GENERAL TERMS

COMMERCIAL BUILDING AUCTION

601-609 WEST MAIN STREET, NEWBERN, TN 38059

ON-LINE ONLY AUCTION!

BIDDING BEGINS WEDNESDAY, MARCH 3^RD, 2018

BIDDING ENDS THURSDAY, MARCH 15^TH, 2018 AT 10 A.M.

ALL BIDDERS MUST REGISTER ON ALEXANDER AUCTIONS & REAL ESTATE SALES WEBSITE (www.alexanderauctions.com) TO OBTAIN A BID NUMBER.

ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY BEVERLY GREER TO SELL THIS PROPERTY TO THE HIGHEST BIDDER.

REAL ESTATE CONSISTS OF A COMMERCIAL BUILDING AND LOT LOCATED AT 601-609 WEST MAIN STREET, NEWBERN, TN 38059.

PROPERTY IS LOCATED IN THE 6^TH CIVIL DISTRICT, DYER COUNTY, TN.

LYING AND BEING SITUATED IN THE SIXTH CIVIL DISTRICT OF DYER COUNTY, TN AND WITHIN THE CORPORATE CITY LIMITS OF NEWBERN, TN AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT AN IRON ROD AT THE INTERSECTION OF THE SOUTH RIGHT-OF-WAY OF U.S. HWY. 51 WITH THE WEST RIGHT-OF-WAY OF NEWBERN-ROELLEN ROAD, THE NORTHEAST CORNER OF THIS HEREIN DESCRIBED PARCEL AND BEING THE ORIGINAL NORTHEAST CORNER OF THE MARTHA LOU NEW-BILL, ET AL, PROPERLY AS SHOWN BY DEED IN DEED BOOK 286, PAGE 5 (DESIGNED AS TRACT 2), RECORDED IN THE REGISTER’S OFFICE FOR DYER COUNTY, TN OF WHICH THIS PARCEL IS A PART; RUNS THENCE SOUTH 03 DEGREES 10 MINUTES EAST, 159.25 FEET ALONG THE EAST LINE OF THIS PARCEL AND THE WEST RIGHT-OF-WAY OF NEWBERN-ROELLEN ROAD TO AN IRON ROD, THE SOUTHEAST CORNER OF THIS HEREIN DESCRIBED PARCEL; RUNS THENCE SOUTH 76 DEGREES 37 MINUTES 34 SECONDS WEST, 168.48 FEET ALONG THE SOUTH LINE OF THIS PARCEL AND CUTTING A NEW LINE THROUGH SAID TRACT 2 OF NEWBILL ET AL PROPERTY TO A METAL FENCE POST, THE SOUTHEAST CORNER OF THE ROBERTS-GIBSON PROPERTY AS SHOWN BY DEED IN DEED BOOK 178, PAGE 01 RECORDED IN THE REGISTER’S OFFICE OF DYER COUNTY, TN; AN ORIGINAL INNER CORNER OF SAID TRACT 2 OF THE NEWBILL ET AL PROPERTY AND BEING THE SOUTHWEST CORNER OF THIS HEREIN DESCRIBED PARCEL; RUNS THENCE NORTH 17 DEGREES 38 MINUTES WEST, 150.60 FEET ALONG THE WEST LINE OF THIS PARCEL AND THE EAST LINE OF SAID ROBERTS-GIBSON PROPERTY TO AN IRON ROD ON THE CURVING SOUTH RIGHT-OF-WAY OF U.S. HWY. 51, THE NORTHEAST CORNER OF SAID ROBERTS-GIBSON PROPERTY AND BEING THE NORTHWEST CORNER OF THIS HEREIN DESCRIBED PARCEL; RUNS THENCE ALONG THE CURVING NORTH LINE OF THIS PARCEL AND THE SOUTH RIGHT-OF-WAY OF U.S. HWY. 51, THE FOLLOWING CALLS: NORTH 74 DEGREES 49 MINUTES 25 SECONDS EAST, 207.99 FEET (CHORD), 208.79 FEET (ARC DISTANCE), 686.30 FEET (RADIUS), 17 DEGREES 25 MINUTES 52 SECONDS (DELTA ANGLE) TO THE POINT OF BEGINNING AND CONTAINING 0.66 ACRES, MORE OR LESS.

DEED REFERENCE: QUITCLAIM DEED RECORD BOOK 771, PAGE 29-30 IN DYER COUNTY REGISTER’S OFFICE

DYER COUNTY TAX MAP 048M GROUP D, PARCEL 10.00 AS SHOWN ON THE

L. ROBERT KIMBALL MAPS FOR DYER COUNTY, TN.

2018 TAXES PRO-RATED DATE OF CLOSING CALCULATED ON THE 2017 TAXES.

COUNT TAXES: $ 2,231,32

CITY TAXES: $ 1,256.96

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

PURCHASE AGREEMENT: PURCHASER MUST SIGN THE REAL ESTATE AGREEMENT WITHIN 24 HOURS AFTER THE CLOSE OF THE AUCTION INCLUDING ALEXANDER AUCTIONS & REAL ESTATE SALES AGENCY AGREEMENT.

EARNEST MONEY DEPOSIT: PURCHASER SHALL BE REQUIRED TO MAKE AN EARNEST MONEY DEPOSIT OF 15% OF THE PURCHASE AGREEMENT PRICE WITHIN 24 HOURS AFTER THE AUCTION CLOSES AT THE TIME THE PURCHASE AGREEMENT IS SIGNED.

EARNEST MONEY PAYABLE BY CASH, CASHIERS 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.

CLOSING: BALANCE OF THE CONTRACT PRICE IS DUE ON OR BEFORE 30 DAYS AFTER THE PURCHASE AGREEMENT IS SIGNED FOLLOWING THE CLOSE OF THE AUCTION.

BID INCREMENTS:

Up to $ 10,000 = $ 100.00

$ 10,001 to $ 25,000 = $ 150.00

$ 25,001 to $ 50,000 = $ 250.00

$ 50,001 to $ 60,000 = $ 300.00

$ 60,001 to $ 70,000 = $ 400.00

$ 70,000 to $ 150,000 =$ 500.00

POSSESSION OF PROPERTY GIVEN WITH DEED TRANSFER AT CLOSING.

PROPERTY IS ZONED B-1 (GENERAL BUSINESS).

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

AUCTION ENDING: ALEXANDER AUCTIONS & REAL ESTATE SALES ON-LINE AUCTIONS ARE TIMED EVENTS AND ALL BIDDING WILL CLOSE AT A SPECIFIED TIME.

TIME EXTENSION: ALEXANDER AUCTIONS & REAL ESTATE SALES ON-LINE AUCTION HAVE AN AUTO-EXTENDED FEATURE. ANY BID 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. THE AUTO-EXTENDED FEATURE REMAINS ACTIVE UNTIL NO FURTHER BIDS ARE RECEIVED WITHIN A FIVE MINUTE 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 OF ANY OTHER ON-LINE AUCTION RELATED TECHNOLOGIES, 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. 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 ALEXANDER AUCTIONS (731) 587-4244 OR (731) 225-1157.

ALEXANDER AUCTIONS & REAL ESTATE SALES AGENTS WORKING IN THIS AUCTION ARE ACTING AS AN AGENT FOR THE SELLER.

PURCHASERS AND PURCHASER’S REPRESENTATIVES HAVE HAD THE OPPORTUNITY TO INSPECT THIS PROPERTY AND WILL AGREE TO ALL BIDS AND PURCHASE SAID PROPERTY AS A RESULT OF THEIR INSPECTION.

ALEXANDER AUCTIONS & REAL ESTATE SALES AND SELLER HAS NOT MADE, DOES NOT MAKE, AND EXPRESSLY DISCLAIMS, ANY WARRANTIES, REPRESENTATIONS, COVENANTS OR GUARANTEES, EXPRESSED OR IMPLIED, OR ARISING OUT BY OPERATION OF LAW, AS TO THE MERCHANTABILITY, HABITABILITY, QUANTITY, QUALITY OR ENVIRONMENTAL CONDITION OF THE PROPERTY OR ITS SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR PARTICULAR USE.

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

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

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

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.

THE BUILDING’S WALLS & CEILING UPSTAIRS SHOWS DEFERRED MAINTENANCE AND IS UNDER REPAIR AND MODERNIZATION. NO FUTURE IMPROVEMENT WILL BE MADE. THE BUILDING WILL SELL IN ITS PRESENT CONDITION.

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.

FAILURE TO PAY THE BALANCE DUE WILL REQUIRE YOU TO FORFEIT YOUR EARNEST MONEY AND BECOME SUBJECT TO ALL TERMS IN THE CONTRACT.

PROPERTY SELLS SUBJECT TO EXISTING EASEMENTS.

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

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 MONIES 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 RE-SALE 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 IS PROVIDING INTERNET 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 ALEXANDER AUCTIONS & REAL ESTATE SALE OR ANYONE ELSE IF THE INTERNET SERVICE FAILS TO WORK CORRECTLY BEFORE OR DURING THE LIVE AUCTION. ALEXANDER AUCTIONS & REAL ESTATE SALES WILL NOT BE RESPONSIBLE FOR ANY MISSED BIDS FROM ANY SOURCE. INTERNET BIDDERS WHO DESIRE TO MAKE CERTAIN THEIR BID IS ACKNOWLEDGED SHOULD LEAVE THEIR MAXIUMUM BID 24 HOURS BEFORE THE AUCTION BEGINS.

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.

ANY INDIVIDUAL ATTENDING THE AUCTION OR WORKING AT THE AUCTION HAS THE RIGHT TO BID AND PURCHASE THE PROPERTY.

AUCTIONEER AND SALES MANAGEMENT RESERVE THE RIGHT TO BID OR EXECUTE ANY ABSENTEE OR OTHER BIDS THAT ARE TURNED IN TO THEM PERSONALLY OR ON-LINE.

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

ALL INFORMATION USED IN THE ADVERTISING AND PROMOTION OF THIS AUCTION HAS BEEN OBTAINED FROM PUBLIC RECORDS AND OTHER SOURCES DEEMED TO BE LIABLE AND ARE BELIEVED TO BE TRUE AND CORRECT. NO WARRANTIES ARE MADE TO THIS EFFECT.

EACH BUYER IN MAKING A BID DOES HEREWITH AGREE TO COMPLY WITH THE TERMS AND CONDITIONS AS HEREIN STATED AND AS OTHERWISE SET FORTH. THE FAILURE OR DEFAULT BY A SUCCESSFUL BUYER TO FULLY COMPLY WITH THE TERMS AND CONDITIONS HEREIN WILL BE TREATED AS A IMMEDIATE BREACH AND THE DEPOSIT AS MADE RETAINED AND APPLIED TOWARD ANY DEFICIT IN ADDITIONAL COSTS OR CHARGES AS INCURRED TO EFFECT THE RESALE OF THAT PROPERTY A PRIVATE OR PUBLIC SALE. THERE SHALL BE NO FURTHER NOTICE REQUIRED TO THE BUYERS ONCE A DEFAULT HAS OCCURRED. THE OBLIGATION OF THE BUYER SHALL BE FOR COST AS INCURRED PLUS ANY DEFICIT INCLUDED ARISING FROM THE BUYER’S DEFAULT.

ALL BIDDERS AGREE AND ACCEPT THESE TERMS AND CONDITIONS AND AGREE TO BID ACCORDING TO THESE TERMS WHEN THEY REGISTER FOR A BID NUMBER.

PROPERTY IS BEING SOLD SUBJECT TO THESE TERMS AND ANY SPECIFIC TERMS. THESE TERMS WILL BE ATTACHED TO THE SALES CONTRACT FOR FUTURE REFERENCE.

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

Alexander

AUCTIONS & REAL ESTATE SALES

MARVIN E. ALEXANDER CAI – LIC. 9, FL 107

239 University Street ~ P. O. Box 129 ~ MARTIN, TN 38237

Office: (731) 587-4244) Cell: (731) 225-7368

Email: www.alexanderauctions@frontiernet.net

SEE OUR WEBSITE: www.alexanderauctions.com

On-Line Only Auction - Commercial Building - Newbern, TN