GENERAL AUCTION TERMS & CONDITIONS

ONLINE ONLY AUCTIONS

U.S. BANKRUPTCY COURT, CHAPTER 7, CASE NO. 18-11787

BIDDING ENDS THURSDAY, FEBRUARY 7^TH, 2019 AT 1:00 P.M.

PROPERTY LOCATIONS: HORNBEAK, TN AND RIDGELY, TN

Alexander Auctions & Real Estate Sales has been commissioned by Marianna Williams, Bankruptcy Trustee to sell these properties in an on-line only auction.

TRACT 4: HWY 21 W, HORNBEAK, TN 38232 – 7.9 ACRES WITH BUILDING
Located on Hwy 21 and Shawtown Road, in the city limits of Hornbeak, Map: 090, Parcel: 023.01, in the Obion County Tax Assessor’s office.
Deed Reference: Deed Book 171, Page 616 in Register’s Office of Obion County, TN
2017 OBION COUNTY PROPERTY TAXES: $324.50 – INTEREST & PENALTY IF PAID BY 2/28/19.

2018 OBION COUNTY PROPERTY TAXES: $497.00 – IF PAID BY 2/28/19
2017 CITY OF HORNBEAK TAXES:

2018 CITY OF HORNBEAK TAXES:

(ADDITIONAL INTEREST AND PENTALITES WILL BE DUE IF NOT PAID BY 2/28/19.)

TRACT 1: 114 LAKE STREET, RIDGELY, TN 38080 – Brick Commercial Building, 22’ x 82’ Lot

Located downtown Ridgely, West side of the Post Office, Map: 057K, Group: P, Parcel: 004.00, in the Lake County Tax Assessor’s office.
Deed Reference: Deed Book 33, Page 49 in Register’s Office of Lake County, TN

2017 LAKE COUNTY PROPERTY TAXES: $195.00 INTEREST & PENALTY IF PAID BY 2/28/19

2018 LAKE COUNTY PROPERTY TAXES: $165.00 – IF PAID BY 2/28/19
2018 RIDGELY CITY PROPERTY TAXES: $111.00 - IF PAID BY 2/28/19

(ADDITIONAL INTEREST AND PENTALITES WILL BE DUE IF NOT PAID BY 2/28/19.)

TRACT 2: 111 LAKE STREET, RIDGELY, TN 38080 – 25’ x 75’ Commercial Vacant Lot
Located downtown Ridgely, Map: 057K, Group: Q, Parcel: 004.00, in the lake County Tax Assessor’s office.
Deed Reference: Deed Book 34, Page 823 in Register’s Office of Lake County, TN
2017 LAKE COUNTY PROPERTY TAXES: $27.00 – INTEREST & PENALITY IF PAID BY 2/28/19

2018 LAKE COUNTY PROPERTY TAXES: $ 23.00 IF PAID BY 2/28/19
2018 RIDGELY CITY PROPERTY TAXES: $16.00 IF PAID BY 2/28/19

(ADDITIONAL INTEREST AND PENTALITES WILL BE DUE IF NOT PAID BY 2/28/19.)

Tract 3: LAKE STREET, RIDGELY, TN 38080 – 25’ x 34’ Commercial Vacant Lot
Located downtown Ridgely, Map: 057K, Group: Q, Parcel: 008.01, in the Lake County Tax Assessor’s office. Deed reference: Deed Book 34, Page 825 in Register’s Office of Lake County, TN
2017 LAKE COUNTY PROPERTY TAXES: $10.00 – INTEREST & PENALTY IF PAID BY 2/28/19

2018 LAKE COUNTY PROPERTY TAXES: $8.00 IF PAID BY 2/28/19
2018 RIDGELY CITY PROPERTY TAXES: $5.00 IF PAID BY 2/28/19

(ADDITIONAL INTEREST AND PENTALITES WILL BE DUE IF NOT PAID BY 2/28/19.)

Purchaser to assume any city, county and state delinquent taxes and 2019 taxes.

Prospective purchaser(s) should inspect and review the property to become familiar with the property divisional lines and the physical condition of the residences.

Property has not recently been surveyed and will be sold according to the legal description in the owner’s deed or a description prepared from the adjoining owner’s deed.

CONDITIONS OF SALE: Properties are being offered in an Online Only Auction.

Property sells subject to approval of the Bankruptcy Trustee and the Bankruptcy Judge for United States Bankruptcy Court for the Western District of Tennessee, Eastern Division.

AUCTION ENDING: Alexander Auctions & Real Estate Sales Online Auctions are timed events and all bidding will close at the specified time.

TIME EXTENSION: Alexander Auctions & Real Estate Sales Online Auctions have an auto-extend feature. The auto extension will apply to all the tracts of Real Estate in the Auction.
Each time a Bid is placed in the final five (5) minutes of the auction, the auction ending time will be automatically extended five (5) minutes from the time the bid was placed on the real estate. Example: If
an auction scheduled to end at 1 P.M. and receives a bid a 12:59 PM, the close time of the auction automatically extends to 1:05 P.M. The auto-extend feature remains active on all tracts until no further bids are received within a five minutes time frame.

REFRESH BIDDING: Refresh your screen constantly during the closing minutes of the bidding or enable the “auto-refresh” feature.

AUCTIONEER’S DISCRETION: Alexander Auctions & Real Estate Sales has full discretion to modify 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 Alexander Auctions & Real Estate Sales or the Seller. Alexander Auctions & Real Estate Sales reserves the right to modify, change or remove usernames at any time.

SERVER & SOFTWARE TECHNICAL ISSUES: In the event that there are technical difficulties related to the server, software or any other online auction related technology, Alexander Auctions & Real Estate Sales reserves the right to extend bidding, continue the bidding or close the bidding. Neither the company providing the software nor Alexander Auctions & Real Estate Sales will be held responsible for a missed bid or the failure of the software to function properly for any reason. Internet Bidders who desire to make certain their bid is acknowledged should leave their maximum bid 24 hours before the Auction ends. Email notifications may be sent to registered bidders with updated information as deemed necessary by Alexander Auctions & Real Estate Sales.

If you have any problems with the website, call Marknet Customer Service at 1-888-307-6545 and/or Alexander Auctions & Real Estate Sales at (731) 587-4244 or (731) 225-1157.

Alexander Auctions & Real Estate Sales and Sellers reserve the right to set and change minimum starting bids and minimum bid increments to raise the bid.

Minimum starting bid on any property is $100.00.

Minimum bid increments: $ 100.00 to $ 3,000.00 $ 50.00

$ 3,001.00 to $ 5,000.00 $ 100.00

$ 5,001.00 to $ 8,000.00 $ 200.00

$ 8,001.00 & up $ 250.00

Possession of property given upon delivery of deed at closing.

Deed transfer will be by special trustee’s deed.

BUYER’S PREMIUM: A 10% buyer's premium will be added to the final bid on the real estate to reach the total sales price and total contract price.

PURCHASE AGREEMENT AND PAYMENT: At the close of the auction, the successful bidder will be emailed a Sales and Purchase Agreement to be executed and returned to Alexander Auctions & Real Estate Sales within 48 hours of completion of the Auction along with the earnest money deposit.

The successful bidder is required to make an earnest money deposit of $500.00 or 20% of the contract price, whichever is greater, within 24 hours after the auction closes, at the time the Purchaser Agreement is signed.

Earnest money payable by cash, cashier’s check or personal check with current Bank Letter of Guarantee made to Alexander Auctions & Real Estate Sales (required by all persons not personally known by Auction Company) to Alexander Auctions & Real Estate Escrow. No credit card payments accepted.

CLOSING DATE: Balance due within forty (40) days upon delivery of deed. In the event court approval is not received within forty (40) days, the Sales and Purchase Agreement will be extended until 15 banking days after the purchaser is notified the court order approving the sale is signed.

Failure to pay the balance due will require you to forfeit your earnest money and be subject to all Terms stated in the Purchase Agreement.

LIQUIDATED DAMAGES: Successful bidders not executing and returning their purchase agreement along with earnest money deposit within forty-eight (48) hours of the conclusion of the Auction will be considered in default. If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made and could additionally be liable for any and all cost incurred, in a subsequent resale of the property, by Seller and Alexander Auctions & Real Estate Sales. If such action occurs, Alexander Auctions & Real Estate Sales hereby has the right to disperse the deposit as stated in the Listing Agreement and the buyer has no claims to such money or property being sold. Liquidated damages are to cover cost of Auction, cost incurred by Seller, labor cost and additional cost of Auction as not defined in this agreement. These liquidated damages do not restrict the Seller from suing the buyer for performance damages and/or any additional damages the Seller suffers by the default of the buyer.

BACK-UP BIDS: If you are not the successful bidder on the real estate and wish to make a back-up bid in case of default by the high bidder, please see Alexander Auctions & Real Estate Sales to receive a back-up bidder form.

OTHER CONDITIONS: Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e., financing, appraisal, repairs, or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. This property is being sold for cash “as-is, where-is” with a closing deadline.

COMPLIANCE WITH THE TERMS OF SALE: In default of payment of bills in full within the time announced for this Auction, the Auctioneer, in addition to all other remedies allowed by law, may retain all moneys received as deposit or otherwise, as liquidated damages. Lots not paid for within the time specified herein may be resold at public or private sales without further notice. Any resulting deficiency together with all expense and costs of resale will be the responsibility of the defaulting purchaser.

Bidders who bid off-site and do not make an inspection understand and acknowledge that they may not be able to inspect the property as well as if they examined it in person. It is the bidder’s responsibility to determine condition, age, genuineness, value or any other determinative factor.

Alexander Auctions & Real Estate Sales reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the Seller. The identity of all bidders will be verified, bidding rights are provisional and if complete verification is not possible, Alexander Auctions & Real Estate Sales will reject the registration, and bidding activity will be terminated.

ALEXANDER AUCTIONS & REAL ESTATE SALES INVOLVEMENT IN THIS CONTRACT: The Seller and buyer hereby agree that Alexander Auctions & Real Estate Sales is a part of this contract and shall receive compensation as stated in the agreement hereto or as stated in the listing agreement hereby made a part of.

Property and improvements are being sold in their present condition. No improvements will be made. There are no warranties or guarantees expressed or implied as to condition or fitness for a particular purpose or particular use.

36. Purchaser is to make their own inspection of the buildings, structures and lots and bid according to their inspection and due diligence research.

37. Purchaser to make all repairs. Seller will not clean out or make any repairs.

Purchasers should contact their attorney to complete their Title Opinion immediately following the approval of the sale by the Bankruptcy Court. Contract does not provide for an extension due to an attorney failing to complete Title Work or your loan closing not being set up in time to meet the forty (40) day closing period. Contact your attorney immediately!

RESTRICTIONS: All real estate sells subject to any and all existing matter of records and all easements, city, county and state, building, use or zoning laws and restrictions.

Purchaser(s) are informed that the Sellers and Alexander Auctions & Real Estate Sales are not experts or qualified to offer any information concerning environmental hazards, asbestos hazards, lead base paint, etc. and make no warranty, guarantee or statements in connection with such.

Purchaser(s) are informed that the Sellers and Alexander Auctions & Real Estate Sales are not experts or qualified to offer any information concerning structural condition, stage of repair, stage of completion, including utility connections, conditions and cost to fix, repair, or complete for use.

Auctioneer & Broker is not an expert in determining environmental hazards and hazardous material. Purchaser accepts this property in its present condition, agrees to hold harmless the Broker, his agents and Alexander Auctions & Real Estate Sales from any environmental hazards and the cost to defend himself, his agents or Alexander Auctions & Real Estate Sales from any claims.

Purchaser has had the opportunity to inspect the property and agrees to make all bids and purchase said property as a result of their inspection.

Alexander Auctions & Real Estate Sales and all agents are acting as an agent for the Sellers.

Any real estate terms and information supplied in the terms and conditions concerning tax amounts and other information are supplied to accommodate the purchaser(s). It is the purchaser’s sole responsibility to have completed their own due diligence survey, research, inspection and checking and shall bid according to their research.

ADDITIONAL AUCTION INFORMATION: All information published, announced or contained herein was derived from sources believed to be correct; however, it is not guaranteed by the Seller or the Auctioneer. Personal on-site inspection of all property is recommended. The failure of any bidder to inspect, or to be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer or deposit money after its opening tender. This includes but is not limited to public information such as easements, restrictions, zoning, rights-of-way, or any other information that can be obtained as public record in the appropriate County Courthouse concerning subject properties.

All information used in the advertising and promotion of this auction has been obtained from public records and other sources deemed to be reliable and are believed to be true and correct. No warranties are made to this effect.

Property is being sold subject to these terms which will be incorporated into the sales contract for future reference.
All bidders agree and accept these terms and conditions and agree to bid according to these terms when they register for a bid number.

We appreciate you attending this auction and we will be glad to answer any questions you may have.

Alexander

AUCTIONS & REAL ESTATE SALES

MARVIN E. ALEXANDER CAI, Auctioneer TL9, FL 107

239 University Street * P.O. Box 129, MARTIN TN 38237 * (731) 587-4244

Email: alexanderauctions@frontiernet.net

WEBSITE: www.alexanderauctions.com

2 BANKRUPTCY ONLINE ONLY AUCTIONS - RIDGELY & HORNBEAK