Real Estate Auction Terms Bidding Soft Closes at 1 PM, Thursday, February 8 Commonly referred to as: 407 Lake Street, Roscommon, MI 48653 General Terms " The selling price of this property shall be determined by competitive bidding via online only auction. " It is the Bidder's responsibility to read and fully understand all Terms and Conditions and property information prior to bidding. " This auction is to be conducted by Epic Auctions and Estate Sale, LLC, hereinafter referred to as Auctioneer or Auction Company, on behalf of the owner(s) of the property, hereinafter referred to as Seller. " The terms Bidder and Buyer shall be defined as the individual or any company representing or represented by that individual, including any and all of its agents, employees, representatives, officers, owners, members, or directors. " Auctioneer is not responsible for acts or representations of Seller. " Auctioneer reserves the right to update the Terms and Conditions and any property information at any time. Those will be effective immediately upon posting and the Bidder will be bound by those updated Terms and Conditions. " The act of bidding shall constitute Bidder's acceptance of these Terms and Conditions in whole and individually. If any individual Term or Condition is later found to be unenforceable, Bidder agrees that all remaining Terms and Conditions shall remain valid and in full effect. " Epic Auctions and Estate Sale, LLC, is acting solely in the role of Seller's Agent and will not act as Agent of any potential Buyer and owes no fiduciary responsibility to anyone other than the Seller. " Auction company staff and Seller's family members may bid on their own behalf with the intent to purchase and take possession of the property. " Seller is a Trust, and any individual past or present member(s) of the Trust may bid on their own behalf (outside of the Trust) with the intent to purchase and take possession of the property personally. " Auction company reserves the right to bid on behalf of the seller up to any reserve amount. " Bidders are encouraged to attend an Open House to inspect the property to their full satisfaction. If the Bidder is not satisfied with the condition of the property or they have any reservations about the bidding process, they are encouraged to discuss this with the auctioneer prior to the auction until they are satisfied or refrain from bidding. " Bidders are permitted to bring professional inspectors to the open houses. " Any information provided in auction advertisements and bidder information packets was obtained from sources believed to be accurate but are subject to verification by any parties relying on such information. No liability for accuracy, errors, or omissions is assumed by Auction Company or Seller. " Representation by a Buyer Agent is not required for bidders to participate in the auction process, but Agents are welcome to assist Buyers with the process in accordance with the registration document posted on the Epic website. Real Property Information " Official square footage from the tax assessor's website is 4,830 sq-ft. " The property is sold subject to an existing first-floor tenant with a 1-year triple net (NNN) lease at the rate of $5/square foot for 2,654 sq-ft. Tenants pay all other expenses except building insurance. " Auction does not include any of Tenants trade fixtures, personal property, or sellable goods. " All properties are sold subject to any existing matters of record, all easements, and local zoning regulations. " This property is sold "as-is" with no expressed or implied warranty provided by either Auctioneer or Seller. " Specific property information is available on the Epic Auctions and Estate Sales website. Please read the property information on the listing. " Auction Company assumes no liability or responsibility for any defects or deficiencies of the property, either known or not known by Seller. " Bidder is expected to read and understand all available information regarding the property and to perform their own due diligence to be fully informed about the property prior to bidding. Registration " All bidders must provide their full legal name, mailing address, phone number, email address, and valid credit card information to register. " All bidder identities will be verified to the satisfaction of the auction company. Any party that cannot be fully identified will have their bidder registration suspended and any bidding activity will be deleted. " All bidders must be 18 years of age as of the date of bidder registration. " Online bidder registration requires the submission of valid credit card information. " Online bidder identities will be kept confidential except to Auction Company staff and Seller. " Auction company reserves the right to request proof of funds for the Earnest Money Deposit. " Auction Company reserves the right to waive any or all registration requirements. " Auction Company reserves the right to decline any registration or ban any registered bidder at any time. Online Bidding " Bidding will be conducted online via online only auction. " Soft close means bidding will extend until no bids are submitted during any extended bidding period. " Bidding will end when the countdown timer reaches 00:00 (zero). " If after the lot has closed there is determined to have been an internet service interruption or online bidding software interruption in the final 2 hours of bidding, Auctioneer reserves the right at their sole discretion to re-open the lot for further bidding. Auction Company will contact the final bidder after the auction ends to confirm when the lot is considered sold. " Neither the Auctioneer nor the Seller are responsible for failure of Auction Company computer systems, Bidder's computer system malfunctions, failure of Bidder to receive email notifications, vendor platform failures, internet connections, or any other event that prevents Bidder from bidding or Epic from receiving said bids. Buyers Premium " There will be a Ten Percent (10%) Buyers Premium charged for this auction. This amount will be added to Bidder's final bid to determine the final sales price. o As an example: If the Bidder's final bid is $100,000, the 10% buyer's premium will be added to this amount to arrive at the final sale price of $110,000. This final sale price will be the final price on which all transfer taxes and title insurance policies will be based. " If the winning bidder is properly represented by a Buyer's Agent, an additional 2% Buyer's Premium, based on the final high bid amount, will be added to the sales price. This will be paid to the Buyer's Agent pursuant to the requirements in the Broker Registration Form. Earnest Money/Down Payment/Deposit for Real Property " $25,000 deposit in the form of a wire transfer or certified bank cashier check will be deposited with Auction Company within 24 hours after the completion of the auction. Winning bidders that fail to timely submit the fully executed Purchase Agreement and Earnest Money Deposit will be considered in default. " Earnest money is 100% non-refundable. " Earnest money will be held by Auctioneer until closing. " Remaining balance to be paid in full within 30 calendar days after the auction at closing. Contract Signing " The high bidder, at the conclusion of the auction event, will receive a phone call confirming their final bid. " The high bidder must meet with Auctioneer within 24 hours of the end of the auction to complete and sign the Purchase Agreement and deliver their earnest money deposit. Signing may be done electronically. Buyer Financing " Terms are Cash or Conventional Financing Only (No FHA, MSHDA, VA, etc). " There are no contingencies for financing, appraisals, repairs, or inspections or any other requirements that may be required by the Buyer's mortgage company. " Bidder is expected to have any needed pre-approvals in place for a mortgage, if necessary, prior to bidding. " Proof of adequate funds for Earnest Money Deposit may be required at Auctioneer's discretion. Closing " All closing costs will be paid by the Buyer including title insurance, recording fees, title fees, and transfer taxes. " Seller will execute a warranty deed conveying the property to Buyer at closing. " Closing will be handled by Transnation Title Agency from their Houghton Lake office. There will be no split closings. Closings can be handled remotely as needed. " Seller intends to perform an IRC Section 1031 tax-deferred exchange. Buyer agrees to cooperate with the exchange and Seller agrees to hold Buyer harmless from all claims, costs, liabilities, or delays in time resulting from such an exchange. Buyer agrees to an assignment of this contract to a qualified intermediary by the seller. Seller will be responsible for all costs associated with the 1031 Exchange. " Buyer must close within 30 calendar days from the close of the auction. " Seller will have up to 90 days from the date of official notice from the title company to clear any title defects that may be discovered prior to closing. " Taxes will be prorated to the date of closing. " Any closing that is delayed beyond 45 days without the written authorization of Seller and Auction Company due to any actions or inactions of Buyer or anyone working on behalf of Buyer, including lenders, inspectors, appraisers, etc., will cause Buyer to be in breach of contract. Buyer will forfeit all earnest money deposits and will be held responsible for any costs incurred by either Auction Company or Seller from the resale of the property. Disputes " In the event of any dispute regarding the auction and subsequent transfer of this property, all legal claims will be properly filed in Eaton County, in the State of Michigan. The information contained in this document is subject to verification by all parties relying on it. Though every effort has been made to gather accurate and correct information, neither the Seller nor Epic Auctions & Estate Sales assumes any liability for its accuracy, and/or any errors or omissions. Conduct of the auction and increments of bidding are solely at the discretion of the Auctioneer. The Seller and Selling Agents reserve the right to prevent any person from bidding if there is any question as to the person's credentials, fitness, etc. All decisions of the Auctioneer are final. Sale shall include 100% of the mineral, oil, water, and gas rights that may be owned by the Seller. Neither Epic Auctions & Estate Sales nor the Seller will discriminate against any person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. Epic Auctions & Estate Sales is acting only as the Seller's Agent regarding the sale of this property.