AUCTION TERMS AND CONDITIONS OF SALE Property Address: 504 McKinney Ave Odessa, TX 79763 Auction Date: Online, soft close on Tuesday, September 29, 2020 at 1:00 PM Property is being sold to the highest bidder in an online auction format. Buyer contingencies or Seller concessions are not accepted. The placement of a successful bid at this auction establishes a legally binding contract between the successful bidder (Buyer) and the Seller. This contract is bound by these Terms and Conditions. The successful bidder is legally bound to pay for property awarded in accordance with his/her final bid / purchase price. 1. Bidder’s Registration. By participating in the auction, you agree to these Terms and Conditions of Sale. Placement of a bid is an acknowledgment of the bidders full and complete understanding and agreement of all terms and conditions. The words “Buyer”, “Bidder”, and “Seller” herein shall include their heirs, administrators, executors, and successors, and said words, and any pronouns relative thereto, shall include the masculine, feminine, and neuter gender, and the singular and plural number, wherever the context so admits or requires. 2. Title. Title to the property shall pass to the Buyer at formal settlement/closing, which is to occur within 10 calendar days from the date of Auction. Title will be free and clear of all liens and Seller will convey good and marketable title. Title Insurance for an Owner’s policy is available for purchase by the Buyer. In the event that the title / closing company is unable to cure title by the end of the 10 days from contract acceptance, the Buyer and Seller agree to extend the 10-day closing period to 30 days. If the closing is extended past the first 30 days, both parties agree the closing will occur as soon as title is cured or as is practical to all parties. If clear and marketable title is unable to be obtained within 120 days of acceptance, then the Buyers earnest many may be returned with written request by Buyer or this period may be lengthened by mutual agreement of both parties and shall be made in writing. 3. Prorations. Except as otherwise provided herein, no prorations are being made among the parties with respect to the expenses or liabilities of the property such as real estate taxes and operating expenses. 4. HOA/Condo Association. No HOA or Condo Association. Seller has provided all known fees / assessments amounts in its possession and are presumed to be accurate. The buyer hereby holds harmless the seller for any inaccuracies or discrepancies. 5. Settlement/Closing Costs. The Buyer shall pay all settlement/closing costs including, but not limited to closing fees, court checks, title service fee, title exam, final title report, documentary stamps, recording fee, title insurance, taxes, and electronic filing fee. Closing will be held as soon as possible and within 10 calendar days of the date of the Auction. Possession of property transfers at time of Buyers funding. 6. No Financing Contingency. This is a cash transaction with no contingency for financing. Buyer may finance a portion of the purchase price, but Buyer’s obligation to proceed with the purchase is not contingent upon the Buyer obtaining financing. If the Buyer is unsuccessful in obtaining financing and is unable to go to settlement/closing within the required time period, the 20% earnest money deposit provided by the Buyer shall be forfeited. Any costs associated with financing will be the sole responsibility of the Buyer. 7. Disclaimer/Property Inspection. It is the Buyer's sole responsibility to perform any inspections Buyer deems pertinent to the purchase of this property and to be satisfied as to the property’s condition prior to bidding. The property, both real and personal, if any, is being sold in its existing “AS IS WHERE IS" condition, with no expressed or implied guarantees or warranties whatsoever. Personal onsite inspection of the property is recommended, and bidders are advised to independently verify all information they deem important. Auctioneer and the Seller assume no liability for errors or omissions in this property, or advertising, promotional or publicity statements and materials. All information provided, including but not limited to square footage, acreage, dimensions, maps, taxes, etc. is believed to be accurate and complete. However, neither the Seller nor the Auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information. Buyer and Buyer's Agent/Broker shall bear the sole responsibility to confirm all information relevant to the property prior to bidding. Neither the Seller, Seller’s Broker nor the Auctioneer shall be liable for any relief, or adjustments if the amount of acreage, square footage, zoning, environmental condition or any other information fails to conform to any specific standard, expectation, or any published information. Buyer acknowledges that he/she relied entirely on his/her own information, judgment and inspection of the property. Failure to inspect property shall not constitute cause for cancellation of sale. Any inspections will be at the sole cost and discretion of the Buyer. Any costs associated with said inspections, turning on/off utilities, where applicable, and any damages incurred as a result of inspections will be the responsibility of the Buyer. The property is being sold by written legal description. All surveys will be the responsibility of Buyer. Buyer acknowledges that the absence of any such representation or warranty, the condition of the property and the risks assumed by Buyer relating to latent and patent, known or unknown defects have been taken into account by the Buyer in determining the purchase price Buyer is willing to pay for the property. 8. Buyer's Premium. A ten percent (10 %) Buyer's Premium shall be paid by the Buyer and will be added to the final bid. The purchase price payable by a Buyer will be the sum of the final bid plus the buyer’s premium of ten percent (10 %) of the final bid. As used in these Terms and Conditions of Sale, the term “final bid" means the highest bid acknowledged by the Auctioneer, and the term "purchase price" means the sum of the final bid plus the premium payable by the Buyer exclusive of any applicable settlement/closing costs. Example: Final bid on property is:.................................$100.00 Add 10 % Buyer's Premium: ……................................. $ 10.00 Total on Sales Contract / Purchase Price:.......................$110.00 9. Earnest Money. Immediately following the Auction, the Buyer shall be required to pay a deposit for the property equal to twenty percent (20%) of the purchase price. The deposit shall be wired to the owner of record no later than close of the next business day. The deposit will be applied to the purchase price at the time of settlement/closing. 10. Collusion. If Auctioneer or Seller perceives attempted collusion, Auctioneer or Seller will cancel the Auction. Collusion between bidders is prohibited by the Federal Anti-Trust Laws. All decisions of the Auctioneer are final as to methods of bidding, bidding increments, cancellation or any other matters that may arise before, during or after the Auction. Auctioneer reserves the right to deny any person registration to the Auction or expel anyone who Auctioneer believes may disrupt or interfere with the Auction in any way. Practices that eliminate competition, such as collusive bidding, may result in criminal, civil, and/or administrative action against the participants. 11. Default. If settlement/closing is delayed by action, lack of action or failure to comply with these Terms and Conditions of Sale by the Buyer, default will be declared, and the earnest money will be retained by the Seller as liquidated damages. Seller may, in addition to asserting all remedies available by law, including the right to hold defaulting Buyer liable for the purchase price, either a) cancel the sale, retaining as liquidated damages any deposits and payments made by such buyer, b) resell the property with or without reserve at public auction or privately on seven (7) calendar days' notice to such buyer, or c) take such other action as it deems necessary or appropriate. If Seller resells the property, the original defaulting Buyer shall be liable to Seller for the payment of any deficiency in the purchase price plus all costs and expenses, reasonable attorney's fees, commissions, incidental damages and all other charges due hereunder. Buyer shall obtain the earnest money as liquidated damages in addition to these charges. 12. Risk of Loss. Until transfer of Title or transfer of possession, risk of loss to the Property, ordinary wear and tear excepted, shall be upon Seller; after transfer of Title or transfer of possession, risk of loss shall be upon Buyer. 13. Acceptance of Property. Buyer, upon accepting Title or transfer of possession of the Property, shall be deemed to have accepted the Property in its then condition. No warranties expressed or implied, by Sellers, Brokers and/or their associated licensees, with reference to the condition of the Property, shall be deemed to survive the Closing. Seller shall deliver Property in the same condition as it was on the date upon which Contract was signed by Buyer (ordinary wear and tear excepted). 14. Notice to Brokers. A fee equal to two percent (2%) of the bid price will be paid by Seller to the licensed real estate broker whose prospect successfully bids and closes on the property. To qualify for commission the Licensed Real Estate Broker or Sales Person must first: a) Accompany their Prospect upon initial visit to open house or private showing and register the Prospect at that time; b) Broker/Agent must also formally register prospect on Broker Registration Form with both Prospect and Sales Person signatures; c) Completed Broker Registration Forms must be received no later than 48 hours before the scheduled end of auction. 15. Bid Acceptance. Once the bidder places a bid, a contract is established, and that bidder may not withdraw the bid. The Buyer will immediately sign the contract. The auctioneer will not accept unilateral conditions asserted by any bidder. Seller retains the right to accept, reject, or counter the highest bid. Property may be contracted pre-Auction with the same Terms & Conditions. 16. Cancellation. Seller reserves the right to cancel, postpone, or withdraw the property before or up to the end of the auction. The Seller reserves the right to offer this property in any manner and reserves the right to sell the property in any manner it so desires up to the start of the auction. Auctioneer or Seller reserves the right to alter, modify, or change any of the terms of this sale at its sole discretion before or at the start of the auction. Seller reserves the right at its sole discretion to accept or reject any offers made before the Auction begins. Method, order of sale, and bidding increments shall be at the sole discretion of the Auctioneer.