TERMS & CONDITIONS, READ ALL MATERIALS: 2607 Pepper Branch Drive Murfreesboro, TN 37128 Seller: U. S. Bankruptcy Court for Middle District of Tennessee at Nashville Cases # 3:21-bk-01672J & 3:19-bk-06642 Trustee: Michael Gigandet and Larry Edmondson - Bankruptcy Court Trustees Bidding Starts: July 28, 2022 at 10:00 a.m. CST Bidding Ends: Thursday August 18th, 2022 at 6:00 p.m. CST " Open House and Preview will be held on Sunday August 14th 2022, from 1:00 p.m. - 3:00 p.m. CST " Realtors may call Mike Walker for appointment at 615-308-9009 It is your responsibility to read and accept the Auctioneer's terms and conditions prior to placing your bid. When you place a bid, you are agreeing to be bound by the Auctioneer's & Hi-Bids terms and conditions. By placing a bid, you are entering into a legally binding and enforceable contract. All internet bidders agree that bids placed on the internet shall have the same legal effect as if in attendance of the auction in person. ASK QUESTIONS BEFORE YOU BID. THERE ARE NO REFUNDS OR BID RETRACTIONS!!! DO NOT WAIT UNTIL THE AUCTION STARTS ENDING TO REGISTER TO BID! Auctioneer, in his sole discretion, reserves the right, and may extend the end date of the auction or deem the auction cancelled at any time during the auction, and may remove the lot at any time before or during the auction. " Agreement of Purchase & Sale Immediately following the close of the bidding, the high bidder will be required to enter into a Purchase and Sale Agreement via email DocuSign and wire a 10% down payment of the contract purchase price as earnest money, which is a non-refundable earnest money deposit. This wire must be received by 4:00 PM the following day of the auctions closing to Lee & Lee Attorneys, Lebanon, TN 615-444-1312 (Cindy Blevins is the contact) In the event that the court doesn't approve the sale, your earnest money will be refunded, but that is the only exception. " Buyer's Premium A 10% Buyer's Premium will be added to the high bid price to determine the total contract sales price for the Property. Example: $ 50,000 high bid plus 10% Buyer's Premium = $55,000 Contract Price " Auction is Subject to Court Approval This auction is subject to court approval. The contract will be signed by the buyer and earnest money deposited. The buyer signed contract will be submitted to the trustee and the trustee will submit the contract to the court. The court and trustees will have the legal right to approve or deny the sale. " Bid Deposit / Authorization All bidders must receive a bid number to bid. A valid driver's license and credit card is required to bid. All bidders will be required to send the auctioneer a copy of your driver's license either by email or a photo texted to the auctioneer at 615-308-9009. Your name on your driver's license MUST match the name on your credit card. Upon request to bid and submitting your information, you will receive a call from the auctioneer to be qualified to bid. After speaking with the auctioneer, then, at the auctioneer's discretion, you will be approved to bid. We require all Onsite auction bidders to supply a valid driver's license as well as all Online bidders of real estate. You will also be required to provide a bank letter of credit or proof of funds to the auctioneer in order to be eligible to bid. Bidder agrees that a $500.00 hold can AND may 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 $500 internet service fee is non-refundable and will be charged to their credit card. This authorization is not actually charged to your card. If they are not the winning bidder, the $500 internet service fee will be released, and the credit card will not be charged. 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 Auction Company's escrow account, within the same 24 hours. Failure to do so will be considered a breach of contract. " Debit Card Warning We require bidders to secure their accounts with a credit card. Some of our auctions further require a deposit. If you use a credit card to secure your account, the auction deposit will take the form of a credit card authorization and will count against your credit limit for the duration of the authorization (up to 10 business days). Walker Auction & Realty, LLC highly recommends you secure your account with a credit card and is not responsible for any issues arising from the use of a debit card to secure your bidding account. Add a debit card at your own risk. " Auction Ending Beginning at the stated closing time, the auction software will conclude bidding with the following exception: if a bid is placed in the last 5 minutes remaining for that auction lot, bidding for that lot will remain open for an additional 5 minutes; and will continue to be extended until there are no more increases within the 5-minute time frame. " Soft Close Groups This auction will be using the soft close method. If a bid is placed in the last 5 minutes remaining in the auction, the bidding will remain open for an additional 5 minutes. " Payment and Closing The Purchaser shall pay a non-refundable amount equal to 10% of the total contract sales price to the Escrow Agent / Closing Attorney by 4:00 p.m. CST on the first business day following the conclusion of the auction. The Escrow Agent / Closing Attorney will only accept payment by wire transfer. The Purchaser will be charged for the wire transfer fee (typically $15.00). Purchaser shall pay the remainder of the total contract sales price at the real estate closing if the sale is approved by the court. Closing shall take place within 30 days of the conclusion of the auction or within 15 days of the presentation of the applicable closing documents to the Purchaser, whichever is later. The Escrow Agent / Closing Attorney will schedule and conduct the closing. " Escrow Agent / Closing Attorney The purchase monies, in respect to the real estate shall be paid to and deposited with: Lee & Lee Attorneys at Law, 109 East Gay St., Lebanon, TN 37087 615-444-1312 / Closing Attorney " Survey The Seller will NOT provide a new boundary survey. We will provide the tax map description and overlay of the properties boundaries. Deed Seller shall provide a Bankruptcy Trustee's Deed. " Evidence of Title Auctioneer has posted a title of opinion with other supporting documents on its website. Seller agrees to provide merchantable title to the Property subject to matters of record, general conditions of title and similar or related matters identified in the title commitment. " Title Insurance The Purchaser may obtain an owner's title insurance policy in the amount of the purchase price from the Closing Attorney at the Purchaser's cost. If you have questions concerning title call Lee & Lee Attorney's at 615-444-1312 (Cindy Blevins) " Real Estate Taxes and HOA Fees 2022 taxes will be prorated at the time of closing. Current taxes are $ 1,124.02. Back taxes if any will be paid by the seller as well as back HOA fees. The buyer will be responsible for paying the HOA transfer fee of $ 275.00 " Closing Costs. HOA fees are $50.00 per month. The seller shall pay the following closing costs: o Title commitment fee o Costs to prepare the deed o 50% of the closing agent's cost to close the sale o Any legal counsel retained by Owner in connection with the conveyance of the Property The Purchaser shall pay the following costs: o The cost of the standard owner's ALTA title policy, if Purchaser chooses to have a title policy issued: o Any special endorsements to the title policy; o Any costs associated with title insurance issued in favor of Purchaser's lenders, if any; o All costs arising from or relating to any loan sought by Purchaser to finance the conveyance; o All recording costs, transfer taxes and mortgage taxes arising from the deed, deed of trust and any other financing documents required by Purchaser's lenders, if any; o 50% of the closing agent's cost to close the sale o HOA's purchaser transfer fee of $275.00; and o Any legal counsel retained by Purchaser in connection with the conveyance of the Property " Cash Sale This is a cash sale and is not contingent on Purchaser's ability to obtain financing, or any other buyer contingency. (Buyer's may use financing; however, this sale is not contingent on financing, appraisals, or inspections that might be required by a lender and must be closed by the stated closing date) " Possession The Purchaser will receive possession at closing. " As-Is Sale The Purchaser shall accept the property in an as-is condition with all faults as of the closing date and the Purchaser shall specifically agree that the Seller has not and does not make any representations or warranties of any kind whatsoever, expressed or implied, to the purchaser regarding the property or any improvements thereon. All real estate, Land, buildings and improvements are being sold and purchased "AS-IS" without any warranties or guarantees, and representations as to fitness, use, habitability, merchantability, condition, age, shape, size, quality, quantity, environmental impact, conditions or hazards, septic systems, condition of wells or subsurface conditions being expressed by sellers or their agents The property is selling subject to: Anything an accurate survey or personal inspection of the property may reveal, including any existing right-of-way(s), easements or claims to easements. Subject to, any encroachments, easements, restrictive covenants and deed restrictions in Deed Book 1727, Pages 1351-1353 Register's Office, Rutherford County, TN), zoning or subdivision regulations, building codes, governmental agency regulations, environmental conditions, lead-based paint, asbestos, radon gas, mold, hazardous materials, any mineral rights, water rights, riparian or littoral rights, and reservations or conveyances, if any. The Purchaser shall have satisfied himself as to the location and condition of the property and all descriptions prior to bidding. All information contained in the brochure and all promotional materials, including, but not limited to, square footages, acreage, dimensions, maps, taxes, soils work, perk test, etc., as provided by the Seller and is believed to be correct; however, neither the Seller nor the Auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information. Subject to any and all HOA and Neighborhood covenants and anything that might affect the property. ALL DOCUMENTS OR LINKS ARE POSTED ON THE WEBSITE FOR VIEWING! IF ADDITIONAL DOCUMENTS ARE INFORMATION IS NEEDED…CONTACT THE AUCTIONEER PRIOR TO BIDDING! " Soils/Perk Utility Water Information There are no records or documents related to the septic system. This property is connected to sewer. " Agency Disclosure Walker Auction & Realty, LLC and its representatives are exclusive agents of the Seller and are agents of no other party to this transaction. Miscellaneous All decisions of the Auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding and any other matters that may arise before, during, or after the auction. Seller reserves the right to deny any person the right to participate in the auction or to ban anyone from the auction who attempts to disrupt it. " Equal Opportunity Clause All bidding is open to the public. The Property is available to qualified purchasers without regard to a prospective Purchaser's race, color, religion, sex, familial status, national origin or physical handicap. " Debt Collection & Interest Charge The bidder agrees to pay all reasonable attorney fees and other costs incurred by Walker Auction & Realty, LLC in its efforts to collect unpaid funds from the bidder. The bidder agrees that a fee of 2% of the outstanding balance per month be added to any unpaid balance due Walker Auction & Realty, LLC. Any debt collection or dispute proceedings will be heard in Wilson County, Tennessee. " Guaranty Agreement By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees payment of any bid amount not paid when due by the business entity or corporation, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorney fee. " Age Requirement All bidders/purchasers must be 18 years of age or older. " Bidders Information and Security All registration information the bidder provides to Walker Auction & Realty LLC shall be current, complete and accurate. All bidders are responsible for any bids placed under their bidding numbers and passwords. Bidders must notify Walker Auction & Realty LLC if they believe that their bidder number and password have been compromised 615-308-9009. Under no circumstances shall Bidder have any kind of claim against Walker Auction & Realty LLC , 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. " Before Bidding Potential bidders are encouraged to make their own inspections and due diligence prior to bidding on the property. NO BIDS WILL BE CANCELED OR RETRACTED FOR ANY REASONS! READ ALL MATERIALS PRIOR TO BIDDING. " Seller: U. S. Bankruptcy Court for Middle District of Tennessee at Nashville Cases # 3:21-bk-01672J & 3:19-bk-06642 " Trustees: Michael Gigandet and Larry Edmondson - Bankruptcy Court Trustees