Auction Terms & Conditions TERMS & CONDITIONS OF AUCTION Potential buyers are encouraged to attend the live open house that is scheduled for this property so they can see it in person to help make their final decisions prior to bidding. Potential buyers are also encouraged to conduct any inspections they deem necessary to make a educated decision on the condition of the property prior to bidding. However, this property is being sold AS-IS and is not subject to any inspections or contingencies. Any type of inspections that take place by potential buyers are solely for their informational needs and not a condition of this sale. These "Terms and Conditions of Auction" supersede all other printed and oral statements and will be attached to and become a part of the REAL ESTATE PURCHASE AND SALE AGREEMENT ("Agreement"), which will contain the precise conditions of sale and will include this document and any other written agreement between the Purchaser, Seller, Auction Company, and Auctioneer. ARC Realty D.B.A. ARC Auctions, an Alabama Corporation, ("Auction Company") has entered into an agreement with multiple property owners to bring you this auction today. The Sellers have the right, in its sole discretion, for any or no reason, to add or withdraw any part of the property prior to commencement of the bidding on that particular property before or at the Auction sale on May 21th 2024. The property is subject to prior sale on or before May 21st 2024. The property is being sold subject to an undisclosed reserve price. All information contained in the advertising of this sale has been resourced by the Seller and/or tax records and or other sources of record and is believed to be true and correct. Auction Company or its affiliates makes no guarantees as to the correctness of any information. The auction company reserves the right to announce any additional terms and conditions before or during the auction. The Property will be sold "AS IS, WHERE IS." No additional warranties, either statutory or otherwise, expressed or implied, of any kind whatsoever, including those as to the fitness for a particular use or purpose, habitability, merchantability, quality of construction, or environmental condition [including without limitation, the presence or absence of asbestos, lead-based paint, or any hazardous substances, hazardous wastes, petroleum or petroleum by-products (collectively "Hazardous Materials")], concerning or with respect to the Property are given by the Seller or Auction Company. The Property will be sold subject to current leases, easements, restrictive covenants, existing rights-of-way, public utilities, health department regulations, encroachments, zoning ordinances, and all other matters now of record, as well as its compliance with any federal, state and local laws or regulations. All bidders acknowledge and agree by their participation in the auction, that the bidder has inspected the Property offered at auction today, or voluntarily chose not to inspect, and are not relying on any warranty or representation of Seller or ARC Auction Solutions, or any employee thereof, and that the bidder will be buying the Property "AS IS, WHERE IS" and "WITH ALL FAULTS." ARC Realty is a separate entity and seller may use a ARC Realty agent as long as they are not employed by ARC Auction Solutions, a dual agency is agreed upon by both parties and there is no conflict of interest. All bidders must register online to bid in this sale. A valid credit card is required to bid. Bidder agrees that a $2000 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 $2000 internet service fee is non-refundable and will be charged to their credit card. If they are not the winning bidder, the $2000 internet service fee will be released. ARC Realty D.B.A. ARC Auctions provides internet, simulcast, or live only bidding for this auction themselves or through a third party. The bidder acknowledges and understands that this service may or may not function correctly through the duration of the auction. Under no circumstances shall Bidder have any kind of claim against ARC Realty D.B.A. ARC Auctions, its Auctioneer, or anyone else involved in an auction if the internet service fails to work correctly before or during the auction process. ARC Realty D.B.A. ARC Auctions and its Auctioneer will not be responsible for any missed bids from any source. IT is recommended that Internet bidders who desire to make certain their bid is acknowledged should place their maximum bid at least two hours prior to the auction closing time. ARC Realty D.B.A. ARC Auctions and its Auctioneer reserves the right to withdraw or re-catalog items in this auction. In the event of any software problem, mistake or other issue, ARC Realty D.B.A. ARC Auctions and its Auctioneer reserves the right to extend the closing times, stop, restart, or cancel this auction at its sole discretion. Even though an item may be displayed as "sold" on the internet, no sales are final until they are certified by ARC Realty D.B.A. ARC Auctions, its Auctioneer and Bidder receives an invoice. ARC Realty D.B.A. ARC Auctions and its Auctioneer reserves the right to cancel any or all sales and resell the items in whatever manner it chooses. The bids are advanced at pre-set increments available on the bidding web page. From time-to-time ARC Realty D.B.A. ARC Auctions or its Auctioneer may accept items with secret reserves prices. The seller and ARC Realty D.B.A. ARC Auctions, its Brokers, Agents, and Auctioneer reserve the right to bid on behalf of the seller on items on which there may be a reserve up to that reserve amount. ARC Realty D.B.A. ARC Auctions or its Auctioneer may reject or cancel any bid for any reason. The records of the auction made by ARC Realty D.B.A. ARC Auctions, or its Auctioneer shall be conclusive. This is a Public Auction and as such, all qualified bidders may bid including ARC Realty D.B.A. ARC Auctions its Brokers, Agents, Auctioneer, owners, family members and employees. If the Auctioneer determines that any bid is not commensurate with the value of the article offered, he may reject the same and withdraw the item from the auction. If, having acknowledged an opening bid, he decides that an advance is not sufficient, he may reject the advance. The successful bidder will be required to sign the "Purchase and Sale Agreement" within 24 hours of auction close and deposit 10% of the total contract price into the ARC Realty D.B.A. ARC Auctions escrow account or the office of closing attorney Jon Moody at Lanier Branch 8130 Seaton Place Montgomery, AL 36116 Moody Law LLC 334-676-3210. Failure to do so will be considered a breach of contract. Under no circumstances shall Bidder have any kind of claim against ARC Realty D.B.A. ARC Auctions or its Auctioneer or anyone else involved if the internet service fails to work correctly before or during the auction. The bidder agrees that by registering for the online auction, he/she has accepted all these Terms and Conditions. The bidder is responsible for all bids placed by their account. All decisions of the Auctioneer shall be final, including but not limited to decisions on matters such as increments of bidding, disputes among bidders, and any other issues that may arise during the sale. SURVEY: The property has not been surveyed for this auction. If the Purchaser or Purchaser's lender desire or require a survey, it will be at the Purchaser's expense. If a survey shows a lesser or greater number of acres than the sales map or aerial photos, the purchase price will not be adjusted. All sales maps or aerial photos are for illustration purposes only. This property is being sold from information derived from owner, city, county or state records. OFFERING: The Property will be offered via online Auction, subject to an undisclosed reserve. All decisions of the Auctioneer shall be final, including but not limited to decisions on matters such as increments of bidding, disputes among bidders, and any other issues that may arise during the sale. The Auctioneer reserves the right to bid on behalf of the seller up to any reserve amount. The total purchase price shall be the winning high bid plus an Auction Fee equal to ten percent (10%) of the winning bid. The successful bidder shall be required to sign the Purchase and Sale Agreement and pay earnest money equal to ten percent (10%) of the total purchase price, as ("Earnest Money Deposit") immediately following the auction. The Earnest Money Deposit will include the Bidder Deposit, with the balance being in the form of a personal or company check and is due immediately after being declared the Purchaser. Earnest Money Deposit check shall be made payable to ARC Realty D.B.A. ARC Auctions or its assigned closing attorney Jon Moody at Lanier Branch 8130 Seaton Place Montgomery, AL 36116 Moody Law LLC 334-676-3210. . If, for any reason Buyer fails to execute The Real Estate Purchase and Sale Agreement or pay the deposit immediately following the auction, Seller has sole discretion to: (a) pursue all legal and equitable remedies available against Buyer, or (b) declare the Buyer's bid to be immediately forfeited, null, and void, without any requirement of notice, and immediately re-sell the Property to another buyer. The Earnest Money Deposit will be held in a non-interest-bearing escrow account under the control of ARC Realty D.B.A. ARC Auctions or its assigned closing agent pending the Closing and in accordance with the Purchase Agreement. No disbursement will be made from these escrow accounts until closing or as otherwise set forth in accordance with the Purchase Agreement. In the event a Purchaser fails to close and pay his or her balance when due, the Deposit may be retained by Seller as liquidated damages, in addition to any other remedies available to Seller, and will be distributed in accordance with a separate agreement between Seller and Auction Company. CLOSING: The sale and purchase transaction shall be closed by: ___06/21/2024______. Closing shall be on or before ___06/21/2024___, or other such date mutually agreed upon by Seller and Purchaser in writing. Taxes shall be prorated to the date of closing. The purchaser will be responsible for any subsequent assessments for prior years due to changes in the usage of the Property. Purchaser and Seller agree this is a "CASH, AS-IS SALE". The seller will deliver a Warranty Deed conveying the property free and clear of all encumbrances, except as is otherwise provided in the Purchase Agreement. Purchaser and Sellers shall pay all closing costs and fees as outlined in Exhibit "C" of the Purchase Agreement. Seller to pay prorated taxes and all other closing costs to be paid by buyer. POSSESSION SHALL BE GRANTED TO PURCHASER UPON CLOSING AND SECURED FUNDING. POOLING OR BID RIGGING: Any agreement among potential bidders not to bid against one another, or otherwise to dampen the bidding process, is a felony under federal law. The Auctioneer reserves the right to bid on behalf of the Seller if he detects or suspects this fraud by two or more bidders. NOTIFICATION OF BINDING ARBITRATION: In the event a dispute shall arise between the parties relating to the Real Estate Purchase and Sale Agreement, property issues, or the Auction, and involving the Seller, Bidder, Buyer, Auctioneer or Auction Company, in any combination, it is hereby agreed that the dispute shall be determined and resolved exclusively by neutral arbitration as provided by Alabama law. AUCTION COMPANY NOTICE OF AGENCY RELATIONSHIP: The Auction Company ARC Auction Solutions is acting as agent for the Seller in this transaction and is to be paid a fee by the Seller pursuant to a separate written agreement between the Seller and Auction Company. The Auction Company is not acting in any way as agent for the Purchaser in this transaction. However, limited consensual dual agency may arise during this auction. In the event that this occurs both buyer and seller must agree to this dual agency through written agreement and only if there is no conflict of interests with participating agents. Any third-party broker is not a subagent of the Auction Company. ARC Realty D.B.A. ARC Auctions OR IT’S Auctioneer. IS ACTING IN A SELLING CAPACITY FOR THE SELLERS ONLY AND MAKES NO REPRESENTATIONS CONCERNING THE PROPERTY OR PROPERTY INFORMATION This information is not verified for authenticity or accuracy and is not guaranteed. You should independently verify the information before making a decision to purchase. Bidding will remain open on this property until 1 minute has passed without receiving a bid. Property available to preview by open house with scheduled times listed in the description of each property. There will be a 10% buyer’s premium ($1,500.00 minimum) added to the final bid. The buyer’s premium, together with the final bid amount, will constitute the total purchase price of the Real Estate. What is a buyers premium? A buyer's premium is a supplementary fee imposed on top of the winning bid at a real estate auction which combined with the final sell price makes up the final price of the property. The buyer's premium serves as compensation to the auction house or seller for facilitating the auction process and covers various administrative costs associated with the sale. In the context of a real estate auction, the buyer's premium is an additional expense that the winning bidder must factor into their overall cost. For example, if a property sells for $200,000 at auction with a 5% buyer's premium, the winning bidder would pay an additional $10,000 on top of the final bid price, bringing the total purchase price to $210,000. It's important for potential buyers to be aware of the existence and implications of the buyer's premium when participating in real estate auctions, as it can significantly impact the total amount they will need to pay for the property. Understanding the buyer's premium ensures that bidders can make informed decisions and accurately assess the total cost of acquiring a property through auction. No phase 1 or Phase 2. Selling AS-IS, Buyer is encouraged to come to the live open house preview and conduct any and all inspections they deem necessary to make a final decision on the purchase of this property. This sale will not be contingent on any inspections that may take place. This property is being sold subject to a undisclosed Reserve.