TERMS:

1.  REGISTRATION.  All bidders are required to register and provide suitable identification prior to the auction.  Auctioneer reserves the right to decline registration if ID produced is not sufficient.
2. BIDDER NUMBER.  All bidders are required to use the bidder number issued to them for all purposes associated with the auction.
3. BUYER’S PREMIUM.  10% buyer’s premium is added to the bid price to determine purchase price.
4. DEPOSIT.    10% of the purchase price is required to be paid by approved check on the day of the auction to “Clinch Mountain Realty & Auction”.
5. BID DOCUMENTS.  Upon fall of the gavel, the high bidder shall sign a  purchase & sale agreement as provided.  Failure to execute these documents shall be deemed a default under these terms and condition and shall result in property going to back-up bidder.
6. CLOSING DOCUMENTS.  Seller shall provide a legally recordable deed.  Prior to auction, seller has represented to broker that title conveyed shall be insurable and free and clear of liens or encumbrances.
7. REPRESENTATIONS & WARRANTIES.  Broker makes no representations or warranties with respect to the subject premises, as same address zoning, site plan approval or other federal, state or local laws.  Any maps, plats, surveys, site plans, subdivision maps or the like have been supplied by seller and broker and auctioneer make no representation, warranties or guarantees with respect to locations, dimensions, tract sizes, suitability for use or subsurface conditions.
8. REPRESENTATION.  By execution of this agreement, the bidder acknowledges the auctioneer and broker represent the seller only and the commission paid in respect to this sale is identified as the buyer’s premium as set forth in paragraph 3 above. 
9. DETERMINATION OF DISPUTES.  In the case of disputed bids, the Auctioneer shall exercise his best discretion in determining the resolution of claims, and such decision is final.  Such decision shall not be the subject of any post-auction claims.  Auctioneer reserves the right to bid on behalf of buyers.  No transfer shall be recognized from one buyer to another.  In the event a dispute should arise after the auction, the auctioneer’s records shall be conclusive.
10. INDEMNITY PROVISIONS.  By execution of this agreement, bidder agrees to bear responsibility for any charges, claims, or expenses incurred by reason of any violation, breach or default in respect to these terms and conditions, including reasonable attorney’s fees, court costs, the cost of re-sale and remarketing costs.  The foregoing remedies are not exclusive.
11. GENERAL PROVISIONS.  The provisions herein made cannot be altered except in writing, and any provision of this agreement shall be interpreted in accord with Tennessee law.  This agreement shall be interpreted or construed in a manner which creates a negative inference based upon the fact that the broker prepared the agreement.  Facsimile signatures shall be considered binding.  In such event any provision herein is deemed illegal, void or unenforceable by a court of law, it shall not impact the body or balance of the agreement.
12. INTERPRETATION.  Interpretation of this agreement shall be consistent with the purchase and sale agreement.  It being the stated intent that this document and the purchase and sale agreement are to be read as integrated documents conferring the same rights and obligations.
13. FORFEITURE.  In such event buyer fails to abide the terms and conditions set forth herein or fails to abide the obligations arising from the purchase and sale contract executed in conjunction with this sale, buyer acknowledges he or she shall forfeit all monies deposited.  By execution of this agreement, bidder acknowledges the forfeiture of said sums of money do not constitute a penalty.  The foregoing also applies to paragraphs 3 and 4 above. Said forfeiture does not stop seller from pursuing specific performance claim.