AUCTION TERMS AND CONDITIONS

1. PROPERTIES TO BE AUCTIONED:
39 Residential Lots located in Timber Ridge Subdivision in Huntsville, AL

2. SELLER (S): Robert D. Word, Jr.

3. Thirty-six (46) of these lots in the auction will be conducted Â“WITH RESERVE.Â” The seller has the right to accept or reject the sale. Three of the lots in the auction will be conducted ABSOLUTE and will be sold to the highest bidder regardless of price.
Lot 1, located at 14081 Stonefield Trial; Lot 280, located at 15016 Greentree Trail; and Lot 24 located at 1432 Joshua Dr. will be Absolute.

ONLINE BIDDING ONLY Beginning on Thursday, November 19, 2015 and Ending on Friday, December 18, 2015 at 8 PM.

4. TERMS OF SALE:
A ten percent (10%) buyerÂ’s premium will be charged and added to the BuyerÂ’s bid price to determine the total purchase price. A non-refundable deposit of 10% (escrow money) is required within 24 hours of auction end time. Although a credit card is required to register to participate in this auction, certified funds are required for the escrow deposit. However, if certified funds are not provided to Horton Auction & Real Estate, Inc. within 48 hours of auction end time, the credit card used to register for this auction will be charged for the required 10% escrow deposit.

A Horton Auction representative will contact the winning bidder within 2 hours of auction closing time with information regarding Sales Contract and payment information. The balance will be due on or before 60 days at the closing of the property. The closing fees are the buyerÂ’s responsibility.

The BuyerÂ’s obligation to close the sales transaction will not be contingent upon an inspection or BuyerÂ’s ability to obtain financing. The earnest money will be nonrefundable, except as otherwise provided in the Real Estate Sales Contract, hereinafter described.

If you are the High Bidder on any of the property offered for sale today, you agree to sign a Real Estate Sales Contract at the conclusion of todayÂ’s auction.

This property will be sold Â‘AS IS, WHERE ISÂ’ with no guarantees, expressed or implied, by Horton Auction & Real Estate, Inc.

5. CONDUCT OF AUCTION:
All announcements made from the auction block will take precedence over any previous written or oral statements. Horton Auction & Real Estate reserve the right to announce additional Terms and Conditions of the auction and sale prior to or during the course of the auction. All bidders will be bound by announcements made at the auction, even though a bidder may not have actually heard the announcements. The Real Estate Sales Contract for the purchase and sale of the property shall represent the final terms of sale.

In the event of a dispute over any matter at the Auction, Horton Auction & Real Estate shall have the absolute and sole right to make the final decision to resolve the dispute and will also have the right to either accept or reject the final bids or re-open the bidding. Increments of bidding are at the direction of Horton Auction & Real Estate, and the Auctioneer conducting the auction. Horton Auction & Real Estate reserves the right to accept absentee bids in advance and place those bids during the course of bidding. Horton Auction & Real Estate reserves the right to accept phone bids and/or absentee bids (arrangements must be made prior to auction date).
Horton Auction & Real Estate reserves the right to deny any person admittance to the auction or remove any person or party from the auction site including, but not limited to, a registered bidder or broker/agent.

6. ORDER OF AUCTION;
Lots will sell by the dollar.

7. BACK-UP BIDS: An unsuccessful bidder may make a back-up bid to purchase the property in the event of default by the high bidder. Please contact a Horton Auction & Real Estate representative if you would like to submit a back-up offer.

8. CLOSING:
The sale of the property shall be closed and the deed delivered on or before February 18, 2016. The Closing will be held at the office of the closing attorney, Keith Jones of Wolfe, Jones, Wolfe, Hancock, Daniel & South, LLC. 905 Bob Wallace Ave., SW, Huntsville, AL 35801.

9. CLOSING COSTS AND PRORATIONS.
The Buyer shall pay all costs associated with the Closing of the transaction evidenced hereby. Ad valorem property taxes for the then-current tax will be pro-rated between the Seller and Buyer as the date of the Closing. All property taxes applicable to the property for prior tax years remaining unpaid at the time of the Closing shall be paid in full by Seller prior to or at the time of the Closing. Any tax arising from a change in use of the property, which results in rollback tax shall be borne by Buyer.

10. STOP PAYMENT / INSUFFICENT FUNDS:
Upon making payment for an item(s), no stop payment of funds will be honored. Any stop payment order of a check, or giving a check which is returned marked Â‘insufficient funds,Â’ shall be deemed by the parties to be prima facie evidence of fraud existing at the time the transaction was consummated and shall be construed by the parties as intent to defraud.

11. CONDITION OF PROPERTY:
The property shall be sold Â‘AS IS,Â’ Â‘ WHERE IS,Â’ and Â‘WITH ALL FAULTS.Â’ The Seller and Horton Auction & Real Estate make no representations or warranties, express or implied, regarding the fitness, suitability or condition (environmental, structural or otherwise) of the property. Seller and Horton Auction & Real Estate shall have no duty, liability, obligation and/or responsibility to Buyer or any other person or entity regarding the fitness, suitability or condition (environmental, structural, or otherwise) of the property. Seller disclaims any and all warranties as the status of mineral rights affecting the property, environmental conditions, availability of utilities, zoning, accesses to the property, or quantity of land in the property.

12. PROPERTY INSPECTION:
It is the BuyerÂ’s responsibility to inspect the property prior to the auction. Buyers must rely on their own information, judgment, inspections and any public records concerning the property. The failure of the Buyer to be fully and adequately informed as to the condition of the property will not constitute grounds for adjustment of the price or withdrawal of the buyerÂ’s bid for the property, or return of any earnest money paid in connection with the sale of the property.

13. CONVEYANCE:
Seller shall convey to the Buyer of any property sold at auction good and marketable fee simple title to such property by Warranty Deed subject only to (i) current city, state and county ad valorem taxes not yet due and payable; (ii) easements for the installation or maintenance of public utilities serving the property; (iii) easements and restrictions of record; (iv) rights of way for public roads; (v) subdivision regulations and zoning ordinances of applicable governmental entities; (vi) matters of survey, and (vii) such other matters, if any, as may be acceptable to the Buyer, all of which items collectively are the Â‘Permitted Exceptions.Â’

14. TITLE INSURANCE:
Title Insurance will be at the BuyerÂ’s expense.

15. DISCLAIMER:
Seller and Horton Auction & Real Estate Co., Inc. associated salespersons and the closing attorneys make no representation relative to (a) the legal and tax consequences of the purchase or ownership of the property; (b) the availability of utilities or sewer service; (c) the environmental status of the property; (d) the investment or resale value of the property; (e) the quantity of land comprising the property; (f) the status of the title of property; (g) the status of mineral rights to the property; or (h) matters of survey affecting the property.

16. REAL ESTATE SALES CONTRACT:
Real estate sales transactions arising out of the auction shall be evidenced and governed by the Real Estate Sales Contract attached hereto, which shall be executed by Seller and the Buyer of the property at the auction. The terms of the Real Estate Sales Contract are controlling in the event of any perceived inconsistency between its terms and any statements in these Auction Terms and Conditions or any advertisements or other material concerning the property or the auction. It is therefore recommended that all bidders carefully review the attached Real Estate Sales Contract before the commencement of the auction.

17. BIDDER REGISTRATION:
All bidders must register with Horton Auction & Real Estate before the auction and receive a bidder registration number and a copy of these Auction Terms and Conditions. The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Horton Auction & Real Estate will reject the registration, and bidding activity will be terminated. The Seller and Horton Auction & Real Estate reserve the right to preclude any person from bidding if there is any question as to the personÂ’s credentials, mental fitness, etc.
Bidder responsibilities include, but are not limited to: Bidders agree to keep his/her username and password confidential as each individual is responsible for ANY and ALL activity involving his/her account. If your USER NAME is offensive to Horton Auction & Real Estate, Inc., then we reserve the right to terminate your bidding.
When using the website, you must obey any and all local, state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or auction company may bid on this auction. We gather aggregate information from this web site which may include but is not limited to: number of page visitors, most visited pages, and and all correspondence.

18. BROKER PARTICIPATION:
Broker will offer a Broker Participation Co-Op up to 2% commission on the opening bid offer and 1% from the opening bid to the final bid offer if licensed Broker represents a Buyer who purchases the subject property. Broker Participation Guidelines will be available on our website.

19. AGENCY:
Horton Auction & Real Estate is acting exclusively as an agent for the Seller. Horton Auction & Real Estate is not acting as an agent for the buyer with respect to any transaction contemplated under these terms and conditions. Horton Auction & Real Estate has the exclusive right to list and sell the property put up for sale at the auction. All negotiations concerning the sale of the property must be conducted through Horton Auction & Real Estate.

20. BINDING EFFECT:
Each party binds itself and its partners, representatives, employees, successors, executors, administrators and assigns to the other party of this Agreement and to the partners, representatives, employees, successors, executors, administrators, and assigns of such other party, in respect to the promises, representations, acknowledgements, covenants and responsibilities contained in the Agreement.

21. AUCTION END TIMES: Horton AuctionÂ’s Online Auctions are timed events and all bidding will close at specified time. HortonÂ’s Online Auctions also have an auto extend feature. When a bid is placed in the final 5 minutes of bidding, the auction bidding will be automatically extended 5 minutes from the time the bid was placed (i.e., if an auction scheduled to close at 6:00 receives a bid at 5:59, the close time will automatically extend to 6:04. The auto extend feature remains active until no further bids are received within a 5 minute time frame.

22. SERVER, SOFTWARE TECHNICAL OR INTERNET ISSUES: In the event there are technical difficulties related to the server, software, or any other online auction-related technologies, reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR HORTON AUCTION & REAL ESTATE SERVICE, INC. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Horton Auction & Real Estate, Inc.

39 Building Lots in Timber Ridge Subdivision, Huntsville, AL