TERMS AND CONDITIONS OF PERSONAL PROPERTY AUCTION – Please read and review the Terms & Conditions thoroughly prior to bidding. If you have not read and understand these Terms & Conditions, then DO NOT BID.

BALLOU EQUIPMENT AUCTION: MASSEY FERGUSON 240 Tractor, CASE 580 – E Backhoe with Loader, Implements, Boats, Shop & Power Tools, Hand-Tools, Marine & Lawn Equipment and more – owned and well maintained by the late Sprookey Ballou – Over 300 Lots

BY BIDDING ON THIS AUCTION, BIDDER / BUYER EXPRESSLY AGREES TO ALL TERMS & CONDITIONS SET FORTH HEREIN AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE ITEM(S) UNDER THE FOLLOWING TERMS AND CONDITIONS:

ONLINE ONLY AUCTION – Bidding ENDS Tuesday – APRIL 24, 2018 beginning at 6:00 PM Eastern Daylight Time, subject to Extended Bidding based on bidding activity at the closing. PLEASE READ & UNDERSTAND the “Auto-Extended Bidding” and “Staggered Ending Times” Features which are described in these Terms & Conditions.

STAGGERED ENDING TIMES: The Ending Time for bidding in this Auction will be staggered at a rate of 33 Lots every FIFTEEN (15) Minutes, starting at 6:00 PM Eastern Daylight Time and subject to the Auto-Extended Bidding feature for Lots that receive a bid in the final five minutes.

A credit card, either Visa or MasterCard is required to register and bid. Nothing will be charged to your card unless you request it, OR if you default on payment under the Auction Terms & Conditions. NOTE other restrictions on credit card payments below. We ONLY accept Visa and MasterCard.

PICK-UP LOCATION: 1809 Sprookey’s Road, Morehead City, NC 28557 – ONLINE ONLY AUCTION - WATCH FOR SIGNS

STRICT PICK-UP DATES:

PICK-UP DATES & TIMES: Thursday, APRIL 26^th and Friday, APRIL 27^th , 2018 from 10:00 AM to 5:00 PM Each Day. THESE ARE THE ONLY Pick-Up Dates, please plan accordingly. IMPORTANT NOTE: By registering and bidding in this auction, Bidder / Buyer acknowledges and agrees that any Items not picked up and removed from the premises by 4:00 PM on Sat., APRIL 28, 2018 will be considered abandoned and Bidder / Buyer shall forfeit any right, ownership and title to said abandoned items, and such items will be disposed of at the Auctioneer’s sole discretion.

PICK-UP / LOAD OUT: We will NOT be responsible for loading OR assisting in loading during the pick-up / checkout period. Buyers need to bring the necessary BOXES, Equipment, Tools and Labor to load out and haul all purchases, or make arrangements with a third party to do so. WE WILL NOT LOAD ANY ITEMS - THIS IS THE BUYER’S RESPONSIBILITY.

1. CATALOG: House Auction Company, Inc. has put forth every effort in preparing the catalog for this auction to provide accurate descriptions of all items. All items are sold AS IS, WHERE IS with all faults, imperfections, and errors of description. Descriptions of items, printed statements or descriptions by staff are provided in good faith, but are matters of opinion and not guaranteed. All purchases are considered verified by the Buyer as to grade, authenticity, quality and condition. The Buyer shall rely SOLELY on his/her own judgment in any purchase and due diligence is the sole responsibility of the Bidder/Buyer. House Auction Company Inc. makes no representations or warranties, expressed or implied, concerning the items being sold. All Sales Are Final. No refunds or exchanges.

2. INSPECTIONS & REGISTRATION: All information contained herein is deemed to be from reliable sources. However, neither the Auctioneer nor the Seller guarantees this information to be correct. It is the bidder’s responsibility to conduct any inspections prior to the auction to determine the condition of any item and the feasibility of the bidder’s intended use. By bidding, you, the Bidder/Buyer certify that you have closely examined the item(s), have arranged for an independent agent to examine the item(s) for you, or have waived your right to inspect the item(s) and further agree to abide by the Terms and Conditions as set forth herein. Please review thoroughly ALL photographs & information of all items you are bidding on – click on the feature photo and navigate the photo file for each Lot in the Catalog to review the multiple photos of each item. The Auctioneer represents the Seller in this transaction. All announcements made by the Auctioneer during the auction shall take precedence over all other information. We reserve the right to add or delete. A credit card, either Visa or MasterCard is required to register & bid.

3. TERMS & PAYMENTS: 10% Buyers Premium for payment by Cash, In-State check with proper ID, Certified bank check, or bank wire transfer. 15% Buyers Premium for payment with Visa or MasterCard and 17% for payment with American Express. Buyer pays all Wire Transfer Fees. IMPORTANT: ALL Titled Vehicles, Trailers, Registered Boats and invoices over $2,500.00 must be paid by Cash, Approved In-State Checks, Wire Transfer or Certified bank check. NO credit card payment will be accepted for Titled Vehicles, Registered Boats or invoices over $2,500.00. Vehicle Titles held for 10 banking days until funds clear Escrow Account. No credit card charge backs will be allowed.

4. Payment in Full on the Pick-Up dates of Thursday and Friday – APRIL 26 and 27, 2018, OR payment due within 48 hours of close of auction if NOT paying at pick-up on these two days. No items will be loaded or removed until payment is made in full. If you have not paid your invoice or made acceptable arrangements with the Auctioneer by 5:00 PM on Friday, APRIL 27, 2018, then you the Buyer, hereby authorize House Auction Company, Inc. to charge your credit card for the full balance of the invoice or partial charges until your invoice is paid in full. If your credit card is declined there will be additional fee of $25.00 per attempt to collect invoice balance. No items will be released from the auction site without a valid paid invoice. NO EXCEPTIONS.

Successful Bidders will be emailed their Invoice on the following day of the auction closing. It is highly recommended that successful Bidders email House Auction Company, Inc. at the close of the auction to advise if they will be picking up their items or want them shipped, and which method of payment they will be utilizing.

5. CHECK PAYMENTS: Out of State Buyers may pay by cash, certified bank check, U.S. Postal money order, or bank wire transfer unless PRIOR arrangements have been made with Auctioneer PRIOR to the bidding in the Auction and confirmed by email. Checks may be processed the day of the auction; be sure to have adequate funds in your account. Each transaction necessary to collect insufficient funds will have a $50 fee imposed. Shipment of purchases may be held until checks have cleared our escrow account.

6. AUCTION ENDING TIME – Auto-Extended Bidding Feature: All House Auction Company Online Auctions are timed events with a scheduled closing time, which is subject to extended bidding due to bidding activity at the closing of the Auction. If a LOT receives a bid in the final FIVE (5) minutes of the bidding period, then the bidding on that LOT will extend for 5 minutes. If during the extended period, that Lot receives another bid in the final 5 minutes, then bidding extends again for 5 minutes for that Lot. This process will continue until there is NO bidding activity on that LOT in the final five minute period.

7. STAGGERED ENDING TIMES: The Ending Time for bidding in this Auction will be staggered at a rate of 33 Lots every FIFTEEN (15) Minutes, starting at 6:00 PM Eastern Daylight Time and subject to the Auto-Extended Bidding feature for Lots that receive a bid in the final five minutes. Therefore bidding on the first (approx.) 33 Lots will CLOSE at 6:00 PM, the next 33 Lots will CLOSE at 6:15 PM, the next at 6:30 PM, and so forth, ALL SUBJECT TO the Auto-Extended Bidding feature.

8. MAXIMUM BID: When you bid your “MAX BID” the current bid price doesn’t automatically go to your MAX BID. The bidding system will only bid the portion of your MAX BID amount required to place you in the lead. Then another bidder has to bid to increase the current price and the computerized bidding system will automatically bid up to your Maximum Bid in the increments specified.

9. OUTBID NOTIFICATION: Until the auction begins to close, the bidding software will notify bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual parcel / tract information. Due to varying internet connections and speed, sometimes email notifications can be delayed. Registered bidders expressly understand and agree that House Auction Company, MarkNet Alliance and the Seller are not responsible or liable for the failure of any part of the bidding process or internet bidding.

10. AUCTIONEER DISCRETION: House Auction Company, Inc. has full discretion to modify the date and time, order and details of the auction for any reason, including but not limited to technical issues, emergencies, and convenience of House Auction Company, Inc. or the Seller. We gather aggregate information from the website, which may include but is not limited to: number of page visitors, most visited pages, and any and all correspondence. House Auction Company, Inc. has the sole authority to resolve any bidding disputes as they may arise.

11. CONDUCT OF THE AUCTION: Conduct of the auction and increments of bidding are at the direction and sole discretion of House Auction Company, Inc. House Auction Company, Inc. is not responsible for any missed bids either in person or online. House Auction Company, Inc. reserves the right to reject any and all bids for any reason and also reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding. All decisions of House Auction Company, Inc. are final.

12. CONTRACTUAL AGREEMENT: By registering and bidding in this auction, the Bidder expressly indicates both an understanding and an acceptance of the Terms and Conditions of the Auction and hereby enters into a Written Contractual Agreement (“Agreement”) between Bidder and both House Auction Company, Inc. and the Seller. By bidding in this auction Bidder expressly agrees to abide by the Terms and Conditions of this Agreement and is prepared to purchase the items bid on under these Terms and Conditions of the Auction.

13. BIDDING INCREMENTS:

$0 - $10 = $1 increment

$10 - $50 = $5 increment

$50 - $250 = $10 increment

$250 - $1,000 = $25 increment

$1,000 - $2,000 = $50 increment

$2,000 - $5,000 = $100 increment

$5,000 - $10,000 = $250 increment

$10,000 - $25,000 = $500 increment

$25,000 - $50,000 = $1,000 increment

$50,000 - $75,000 = $1,500 increment

$75,000 - $100,000 = 2,000 increment

$100,000 - $200,000 = $2,500 increment

$200,000 - $400,000 = $5,000 increment

$400,000 - $800,000 = $10,000 increment

$800,000 - $1,000,000 = $25,000 increment

$1,000,000 or Greater = $50,000 increment

14. SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical issues related to the server, software or any other online auction related technologies, House Auction Company, Inc., MarkNet Alliance and the Seller reserves the right to extend bidding, continue the bidding, close the bidding, or reopen the bidding. By registering and bidding in this auction each Bidder automatically and expressly acknowledges and agrees that House Auction Company, Inc., the Seller, MarkNet Alliance, and the company providing the software shall NOT be held responsible or liable in any way for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary by House Auction Company, Inc.

15. (a) DEFAULT OF BUYER: Any Successful Bidder/Buyer not paying for items within 72 hours following the close of the Auction will be considered in DEFAULT. Such Default will result in that Bidder’s liability to both the Seller and House Auction Company, Inc. Seller shall have the right to: (a) declare this contractual agreement cancelled and recover damage for its breach, (b) to elect to affirm this contractual agreement and enforce its specific performance, or (c) Seller can resell the items either publicly or privately with House Auction Company, Inc. and in such event, the Defaulted Bidder shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding/transporting/storage costs of the items, the expenses of both sales, legal and incidental damages of both the Seller and House Auction Company, Inc.

(b) In addition, House Auction Company, Inc. reserves the right to recover any damages separately from the breach of the Defaulted Bidder. The Defaulted Bidder agrees to pay all reasonable attorney fees and costs incurred by House Auction Company, Inc. in the collection of funds. The Bidder also agrees that a storage/handling fee of 2% per month be added to the balance of any unpaid balance due House Auction Company, Inc. Any debt collection or dispute proceedings shall be mediated or litigated in Carteret County, North Carolina as the sole and exclusive venue. All parties expressly agree to submit to this exclusive venue and hereby expressly waive any grounds for any alternate venue.

16. Both the Bidder and Seller shall indemnify House Auction Company, Inc. for and hold harmless House Auction Company, Inc. from any costs, losses, liabilities, or expenses, including attorney fees resulting from House Auction Company, Inc. being named as a party to any legal action resulting from either Bidders or Sellers failure to fulfill any obligations and undertaking as set forth in this contractual agreement.

17. AGENCY DISCLOSURE: In all transactions, House Auction Company, Inc. is acting exclusively as agent for the Seller, and not as buyer’s agent. House Auction Company, Inc. reserves the right to remove or cancel the bids or bidding rights and privileges of any party, deemed not to be in the best interest of the Seller, at any time. At auctions with reserve, the seller and/or auctioneer reserve the right to bid. On all other auctions, auctioneer reserves the right to bid on auctioneer’s behalf when permitted by law.

18. BIDDER VERIFICATION: Bidding rights are provisional, and if identity verification is questionable, House Auction Company, Inc. has the right to reject the registration, and bidding activity will be terminated. The Seller and House Auction Company, Inc. reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, mental fitness, etc. Bidders expressly agree to keep their user name 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 termination of website use privileges.

19. DISCLAIMER: No allowance will be made for errors in cataloging, genuineness, defects, or imperfections not noted. All sales are final and a bid is a legally binding contract between the bidder and both House Auction Company, Inc. and the Seller. Both the Successful Bidder and Seller shall indemnify and hold harmless House Auction Company, Inc. for ANY and ALL costs, losses, liabilities, claims, or expenses, including attorney fees resulting from House Auction Company, Inc. being named as a party to any legal action resulting from either Bidder’s or Seller’s failure to fulfill any obligations and undertakings as set forth in this Contractual Agreement. House Auction Company, Inc. employees may bid on auction items.

20. DISPUTES: This Agreement shall be exclusively construed and governed in accordance with the laws of the State of North Carolina, without regard to its conflict of laws or principles. Any litigation or dispute arising out of this Agreement shall first be mediated before any lawsuit or legal proceeding is filed. The parties shall in good faith agree on a third party neutral mediator. The mediator shall set guidelines. The parties shall in good faith mediate the dispute and divide the cost of said mediator. All mediation shall be conducted in the County of Carteret, North Carolina and shall be subject to the mediation guidelines of the State of North Carolina. If mediation is unsuccessful then all litigation arising out of this agreement shall be adjudicated in a court of competent jurisdiction within the County of Carteret, State of North Carolina. All parties expressly agree to submit to this exclusive venue and hereby expressly waive any grounds for any alternate venue. NCAL # 7889 & # 7435

Sprookey Ballou Equipment, Shop & Tool Auction