Auction Terms & Conditions HIGH BID ACCEPTANCE ON THIS PROPERTY IS SUBJECT TO SELLERS APPROVAL, THIS PROPERTY IS SUBJECT TO PRIOR SALE OR REMOVAL FROM THE AUCTION. BUYER'S PREMIUM: A ten percent (10%) Buyer's Premium will be added to the final bid price to determine the Total Contract Price, (Example: Such as $100,000.00 bid price plus five percent (10%) Buyer's Premium ($10,000.00) equals $110,000.00 Total Contract price. DOWN PAYMENT: A $5000 earnest money deposit will be required from the successful bidder upon award of the bid. This can be in the form of a personal or business check. It will be made payable to First American Title, CO. NO CONTINGENCIES: YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING SO BE SURE TO HAVE ARRANGED FINANCING, IF NEEDED, OR THAT YOU ARE CAPABLE OF PAYING CASH AT CLOSING. Buyers who are unable to close because of insufficient funds or unable to finance will be in default and the earnest money will be forfeited. BIDDING PROCEDURE: NOMINAL OPENING BID OF $50,000.00 IS REQUIRED FOR THE AUCTION TO OPEN THE BIDDING. Upon receiving an opening bid of $50,000.00, the bidding will continue until the auction ends on November 16 2020 at 7:00 P.M. MST, subject to the automatic bid extend feature outlined in these terms and conditions. REAL ESTATE TAXES: All real estate taxes for the year 2020 will be prorated as of the date of closing CLOSING: The balance of the purchase price will be paid at closing, collected or certified funds on or within 30 days of Auction closing. Closing will be held in the offices of Home Town Title. POSSESSION: Possession of the property will be given at closing. PROPERTY PREVIEWS: By Appointment or Open House Saturday, November 7, 2020 10:00am -2:00pm AGENCY: VRK Auctions, LLC,/Homesmart CH4 Group, and its representatives (the "Auctioneers") are the auctioneers and exclusive agents of the Seller regarding the sale of the property. BROKER PARTICIPATION: VRK Auctions, LLC. encourages Broker/Agent participation. To qualify for a two and a half percent (2.5%) Buyers Agent Commission, all Agents must fill out a packet and register their client prior to the registering to bid. Email vrkauctions@hotmail.com for the form. SUBJECT TO AUTO EXTENSION DUE TO BIDDING ACTIVITY AUCTION END TIMES: All VRK Auctions, LLC. Online Only Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. VRK Auctions, LLC. reserves the right to adjust the auto extension time period. EXAMPLE: VRK Auctions, LLC. Online Only Real Estate Auctions have an auto extend feature. Any bid placed within 3 minutes of the auction ending will automatically extend the auction for 3 minutes from the time the bid is placed. The auto-extend feature remains active until no further bids are received within the 3 minute time frame. VRK Auctions, LLC. reserves the right to adjust the auto extension time period. BIDDER VERIFICATION: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, VRK Auctions, LLC. will reject the registration, and bidding activity will be terminated. Required to bid, email Bank pre-approval or Bank Letter of Guarantee (cash buyers) to vrkauctions@hotmail.com . INFORMATION: Information was gathered from reliable sources and is believed to be correct as of the date this material is published, however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The sellers do not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction Sale Agreement. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through. BY BIDDING, THE PURCHASER AGREES TO BE BOUND BY THE TERMS AND CONDITIONS HEREIN AND AS STATED IN THE PURCHASE CONTRACT.