AUCTION TERMS & CONDITIONS

Property # 1: 1805 Boone Street, Rocky Mount, NC 27803 Â– Nash County - 82,000 +/- sq. ft. Warehouse Space on 3.7 +/- Acres

Property # 2: 170 N. Franklin Street, Rocky Mount, NC 27804 (formerly known as 140 N. Franklin Street) Â– Nash County - 2,300 +/- sq. ft. Office Building with Parking Lot (NOTE: The electrical system and some plumbing in this office building are NOT intact or operational Â– The electrical copper wiring has been removed (stolen) and the drop ceiling and some plumbing fixtures have been damaged).

OnLine Bidding ENDS Â– Thursday, June 26, 2014 beginning at 2:00 PM Eastern Daylight Time (subject to the Â“Auto Extend Bidding FeatureÂ” due to bidding activity). Please take the time to read the following Auction Terms & Conditions for the Online Auction. When you register to bid you will have to acknowledge that you have read and expressly agree to abide by the Auction Terms & Conditions.

Purchase and Sale Contract: Each property is offered under the specific terms provided in the Â“Contract for Sale of Real PropertyÂ” (aka Â“Sale ContractÂ”). The Sale Contract is available at www.HouseAuctionCompany.com. Click on Â“View DocumentsÂ” Link located on the Auction Listing Page for each property. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Sale Contract then Do Not Bid.

A credit card, either Visa or MasterCard is required to register and bid.

Auction End Times: All House Auction Company Online Real Estate 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. NOTE: House Auction Company Online Auctions have an Â“Auto Extend Bidding FeatureÂ”. Once the bidding reaches 5 minutes before the scheduled bid closing, the Â“Auto Extend Bidding FeatureÂ” will begin. Upon receiving the first bid with less than 5 minutes remaining, the bid closing will have an additional 5 minutes added. Once this begins, anytime a bid is placed on any property in this auction with under 5 minutes remaining, an additional 5 minutes is added to the bidding period for all properties. House Auction Company reserves the right to adjust the auto extension time period.

Example: If an auction scheduled to end at 2:00 p.m. receives a bid at 1:56 p.m., the closing time of the auction automatically extends to 2:05 p.m. The Â“Auto Extend Bidding FeatureÂ” remains active until no further bids are received on the entire bidding group of properties within the last 5 minute time frame. House Auction Company reserves the right to adjust the auto extension time period.

Â“Extend AllÂ” Feature: This Online Auction features two properties in the same bidding catalog: Property # 1 is the Warehouse located at 1805 Boone Street, Rocky Mount, NC and Property # 2 is the Office Building located at 170 N. Franklin Street, Rocky Mount, NC. The Â“Auto Extend Bidding FeatureÂ” applies to BOTH properties, so that any bid on EITHER property with less than 5 minutes remaining will automatically extend the bidding period on BOTH properties. This feature will continue until there are no further bids on any properties within the last five minute time frame.

TERMS: At the close of the auction, the successful bidders will be emailed the contract package to be executed and returned PROMPTLY to House Auction Company, Inc. by email or fax. Successful bidders will deposit 15% (fifteen percent) of the Contract Purchase Price with House Auction Company, Inc. in the form of cashierÂ’s check, wire transfer, or guaranteed personal funds within 24 hours of receipt of the contract package. The entirety of the remaining balance is due at closing as stipulated in the Â“Contract for Sale of Real PropertyÂ”. Instructions for wire transfer and /or cashierÂ’s check transmittal will be sent by e-mail to the successful bidders. Buyers shall be responsible for all wire transfer fees through the entire transaction.

BuyerÂ’s Premium: A 10 % BuyerÂ’s Premium will be added to the bid price to determine the contract purchase price.

BuyerÂ’s Premium Example: Bid Price: $100,000 - Plus 10% BuyerÂ’s Premium: $10,000 Â– for a Total Contract Purchase Price of $110,000.

CONTRACTS: Contract Documents will be sent by email to the successful high bidders at the conclusion of the auction. Successful high bidders (Â“BuyersÂ”) must properly execute and email or fax the executed contract and related documents to House Auction Company, Inc. and submit the earnest money deposit within 24 hours of receipt. Contract documents are required to be fully and correctly executed without modifications and returned within 24 hours of receipt. Successful high bidders not executing and returning their contract with earnest money deposit within 24 hours of receipt will be considered in default and subject to an Administrative Fee (as defined below). All Administrative Fees are nonrefundable.

Auction Administrative Fee: In the event a winning bidder fails to submit the properly signed Â“Contract for Sale of Real PropertyÂ” and earnest money deposit as provided in the pre-stipulated Auction Terms & Conditions, the winning bidder will be charged an Administrative Fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by House Auction Company, Inc. and the Seller as provided in the Auction Terms & Conditions and the Â“Contract for Sale of Real PropertyÂ”. ALL Administrative Fees are nonrefundable.

Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, House Auction Company, Inc. will reject the registration and bidding activity will be terminated for an unverified bidder. Bidder responsibilities include, but are not limited to: Bidders agree to keep their user name and password strictly confidential, as they are responsible for ANY and ALL activity involving their account.

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.

Property Information & Inspection: By registering and bidding in this auction, Bidder expressly acknowledges that they have personally inspected the property, or have arranged for their agent to conduct an inspection of the property, or have waived their right to inspect the property they are bidding on, and further agree to abide by the Terms and Conditions as set forth herein. House Auction Company, Inc. (Â“AuctioneerÂ”) is not responsible for any missing or incorrect information. Descriptions provided by Auctioneer are provided in good faith and are matters of opinion. It is the bidderÂ’s sole responsibility to conduct any inspections to determine the condition of the property and feasibility of bidderÂ’s intended use. By placing a bid, this creates a contractual agreement by the bidder to purchase the property at the high bid price plus Buyers Premium and any additional fees included in the closing of the real property transaction.

INSPECTION DATES: For the Warehouse at 1805 Boone Street, Rocky Mount, NC:
Wednesday Â– June 18, 2014 from 12:00 Noon to 2:00 PM
Tuesday Â– June 24, 2014 from 12:00 Noon to 2:00 PM

INSPECTION DATES: For the Office Building at 170 N. Franklin Street, Rocky Mount, NC:
Wednesday Â– June 18, 2014 from 3:00 PM to 5:00 PM
Tuesday Â– June 24, 2014 from 3:00 PM to 5:00 PM

Title: Seller will convey to the successful Buyer(s) good and marketable title to said property by General Warranty Deed.

Bid Confirmation: Property is selling subject to SellerÂ’s confirmation unless advertised as Absolute.

Ad Valorem taxes (property taxes) will be prorated between Seller and Buyer as of the date of closing.

Personal Property: This sale excludes all personal property located on the real property.

Closings: Time being of the essence, this sale shall be closed on or before July 29, 2014. BuyerÂ’s closing attorney shall provide the closing package to the SellerÂ’s Broker and SellerÂ’s closing attorney NO LATER than four (4) business days prior to the scheduled closing date for SellerÂ’s review and execution. Seller will not attend closing; however Seller will deliver closing documents to the BuyerÂ’s closing attorney to hold in trust pending BuyerÂ’s completion of the transaction. The Seller will pay for the preparation of the General Warranty Deed, documentary deed stamps and sellerÂ’s prorated share of the Ad Valorem (real property) taxes. The Buyer(s) will pay for all other closing costs associated with this sale, including but not limited to preparation of the closing statement / HUD, State and local recordation fees and taxes, receiving and disbursing the funds, any overnight or regular shipping of documents, and any title insurance or title search fees the Buyer desires. Real estate taxes will be prorated as of the date of closing.

Possession: Possession of the property shall be granted to the Buyer at closing. NO EXCEPTIONS.

Agency Disclosure: In all transactions, House Auction Company, Inc. is acting exclusively as agent for the Seller, and not as buyerÂ’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 auctioneerÂ’s behalf when permitted by law.

Special Note: These properties are selling subject to easements, leases, restrictions, covenants, conditions, zoning and all other matters revealed by a current survey or an inspection of the property or contained in public records. NOTE: The Office Building located at 170 N. Franklin Street, Rocky Mount, NC is being sold with the electrical system NOT intact or operational. The copper electrical wiring inside this building has been removed (stolen), some copper pipes have been removed (stolen), and the drop ceiling and some plumbing fixtures have been damaged, therefore the electrical system and plumbing are not currently operational.

Bidding increments:
$1,000 - $2,000 = $50 increment
$2,000 - $5,000 = $100 increment
$5,000 - $15,000 = $250 increment
$15,000 - $25,000 = $500 increment
$25,000 - $100,000 = $1,000 increment
$100,000 - $250,000 = $2,500 increment
$250,000 - $1,000,000 = $5,000 increment
$1,000,000 or Greater = $10,000 increment

AuctioneerÂ’s 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.

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, or close the bidding. By registering and bidding in this auction each bidder automatically and expressly acknowledges that House Auction Company, Inc., the Seller, MarkNet Alliance, and the company providing the software shall NOT be responsible or liable 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.

Broker Participation: A Broker Participation Commission of 2% (two percent) of the bid price is available to properly registered brokers whose prospect (bidder) purchases real estate at the auction and closes in full under the Terms of the Auction and the Â“Contract for Sale of Real PropertyÂ”. A Broker Participation Form with complete instructions is available at www.HouseAuctionCompany.com. Broker must be actively licensed in North Carolina and must register their prospect no less than 24 hours prior to the scheduled closing time of the auction, using the House Auction Company, Inc. Broker Participation Form and in accordance with the guidelines set forth. Neither House Auction Company, Inc. nor our sellers will pay any commissions to brokers acting as principles. Please read and review guidelines.

Disclaimer: House Auction Company, Inc., and the Seller have gathered this information from sources deemed reliable and believe it to be correct to the best of our knowledge. The information is being furnished to bidders for the bidderÂ’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipientÂ’s risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold Â“AS ISÂ” Â“WHERE-ISÂ” and with ALL FAULTS and in such condition as the property may be in as of the date of conveyance, without any warranties, representations or guarantees, either expressed or implied, of any kind, nature, type whatsoever from, or on behalf of Seller. Further, the property is being sold subject to (i) all covenants, restrictions and easements of record; (ii) all rights-of-way and easements for street and utilities applicable to the described property; (iii) all easements or encumbrances apparent from a visual inspection or survey of the described property; (iv) zoning ordinances, building restrictions and other land use restrictions of the State of North Carolina, Robeson County and City of Lumberton Mount, respectively. Please review all information supplied and seek appropriate assistance prior to bidding. All announcements made by the Auctioneer at the auction shall take precedence over all other previous information.

NCAL # 7889

Rocky Mount, NC Commercial Real Estate Auction