GENERAL TERMS
ROBERT H. MICHEL, SR. ESTATE AUCTION
1070 & 1074 LAKE DRIVE
SUNDAY ~ OCTOBER 2ND, 2016 ~ 2 P.M.
HORNBEAK, TN 38232

THIS IS A LIVE AUCTION WITH PRE-AUCTION BIDDING. 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.

1. ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY SHERILYN L. WALKER, INDIVIDUALLY, SHERILYN L. WALKER, MICHELLE E. MICHEL AND ROBERT H. MICHEL (HEIRS OF ROBERT H. MICHEL, SR.)

2. REAL ESTATE CONSISTS OF TWO TRACTS.

3. TRACT NO. 1: 1074 LAKE DRIVE, HORNBEAK, TN 38232. 1983 14 FT. X 70 FT. MOBILE HOME. OFFERED SEPARATE TO BE REMOVED AND COMBINES WITH LOT. DETACHED CARPORT, STORAGE BUILDING. LOT IS 28 FT. X 151 FT. BEING MAP 87D, GROUP B, PARCEL 13.13 IN TAX ASSESSORÂ’S OFFICE OF OBION COUNTY, TN. RECORDED IN DEED BOOK 24P, PAGE 135 IN THE REGISTERÂ’S OFFICE OF OBION COUNTY, TN.

4. TRACT NO. 2: 1070 LAKE DRIVE, HORBEAK, TN 38232. 1977 12 FT. X 60 FT. MOBILE HOME. OFFERED SEPARATE TO BE REMOVED AND COMBINED WITH LOT. LOT IS 29 FT. X 150 FT. BEING MAP 87D, GROUP B, PARCEL 13.14 IN THE TAX ASSESSORÂ’S OFFICE OF OBION COUNTY, TN. RECORDED IN DEED BOOK 26M, PAGE 659 IN THE REGISTERÂ’S OFFICE OF OBION COUNTY, TN.

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

6. LEGAL DESCRIPTIONS SUPPLIED IN THE SELLERÂ’S DEED ATTACHED AS EXHIBIT Â“AÂ”.

7. PROPERTY HAS BEEN SURVEYED BY REASONS ENGINEERING & ASSOCIATES, INC., 463 STATE ROUTE 187, MEDINA, TN 38355 ON 11/19/2015 AND WILL BE SOLD ACCORDING TO THE NEW SURVEY DESCRIPTIONS.

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.

9. 2016 TAXES PRO-RATED DATE OF CLOSING.

TRACT 1: 2016 OBION COUNTY TAXES: $232.00.
TRACT 2: 2016 OBION COUNTY TAXES: $200.

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

11. POSSESSION OF PROPERTY WITH DEED TRANSFER AT CLOSING.

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

13. PURCHASERS AND PURCHASERÂ’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.

14. 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.

15. 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 Â“AS ISÂ” WITH NO WARRANTY WHATSOEVER AS TO THE CONDITION OF THE SAME.

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

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

18. EACH TRACT HAS A MOBILE HOME WHICH WILL BE OFFERED SEPARATE TO BE REMOVED AND COMBINED WITH LOT.

19. IN THE EVENT THE MOBILE HOME SELLS SEPARATE, PURCHASER SHALL HAVE SIXTY DAYS FROM THE DATE OF THE AUCTION TO REMOVE THE MOBILE HOME.

20. IN THE EVENT THE MOBILE HOME SELLS SEPARATE, THEY MUST BE PAID IN FULL FOR ON AUCTION DAY.

21. THE ELECTRICAL SERVICE IS TO REMAIN WITH THE REAL ESTATE.

22. IN THE EVENT THE MOBILE HOME ON 1074 LAKE DRIVE SELLS SEPARATE TO BE REMOVED, THE CONNECTING SHELD WILL HVE TO BE TORN OFF AND WILL BE DAMAGED. PROSPECTIVE BIDDERS ON JUST THE LOT SHOULD TAKE THIS INTO CONSIDERATION BEFORE BIDDING.

23. THE MOBILE HOMES NEED REPAIRS. NO REPAIRS WILL BE MADE.

24. PROPERTY AND IMPROVEMENTS ARE BEING SOLD IN THEIR PRESENT CONDITION Â“AS ISÂ”. 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.

25. 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 PURCHASERÂ’S SOLE RESPONSIBILITY TO HAVE COMPLETED THEIR OWN DUE DILIGENCE SURVEY, RESEARCH, INSPECTION, CHECKING AND BID ACCORDING TO THEIR DUE DILIGENT SURVEY AND RESEARCH.

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

27. PROPERTY SELLS SUBJECT TO EXISTING EASEMENTS.

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

29. 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!

30. 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 BUYERÂ’S DEFAULT.

31. 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, SEPTEMBER 25TH, 2016 FROM 1:30 P.M. TO 4:00 P.M AND FRIDAY, SEPTEMBER 30TH, 2016 FROM 1:30 P.M. TO 3:30 P.M.

32. 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 BIDDERÂ’S RESPONSIBILITY TO DETERMINE CONDITION, AGE, GENUINENESS, VALUE OR ANY OTHER DETERMINATIVE FACTOR.

33. 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.

34. DESCRIPTION TAKES PRECEDENCE OVER THE PICTURES.

35. 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.

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

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

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

39. 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.

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

41. 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.

42. 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 Â– 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
\\STORAGE\public\AUCTION\Terms\Michel Estate 10-2-16.doc

EXHIBIT Â“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.

EXHIBIT Â“AÂ”

TRACT 1: - 0.13 ACRE

BEGINNING AT AN IRON PIN SET IN THE EAST RIGHT OF WAY OF LAKE DRIVE (15 FEET FROM CENERLINE), WHICH POINT IS THE NORTHWEST CORNER OF SHERILYN WALKER AS RECORDED IN DEED BOOK 26M, PAGE 659, REGISTERÂ’S OFFICE OF OBION COUNTY, TN AND THE SOUTHWEST CORNER OF THE HEREIN DESCRIBED TRACT;

THENCE, FROM THE POINT OF BEGINNING AND WITH THE EAST RIGHT OF WAY OF LAKE DRIVE, NORTH 25 DEGREES 40 MINUTES 56 SECONDS EAST 31.71 FEET TO AN IRON PIN SET AT THE SUTHWEST CORNER OF MICHELLE MICHEL AS RECORDED IN DEED BOOK 26M, PAGE 656, REGISTERÂ’S OFFICE OF OBION COUNTY, TN;

THENCE, WITH THE SOUTH LINE OF MICHELLE MICHEL, SOUTH 58 DEGREES 58 MINUTES 15 SECONDS EAST 149.29 FEET TO AN IRON SET IN THE WEST LINE OF LAVAUGHN & JOHN CUMMINGS AS RECORDED IN DEED BOOK 24X, PAGE 213, REGISTERÂ’S OFFICE OF OBION COUNTY, TN.

THENCE, WITH THE WEST LINE OF CUMMINGS, THE FOLLOWING CALLS: SOUTH 16 DEGREES 47 MINUTES 19 SECONDS WEST 3.00 FETT TO AN IRON PIN SET; SOUTH 26 DEGREES 37 MINUTES 53 SECONDS WEST 44.23 FEET TO AN IRON PIN SET AT THE NORHTEAST CORNER OF SHERILYN WLAKER AS RECORDED IN DEED BOOK 26M, PAGE 659, REGISTERÂ’S OFFICE OF OBION COUNTY, TN.

THENCE, WITH THE NORTH LINE OF SHERILY WALKER, NORTH 53 DEGREES 06 MINUTES 49 SECONDS WEST 151.25 FEET TO THE POINT OF BEGINNING, CONTAINING 0.13 ACRES.

TRACT 2: 0.10 ACRE

BEGINNING AT AN IRON PIN SET IN THE EAST RIGHT OF WAY OF LAKE DRIVE (15 FEET FROM THE CENTERLINE), WHICH POINT IS THE NORTHWEST CORNER OF JIM SINGLETON AS RECORDED IN DEED BOOK 121, PAGE 680, REGISTERÂ’S OFFICE OF OBION COUNTY, TN AND THE SOUTHWEST CORNER OF THE HEREIN DESCRIBED TRACT:

THENCE, FROM THE POINT OF BEGINNING AND WITH THE EAST RIGHT OF WAY OF LAKE DRIVE, NORTH 25 DEGREES 41 MINUTES 24 SECONDS EAST 29.40 FEET TO AN IRON PIN SET AT THE SOUTHWEST CORNER OF ROBERT & MARILYN MICHEL AS RECORDED IN DEED BOOK 24P, PAGE 135, REGISTERÂ’S OFFICE OF OBION COUNTY, TN.

THENCE, WITH THE SOUTH LINE OF ROBERT & MARILYN MICHEL, SOUTH 53 DEGREES 06 MINUTES 49 SECONDS EAST 151.25 FEET TO AN IRON PIN SET AT THE NORHTWEST CORNER OF REELFOOT LAKE REGIONAL UTLITY & PLANNING DISTRICT AS RECORDED IN DEED BOOK 20X, PAGE 610, REGISTERÂ’S OFFICE OF OBION COUNTY, TN;

THENCE, WITH THE WEST LINE OF REELFOOT LAKE REGIONAL UTILITY & PLANNING DISTRICT, SOUTH 27 DEGREES 21 MINUTES 47 SECONDS WEST 28.66 FEET TO AN IRON PIN SET AT THE NORTHEAST CORNER OF JIM SINGLETON;

THENCE, WITH THE NORTH LINE OF SINGLETON, NORTH 53 DEGREES 20 MINUTES 00 SECONDS WEST 150.29 FEET TO THE POINT OF BEGINNING; CONTAINING 0.10 ACRE.

Reelfoot Lake Lots Auction