Auction Terms & Conditions

TERMS & CONDITIONS OF AUCTION

Defuniak Commercial Land Auction

Walton County, FL

December 1, 2022

These "Terms and Conditions of Auction" supersede all other printed and oral statements and will be attached to and become a part of the REAL ESTATE PURCHASE AND SALE AGREEMENT ("Agreement"), which will contain the precise conditions of sale and will include this document and any other written agreement between the Purchaser, Seller, Auction Company and Auctioneer.

Redfield Group Auctions, Inc., an Alabama Corporation, ("Auction Company") has entered into a contract with Corbett Drive Development, LLC. ("Seller") to sell the property consisting of 17.3 +/- acres on Hwy 331 and Corbett Drive in Defuniak Springs, FL (Property) by Online Auction.

The Seller has the right, in its sole discretion, for any or no reason, to add or withdraw any part of the property prior to commencement of the bidding on that particular property before or at during the Auction sale closing on November 29, 2022. The property is subject to prior sale on or before November 29, 2022. The property is being sold subject to an undisclosed reserve price.

All information contained in the advertising of this sale has been provided by the Seller and is believed to be true and correct. The Auction Company and Broker make no guarantee as to the correctness of any information. The Auctioneer reserves the right to announce any additional terms and conditions before or during the auction.

The Property will be sold "AS IS, WHERE IS." No additional warranties, either statutory or otherwise, expressed or implied, of any kind whatsoever, including those as to the fitness for a particular use or purpose, habitability, merchantability, quality of construction, or environmental condition [including without limitation, the presence or absence of asbestos, lead-based paint, or any hazardous substances, hazardous wastes, petroleum or petroleum by-products (collectively "Hazardous Materials")], concerning or with respect to the Property are given by the Seller or Auction Company. The Property will be sold subject to current leases, easements, restrictive covenants, existing rights-of-way, public utilities, health department regulations, encroachments, zoning ordinances, and all other matters now of record, as well as its compliance with any federal, state and local laws or regulations.

All bidders acknowledge and agree by their participation in the auction, that the bidder has inspected the Property offered at auction today, or voluntarily chose not to inspect, and are not relying on any warranty or representation of Seller or Auction Company, or any agent thereof, and that the bidder would be buying the Property "AS IS, WHERE IS" and "WITH ALL FAULTS."

All bidders must receive a bid number in order to bid. A valid credit card is required to bid. Bidder agrees that a $5000 hold can be placed on their credit card for an internet service fee and that if they are the winning bidder and fail to close under the terms of this agreement, the $5000 internet service fee is non-refundable and will be charged to their credit card. If they are not the winning bidder and close under the terms of the terms of this agreement, the $5000 internet service fee will be released.

RGA is providing internet only bidding for this auction. Bidder acknowledges and understands that this service may or may not function correctly the day of the auction. Under no circumstances shall Bidder have any kind of claim against RGA or anyone else if the internet service fails to work correctly before or during the auction. RGA will not be responsible for any missed bids from any source. Internet bidders who desire to make certain their bid is acknowledged place their maximum bids at least two hours prior to the auction closing time. RGA reserves the right to withdraw or re-catalog items in this auction. In the event of any software problem, mistake or other issue, RGA reserves the right to extend the closing times, stop, restart or cancel this auction at its sole discretion. Even though an item may display as "sold" on the internet, no sales are final until they are certified by RGA and Bidder receives an invoice. RGA reserves the right to cancel any or all sales and resell the items in whatever manner it chooses.

The bids are advanced at pre-set increments available on the bidding web page. From time to time RGA may accept items with secret reserves prices. The seller and RGA reserve the right to bid on behalf of the seller on items on which there may be a reserve up to that reserve amount. RGA may reject or cancel any bid for any reason. The record of the auction made by RGA shall be conclusive. This is a Public Auction and as such, all qualified bidders may bid including RGA owners, family members and employees. If the Auctioneer determines that any bid is not commensurate with the value of the article offered, he may reject the same and withdraw the item from the auction. If, having acknowledged an opening bid, he decides that an advance is not sufficient, he may reject the advance.

The successful bidder will be required to sign the "Purchase and Sale Agreement" within 24 hours of auction close and deposit 10% of the total contract price into the escrow account. Failure to do so will be considered a breach of contract. Under no circumstances shall Bidder have any kind of claim against Redfield Group Auctions, Inc., or anyone else if the internet service fails to work correctly before or during the auction.

Bidder agrees that by registering for the online auction, they have accepted all of these Terms and Conditions.

Bidder is responsible for any and all bids placed by their account. All decisions of the Auctioneer shall be final, including but not limited to decisions on matters such as increments of bidding, disputes among bidders, and any other issues that may arise during the sale.

SURVEY: The Property has not been surveyed for this auction and will be sold from the Sales Map, which will be attached to the Purchase and Sale Agreement. The Sales Map is for illustration only. All measurements and boundaries are approximate.

If the purchaser or purchaser’s lender desire or require a survey, the cost will be paid by the purchaser.

If any new survey shows a greater or lesser number of acres than depicted on the sales map, the price will be adjusted.

OFFERING: The Property will be offered at Online Auction, subject to an undisclosed reserve price.. All decisions of the Auctioneer shall be final, including but not limited to decisions on matters such as increments of bidding, disputes among bidders, and any other issues that may arise during the sale. The Auctioneer reserves the right to bid on behalf of the seller up to any reserve amounts. The total purchase price shall be the winning high bid plus an Auction Fee equal to ten percent (10%) of the winning bid.

The successful bidder shall be required to sign the Agreement and pay earnest money equal to ten percent (10%) of the total purchase price, as ("Earnest Money Deposit") immediately following the auction. The Earnest Money Deposit will include the Bidder Deposit, with the balance being in the form of a personal or company check, and is due immediately after being declared the Purchaser. Earnest Money Deposit check shall be made payable to Anchors, Smith, Grimsley. If, for any reason Buyer fails to execute The Real Estate Purchase and Sale Agreement or pay the deposit immediately following the auction, Seller has sole discretion to: (a) pursue all legal and equitable remedies available against Buyer, or (b) declare the Buyer's bid to be immediately forfeited, null, and void, without any requirement of notice, and immediately re-sell the Property to another buyer. The Earnest Money Deposit will be held in a non-interest-bearing escrow account under the control of Anchors, Smith, Grimsley pending the Closing and in accordance with the Purchase Agreement. No disbursement will be made from these escrow accounts until closing or as otherwise set forth in accordance with the Purchase Agreement. In the event a Purchaser fails to close and pay his or her balance when due, the Deposit may be retained by Seller as liquidated damages, in addition to any other remedies available to Seller, and will be distributed in accordance to a separate agreement between Seller and Auction Company.

CLOSING: The sale and purchase transaction shall be closed by TBD. Closing shall be on or before December 29, 2022 or other such date mutually agreed upon by Seller and Purchaser in writing. Taxes for 2022 shall be prorated to the date of closing. Purchaser will be responsible for any subsequent assessments for prior years due to changes in the usage of the Property. Purchaser and Seller agree this is a "CASH, AS-IS SALE" not subject to Purchaser obtaining financing. Seller will deliver a Warranty Deed conveying the property free and clear of all encumbrances, except as is otherwise provided in the Purchase Agreement.

Purchaser and Sellers shall pay all closing costs and fees as outlined in Exhibit "C" of the Purchase Agreement. Seller agrees to pay deed preparation and prorated taxes and all other closing costs shall be paid by buyer.

POSSESSION SHALL BE GRANTED TO PURCHASER UPON CLOSING AND FUNDING.

POOLING OR BID RIGGING: Any agreement among potential bidders not to bid against one another, or otherwise to damper the bidding process, is a felony under federal law. The Auctioneer reserves the right to bid on behalf of the Seller if he detects or suspects this fraud by two or more bidders.

NOTIFICATION OF BINDING ARBITRATION: In the event a dispute shall arise between the parties relating to the Real Estate Purchase and Sale Agreement, property issues, or the Auction, and involving the Seller, Bidder, Buyer, Auctioneer, Broker or Auction Company, in any combination, it is hereby agreed that the dispute shall be determined and resolved exclusively by neutral arbitration as provided by Florida law.

AUCTION COMPANY NOTICE OF AGENCY RELATIONSHIP: The Auction Company is acting as agent for the Seller in this transaction and is to be paid a fee by the Seller pursuant to a separate written agreement between Seller and Auction Company. The Auction Company is not acting in any way as agent for the Purchaser in this transaction. Any third-party broker is not a subagent of the Auction Company.

THERE WILL BE A TEN PERCENT (10%) AUCTION FEE ADDED TO THE WINNING HIGH BID PRICE TO ARRIVE AT THE TOTAL PURCHASE PRICE. THE PURCHASER WILL PAY THE AUCTION FEE.

REDFIELD GROUP AUCTIONS, INC. AND MARK PORTER ARE ACTING IN A SELLING CAPACITY FOR THE SELLERS ONLY AND MAKES NO REPRESENTATIONS CONCERNING THE PROPERTY OR PROPERTY INFORMATION WHATSOEVER.

Additional TERMS, CONDITIONS AND DISCLAIMERâ€¨â€¨

1. ALL BIDS ARE SUBJECT TO ACCEPTANCE BY THE AUCTIONEER. NO BID SHALL BE DEEMED A VALID BID UNTIL ACCEPTED BY THE AUCTIONEER. ALL BIDS ARE ACCEPTED AT THE SOLE DISCRETION OF THE AUCTIONEER. â€¨

2. â€¨2. IF YOU ARE THE SUCCESSFUL BIDDER, YOU AGREE TO PAY THE AMOUNT OF YOUR BID PLUS ALL TAXES AND PREMIUMS IN ACCORDANCE WITH ALL WRITTEN OR ORAL TERMS AND CONDITIONS OF THE AUCTION. â€¨

3. â€¨3. NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR THE AUCTION COMPANY SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. â€¨

4. â€¨4. ALL BIDS SHALL BE DEEMED PENDING UNTIL DULY ACCEPTED BY THE AUCTIONEER. â€¨â€¨

5. 5. THE AUCTIONEER HAS THE SOLE DISCRETION TO ADVANCE THE BIDDING AND MAY REJECT ANY AND ALL BIDS WHICH, IN THE AUCTIONEER'S SOLE DISCRETION, DO NOT ADVANCE AND/OR ARE INJURIOUS TO THE AUCTION, INCLUDING BUT NOT LIMITED TO NOMINAL, SUSPICIOUS AND/OR SUSPECT ADVANCES. â€¨â€¨

6. 6. THE AUCTIONEER SHALL HAVE SOLE DISCRETION IN DECIDING THE SUCCESSFUL BIDDER IN THE EVENT OF A BIDDING DISPUTE. AUCTIONEER'S DETERMINATION OF THE SUCCESSFUL BIDDER SHALL BE THE FINAL DETERMINATION OF THE SUCCESSFUL BIDDER. â€¨â€¨

7. 7. BY PLACING A BID, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS WHICH MAY BE SET FORTH BY EACH INDIVIDUAL AUCTION COMPANY AND EXPRESSLY ACKNOWLEDGE AND AFFIRM THAT YOU HAVE READ AND ARE FAMILIAR WITH THE TERMS AND CONDITIONS OF EACH INDIVIDUAL AUCTION COMPANY INVOLVED AS WELL AS THESE TERMS AND CONDITIONS. â€¨â€¨

8. 8. ALL SALES ARE FINAL UPON THE DETERMINATION OF THE SUCCESSFUL BIDDER BY THE AUCTIONEER. â€¨â€¨

9. 9. BY PLACING A BID, YOU ACKNOWLEDGE THAT YOUR BID IS A LEGALLY BINDING OFFER TO PURCHASE THE ITEM OR PROPERTY BEING AUCTIONED. â€¨

10. â€¨10. TIME SHALL BE OF THE ESSENCE. â€¨â€¨

11. 11. THE SUCCESSFUL PURCHASER AGREES TO PAY ANY AND ALL REASONABLE ATTORNEYS FEES AND COSTS INCURRED BY THE AUCTION COMPANY, THE SELLER AND/OR THEIR SERVANTS, AGENTS OR EMPLOYEES IN THE COMMENCEMENT OR DEFENSE OF ANY ACTIONS HEREUNDER AS WELL AS IN THE COLLECTION OF ANY OBLIGATIONS HEREUNDER. â€¨â€¨

12. 12. THERE SHALL BE NO RETURNS OR EXCHANGES. ALL PROPERTY IS SOLD "AS-IS". IT IS THE BIDDER'S RESPONSIBILITY TO DETERMINE THE NATURE, CONDITION AND STATE OF TITLE OF EACH ITEM PURCHASED. â€¨â€¨

13. 13. VENUE & JURSIDICTION OF ALL DISPUTES. ANY AND ALL DISPUTES WHICH MAY ARISE BY VIRTUE OF THIS AUCTION SALE OR STEMMING FROM THIS AUCTION SALE SHALL BE IN THE STATE COURT OF COMMON PLEAS IN ANDERSON COUNTY, SOUTH CAROLINA. â€¨â€¨

14. 14. CHOICE OF LAW: THE LAW OF THE STATE OF SOUTH CAROLINA SHALL GOVERN THE INTERPRETATION OF ANY AND ALL DISPUTES OR OTHER MATTERS RELATING TO THE SUBJECT SALE AND/OR STEMMING FROM THIS AUCTION SALE. â€¨

â€¨15. BIDDER ACKNOWLEDGES THAT NO RELATIONSHIP OF ANY NATURE OR TYPE, AGENT, EMPLOYEE, INDEPENDENT CONTRACTOR OR OTHERWISE, IS CREATED BETWEEN BIDDER AND AUCTIONEER, AFFILIATED AUCTION COMPANIES, AFFILIATED SOFTWARE COMPANIES AND/OR ANY SERVANT, AGENT OR EMPLOYEE OF THE SAME BY BIDDER'S PARTICIPATION IN THIS AUCTION. â€¨â€¨

16. BIDDER ACKNOWLEDGES AND AGREES THAT AUCTIONEER IS ACTING SOLELY AS THE AGENT FOR THE SELLER IN THIS AUCTION. â€¨

â€¨17. DISCLAIMER OF WARRANTIES: THERE ARE NO UNDERSTANDINGS, AGREEMENTS, REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED NOT SPECIFIED HEREIN, RESPECTING THIS CONTRACT OR THE ITEM OR PROPERTY SOLD HEREUNDER, INCLUDING BUT NOT LIMITED TO THE MERCHANTABILITY OR FITNESS FORA PARTICULAR PURPOSE.â€¨

18. I AGREE TO RECEIVE EMAILS FROM MARKNET ALLIANCE REGARDING UPCOMING AUCTIONS.

17.3 +/- Acres Development Land - Defuniak Springs Florida