TERMS AND CONDITIONS

These Terms and Conditions of Sale supersede any prior oral or written announcement and shall be attached to and made a part of the executed Uniform Real Estate Sales Contract:

1.         All prospective bidders must request and obtain a copy of the bid package prior to submitting a bid.

2.         Bids must be submitted in writing on the bid form package only.  Verbal or faxed bids will not be accepted.  Place bids and bid deposits in an envelope, sealed and clearly mark “Barran Farm Sealed Bid”.  All bids will be considered and assessed as to the net benefit to the owners.  In the event that consecutive bids are within ten percent (10%) of each other, those bidders will be permitted to raise their bids in a public outcry auction at the property site at the specified time.  Sellers and Amerisouth Auctions, Inc. reserves the right to refuse any offer for any reason or no reason at all or to accept any offer.  Sellers and Amerisouth Auctions, Inc.  also reserves the right to withdraw the property from the market at the Sellers’ sole discretion.  Selling of property is by Seller Confirmation.

3.         Bid Date:  Friday, August 5, 2011 10:00 A.M., Central Daylight Time at the office of Amerisouth Auctions, Inc., 300 Market Street NE, Suite 3, Decatur, Alabama 35601.  For bids to be considered, they must be received at Amerisouth Auctions, Inc.’s office no later than 5:00 P.M. on Thursday August 4, 2011.  No bids will be received after the deadline. 

            4.         The sale is by total dollar amount for the entire Acreage.  The property must be inspected prior to the Bid Date by each prospective bidder. 

            5.         Personal Inspection:  The property is available for viewing daily by prospective bidders or their agents during daylight hours only beginning July 7, 2011 continuing through the closing of bid procedures on August 4, 2011.  Any prospective bidder entering onto the property, agrees to indemnify, release and hold harmless, the owners, Amerisouth Auctions, and their agents for any and all claims, injuries and damages to persons or property incurred or suffered by (i) such prospective bidder or persons acting on its behalf during, or as a result of, such inspection, or (ii) others as a result of acts or omissions of such prospective bidder or persons acting on its behalf during, or as a result of such inspection. 

            6.         The form of the purchase agreement, the form of deed, and a title commitment will be included in the Bid Package.

            7.         The sale will be cash at closing.  Not contingent upon financing.  It is strongly recommended that all prospective bidders be pre-qualified prior to bidding.

            8.         Date of notification of successful bidder(s):  No later than Monday, August 8, 2011.

            9.         Closing will be within (30) business days after the day of bid opening or public outcry auction.

            10.        Each bid must include a 10% deposit included with sealed bid offer.  Bid Deposits must be business or personal check made payable to Amerisouth Auctions, Inc.  Unsuccessful bidders deposits will be returned as soon as practicable following the bid opening and acceptance.  Successful bidder(s) deposits will be applied, as applicable, to the purchase price at closing. 

            12.        The purchaser agrees to pay all closing costs involved with the sale including recording fees, attorney/legal fees of Purchaser, survey, title insurance, and any other customary and normal closing costs.

            13.        The Seller(s) will prepare the deed forms and be responsible for its legal fees (if any) resulting from the sale.

14.        WARRANTIES:  Neither the Seller(s) nor Amerisouth Auctions, Inc. makes any warranties or guarantees concerning the quantity, quality, or the economic benefits the property may provide or as to the boundaries, acreage, access or easements or any other matter of record or not of record concerning the property.  Bidders will be bidding upon the property on the basis of inspections performed by the Bidder.  The property will be conveyed according to the survey or deed of record.  No adjustments will be made in price for any difference between acreage estimated in this information package and acreage as may be determined by any survey.  Your bid should be made for the entire property area, not on a per acre basis.

            15.        Purchaser(s) and Seller(s) shall prorate, as of closing date, all ad valorem property taxes.

            16.        LIQUIDATED DAMAGES:  The property will be sold for cash to close in approximately thirty (30) business days.  Sales are not contingent upon financing.  It is strongly recommended that all prospective Purchaser(s) pre-qualify prior to the sale.  If Purchaser is unable to close within stated time herein and Seller(s) does not grant a written extension, the Purchaser will forfeit his down payment.  The Broker has the right to dispense the deposit as stated in the listing agreement and the Purchaser has no claims on the down payment or property being sold.  Liquidated damages are to cover cost of sale, cost incurred by Seller(s), labor cost, and additional cost of sale as not defined in this agreement.  Backup offers will be considered if purchaser defaults.

            17.        UTILITIES:  Neither Amerisouth Auctions, Inc. nor Seller(s) guarantees the availability of utilities, public or private.  This consists of, but is not limited to:  wells, septic tanks, access to public utilities or any hook up fees therewith.  This is the Purchaser’s responsibility.  Attachment “C” contains copies of letters obtained from utility companies providing services to the property.

            18.        Amerisouth Auctions, Inc. is the agent of the Seller(s). A qualified, duly licensed Alabama real estate broker whose prospect is the winning bidder, and who closes the sale of the property, will be entitled to receive a commission based on 2% of the prospect’s written bid for the property, excluding the buyer’s premium.  To qualify for the commission, a broker must first register the prospect, using the attached “BROKER PARTICIPATION REGISTRATION FORM”, printed on the broker’s letterhead, mailed, faxed or hand delivered to Amerisouth. The registration must include the signatures of the broker and prospect, the broker’s real estate license number.    Neither the Seller(s) nor Amerisouth Auctions, Inc. will pay any broker representing himself a real estate commission or fee.

I was provided a copy of the Terms and Conditions before I bid and have read and understand the information as printed.  They shall be attached to and be made a part of the executed Uniform Real Estate Sales Contract

From Interstate 65

At intersection of I-65 and Hwy 64, go west on Hwy 64 for 13.6 miles.  Turn left onto College Street and go 2.8 miles.  Turn right onto Big Dry Creek Road and go 0.9 miles to property on right.

From Pulaski

At intersection of 1st Street and College Street, go west on College Street for 4.7 miles.  Turn right onto Big Dry Creek Road and go 0.9 miles to property on right.