Auction Terms and Conditions

Auction Time, Place, and Date: Auction will take place at the ranch on October 18, 2008. Approximate times for the various items are:

9:00 a.m. – horses and tack

11:00 a.m. – real estate, heavy equipment, vehicles

1:00 p.m. – household good and tools

(Auction times are subject to change with the progress of the auction.)

GENERAL TERMS

Eddie Haynes Inc., (EHI) will conduct this auction. EHI reserves the right to modify these Terms and Conditions, to add or withdraw any property at any time before bidding begins, and any such modification shall become part of these Terms and Conditions. EHI shall be the sole judge of the methods and procedures of the auction and for resolving any disputes. By participating in this auction, Bidder agrees to be bound by these Terms and Conditions.

BIDDER AND BROKER REGISTRATION

All Bidders must present a valid drivers’ license and register with EHI prior to entering a bid. Broker participation is welcome; However, Brokers must register their clients with EHI at least 48 hours in advance of the auction and complete the Broker Participation Form provided by EHI upon request.

BIDDING PROCEDURES

Bidding is open to any properly registered adult without regard to race, color, sex, religion, or national origin. The property will be sold for cash to the highest bidder. All bids are subject to the Seller’s right to re-offer the property in parcels, combined parcels, or in its entirety. The Bidder is responsible to assure that his bid and bidder number are made known to the auctioneer.

A buyers’ premium of 10 percent of a winning bid will be added to the winning bid to arrive at the contract price.

LIVE INTERNET BIDDING

As a convenience to Bidders, live Internet bidding will be provided by an independent contractor. EHI shall not be liable to any Bidder on any claim that the Bidder's bid was not received, properly and effectively processed, and/or accepted because of problems with the internet auction web site or by the fault of the provider of the service. Internet Bidders waive the right to inspect the property and elect to participate in the auction through Internet bidding at their risk. All other provisions of these terms and conditions apply to Internet bidding.

Internet bidders must deposit in escrow the amounts shown below at least 48 hours in advance of the auction day.

To bid on real estate……………………………..................................…………………..….$10,000

To bid on major non-real estate items (i.e. valued over $10,000 in bidder’s opinion)……$1,000

To bid on minor non-real estate items (i.e. valued under $10,000 in bidder’s opinion)….$300

The escrow deposit and all other payments shall be deposited with Eddie Haynes, Inc., Real Estate Escrow account at Yukon National Bank, Yukon, Oklahoma. Registration shall be complete after the funds have been received and acknowledged by EHI. Within 24 hours of acceptance of an Internet bid, the successful Internet Bidder shall increase his escrow funds to equal 10 percent of the total bid and an additional 3 percent of the bid for the Internet bidding service, none of which shall be refundable.

PROPERTY CONDITION

The Property is available for inspection prior to the auction and is offered and sold in its "as is – where is" condition without express or implied warranties about condition, status, zoning, or permitted usage. Bidders and Brokers are responsible for conducting their own inspection of the property prior to the auction and are to rely solely upon their opinion of the property. The failure to inspect the property prior to bidding shall be considered a waiver of the right to inspect.

PAYMENT TERMS

At the time a bid is accepted as the final bid, the successful bidder will make a non-refundable earnest money payment of 10 percent of the bid into an escrow account designated by EHI. The balance is due at closing. Funds must be cash or cash equivalent. Visa, MasterCard, and Discover are acceptable. Any other means must be preapproved by EHI. . All sales are final. All accounts must be settled at the conclusion of the auction.

CLOSING and TITLE

A successful bidder agrees to close the sale according to the terms of the contract included in the bidder’s packet. Seller shall provide evidence of marketable title according to the Title Standards of the state bar association of the state where the property is located or its equivalent. Title commitments will be provided for Bidders’ inspection prior to auction. Conveyance shall be by General Warranty Deed. A bidder successful on more than one property must close on all properties or, at EHIs option, lose the right to close on any property.

DISCLAIMERS and HOLD HARMLESS

Every effort has been made to assure the accuracy of the information about the property, but without any warranty of authenticity or accuracy. All measurements are approximate. EHI makes no expressed or implied warranties concerning the property. Bidder agrees to indemnify, defend, and hold EHI harmless from and against any and all claims arising from Bidder’s participation in the auction.

If any of these terms and conditions conflict with the terms of the contract for the sale of the property, the terms of the latter shall control.

Eddie Haynes, Inc.
440 West Main
Yukon, OK 73099

(405) 354-7653
(405) 354-7657 (fax)

tehaynes@eddiehaynesinc.com