PLEASE READ AND REVIEW THESE REAL ESTATE 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. This real estate transaction will be facilitated in partnership with Herrington and Company LLC hereafter called Listing Brokerage. 2. TERMS OF AUCTION: a. Online Registration: Visit AlaskaPremierAuctions.com/KPB2024 to register for the auction online. This auction is open for online bidding and registration from until Monday, August 19th 2024. Once you've created your account, you'll need to register for the auction to get an email that your registration is pending. We'll email you a packet of forms to fill out. Download the forms to print, sign, scan/photo, email, and mail to us at 325 W Potter Drive, Anchorage, Alaska 99518, and make sure we receive a copy of your photo ID. Then we'll approve your registration, and you'll get an email to that effect. Once approved, you can place a Max Bid at any time up until the auction begins the final countdown at 6pm AKT on Monday, August 19th, 2024. The Max Bid feature will bid for you automatically up to your maximum, as long as there is someone bidding against you. All bidding history is published anonymously online during and after the sale. The deadline for Online Registrations to be approved is 5pm on Monday, August 19th. b. In Person Registration: There is no in-person registration for this auction. c. Auction Date: Accepting bids until the soft close beginning at 6pm AKT on Monday, August 19th, 2024. d. Auction Location: Online Only h. The properties are sold “as-is, where-is”. Buyers are encouraged to do their own due diligence before bidding in the auction. i. This auction is additionally bound by all terms of the KPB Land Sale as provided in the KPB 2024 General Land Sale Brochure. Download the brochure at: https://www.kpb.us/landsales 3. REGISTRATION: a. You must be at least 18 years old have a valid credit card on file with our company to register for and participate in our auction. When you register for this real estate auction, there will be 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 and sign a Bidder Registration form. Forms can be submitted electronically and then mailed, or completed on auction day. 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. The deadline for Online Registrations to be approved is 5pm on Monday, August 19th. j. 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. BUYER RESPONSIBILITIES: a. You should inspect the property before purchasing. The properties are sold “as-is, where-is”. It is the responsibility of the potential bidder / purchaser to conduct their own due-diligence and thoroughly research and inspect each interested parcel prior to the sale. 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. 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 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. c. 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. d. Buyer agrees to execute and deliver all documentation and submit funds in an efficient and timely manner. e. 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. f. Buyer agrees to ensure their availability of funds before placing a bid. g. Buyer agrees to comply with all applicable laws regarding the sale of real property in Alaska. h. 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. 5. 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. If the transaction fails to close and record due to any fault of the Buyer, known or unknown, the down payment provided the day of the auction will be forfeited to Auctioneers, and the parcel may be offered to a backup bidder, or otherwise sold. 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. h. If the transaction fails to close and record due to any fault of the Buyer, known or unknown, they will forfeit all of the Down Payment per terms of the KPB Land Sale as provided in the KPB 2024 Spring Land Sale Brochure. 6. 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. Deadline for completion is 24 hours after the auction closes. Purchase & Sale Agreement And others as required by Alaska real estate statutes. 7. 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. 8. 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. 9. 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. 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. 10. 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. 11. 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. 12. 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. 13. 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. 14. 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. We're pleased to offer 2 pieces of real estate to the highest bidder in the Kenai Peninsula Borough. Please direct all questions to our in-house Realtor, Abigail McLagan at 907-308-0282 or Abigail@AlaskaPremierAuctions.com Thank you for your interest in our Kenai Peninsula Borough 2024 Spring Land Sale Auction! Best of luck on your bids!