TERMS & CONDITIONS OF: 1800 Free Hill River Rd. Celina, TN Bidding Starts: May 1st, 2018 at 10:00 a.m. CST Bidding Ends: Thursday, May 24th, 2018 at 2:00 p.m. CST Inspection Information: " Please feel free to inspect this property on your own, or; " Contact the auction manager to schedule an appointment. Buyer's Premium: There is a 10% Buyer's Premium in effect for this auction. " Agreement of Purchase & Sale Immediately following the close of the bidding, the high bidder will be required to enter into a Purchase and Sale Agreement. " Buyer's Premium A 10% Buyer's Premium will be added to the high bid price to determine the total contract sales price for the Property. " Absolute Auction Conditions This auction is an absolute auction. This means that the property will sell to the highest and best bidder. " Reserve Auction Conditions (if applicable) Unless otherwise indicated, all lots in this auction are offered subject to a reserve, which is the confidential minimum price below which such lot will not be sold. Reserves are agreed upon between the Owner and Auctioneer. The Auctioneer reserves the right to bid as agent for the Owner up to the amount of the reserve by placing successive or consecutive bids for a lot or by placing bids in response to other bidders. " Bid Deposit / Authorization All bidders must receive a bid number to bid. A valid credit card is required to bid. Bidder agrees that a $500.00 hold can be placed on their credit card for an internet service fee and that if they are the winning bidder and fail to close under the terms of this agreement, the $500 internet service fee is non-refundable and will be charged to their credit card. This authorization is not actually charged to your card. If they are not the winning bidder, the $500 internet service fee will be released, and the credit card will not be charged. The successful bidder will be required to sign the "Purchase and Sale Agreement" within 24 hours of auction close and deposit 15% of the total contract price into the Auction Company's escrow account, within the same 24 hours. Failure to do so will be considered a breach of contract. " Debit Card Warning We require bidders to secure their accounts with a credit or debit card. Some of our auctions further require a deposit. If you use a credit card to secure your account, the auction deposit will take the form of a credit card authorization and will count against your credit limit for the duration of the authorization (up to 10 business days) If you use a debit card to secure your account, the auction deposit will take the form of a hold on funds in your bank account for the duration of the authorization. Century 21 West Main Realty & Auction, LLC (all offices independently owned and operated) highly recommends you secure your account with a credit card and is not responsible for any issues arising from the use of a debit card to secure your bidding account. Add a debit card at your own risk. " Auction Ending Beginning at the stated closing time, the auction software will conclude bidding with the following exception: if a bid is placed in the last 10 minutes remaining for that auction lot, bidding for that lot will remain open for an additional 10 minutes; and will continue to be extended until there are no more increases within the 10-minute time frame. " Soft Close Groups This auction will be using the soft close method. If a bid is placed in the last 10 minutes remaining in the auction, the bidding will remain open for an additional 10 minutes. " Payment and Closing The Purchaser shall pay an amount equal to 15% of the total contract sales price to the Escrow Agent / Closing Attorney by 4:00 p.m. CST on the first business day following the conclusion of the auction. The Escrow Agent / Closing Attorney will only accept payment by wire transfer. The Purchaser shall pay the remainder of the total contract sales price at the real estate closing. Closing shall take place within 30 days of the conclusion of the auction or within 15 days of the presentation of the applicable closing documents to the Purchaser, whichever is later. The Escrow Agent / Closing Attorney will schedule and conduct the closing. " Escrow Agent / Closing Attorney The purchase monies, in respect to the real estate shall be paid to and deposited with: Lee & Lee Attorneys at Law, 109 East Gay St., Lebanon, TN 37087 615-444-1312 / Closing Attorney " Survey The Seller will provide a copy of the boundary survey that was obtained from the Register of Deeds office. The seller does not have the original survey. We will provide the deed with the meets and bounds description. Seller will not provide a new survey. Deed Seller shall provide a warranty deed. " Evidence of Title Auctioneer shall post a preliminary title of opinion on its website before the conclusion of the auction. Seller agrees to provide merchantable title to the Property subject to matters of record, general conditions of title and similar or related matters identified in the preliminary title commitment. " Title Insurance The Purchaser may obtain an owner's title insurance policy in the amount of the purchase price from the Closing Attorney at the Purchaser's cost. " Real Estate Taxes Real estate taxes and assessments shall be pro-rated to the date of Closing. This property is currently in Greenbelt Tax Status. The buyer will assume the responsibility to re-apply for Greenbelt Status and will also assume all roll back taxes if the property is taken out of the Greenbelt. Taxes for 2017 were $286.00. The 2017 taxes are paid in full. " Closing Costs The Owner shall pay the following closing costs: o Title commitment fee o Costs to prepare the deed o 50% of the closing agent's cost to close the sale o Any legal counsel retained by Owner in connection with the conveyance of the Property The Purchaser shall pay the following costs: o The cost of the standard owner's ALTA title policy, if Purchaser chooses to have a title policy issued: o Any special endorsements to the title policy; o Any costs associated with title insurance issued in favor of Purchaser's lenders, if any; o All costs arising from or relating to any loan sought by Purchaser to finance the conveyance; o All recording costs, transfer taxes and mortgage taxes arising from the deed, deed of trust and any other financing documents required by Purchaser's lenders, if any; o 50% of the closing agent's cost to close the sale; and o Any legal counsel retained by Purchaser in connection with the conveyance of the Property " Cash Sale This is a cash sale and is not contingent on Purchaser's ability to obtain financing, or any other buyer contingency. (Buyer's may use financing; however, this sale is not contingent on financing, appraisals, or inspections that might be required by a lender and must be closed by the stated closing date) " Possession The Purchaser will receive possession at closing, subject to the rights of parties in possession and existing leases, if any. (Currently no known leases) " As-Is Sale The Purchaser shall accept the property in an as-is condition with all faults as of the closing date and the Purchaser shall specifically agree that the Seller has not and does not make any representations or warranties of any kind whatsoever, expressed or implied, to the purchaser regarding the property or any improvements thereon. All real estate, Land, buildings and improvements are being sold and purchased "AS-IS" without any warranties or guarantees, and representations as to fitness, use, habitability, merchantability, condition, age, shape, size, quality, quantity, environmental impact, conditions or hazards, condition of wells or subsurface conditions being expressed by sellers or their agents. This property adjoins the Corp of Engineers which is adjacent to the Cumberland River. " The property is selling subject to: Anything an accurate survey or personal inspection of the property may reveal, including any existing right-of-way(s), easements or claims to easements, Subject also to the rights, if any, of others in the visible roadbed that runs from Free Hill River Road in the northwest corner of the property, along the Corp of Engineers and the Cumberland River, to the property of Plumlee, et al, and or others. Subject to, any encroachments, rights or claims of parties in possession, restrictive covenants and easements, flood zones, rise and fall of the Cumberland River, zoning or subdivision regulations, building codes, governmental agency regulations, environmental conditions, lead-based paint, asbestos, radon gas, hazardous materials, any mineral rights, water rights, riparian or littoral rights, and reservations or conveyances, if any. Subject to the exact location of the Corps of Engineer's boundary. The Purchaser shall have satisfied himself as to the location and condition of the property and all descriptions thereof, before bidding. All information contained in the brochure and all promotional materials, including, but not limited to, square footages, acreage, dimensions, maps, taxes, soils work, perk test, etc., as provided by the Seller and is believed to be correct; however, neither the Seller nor the Auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information. " Soils/Perk Utility Water Information The seller was provided documents by the Clay County Health Depart stating that the property has a three-bedroom perk and provided the soils map which is posted. According to Todd Upton with the Celina Water Department, city or utility water is available from Free Hill River Road. " Agency Disclosure Century 21 West Main Realty & Auction, LLC and Crye-Leike Realtors and its representatives are exclusive agents of the Seller and are agents of no other party to this transaction. " Miscellaneous All decisions of the Auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding and any other matters that may arise before, during, or after the auction. Seller reserves the right to deny any person the right to participate in the auction or to ban anyone from the auction who attempts to disrupt it. " Equal Opportunity Clause All bidding is open to the public. The Property is available to qualified purchasers without regard to a prospective Purchaser's race, color, religion, sex, familial status, national origin or physical handicap. " Debt Collection & Interest Charge The bidder agrees to pay all reasonable attorney fees and other costs incurred by Century 21 West Main Realty & Auction, LLC in its efforts to collect unpaid funds from the bidder. The bidder agrees that a fee of 2% of the outstanding balance per month be added to any unpaid balance due Century 21 West Main Realty & Auction, LLC. Any debt collection or dispute proceedings will be heard in Wilson County, Tennessee. " Guaranty Agreement By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees payment of any bid amount not paid when due by the business entity or corporation, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorney fee. " Age Requirement All bidders/purchasers must be 18 years of age or older. " Bidders Information and Security All registration information the bidder provides to Century 21 West Main Realty & Auction LLC shall be current, complete and accurate. All bidders are responsible for any bids placed under their bidding numbers and passwords. Bidders must notify Century 21 West Main Realty & Auction LLC if they believe that their bidder number and password have been compromised. 615-444-7100. Under no circumstances shall Bidder have any kind of claim against Century 21 West Main Realty & Auction LLC, or anyone else if the internet service fails to work correctly before or during the auction. Bidder agrees that by registering for the online auction, they have accepted all of these Terms and Conditions. Bidder is responsible for any and all bids placed by their account. " Before Bidding Potential bidders are encouraged to make their own inspections and due diligence prior to bidding on the property. " Century 21 companies are independently owned and operated. " Seller Jennifer Rushing Trust