GENERAL TERMS AND CONDITIONS

MICHAEL P. SANDERS AND ANGELA C. SANDERS - LAND
THURSDAY, MAY 10, 2018 – 6:30 P.M.

AUCTION HELD OFF-SITE AT ALAMO STORM SHELTER
66 BALL PARK LOOP, ALAMO, TN 38001

1. ALEXANDER AUCTIONS AND REAL ESTATE SALES HAS BEEN COMMISSIONED BY MICHAEL P. SANDERS AND ANGELA C. SANDERS TO SELL THIS PROPERTY AT ABSOLUTE AUCTION.

2. REAL ESTATE CONSISTS OF 80.70 ACRES LOCATED IN THE 4TH CIVIL DISTRICT OF CROCKETT COUNTY, TENNESSEE.

3. PROPERTY OFFERED IN ONE TRACT. SAID PROPERTY IS DESCRIBED IN THE SELLER’S DEED DESCRIPTION ATTACHED AS EXHIBIT “A”.

4. DEED REFERENCE:
DEED BOOK 141, PAGES 488, 489, 490 IN REGISTER’S OFFICE CROCKETT COUNTY, TN

5. DEED CONVEYANCE WILL BE BY A WARRANTY DEED.

6. A 10% BUYER’S PREMIUM WILL BE ADDED TO THE FINAL BID ON THE REAL ESTATE TO DETERMINE THE TOTAL SELLING PRICE AND CONTRACT PRICE.

7. TERMS: 15% DOWN DAY OF AUCTION ON ANY TRACT, PAYABLE IN CASH, CASHIER’S CHECK, OR PERSONAL CHECK WITH CURRENT BANK LETTER OF GUARANTY MADE TO ALEXANDER AUCTIONS AND REAL ESTATE SALES REQUIRED BY ALL PERSONS NOT PERSONALLY KNOWN BY AUCTION COMPANY.

8. CLOSING DATE TO BE ON OR BEFORE 30 DAYS FROM AUCTION.

9. 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.

10. PURCHASERS SHOULD CONTACT THEIR ATTORNEY TO COMPLETE THEIR TITLE OPINION IMMEDIATELY FOLLOWING THE AUCTION. PURCHASE AGREEMENT 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 THIRTY (30) DAY CLOSING PERIOD. CONTACT YOUR ATTORNEY IMMEDIATELY!

11. FAILURE TO PAY THE BALANCE DUE WILL REQUIRE PURCHASER TO FORFEIT THEIR EARNEST MONEY AND BECOME SUBJECT TO ALL TERMS IN THE PURCHASE AGREEMENT.

12. PURCHASERS TO ASSUME THE 2018 TAXES.

13. PURCHASER TO PAY ANY ROLL BACK TAXES THAT MAY BECOME DUE.

14. POSSESSION OF PROPERTY WILL BE GIVEN UPON SIGNING THE PURCHASE AGREEMENT AND DEPOSIT OF THE EARNEST MONEY, SUBJECT OT THE CLEARANCE OF ANY CHECK.

15. ALEXANDER AUCTIONS AND REAL ESTATE SALES AND ALL AGENTS WORKING AT THIS AUCTION ARE ACTING AS AN AGENT FOR THE SELLER.

16. NO ONE SHOULD MAKE A BID THAT HE/SHE DOES NOT WANT TO HONOR OR IS NOT FINANCIALLY ABLE TO HONOR.

17. NO PURCHASE IS CONTINGENT ON FINANCING, APPRAISALS, PROPERTY INSPECTIONS OR ANY OTHER CONTINGENCIES.

18. ANY INFORMATION SUPPLIED IN THE TERMS AND CONDITIONS CONCERNING THE PROPERTY INFORMATION AND TAX AMOUNTS ARE SUPPLIED TO ACCOMMODATE THE PURCHASER(S). IT IS THE PURCHASER’S SOLE RESPONSIBILITY TO HAVE COMPLETED THEIR OWN DUE DILIGENCE SURVEY, RESEARCH, INSPECTION, CHECKING AND BID ACCORDING TO THEIR DUE DILIGENT SURVEY AND RESEARCH.

19. PROPERTY SELLS SUBJECT TO EXISTING EASEMENTS AND SUBJECT TO ANY RECORDED EASEMENTS.

20. PROPERTY SELLS SUBJECT TO ANY CITY, COUNTY, OR STATE ZONING RESTRICTIONS THAT EXIST.

21. THE OWNERS, SELLERS AND SALES MANAGEMENT HAVE NOT HAD OR REQUESTED ANY PERK TEST OR SOIL CLASSIFICATION INSPECTIONS TO BE COMPILED BY THE GROUND AND WATER PROTECTION AGENCY OR ANY SOIL SCIENTIST TO DETERMINE THE APPROVAL OR REQUIREMENTS FOR SEPTIC TANKS OR SEPTIC LINES FOR ANY OF THE TRACTS.

22. PURCHASER(S) SHALL BE RESPONSIBLE FOR CONTACTING THE STATE OF TENNESSEE AND CROCKETT COUNTY GROUND AND WATER PROTECTION AGENCY AND/OR AN APPROVED SOIL SCIENTIST TO OBTAIN A SOIL ANALYSIS AND APPROVAL FOR A SEPTIC SYSTEM. ALEXANDER AUCTIONS AND THE SELLERS MAKE NO WARRANTY OR GUARANTY AS TO SOIL TYPES AND SOIL APPROVAL FOR A SEPTIC/SEWAGE SYSTEM.

23. ALEXANDER AUCTIONS HAS NO KNOWLEDGE ABOUT THE EXISTENCE OR NON-EXISTENCE OF A SEPTIC SYSTEM ON ANY TRACT.

24. AUCTIONEER AND BROKER IS NOT AN EXPERT IN DETERMINING ENVIRONMENTAL HAZARDS AND HAZARDOUS MATERIAL. PURCHASER ACCEPTS THIS PROPERTY IN ITS PRESENT CONDITION AND AGREES TO HOLD HARMLESS THE BROKER, HIS AGENTS AND ALEXANDER AUCTIONS AND REAL ESTATE SALES FROM ANY ENVIRONMENTAL HAZARDS AND THE COST TO DEFEND HIMSELF, HIS AGENTS OR ALEXANDER AUCTIONS AND REAL ESTATE SALES FROM ANY CLAIMS.
25. PURCHASER HAS HAD THE OPPORTUNITY TO INSPECT THE PROPERTY AND WILL MAKE ALL BIDS AND PURCHASE SAID PROPERTY AS A RESULT OF THEIR INSPECTION.

26. PROPERTY AND IMPROVEMENTS ARE BEING SOLD IN THEIR PRESENT CONDITION “AS IS”. NO IMPROVEMENTS WILL BE MADE. THERE ARE NO WARRANTIES OR GUARANTEES EXPRESSED OR IMPLIED AS TO CONDITION OR FITNESS FOR USE. THE WARRANTIES OF HABITABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND PARTICULAR USE ARE EXPRESSLY EXCLUDED.

27. THE PURCHASER DOES HEREBY ACKNOWLEDGE THAT THE SUBJECT PROPERTY IS PURCHASED AT PUBLIC AUCTION, AND THAT A PREREQUISITE TO BIDDING IS THAT ALL PROPERTY, WHETHER REAL ESTATE OR PERSONAL, IS PURCHASED ABSOLUTELY “AS IS” WITH NO WARRANTY WHATSOEVER AS TO THE CONDITION OF THE SAME.

28. NO DEER HUNTING STANDS, HOUSES AND BLINDS ARE INCLUDED WITH THE PROPERTY. ALL WILL BE REMOVED.

29. ALL TIE BIDS WILL BE SETTLED FROM THE AUCTION STAND BY THE AUCTIONEER AND HIS DECISION WILL BE FINAL. THE AUCTIONEER WILL HAVE THE RIGHT TO RE-OPEN THE BID BETWEEN ALL BIDDERS.

30. AUCTIONEER AND SALES MANAGEMENT RESERVE THE RIGHT TO EXECUTE ANY ABSENTEE OR OTHER BIDS THAT ARE TURNED IN TO THEM BEFORE THE AUCTION, ONLINE, BY INTERNET OR BY PHONE DURING THE AUCTION.

31. ALEXANDER AUCTIONS AND REAL ESTATE SALES WILL NOT BE RESPONSIBLE FOR ANY MISSED BIDS OR UNEXECUTED BIDS FROM ANY SOURCE.

32. 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.

33. PROPERTY IS BEING SOLD SUBJECT TO THESE TERMS AND ANY OTHER TERMS ANNOUNCED AT THE AUCTION. THESE TERMS WILL BE INCORPORATED INTO THE PURCHASE AGREEMENT FOR FUTURE REFERENCE.

34. ALL BIDDERS AGREE THAT ANY BIDS THEY MAKE WILL STAND AND REMAIN ACTIVE UNTIL THE AUCTION IS COMPLETED.

35. ALL BIDDERS ON-SITE, ON-LINE, AND OFF-SITE AGREE TO ACCEPT THESE GENERAL TERMS. (SPECIFIC TERMS, ON-LINE AND OFF-SITE BIDDER TERMS AND ANY TERMS ANNOUNCED AT THE AUCTION); EVIDENCED BY REGISTRY FOR A BIDDERS NUMBER.

36. ON-LINE AND OFF-SITE BIDDING IS ALLOWED TO PRE-APPROVED BIDDERS THROUGH ALEXANDER AUCTIONS AND REAL ESTATE SALES.

37. ON-LINE AND OFF-SITE MUST REVIEW THE GENERAL TERMS, SPECIFIC TERMS AND ADDITIONAL ON-LINE AND OFF-SITE TERMS, AND ANNOUNCEMENTS MADE FROM THE AUCTION STAND.

38. ALL ANNOUNCEMENTS MADE FROM THE AUCTION STAND WILL TAKE PRECEDENCE OVER ANY PREVIOUS ANNOUNCEMENTS OR STATEMENTS.

39. TECHNICAL ISSUES: IN THE EVENT THERE ARE TECHNICAL DIFFICULTIES RELATED TO THE SERVER, SOFTWARE, INTERNET OR ANY OTHER ON-LINE AUCTION-RELATED TECHNOLOGIES, ALEXANDER AUCTIONS AND 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 AND REAL ESTATE SALES, SHALL BE HELD RESPONSIBLE FOR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON.

Alexander
AUCTIONS AND 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

ON-LINE AND OFF-SITE ADDITIONAL BIDDING TERMS:

1. ALL BIDDERS ON-SITE, ON-LINE, AND OFF-SITE AGREE TO ACCEPT THE GENERAL AND ANY SPECIFIC TERMS FOR THE LIVE AUCTION PLUS THESE TERMS. (SPECIFIC TERMS, ON-LINE AND OFF-SITE BIDDER TERMS AND ANY TERMS ANNOUNCED AT THE AUCTION) EVIDENCED BY REGISTRY FOR A BIDDER NUMBER.

2. ALL BIDDERS MUST RECEIVE PRIOR APPROVAL BY ALEXANDER AUCTIONS & REAL ESTATE SALES.

3. AT THE CLOSE OF THE AUCTION, THE SUCCESSFUL ON-LINE OR OFF-SITE BIDDER WILL BE EMAILED A SALES AND PURCHASE AGREEMENT TO BE EXECUTED AND RETURNED TO ALEXANDER AUCTIONS AND REAL ESTATE SALES WITHIN 48 HOURS OF COMPLETION OF THE AUCTION ALONG WITH THE EARNEST MONEY DEPOSIT.

4. THE SUCCESSFUL BIDDER IS REQUIRED TO MAKE AN EARNEST MONEY DEPOSIT ACCORDING TO THE GENERAL TERMS: 15% DOWN DAY OF AUCTION.

5. EARNEST MONEY PAYABLE BY CASH, CASHIERS CHECK OR PERSONAL CHECK WITH CURRENT BANK LETTER OF GUARANTEE MADE TO ALEXANDER AUCTIONS AND REAL ESTATE SALES REQUIRED BY ALL PERSONS NOT PERSONALLY KNOWN BY AUCTION COMPANY TO ALEXANDER AUCTIONS AND REAL ESTATE ESCROW. NO CREDIT CARD PAYMENTS ACCEPTED.

6. CLOSING DATE: BALANCE DUE AT CLOSING OR ON OR BEFORE THIRTY DAYS FROM DATE AUCTION AGREEMENT IS SIGNED.

7. 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.

8. 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 BY SELLER AND ALEXANDER AUCTIONS AND REAL ESTATE SALES INCURRED IN A SUBSEQUENT RESALE OF THE PROPERTY. IF SUCH ACTION OCCURS, ALEXANDER AUCTIONS AND 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.

9. 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 AND REAL ESTATE SALES TO RECEIVE A BACK-UP BIDDER FORM.

10. ALEXANDER AUCTIONS AND 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 AND REAL ESTATE SALES WILL REJECT THE REGISTRATION, AND BIDDING ACTIVITY WILL BE TERMINATED.

11. ALEXANDER AUCTIONS AND REAL ESTATE SALES INVOLVEMENT IN THIS CONTRACT: THE SELLER AND BUYER HEREBY AGREE THAT ALEXANDER AUCTIONS AND 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.

12. 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.

13. PURCHASER TO MAKE THEIR OWN INSPECTION OF THE BUILDINGS, STRUCTURE, LOTS, AND LAND AND BID ACCORDING TO THEIR INSPECTION AND DUE DILIGENCE RESEARCH.

14. RESTRICTIONS: ALL REAL ESTATE SELLS SUBJECT TO ANY AND ALL EXISTING MATTER OF RECORD AND ALL EASEMENTS, CITY, COUNTY AND STATE, BUILDING, USE OR ZONING LAWS AND RESTRICTIONS.

15. PURCHASER(S) ARE INFORMED THAT THE SELLERS AND ALEXANDER AUCTIONS AND REAL ESTATE SALES ARE NOT EXPERTS OR QUALIFIED TO OFFER ANY INFORMATION CONCERNING ENVIRONMENTAL HAZARDS, ASBESTOS HAZARDS, LEAD BASE PAINT AND ETC. AND MAKE NO WARRANTY, GUARANTEE OR STATEMENTS IN CONNECTION WITH SUCH.

16. AUCTIONEER AND BROKER IS NOT AN EXPERT IN DETERMINING ENVIRONMENTAL HAZARDS AND HAZARDOUS MATERIAL. PURCHASER ACCEPT THIS PROPERTY IN ITS PRESENT CONDITION, AGREE TO HOLD HARMLESS THE BROKER, HIS AGENTS AND ALEXANDER AUCTIONS AND REAL ESTATE SALES FROM ANY ENVIRONMENTAL HAZARDS AND THE COST TO DEFEND HIMSELF, HIS AGENTS OR ALEXANDER AUCTIONS AND REAL ESTATE SALES FROM ANY CLAIMS.

17. 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.

18. ALEXANDER AUCTIONS AND REAL ESTATE SALES AND ALL AGENTS ARE ACTING AS AN AGENT FOR THE SELLERS.

19. 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.

20. 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 AUCTIONEERS. 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, RIGHT-OF-WAYS, OR ANY OTHER INFORMATION THAT CEN BE OBTAINED AS PUBLIC RECORD IN THE APPROPRIATE COUNTY COURT HOUSE CONCERNING SUBJECT PROPERTIES.

21. TECHNICAL ISSUES: IN THE EVENT THERE ARE TECHNICAL DIFFICULTIES RELATED TO THE SERVER, SOFTWARE, INTERNET OR ANY OTHER ON-LINE AUCTION-RELATED TECHNOLOGIES, ALEXANDER AUCTIONS AND 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 AND REAL ESTATE SALES, SHALL BE HELD RESPONSIBLE FOR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON.

22. 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 TO BE TRUE AND CORRECT. NO WARRANTIES ARE MADE TO THIS EFFECT.

23. PROPERTY IS BEING SOLD SUBJECT TO THESE TERMS WHICH WILL BE INCORPORATED INTO THE SALES CONTRACT FOR FUTURE REFERENCE.

WE APPRECIATE YOUR INTEREST IN THIS AUCTION AND WE WILL BE GLAD TO ANSWER ANY QUESTIONS YOU MAY HAVE.

Alexander
AUCTIONS AND 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

EXHIBIT A – “SELLER’S DEED”

80.695 LEVEL ACRES - HUMBOLDT. TM 39343