GENERAL TERMS AND CONDITIONS

BOBBY & GAIL JOHNSON AUCTION

1007 LAKE DRIVE

SUNDAY ~ APRIL 17^TH, 2016 ~ 2 P.M.

HORNBEAK, TN 38232

AUCTION WILL BE SIMULCAST ON THE INTERNET. PRE-APPROVED, 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 BOBBY & GAIL JOHNSON TO SELL THIS REAL ESTATE AT ABSOLUTE AUCTION.

REAL ESTATE CONSISTS OF 2 WATERFRONT LOTS LOCATED AT 1007 LAKE DRIVE, HORNBEAK, TN 38232 LOCATED IN THE 5TH CIVIL DISTRICT OF OBION COUNTY, TN.

PROPERTY WILL BE OFFERED IN 2 TRACTS AND COMBINATIONS.

TRACT 1: 70´ X 130´±, EXTENDING TO LOW WATER MARK WITH PIER.

TRACT 2: SOUTH LOT- 70´ X 149´±, EXTENDING TO LOW WATER MARK.

DEED REFERENCE: DEED BOOK 26 Z, PAGE 380-381 REGISTER’S OFFICE OF OBION COUNTY, TN.

PROPERTY IS SOLD ACCORDING TO A SURVEY OF THE ORIGINAL TRACT PURCHASED BY THE SELLER. DAVID KERSEY, SURVEYOR, TN LICENSE NO. 405, SURVEYED THE PROPERTY ON SEPTEMBER 25, 2006. ORIGINAL TRACT SURVEY INCLUDED AS EXHIBIT B.

THE SELLER SOLD THE NORTH PORTION OF THE ORIGINAL PROPERTY OFF SEPTEMBER 28, 2007, ACCORDING TO DAVID KERSEY’S SURVEY DESCRIPTION RECORDED IN DEED BOOK 28-A, PAGE 246-247.

IN THE EVENT THE PROPERTY SELLS COMBINED IN ONE TRACT, SELLERS CURRENT DEED DESCRIPTION WILL BE USED TO CONVEY PROPERTY. NO NEW SURVEY WILL BE MADE.

IN THE EVENT THE PROPERTY SELLS IN 2 TRACTS, THE NEW DIVISION LINE WILL BE DIVIDED BY A LICENSED SURVEYOR.

11. 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; MAP 87E, GROUP B, CONTROL MAP 87D, PARCEL 14.00 PROPERTY IS ASSESSED AS ONE TRACT. THE TAX PRO-RATION WILL BE CALCULATED ON THE 2015 TAX AMOUNT. 2015 OBION COUNTY TAXES: $902.00.

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.

A 13% BUYER’S PREMIUM WILL BE ADDED TO THE FINAL BID TO REACH THE TOTAL SELLING PRICE FOR ANY TRACT PAID BY CREDIT CARD.

BEING TAX MAP 87E, CONTROL MAP 87D, GROUP B, PARCEL 14.00 IN THE OBION COUNTY TAX ASSESSOR’S OFFICE.

DEED CONVEYANCE WILL BE A GENERAL WARRANTY DEED.

POSSESSION OF PROPERTY WITH DEED TRANSFER.

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.

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.

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.

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 ON SITE AND 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 OCRRECTLY 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.

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.

AUCTION WILL BE HELD AS A MULTI-PARCEL AUCTION WHICH MEANS THE TRACTS WILL BE OFFERED INDIVIDUALLY AND COMBINED 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 COMBINED AGAIN. THIS PROCESS WILL CONTINUE UNTIL THE HIGHEST BID IS RECEIVED.

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

ALL BIDDERS ON SITE, ON LINE, AND OFF-SITE AGREE TO ACCEPT THESE GENERAL TERMS AND CONDITIONS AND RULES STATED IN THE ATTACHED MULTI-PARCEL AUCTION RULES. (SPECIFIC TERMS, ON-LINE AND OFF-SITE BIDDER TERMS AND ANY TERMS ANNOUNCED AT THE AUCTION).

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

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

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.

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.

BOBBY & GAIL JOHNSON WATERFRONT LAND AUCTION

ON-LINE AND OFF-SITE AND LIVE AUCTION ADDITIONAL

BIDDING TERMS AND CONDITIONS

1. ALL BIDDERS ON SITE, ON-LINE, AND OFF-SITE AGREE TO ACCEPT THESE GENERAL TERMS AND RULES STATED IN THE ATTACHED MULTI-PARCEL AUCTION RULES. (SPECIFIC TERMS, ON-LINE AND OFF-SITE BIDDER TERMS AND ANY TERMS ANNOUNCED AT THE AUCTION).

2. 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 & REAL ESTATE SALES WITHIN 48 HOURS OF COMPLETION OF THE AUCTION ALONG WITH THE EARNEST MONEY DEPOSIT.

3. THE SUCCESSFUL BIDDER IS REQUIRED TO MAKE AN EARNEST MONEY DEPOSIT ACCORDING TO THE GENERAL TERMS: 20% FOLLOWING THE AUCTION WITH THE EXECUTION OF THE PURCHASE AGREEMENT.

4. 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. NO CREDIT CARD PAYMENTS ACCEPTED.

5. CLOSING DATE: BALANCE DUE WITHIN 30 DAYS UPON DELIVERY OF DEED.

6. FAILURE TO PAY THE BALANCE DUE WILL REQUIRE YOU TO FORFEIT YOUR EARNEST MONEY AND BE SUBJECT TO THE AUCTION TERMS AND CONDITIONS AND THE PURCHASE AGREEMENT.

7. 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 & REAL ESTATE SALES INCURRED IN A SUBSEQUENT RESALE OF THE PROPERTY. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. PURCHASER IS TO MAKE THEIR OWN INSPECTION OF THE PROPERTY AND BID ACCORDING TO THEIR INSPECTION AND DUE DILIGENCE RESEARCH.

RESTRICTIONS:

13. 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.

14. 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.

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

16. 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.

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

EXHIBIT “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.

12. 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.

EXHIBIT A-

JOHNSON PROPERTY DESCRIPTION EXCLUDING SELL OFF

BEGINNING AT THE POINT OF INTERSECTION OF A SOUTHEASTWARDLY PROJECTION OF THE SOUTHERLY LINE OF THE MURIEL JONES LOT (D.B. 22-Z, PG. 647) WITH THE CENTER-LINE OF LAKE DRIVE; THENCE SOUTH 38 DEGREES 48 MINUTES AND 53 SECONDS WEST WITH SAID CENTER-LINE 126.08 FEET TO A POINT; THENCE CONTINUING WITH SAID CENTER-LINE SOUTH 41 DEGREES 57 MINUTES AND 04 SECONDS WEST 76.69 FEET TO A FOUND IRON PIN AT THE EASTERN MOST CORNER OF THE THOMAS L. DUNIVANT TRUST LOT; THENCE NORTH 44 DEGREES 15 MINUTES AND 51 SECONDS WEST WITH DUNIVANT’S LINE, PASSING A SET IRON PIN AT 15.00 FEET AND ANOTHER SET IRON PIN AT 116.68 FEET, FOR A TOTAL DISTANCE OF 133.00 FEET TO A POINT AT THE ORDINARY LOW WATER MARK OF REELFOOT LAKE; THENCE NORTHEASTWARDLY WITH THE MEANDERINGS OF SAID LOW WATER MARK (CHORD BEARING AND DISTANCE NORTH 46 DEGREES 44 MINUTES AND 45 SECONDS EAST 202.81 FEET) TO A CORNER OF THE MURIEL JONES LOT; THENCE SOUTHEASTWARDLY WITH JONES’ LINE AS FOLLOWS, SOUTH 32 DEGREES 14 MINUTES AND 55 SECONDS EAST, PASSING A FOUND IRON PIN AT 5.00 FEET, FOR A TOTAL DISTANCE OF 48.03 FEET TO A FOUND IRON PIN, SOUTH 34 DEGREES 13 MINUTES AND 48 SECONDS EAST 9.96 FEET TO A FOUND IRON PIN, SOUTH 55 DEGREES 45 MINUTES AND 10 SECONDS EAST, PASSING A FOUND IRON PIN AT 40.66 FEET, FOR A TOTAL DISTANCE OF 53.45 FEET TO THE POINT OF BEGINNING, ACCORDING TO A SURVEY BY DAVID B. KERSEY, TENNESSEE LICENSE NO. 405 DATED SEPTEMBER 25, 2006.

DEED REFERENCE: SELLERS DEED DESCRIPTION DEED BOOK 26-Z, PAGE 380-381, REGISTER’S OFFICE, OBION COUNTY, TENNESSEE

INCLUDED IN ABOVE DESCRIPTION BUT SPECIFICALLY EXCLUDED IS:

BEGINNING AT POINT OF INTERSECTION OF A SOUTHEASTWARDLY PROJECTION OF THE SOUTHWESTERLY LINE OF THE DONALD R. DUMBRIS LOT (D.B. 26-Z, PAGE 32) WITH CENTER-LINE OF LAKE DRIVE; THENCE SOUTH 38 DEGREES 48 MINUTES AND 53 SECONDS WEST WITH SAID CENTER-LINE 62.00 FEET TO A POINT; THENCE LEAVING LAKE DRIVE NORTH 43 DEGREES 57 MINUTES AND 01 SECONDS WEST, PASSING SET IRON PINS AT 15.00 FEET AND 106.38 FEET, AND CONTINUING ON FOR A TOTAL DISTANCE OF 117.74 FEET TO A POINT IN THE ORDINARY LOW WATER MARK (SEE DEED BOOK 12-X, PAGE 556 AND 12-A, PAGE 465) OF REELFOOT LAKE; THENCE NORTHEASTWARDLY WITH THE MEANDERINGS OF SAID LOW WATER MARK (CHORD BEARING AND DISTANCE NORTH 46 DEGREES 44 MINUTES AND 45 SECONDS EAST TO A CORNER OF THE DONALD R. DUMBRIS LOT; THENCE SOUTHEASTWARDLY WITH DUMBRIS’S LINE AS FOLLOWS SOUTH 32 DEGREES 14 MINUTES AND 55 SECONDS EAST, PASSING FOUND IRON PIN AT 5.00 FEET, FOR A TOTAL DISTANCE OF 48.03, SOUTH 34 DEGREES 13 MINUTES AND 48 SECONDS EAST 9.96 FEET, SOUTH 55 DEGREES 45 MINUTES AND 10 SECONDS EAST, PASSING A FOUND IRON PIN AT 40.66 FEET, FOR A TOTAL OF 53.45 FEET TO THE POINT OF BEGINNING ACCORDING TO SURVEY OF DAVID B. KERSEY, TENNESSEE LICENSE NO. 405, DATED SEPTEMBER 18, 2007.

DEED REFERENCE: BEING PART OF THE PROPERTY ACQUIRED IN DEED BOOK 26-Z, PAGE 380, REGISTER’S OFFICE, OBION COUNTY, TENNESSEE. FOR FURTHER REFERENCE SEE, DEED BOOK 26-V, PAGE 217 AND DEED BOOK 26-Y, PAGE 887.

EXHIBIT B

DAVID KERSEY SURVEY OF ORIGINAL TRACT

1.

SURVEY FOR
ROBERT N. JOHNSON
CIVIL DISTRICT 5

OBION COUNTY, TENNESSEE

BEING THE PROPERTY RECORDED IN DEED BOOK 22 R, PAGE 55 AND PART OF THE PROPERTY RECORDED IN DEED BOOK 16 M, PAGE 313 REGISTRAR'S OFFICE, OBION COUNTY, TENNESSEE.

THIS IS TO CERTIFY THAT I HAVE SURVEYED THE PROPERTY DESCRIBED ABOVE IN OBION COUNTY, TENNESSEE, THAT THIS PLAT CORRECTLY REPRESENTS THE SURVEY THEREOF AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

Beginning at the point of intersection of a southeastwardly projection of the southerly line of the Muriel Jones Lot (D.B. 22 Z, Pg. 647) with the center-line of Lake Drive; thence south 38 degrees 48 minutes and 53 seconds west with said center-line 126.08 feet to a point; thence continuing with said center-line south 41 degrees 57 minutes and 04 seconds west 76.69 feet to a found iron pin at the eastern most comer of the Thomas L. Dunivant Trust Lot; thence north 44 degrees 15 minutes and 51 seconds west with Dunivant's line, passing a set iron pin at 15.00 feet and another set iron pin at 116.68 feet, for a total distance of 133.00 feet to a point at the ordinary low water mark of Reelfoot Lake; thence northeastwardly with the meanderings of said low water mark (chord bearing and distance north 46 degrees 44 minutes and 45 seconds east 202.81 feet) to a corner of the Muriel Jones Lot; thence southeastwardly with Jones's line
as follows, south 32 degrees 14 minutes and 55 seconds east, passing a found iron pin at 5.00 feet, for a total distance of 48.03 feet to a found iron pin, south 34 degrees 13 minutes and 48 seconds east 9.96 feet to a found iron pin, south 55 degrees 45 minutes and 10 seconds east, passing a found iron pin at 40.66 feet, for a total distance 'of 53.45 feet to the point of beginning.

September 25, 2006

2 Waterfront Lots - Reelfoot Lake