GENERAL TERMS

GILBERT KATZ ESTATE LAND AUCTION

THURSDAY ~ AUGUST 13, 2015

SCENIC HWY 304, HERNANDO, MS 38632

1. ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN EMPLOYED BY LISA KATZ WILSON AND LEIGH ANN BRENMAN, OWNERS, TO SELL THIS REAL ESTATE AT ABSOLUTE AUCTION.

2. THE REAL ESTATE CONSISTS OF 109.79+/- ACRES OF IMPROVED LAND LOCATED 5.1 MILES WEST OF HERNANDO, MS 38632, WEST OF FOGG ROAD AND EAST OF HURRICANE CREEK LOCATED IN DESOTO COUNTY, MS.

3. GENERAL INDEX UNDER GRANTOR AND GRANTEE’S NAMES. SECTION 18, TOWNSHIP 3 SOUTH, RANGE 8 WEST

4. THE SELLERS’ DEED STATES THAT PRIOR OWNER, ROBERT T. COOK, III, RETAINED AN UNDIVIDED ONE HALF INTEREST IN THE OIL, GAS, AND MINERALS IN, ON, AND UNDER THE DESCRIBED LANDS IN TRACT 1 AND TRACT 2 IN THE GILBERT KATZ AND SELLERS’ DEED.

5. PROPERTY SELLS SUBJECT TO ALL PRIOR RESERVATIONS AND/OR CONVEYANCES OF OIL, GAS, AND OTHER MINERALS IN, ON, AND UNDER THE ABOVE DESCRIBED LANDS, LISTED AS TRACT 1 AND TRACT 2 IN THE KATZ DEED.

6. TRACT 1 AND TRACT 2 ARE SUBJECT TO THAT CERTAIN FLOWAGE EASEMENT IN THE UNITED STATES OF AMERICA, WHICH APPEARS OF RECORD IN DEED BOOK 361, PAGE 439, OF THE LAND RECORDS OF DESOTO COUNTY, MISSISSIPPI.

7. THE PROPERTY HAS BEEN RECENTLY SURVEYED BY MIKE HENSLEY OF HENSLEY LAND SURVEYING, 2449 ARKABUTLA ROAD, COLDWATER, MS 38618.

8. LAND WILL BE OFFERED IN 2 TRACTS AND COMBINATIONS AS SHOWN ON THE HENSLEY LAND SURVEYING PLAT.

9. TRACT 1: 44.86 ACRES, 672 FEET HWY FRONTAGE; WOODED HILLS AND BRANCH BOTTOM LAND.

10. TRACT 2: 64.93 ACRES MAY BE; 1,282 FEET HWY FRONTAGE; BOTTOM AND BRANCH BOTTOM LAND. TIMBER ON SOUTH END.

11. DEED BOOK REFERENCE: RECORD BOOK 166, PAGE 261; QC DEED 361, PAGE 439

DESOTO COUNTY CHANCERY CLERK’S OFFICE, DESOTO COUNTY, MS

12. BEING TAX DISTRICT – PARCEL 3084-1800.0-00003.00 OF DESOTO COUNTY, MS PROPERTY ASSESSOR’S OFFICE.

13. 2015 TAXES TO BE PRORATED AT CLOSING

2015 DESOTO COUNTY ESTIMATED TAX - 105.5 ACRES - $204.58 – GILBERT KATZ

14. 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.

15. 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.

16. POSSESSION OF PROPERTY WILL BE GIVEN UPON DELIVERY OF DEED

17. TITLE WILL BE TRANSFERRED BY A WARRANTY DEED. SELLER WILL PAY FOR PREPARATION OF THE DEED.

18. PURCHASER TO PAY FOR THEIR TITLE OPINION, TITLE CHECK, TITLE INSURANCE, ALL RECORDING FEES, TRANSFER FEES AND CLERK FEES. PROPERTY SELLS SUBJECT TO EXISTING EASEMENTS.

INGRESS AND EGRESS EASEMENT TO KATZ LAND: A NON EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS, OVER AND ACROSS LAND RETAINED BY WILLIAM R. CHURCHILL AND WIFE, YVONNE S. CHURCHILL (NOW OWNED BY JAMES D. FRANKS.) EASEMENT RECORDED IN BOOK 160, PAGE 484, RECORDS OF RIGHT OF WAY DEEDS OF SAID COUNTY.

B . INGRESS AND EGRESS EASEMENT TO WILLIAM R. CHURCHILL AND WIFE, YVONNE S. CHURCHILL (NOW OWNED BY JAMES D. FRANKS) OVER AND ACROSS THE KATZ LAND TO YVONNE S. CHURCHILL, AS SUCCESSIVE OWNER OF THE OF THE LAND OWNED THEN IN THE SOUTH HALF OF SECTION 18, TOWNSHIP 3, RANGE 8, DESOTO COUNTY, MS. EASEMENT RECORDED IN BOOK 160, PAGE 483, RECORDS OF RIGHT OF WAY DEEDS OF SAID COUNTY

19. MR. JAMES D. FRANKS IS AGREEABLE TO CANCEL & ELIMINATE THE ABOVE TWO EASEMENTS PROVIDED THE PURCHASER DESIRES TO RESCIND THE EASEMENTS. MR. FRANKS CAN BE REACHED AT HIS LAW OFFICE IN HERNANDO, MS. HIS OFFICE NUMBER IS 1-662-429-5914. AGREEMENT IS IN ATTACHED EXHIBIT.

20. THE DESOTO COUNTY GIS FLOOD MAP # 20833C02056 INDICATES A PORTION OF THE PROPERTY IS LOCATED IN THE 100 YEAR (ZONE AE) FLOOD PLAIN.

21. PRE AUCTION BIDDING: ON-LINE AND PHONE BIDDING IS ALLOWED BY

PRE-APPROVAL BY ALEXANDER AUCTIONS & REAL ESTATE SALES.

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

23. 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.

24. SELLER AND ALEXANDER AUCTIONS & REAL ESTATE SALES HAVE 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.

25. PROSPECTIVE BIDDERS AND/OR PURCHASERS ARE INFORMED THAT ALEXANDER AUCTIONS & REAL ESTATE SALES AND SELLERS ARE NOT EXPERTS OR QUALIFIED TO OFFER ANY INFORMATION CONCERNING ENVIRONMENTAL HAZARDS, ETC. AND MAKE NO WARRANTY, GUARANTEE OR STATEMENTS IN CONNECTION WITH SUCH.

26. AUCTIONEERS AND BROKERS, ALEXANDER AUCTIONS & REAL ESTATE SALES ARE NOT EXPERTS IN DETERMINING ENVIRONMENTAL HAZARDS AND HAZARDOUS MATERIAL.

27. SELLER AND PURCHASERS AGREE TO HOLD HARMLESS THE AUCTIONEERS, BROKERS, AND ALEXANDER AUCTIONS & REAL ESTATE SALES FROM ANY ENVIRONMENTAL HAZARDS AND THE COST TO DEFEND THEMSELVES FROM ANY ENVIRONMENTAL CLAIM.

28. PURCHASER ACCEPTS THE PROPERTY AND IMPROVEMENTS IN ITS PRESENT CONDITION.

29. 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.

30. 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.

31. THE OWNERS, SELLERS AND SALES MANAGEMENT HAVE NOT HAD OR REQUESTED ANY PERK TEST OR SOIL CLASSIFICATION INSPECTIONS TO BE RUN BY THE MISSISSIPPI STATE DEPARTMENT OF HEALTH TO DETERMINE THE APPROVAL OR REQUIREMENTS FOR SEPTIC/SEWAGE TANKS OR SEPTIC/SEWAGE LINES FOR ANY OF THE TRACTS.

32. THE PURCHASER SHALL CONTACT THE MISSISSIPPI STATE DEPARTMENT OF HEALTH OR A STATE APPROVED SOIL SCIENTIST OR PROPER MISSISSIPPI AUTHORITY TO OBTAIN A SOIL ANALYSIS AND APPROVAL FOR A SEPTIC SEWAGE SYSTEM ON ANY TRACTS WHICH ARE NOT ACCESSIBLE TO SEWER.

33. ANY PURCHASER DESIRING TO BUILD OR INSTALL A SEPTIC SYSTEM WHERE SEWER IS NOT AVAILABLE WILL HAVE TO APPLY TO THE DESOTO COUNTY DEPARTMENT OF HEALTH OR PROPER MISSISSIPPI AUTHORITY AND FOLLOW THEIR REQUIREMENTS AND INSTRUCTIONS.

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

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

36. 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.

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

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

39. PURCHASERS SHOULD CONTACT THEIR ATTORNEY OR TITLE COMPANY 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 AND TITLE COMPANY IMMEDIATELY!

40. PROSPECTIVE PURCHASER(S) SHOULD REVIEW PROPERTY TAX RECORDS, DESOTO COUNTY PLAT DIRECTORY, MISSISSIPPI AND SELLER’S DEED AND THE CORNER BOUNDARY MARKERS TO BECOME FAMILIAR WITH THE PROPERTY DIVISIONAL LINES.

41. 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.

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

43. AUCTIONEER AND SALES MANAGEMENT RESERVE THE RIGHT TO BID OR EXECUTE ANY ABSENTEE, ON-LINE BIDS, TELEPHONE BIDS OR OTHER BIDS THAT ARE APPROVED BY ALEXANDER AUCTIONS & REAL ESTATE SALES.

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

45. 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.

46. AUCTION WILL BE CONDUCTED AS A MULTI-PAR AUCTION AND WILL BE OFFERED IN TWO TRACTS AND COMBINATIONS. PURCHASER(S) SHOULD REVIEW AND BECOME FAMILIAR WITH THE TERMS AND PROCEDURES OF THE MULTI-PARCEL AUCTION. (SEE ATTACHED EXHIBIT “B”)

47. ALL BIDDERS AGREE TO THESE TERMS AND OTHER TERMS ANNOUNCED AT THE AUCTION AND WILL TO BID ACCORDING TO THESE TERMS AND THE MULTI-PARCEL AUCTION RULES.

48. 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.

49. ALL ANNOUNCEMENTS MADE FROM THE AUCTION STAND WILL TAKE PRECEDENCE OVER ANY PREVIOUS ANNOUNCEMENTS OR STATEMENTS.

50. 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

Email: alexanderauctions@frontiernet.net

Check website for Auctions: www.alexanderauctions.com

109.79 Acres Absoulte Auction