PLEASE READ AND REVIEW THESE REAL ESTATE LIVE ONLINE AUCTION BIDDING TERMS AND CONDITIONS OF SALE THOROUGHLY PRIOR TO BIDDING ON THE PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THESE, DO NOT BID. 1. AGREEMENT: This agreement outlines the sale of Real Property at public auction on behalf of the Owner or Representative hereafter called Seller, Alaska Premier Auctions and Appraisals LLC hereafter called Auctioneers, and the individuals executing this Terms & Conditions Contract, hereafter called Buyer for the properties for sale within the Kenai Peninsula Borough 2021 Land Sale. This real estate transaction will be facilitated in partnership with RE/MAX Dynamic Properties hereafter called Listing Brokerage. 2. TERMS OF AUCTION: Online Registration: Visit https://bid.alaskapremierauctions.com/ui/auctions/67480 until 5pm Friday Aug. 13th. Please see details below. In Person Registration: Auction Day starting at 9am. Live Auction Date: Saturday, August 14th, 2021 at 10am AKDT Live Auction Location: Soldotna High School, 425 Marydale Ave., Soldotna, Alaska 99669 Number of Parcels: 19 to be sold via auction! Purchase & Sale Agreement: Immediately after the sale of each parcel, winning bidder must complete Purchase & Sale Agreement immediately with KPB staff in-person or via DocuSign. Down Payment: 10% Down Payment made payable to Stewart Title in Soldotna due by 5pm Monday August 16th for in-person bidders, or within 5 business days for online bidders. Payment Methods: 10% Down Payment will be accepted with check, Cashier's Check, money order, or wire transfer for amounts over $10,000. Balance can be paid with any of the above methods, through Seller Financing if approved with a credit check by KPB or other Lender Financing. Closing & Recording: Deeds will be transferred via Quitclaim Deed. Title insurance is optional (unless financed) and must be paid for by the buyer. All other closing fees are the responsibility of the buyer. Please allow 60-90 days for closing depending on cash or financed transaction. The properties are sold “as-is, where-is”. Buyers are encouraged to do their own due diligence before bidding in the auction. Simulcast Auction Bidding Instructions: Pre-registration will begin online Monday, August 2nd until Friday, August 13th at 5pm. Bidders must be registered in order to bid. Register online today or in-person on the day of the auction; please see details below. Biding will open for online and in-person bidders at 10am on Saturday, August 14th. Bids will be accepted online at https://bid.alaskapremierauctions.com/ui/auctions/67480 and a live video broadcast of the bidcalling will be available for view at the auction link. In-person bidding will take place at the Soldotna High School, 425 W Marydale Ave, Soldotna, AK 99669. Online Registration Instructions: Visit the auction at https://bid.alaskapremierauctions.com/ui/auctions/67480 Click on the 3 lines in the top right corner and select Sign In. Sign in with your existing account or create an account at the "No Account? Sign Up Here" link with your contact information. Register for the auction by clicking one of the purple "Register to Bid" buttons on one of the lots. Once you have read through, and agreed to the Terms & Conditions, your registration will be in Pending status. There will be a soft charge and void of $100 on the credit card added to your account. NO CREDIT CARD PAYMENTS WILL BE ACCEPTED FOR PAYMENT. One of our Auction Managers will contact you to complete your registration; we will need a copy of your photo ID and an original notarized Bidder Registration Form. Online bidder registration must be completed by 5pm on Friday, August 13th. Bidders in Anchorage can complete the required form at 1310 W. International Airport Road, Anchorage AK 99518 until Friday, August 13th at 5pm. Bidders outside of the Anchorage area can get the Bidder Registration form notarized with any licensed notary and the original mailed to us at 1310 W. International Airport Road, Anchorage AK 99518. Original signed documents must be received by 5pm on Friday, August 13th. In-Person Day-Of Registration: Registration for in-person bidders at the live auction starts at 9am on Saturday, August 14th. Bring photo ID and be prepared to sign off on the Terms & Conditions and the Bidder Registration form, both are available on our auction website at https://bid.alaskapremierauctions.com/ui/auctions/67480 Bidders may have an authorized agent bid on their behalf with an original copy of the Power of Attorney. Questions about the auction process? Call Listing Licensee & Auction Manager Abigail McLagan at 907.308.0282 to learn more about the auction process or with any specific questions about this property. The other Auction Managers approving registrations are: Dan Newman Founder & Auctioneer 907.720.2700 Nick Cline Partner, Lead Appraiser & Auction Manager 907.242.1850 Thank you for your interest in our Kenai Peninsula Borough 2021 Land real estate auction! Best of luck on your bids! 3. REGISTRATION: a. You must be at least 21 years old have a valid credit card on file with our company to register for and participate in our auction. The first time you save a new card to your account, there is a $100 soft hold to confirm there are funds available. This hold will automatically fall off 2-3 business days. b. To register for this auction Buyer must accept online or sign a physical copy of these Terms & Conditions. c. Bidder registration is approved on a case by case basis with one of our Auction Managers. d. Auctioneers reserve the right to deny service to anyone for any reason. e. Be prepared with a form of government issued identification such as Driver's License, Passport, etc. f. Bidders must complete a notarized Bidder Registration form. Bidders in Anchorage can complete the required form at 1310 W. International Airport Road, Anchorage AK 99518 until Friday, August 13th at 5pm. Bidders outside of the Anchorage area can get the Bidder Registration form notarized with any licensed notary and the original mailed to us at 1310 W. International Airport Road, Anchorage AK 99518. Original signed documents must be received by 5pm on Friday, August 13th. g. All registration information the Buyer provides shall be current, complete, and accurate. h. All bidders are responsible for any bids placed under their bidder accounts and passwords. The security of bidder information is the responsibility of the bidder. Bidders must notify Auctioneers company if they believe that their bidder account and password have been compromised. i. Online registration will take place until Friday, August 13th at 5pm. j. In-person registration will take place on location the day of the live portion of the auction starting at 9am AKDT. In-person registration is on a first come, first serve basis. k. Press Release: Each in-person attendee of the auction authorizes and consents to the recording of such attendee's participation and appearance on video tape, audio tape, film, photograph or any other medium and the exhibition or distribution of such recording without restrictions or limitation for any promotional purpose which the Auctioneers and those acting pursuant to its authority, deem appropriate. Buyer hereby releases and discharges Auctioneers, its officers, employees and agents, from any and all claims and demands arising out of or in connection with the use of such photographs, film or tape, including but not limited to any claims for defamation or invasion of privacy. 4. TOTAL PURCHASE PRICE: a. The Hammer Price is the numerical value of the final bid placed and accepted by Auctioneers. b. A 10% Down Payment is due immediately made payable to Stewart Title in Soldotna due by 5pm Monday August 16th for in-person bidders, or within 5 business days for online bidders. c. The Final Payment is to be determined by the Hammer Price less 10% Down Payment plus any applicable lender-related fees, escrow fees, or other applicable closing costs. 5. PURCHASE TERMS: a. Immediately after the sale of each parcel, winning bidder must complete Purchase & Sale Agreement immediately with KPB staff in-person or via DocuSign. b. A 10% Down Payment is due immediately made payable to Stewart Title in Soldotna due by 5pm Monday August 16th for in-person bidders, or within 5 business days for online bidders. c. The Final Payment is to be determined by the Hammer Price less 10% Down Payment plus any applicable lender-related fees, escrow fees, or other applicable closing costs. d. Payment methods: 10% Down Payment will be accepted with check, Cashier's Check, money order, or wire transfer for amounts over $10,000. Balance can be paid with any of the above methods, through Seller Financing if approved with a credit check by KPB or other Lender Financing. d. Closing & Recording: Deeds will be transferred via Quitclaim Deed. Title insurance is optional (unless financed) and must be paid for by the buyer. All other closing fees are the responsibility of the buyer. Please allow 60-90 days for closing depending on cash or financed transaction. 6. PAYMENT: a. The currency for the auction is $USD. b. A 10% Down Payment is due immediately made payable to Stewart Title in Soldotna due by 5pm Monday August 16th for in-person bidders, or within 5 business days for online bidders. c. The Final Payment is to be determined by the Hammer Price less 10% Down Payment plus any applicable lender-related fees, escrow fees, or other applicable closing costs. d. Payment methods: 10% Down Payment will be accepted with check, certified checks or cashier’s checks drawn on a financial institution located in the State of Alaska, money order, or wire transfer for amounts over $10,000. Balance can be paid with any of the above methods, through Seller Financing if approved with a credit check by KPB or other Lender Financing. All payments are due to Stewart Title in Soldotna, Alaska. e. There is no Real Estate Sales Tax within the Kenai Peninsula Borough, however there is a sales tax to all services and retail sales. There is no sales tax in the Municipality of Anchorage. If the Buyer’s Brokerage is based in the Matanuska-Susitna Valley Borough, or any other borough located within Alaska that has sales tax, the purchase may be subject to Sales Tax. Additionally the purchase may be subject to Sales Tax in the Buyer’s state or country of residence. All Sales Tax is the sole responsibility of the Buyer. 7. CLOSING COSTS: a. To be paid by Buyer: Owner Title Insurance b. To be paid by Buyer: Tax Registration, Recording Fee, Escrow Closing Fee, Attorney Doc Prep Fee, Lender-Related Fees, and any other fees. d. Buyer must come prepared to pay the prorated value of the Property Taxes based on the date the transaction closes and records. 8. CLOSING & RECORDING: a. Sale of Real Property in Alaska is closed in Escrow with a Title Company. Immediately following conclusion of the auction, Buyer is required to complete Purchase and Sale Agreement with Kenai Peninsula Borough staff in addition to a 10% down payment made payable to Stewart Title in Soldotna due by 5pm Monday August 16th for in-person bidders, or within 5 business days for online bidders. b. 10% Down Payment will be accepted with check, Cashier's Check, money order, or wire transfer for amounts over $10,000. Balance can be paid with any of the above methods, through Seller Financing if approved with a credit check by KPB or other Lender Financing. c. The transaction is complete with Recording and transfer of the Deed. d. Possession will be granted only after Closing & Recording. NO EXCEPTIONS. 10. PREVIEW: a. ALL INTERESTED BIDDERS ARE STRONGLY ENCOURAGED TO CONDUCT THEIR OWN DUE DILLIGENCE, INCLUDING PHYSICAL INSPECTIONS OF EACH PARCEL OF INTEREST BEFORE BIDDING AT THE SALE. ALASKA PREMIER AUCTIONS AND APPRAISALS LLC AND KENAI PENINSULA BOROUGH ASSUME NO LIABILITY FOR PROPERTIES SOLD AT THE SALE. 11. INSPECTION: a. Buyer shall have the right, at Buyer’s expense, to have a licensed contractor(s) or other qualified professional(s) to further inspect and investigate the subject property at a mutually agreeable time, or by appointment, up to 72 hours before midnight on the day of the auction with the Listing Licensee present. b. Any inspection(s) or contractor estimates must be submitted to the Auctioneers. c. Buyer may not withdraw a bid because of any discovery during or in relation to an inspection(s). The Buyer must be prepared before placing a bid. d. In the course of your inspections, if the property is damaged by the Buyer or their chosen contractors, Buyer will be liable for all costs of repair and any related damage. 12. APPRAISAL: a. Buyer may choose to have an appraisal done at their own expense at any mutually agreeable time, or by appointment time up to 72 hours before midnight on the day of the auction. b. If the Buyer procures an Appraisal, it must be submitted to the Auctioneers. c. Buyer may not withdraw a bid because of any discovery in relation to an appraisal. The Buyer must be prepared before placing a bid. 13. BUYER RESPONSIBILITIES: a. It is the Buyer's sole responsibility to verify all property information and inspect the property as they see fit. It is the Buyer's responsibility to perform any inspections they deem pertinent to the purchase of the property to their satisfaction prior to bidding, including but not limited to review of posted inspections, disclosures, and/or a personal on-site inspection. You are recommended to independently verify all information you deem important. The property is scheduled to have one or more open houses, and/or private showings upon request. Alaska Premier Auctions and Appraisals LLC assumes no liability for errors or omissions in these disclosures or any other property listings or advertising, promotional or publicity statements and materials. b. Buyer agrees to execute and deliver all documentation and submit funds in an efficient and timely manner. c. Buyer agrees to not withdraw any bid or offer, including offers in writing with a Purchase and Sale Agreement. Buyer agrees they will not retract or lower their offer in any way. A bid on the property constitutes a legally binding agreement to purchase the property for the value of the bid plus all applicable closing costs. d. Buyer agrees to not make false or misleading claims or statements regarding their availability of funds, or their ability or interest to purchase the property. e. Buyer agrees to ensure their availability of funds before placing a bid. f. Buyer agrees to comply with all applicable laws regarding the sale of real property in Alaska. g. Collusion between bidders is prohibited by the Federal Anti-Trust Laws. If Auctioneers perceive attempted collusion, they may cancel the auction, ban the bidders, or seek other remedy they deem fit. 14. BUYER DEFAULT: a. In the event the Buyer is the winning bidder, and fails to submit deposits or complete documentation in a timely manner, the Auctioneers may terminate this agreement and ban you from future participation. Time is of the essence. b. In the event the Buyer is unable to complete the transaction after submitting 10% Down Payment, such as inability to secure funding, etc, the Buyer will forfeit $1,000 of their deposit to Kenai Peninsula Borough. c. Buyer agrees to not withdraw any bid or offer, including offers in writing with a Purchase and Sale Agreement. By participating in our auction Buyer agrees they will not retract or lower their offer in any way. d. BIDDING ON THE PROPERTY IS A LEGALLY ENFORCEABLE COMMITMENT BY THE BUYER TO PURCHASE THE PROPERTY. e. If Buyer is found to be in violation of any of these terms herein in any way, the Auctioneers reserve the right to terminate the agreement and ban the Buyer from future participation. f. In the event of Buyer default, Auctioneers reserve the right to sell to the next highest qualified Buyer. g. In any event of Buyer Default, the Buyer will be blocked and banned from future participation in any auctions. 15. DOCUMENTS & DISCLOSURES: a. Buyer must be prepared to execute all documents outlined below immediately following the conclusion of the auction. These documents can be downloaded from our website AlaskaPremierAuctions.com or through Alaska MLS. Deadline for completion is 24 hours after the auction closes. Purchase and Sale Agreement Conflict of Interest 16. BIDDING ONLINE: a. All bidding is open to the public. The property is available to purchasers without regard to race, color, religion, sex, familial status, national origin, or physical handicap. b. Bidder registration must be manually approved by the Auctioneers. Approval will be on a case by case basis determined by Buyer’s availability of funds and genuine intent to purchase the property. The identity of all bidders will be verified, bidding privileges are provisional, and if complete verification is not possible, Auctioneers reserve the right to reject the registration and bidding activity is subject to termination. Auctioneers reserve the right to refuse service to any bidder or reject any bid for any reason. c. Auctioneers reserve the right to ban Buyer from bidding at any time, for any reason. d. Any person bidding on behalf of another person or entity must have a valid, legally enforceable, unexpired, Power of Attorney approved by Auctioneers before being approved to place bids. e. The auction will be open online for bidding until the date of the auction with bid increments as outlined below. At the scheduled time for the live portion of the auction, the Auctioneer will take over the bid calling and may adjust the bidding increments at their discretion. f. Company Defined Online Bidding Increments: $1 - 1,000,000+: $1000 g. Bid increments are subject to change during a live online auction at auctioneer's discretion. h. During this auction process, there is a chance that you will be outbid. If you have the bidding app, you will receive a popup notification, otherwise, you will receive an email. It is the responsibility of the Buyer to realize and maintain their desired bidding position. i. Placing a Maximum Bid will place a bid for the next bid increment and will automatically bid for the Buyer up to the value of their Maximum Bid unless there is a reserve as outlined in below. j. When a user places a Maximum Bid it will be placed at the reserve price if said Maximum Bid exceeds the reserve. If the Maximum Bid amount is below the reserve the bid will be placed for the full amount. i. The MaxBid function on the online bidding platform is private to users; however, it can be seen by the Auctioneers. 17. LEGAL & TAX ADVICE: a. Alaska Premier Auctions and Appraisals will not provide any legal or tax advice. Any and all disclosures to third parties are the sole responsibility of the Buyer. 18. CONDITIONS OF SALE: a. All property is sold “AS IS”, and ALL SALES ARE FINAL. Any condition statement given, as a courtesy to a client, is only an opinion and should not be treated as a statement of fact. Buyers are always encouraged to inspect items in person prior to bidding to make their own determinations as to condition, safety, and more. Alaska Premier Auctions and Appraisals LLC accepts no responsibility for any error or omission in regards to their statements or the statements of independent contractors. b. ALL INTERESTED BIDDERS ARE STRONGLY ENCOURAGED TO CONDUCT THEIR OWN DUE DILLIGENCE, INCLUDING PHYSICAL INSPECTIONS OF EACH PARCEL OF INTEREST BEFORE BIDDING AT THE SALE. ALASKA PREMIER AUCTIONS AND APPRAISALS LLC AND KENAI PENINSULA BOROUGH ASSUME NO LIABILITY FOR PROPERTIES SOLD AT THE SALE. It is the Buyer’s sole responsibility to determine condition, safety, value or any other determining factor. Alaska Premier Auctions and Appraisals LLC may attempt to describe the property in advertising, on the Internet, and at the auction but makes no representations. In no event shall Alaska Premier Auctions and Appraisals LLC be held responsible for having made or implied any warranty of merchantability or fitness for a particular purpose. Buyer shall be the sole judge of value and authenticity and may not make any contest regarding any determining factor. Buyers who participate from off-site and forego the opportunity to be present at the preview understand and acknowledge that this affects their ability to inspect the property as well as if they examined it in person. Alaska Premier Auctions and Appraisals LLC will not be responsible for any errors or omissions in the description unless it is a material and intentional misrepresentation of the property. Buyer agrees that everything is sold as-is. THERE ARE NO REFUNDS. 18. WARRANTIES: a. The Buyer warrants that they have the purchasing power and legal right to bid on the property and complete the sale. b. The Buyer warrants that they are committing to purchase the property by placing a bid. In the event the Buyer is unable to complete the purchase for any reason, known or unknown, the Non-Refundable Deposit will be forfeit and awarded to the Auctioneers. By bidding at the auction, you represent, warrant and agree that you have inspected the property to your satisfaction and that you have made your bid after having relied solely upon your own independent investigation and/or analysis of third parties’ inspection, appraisal and evaluation of the property and the facts and circumstances related thereto. c. Alaska Premier Auctions and Appraisals LLC is providing Internet auction bidding as a service to Bidder. Bidder acknowledges and understands that this service may or may not function correctly the day of the auction. Under no circumstances shall Bidder have any kind of claim against Alaska Premier Auctions and Appraisals LLC or anyone else if the Internet service fails to work correctly before or during the timed online auction. Alaska Premier Auctions and Appraisals LLC will not be responsible for any missed bids from any source. Internet bidders who desire to make certain their bids are acknowledged should use the website feature and leave their maximum bid 24 hours before the auction ends. 19. WITHDRAWAL: a. Alaska Premier Auctions and Appraisals LLC reserves the right to postpone, withdraw, or cancel this auction at any time, for any reason. b. In the event a Buyer must retract their bid, they must pay to the Auctioneers the difference in value between the Buyer’s bid and the next highest bidder’s bid. NO EXCEPTIONS. 20. TERMINATION: a. If the transaction fails to close and record due to any fault of the Buyer, known or unknown, they will forfeit $1,000 of the 10% Down Payment to Kenai Peninsula Borough. 21. GOVERNING LAW & VENUE: a. This agreement is governed by and construed in compliance with the domestic laws of the State of Alaska without giving effect to any choice-of-law or conflict-of-law provision or rule (whether of the State of Alaska or of any other jurisdiction) that would cause the application of the laws of any jurisdiction except the State of Alaska. All disputes related to this agreement shall be resolved in a court of law located in Anchorage, Alaska. 22. INDEMNIFY: a. Buyer agrees to indemnify and save harmless the Auctioneers and their employees, agents, successors, or assigns, against any and all claims, injury, loss, liabilities, damages, demands, action or cause of action whatsoever in any manner arising from this auction or privately negotiated sale; before, during, or after the auction. 23. BINDING: a. Parties agree that this agreement shall be binding upon the undersigned and their respective heirs, administrators, executors, powers of attorney, trustees, agents, receivers, successors, and assigns, etc. If there is more than one party described as Buyer herein, the obligations imposed by this agreement shall be joint, and several. If any term of this agreement is determined by a court to be unenforceable, the remainder of this agreement shall not be affected. The terms & conditions of this agreement shall survive settlement or lack thereof. 24. ACKNOWLEDGEMENT & ACCEPTANCE: a. This written agreement constitutes the entire agreement between the parties and no modification of this agreement shall be effective unless made in writing and signed by both Buyer and Auctioneers. Buyer has read the foregoing agreement, agrees to, and understands the responsibilities, obligations, and conditions thereof. Buyer acknowledges receipt of a copy of this agreement and attached schedules, if any. YOUR SIGNATURE WHETHER ELECTRONIC OR HAND-WRITTEN CONSTITUTES ACKNOWLEDGEMENT AND ACCEPTANCE OF ALL TERMS HEREIN. Thank you for your interest in our Kenai Peninsula Borough 2021 Land Sale real estate auction! Good luck on your bids!!