Auction: Mobile County Investment Property Auction – 3 Opportunities Selling Without Reserve Please carefully read these Terms and Conditions. This document describes the Bidder/Purchaser's responsibility and disclosures. Failure to read and understand these Terms and Conditions is a failure of the Bidder/Purchaser and not a cause to void a bid placed or a contract signed. All sales are final. Southern Auction Solutions, Ron Young, Auctioneer, AL #5390 GA#4397 and Southern Auction Solutions staff will hereby be known throughout this document as "Auction Company". ***** IMPORTANT DISCLOSURES ***** Viewing the property Bidders may schedule viewings of the property. In most cases the auction company will require the bidder meet registration requirements and be approved to bid prior to scheduling an in person viewing. Some properties are open for public viewing at any time. Please contact the auction company for viewing instructions. When the auction begins to close it will close at the rate of one minute closing with a two minute auto extend. That means if a bid is placed on a tract within the last minute then the bidding will remain open for an additional two minutes. This will continue until no bids are placed and the auction will close. Winning Bidders at the conclusion of the auction you will receive a phone call from the Auctioneer with the next steps. Tract sizes and flagging are estimates obtained from our mapping software and are not exact. These estimations are for the bidders' convenience only and not guaranteed. Interested parties should do their own due diligence. Tract sizes are not exact until the survey is complete. No reduction in price will be due for tracts surveying to be less acreage than advertised. Our sizes are estimates only. Closing must be with Delta South Title Closing Company in Mobile, AL "As Is" "Where Is" • Due Diligence – It is the Bidder/Purchaser's responsibility to examine the property independently. We have disclosed any known defects. We believe the information provided is factual but not guaranteed. We strongly urge you to perform your own study of the property before placing a bid. • The information provided regarding the size of the property and any other factors are estimates only used for the convenience of the Bidder/Purchaser unless confirmed by recent survey. Auction Company is not responsible for exact size of property. • All information is believed to be either estimates or accurate; neither the descriptions nor any oral statements made by the Auction Company shall be construed as a warranty, either expressed or implied. I, the Bidder/Purchaser, have inspected the property I am bidding on and accept it and any and all faults. 1. Purchase Contract: The property is offered under the specific terms provided in the Real Estate Sales Contract. A sample Real Estate Sales Contract is available under the document tab. a. Bidders will be manually approved for registration to bid online. b. Deposit is 10% of the high bid. The deposit is due to the Auction Company by 5:00 pm CST the day after the online auction is concluded via wire transfer or cashier’s check. Bidder/Purchaser must provide Proof of Funds to be approved to bid. This can be a letter from your bank, a pre-approval letter or intent to loan from a lender, a screenshot of your bank account, anything to show you have the ability to cover the amount of your bid. Notice to Non-U.S. Citizens: All deposits must be arranged through wire transfers to Southern Auction Solutions. Non-U.S. Citizens’ Certified checks will not be accepted. c. The winning Bidder(s) will be required to sign a binding, non-contingent Real Estate Sales Contract within 24 hours after close of the auction. d. Bidding Increments for each tract is a minimum of $500.00. However, this may change as the Auctioneer sees fit. Bidders may enter a higher amount. THE BID AMOUNT SHOWN AS THE HIGH BID IS WITHOUT A BUYER'S PREMIUM. ALL BIDS WILL HAVE A 10% BUYER'S PREMIUM ADDED TO DETERMINE THE FINAL SALES PRICE PLUS THE COST OF CLOSING. 2. Terms of Sale: Winning Bidder(s) will receive a Real Estate Sales Contract via email to be executed and returned to Ron@SouthernAuctionSolutions.com or completed through docusign. Ten Percent (10%) Non-Refundable deposit of the High Bid Price must be wired or certified check to Southern Auction Solutions trust account within 24 hours of auction conclusion. Remaining balance due at closing within 30 DAYS. 3. Bidder Verification: Bidder registration required. Southern Auction Solutions will verify all registrations. Bidding rights may be terminated without notice if verification fails or online terms not met. Auctioneer may require proof of funds letter. 4. Buyer's Premium: 10% Buyer's Premium added to bid price for final sale price. Example: Bid Price: $100,000 Plus 10% Buyers Premium: $10,000 Total Sale Price: $110,000 5. Bidding Format: Bidwrangler platform utilized for timed online auctions. High-speed internet connection recommended. Auto-extend feature adds 2 minutes when bid placed within 2 minutes of ending. (Example:) If an auction scheduled to end at 4:00 p.m. receives a bid at 3:59 p.m., the conclusion of the auction automatically extends to 4:01 p.m. The auto-extend feature remains active until no further bids are received within the 2-minute time frame. The winning Bidder is the final Bidder whose bid has not been raised in the 2-minute time frame. A maximum bid can be placed on any property. Technical assistance: Rita Young at 334-646-9627. 6. Auction Bid Default: In the event a winning Bidder/Purchaser fails to submit the executed Real Estate Sales Contract as well as the required non-refundable down payment as provided in the Auction Terms, there may be remedies for the seller as a result of default, including legal action for seller’s losses.. 7. Closing: Closing will occur within 30 days of the auction. Seller provides Warranty Deed and pays prorated taxes. Buyer pays all other closing costs. Not contingent on inspections/financing. Delays beyond 30 days without written authorization constitute breach, resulting in deposit forfeiture and liability for resale costs. Legal claims filed in Randolph County, Alabama. 8. Agency Disclosure: Southern Auction Solutions represents SELLER in ALL transactions. 9. Disclaimer: All information contained herein is believed to be correct. Accepting the Terms & Conditions you acknowledge you have read and understand them. The information is being furnished to Bidders for the Bidder’s convenience; however it is the responsibility of the Bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Each Bidder must conduct and rely solely upon their individual investigation and inspection. The property is being sold “AS IS" "WHERE IS” with any and all faults. All properties are sold subject to any and all existing matters of record, all easements, and local zoning regulations. There are NO CONTINGENCIES for financing, appraisals, repairs, or inspections or any other requirements that may be required by a mortgage company. Please review all information supplied and seek appropriate assistance prior to bidding. Bidder acknowledges that hardware malfunctions, software malfunctions, viruses and similar issues do occur and are beyond the knowledge, scope, and control of the Auctioneer. We are NOT responsible for your system malfunctions, connection to the Internet or your email stopping any of our emails to you in regard to bid confirmations and/or outbid notifications. Read the descriptions and view photographs carefully. If you have any questions, please call the Auctioneer at 334-885-1787. Using YOUR knowledge and experience, form your own opinion of the property and bid accordingly. If you are in doubt, DO NOT BID. The property is SOLD "AS IS" "WHERE IS"; this is an AUCTION and all SALES ARE FINAL. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding. The starting bid is not the Reserve Price. Auctioneer reserves the right to reopen bidding. Auctioneer’s decisions will be final. Some auctions have a minimum selling price established by Seller (“Reserve Price”). Except where prohibited by law, Auctioneer may counter bid on behalf of Seller on any property up to the amount of the Reserve Price (and no such bid will result in a sale of the property). If the Reserve Price is not met, Seller is under no obligation to sell the property; however, Seller may accept a bid that is below the Reserve Price in their sole direction. Auctioneer reserves the right to reopen bidding. Auctioneer’s decisions will be final. 10. Merchantable Title: Seller to convey good title by warranty deed. Reasonable extension granted for title issues. Non-refundable deposit refunded if title is unmerchantable. 11. Changes and Announcements: Auctioneer reserves right to deny admission, postpone/cancel auction, withdraw property, or alter terms upon announcement. 12. Auction subject to Prior Sale: Auction subject to prior sale does not mean it is our intention or goal to sell the property before the auction OR that there is a listed price posted on the property. Southern Auction Solutions is legally bound to present any and all written offers to the Seller at the time they are presented. Although we endeavor not to encourage pre-auction offers unless they are exceptional, we are obligated to present all of them, regardless of when, how or from whom they arrive. Although the intent is to auction the listed property, the ultimate goal is to sell the property for a price satisfactory to the Seller or Court, which has jurisdiction. If the property is sold prior to auction, the Auctioneer will do his best to give notice to all other interested parties.