Auction Terms & Conditions: Terms on the Real estate Auction will require payment of 10% of the final sales price paid at auction close and the balance of sales price is paid on or before 30 days at closing with transfer of deed. TERMS OF SALE: Real Property Estate Auction |2001 Mark Ave, Lexington, KY 40511 Open House: Wednesday, August 17, 2022 5-8 PM EST or by appointment Auction Start Time: Wednesday, August 17, 2022 at 12:00 PM EST Auction End Time: Sunday, August 21, 2022 at 6:00 PM EST (3 minutes soft close) Pre-auction offers: Pre-auction offers will be considered by the seller under the same auction terms and conditions as stated herein, prior to the online bidding beginning. Terms on Real Estate require a 10% down payment in US Dollars by Certified or Cashier's Check or verifiable funds with proper identification acceptable to the Executrix and Auctioneer due at the conclusion of property sale and upon signing of the Auction Purchase Contract. The down payment, check made payable to Thwaites Realtors, LLC or cash, will be deposited in Thwaites Realtors, LLC Escrow Account. The balance is due in US Dollars (by cashier's check or certified funds) on or before September 20, 2022 upon delivery of the deed. Failure to pay the balance due shall require the Purchaser to forfeit his or her down payment, execute a release in favor of the Auctioneer and be subject to all other remedies available to the Executor/Executrix under the law. No one should make a Bid they do not want to honor or are unable to honor. There are no contingencies in the Auction Purchase Contract on obtaining financing. You must Register to bid. All willing and able parties have the right to bid and purchase this property being sold at Auction. Time shall be of the essence in closing this sale. There will be minimum bid increments of $1,000.00 There will be a 10% Buyer's Premium add to the winning bid to determine the final price. Disclosure Information: Lead Warning Statement. Every prospective Purchaser is informed that the Improvements on this Property were built prior to 1978 and notification is given that the property may present exposure to Lead-Based paint. Prospective Purchasers are granted, by law, a period of 10 days the right to inspect any Building for Lead-Based paint. The time period allowed for risk assessment or inspection for possible Lead-Based paint hazards is established as the 10 day period preceding this Auction. DEED: Title will be transferred by a recordable General Warranty Deed, executed by the Sellers and shall be conveyed in fee simple on or before September 20, 2022. Time shall be of the essence in closing this sale. POSSESSION: Full Possession with Deed. Purchaser acknowledges and understands that any items left on the premises at time of Closing will then go with Property as the Executor and/or Auction Agents shall NOT be required to clean anything up or remove any items left on premises. INSURANCE: The Seller(s) shall bear the cost thereof and maintain hazard insurance on the property until date of closing. If said property is substantially damaged or destroyed by fire or other casualty prior to the closing of the transaction, PURCHASER shall proceed with the transaction in which event the Purchaser shall be entitled to all insurance money payable to Sellers under any and all policies of insurance covering the property so damaged or destroyed up to the amount of the sales price. After closing date the insurance coverage is no longer the responsibility of the seller(s). The Purchaser shall have the right of obtaining any increase of coverage or additional insurance coverage at Purchaser's expense. REAL ESTATE TAXES: The real estate taxes on said property for the current year shall be adjusted in the following manner: all real estate taxes prior to 2022 are to be paid by the Seller; 2022 real estate taxes will be prorated to the date of the deed. 2022 and all subsequent years real estate taxes are to be paid by the Purchasers. Purchaser acknowledges Property is being sold subject to all existing easements, including utility easements, planning and zoning regulations of record. All announcements made from the Auction stand will take precedence over any prior information or printed matter. In the event of any dispute the auctioneer's decision is final. Thwaites Realtors, LLC agents and representatives are agents of the sellers/executor. Purchasers agree to hold harmless, the Executor and Auction Agents for any damage to Property while being marketed and before closing date, and while people are inspecting this Property and during the Auction of the real estate. Property and Improvements are being sold "AS IS", with no warranties expressed or implied other than the title. Regardless of any information given by the Auction Agents, the Purchasers have examined this property and improvements and are relying solely upon such examination with reference to any easements, the condition, character, and size of the Land and All Improvements and all other information. GENERAL AUCTION TERMS INSPECTION and GUARANTEE: Property is available for inspection during dates and times set by the auctioneer, Wednesday, August 17,2022, 5-8 PM or by appointment All property is sold in "AS IS" and "WHERE IS" condition. All description information has been gathered from sources which we believe to be reliable but are not guaranteed. Auctioneer makes no warranty or guarantee of any kind with respect to condition, authenticity, provenance, source, condition, suitability for a particular purpose, etc. Bidder's failure to inspect will not constitute grounds for any claim, refund, adjustment, charge back, etc. There are no warranties or guarantees of any kind. Auctioneer reserves the right to change, modify, delete any item or lot or description in the auction as may be necessary until the close of the auction. MINIMUM BID INCREMENTS: 'Minimum Bid Increments' are the minimum amount of money that anyone can increase the current winning bid. These amounts change by the dollar amount bid. Please see the Bid Increments schedule within each auction. BIDS: The auction will use a maximum bidding system. This makes bidding more convenient and less time consuming. Your account will bid for you using the 'minimum bid increment' until it reaches your maximum bid. You don't have to bid again every time someone outbids you until the current winning bid is above your 'Max Bid'. For example: You place a bid on an auction item which has a current high bid of $10 by entering the maximum amount you're willing to pay for the item (New Max Bid = $20). Your account will place a bid of $12 on your behalf ($10 current winning bid + $2 minimum bid increment). Then, someone else bids $14. Your account will automatically bid $16 on your behalf. Your account will continue to bid for you (using the minimum bid increments) until you reach your 'New Max Bid = $20'. When the current winning bid is more than your 'Max Bid', your account will not bid again for you (i.e. If someone else bids $22). You can change your New Max Bid until the auction closes. The seller and other bidders cannot see your New Max Bid. (NOTE, the minimum bid increments on this property will be $1000) PAYMENT: Cash, Cashier's Check, Personal/Business Check, (Visa, Mastercard, American Express, Discover with a 5.0% processing fee) or wire transfer. All fees incurred by wire transfers will be paid by the purchaser. All winning bids must be paid for in U.S. Dollars. All sales are final. Bidder agrees that there will be no refunds or adjustments for any reason(s). CLOSING: The successful purchaser is hereby notified that they must hire an attorney to check the title and coordinate the closing with Thwaites Realtors, LLC. Buyer is responsible for their own closing costs. Seller will pay for deed preparation and property transfer tax. BUYER’S PREMIUM: A 10% buyer’s premium will be added to the high bid and included in the total contract purchase price. Example: High bid is $100,000.00 plus 10% buyer’s premium = $110,000.00 contract purchase price. BIDDER’S ACKNOWLEDGEMENT: By acceptance, you as a successful bidder agree to the terms and conditions stated herein. This document is part of the non-contingent contract of sale to purchase the property. This is a public offering open to all. TECHNICAL ISSUES: Bidder agrees that neither the auctioneer nor the sellers are liable for any technical issues that may occur. In the event there are technical difficulties related to the server, software or any other online auction related technologies, Thwaites Realtors, LLC reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the servers, the software the internet connections nor the auctioneer SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. By bidding on the property, buyer agrees to all terms and conditions. Thwaites Realtors, LLC reserves the right to alter this agreement at any time. This will take place by updating this site. Please check back and review these terms as every time you use this site as you are agreeing to the terms as they are written at that time. In the event of any dispute the auctioneer's decision is final. Any dispute between Thwaites Realtors, LLC, its agents or representatives and the Buyer(s) will be tried in a court of jurisdiction in Bourbon County, Kentucky. Auction company employees and/or auction company may bid on and purchase auction items. BIDDER DEFAULT: Failure to complete a purchase is illegal and will result in one or more of the following (1) prosecution (2) loss of bidding privileges for Thwaites Realtors, LLC and all other HiBid auctions. If a bidder at any time feels his/her username, password or bidder number has been compromised due to lack of security by the bidder, notify the auctioneer immediately. For additional information, contact Thwaites Realtors, LLC Auctioneer at 859-707-7988. TIME IS OF THE ESSENCE in regards to all auction terms. _____________________________ ____________________________ Buyer Date/Time _____________________________ ____________________________ Agent Date/Time _____________________________ ____________________________ Sellers Date/Time