Online Real Estate Terms: 1. Importance of Terms: Please take the time to read the following set of terms and conditions for the online auction. When you register to bid you will have to acknowledge that you have read these terms and conditions. If you intend to register the following items will pertain to you. 2. Bidding Increments: $0-$10 = $1 Increment $11-$50 = $5 Increment $51-$100 = $10 Increment $101-$500 = $25 Increment $501-$1,000 = $50 Increment $1,001-$5,000 = $100 Increment $5,001-$10,000 = $250 Increment $10,001-$20,000 = $500 Increment $20,001-$50,000 = $1,000 Increment $50,001-$100,000 = $2,000 Increment $100,001-$300,000 = $4,000 Increment $300,001-$600,000 = $6,000 Increment $600,001-$1,000,000 = $8,000 Increment $1,000,001 or Greater = $10,000 Increment 3. Agency: Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC acting as agents of the Seller and at no time acting on behalf of the Buyer. 4. Buyer's Premium: There will be a TEN PERCENT (10%) Buyer’s Premium added to final bid price to determine the final contract purchase price . 5. Auction Ending: Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC Auctions are timed events and all bidding will begin to close at a specified time. Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC Online Auctions also have an auto-extend feature. Any bid placed in the final ten (10) minutes of an auction, the auction ending will be automatically extended ten (10) minutes from the time the bid was placed. Example: If an auction is scheduled to close at 6:00 receives a bid at 5:51, the close time will automatically extend 6:01. The auto-extend feature will continue until there is a ten (10) minute period without a bid being placed on any item in the auction. 6. Time Reduction: In the event that the auto-extend time needs to be decreased, Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC may decrease the extended time amount at any time during the auction until the close of bidding. Bidders will be notified prior to time reduction by a Pop-Up Message and the Instant Message Center on the bidding page. 7. Outbid / Back In Notification: During this auction process there is a chance that you will be over bid by a combination bid of multiple lots. At that time you will receive an Outbid notification. If another bidder breaks the combination by raising the bid on a lot other than the lot you were bidding on, you will be automatically placed back in the winning position for your lot. You would then receive a Back In notification. Until the auction begins to close, the bidding software will notify bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections/speed, sometimes email notifications can be delayed. We are not responsible for the failure of any part of the bidding process or internet bidding. 8. Property Information & Inspection: Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC are not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC have attempted to provide accurate descriptions. However, it is the bidder's responsibility to conduct any inspections to determine the condition and feasibility of the bidder’s intended use. Descriptions that are provided by Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have either personally inspected the property, hire an agent to inspect the property or waive your right to inspect the property. By placing a bid, this creates a contractual agreement to purchase the property at the high bid price plus Buyers Premium and any additional fees included in closing the real property transaction. 9. Auctioneer's Discretion: Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC have full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC, or the Seller. 10. Server & Software Technical Issues: In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Iron Horse Auction Company, Inc., Kaufman Realty And Auctions Of West Virginia, LLC, and MarkNet Alliance and the Seller reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Iron Horse Auction Company, Inc., Kaufman Realty And Auctions Of West Virginia, LLC, MarkNet Alliance or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary by Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC. 11. Payment Terms: 20% of the final contract purchase price is required as a non-refundable earnest money deposit in the form of a certified check, cash or wire transfer within 48 hours of the close of auction, with the balance of contract purchase price due at closing, which shall be in thirty (30) days or upon delivery of the closing documents, whichever is sooner. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Asset Purchase Contract. This online only auction is a Cash Transaction not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by Bidder and or Buyers at registration prior to bidding and specified in the Asset Purchase Contact on the event page of each specific auction. 12. Auction Purchase Contract: The contract is required to be fully and correctly executed, without any modifications and properly signed within 48 hours of the close of auction. 13. Closing: The transaction(s) are to be closed within 30 days after the auction. 14. Closing Costs: Buyers closing cost can include new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items and any other fees required for closing. Seller’s closing cost is limited to their portion of the prorated tax, revenue stamps and the cost of deed preparation. 15. Property Condition: All property in this auction is selling “AS-IS, WHERE IS” with all Faults, if any. Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC make no representations or warranties, expressed or implied, concerning the property. Descriptions of the property are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspections prior to the auction. All due diligence periods end the date the auction is schedule to end. Crop allotments, mineral rights, timbers rights, water rights, if any will transfer with the deed. It is possible that the property being sold is subject to restrictive covenants and home owner’s association rules, regulations and dues, if any. Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC have attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the property before placing a bid. No sale shall be invalidated by the Buyer as a result of the HE/SHE not conducting their own inspection prior to placing a bid. It is automatically acknowledged by placing a bid that you have either personally inspected the property, hire an agent to inspect the property or waive your right to inspect the property. 16. Legal Interpretations: This document shall be interpreted by the laws of the United States of America and the State of West Virginia. 17. Disputes: Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Preston County, West Virginia as the sole and exclusive venue. 18. Auction Bidder and/or Buyer Default: The Successful Bidder and or Buyer not executing and returning the contract with the earnest money deposit within 48 hours of the conclusion of the auction will be considered in default and will be black flagged in our database as a Non Paying Bidder. Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC reserve the right to sell to the next highest qualified Bidder and or Buyer in the event the successful high Bidder and or Buyer does not comply with the terms of the sale. By bidding on the property, buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default. By registering and placing a bid you agree that if you happened to become a Default Bidder or Non Paying Bidder, Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC have the right to charge your credit card for the amount equal to the twenty (20) percent earnest money deposit which shall be non-refundable. 19. Auction Administrative Fee In the event a winning bidder fails to submit the properly signed Asset Purchase Contract and earnest money deposit as provided in the pre-stipulated Auction Terms & Conditions, the winning bidder will be charged an Administrative Fee of $2,500.00 on the credit card provide at auction registration. Additional default remedies are reserved by Iron Horse Auction Company, Kaufman Realty And Auctions Of West Virginia, LLC and the Seller as provided in the Auction Terms & Conditions and Asset Purchase Contract. 20. Auction Cancellation – Bid Rejection: Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC reserve the right to reject any and all bids for any reason. Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC reserve the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed. 21. Acceptance of Bid Prices: All bids are subject to Seller Confirmation. The successful Bidder and or Buyer(s) will be required to enter into an asset purchase agreement immediately following the close of the auction. Iron Horse Auction Company, Inc. will e-mail documents to be executed and fax or e-mail back to Iron Horse Auction Company, Inc. within 48 hours of the end of the auction. Successful Bidder and or Buyers not executing and returning contracts with earnest money deposit within 48 hours will be considered in default. Any and all inspections that a buyer may want must be completed at buyer’s expense prior to the end of the auction. Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC reserve the right to sell to the next highest qualified Bidder and or Buyer if the winning Bidder and or Buyer is in default of these terms. Winning Bidder and or Buyer must execute the contract with no changes, modification, additions or deletion. In the event that you find yourself as a Bidder in default, you will be black flagged as a NON PAYING BIDDER and not allowed to participate in any further Iron Horse Auction Company, Inc., Kaufman Realty And Auctions Of West Virginia, LLC or MarkNet Alliance members’ auctions. 22. Title: Since this is a purchase of the business enterprise, the any titled vehicles will remain in the name of the Limited Liability Company that you are purchasing. 23. Deed: Since this is a purchase of the business enterprise, the deed will remain in the name of the Limited Liability Company that you are purchasing. 24. Possession: Not given until Closing and further specified in the Asset Purchase Contract. 25. Easements: Subject to any and all easements recorded or unrecorded. Additionally, the Seller reserves the right to keep an unprescribed easement over an unused portion at Lost Creek Salvage, LLC. Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC have attempted to illustrate the approximate location of the said easement on the sales map. 26. Zoning: This property is subject to all state and local zoning ordinances. 27. Acreage & Aerial Photos: Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines. 28. Bidder Verification: The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Iron Horse Auction Company, Inc. will reject the registration, and bidding activity will be terminated. The Seller, Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC reserves the right to refuse service to any person who we feel to be fraudulent. 29. Bidder Responsibilities: Bidder responsibilities include, but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or auction company may bid on auction. We gather aggregate information from the web site, which may include but is not limited to: number of page visitors, most visited pages, and any and all correspondence. 30. Guaranty Agreement: By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment and the subsequent payment in full to Iron Horse Auction Company, Inc. and Kaufman Realty And Auctions Of West Virginia, LLC. 31. Age Requirement: All bidders must be eighteen (18) years of age or older.