GENERAL TERMS
FIRST BANK FORECLOSURE AUCTION
DENTIS SISSON & CATHY SISSON PROPERTY
SATURDAY ~ MAY 31ST, 2014
21 SHERMAN BLANKENSHIP ROAD, BEECH BLUFF, TN 38313-7666

1. FIRST BANK, THE SECURED LIEN HOLDER, IS CONDUCTING AN ABSOLUTE FORECLOSURE AUCTION ON THE DENTIS SISSON AND CATHY SISSON PROPERTY LOCATED AT 21 SHERMAN BLANKENSHIP ROAD, BEECH BLUFF, TN 38313.

2. LAURA WILLIAMS, TRUSTEE AND ATTORNEY-AT-LAW FOR RAINEY, KIZER, REVIERE & BELL, PLC, JACKSON, TN 38301, WILL PUBLISH THE LEGAL NOTICES IN MADISON AND HENDERSON COUNTIES. LAURA WILLIAMS WILL OPEN THE FORECLOSURE AUCTION AND READ THE LEGAL NOTICES. THE FORECLOSURE AUCTION WILL BE HELD ON MAY 31ST, AT 1:00 P.M. 2014.

3. ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY FIRST BANK AND THE TRUSTEE TO CONDUCT THE FORECLOSURE AUCTION OF THE DENTIS & CATHY SISSON REAL ESTATE AND SELL THE PROPERTY ON-SITE AT ABSOLUTE AUCTION.

4. THE REAL ESTATE CONSISTS OF A RESIDENCE AND 40.08 ACRES LOCATED AT 21 SHERMAN BLANKENSHIP ROAD, BEECH BLUFF, TN 38313, LOCATED IN THE 9th CIVIL DISTRICT OF MADISON COUNTY, TN

5. LAND WILL BE OFFERED IN 7 TRACTS AND COMBINATIONS AS SHOWN ON THE CROCKER PLAT.

6. TRACT 1: BRICK RESIDENCE & 5.003 ACRES Â– 325.43 FT. FRONTAGE ON SHERMAN BLANKENSHIP ROAD - INCLUDES NORTH END OF LAKE.

TRACT 2: 5.047 ACRES Â– 419.03 FT. FRONTAGE ON SHERMAN BLANKENSHIP ROAD Â– INCLUDES PART OF THE CENTER PORTION OF LAKE.

TRACT 3: 5.069 ACRES Â– 421.75 FT. FRONTAGE ON SHERMAN BLANKENSHIP ROAD Â– INCLUDES SOUTH PORTION OF THE LAKE.

TRACT 4: 5.067 ACRES Â– 398.03 FT. FRONTAGE ON SHERMAN BLANKENSHIP ROAD

TRACT 5: 6.945 ACRES Â– 544.52 FT. FRONTAGE ON SHERMAN BLANKENSHIP ROAD Â– INCLUDES OFFICE BUILDING, 4 CAR GARAGE, SHOP AND 4 DOOR GARAGE MOTOR HOME GARAGE AND HORSE BARN.

TRACT 6: 6.768 ACRES Â– 585.94 FT. FRONTAGE ON WHITE FERN ROAD

TRACT 7: 6.188 ACRES Â– 874.97 FT. FRONTAGE ON WHITE FERN ROAD

7. TRACTS 1 THROUGH 7 ~ 40.087 ACRES: BEING TAX MAP 61, PARCEL 24 IN THE MADISON COUNTY TAX ASSESSORÂ’S OFFICE.

8. DEED BOOK REFERENCES:
TRACTS 1 THROUGH 7 Â– 40.087 ACRES IN MADISON COUNTY Â–
DEED BOOK 723, PAGES 1652-1654 OF THE REGISTERÂ’S OFFICE OF MADISON COUNTY, TN

9. PROPERTY HAS RECENTLY BEEN SURVEYED BY JAMES W. CROCKER LAND SURVEYING, 397 HERMAN BROOKS ROAD, MARTIN, TN 38237 RLS 1125.

10. 2014 TAXES TO BE PRORATED AT CLOSING CALCULATED ON THE 2013 TAX AMOUNT.

2013 MADISON COUNTY TAX, MAP 61, PARCEL 24.00: $ 2,326.00

11. PROPERTY IS IN GREENBELT. ANY ROLL BACK TAXES TO BE PAID BY SELLER.

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

13. TERMS ON REAL ESTATE: 15% 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.

14. TITLE TO THE REAL ESTATE WILL BE CONVEYED TO PURCHASER BY A TRUSTEEÂ’S DEED.

15. POSSESSION OF RESIDENCE AND BUILDINGS WILL BE GIVEN WITH DELIVERY OF DEED.

16. POSSESSION OF LAND WILL BE GIVEN WITH DELIVERY OF DEED SUBJECT TO THE AGRICULTURAL FARM LEASE TO STANSBURY FARMS, STEPHEN STANSBURY, 536 RUSSELL ROAD, HURON, TN 38245 (731-225-2296)

17. FIRST BANK HAS GIVEN WRITTEN NOTICE TO MR. STEPHEN STANSBURY TO CANCEL THE LEASE AFTER THE HARVEST OF THE 2014 SOYBEAN CROP. A COPY OF THE TERMINATION LETTER IS INCLUDED WITH THESE TERMS.

18. THE SUBJECT IS LOCATED ON FLOOD HAZARD BOUNDARY MAP AND 47113C0225E DATED AUGUST 3, 2010 FOR MADISON COUNTY. TN.

THE TRACTS DO NOT APPEAR TO LIE WITHIN AN IDENTIFIED FLOOD PLAIN, PER THE MAPS. THE OWNER PROVIDED PHOTOS INDICATING THE LOWER END OF THE TRACT WHERE THE ANCILLARY IMPROVEMENTS ARE LOCATED DID FLOOD DURING THE MAY 2011 FLOODS. THAT AREA DOES APPEAR LOW LYING AND WET. HOWEVER, THE MAY 2010 FLOOD EXHIBITED THE 500 YEAR FLOOD.

19. CHURCHWELL PEST CONTROL, P. O. BOX 1281, LEXINGTON, TN 38351 INSPECTED THE RESIDENCE AND FIVE OUT BUILDINGS ON MAY, 5TH, 2014. A COPY OF THE WOOD DESTROYING INSPECTION REPORT IS INCLUDED FOR THE PURCHASERÂ’S INSPECTION.

20. REPORT INDICATES NO SIGNS OF TERMITE ACTIVITY FOUND IN DWELLING. ONLY OUT BUILDING #2 AND #3 ON GRAPH HAVE TERMITE ACTIVITY. REVIEW THE GRAPH AND REPORT.

21. TERMITE TREATMENT IS RECOMMENDED FOR BUILDINGS 1 & 2.

22. SELLER HAS NOT HAD THESE BUILDINGS TREATED AND THEY ARE BEING SOLD WITHOUT TREATMENT.

23. THE VIKING APPLIANCES LOCATED IN KITCHEN OF THE RESIDENCE ARE INCLUDED WITH THE REAL ESTATE. THESE APPLIANCES INCLUDE THE VIKING GAS STOVE, VIKING STAINLESS REFRIGERATOR, 2 FISHER PAYKEL DISHWASHERS AND SCOTSMAN ICEMAKER.

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

25. PURCHASERS AND PURCHASERÂ’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.

26. 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.

27. 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.

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

29. 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.

30. THE PURCHASER SHALL CONTACT THE MADISON 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 WHICH ARE NOT ACCESSIBLE TO SEWER.

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

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

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

34. 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.

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

36. PROPERTY SELLS SUBJECT TO ANY EXISTING EASEMENTS.

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

38. MADISON COUNTY ZONING IS F-A-R.

39. LAURA WILLIAMS, ATTORNEY WITH RAINEY, KIZER, REVIERE & BELL, PLC, 105 S. HIGHLAND AVE, JACKSON, TN 38301, WILL PROVIDE A TITLE COMMITMENT ON THE REAL ESTATE AT NO CHARGE TO THE PURCHASER. THE TITLE COMMITMENT ISSUED THROUGH CHICAGO TITLE INSURANCE COMPANY.

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

41. IN THE EVENT THE PURCHASER OR THE PURCHASERÂ’S LENDER DESIRES TITLE INSURANCE THROUGH A DIFFERENT TITLE INSURANCE COMPANY, THE COST OF THE TITLE CHECK, COMMITMENT FEE AND TITLE INSURANCE POLICY SHALL BE PAID FOR BY THE PURCHASER.

42. PROSPECTIVE PURCHASER(S) SHOULD REVIEW THE PROPERTY SURVEY PLAT AND THE CORNER BOUNDARY MARKERS TO BECOME FAMILIAR WITH THE PROPERTY DIVISIONAL LINES.

43. 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.

44. ANY LIENHOLDER OR SECURED PARTY HAS THE RIGHT TO BID AND PURCHASE THE PROPERTY.

45. ANY INDIVIDUAL OR FAMILY MEMBER HAS A RIGHT TO BID AND PURCHASE THE PROPERTY.

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

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

48. 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.

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

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

51. 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.

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

53. 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

EXHIBIT Â“AÂ” MULTI-PARCEL AUCTION RULESÂ”

1. ALL BIDDERS AGREE TO REMAIN AT THE AUCTION UNTIL ALL TRACTS ARE EITHER DECLARED SOLD INDIVIDUALLY OR IN COMBINATIONS.

2. ALL BIDS ARE TO REMAIN ACTIVE THROUGHOUT AUCTION.

3. TRACTS MAY BE OFFERED NUMEROUS TIMES INDIVIDUALLY IN COMBINATIONS AND AS A WHOLE DURING THE AUCTION.

4. TRACTS MAY OR MAY NOT BE OFFERED INDIVIDUALLY FIRST, IN COMBINATIONS AND AS A WHOLE. THE AUCTIONEER WILL ANNOUNCE THE ORDER DURING THE AUCTION.

5. PURCHASER(S) CAN BID ON A COMBINATION OF ANY TRACTS.

6. 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.

7. A BIDDER CAN BE PUT OUT OF THE WINNING POSITION BY A COMBINATION BID OR RAISED INDIVIDUAL BIDS ON TRACTS. THEN A BIDDER CAN COME BACK INTO THE WINNING POSITION WHEN SOMEONE ELSE RAISES OTHER TRACTS OR OTHER COMBINATION BIDS ARE MADE.

8. THE AUCTIONEER RETAINS THE RIGHT TO SET MINIMUM INCREMENTS.

9. A BIDDER CAN BID AND RAISE THE SALES PRICE ON ANY INDIVIDUAL TRACT 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 TRACT.

10. BIDS MAY BE LESS THAN THE MINIMUM RAISE FOR NEW COMBINATION STATED ABOVE BECAUSE THIS IS CONSIDERED TO BE HEADS UP BIDDING AND EACH INDIVIDUAL HAS THE SAME OPPORTUNITY.

11. TO PLACE A BID AND RAISE A BID AS STATED IN THE PREVIOUS NUMBER (10) TURN YOUR BID INTO ONE OF THE RING PERSONNEL ALONG WITH YOUR BIDDER NUMBER SO YOUR BID CAN BE ENTERED AND RECORDED IN THE COMPUTER.

12. THE COMPUTER WILL CALCULATE WHICH INDIVIDUAL BIDS AND COMBINATION BIDS ARE IN THE WINNING POSITION DURING THE AUCTION.

13. IT IS POSSIBLE IN THIS TYPE AUCTION TO HAVE A TIE AMONG BIDDERS AT THE END OF THE AUCTION. IN THE EVENT OF A TIE BID AND NONE OF THE PURCHASERS WILL INCREASE THEIR BID, MARVIN E. ALEXANDER, AUCTIONEER & BROKER, 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 TRACTS AND/OR TOTAL ACRES PURCHASED.

14. WHEN MARVIN E. ALEXANDER AND THE SELLERS MAKE THIS DECISION, THE BIDDERS WILL BE ALLOWED THE OPPORTUNITY TO INCREASE THEIR BIDS.

15. THE MULTI-PARCEL AUCTION RULES ARE BEING USED TO REACH THE TOTAL SELLING PRICE REGARDLESS IF THE HIGHEST BIDS ARE MADE BY MULTIPLE BIDDERS OR BY ONE BIDDER. THE MULTI-PAR PROGRAM TRACTS EACH INDIVIDUAL BID AND EACH COMBINATION BID.

16. ALL BIDDERS SHOULD CONSIDER ANY WINNING OR LEADING BID ON ANY TRACT DURING THE AUCTION CAN BE PUT OUT OF THE WINNING POSITION AND THEN COME BACK INTO THE WINNING POSITION BEFORE THE AUCTION IS COMPLETED.

17. THE FINAL WINNING BIDS WHICH ARE ACCEPTED ARE DETERMINED BY THE HIGHEST TOTAL PRICE.

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