AUCTION TERMS AND CONDITIONS (Please Read Carefully) PROPERTY ADDRESS: 300 Pedricktown Rd, Logan Township, NJ 08085 AUCTION TYPE: Reserve TAX LIENS: No? By registering to participate in this auction you certify that you are at least 18 years of age and that you have read and agree to be bound by the following terms and conditions. Agency Disclosure: Realty Solutions, LLC (Auction Company) is a NJ Real Estate Brokerage. Realty Solutions, LLC and all licensees associated with the Auction Company represent the Seller ONLY in the sale of the property. Buyer(s) understand and acknowledge that Realty Solutions, LLC does not represent them in any dual agency capacity. ?Buyers Premium: A Buyer’s Premium of 10% or $10,000.00 whichever is greater, in the form of certified funds, will be payable on each property sold at auction. Payment of the Buyer’s premium is the sole and absolute responsibility of the successful bidder on the property at time of the auction and is not contingent on the transfer of title to the property. The Buyer’s Premium is calculated by multiplying the successful bid or subsequent alternate purchase price agreed upon by the parties, by 10%. Contract of Sale: The successful bidder for each property shall be required to sign a Winning Bid Acknowledgement immediately after being declared the successful bidder by the Auctioneer. The successful bidder must also execute and deliver an “Auction Purchase and Sale Contract” for each property no later than three (3) business days after being declared the successful bidder by the auctioneer. A sample copy of the Auction Purchase and Sale Contract is attached here and can also be viewed from our web site at MikeRyanHomes.com/Auction-Contract or you can receive a copy by mail or fax by emailing mike@njrealtysolutions.com. Please review the Purchase and Sale Contract with your attorney for approval prior to bidding.? ? Earnest Money Deposit: In addition to the Buyer’s Premium the successful bidder is required to pay $5,000.00 or 5% of the winning bid amount (whichever is higher), in the form of certified funds, as an Earnest Money Deposit at the time of the auction and it shall be credited toward the purchase price. The Buyer’s Premium and Earnest Money Deposit is non re-fundable and will be forfeited by the Purchaser to the Seller in the event the Purchaser defaults and does not close the transaction. ?Closing Period: Closings shall be on or before thirty (30) days from the date of the auction, unless the Seller agrees otherwise in writing pursuant to terms outlined in the Auction Purchase and Sale Contract. Time is of the essence as to the closing date. For any property being sold Subject to Confirmation, closing shall be within 30 days from the date of third party approval. Financing: No auction bids are contingent upon financing. Buyer financing is solely the responsibility of the buyer, and at no cost to the Seller. It is recommended that buyers pre-qualify for loans, assuring that they can close in accordance with the terms in the purchase agreement. ?Property Is Sold “As Is”: All parcels, including any buildings or other improvements thereon, are offered for sale and sold “AS IS” without representation or warranty of any kind as to their condition, excepting where applicable, the HUD Lead Paint Disclosure for Residential Properties and any other disclosures required by law. Personal on-site inspection of each property prior to the auction is strongly recommended. Bidders are encouraged to have inspectors, architects, and/or engineers examine parcels prior to bidding. Bidders are encouraged to consider a title search and survey of the property prior to bidding. Bidders should exercise due diligence as to property usage, zoning and building code restrictions and or violations that may or may not exist as to the subject property. Property descriptions are deemed reliable but not guaranteed. Some properties may be subject to nonconforming use as a result of being vacated for more than twelve months. ??Deed Transfer: All parcels sold shall be conveyed to the Purchaser by means of a Warranty Deed, with Lien Covenant. In no event shall Realty Solutions, LLC, be or become liable for any defects in title for any cause whatsoever, and no claim, demand or suit of any nature shall exist in favor of the purchaser, its heirs, successors or assigns, against Realty Solutions, LLC arising from this sale. ? ?Absolute Sales: In the event that the high bid on a property meets or exceeds the minimum price established by the Owner, the sale of such property shall be an absolute and final sale and shall bind all parties. ?? Reserve Sales: Until the seller's reserve price is met, Realty Solutions, LLC may "Counter Bid" on behalf of the seller. Realty Solutions, LLC bids may appear as "RSBID1" during the online auction. "Counter Bids" do not occur after the seller's reserve price is met. In the event that the high bid on a parcel is less than the minimum price established by the Owner, the sale shall be subject to approval by the Owner. The Owner shall have 72 hours to accept the bid or negotiate an alternate price. If the Owner does not accept the bid or negotiate an alternate price, the Purchaser’s Earnest Money Deposit and Buyer’s Premium shall be returned to Purchaser in full. If Owner agrees to accept the bid or agrees to an alternate purchase price, the sale shall be deemed final. . Subject to Confirmation: In the event that a property is being sold "Subject to Confirmation,” the sale shall be subject to approval by the Owner and/or other third party having a lien and/or ownership interest in the property. During the third party approval process, additional Addenda to the Auction Purchase Agreement may be necessary or requested by the third party approving the final bid amount. Bidder agrees to not unreasonably withhold acceptance of any such addenda within 48 hours of request. The Owner and/or other third party shall have 120 days to accept the bid or negotiate an alternate price. If the Owner and or/other third party does not accept the bid or negotiate an alternate price, the Purchaser’s Earnest Money Deposit and Buyer’s Premium shall be returned to Purchaser in full. If Owner or other third party agrees to accept the bid or agrees to an alternate purchase price, the sale shall be deemed final. Internet Bids: The Auctioneer reserves the right to accept “Internet Bids” during or before a live auction event, whereby potential bidders unable to attend the live auction may place a bid via the Internet for a specific property. Internet bids will be announced as the opening bid at the start of the live auction or as an Internet Bid during the live auction. Offline Bids: The Auctioneer reserves the right to accept “Offline Bids” during an online auction event, whereby potential bidders unable to attend the online auction may place a bid offline via phone, fax, mail or email for a specific property. Offline bids may be recorded as “Offline Bid” or "RSBID" during the online auction. Bid by Mail: The Auctioneer reserves the right to accept bids by mail during a live or online auction. Once a bid is received by mail it will be announced as a “BID BY MAIL" during live auctions and may be recorded as “Offline Bid” or “RSBID" during online auctions. The successful bidder will be notified via mail and/or telephone at the end of the auction. Bids submitted by mail are subject to the same approvals as all other bidders at the online or live auction. Bidding: Each bid is, by law, an irrevocable offer to purchase and each higher bid shall cancel an earlier bid. Once the highest bid is determined, the Auctioneer will close the bidding and at that time the highest bid shall be declared the "Winning Bid" and be deemed the "Purchase Price" subject to the terms and conditions of the auction. Auctioneer reserves the right to begin each auction with a starting bid, which will be announced before the start of the auction or listed online as the starting bid and/or current bid. Winning Bids: The successful bidder for each property shall be required to execute and deliver an “Auction Bid Agreement” along with the required Buyer's Premium and Earnest Money Deposit immediately after being declared the successful bidder by the Auctioneer for live auctions and within 24 hrs. for online auctions. Breach of Auction Terms and Conditions: Failure to execute and deliver the Auction Bid Agreement along with the required Buyer's Premium and Earnest Money Deposit will be deemed as a breach of the Auction Terms and Conditions and could result in but not limited to (a) forfeiture of Buyer’s Premium and Earnest Money Deposit, which will become immediately due and payable as liquidated damages, (b) forfeiture of any deposits made by check or credit card tendered as part of the bidding approval process, to be applied first as a credit towards the amount of any Buyer’s Premium due, or (c) court-ordered "specific performance" of the contract. Delinquent Taxes: In the event that a property is being sold "subject to existing liens and/or delinquent taxes,” the Buyer shall assume responsibility for all current and delinquent taxes. The Buyer shall also be responsible for contacting the proper vendors, lien holders and/or taxing authorities to verify exact delinquent amounts. ?? Back-up Bids: Auctioneer reserves the right to accept back-up bids during the auction. Once a successful bidder is recorded, the highest previously submitted bid would be recorded as the “back-up bidder. For Internet auctions, both the successful bidder and back-up bidder will be notified via e-mail at the end of the auction. In the event that the successful bidder does not close on the property the back-up bidder will be sold the property subject to the same approvals as all other bidders at the auction. ??Personal Property: No personal property is included in the sale of any of the properties. The disposition of any personal property located on or in any parcel sold shall be the sole responsibility of the successful purchaser following the closing of sale.??Marketing: All informational tools, including but not limited to slides, tax maps, deeds, photos, auction listings, auction catalogs, auction signs, property record cards, etc., are for identification purposes only and are neither a guarantee nor a warranty as to location, dimensions, parcel use and/or size, or anything else. Auctioneer makes no warranty expressed or implied in connection with this sale. Auctioneer’s Decision Final: The Auctioneer’s decision regarding any bidding disputes is final, and the auctioneer reserves the right to reject any bid that is not an appreciable advancement over the preceding bid. Auctioneer reserves the right to add or delete any property from this auction or to alter the order of sale from that previously published. All announcements made at the auction take precedence over all other advertising or previous publications. ?Evictions: Properties are sold subject to the existing rights of all tenants. Summary proceedings or other legal actions relative to any third parties in possession of the premises, if necessary, are solely the responsibility of the successful bidder. ??Broker Participation: Buyer broker participation is invited. Broker commissions vary and are paid based on the fee schedule published in the individual Property Report. Commissions are only paid to properly licensed real estate brokers/agents who have registered as a Buyer Broker in accordance with auction rules and regulations no later than 24 hours prior to bidding at the auction. No exceptions will be made. Buyer Brokers can register by completing our "Buyer Broker Registration Form" and faxing it back to us. A copy of the Buyer Broker Registration Form can be printed from our web site at mikeryanhomes.com/auction-broker-form or sent to you by email or fax by sending an email to mike@njrealtysolutions.com