General Information Coleman & Patterson (herein referred to as Auctioneer), reserves the right to deny or revoke any bidder or buyer (herein sometimes referred to as Buyer or Bidder) at any time, without notice or consent at Auctioneer’s sole discretion. Defaulting or fraudulent bidders are responsible for auction commissions, loss of earnest money, collection and/or attorney fees, and may be reported to authorities. Auctioneer reserves the right to add or remove any property from the auction and make alterations to any auction listings or terms & conditions at any time prior to contract signature following bid strike to a Buyer. Property will be sold with a reserve and are subject to the Seller’s confirmation. Auctioneer, at its discretion, will have the final say as to disputes among Buyers and Seller. Sale day announcements supersede written terms and conditions.   Auction Registration All auction participants must be 18 years of age and properly registered in order to bid, buy or sell. Any person buying or selling on behalf of another person or entity must have a valid, legally enforceable, unexpired, recordable power of attorney approved by Auctioneer prior to the auction day, and if applicable, must be licensed to conduct business in the state of Texas. If a Bidder is bidding on behalf of a corporation, the Bidder shall be individually bound until the Bidder presents a corporate resolution prior to closing. The act of bidding is deemed a representation and warranty by the Buyer to the Seller and Auctioneer that prior to bidding, Buyer has read the “Auction Real Estate Sales Contract” in their entirety, including addenda and amendments (collectively sometimes hereafter, “the Purchase Agreements”). If a Bidder has not read and agreed to be bound by these documents, the Bidder should not bid.    Acceptance/Rejection of High Bid Seller reserve the right to accept or reject any offers at Seller’s sole discretion, regardless of the manner in which the bid offers are received. High bids will be held for up to seven (7) business days while the Seller evaluates the bid offer and communicates the Seller’s decision about the bid back to Auctioneer. No bid offer shall be deemed fully accepted until the “Real Estate Auction Sales Contract”, is fully signed by Seller and Buyer.   High Bidder Requirements – The high Bidder(s) will execute the Purchase Agreements immediately following the auction. $10,000 shall be the required Earnest Money. All Earnest Money is due with Bidders submission of a fully executed Purchase Agreement. If the amount of the Earnest Money is greater than $10,000, Bidder shall provide a negotiable personal check or wire funds to make up the balance immediately following the auction, at the auction location. If amount is less than $10,000, Auctioneer will retain the cashier check or wire as earnest money deposit for the purchase.   Successful Bidders All Bidders must be prepared to pay a five percent (5%) buyer’s premium (“Premium”) in addition to the final high bid amount, equaling the properties Total Contract Price. A successful Bidder must, 1.) Complete an “Auction Real Estate Sales Contract”, immediately following the auction. 2.) Submit $10,000 as Earnest Money in the form of a cashiers’ check, with balance over $10,000 in the form of personal check or wire. 3.) Close on the purchase within thirty (30) days of the auction. If a high bid is not accepted by the Seller, all Earnest Money will be promptly refunded. All properties are sold with cash settlement, are NOT CONTINGENT UPON FINANCING. Buyer’s Premium A five percent (5%) Buyer’s Premium fee added to the final bid amount on each property sold. The Premium will not be included while bidding on property during the auction. If a high bid amount is accepted by the Seller, the Contract Price inclusive of Premium will be added in the sales price on the “Auction Real Estate Sales Contract”. The buyer’s premium must be added to the final bid amount to arrive at the Total Contract Price to be paid by the successful bidder. Auction Real Estate Sales Contract The successful confirmed Bidder for each property shall execute an “Auction Real Estate Sales Contract” (including all related Addenda) for the applicable auctioned property immediately after being declared the successful Bidder by the Auctioneer. A sample of said documents will be available for review at the auction and may be requested prior to auction for preview. The fully executed Purchase Agreements shall prevail over all terms and conditions of the sale and constitute the entire agreement between the Bidder/Buyer and the Seller. No changes or modifications to the terms and conditions of the Purchase Agreements will be permitted. Failure to execute the Purchase Agreements and to deliver all Earnest Money as provided above following the auction allows Seller the right to declare the Bidder’s rights forfeited.   Closing All properties must close on or before thirty (30) days after the auction and the Earnest Money Deposit shall be in U.S. funds and shall be held in escrow or with title company’s Closing Agent pending completion of necessary closing procedures, after which the Buyer shall be granted possession of the Property subject to any matters contained in the title commitment and the Purchase Agreements. All Bidders should engage independent legal counsel to examine the commitment for title insurance and all other matters referred to herein affecting the state of title of Properties upon which they intend to bid. SELLER AND AUCTIONEER MAKE NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WRITTEN OR ORAL, WITH RESPECT TO THE STATE OF TITLE OF ANY OF THE PROPERTIES, THE TITLE COMPANY, OR OF THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED IN THE COMMITMENT FOR TITLE INSURANCE. THE OWNER’S TITLE INSURANCE POLICY WILL BE PAID FOR BY THE SELLER. NO TITLE INSURANCE OR OPINION OF TITLE WILL BE PROVIDED ON ANY MINERAL ESTATE PROPERTY SOLD IN THE AUCTION. SELLER IS ALSO RESPONSIBLE FOR ALL BACK TAXES, ENCUMBRANCES, AND LIENS ON THE PROPERTY, INCLUDING AD VALOREM TAXES (BUT EXEPTING ANY ROLLBACK TAXES) AND CONDO FEES. ANY BUYER THAT DOES NOT CLOSE WITHIN THE THIRTY (30) DAY CONTRACTUAL TIME PERIOD MAY FORFEIT EARNEST MONEY DEPOSIT.   Cooperating Broker If a Buyer’s Broker/Agent (“Agent”) is properly registered with the Auctioneer, such Agent shall be paid a commission of two percent (2%) of the successful bid price (not including the Buyer’s Premium) by the AUCTIONEER. To qualify for a commission, the Buyer’s Agent must be named in writing by registrant no later than the day prior to the auction date. In addition, the Agent is required to 1. Review the “Terms and Conditions” and the Purchase Agreements with the Bidder. 2. Professionally assist the bidder by providing information. 3. Assist the successful bidder with closing. A Buyer Broker/Agent commission will not be deemed earned or payable unless until closing and funding of the sale of the applicable property.   BROKER REGISTRATION – Brokers must complete a written registration of their buyer prior to auction day. Broker registration will not be allowed on auction day or thereafter. Broker will not be compensated unless Broker has registered their Buyer no later than 5pm on February 14th, the day prior to the auction close. Contact our office at 1-888-300-0005 for information.   There will be no exceptions and no oral registrations will be accepted. If for any reason whatsoever (including the default of any party hereto), the Closing hereunder does not occur or if any of the previous steps have been omitted, the Buyer’s Broker will not be paid a commission.   Real Property Inspection Auctioneer strongly recommends that Bidders personally view and research each Property prior to bidding. All Properties sell “AS IS - WHERE IS” with NO WARRANTIES either expressed or implied. All Properties will be sold and conveyed by SPECIAL WARRANTY DEED. It is the Buyer’s sole responsibility to: a) perform all inspections (legal, environmental, economic or otherwise) of the Property and to be satisfied as to each Properties condition prior to bidding; b) review all property satisfied as to each Properties condition prior to bidding; b) review all property information and due diligence materials; c) independently verify any information deemed important including information available in public records; and d) inquire of public officials as to the applicability of and compliance with land use and environmental laws, zoning, building, health & safety codes and ordinances and any other local, state or federal laws and regulations. All information contained in Auctioneer’s website and all promotional materials, including, but not limited to, photographs, directions, acreage, square footage, dimensions, zoning, maps used for promotion, environmental conditions, taxes, and the like, was provided by or on behalf of the Seller and is believed to be correct; HOWEVER, NEITHER THE SELLER NOR THE AUCTIONEER MAKES ANY PROMISE, REPRESENTATION, GUARANTEE, OR WARRANTY AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. The Seller and Auctioneer do not have any liability whatsoever for any oral or written representation, warrants or agreements relating to any of the Property except as expressly set forth in the Purchase Agreements. There is no obligation on the part of Seller or Auctioneer to update any information. Buyer and Buyer’s Broker shall be responsible for verifying all acreage and square footage amounts.   Disclaimer BIDDERS ARE ADVISED TO INDEPENDENTLY VERIFY ALL INFORMATION THEY DEEM IMPORTANT. EACH PROPERTY IS BEING SOLD “AS-IS, WHERE-IS” AND WITH “ALL FAULTS” WHETHER KNOWN OR UNKNOWN, PRESENTLY EXISTING OR THAT MAY HEREAFTER ARISE. THE SELLER AND AUCTIONEER HAVE NOT MADE, DO NOT MAKE AND WILL NOT MAKE, AND HEREBY DISCLAIM, ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESSED, IMPLIED OR STATUTORY, WHETHER ORAL OR WRITTEN, WITH RESPECT TO THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO ITS VALUE, CONDITION, ACREAGE, SQUARE FOOTAGE, STATE OF REPAIR, STRUCTURAL INTEGRITY, HABITABILITY, SUITABILITY, MERCHANTABILITY, MARKET ABILITY , OPERABILITY , VISIBILITY , ZONING OR SUBDIVISION REGULA TIONS, MINERAL RIGHTS, ENVIRONMENTAL CONDITION OR FITNESS FOR A PARTICULAR USE OR PURPOSE. SELLER HAS NOT MADE, AND SPECIFICALLY DISCLAIMS ANY REPRESENTATION REGARDING COMPLIANCE WITH THE AMERICANS WITH DISABILITIES ACT OR WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS, INCLUDING SOLID WASTE, OR THE DISPOSAL OR EXISTENCE, IN OR ON THE PROPERTY, OF ANY HAZARDOUS SUBSTANCE. NO GUARANTEES ARE GIVEN AS TO THE AVAILABILITY OF UTILITIES OR ACCESSES, OR THE PERMITTED OR ALLOWABLE USES OF THE PROPERTY.   Buyer agrees to take full responsibility of investigating the Property and not rely on any information provided or to be provided by Seller or Broker or Auctioneer. Buyer further acknowledges and agrees that any information provided by or on behalf of Seller with respect to the Property including, without limitation, all information contained in any property information package previously made available to Buyer by Seller, Auctioneer, and Agent was obtained from a variety of sources and that seller and broker and auctioneer have not made any independent investigations or verification of such information and make no representation as to the accuracy or completeness of such information. Bidder/Buyer acknowledges that Auctioneer reserves the right to bid on behalf of the Seller at Auctioneers sole discretion. Neither the Seller, its attorneys, any broker, nor the Auctioneer, shall be liable for any relief including damages, rescission, reformation, allowance or adjustments based on the failure of the Property to meet Buyer’s expectations, or condition to conform to any specific standard or expectation, or any third party documents or information. Seller makes no representations or warranties as to soil stability, past soil repairs, susceptibility to landslides, earthquakes, or flood, sufficiency of undershoring, sufficiency of drainage, or any other matter affecting the stability or integrity of the land or any buildings or improvements situated thereon.   Auctioneers Agency Disclosure The Auctioneer is acting as the agent for Seller and has negotiated and signed a separate agreement with the Seller.