GENERAL TERMS

GERALD & FAYE FREEMAN AUCTION

4950 HYNDSVER ROAD, MARTIN, TN 38237

SATURDAY * JULY 16, 2016 * 9:00 P.M.

ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY GERALD AND FAYE FREEMEN TO SELL THIS REAL ESTATE AT ABSOLUTE AUCTION.

THE REAL ESTATE CONSISTS OF A BRICK RESIDENCE & 6.517 ACRES LOCATED AT 4950 HYNDSVER ROAD, MARTIN, TN 38237

THE REAL ESTATE IS LOCATED IN THE 14^TH CIVIL DISTRICT OF WEAKLEY COUNTY, TN.

BEING TAX MAP 60, PARCEL 9.00 IN THE WEAKLEY COUNTY TAX ASSESSOR’S OFFICE.

TRACT NO. 1: Residence & 4.726 Acres – 143.55 Ft. Frontage on Hyndsver Rd.

TRACT NO. 2: 1.79 Acres – 438.75 Ft. Frontage on Hyndsver Rd.

Property is being offered in two tracts and as a whole.

DEED REFERENCE IS DEED BOOK 123, PAGE 182 ROWCT.

PROPERTY SURVEYED BY CROCKER-PRATHER LAND SURVEYING, LLC, REGISTERED LAND SURVEYOR TN NO. 1125 & 2956, 397 HERMAN BROOKS RD, MARTIN, TN 38237 ON JUNE 21, 2016.

NEW SURVEY DESCRIPTIONS WILL BE USED FOR DEEDS.

2016 TAXES TO BE PRO-RATED TO DATE OF CLOSING CALCULATED ON THE 2015 TAX AMOUNTS.

2015 COUNTY TAXES: $593.79 FOR ENTIRE FARM.

SELLER TO PAY ANY ROLL BACK TAXES DUE.

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.

14. TERMS ON REAL ESTATE: 20% DOWN DAY OF AUCTION. BALANCE DUE WITHIN 30 DAYS UPON DELIVERY OF DEED. PAYABLE IN 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.

15. POSSESSION OF TRACT 1 INCLUDING HOUSE, BARN AND PASTURE WILL BE GIVEN WITH DEED AT CLOSING. AREA PLANTED IN CORN WILL BE GIVEN WHEN CORN IS HARVESTED.

16. POSSESSION OF TRACT 1 NOT PLANTED IN CORN WILL BE GIVEN WITH DEED. LAND PLANTED IN CORN WILL BE GIVEN WHEN CORN IS HARVESTED.

SELLER RETAINS CROP RENT AND PROCEEDS.

A PORTION OF THE BOUNDARY LINE BETWEEN TRACT 1 AND TRACT 2 GOES THROUGH THE POND.

TERMITE LETTER TO BE FURNISHED BY ALBRIGHT TERMITE SERVICES.

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

NO PERSONAL PROPERTY IS INCLUDED WITH THE SALE EXCEPT FOR THE KITCHEN STOVE.

THE CENTRAL HEAT UNIT IN THE RESIDENCE ON TRACT 1 DOES NOT WORK. SELLER WILL NOT REPLACE OR REPAIR THE UNIT.

THE RESIDENCE ON TRACT 1 SELLS SUBJECT TO THE LEAD BASE PAINT DISCLOSURE: LEAD BASE PAINT NOTIFICATION APPLIES: RESIDENCE DISCLOSURE OF INFORMATION ON LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS: EVERY PROSPECTIVE PURCHASER IS INFORMED THIS HOUSE WAS BUILT PRIOR TO 1978 AND NOTIFICATION IS GIVEN THAT THE PROPERTY MAY PRESENT EXPOSURE TO LEAD-BASED PAINT. PROSPECTIVE PURCHASERS ARE GRANTED, BY LAW, 10 DAYS THE RIGHT TO HAVE THIS HOME INSPECTED FOR LEAD-BASED PAINT. THE PERIOD OF TIME ALLOWED FOR RISK ASSESSMENT OR INSPECTION FOR POSSIBLE LEAD-BASED PAINT HAZARDS BEGAN ON JUNE 29, 2016 WITH THE FIRST ADVERTISEMENT FOR THE SALE OF THIS PROPERTY AT AUCTION ON JULY 8TH, 2016.

THE OWNERS, SELLERS AND SALES MANAGEMENT HAVE NOT HAD OR REQUESTED ANY PERK TEST OR SOIL CLASSIFICATION INSPECTIONS TO BE RUN BY THE HEALTH DEPARTMENT TO DETERMINE THE APPROVAL OR REQUIREMENTS FOR SEPTIC TANKS OR SEPTIC LINES FOR ANY OF THE TRACTS.

PURCHASER(S) SHALL CONTACT THE WEAKLEY COUNTY 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.

ALEXANDER AUCTIONS & REAL ESTATE SALES HAS NO KNOWLEDGE AS TO THE TYPE AND EXISTENCE OF THE SEPTIC TANK AND SEWER SYSTEM LOCATED ON TRACT 1.

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

SELLER AND ALEXANDER AUCTIONS & REAL ESTATE SALES 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.

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.

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

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

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.

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!

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.

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.

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

ALL BIDDERS AGREE TO ACCEPT AND BID ACCORDING TO THESE TERMS.

AUCTION WILL BE HELD AS A MULTI-PARCEL AUCTION WHICH MEANS THE TRACTS WILL BE OFFERED INDIVIDUALLY, IN COMBINATIONS, AND AS A WHOLE. IF COMBINATIONS ARE MADE AND IF THE 2 TRACTS ARE COMBINED INTO 1 COMBINATION TRACT, THE TRACTS WILL BE OFFERED INDIVIDUALLY AND AS COMBINATIONS AGAIN.

IF BIDS ARE RAISED ON INDIVIDUAL LOTS AND COMBINATION OF LOTS THAT EXCEED ANY PREVIOUS TOTAL BIDS, THE PROPERTY WILL BE OFFERED IN ITS ENTIRETY. THE PROCESS CONTINUES UNTIL NO MORE BIDS ARE RECEIVED.

PURCHASER(S) SHOULD REVIEW AND BECOME FAMILIAR WITH THE TERMS AND PROCEDURES OF THE MULTI-PARCEL AUCTION. (SEE ATTACHED EXHIBIT).

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

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

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 – LIC. 9, FL 107

239 University Street ~ P. O. Box 129

MARTIN, TN 38237 ~ (731) 587-4244

Email: www.alexanderauctions@frontiernet.net

SEE OUR WEBSITE: www.alexanderauctions.com

\\STORAGE\public\AUCTION\Terms\Freeman, Gerald 7-16-16.doc

“MULTI PARCEL AUCTION RULES"

1. ALL BIDDERS AGREE TO REMAIN AT THE AUCTION UNTIL ALL LOTS ARE EITHER DECLARED SOLD INDIVIDUALLY OR IN COMBINATIONS OR THE SALE OF ANY OR ALL TRACTS ARE REJECTED.

2. ALL BIDS ARE TO REMAIN ACTIVE AND LIVE THROUGHOUT AUCTION.

3. ALL LOTS WILL BE OFFERED INDIVIDUALLY, IN COMBINATIONS, AND AS A WHOLE.

4. PURCHASER(S) CAN BID ON ANY COMBINATION OF TRACTS.

5. PURCHASER(S) SHALL BE ALLOWED TO BID ON ANY TRACT WHEN THEY ARE OFFERED INDIVIDUALLY OR AT ANY TIME THEREAFTER, REGARDLESS IF THEY ARE INVOLVED IN A COMBINATION OR NOT UNTIL THE END OF THE AUCTION.

6. A BIDDER COULD BE PUT OUT OF THE WINNING POSITION BY A COMBINATION BID OR RAISED INDIVIDUAL BIDS AND THEN A BIDDER CAN COME BACK INTO THE WINNING POSITION WHEN SOMEONE ELSE RAISES OTHER LOTS OR OTHER COMBINATION BIDS ARE MADE.

7. MINIMUM BID RAISES TO MAKE A NEW COMBINATION OF LOTS SHALL BE AT LEAST $500.00 OR 2% WHICHEVER IS GREATER.

9. A BIDDER CAN BID AND RAISE THE SALES PRICE ON ANY INDIVIDUAL LOT LISTED ON THE BOARD OR ANY COMBINATION LISTED ON THE BOARD AT ANY TIME AFTER THEY ARE OFFERED INDIVIDUALLY EVEN THOUGH THE AUCTIONEER MAY NOT BE ASKING FOR A BID ON THAT PARTICULAR LOT. THESE BIDS MAY BE LESS THAN THE MINIMUM RAISE STATED ABOVE BECAUSE THIS IS CONSIDERED TO BE HEADS UP BIDDING AND EACH INDIVIDUAL HAS THE SAME OPPORTUNITY.

10. TO MAKE A BID AND RAISE A BID AS STATED IN THE PREVIOUS NUMBER TURN YOUR BID INTO ONE OF THE RING PERSONNEL ALONG WITH YOUR BIDDER NUMBER SO THEY CAN BE ENTERED AND RECORDED.

11. THE COMPUTER WILL CALCULATE ALL INDIVIDUAL BIDS AND COMBINATION BIDS ARE IN THE WINNING POSITION DURING THE AUCTION. WHEN SOMEONE MAKES A HIGHER BID ON ALL THE LOTS AND ACREAGE AND THE BIDDING CEASES, THAT BID IS ENTERED IN THE COMPUTER.

12. THE AUCTIONEER WILL THEN ASK FOR RAISES ON INDIVIDUAL LOTS AND COMBINATIONS. WHEN INDIVIDUAL BIDS AND COMBINATION BIDS ARE RAISED AND THEY TOTAL MORE THAN THE TOTAL COMBINATION BID. ANYONE RAISING ALL THE LOTS AND ACREAGE MUST MAKE A BID ABOVE THE NEW TOTAL. WHEN THIS HAPPENS THE PROCESS STARTS ALL OVER.

13. IT IS POSSIBLE IN THIS AUCTION TO HAVE A TIE AMONG BIDDERS AT THE END OF THE AUCTION. IN THE EVENT NONE OF THE PURCHASERS WILL INCREASE THEIR BID, MARVIN E. ALEXANDER AND SELLERS SHALL MAKE THE DETERMINATION OF THE FINAL PURCHASER/PURCHASERS CONSIDERING THE TOTAL MONEY SPENT BY AN INDIVIDUAL AND/OR POSSIBLY THE TOTAL NUMBER OF LOTS PURCHASED.

MULTIPLE BIDDERS OR BY ONE BIDDER, THE MULTI-PAR PROGRAM TRACKS EACH INDIVIDUAL BID AND EACH COMBINATION TO REACH THE HIGHEST TOTAL.

Freeman Catalog