Harper Auction & Realty Michael B. Harper Auctioneer/Broker-in-Charge TERMS AND CONDITIONS OF SALE This Addendum to the Real Estate Purchase Agreement hereby clarifies and restates important terms and conditions of the transaction and supplements the Real Estate Purchase Agreement. This addendum and the Real Estate Purchase Agreement are superseded and controlled by the terms and conditions of the transaction as announced immediately preceding the conduct of business. This addendum is hereby incorporated as a part of such announcements. The terms "buyer" and "bidder" shall be used interchangeably herein and shall have the same meaning as if both were used. Each bidder acknowledges receipt of a copy of this addendum and agrees that all bids are made based upon the terms and conditions herein reflected. 1. Absolute Auction: This property will be sold to the highest bidder at auction regardless of price, without reserve, a requirement of a minimum bid or without competing bids. The seller certifies that the he has a bona fide intent to transfer ownership of the Property to the highest bidder regardless of the amount of the highest bid. The seller reserves the right to accept or reject any offer prior to auction day. Once the auction has been opened the Property cannot be withdrawn from auction. The seller certifies that the seller or anyone acting on the Seller's behalf will not bid or otherwise participate in the bidding process at the auction. 2. Disclaimer: All information furnished prior to the sale was obtained from sources believed to be accurate and reliable. The buyer is responsible for doing his own due diligence investigation including inspecting or examining the Property prior to auction. All square footage, dimensions and boundaries mentioned or published are estimates only and should be verified by the buyer. Failure of the buyer to inspect the Property prior to the sale will not constitute grounds for adjustment or rescission of the sale or withdrawal of any bid, offer or deposit. The Property is sold "as is" and "where is" without warranty of any kind expressed or implied. Neither the Seller nor the Auctioneer/Broker make any guarantee or warranty expressed or implied as the quality or condition, size or fitness for any use or purpose. Bidder cannot adjust or rescind the sale based upon failure of the Property to conform to any representation expressed or implied. Bidder acknowledges having inspected the Property offered and is satisfied with the condition of same. Bidder accepts that this Property is offered for sale in its current state with all flaws and defects. 3. Property Inspection: Owner and Auctioneer/Broker encourage potential buyers to arrange for their inspector to complete any desired inspection prior to sale day. The Real Estate Purchase Agreement is without contingencies and does not provide for a post-contract inspection. 4. Lead Based Paint: Houses and buildings constructed prior to 1978 may contain lead-based paint. Upon registration the buyer waives any future right to lead-based paint inspections. 5. Agency: Potential buyers are hereby informed and referred to the South Carolina Real Estate Commission regulations regarding the types of Agency practiced in South Carolina. Harper Auction & Realty is the seller's agent only. Bidder understands that Harper Auction & Realty does not represent buyers as a client or customer. If you wish to obtain buyers representation prior to the sale, the buyer's agent must register prior to the sale to obtain a cooperating agent's fee in this transaction. 6. Real Estate Purchase Agreement: The Real Estate Purchase Agreement required to be used in this transaction will be made available to all potential buyers prior the auction. All potential buyers are highly encouraged to have the contract reviewed by an attorney prior to the auction. The successful bidder will execute the Real Estate Purchase Agreement in its current form immediately upon acceptance of the highest bid. A back-up Real Estate Purchase Agreement will be offered to the under-bidder at their highest bid price at the option of the Seller. 7. Buyer's Premium: A ten percent (10%) Buyer's Premium will be added to the highest bid to determine the Total Contract Price for the sale. Example: If the high bid is $100,000, the contract price with buyer's premium is $110,000. The Buyer's Premium is a portion of the Auctioneer/Broker's Commission. 8. Title to be delivered: Seller shall convey the Property by transferable and recordable general warranty deed subject to any and all easements, restrictions, right-of-ways, encroachments and matters of public record not adversely affecting marketability of title. Title to the Property shall be transferred free and clear of any and all liens, attachments, illegal tenancies and encumbrances except as stated herein. 9. Closing: Closing will occur per the terms of the Real Estate Purchase Agreement on or before May 17, 2019. The Closing Attorney for this transaction will be Chosen by the seller. The closing date may be extend solely in the discretion of the Seller. 10. Closing Costs: Closing costs, including but not limited to, attorney's fees, deed preparation, deed stamps, survey fees, and title insurance premiums are to be paid by the buyer. 11. Financing: This is a cash sale. The closing is not contingent on financing or appraisal. Any financing arrangements should be made prior to bidding. Financing arrangements must be disclosed to the Auctioneer/Broker before bidding on the Property. 12. Taxes: Real Estate taxes will be pro-rated on the date of closing. All prorations are final as of the Closing Date. Rollback taxes, if applicable, will be paid by the Seller. 13. Possession: Possession shall be delivered at Closing. 14. Registration: Bidders can register any time prior to the sale. In order to bid in this auction bidder must deposit $1,000.00 in Certified Funds with the Auctioneer/Broker. This deposit will be held until the final bid is accepted. If you are the successful bidder, this deposit will be retained as an Auction Deposit (See paragraph 16). If you are not the successful bidder, the deposit will be returned to you in person or by overnight mail if you are not present at the sale site. Registrants shall provide name, address and government issued photo ID upon registration. The bidder must read and sign the Terms and Conditions of Sale. Upon request of Seller or Auctioneer, bidder must be able to demonstrate source of the balance of the purchase price as well as proof of funds to make the required 20% down payment within 24 hours. The Auctioneer/Broker retains the sole and exclusive right to exclude any party for failure to comply with the registration requirements. All decisions of the Auctioneer/Broker relating to the qualifications of the bidder are final. 15. Cooperating Buyer's Agent Participation: Qualified Buyer's Agents who register for the auction at least 48 hours prior to the auction may qualify for a cooperating agent commission, assuming their buyer/client is the high bidder and successful buyer. A commission of 2.0% of the "Hammer Price" will be paid to a properly qualified and registered real estate broker. Commission will be paid only at closing. Oral registration is not allowed. (See Qualified Broker Participation Terms Form for details). 16. Auction Deposit: Buyer will be required to deposit $1,000 in Certified Funds immediately upon acceptance of the highest bid. This deposit will be held in an interest bearing Escrow Account of Harper Auction & Realty. The bidder expressly relinquishes ownership to any accrued interest earned on the deposit and down-payment to Auctioneer/Broker. The deposit is non-refundable in case of default or breach of contract on the part of the buyer. In the event the property fails to close due to no fault of the buyer, the deposit will be returned to the buyer. 17. Down Payment (Deposit): The Real Estate Purchase Agreement will require the buyer to further deposit an amount in Certified Funds equaling 20% of the Total Contract Price within 48 hours of execution of the contract. The $1,000 Auction Deposit will be applied to the 20% Down Payment (Deposit). The Down Payment (Deposit) is non-refundable in case of default or breach of contract on the part of the buyer. In the event the property fails to close due to no fault of the buyer, the full deposit will be returned to the buyer. All deposits and down-payments must be paid in cash, Certified Check or Cashier's Check. All checks must be made payable to Harper Auction & Realty. 18. Announcements: All announcements made by the Auctioneer on Sale Day will take precedence over all printed matter and all other oral statements previously made. Bidding and conduct of the sale is at the discretion of the Auctioneer. The Auctioneer will settle all disputes and will make sole, absolute and final decision on all sale matters. Other than Seller confirmation of sale if any, all decisions are those of the Auctioneer. The Auctioneer reserves the right to reject any bid and to cancel the sale before opening the sale for bids. 19. On-Line Bidding: This is an on-line only Auction. Bidding will be allowed from the opening of the on-line bidding on April 11, 2019 until bidding ends at (or after) 1:30 PM on April 17, 2019. The last bid should be made before 1:30 PM on April 17, 2019, but the time for bidding shall be extended for three (3) minutes past the last bid should the last bid be placed after 1:27 PM. Each subsequent bid shall extend the bid cut-off time by 3 minutes until there is a lapse in bidding equaling 3 minutes at which time the Auction shall end. See the Auction web page for complete details and instructions for on-line bidding. 20. Modification of Terms: Auctioneer reserves the right to change, modify or cancel any and all terms and conditions or conduct of the sale at any time as necessary to represent the Seller's interest. 21. Right to Expel: The Seller and Harper Auction & Realty reserves the right to refuse admittance or to expel anyone from the auction for any reason, including interference with the auction, creating a nuisance, canvassing, soliciting or for any other reason necessary in the sole judgment of Auction Firm. 22. Bid Rigging and Sherman Antitrust Violations: The Auction Firm will refer and/or prosecute to the fullest extent of the law any efforts on the parts of bidders or bidder's agents to collude, suppress, combine, conspire to or otherwise interfere with the free bidding of any and all parties. Any agreement to suppress free bidding is an infringement upon free trade under these laws and will not be tolerated. Bid rigging or collusion among buyers at an auction sale is a felony punishable by civil fines and/or criminal prosecution and imprisonment. 23. Non-Discrimination: All bidding is open to the public and the properties are offered for sale to qualified buyers without regard to the prospective buyer's race, sex, color, religion or national origin. Harper Auction & Realty will not accept or allow any discrimination in any form or manner and may expel from the auction in such a manner. I have fully read and understand these Terms and Conditions of Sale and agree to be bound by these conditions if I participate in this Auction. A copy of these Terms and Conditions of Sale has been given to me at registration. I have reviewed the sample Real Estate Purchase Agreement and have been afforded the opportunity to consult an attorney of my choice to review the Terms and Conditions of Sale and Real Estate Purchase Agreement. If I have not had the documents reviewed by my attorney, I hereby forever waive an attorney's approval. I understand that Harper Auction & Realty represents the Seller only at this Auction and I have read the pamphlet "SC Agency Disclosure Brochure"