GENERAL TERMS

SILAS OSBORNE ESTATE AUCTION

1033 & 1034 LAKE DRIVE

SUNDAY ~ MAY 15^TH ~ 2 P.M.

HORNBEAK, TN 38232

THIS IS A LIVE AUCTION WHICH WILL BE SIMULCAST ON THE INTERNET. OFF-SITE BIDDERS CAN BID IN REAL TIME DURING LIVE AUCTION. PRE-AUCTION BIDS ARE ACCEPTED. PRE-AUCTION BIDS WILL BE ENTERED DURING THE LIVE AUCTION. BIDDING WILL NOT CLOSE UNTIL THE FALL OF THE HAMMER AT THE LIVE AUCTION.

PRE-AUCTION BIDDERS CAN ENTER THEIR MAX BID TO BE ENTERED AT THE LIVE AUCTION.

ALL BIDDERS ON-LINE MUST BE PRE-APPROVED BY ALEXANDER AUCTIONS & REAL ESTATE SALES. YOU MUST CALL ALEXANDER AUCTIONS & REAL ESTATE SALES AT (731) 587-4244.

ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY BRIAN OSBORNE, EXECUTOR OF SILAS OSBORNE ESTATE TO SELL THIS REAL ESTATE AT AUCTION SUBJECT TO APPROVAL OF THE OBION COUNTY CHANCERY COURT CHANCELLOR, W. MICHAEL MALOAN, REPRESENTING UNDERAGE HEIRS.

REAL ESTATE CONSISTS OF THREE TRACTS.

TRACT NO. 1: 18,800 SQ. FT. BRICK RESIDENCE ON WATERFRONT LOT 71.22 FT. X 122 EXTENDING TO LOW WATER MARK.

TRACT NO. 2: WATEVIEW MASONRY SHOP BUILDING ON 21 FT. X 42 FT. LOT BETWEEN LAKE DRIVE AND HIGHWAY 22.

BEING TAX MAP 87D, GROUP E, PARCEL 9.00 IN THE OBION COUNTY TAX ASSESSOR’S OFFICE-TRACT 1 & 2.

TRACT NO. 3: LAKE VIEW LOT – 60.35+/- FRONTAGE EAST SIDE OF LAKE DRIVE AND 60+/- FT. FRONTAGE ON WEST SIDE OF HWY. 22 BETWEEN LAKE DRIVE AND HIGHWAY 22.

BEING TAX MAP 87D, GROUP B, PARCEL 7.01 IN THE OBION COUNTY TAX ASSESSOR’S OFFICE –TRACT 3.

THE REAL ESTATE IS LOCATED IN THE 5TH CIVIL DISTRICT OF OBION COUNTY, TN.

LEGAL DESCRIPTIONS SUPPLIED IN THE SELLER’S DEED ATTACHED AS EXHIBIT “A”.

DEED REFERENCE: DEED BOOK 26F, PAGE 526 REGISTER’S OFFICE OF OBION COUNTY, TN.

PROPERTY HAS NOT RECENTLY BEEN SURVEYED AND WILL BE SOLD ACCORDING TO THE LEGAL DESCRIPTION IN THE OWNER’S DEED.

12. 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.

2016 TAXES PRO-RATED DATE OF CLOSING AND CALCULATED ON THE 2015 TAX AMOUNT.

TRACT 1 & 2 2015 OBION COUNTY TAXES: $695.00.

TRACT 3 2015 OBION COUNTY TAXES: $45.00

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.

POSSESSION OF PROPERTY WITH DEED TRANSFER AT CLOSING.

ALEXANDER AUCTIONS & REAL ESTATE SALES AND ALL AGENTS WORKING AT 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.

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.

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.

PROPERTY SELLS SUBJECT TO EXISTING EASEMENTS.

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

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.

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. 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.

PROPERTY IS AVAILABLE FOR VIEWING BEFORE THE PROPERTY IS OFFERED FOR AUCTION BIDDERS SHOULD MAKE AN INSPECTION OF THE PROPERTY BEFORE BIDDING SO YOU ARE SATISFIED WITH THE CONDITION. VIEWING DATES: SUNDAY, MAY 8^TH, 2016 FROM 1:30 P.M. TO 4:00 P.M AND THURSDAY, MAY 12^TH, 2016 FROM 3 P.M. TO 6 P.M.

BIDDERS WHO BID OFF-SITE AND ARE NOT PRESENT AT THE LIVE AUCTION OR PREVIEW UNDERSTAND AND ACKNOWLEDGE THAT THEY MAY NOT BE ABLE TO INSPECT AN ITEM 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 PRE-AUCTION AND LIVE 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.

DESCRIPTION TAKES PRECEDENCE OVER THE PICTURES.

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

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

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) 587-4244P

Email: www.alexanderauctions@frontiernet.net

SEE OUR WEBSITE: www.alexanderauctions.com

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