GENERAL TERMS

HAROLD & VELMA STOVER

THURSDAY ~ DECEMBER 17^TH, 2015

TROY-HICKMAN ROAD, UNION CITY, TN

ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY HAROLD & VELMA STOVER TO SELL THIS REAL ESTATE AT ABSOLUTE AUCTION.

THE PROPERTY CONSISTS OF 24.4 +/- ACRES LOCATED ON TROY-HICKMAN ROAD, UNION CITY, TN, LOCATED IN THE 10^TH CIVIL DISTRICT OF OBION COUNTY, TN. WHICK IS DESCRIBED IN THE SELLER’S DEED CONTAINING 24.55 ACRES, DEED REFERENCE BOOK 26Y, PAGE 368, REGISTER’S OFFICE OF OBION COUNTY, TENNESSEE.

IT APPEARS THE WEST CALL HAS BEEN OMITTED FROM THE 24.55 ACRE SURVEY DESCRIPTION. THE SURVEY PINS ARE STILL SET AND IN SIGHT.

INCLUED IN THE 24.55 ACRES BUT TO BE SPECIFICALLY EXCLUDED IS A SMALL AREA IN THE SOUTHEAST CORNER OFFSET OF THE TRACT. THE AREA TO BE EXCLUDED IS LOCATED SOUTH OF A LIGHT POLE NEAR THE SOUTHEAST CORNER OF THE 24.55 ACRES ON THE WEST SIDE OF THE TROY-HICKMAN ROAD. SAID EXCLUSIONS MAY EXTEND SOUTH OVER INTO OR NEAR A JPOND ON STOVER’S BARN TRACT WHICH IS LOCATED SOUTH OF THE 24.40 ACRES IN THE AUCTION.

THE STOVER’S 24.55 ACRE DEED DESCRIPTION IS ATTACHED TO THESE TERMS AS EXHIBIT “A”.

TRACT 1: 15.67 +/- ACRES, SAID TRACT CONSISTS OF 15.38 ACRES AS DESCRIBED IN THE KERSEY PLAT DATED APRIL 30, 2008; 251.03 FEET FRONTAGE ON TROY-HICKMAN ROAD APPROXIMATELY 1,200 FEET ON BETHEL CHURCH ROAD, PLUST .293 ACRES ADDED AT THE SOUOTHEAST CORNER ON TORY-HICKMAN ROAD. SAID ADDITION IS TO HAVE 64 FEET OF FRONTAGE ALONG TORY-HICKMAN ROAD, THENCE NORTH 83 DEGREES 45 MINUTES 19 SECONDS WEST MAKING A NEW LINE THROUGH STOVER FOR A DISTANCE OF 23+/- FEET. (SEE EXHIBIT “B”)

TRACT 2: 8.73 ACRES FRONTING TROY-HICKMAN ROAD REMAINING LAND OUT OF 24.55 ACRES DESCRIBED ON KERSEY PLAT EXCLUDING THE 15.38 ACRES AND THE .293 ACRES ADDED TO TRACT 1 AND THE SMALL AREA SOUTH OF LIGHT POLE IN SOUTHEAST CORNER OF FARM. THE WEST LINE IS SHOWN BYH THE KERSEY PLAT AND APPEARS TO HAVE 92+/- FEET OF WIDTH.

IN THE EVENT THE PROPETY SELLS IN 2 TRACTS, THE PROPERTY WILL BE DIVIDED BY A SURVEYOR. SELLER TO PAY ONE-HALF OF THE SURVEY COST. PURCHASER TO PAY ONE-HALF OF THE SURVEY COST.

IN THE EVENT THE PROPERTY SELLS IN ONE TRACT, NO SURVEY WILL BE DONE. PROPERTY WILL BE DEEDED AS 24.40+/- ACRES EXCLUDING THE SMALL PORTION EXCLUDED IN THE SOUTHEAST CORNER.

TAX REFERENCES:

MAP 61, PARCEL 26.07 IN THE TAX ASSESSOR’S OFFICE OF OBION COUNTY, TN.

DEED REFERENCE: DEED BOOK 26Y, PAGE 368 IN THE REGISTER’S OFFICE OF OBION COUNTY, TN.

2015 TAXES TO BE PRORATED AT CLOSING. PURCHASER TO PAY ALL THE 2016 TAXES.

2015 OBION COUNTY TAX: $74.00.

POSSESSION TO BE GIVEN UPON DELIVERY OF DEED.

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

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.

TITLE TO THE REAL ESTATE WILL BE CONVEYED TO PURCHASER BY A WARRANTY DEED.

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 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 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.

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 PARTICULAR USE. THE WARRANTIES OF HABITABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND PARTICULAR USE ARE EXPRESSLY EXCLUDED AND WAIVED.

20. THE OWNERS, SELLERS AND SALES MANAGEMENT HAVE NOT HAD OR REQUESTED ANY PERK TEST OR SOIL CLASSIFICATION INSPECTIONS TO BE RUN BY THE TENNESSEE WATER PROTECTION AGENCY TO DETERMINE THE APPROVAL OR REQUIREMENTS FOR SPECTIC TANKS OR SPECTIC LINES FOR ANY OF THE TRACTS.

21. THE PURCHASER SHALL CONTACT THE OBION COUNTY GROUND WATER PROTECTION DEPARTMENT OR A STATE APPROVED SOIL SCIENTIST TO OBTAIN A SOIL ANALYSIS AND APPROVAL FOR A SEPTIC SYSTEM ON ANY TRACTS IF DESIRED.

ANY PURCHASER DESIRING TO BUILD OR INSTALL A SEPTIC SYSTEM WHERE SEWER IS NOT AVAILABLE WILL HAVE TO APPLY TO THE OBION COUNTY GROUND WATER PROTECTION DEPARTMENT AND FOLLOW THEIR REQUIREMENTS AND INSTRUCTIONS.

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 ANY EXISTING EASEMENTS.

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

IN THE EVENT THE PURCHASER DESIRES TITLE INSURANCE ON THEIR PURCHASE, THE COST OF THE TITLE POLICY SHALL BE PAID BY THE PURCHASER.

ALL TIE BIDS WILL BE SETTLED FROM THE AUCTION STAND BY THE AUCTIONEER AND HIS DECISION WILL BE FINAL. THE AUCTIONEER HAS THE RIGHT TO RE-OPEN THE BID BETWEEN ALL BIDDERS.

AUCTIONEER AND SALES MANAGEMENT RESERVE THE RIGHT TO BID OR EXECUTE ANY ABSENTEE OR OTHER BIDS WHICH 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 RELIABLE AND ARE BELIEVED TO BE TRUE AND CORRECT. NO WARRANTIES ARE MADE TO THIS EFFECT.

ALL BIDDERS AGREE TO THESE TERMS AND ANY OTHER TERMS ANNOUNCED AT THE AUCTION.

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.

ALL BIDDERS ACKNOWLEDGE AND ACCEPT BY SIGNATURE THESE TERMS AND CONDITIONS PROVIDED AT TIME OF REGISTRATION BY REGISTERING FOR A BID NUMBER.

Alexander

AUCTIONS & REAL ESTATE SALES

MARVIN E. ALEXANDER CAI, AUCTIONEER LIC. 9, FL 107

MARTIN, TN 38237 ~ (731) 587-4244 or (731) 225-7368

Email: alexanderauctions@frontiernet.net

Check website for Auctions: www.alexanderauctions.com

Stover 24.4 Acres Land Auction