Auction Terms & Conditions

REAL ESTATE AUCTION TERMS & CONDITIONS
2.6 +/- Commercial Lot Situated in the Township of Frenchtown County of Monroe and State of Michigan

Parcel Number: 58 07 009 047 40
Tax ID No. 58-07-009-047-40

Internet Buyers Premium: 10%

Participation Requirements: Bank letter of credit, Bank mortgage pre-approval letter, or Bank confirmation of funds.

Reserve Auction: Subject to Seller confirmation unless reserve is met during the auction.

Non-Refundable Deposit: 12% of total contract price within 2 business days.

Payment Options: Cashier's Check or Wire Transfer made payable to Minnesota Title Agency

Payment Instructions: We accept wire transfers or cashier's checks only for real estate purchases. A 12% online buyer's premium will be added to all sales conducted via HiBid. You will be notified at the end of Auction via email with your confirmed purchase and amount due. All deposits and signed contracts must be in within 48 hours of auction end time unless otherwise noted.

Currency Type: USD

Post-Auction Instructions: Real Estate payments must be in the offices of Minnesota Title Agency within 48 hours of the close of the auction. Contracts will be hand delivered, faxed, or emailed to buyer(s) at auction company discretion.

Preview Date & Times: Anytime

Checkout Date & Times: You will be notified at the end of Auction via email with your invoice noting all purchases and amount due.

Location: Auction to be held online only. No on-site bidding will take place.) Driving Directions: A real estate agent or the Auctioneer will accompany you to the property.


STANDARD REAL ESTATE AUCTION TERMS & CONDITIONS

***Please view the complete auction listing on HiBid and www.advantageauctionservices.com for auction terms specific to this property. From here forward, American Eagle Auction & Appraisal Company may be referred to as "Auction Company", and the appointed auctioneer referred to as "Auctioneer".

1. Each property is offered under the specific terms and conditions provided on our company website (www.MichiganAuctionCompany.com). Please read and review the information here and on our website thoroughly prior to bidding on any property. The purchase contract includes this language and adopts the Terms and Conditions. If you have not read and reviewed the auction brochure or do not completely accept the terms and conditions - Do Not Bid.

2. Terms: We require a non-refundable earnest money deposit in the form of a certified check, cash or wire transfer 48 hours of the close of bidding or by the end of the business day following the auction, whichever comes first, with the balance of purchase price due at closing. Purchaser shall be responsible for all wire transfer fees. The closing will take place within thirty (30) days after the close of auction unless otherwise noted.

3. There will be a buyer's premium added to the bid price to arrive at the final contract price. Example: Bid Price $100,000 plus a 12% buyer's premium equals a contract purchase price of $112,000. . All online only auctions are a cash sale unless otherwise specified and are not contingent upon or subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the auction listing information. 3a. Seller(s) will pay pro-rated property taxes to date of closing, any outstanding liens (mortgage, HELOC, etc.), pro-rated homeowners association dues, deed prep, sellers closing attorney fees, and Michigan taxes of the contract price. 3b. Buyer(s) pay all closing costs except those listed in 3a. These include, but not limited to, attorney fees, title search, mortgages (If financing the purchase), mortgage points, surveys, delivery fees or any other fee or expense on their side of the transaction.

4. Extended Bidding: Our timed online auctions are based on a specified start day and time and all lots will begin closing at a specified time. We utilize a "Soft Close" feature. Any bid placed in the final 3 minutes of a real estate auction will cause the auction ending to be automatically extended 3 minutes from the time the bid was placed. Example: If an auction scheduled to close at 6:00 receives a bid at 5:59 and the extended bidding time for that auction is 3 minutes, the close time will automatically extend to 6:02. The "Soft Close" feature remains active until no further bids are received within the specified period.

5. Under the Uniform Commercial Code, there are two types of auctions: "Absolute" and "With Reserve". Unless an auction or lot(s) are noted as ABSOLUTE, all lots will sell with reserve - subject to seller or court confirmation of the high bid. There will be an indicator on the auction website as to the reserve status.

6. Acceptance of Bid Prices: Successful bidder(s) will be required to enter into a purchase agreement immediately following the close of the auction. American Eagle Auction & Appraisal Company will make arrangements to immediately meet with the successful bidder or e-mail documents to be executed and faxed or e-mailed back to American Eagle Auction & Appraisal Company within 48 hours of the close of bidding or by the end of the business day following the auction, whichever comes first. Successful bidders not executing and returning contracts with earnest money deposit within 48 hours of the close of bidding or by the end of the business day following the auction, whichever comes first, will be considered in default.

7. Any and all inspections that a buyer may want must be done at the buyer's expense prior to the auction.

8. Agency: American Eagle Auction & Appraisal Company and its agents represent the seller in this transaction.

9. Bidder Verification: All bidders must provide their full name, address and daytime/evening phone number. The Auction Company reserve the right to deny registration. The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, the Auction Company will reject the registration, and bidding activity will be terminated. The Seller and Auction Company reserve the right to preclude any person from bidding if there is any question as to the person's credentials, fitness, etc. Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the website you must obey any and all local, state, and federal laws. Violations will result in the termination of web site use privileges.

10. Property Offerings and Removals: The Auction Company, according to its discretion, may offer property by the piece, acre, unit, or by the lot.

11. Auction Participation and Compliance with Terms: By participating in an auction, bidders represent, irrefutably warrant and covenant that: -They shall not misrepresent their ability to close the transaction pursuant to the terms and conditions of the auction. -They have the capacity to close the transaction and that any bid they make on the property being sold constitutes an irrevocable offer to buy the property being sold for the full amount of the bid plus buyer's premium and applicable taxes. -They have the legal authority to enter into an agreement to purchase the property being sold. -They shall forfeit all deposits or otherwise pay as liquidation damages all monies paid if payment is not made in full by the time specified.

12. Auction Participation and Bidding Errors: Immediate notification is required if a mistake is made in bidding. Bidders may still be held responsible for the bid.

13. NEW DATA, CORRECTIONS, AND CHANGES: Please log in prior to scheduled bid closing time to inspect any changes, corrections, or additions to the property information.

14. Disclaimer and Absence of Warranties: All information contained on the auction website and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an 'AS IS, WHERE IS' basis, and no warranty or representation either express or implied, concerning the property is made by the Seller, Sellers Agent, Firm, or the Auction Company. Any sketches and dimensions on the website are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property being sold prior to auction. The information contained on the website is subject to verification by all parties relying on it - No liability for its accuracy, errors, or omissions is assumed by the Seller, Sellers Agent, Firm, or the Auction Company.

15. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of the Auction Company are final. By bidding on the property at auction, the buyer agrees to all terms and conditions set forth here and in the auction brochure as well as those set at beginning of the auction.

16. Each buyer is responsible to conduct his or her own due diligence on the property before bidding. The due diligence period ends when the auction closes.

17. Acknowledgment of Dangerous Auction Site: Potential bidders when inspecting and high bidders/purchasers or their agents acknowledge that an auction site is a potentially dangerous place. Every person enters the auction site at his or her own risk with notice of the condition of the premises and the activities that will be or have been conducted on the premises. High bidders will so advise their agents and employees. This acknowledged risk extends into all activities involved in the inspection of the subject property and preparation of the property for closing, including disconnection of utilities. Persons attending the auction site during preview, sale or inspection assume all risks of injury damage or loss of property and specifically release the Firm, the Auction Company, the seller and their agents from liability.

18. Malfunction, Shutdown, and Loss of Service: The results of the auction may be rendered void if a malfunction, shutdown, or temporary loss of service occurs. In such an event, Auction Company reserves the right to remedy the situation in whichever way best represents the seller, including the cancellation of existing bids. Auction Company shall not be held liable in any way for any malfunctions, shutdowns, or loss of service. Bidder acknowledges and understands that this service may or may not function correctly at the close of the auction. Under no circumstances shall Bidder have any kind of claim against Firm and/or the Auction Company or anyone else if the Internet service fails to work correctly during the close of the auction. Firm and/or the Auction Company will not be responsible for any missed bids from any source.

19. Internet bidders who desire to make certain their bid is acknowledged should use the maximum bidding feature and leave their maximum bid 24 hours before the close of the auction.

20. Erroneous Reports: It is very possible during an auction that an Internet bidder may be indicated as a high bidder when in fact the winner attended the auction in person or vice versa. The auction company makes the final determination and holds the official records of winning bidders and final hammer prices. The listings on this website regarding final hammer prices and winning bidders are unofficial.

21. Indemnification and Acceptance of Auction Terms by Bidders: Purchaser and Bidders agree to indemnify and hold harmless both the seller, their agent, Firm, and the Auction Company from and against all claims and liabilities resulting from an online auction, including but not limited to: proximate or consequential damages, failure to comply with local, state, or federal laws, and cost of legal expenses arising therefrom. No person shall have any claim against Firm and/or Auction Company, their respective agents or employees for any injuries sustained or damages to or loss of property that may occur on site. These Terms and Conditions and all questions with respect to the interpretation of these conditions shall be governed by and construed in accordance with the internal laws of the State of Michigan, without regard to conflict of law's provisions. All bidders expressly consent to personal and exclusive jurisdiction in the courts of the State of Michigan located in Wayne County.

22. In bidding, you consent to agreeing with all the Terms and Conditions stated above and any auction specific terms posted on each auction brochure, website and/or terms emailed to you and or terms posted on www.MichiganAuctionCompany.com

American Eagle Auction & Appraisal Company
(734) 223-3277
Livonia, Michigan

American Eagle Auction & Appraisal Company is pleased to present to you this vacant 2.6 acre commercial real estate lot situated in the Township of Frenchtown, County of Monroe and State of Michigan. Parcel Number: 58 07 009 047 40 Tax ID No. 58-07-009-047-40