TERMS AND CONDITIONS OF 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.

Outboard Repair & Marine Service Business Liquidation Auction – Crows Nest Marine Service & Others

ONLINE ONLY AUCTION – Bidding Ends Wednesday, April 20^th, 2016

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

ONLINE ONLY AUCTION – Bidding ENDS Wednesday – APRIL 20^th, 2016 beginning at 1:00 PM EDT, with Staggered Ending Times, subject to Extended Bidding based on bidding activity at the closing.

STAGGERED ENDING TIMES: The Ending Time for bidding in this Auction will be staggered at a rate of 54 Lots every FIFTEEN (15) Minutes, beginning at 1:00 PM EDT 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.

SHIPPING IS AVAILABLE - See Shipping Terms below.

PICK-UP DATES & TIMES: Friday, APRIL 22^nd from 10:00 AM to 6:00 PM and Saturday, APRIL 23^rd from 9:00 AM to 4:00 PM ONLY. These are the ONLY Pick-up Dates, so please plan accordingly. Purchases MUST be picked-up and removed on these two days or shipping arrangements made. NO exceptions – Business is moving out of building and off premises April 26, 2016.

PICK-UP LOCATION: 310-B Greenfield Drive, Newport, NC 28570. DIRECTIONS: From points west of Morehead City: Traveling East toward Morehead City on US Hwy 70, just past the new Mike Toler Dodge Ram, turn Left on Old Airport Road across from Wildwood Fire Dept., will be the first cross-over east of Mike Toler. Travel north on Old Airport Road approx. 1/2 mile and turn Right on Business Drive. Travel approx. 1/4 mile and turn left on Greenfield Drive. Go to 2^nd building on Right, on right side of commercial building. From Morehead City, travel West on Hwy 70 and turn Right on Old Airport Road and follow directions above. WATCH FOR SIGNS.

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.

IMPORTANT NOTE: Items not picked up or shipping arrangements made by 5:00 PM on Sunday, April 24, 2016 will be considered abandoned and will be disposed of at the Auctioneer’s sole discretion. The Seller is moving out of building on April 26, 2016 and ALL items will be removed from the premises.

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. However, all items are sold AS IS, WHERE IS with all faults, imperfections, and errors of description. Descriptions of items are believed to be correct and are provided in good faith, but are matters of opinion and not guaranteed. All purchases are considered verified by the purchaser as to grade, authenticity, quality and condition. The purchaser will rely SOLELY on his/her own judgment in any purchase. 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 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 applies for payment by Cash, In-State check with proper ID, certified bank funds, or bank wire transfer. 14% Buyers Premium for payment with Visa or Mastercard and 16% when paying with American Express. Buyer pays all Wire Transfer Fees. North Carolina sales tax of 6.75% is required unless proper exemption documents are presented with payment.

4. ALL Bidders must make payment in full within 48 hours from the close of Auction, unless paying at pick-up on the pick-up dates named herein. Bidders may pay their Invoice at the scheduled pick-up hours on April 22 or April 23, 2016. No items will be loaded or removed until payment is made in full. If you have not paid your invoice by 4:00 PM on Saturday, April 23, 2016, then you the Buyer, hereby authorize House Auction Company, Inc. to charge your credit card provided at registration 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 pick-up facility without a valid paid invoice.

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. SHIPPING: If Buyer cannot arrange pick-up on the above dates and times, shipping is available and is the responsibility of the Buyer. If a Buyer wants their items shipped, upon Buyers email request, we will deliver their purchased items to The UPS Store at 4915 Arendell Street, Morehead City, NC 28557 for a transportation / delivery fee of $10.00 (for all items). Buyer must then contact The UPS Store to arrange and pay for shipping. The UPS Store in Morehead City, NC phone #: 252-726-4433. Buyer is responsible for cost of packing material and shipping costs. If a Bidder who desires shipping has questions, please CALL HOUSE AUCTION COMPANY prior to bidding. ALL items to be shipped must be paid for in full prior shipping. NOTE: Shipping cost will be paid by the Buyer DIRECTLY to The UPS Store by credit card.

7. AUCTION ENDING TIMES – STAGGERED : This Auction features Staggered Ending Times in 15 minute segments for every 54 Lots. Bidding on the FIRST 54 (+/-) Lots will END at 1:00 PM, EDT on APRIL 20, 2016, SUBJECT TO the Auto-Extended Bidding Feature. Therefore bidding on the first 54 Lots will END at 1:00 PM, the next 54 Lots will END at 1:15 PM, the next at 1:30 PM, and so forth, all subject to the Auto-Extended Bidding feature.

Auto-Extended Bidding Feature: 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.

8. MAXIMUM BID: When you bid “MY 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.

NOTE: If any Bidder has questions or extenuating circumstances regarding pick-up, PLEASE EMAIL or CALL House Auction Company PRIOR to bidding. ALL items must be paid in full at, or before pick-up, and BEFORE shipping. ALL SHIPPING & PACKAGING costs will be paid by the Purchaser/Buyer, plus the $10.00 transportation fee for delivery to The UPS Store. Items not picked up or shipping arrangements made within 8 days following the close of Auction will be considered abandoned and may be disposed of at the Auctioneer’s sole discretion, unless prior arrangements are made and verified by email.

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, or close 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 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. DEFAULT OF BUYER: Any Successful Bidder/Buyer not timely 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.

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. 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.

18. 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, agents and sub-contractors may bid on auction items.

19. 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

Crows Nest Marine Service Liquidation Auction