Department of Finance and Administration, hereinafter "ABC." 2. Purchase Price: The purchase price for the business assets set forth above shall be __________________________________________ Dollars ($______________) payable as follows: a. Nonrefundable earnest money of Seven Thousand Five Hundred Dollars ($7,500.00) payable by certified funds upon execution of this Agreement; and b. Balance of the purchase price payable by certified funds at closing. 3. Representations of Seller: Seller hereby warrants and represents as follows: a. It is the owner of and has marketable title to the business assets described above, free of all liens or encumbrances; b. Seller holds retail liquor permit #01116 issued by the ABC which is in good standing and to the best of Seller's knowledge not subject to any investigations or disciplinary actions. The permit will be placed on "inactive" status with ABC thereby allowing Purchaser to file a Replacement Application; c. There are no outstanding contracts to sell, mortgage, or encumber the business assets or any portion thereof; d. There are no judgments, liens, actions, or proceedings against the business assets pending in any court: and e. Seller has filed all returns and paid all taxes associated with the business assets of subject to this Agreement. Further, Seller shall indemnify and hold harmless Purchase from and against any and all tax liability incurred prior to date of Agreement. 4. Representations of Purchaser: Purchaser hereby warrants and represents as follows: ` a. Purchaser shall pay all sums due hereunder in a prompt and timely fashion by certified funds; b. Purchaser shall make prompt application with the ABC for replacement retail liquor permit. Purchaser shall be responsible for all costs or renewal fees associated with its replacement application or renewal of license; and c. Purchasers certifies the applicant for replacement permit is qualified for such permits and Purchaser will diligently pursue approval of the replacement application. 5. Compliance with Laws and Regulations: The parties hereto stipulate and agree it is the intent of the parties to comply with all laws and regulations affecting the business assets transferred herein. Seller shall execute an ABC replacement notice in standard form authorizing the Purchaser to make application for replacement permit. Purchaser understands and agrees the sale of business assets does not include a lease of or any interest in the real property at 4089 Hwy. 1, Watson, Arkansas, and it shall be the sole and exclusive of responsibility of Purchaser to find a suitable location for the retail liquor permit and to file a qualified Replacement Application with the ABC within ten (10) days of this Agreement. 6. Closing: The closing of the sale shall be held at a mutually agreeable location within seven (7) days following approval of the replacement application by the ABC. At closing, Seller shall execute a general Bill of Sale transferring title to the business assets to Purchaser. Purchaser shall pay the balance of the purchase price in cash or certified funds at closing. 7. Miscellaneous Provisions: This Agreement shall be binding upon and inure to the benefit of the parties, their respective heirs, devisees, successors and assigns. This Agreement is personal to the Purchaser and may not be sold or assigned without the prior written consent of Seller. The parties specifically agree that time is of the essence to this Agreement and each shall use their best efforts to consumate the sale promptly. This Agreement may not be modified except by written agreement signed by all parties hereto. Any failure or refusal to comply with the terms and conditions of this Agreement necessitating legal action by a party shall result in the noncompliant party being responsible for all attorney fees and expenses including discovery costs incurred in securing compliance. IN WITNESS WHEREOF, the undersigned parties have duly executed this Memorandum of Agreement on the date set forth in the preface. SELLER: KING FAMILY BUSINESSES, LLC d/b/a T-MAN LIQUOR BY: _________________________________ PURCHASER: By: __________________________________

Auction Info, Terms & Conditions & Contract Sample - (see below) Sale is Subject to Seller Confirmation: seller has up to 24 hrs to accept or reject the final bid. Seller reserves the right to accept or reject any or all bids. Items to be auctioned: The business assets, free and clear of any liens and encumbrances, of T-Man Liquor Store in Desha County, at 4089 Hwy 1, Watson, Arkansas. Transfer of assets will be pursuant to ABC Regulations. Assets include: Arkansas Retail Liquor License #01116 issued by and in good standing with the ABC and approximately $10,000, more or less, in liquor inventory (not beer & wine). Permit must be moved: Sale does not include a lease of or any interest in the real property at 4089 Hwy. 1, Watson, Arkansas. Seller will execute an ABC Replacement notice in standard form. Purchaser is responsible for finding a suitable location for the retail liquor permit and file a qualified replacement Application with the ABC within 10 business days of signing the purchase contract. Inspection: Prospective buyers may view and inspect the inventory any time during normal business hours Monday - Saturday, 11 am until 7 pm at 4089 Hwy 1 Watson, AR Bidder Approval & Registration Requirements 1. Registrant must be qualified by the ABC to hold an Arkansas Retail Liquor Permit. It is the prospective bidder's responsibility to research qualification criteria and take necessary steps to gain qualification. 2. Name, address, phone number, valid email address. 3. Bid Deposit or Bank Letter Required A. Bid Deposit: Bidders must submit $7,500 bid deposit prior to bidding. All bid deposits will be held in Orrell Auctions Escrow Account until the auction closes. The winning bidder's deposit will be retained to also serve as earnest money. Non-winning bidder's deposits will be immediately refunded. Acceptable currency for the bid deposit is certified check, cashier check or electronic transfer. B. Bank Letter: In lieu of the $7,500 bid deposit, bidders may provide a loan commitment letter from a bank licensed in Arkansas for an amount equal to or in excess of the bidders anticipated highest bid. C. Bid Deposits or Bank Letters must be received by Orrell Auctions & Real Estate PLLC no later than Noon on May 24th, 2021 (2 hrs. before the auction commences). Preferred methods of delivery are in person at our office at 1815 Hwy 278 E, Monticello, AR or wire transfer. Call Jimmy at 870-723-9116 for wiring instructions. Delivery by US Mail or courier service not recommended. Timeline for Auction 1. Registration Approval & Bid Deposit deadline - Noon Tuesday May 25th, 2021.Approval is granted upon receipt of the bid deposit. For deposit instructions & bidder approval call 870-723-9116 2. Auction bidding commences - 2pm Tuesday May 25th, 2021 3. Bidding ends with 3 minute "soft close" in effect - 3pm Tuesday May 25th, 2021 4. Deadline for Seller Confirmation - 3pm Wednesday May 26th, 2021 After the auction ends: Seller may immediately accept or reject the final bid but may take up to 24 hrs to accept or reject. Explanation of Soft Close Ending. Bidding timer will be set to end the auction at 3pm. If a bid is received in the last 3 minutes of the countdown, an additional 3 minutes will be added to the time. If a new bid is received and each time a new bid is received while the counter is below 3 minutes, an additional 3 minutes will be added to the time. The auction will end only when 3 minutes have elapsed with no bidding activity and the bidding timer counts down to zero. Contract Signing & Earnest Money: Within 24 hours from the Seller's Confirmation of acceptance of the highest bid, the winning bidder will sign a purchase contract at the office of Mark Tiner phone number at Union Bank in Monticello, AR. Along with the purchase contract, Bidder will submit $7500 in certified funds as non-refundable earnest money which will apply towards the purchase price at settlement. If winning bidder had already submitted a bid deposit, the bid deposit will be retained to serve as non-refundable earnest money. Closing: The balance of the purchase price will be due at closing, which is addressed in the purchase contract, (Memorandum of Agreement) of which a copy is included below for your examination. Following is a copy of the contract. _______________________________________________________________________ MEMORANDUM OF AGREEMENT This Memorandum of Agreement, hereinafter "Agreement," made and executed the _____ day of _______________, 2021, by and between KING FAMILY BUSINESSES, LLC d/b/a T-MAN LIQUOR, hereinafter referred to as "Seller" and ___________________________ ____________, hereinafter referred to "Purchaser" W-I-T-N-E-S-S-E-T-H: WHEREAS, Seller is the owner of all business assets of T-Man Liquor, 4089 Hwy. 1, Watson, Arkansas; and WHEREAS, Purchaser is the bidder accepted by Seller at an auction of the Seller's business assets; and WHEREAS, the parties hereto execute this Agreement for purpose of memorializing their rights and duties for the sale and purchase of the Seller's business assets. NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the legal sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. Sale of Business Assets: The Seller hereby sells to Purchaser, free and clear of any liens or encumbrances, the business assets of Seller for the retail liquor business, T-Man Liquor, at 4089 Hwy. 1, Watson, Arkansas, including all inventory as it exists on date of this Agreement, good will, and retail liquor permit #01116 issued by the Alcoholic Beverage Control Division, Department of Finance and Administration, hereinafter "ABC." 2. Purchase Price: The purchase price for the business assets set forth above shall be __________________________________________ Dollars ($______________) payable as follows: a. Nonrefundable earnest money of Seven Thousand Five Hundred Dollars ($7,500.00) payable by certified funds upon execution of this Agreement; and b. Balance of the purchase price payable by certified funds at closing. 3. Representations of Seller: Seller hereby warrants and represents as follows: a. It is the owner of and has marketable title to the business assets described above, free of all liens or encumbrances; b. Seller holds retail liquor permit #01116 issued by the ABC which is in good standing and to the best of Seller's knowledge not subject to any investigations or disciplinary actions. The permit will be placed on "inactive" status with ABC thereby allowing Purchaser to file a Replacement Application; c. There are no outstanding contracts to sell, mortgage, or encumber the business assets or any portion thereof; d. There are no judgments, liens, actions, or proceedings against the business assets pending in any court: and e. Seller has filed all returns and paid all taxes associated with the business assets of subject to this Agreement. Further, Seller shall indemnify and hold harmless Purchase from and against any and all tax liability incurred prior to date of Agreement. 4. Representations of Purchaser: Purchaser hereby warrants and represents as follows: ` a. Purchaser shall pay all sums due hereunder in a prompt and timely fashion by certified funds; b. Purchaser shall make prompt application with the ABC for replacement retail liquor permit. Purchaser shall be responsible for all costs or renewal fees associated with its replacement application or renewal of license; and c. Purchasers certifies the applicant for replacement permit is qualified for such permits and Purchaser will diligently pursue approval of the replacement application. 5. Compliance with Laws and Regulations: The parties hereto stipulate and agree it is the intent of the parties to comply with all laws and regulations affecting the business assets transferred herein. Seller shall execute an ABC replacement notice in standard form authorizing the Purchaser to make application for replacement permit. Purchaser understands and agrees the sale of business assets does not include a lease of or any interest in the real property at 4089 Hwy. 1, Watson, Arkansas, and it shall be the sole and exclusive of responsibility of Purchaser to find a suitable location for the retail liquor permit and to file a qualified Replacement Application with the ABC within ten (10) days of this Agreement. 6. Closing: The closing of the sale shall be held at a mutually agreeable location within seven (7) days following approval of the replacement application by the ABC. At closing, Seller shall execute a general Bill of Sale transferring title to the business assets to Purchaser. Purchaser shall pay the balance of the purchase price in cash or certified funds at closing. 7. Miscellaneous Provisions: This Agreement shall be binding upon and inure to the benefit of the parties, their respective heirs, devisees, successors and assigns. This Agreement is personal to the Purchaser and may not be sold or assigned without the prior written consent of Seller. The parties specifically agree that time is of the essence to this Agreement and each shall use their best efforts to consumate the sale promptly. This Agreement may not be modified except by written agreement signed by all parties hereto. Any failure or refusal to comply with the terms and conditions of this Agreement necessitating legal action by a party shall result in the noncompliant party being responsible for all attorney fees and expenses including discovery costs incurred in securing compliance. IN WITNESS WHEREOF, the undersigned parties have duly executed this Memorandum of Agreement on the date set forth in the preface. SELLER: KING FAMILY BUSINESSES, LLC d/b/a T-MAN LIQUOR BY: _________________________________ PURCHASER: By: __________________________________