Rules of the Auction and Terms of Sale for WaterPro Well Drilling Equipment & Assets Online ONLY Auction: August 6, 2012 - September 5th, 2012 First Lot Bidding Closes at 1:00 PM EST with 30 second intervals between Lots. Bidding within 2 minutes of Lot Closing will extend bidding on that Lot by 2 minutes. Please read all rules carefully prior to auction. 1. All bidders are required to give full identification and register to receive a bidder number upon arrival at auction site, or online before bidding. 2. Receipt of a bidder number online or at auction implies an understanding of the legal obligation of all AAMG auction rules. Registered bidders are responsible for all bids under their number. 3. There is a 15% Buyer's Fee attached to your final bid. (Example: If your final bid is $100.00… add 15% and your total cost for that item is $115.00 plus tax). A 3 % surcharge will be applied if paying by credit card. 4. The seller reserves the right to withdraw from sale any listed items. The seller also reserves the right to cancel the auction sale up to the time prior to the commencement of bidding. 5. The auctioneer may at his/her own discretion group one or more items into one lot or divide a single lot into two or more selling lots. 6. AAMG and the owners reserve the right to refuse any and all bids. AAMG reserves the right to settle any and all disputes involving bids. 7. All items are sold completely "AS IS/WHERE IS" with no warranties expressed or implied. 8. All sales are FINAL. Be sure the item you are bidding on is the item being auctioned. * All descriptions believed accurate but not waranteed. Bidder inspection is encouraged. By placing a bid, bidder signifies that they have examined the items to their satisfaction, or that they have chosen not to personally examine them. 9. All winning bids must be paid in full immediately following the auction. In the event that a buyer does not settle their account, the auction has the right to resale the item(s) and charges the defaulted buyer's account for any deficiencies, cost and/or legal fees. All items must be paid for in full by 1:00 PM on August 29th. Winning Bidders will receive an invoice at the email address provided at auction registration within 3 hours of the conclusion of the online auction. Bidders must reply to this email to coordinate payment method and pickup time. 10. Accepted forms of payment include cash, cashier's check, Visa, Master Card or Discover. Wire transfers incur a flat fee of $45.00 You must provide your tax exempt form to qualify for tax exempt status. 11. No assets will be removed until paid in full. All Assets must be removed from 9977 John Clayton Memorial Hwy., Gloucester, VA 23061 on August 29th between 10AM and 2PM EST or by Appointment Only. BIDDERS ARE RESPONSIBLE FOR THEIR OWN SHIPPING & RIGGING. No item will be removed without a PAID receipt. Any damage to the buildings, grounds or other auction items resulting from the removal of any items will be the sole responsibility of the buyer. 12. Buyers will acquire properties subject to the rights of all parties in possession. If any conditions contained herein are not complied with by the buyer, Atlantic Asset Management Group may, in addition to asserting all remedies available by law, either (a) cancel the sale, retaining as liquidated damages any payment made by buyer; (b) resell the property at public auction; or (c) take such other action as it deems necessary or appropriate. 13. The respective rights and obligations of the parties with respect to the Terms and Conditions of Sale and the conduct of the auction shall be governed and interpreted by the laws of the Commonwealth of Virginia. By bidding at the auction, whether in person or by agent, by written bid, or other means, the buyer shall be deemed to have consented to the jurisdiction of the state and federal courts residing in the state. William J. Summs, CEO, AARE - Auctioneer VA/AF #359 3900 Bonney Road Suite 111, Virginia Beach, VA 23452 * Phone: 757.461.6867 * www.atlanticREmarketing.com