TENRY LAND AUCTION ~ 176.63 ACRES

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Tenry Land Auction

Ending Time

April 10, 2016 09:00 AM

Tenry Personal Property Catalog

Starting Time

April 09, 2016 05:00 AM

When

April 09, 2016

Where

370 HALL GRIFFIN RD UNION CITY, TN 38261

How

Live with Online Bidding

Notes

176.63 Acres selling in 8 Tracts & Combination

Auction Info

Terms Map & Directions

REABON PAUL TENRY, OWNER 
CHERYL McKNIGHT, POWER OF ATTORNEY 
GENERAL TERMS & CONDITIONS 
HOUSE & LAND AUCTION 
SATURDAY, APRIL 9, 2016 
UNION CITY, TN 38261 
 
 
1. ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY REABON PAUL TENRY, OWNER, AND CHERYL McKNIGHT, POWER OF ATTORNEY, TO SELL THIS REAL ESTATE AT ABSOLUTE AUCTION. 
 
2. THE REAL ESTATE CONSISTS OF RESIDENCE AND 176.63 ACRES LOCATED IN THE 7TH CIVIL DISTRICT OF OBION COUNTY, TN. 
 
3. PROPERTY OFFERED IN 8 TRACTS & COMBINATIONS 
 
4. TRACT 1: 5.652 ACRES 
 
5. TRACT 2: 5.692 ACRES 
 
6. TRACT 3: 40.926 ACRES 
 
7. TRACT 4: 12.669 ACRES 
 
8. TRACT 5: 12.337 ACRES 
 
9. TRACT 6 : 42.703 ACRES 
10. TRACT 7 : 34.389 ACRES 
11. TRACT 8 : 22.268 ACRES 
12. DEED REFERENCES: 
SEE SPECIFIC TERMS FOR TRACT INFORMATION 
 
13. TAX MAP 20 PARCEL 078.00 ASSESSOR’S OFFICE OBION COUNTY TENNESSEE 
2015 TAXES - $ 1,346.00 PAID 
 
14. PROPERTY SOLD ACCORDING TO SURVEY COMPLETED BY CROCKER-PRATHER LAND SURVEYING, LLC, JAMES W. CROCKER, TN RLS 3364 – SCOTT PRATHER, TN RLS 2956, 397 HERMAN BROOKS ROAD, MARTIN, TN 38237. 
 
15. 20% DOWN DAY OF AUCTION ON INDIVIDUAL TRACTS; 15% DOWN DAY OF AUCTION ON PURCHASES OVER $200,000.00. PAYABLE IN CASH, CASHIER’S CHECK, OR PERSONAL CHECK WITH CURRENT BANK LETTER OF GUARANTEE MADE TO ALEXANDER AUCTIONS & REAL ESTATE SALES REQUIRED BY ALL PERSONS NOT PERSONALLY KNOWN BY AUCTION COMPANY. 
 
16. FAILURE TO PAY THE BALANCE DUE WILL REQUIRE YOU TO FORFEIT YOUR EARNEST MONEY AND BECOME SUBJECT TO ALL TERMS IN THE CONTRACT. 
 
17. DEED CONVEYANCE WILL BE A GENERAL WARRANTY DEED. 
 
18. PURCHASERS TO ASSUME TO 2016 TAXES. 
 
19. SELLER TO PAY ANY ROLL BACK TAXES. 
 
20. A 10% BUYER’S PREMIUM WILL BE ADDED TO THE FINAL BID ON THE REAL ESTATE TO DETERMINE THE TOTAL SELLING PRICE AND CONTRACT PRICE. 
 
21. A 13% BUYER’S PREMIUM WILL BE ADDED TO THE FINAL BID TO REACH THE TOTAL SELLING PRICE FOR ANY TRACT OR ITEM PAID BY CREDIT CARD. 
 
22. POSSESSION OF RESIDENCE TRACT NO. 1 WILL BE GIVEN UPON DELIVERY OF DEED. 
 
23. POSSESSION OF THE CROPLAND WILL BE GIVEN WHEN THE PURCHASE AGREEMENT IS SIGNED AND THE EARNEST MONEY DEPOSIT IS MADE, SUBJECT TO THE CLEARANCE OF ANY CHECK. 
 
24. ALEXANDER AUCTIONS & REAL ESTATE SALES AND ALL AGENTS WORKING AT THIS AUCTION ARE ACTING AS AN AGENT FOR THE SELLER. 
 
25. NO ONE SHOULD MAKE A BID THAT HE/SHE DOES NOT WANT TO HONOR OR IS NOT FINANCIALLY ABLE TO HONOR. 
 
26. OTHER CONDITIONS: BUYER(S) MUST BE PREPARED TO MAKE A CASH OFFER. THERE ARE NO CONTINGENCIES TO THIS SALE (I.E., FINANCING, APPRAISAL, REPAIRS, OR INSPECTIONS). THEREFORE, YOU SHOULD BE PRE-QUALIFIED BY A LENDER PRIOR TO BIDDING IF YOU REQUIRE FINANCING. THIS PROPERTY IS BEING SOLD FOR CASH “AS-IS, WHERE-IS” WITH A CLOSING DEADLINE. 
 
 
27. NO PURCHASE IS CONTINGENT ON FINANCING, APPRAISALS, PROPERTY OR HOME INSPECTIONS OR ANY OTHER CONTINGENCIES. 
 
28. ANY INFORMATION SUPPLIED IN THE TERMS AND CONDITIONS CONCERNING THE PROPERTY INFORMATION AND TAX AMOUNTS ARE SUPPLIED TO ACCOMMODATE THE PURCHASER(S). IT IS THE PURCHASER’S SOLE RESPONSIBILITY TO HAVE COMPLETED THEIR OWN DUE DILIGENCE SURVEY, RESEARCH, INSPECTION, CHECKING AND BID ACCORDING TO THEIR DUE DILIGENT SURVEY AND RESEARCH. 
 
29. PROPERTY SELLS SUBJECT TO EXISTING EASEMENTS. 
 
30. PROPERTY SELLS SUBJECT TO ANY CITY, COUNTY, OR STATE ZONING RESTRICTIONS THAT EXIST. 
 
31. THE RESIDENCE HAS A GENERAC GENERATOR ATTACHED TO THE HOUSE. THE GENERATOR IS BEING OFFERED SEPARATE AND COMBINED WITH THE REAL ESTATE. THE GENERATOR IS TO BE DISCONNECTED IN THE ELECTRICAL JUNCTION BOX MOUNTED ON THE HOUSE. THE ELECTRICAL BOX IS TO REMAIN WITH THE HOUSE. 
 
32. GRAIN BINS: 6 GRAIN BINS ARE LOCATED ON TRACT 1. THESE BINS WILL BE OFFERED SEPARATE (TO BE REMOVED) & COMBINED WITH THE REAL ESTATE. PURCHASER SHALL HAVE 90 DAYS FROM THE DATE OF CLOSING ON TRACT 1 TO REMOVE THE BINS. PURCHASER MUST REPAIR ANY DAMAGE DONE TO THE PROPERTY DURING THE REMOVAL. ALL TRASH AND REMNANTS MUST BE REMOVED FROM THE PROPERTY. THE CONCRETE CAN REMAIN ON PROPERTY IN PLACE PROVIDED YOU DO NOT BUST IT OR DAMAGE IT. 
 
33. ATTACHED BLOWERS GO WITH THE BINS, THE CONDITION IS UNWARRANTED. UNLOADING AUGERS AND AERATOR SELLS SEPARATE FROM THE BINS. 
 
34. THE TWO NW SMALL BINS ARE ATTACHED TO ONE BLOWER. THESE TWO BINS AND THE BLOWER WILL BE OFFERED TOGETHER AS ONE UNIT. 
 
35. MR. TENRY BELIEVES THESE BINS CAPACITY ARE 3- 10,000 BUSHEL BINS AND 3- 3,000 BUSHEL BINS – SIZE IS NOT GUARANTEED. 
 
36. THE OWNERS, SELLERS AND SALES MANAGEMENT HAVE NOT HAD OR REQUESTED ANY PERK TEST OR SOIL CLASSIFICATION INSPECTIONS TO BE RUN BY THE HEALTH DEPARTMENT TO DETERMINE THE APPROVAL OR REQUIREMENTS FOR SEPTIC TANKS OR SEPTIC LINES FOR ANY OF THE TRACTS. 
 
37. PURCHASER(S) SHALL CONTACT THE OBION WATER PROTECTION AGENCY AND/OR AN APPROVED SOIL SCIENTIST TO OBTAIN A SOIL ANALYSIS AND APPROVAL FOR A SEPTIC SYSTEM. ALEXANDER AUCTIONS AND THE SELLERS MAKE NO WARRANTY OR GUARANTY AS TO SOIL TYPES. 
 
38. ALEXANDER AUCTIONS & REAL ESTATE SALES HAS NO KNOWLEDGE AS TO THE TYPE AND EXISTANCE OF THE SEPTIC TANK AND SEPTIC SYSTEM LOCATED ON TRACT 1. 
 
39. AUCTIONEER & BROKER IS NOT AN EXPERT IN DETERMINING ENVIRONMENTAL HAZARDS AND HAZARDOUS MATERIAL. PURCHASER ACCEPTS THIS PROPERTY IN ITS PRESENT CONDITION AND AGREES TO HOLD HARMLESS THE BROKER, HIS AGENTS AND ALEXANDER AUCTIONS & REAL ESTATE SALES FROM ANY ENVIRONMENTAL HAZARDS AND THE COST TO DEFEND HIMSELF, HIS AGENTS OR ALEXANDER AUCTIONS & REAL ESTATE SALES FROM ANY CLAIMS. 
 
40. THERE ARE AUTOMOTIVE TIRES LOCATED ON TRACT 2 AROUND THE SILO. TIRES WILL REMAIN WITH FARM. 
 
41. THERE IS SOME HOUSEHOLD AND FARM TRASH VISIBLE BETWEEN TRACTS 3 & 4. IT WILL REMAIN WITH FARM. 
 
42. TRACT 1 HAS 2 WATER WELLS. ONE SUPPLIES THE HOUSE AND ONE WAS USED TO IRRIGATE PORTIONS OF TRACT 3. NO EASEMENTS WILL BE GIVEN OVER TRACT 1 & 2 FOR USE OF THE WELL AND WATER SUPPLY LINES. TRACT 3 HAS A PVC WATER PIPE RUNNING ALONG HALL GRIFFIN ROAD WITH A SET OF DOUBLE PIPES EXTENDING OUT INTO THE FIELD TO IRRIGATE AND DRAIN THE LAND. 
 
43. THE RESIDENCE ON TRACT 1 SELLS SUBJECT TO THE LEAD BASE PAINT DISCLOSURE: LEAD BASE PAINT NOTIFICATION APPLIES: RESIDENCE DISCLOSURE OF INFORMATION ON LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS: EVERY PROSPECTIVE PURCHASER IS INFORMED THIS HOUSE WAS BUILT PRIOR TO 1978 AND NOTIFICATION IS GIVEN THAT THE PROPERTY MAY PRESENT EXPOSURE TO LEAD-BASED PAINT. PROSPECTIVE PURCHASERS ARE GRANTED, BY LAW, 10 DAYS THE RIGHT TO HAVE THIS HOME INSPECTED FOR LEAD-BASED PAINT. THE PERIOD OF TIME ALLOWED FOR RISK ASSESSMENT OR INSPECTION FOR POSSIBLE LEAD-BASED PAINT HAZARDS BEGAN ON MARCH 24TH, 2016 WITH THE FIRST ADVERTISEMENT FOR THE SALE OF THIS PROPERTY AT AUCTION AND APRIL 8TH, 2016 
 
44. PURCHASER HAS HAD THE OPPORTUNITY TO INSPECT THE PROPERTY AND WILL MAKE ALL BIDS AND PURCHASE SAID PROPERTY AS A RESULT OF THEIR INSPECTION. 
 
45. PROPERTY AND IMPROVEMENTS ARE BEING SOLD IN THEIR PRESENT CONDITION “AS IS”. NO IMPROVEMENTS WILL BE MADE. THERE ARE NO WARRANTIES OR GUARANTEES EXPRESSED OR IMPLIED AS TO CONDITION OR FITNESS FOR USE. THE WARRANTIES OF HABITABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND PARTICULAR USE ARE EXPRESSLY EXCLUDED. 
 
46. THE PURCHASER DOES HEREBY ACKNOWLEDGE THAT THE SUBJECT PROPERTY IS PURCHASED AT PUBLIC AUCTION, AND THAT A PREREQUISITE TO BIDDING IS THAT ALL PROPERTY, WHETHER REAL ESTATE OR PERSONAL, IS PURCHASED ABSOLUTELY “AS IS” WITH NO WARRANTY WHATSOEVER AS TO THE CONDITION OF THE SAME. 
 
47. PART OF THE LAND IS SUBJECT TO OVERFLOW AND LAYS WITHIN THE FLOOD ZONE (SEE SURVEY NOTES IN THE SPECIFIC TERMS INCLUDED WITH THESE TERMS). 
 
48. PURCHASERS SHOULD CONTACT THEIR ATTORNEY TO COMPLETE THEIR TITLE OPINION IMMEDIATELY FOLLOWING THE AUCTION. CONTRACT DOES NOT PROVIDE FOR AN EXTENSION DUE TO AN ATTORNEY FAILING TO COMPLETE TITLE WORK OR YOUR LOAN CLOSING NOT BEING SET UP IN TIME TO MEET THE THIRTY (30) DAY CLOSING PERIOD. CONTACT YOUR ATTORNEY IMMEDIATELY! 
 
49. ALL TIE BIDS WILL BE SETTLED FROM THE AUCTION STAND BY THE AUCTIONEER AND HIS DECISION WILL BE FINAL. THE AUCTIONEER WILL HAVE THE RIGHT TO RE-OPEN THE BID BETWEEN ALL BIDDERS. 
 
50. ANY INDIVIDUAL ATTENDING THE AUCTION OR WORKING AT THE AUCTION HAS THE RIGHT TO BID AND PURCHASE THE PROPERTY. 
 
51. AUCTIONEER AND SALES MANAGEMENT RESERVE THE RIGHT TO BID OR EXECUTE ANY ABSENTEE OR OTHER BIDS THAT ARE TURNED IN TO THEM. 
 
52. ALEXANDER AUCTIONS & REAL ESTATE SALES WILL NOT BE RESPONSIBLE FOR ANY MISSED BIDS OR UNEXECUTED BIDS FROM ANY SOURCE. 
 
53. ALL INFORMATION USED IN THE ADVERTISING AND PROMOTION OF THIS AUCTION HAS BEEN OBTAINED FROM PUBLIC RECORDS AND OTHER SOURCES DEEMED TO BE RELIABLE AND ARE BELIEVED TO BE TRUE AND CORRECT. NO WARRANTIES ARE MADE TO THIS EFFECT. 
 
54. PROPERTY IS BEING SOLD SUBJECT TO THESE TERMS AND ANY OTHER TERMS ANNOUNCED AT THE AUCTION. THESE TERMS WILL BE INCORPORATED INTO THE SALES CONTRACT FOR FUTURE REFERENCE. 
 
55. AUCTION WILL BE HELD AS A MULTI-PARCEL AUCTION WHICH MEANS THE TRACTS WILL BE OFFERED INDIVIDUALLY, IN COMBINATIONS, AND AS A WHOLE. IF COMBINATIONS ARE MADE AND IF THE 8 TRACTS ARE COMBINED INTO 1 COMBINATION TRACT, THE TRACTS WILL BE OFFERED INDIVIDUALLY AND AS COMBINATIONS AGAIN. 
 
56. IF BIDS ARE RAISED ON INDIVIDUAL LOTS AND COMBINATION OF LOTS THAT EXCEED ANY PREVIOUS TOTAL BIDS, THE PROPERTY WILL BE OFFERED IN ITS ENTIRETY. THE PROCESS CONTINUES UNTIL NO MORE BIDS ARE RECEIVED. 
 
57. PURCHASER(S) SHOULD REVIEW AND BECOME FAMILIAR WITH THE TERMS AND PROCEDURES OF THE MULTI-PARCEL AUCTION. (SEE ATTACHED EXHIBIT). 
 
58. ALL BIDDERS ON SITE, ON LINE, AND OFF-SITE AGREE TO ACCEPT THESE GENERAL TERMS AND RULES STATED IN THE ATTACHED MULTI-PARCEL AUCTION RULES. (SPECIFIC TERMS, ON-LINE AND OFF-SITE BIDDER TERMS AND ANY TERMS ANNOUNCED AT THE AUCTION). 
 
59. ON-LINE AND OFF-SITE BIDDING IS ALLOWED TO PRE-APPROVED BIDDERS THROUGH ALEXANDER AUCTIONS & REAL ESTATE SALES. 
 
60. ON-LINE AND OFF-SITE MUST REVIEW THE GENERAL TERMS, SPECIFIC TERMS & ADDITIONAL ON-LINE AND OFF-SITE TERMS, AND ANNOUNCEMENTS MADE FROM THE AUCTION STAND. 
 
61. ALL ANNOUNCEMENTS MADE FROM THE AUCTION STAND WILL TAKE PRECEDENCE OVER ANY PREVIOUS ANNOUNCEMENTS OR STATEMENTS. 
 
 
 
 
 
 
 
 
 
 
SPECIFIC TERMS & CONDITIONS 
REABON TENRY HOUSE & LAND AUCTION 
 
SURVEYOR TRACT INFORMATION- 
DEED REFERENCES – TAX MAP & PARCEL NO. 
 
 
TRACT INFORMATION: 
 
 
TRACT 1 
5.652 ACRES 
 
PART OF PARCEL 20 TAX MAP 78 
REABON PAUL TENRY 
DEED REFERENCES: 
DB. 12-Y PG. 641 (TRACT 1 OF DEED); 
DB. 22-J PG. 850 (TRACT 1 OF DEED) 
 
TRACT 2 
5.692 ACRES 
 
REABON PAUL TENRY 
DEED REFERENCES: 
DB 12-Y PG. 641 (TRACT 1 OF DEED); 
DB. 22-J PG. 850 (TRACT 1 OF DEED) 
 
TRACT 3 
40.926 ACRES 
 
REABON PAUL TENRY 
DEED REFERENCES: 
DB. 12-Y PG. 641 (TRACT 1 DEED); 
DB. 22-J PG. 850 (TRACT 1 OF DEED); 
DB. 18-R PG. 338; DB. 18-Q PG. 381; 
DB. 14-N PG. 275 DB. 14-N PG. 277 
 
TRACT 4 
12.669 ACRES 
 
REABON PAUL TENRY 
DEED REFERENCES: 
DB. 12-Y PG. 641; 
DB. 22-J PG. 850 
DB. 18-R PG. 338; DB. 18-Q PG. 381; 
DB. 14-N PG. 275 DB. 14-N PG. 277 
 
TRACT 5 
12.337 ACRES 
 
REABON PAUL TENRY 
DB. 18-R PG. 338; DB. 18-Q PG. 381; 
DB. 14-N PG. 275; DB. 14-N PG. 277 
 
TRACT 6 
42.703 ACRES 
 
REABON PAUL TENRY 
DB. 18-R PG. 338; DB. 18-Q PG. 381; 
DB. 14-N PG. 275; DB. 14-N PG. 277; 
DB. 14-N PG 440 
 
TRACT 7 
34.389 ACRES 
 
REABON PAUL HENRY 
DB. 12-Y PG. 641 (TRACT 1 OF DEED) 
DB. 22-J PG. 850 (TRACT 1 OF DEED) 
SEE NOTE 1 
 
TRACT 8 
22.268 ACRES 
 
REABON PAUL TENRY 
DB. 12-Y PG. 641 
(PART OF TRACT 2 OF DEED) 
DB. 22-J PG. 850 
(PART OF TRACT 2 OF DEED) 
 
 
 
 
SURVEYOR NOTES AND FLOOD ZONE INFORMATION 
 
1) ACCORDING TO REABON PAUL TENRY, THERE WAS A SMALL TRIANGULAR PIECE NORTH OF CYPRESS CREEK AND WEST OF HALL GRIFFIN ROAD THAT WAS TRADED SOME YEARS AGO TO ALTMAN (NOW LATIMER TRACT) AND ALTMAN TRADED A STRIP SOUTH OF CYPRESS CREEK TO TENRY AND SHAFFER. NO DEEDS WERE FOUND BY THE UNDERSIGNED SURVEYOR FOR EITHER OF THESE CONVEYANCES. EVIDENCE WAS FOUND AT THE SOUTHWEST CORNER OF TRACT 7 SHOWN HEREON, JOINING LATIMER (FENCE POST WITH BUCKET) AND ALSO AN OLD FENCE POST WITH OLD FLAGGING WAS FOUND JUST SOUTH OF CYPRESS CREEK. THIS EVIDENCE COINCIDES WITH WHAT TENRY REMEMBERED ABOUT THIS LINE, ALSO TENRY AGREED THAT HE DID NOT OWN NORTH OF THE CREEK, WEST OF HALL GRIFFIN ROAD, AS A RESULT OF THE TRADE. CROCKER-PRATHER LAND SURVEYING, LLC ASSUMES NO LIABILITY FOR ANY MATTERS THAT MAY ARISE THAT MAY BE RELATED TO THIS MATTER. 
2) PROPERTY SURVEYED HERON IS SUBJECT TO ANY RIGHTS, RESTRICTIONS, EASEMENTS, ETC., IF ANY, THAT MAY BE OF RECORD, WHETHER OR NOT REFERENCED HEREON, FOR CYPRESS CREEK OR CYPRESS CREEK DRAINAGE BASIN. 
3) PROPERTY SUBJECT TO COUNTY ROAD RIGHT OF WAYS FOR HALL GRIFFIN ROAD AND HERMAN CARTER ROAD. 
4) PROPERTY SUBJECT TO ANY RIGHTS, EASEMENTS, ETC. FOR UTILITIES THAT MAY LIE ALONG ROADS OR CROSS PROPERTY. ALL UTILITIES ALONG ROADS OR CROSSING PROPERTY, INCLUDING DRAINS, MAY NOT BE SHOWN HEREON. 
5) A LARGE PART OF THE TENRY FARM SURVEYED AND SHOWN HEREON LIES WITHIN ZONE A AS SHOWN ON FEMA FIRM MAP NO. 47131C0400C EFFECTIVE DATE: NOVEMBER 5, 2008. ACCORDING TO THE REFERENCED FEMA FIRM MAP, THE AREA OF THE HOUSE TRACT LIES WITHIN ZONE X, AREAS LYING OUTSIDE THE 0.2% ANNUAL CHANCE FLOODPLAIN. IT IS TO BE UNDERSTOOD THAT NO FLOOD DETERMINATION OR WETLAND DETERMINATION WAS MADE AS PART OF THIS SURVEY. THE ABOVE REFERENCED FLOOD MAP AND THE FEMA FLOOD STUDY FOR THIS AREA SHOULD BE REFERRED TO FOR FLOOD ZONES AND LOCATIONS. 
6) THIS SURVEY WAS PERFORMED WITHOUT BENEFIT OF ABSTRACT OR TITLE OPINION. CROCKER-PRATHER LAND SURVEYING, LLC ASSUMES NO LIABILITY FOR ANY MATTERS THAT MAY BE DISCOVERED BY ABSTRACT OR TITLE SEARCH OF THE PROPERTY SURVEYED. 
7) LATITUDES AND LONGITUDES ARE SHOWN ON SOME OF THE OUTER BOUNDARY CORNERS AND REPRESENT APPROXIMATE BOUNDARY CORNER OR LINE LOCATIONS. THESE UNITS ARE SHOWN AS A GUIDE AND WITNESS TO THE ACTUAL LOCATION OF PROPERTY CORNERS/LINES WHERE THEY ARE REFERENCES/SHOWN HEREON. 
8) TRACT 5 SHOWN HEREON IS LANDLOCKED AND IS NOT INTENDED TO BE AN INDEPENDENT TRACT. THIS TRACT IS SHOWN AS A SEPARATE TRACT FOR AUCTION PURPOSES AND IS TO BE SOLD WITH ONE OF THE OTHER TRACTS THAT JOIN OR TO AN ADJOINING PROPERTY OWNER. 
 
 
 
 
 
 
ON-LINE AND OFF-SITE ADDITIONAL BIDDING TERMS 
REABON TENRY HOUSE AND LAND AUCTION 
 
 
1. ALL BIDDERS ON SITE, ON-LINE, AND OFF-SITE AGREE TO ACCEPT THESE GENERAL TERMS AND RULES STATED IN THE ATTACHED MULTI-PARCEL AUCTION RULES. (SPECIFIC TERMS, ON-LINE AND OFF-SITE BIDDER TERMS AND ANY TERMS ANNOUNCED AT THE AUCTION). 
 
2. AT THE CLOSE OF THE AUCTION, THE SUCCESSFUL ON-LINE OR OFF-SITE BIDDER WILL BE EMAILED A SALES AND PURCHASE AGREEMENT TO BE EXECUTED AND RETURNED TO ALEXANDER AUCTIONS & REAL ESTATE SALES WITHIN 48 HOURS OF COMPLETION OF THE AUCTION ALONG WITH THE EARNEST MONEY DEPOSIT. 
 
3. THE SUCCESSFUL BIDDER IS REQUIRED TO MAKE AN EARNEST MONEY DEPOSIT ACCORDING TO THE GENERAL TERMS: 20% DOWN DAY OF AUCTION ON INDIVIDUAL TRACTS; 15% DOWN ON DAY OF AUCTION ON PURCHASES OVER $200,000.00. 
 
4. EARNEST MONEY PAYABLE BY CASH, CASHIERS CHECK OR PERSONAL CHECK WITH CURRENT BANK LETTER OF GUARANTEE MADE TO ALEXANDER AUCTIONS & REAL ESTATE SALES REQUIRED BY ALL PERSONS NOT PERSONALLY KNOWN BY AUCTION COMPANY TO ALEXANDER AUCTIONS & REAL ESTATE ESCROW. NO CREDIT CARD PAYMENTS ACCEPTED. 
 
5. CLOSING DATE: BALANCE DUE WITHIN 30 DAYS UPON DELIVERY OF DEED. 
 
6. FAILURE TO PAY THE BALANCE DUE WILL REQUIRE YOU TO FORFEIT YOUR EARNEST MONEY AND BE SUBJECT TO ALL TERMS STATED IN THE PURCHASE AGREEMENT. 
 
7. LIQUIDATED DAMAGES: SUCCESSFUL BIDDERS NOT EXECUTING AND RETURNING THEIR PURCHASE AGREEMENT ALONG WITH EARNEST MONEY DEPOSIT WITHIN FORTY EIGHT (48) HOURS OF THE CONCLUSION OF THE AUCTION WILL BE CONSIDERED IN DEFAULT. IF YOUR CLOSING IS DELAYED FOR ANY REASON, BY YOU, AS PURCHASER, OR OTHER PARTIES WORKING ON YOUR BEHALF, INCLUDING ANY LENDER YOU INVOLVE, YOU MAY BE DECLARED IN BREACH OF THIS CONTRACT, FORFEIT ALL DEPOSITS MADE AND COULD ADDITIONALLY BE LIABLE FOR ANY AND ALL COST INCURRED BY SELLER AND ALEXANDER AUCTIONS & REAL ESTATE SALES INCURRED IN A SUBSEQUENT RESALE OF THE PROPERTY. IF SUCH ACTION OCCURS, ALEXANDER AUCTIONS & REAL ESTATE SALES HEREBY HAS THE RIGHT TO DISPERSE THE DEPOSIT AS STATED IN THE LISTING AGREEMENT AND THE BUYER HAS NO CLAIMS TO SUCH MONEY OR PROPERTY BEING SOLD. LIQUIDATED DAMAGES ARE TO COVER COST OF AUCTION, COST INCURRED BY SELLER, LABOR COST AND ADDITIONAL COST OF AUCTION AS NOT DEFINED IN THIS AGREEMENT. THESE LIQUIDATED DAMAGES DO NOT RESTRICT THE SELLER FROM SUING THE BUYER FOR PERFORMANCE DAMAGES AND/OR ANY ADDITIONAL DAMAGES THE SELLER SUFFERS BY THE DEFAULT OF THE BUYER. 
 
8. BACK-UP BIDS: IF YOU ARE NOT THE SUCCESSFUL BIDDER ON THE REAL ESTATE AND WISH TO MAKE A BACK-UP BID IN CASE OF DEFAULT BY THE HIGH BIDDER, PLEASE SEE ALEXANDER AUCTIONS & REAL ESTATE SALES TO RECEIVE A BACK-UP BIDDER FORM. 
 
 
9. ALEXANDER AUCTIONS & REAL ESTATE SALES RESERVES THE RIGHT TO REMOVE OR CANCEL THE BIDS AND OR BIDDING RIGHTS AND PRIVILEGES OF ANY PARTY AT ANY TIME DEEMED NOT TO BE IN THE BEST INTEREST OF THE SELLER. THE IDENTITY OF ALL BIDDERS WILL BE VERIFIED, BIDDING RIGHTS ARE PROVISIONAL, AND IF COMPLETE VERIFICATION IS NOT POSSIBLE, ALEXANDER AUCTIONS & REAL ESTATE SALES WILL REJECT THE REGISTRATION, AND BIDDING ACTIVITY WILL BE TERMINATED. 
 
10. ALEXANDER AUCTIONS & REAL ESTATE SALES INVOLVEMENT IN THIS CONTRACT: THE SELLER AND BUYER HEREBY AGREE THAT ALEXANDER AUCTIONS & REAL ESTATE SALES IS A PART OF THIS CONTRACT AND SHALL RECEIVE COMPENSATION AS STATED IN THE AGREEMENT HERETO OR AS STATED IN THE LISTING AGREEMENT HEREBY MADE A PART OF. 
 
11. PROPERTY AND IMPROVEMENTS ARE BEING SOLD IN THEIR PRESENT CONDITION. NO IMPROVEMENTS WILL BE MADE. THERE ARE NO WARRANTIES OR GUARANTEES EXPRESSED OR IMPLIED AS TO CONDITION OR FITNESS FOR A PARTICULAR PURPOSE OR PARTICULAR USE. 
 
12. PURCHASER IS TO MAKE THEIR OWN INSPECTION OF THE BUILDING, STRUCTURE AND LOTS AND BID ACCORDING TO THEIR INSPECTION AND DUE DILIGENCE RESEARCH. 
 
 
RESTRICTIONS: 
 
13. ALL REAL ESTATE SELLS SUBJECT TO ANY AND ALL EXISTING MATTER OF RECORD AND ALL EASEMENTS, CITY, COUNTY AND STATE, BUILDING, USE OR ZONING LAWS AND RESTRICTIONS. 
 
14. PURCHASER(S) ARE INFORMED THAT THE SELLERS AND ALEXANDER AUCTIONS & REAL ESTATE SALES ARE NOT EXPERTS OR QUALIFIED TO OFFER ANY INFORMATION CONCERNING ENVIRONMENTAL HAZARDS, ASBESTOS HAZARDS, LEAD BASE PAINT AND ETC. AND MAKE NO WARRANTY, GUARANTEE OR STATEMENTS IN CONNECTION WITH SUCH. 
 
15. AUCTIONEER & BROKER IS NOT AN EXPERT IN DETERMINING ENVIRONMENTAL HAZARDS AND HAZARDOUS MATERIAL. PURCHASER ACCEPT THIS PROPERTY IN ITS PRESENT CONDITION, AGREE TO HOLD HARMLESS THE BROKER, HIS AGENTS AND ALEXANDER AUCTIONS & REAL ESTATE SALES FROM ANY ENVIRONMENTAL HAZARDS AND THE COST TO DEFEND HIMSELF, HIS AGENTS OR ALEXANDER AUCTIONS & REAL ESTATE SALES FROM ANY CLAIMS. 
 
16. PURCHASER HAS HAD THE OPPORTUNITY TO INSPECT THE PROPERTY AND AGREES TO MAKE ALL BIDS AND PURCHASE SAID PROPERTY AS A RESULT OF THEIR INSPECTION. 
 
17. ALEXANDER AUCTIONS & REAL ESTATE SALES AND ALL AGENTS ARE ACTING AS AN AGENT FOR THE SELLERS. 
 
18. ANY REAL ESTATE TERMS AND INFORMATION SUPPLIED IN THE TERMS AND CONDITIONS 
CONCERNING TAX AMOUNTS AND OTHER INFORMATION ARE SUPPLIED TO ACCOMMODATE THE PURCHASER(S). IT IS THE PURCHASER’S SOLE RESPONSIBILITY TO HAVE COMPLETED THEIR OWN DUE DILIGENCE SURVEY, RESEARCH, INSPECTION AND CHECKING AND SHALL BID ACCORDING TO THEIR RESEARCH. 
 
19. ADDITIONAL AUCTION INFORMATION: ALL INFORMATION PUBLISHED, ANNOUNCED OR CONTAINED HEREIN WAS DERIVED FROM SOURCES BELIEVED TO BE CORRECT; HOWEVER, IT IS NOT GUARANTEED BY THE SELLER OR THE AUCTIONEERS. PERSONAL ON-SITE INSPECTION OF ALL PROPERTY IS RECOMMENDED. THE FAILURE OF ANY BIDDER TO INSPECT, OR TO BE FULLY INFORMED AS TO THE CONDITION OF THE PROPERTY, WILL NOT CONSTITUTE GROUNDS FOR ANY CLAIM OR DEMAND FOR ADJUSTMENT OR WITHDRAWAL OF BID, OFFER OR DEPOSIT MONEY AFTER ITS OPENING TENDER. THIS INCLUDES BUT IS NOT LIMITED TO PUBLIC INFORMATION SUCH AS EASEMENTS, RESTRICTIONS, ZONING, RIGHT-OF-WAYS, OR ANY OTHER INFORMATION THAT CEN BE OBTAINED AS PUBLIC RECORD IN THE APPROPRIATE COUNTY COURT HOUSE CONCERNING SUBJECT PROPERTIES. 
 
20. TECHNICAL ISSUES: IN THE EVENT THERE ARE TECHNICAL DIFFICULTIES RELATED TO THE SERVER, SOFTWARE, INTERNET OR ANY OTHER ON-LINE AUCTION-RELATED TECHNOLOGIES, ALEXANDER AUCTIONS & REAL ESTATE SALES RESERVES THE RIGHT TO EXTEND BIDDING, CONTINUE THE BIDDING OR CLOSE THE BIDDING. NEITHER THE COMPANY PROVIDING THE SOFTWARE, NOR ALEXANDER AUCTIONS & REAL ESTATE SALES, SHALL BE HELD RESPONSIBLE FOR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. 
 
21. ALL INFORMATION USED IN THE ADVERTISING AND PROMOTION OF THIS AUCTION HAS BEEN OBTAINED FROM PUBLIC RECORDS AND OTHER SOURCES DEEMED TO BE RELIABLE AND ARE TO BE TRUE AND CORRECT. NO WARRANTIES ARE MADE TO THIS EFFECT. 
 
22. PROPERTY IS BEING SOLD SUBJECT TO THESE TERMS WHICH WILL BE INCORPORATED INTO THE SALES CONTRACT FOR FUTURE REFERENCE. 
 
WE APPRECIATE YOUR INTEREST IN THIS AUCTION AND WE WILL BE GLAD TO ANSWER ANY QUESTIONS YOU MAY HAVE. 
Alexander 
AUCTIONS & REAL ESTATE SALES 
MARVIN E. ALEXANDER CAI, Auctioneer TL9, FL 107 
239 University Street * P.O. Box 129, MARTIN TN 38237 * (731) 587-4244 
Email: [email protected] 
WEBSITE: www.alexanderauctions.com 
 
Z:\AUCTION\Terms\TENRY ON-LINE OFF-SITE TERMS 4-9-16.doc 
 
 
 
EXHIBIT “MULTI PARCEL AUCTION RULES' 
 
1. ALL BIDDERS AGREE TO REMAIN AT THE AUCTION UNTIL ALL LOTS ARE EITHER DECLARED SOLD INDIVIDUALLY OR IN COMBINATIONS OR THE SALE OF ANY OR ALL TRACTS ARE REJECTED. 
 
2. ALL BIDS ARE TO REMAIN ACTIVE AND LIVE THROUGHOUT AUCTION. 
 
3. ALL LOTS WILL BE OFFERED INDIVIDUALLY, IN COMBINATIONS, AND AS A WHOLE. 
 
4. PURCHASER(S) CAN BID ON ANY COMBINATION OF TRACTS. 
 
5. PURCHASER(S) SHALL BE ALLOWED TO BID ON ANY TRACT WHEN THEY ARE OFFERED INDIVIDUALLY OR AT ANY TIME THEREAFTER, REGARDLESS IF THEY ARE INVOLVED IN A COMBINATION OR NOT UNTIL THE END OF THE AUCTION. 
 
6. A BIDDER COULD BE PUT OUT OF THE WINNING POSITION BY A COMBINATION BID OR RAISED INDIVIDUAL BIDS AND THEN A BIDDER CAN COME BACK INTO THE WINNING POSITION WHEN SOMEONE ELSE RAISES OTHER LOTS OR OTHER COMBINATION BIDS ARE MADE. 
 
7. MINIMUM BID RAISES TO MAKE A NEW COMBINATION OF LOTS SHALL BE AT LEAST $500.00 OR 2% WHICHEVER IS GREATER. 
 
9. A BIDDER CAN BID AND RAISE THE SALES PRICE ON ANY INDIVIDUAL LOT LISTED ON THE BOARD OR ANY COMBINATION LISTED ON THE BOARD AT ANY TIME AFTER THEY ARE OFFERED INDIVIDUALLY EVEN THOUGH THE AUCTIONEER MAY NOT BE ASKING FOR A BID ON THAT PARTICULAR LOT. THESE BIDS MAY BE LESS THAN THE MINIMUM RAISE STATED ABOVE BECAUSE THIS IS CONSIDERED TO BE HEADS UP BIDDING AND EACH INDIVIDUAL HAS THE SAME OPPORTUNITY. 
 
10. TO MAKE A BID AND RAISE A BID AS STATED IN THE PREVIOUS NUMBER TURN YOUR BID INTO ONE OF THE RING PERSONNEL ALONG WITH YOUR BIDDER NUMBER SO THEY CAN BE ENTERED AND RECORDED. 
 
11. THE COMPUTER WILL CALCULATE ALL INDIVIDUAL BIDS AND COMBINATION BIDS ARE IN THE WINNING POSITION DURING THE AUCTION. WHEN SOMEONE MAKES A HIGHER BID ON ALL THE LOTS AND ACREAGE AND THE BIDDING CEASES, THAT BID IS ENTERED IN THE COMPUTER. 
 
12. THE AUCTIONEER WILL THEN ASK FOR RAISES ON INDIVIDUAL LOTS AND COMBINATIONS. WHEN INDIVIDUAL BIDS AND COMBINATION BIDS ARE RAISED AND THEY TOTAL MORE THAN THE TOTAL COMBINATION BID. ANYONE RAISING ALL THE LOTS AND ACREAGE MUST MAKE A BID ABOVE THE NEW TOTAL. WHEN THIS HAPPENS THE PROCESS STARTS ALL OVER. 
 
12. IT IS POSSIBLE IN THIS AUCTION TO HAVE A TIE AMONG BIDDERS AT THE END OF THE AUCTION. IN THE EVENT NONE OF THE PURCHASERS WILL INCREASE THEIR BID, MARVIN E. ALEXANDER AND SELLERS SHALL MAKE THE DETERMINATION OF THE FINAL PURCHASER/PURCHASERS CONSIDERING THE TOTAL MONEY SPENT BY AN INDIVIDUAL AND/OR POSSIBLY THE TOTAL NUMBER OF LOTS PURCHASED. 
 
MULTIPLE BIDDERS OR BY ONE BIDDER, THE MULTI-PAR PROGRAM TRACKS EACH INDIVIDUAL BID AND EACH COMBINATION TO REACH THE HIGHEST TOTAL. 
 
 
Z:\AUCTION\Terms\Tenry General Terms 4-9-16.doc

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