GENERAL TERMS

SCOTT CUNNINGHAM AUCTION

963 LAKE DRIVE

SUNDAY ~ JANUARY 24^TH, 2016 ~ 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.

ALL FURNITURE AND PERSONAL PROPERTY INCLUDED IN THE AUCTION IS BEING OFFERED COMBINED WITH THE REAL ESTATE. NO ITEM IS SOLD SEPARATE.

PERSONAL ITEMS AND THE CHEST FOOD FREEZER, GAME MOUNTINGS, PRINTS AND OTHER SMALL ITEMS ARE NOT INCLUDED IN THE AUCTION EVEN THOUGH THEY APPEAR IN THE PICTURES.

ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY SCOTT CUNNINGHAM TO SELL THIS REAL ESTATE AT ABSOLUTE AUCTION.

REAL ESTATE CONSISTS OF A MODULAR RESIDENCE & LOT LOCATED AT 963 LAKE DRIVE, HORNBEAK, TN 38232.

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

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

BEING TAX MAP 87F, GROUP A, PARCEL 6.00 IN THE OBION COUNTY TAX ASSESSOR’S OFFICE.

DEED REFERENCE: DEED BOOK 163, PAGE 176 REGISTER’S OFFICE OF OBION COUNTY, TN.

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

8. 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.

2015 OBION COUNTY TAXES: $1,023.00.

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.

APPLIANCES (EXCLUDING THE CHEST FREEZER), FURNITURE INCLUDING COUCHES, CHAIRS, TABLES, BEDS AND LINENS ARE INCLUDED WITH THE PROPERTY.

BIRD AND GAME MOUNTS, SMALL PERSONAL ITEMS AND PICTURES ARE EXCLUDED FROM THE SALE.

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.

ALL ITEMS ARE AVAILABLE FOR VIEWING BEFORE THE PROPERTY IS OFFERED FOR AUCTION AND YOU SHOULD MAKE AN INSPECTION OF THESE ITEMS BEFOREHAND SO THAT YOU ARE SATISIFIED WITH THEIR CONDITION. VIEWING DATES ARE SUNDAY, JANAUARY 17^TH, 2016 FROM 1:30 P.M. TO 4:30 P.M AND SATURDAY, JANUARY 23^RD, 2016 FROM 2 P.M. TO 4:30 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 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.

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

EXHIBIT “A”

BEGINNING AT A POINT IN THE MARGIN OF REELFOOT DRIVE, ALSO KNOWN AS LAKE DRIVE, SAME BEING THE SOUTHEAST CORNER OF A LOT CONVEYED BY RAYMOND W. MUSE, ET UX. TO JAMES DAYMON SCOTT, ET UX; THENCE IN A NORTHWESTERLY DIRECTION WITH THE LINE OF SCOTT, 105 FEET, MORE OR LESS, TO A POINT IN THE ORDINARY LOW WATER MARK OF REELFOOT LAKE; THENCE WITH THE ORDINARY LOW WATER MARK OF REEFLOOT LAKE, 175 FEET, MORE OR LESS, TO A POINT IN THE CORNER OF THE LOT OF BOB MARTIN, ET UX; THENCE WITH MARTIN’S LINE 178 FEET, MORE OR LESS, TO A POINT IN THE MARGIN OF REELFOOT DRIVE; THENCE WITH THE MARGIN OF SAID REELFOOT DRIVE 175 FEET, MORE OR LESS, TO THE BEGINNING AND BEING SUBJECT TO WHAT AN ACCURATE SURVEY WOULD SHOW. THIS BEING TRACT 3 AND THE ADJOINING 25 FEET OF TRACT 2 DESCRIBED IN DEED BOOK 16-Y, PAGE 152, REGISTER’S OFFICE, OBION COUNTY TENNESSEE.

EXCLUSION NO. 1: BEGINNING AT A POINT IN THE NORTHWESTERLY LINE OF LAKE DRIVE (REELFOOT DRIVE) AT THE SOUTHERN MOST CORNER OF THE DAVID CLIFT LOT; THENCE SOUTH 53 DEGREES AND 00 MINUTES WEST WITH LAKE DRIVE (30 FEET WIDE) 50 FEET TO A POINT; THENCE LEAVING SAID ROAD NORTH 37 DEGREES AND 59 MINUTES WEST 127.5 FEET TO A POINT IN THE ORDINARY LOW WATER LINE OF REELFOOT LAKE; THENCE NORTH 77 DEGREES AND 54 MINUTES EAST WITH REELFOOT LAKE 55.6 FEET TO A POINT AT THE WESTERN MOST CORNER OF THE DAVID CLIFT LOT; THENCE SOUTH 37 DEGREES AND 59 MINUTES EAST WITH CLIFT’S LINE 104.1 FEET TO THE POINT OF BEGINNING.

EXCLUSION NO. 2: BEGINNING AT A POINT IN THE NORTHWESTERLY LINE OF LAKE DRIVE 113 FEET SOUTHWESTWARDLY FROM THE SOUTHERN MOST CORNER OF THE DAVID CLIFT 50 FOOT LOT AND 163 FEET SOUTHWESTWARDLY FROM THE EASTERN MOST CORNER OF THE LOT OF WHICH THIS IS A PART; THENCE SOUTH 53 DEGREES WEST WITH LAKE DRIVE 12 FEET TO A POINT; THENCE LEAVING SAID DRIVE NORTH 37 DEGREES AND 59 MINUTES WEST 123 FEET TO A PINT IN THE ORDINARY LOW WATER LINE OF REELFOOT LAKE; THENCE NORTH 53 DEGREES EAST 12 FEET TO A POINT; THENCE SOUTH 37 DEGREES AND 59 MINUTES EAST 123 FEET TO THE POINT OF BEGINNING.

STATEMENT REQUIRED BY T.C.A. 66-24-121: THE FOREGOING LEGAL DESCRIPTION WAS TAKEN FROM THE PREVIOUS DEEDS OF RECORD.

2,368 Sq. Ft. Residence - Reelfoot Lake