10% Buyers Premium Please Read and Understand all Terms and Conditions prior to bidding. Viewing the property is by Appointment Only! Here’s the transcription of the deed restrictions for the property located on Smith Drive, Horton, Alabama 35980: --- Deed Restrictions for Property Located on Smith Drive, Horton, Alabama 35980 This document sets forth the following covenants, conditions, and restrictions (“Restrictions”) on the use of the property located on Smith Drive, Horton, Alabama 35980, encompassing approximately 50 acres. These Restrictions shall run with the land and be binding on all current and future owners, tenants, and occupants. 1. Prohibited Agricultural Uses - a. Commercial Poultry Farming: The raising, breeding, or maintaining of chickens or other poultry for commercial purposes is prohibited. - b. Hog Farming: The raising, breeding, or maintaining of hogs or pigs for commercial purposes is prohibited. 2. Prohibited Junkyard Operations - a. No Junkyards: No portion of the property shall be used for junkyards, salvage operations, or similar businesses. - b. Prohibition of Disabled Vehicles: No disabled, inoperable, or unlicensed motor vehicles may be stored or accumulated on the property for more than 30 days unless enclosed within a building or fully screened from view. 3. Mobile Home Restrictions - a. Mobile Homes Age Requirement: Only mobile or manufactured homes built within the last ten (10) years from the date of placement on the property are permitted. - b. Single Mobile Home Per Parcel: Each parcel within the property is limited to one (1) mobile or manufactured home per designated residential lot. 4. Limit on Residential Units - a. Maximum Family Units: A maximum of two (2) family residential units (including homes, manufactured homes, or duplexes) are allowed on the entire 50-acre property. - b. Subdivision or Development: Further subdivision or development of the property beyond the allowable two (2) family units is prohibited without prior written consent from the property owner and in compliance with local zoning regulations. 5. Prohibited RV Parks - a. No RV Parks: The establishment, operation, or use of any portion of the property for an RV park, campground, or similar recreational vehicle facility is strictly prohibited. 6. General Provisions - a. Binding Effect: These Restrictions shall run with the land and shall bind the owner(s), their successors, and assigns. - b. Duration: These Restrictions shall remain in effect for a period of thirty (30) years from the date of recording and shall automatically renew for successive ten (10) year periods unless amended or terminated by agreement of the then-current property owner(s). - c. Enforcement: Any owner of the property or adjoining property may enforce these Restrictions through legal proceedings, and any violation may be subject to injunctive relief or other remedies available under Alabama law. - d. Severability: If any provision of these Restrictions is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect. --- Let me know if you need any additional assistance with this document. 10% of high bid in form of a cashier's check due within 24 hours of the closing day/time of the online Auction. This down payment is non-refundable unless the Seller cannot close the deal. Soldx3 Auctions represents the seller only during the process as seller's agent. Bidder understands that the overlay and acreage amounts are estimates the Real Estate is being sold from the Tax Parcel Map and Description. The seller has the right to accept or deny final auction prices as this auction is contingent on seller's confirmation. Contract is not contingent on ability to obtain financing. Property is sold As-Is, Inspections up til auction is welcome. Property can be shown by appointment. 256-506-6926 Bidders are responsible for their own due diligence. Property is sold AS-IS, Where-is with no warranties guaranteed or implied. This property must meet the reserve in order to sell at auction. The auction company has permission to bid on behalf on the seller up to, but not higher than the reserve. Purchaser is responsible for all closing cost with the exception of deed prep, seller's prorated taxes, and seller's real estate commission. Closing to take place on or before Feb 12, 2024, or within 10 days after completed survey, whichever is latter, with attorney at TBD office . All Down Payment money will be deposited with closing attorney. All sales are final and purchaser understands a final inspection is not required prior to closing. All due diligence must be done prior to the close of the auction. The auction company represents only the Seller in the transaction. The undersigned seller, herein (the "Seller") and Purchaser, herein (the "Purchaser") hereby agree as follows: 1. The Property: Seller agrees to sell and Purchaser agrees to purchase the following real estate referred to as: Smith Drive Horton, see Exhibit "A". 2. The Price: The total purchase price is will be determined by competitive bidding (including the ten percent (10% Auction Fee) payable at closing in cash, certified funds or equivalent good funds acceptable to the Closing Agent/Title Company. 3. The Title: The Seller shall convey the Property by Warranty Deed, free and clear of all liens and encumbrance, except as set forth in paragraph 13 of this Agreement. If title insurance is desired or required, it shall be at the Purchaser's expense. 4. The Survey: The property will require a survey, it will be at the buyer's expense. If the survey shows a great or lesser number of acres than depicted as advertised, the purchase price will be adjusted base on the price per acre of the determined by the high bid dividing the 50 acres. 5. Closing: This purchase and sale transaction shall be closed on/or before Feb 12th by 5:00Pm, whichever is sooner, or a date mutually agreed upon by the Seller and Purchaser in writing, herein (the "Closing Date"). Buyer agrees to pay all closing except for taxes due on the property at time of closing and deed preparation. Closing shall be at the office of TBD, Guntersville Alabama. 6. Defaults: Purchaser shall have the right to damages, including reasonable attorney's fees in the event Seller neglects or refuses to perform Seller's obligations hereunder. Purchaser and Seller agree that based upon circumstances now existing, known and unknown, it would be impractical or extremely difficult to establish Seller's damages by reason of Purchaser's default under this contract. Accordingly, Purchaser and Seller agree that in the event of a default by Purchaser under this contract, it would be reasonable to such time to award Seller "liquidated damages" equal to the amount represented by the non-refundable deposit, herein (the Deposit") then held by the Closing Agent/Title Company. At its option, seller shall have the additional right to receive an equitable relief, including without limitation, and alternative right to enforce specific performance of this Agreement, and the right to receive payment of reasonable attorney's fees and expenses incurred in pursuit of such relief. 7. Non-Refundable Down Payment: Purchaser will be delivered to TBD Office, Purchaser's Deposit check payable to Wright & Wright. Attorney shall apply same on account of the cash portion of the price if Purchaser performs Purchaser's obligations hereunder, or (ii) shall refund same to Purchaser if Seller fails or refuses to perform Seller's obligations hereunder, or (iii) shall pay all of the Deposit then held by it over to Seller if Purchaser fails or refuses to perform Purchaser's Obligations hereunder. 8. Prorations: Prorations and adjustments shall be made at closing as follows: ad valorem taxes shall be prorated to the date of closing on the basis of the latest available information, and assumed by Purchaser. These taxes are subject to readjustment and re-proration when the actual tax bills are received or the actual tax amounts for the year of closing become known. Purchaser shall be responsible for all special assessments, if any, against the property falling due after the date of closing. 9. Brokerage: Each party represents and warrants that no real estate broker or salesperson has been involved in this transaction except for Soldx3 Auctions ("Auction Company"), Nathaniel Frederick ("Auctioneer"), and, if applicable, ________________________________________ ("Participating Broker"). ____________ (N/A) No Buyer Broker Was Registered on Behalf of The Purchaser. The commission, as outlined in a separate agreement between the Seller and the Auction Company, including any applicable addendums, shall be paid before any portion of the sale proceeds is disbursed to any other person or entity. The Auction Company, with the Seller's permission, is offering Two Percent 2% of the high bid price to a Participating Broker who registers their client at least 24 hours prior to the end of the auction. If the Buyer elects to have representation by a Buyer's Broker and a Participating Broker Agreement has not been executed, the Buyer shall be responsible for any commission due to their agent or the Buyer may choose to proceed under Option C below for the Buyer's Agent for part or entire compensation. In all agreements, Soldx3 solely represents the Seller. A copy of the Buyer's Agent Agreement must be submitted with the Broker Participation Form. If the Seller's agreement requires a higher commission than what is stipulated in the Participating Broker Agreement, the following options are available to the Buyer: " Option A: The difference is covered directly by the Buyer to the Buyer's Agent. " Option B: The Buyer's Agent can renegotiate their Buyer Broker Agreement to align with the compensation offered. " Option C: If the difference of compensation between the Buyer's agency agreement and amount offered needs to be rolled into the transaction, the Auction Fee can be increased to cover the difference, provided it is legally permitted and agreed upon by all parties. This increase will be added to the 10% Auction Fee, with no cap on the additional amount that can be included to meet the total commission requested in the Buyer's Agency Agreement. If Option C: The Increase required to be added to the advertised Auction Fee: ___________ All parties acknowledge that increasing the Auction Fee could impact the appraisal or financing, and this contract is not contingent on either. All deposits and purchase funds shall be paid to the Closing Agent/Title Company for proper disbursement. If the Purchaser defaults in closing this Agreement, the Purchaser's Deposit will be forfeited as liquidated damages and will be disbursed by the Closing Agent/Title Company according to the separate agreement between the Seller and the Auction Company. If the Seller seeks and obtains a judgment for specific performance of the sales agreement and/or damages, the Auction Company shall be paid the full commission due. 10. Closing Documents: (a) To perform its closing obligations hereunder, Seller shall execute and deliver, in form for recording, said Warranty Deed, and do and perform all other acts and things that are required hereby, and do and perform all other acts and things as shall be required by the Closing Agent/Title Company to perform its closing obligations hereunder, (b) Purchaser shall execute all documents to do and perform all other acts and things that are required hereby, and do and perform on its closing statement to Purchaser and Seller the price, all prorations, etc., as herein provided for and contemplated, and (ii) to its issuing to Seller of its check representing the net proceeds of the sale due to Seller. 11. Closing Cost Shall Be Paid as Follows: Seller will pay for deed preparation and prorated taxes. Buyer will pay for all other closing cost. See attachment of closing cost estimates. 12. Possession: Possession shall be on closing and funding. 13. Approvals: The property is selling subject to approval of local authorities, if any approval is necessary. 14. Property Condition: The property is selling subject to any existing right-of-way, easement, encroachments, restrictive covenants, prior reservation of record, zoning regulations, governmental agency regulations, environmental conditions, leases, CRP contracts, adverse possession, restrictions and sewer assessments. This property is selling in "AS IS, WHERE IS" condition, without warranty or representation, either statutory or otherwise, expressed or implied. 15. Non-assignability by Purchaser: Purchaser's interest in this Agreement may not be transferred or assigned, in whole or in part, without the prior written consent of Seller. 16. Risk of Loss: Risk of condemnation or other casualty loss shall remain with Seller until closing, and if any condemnation or unrepaired fire or other casualty damage occurs, the Purchaser shall have the option of (i) closing without diminution of the price upon taking assignments from Seller (which Seller covenants to make) of all condemnation awards and/or other casualty insurance claims, or (ii) of releasing Seller hereunder and having the return of the Deposit paid by Purchaser on account hereof. 17. Notices: Notice required or permitted hereby shall be in writing, mailed postage prepaid by certified or registered mail, return receipt requested, to the Seller, Purchaser and Auction Company, at their respective addresses as set forth below, or to such other address designated by either party by notice to that effect. 18. Entire Agreement: This Agreement represents the entire and final agreement between the parties, superseding and canceling all prior oral and written communications and agreement between them, their agents and representatives, and this agreement may not be subsequently changed or amended except in writing and signed by the parties. 19. Disclaimer as To Auction Company and Auctioneer: Purchaser shall look only to Seller as to all matters regarding this Agreement and the Property. Soldx3 Auctions ("Auction Company") and Nathaniel Frederick ("Auctioneer") shall not be responsible or liable in any way if Seller fails or refuses to or cannot close title hereunder, or if the Property is affected in any way or is in need of attention or repairs, is contaminated by hazardous materials or is in any other way unsatisfactory to Purchaser as Purchaser may determine before or after closing. 20. Auction Company and Auctioneer Notice of Agency Relationship: Purchaser acknowledges that the Auction Company and Auctioneer are acting as agents for the Seller in this transaction and are to be paid a commission by the Seller pursuant to a separate written agreement between Seller and Auction Company. The Purchaser further acknowledges that neither the Auction Company, Auctioneer, nor any of their agents or representatives are acting in any way as an agent for the Purchaser in this transaction. Any third-party broker is not a subagent of the Auction Company. 21. Statute of Limitations: Any action or suit of any kind must be commenced within one (1) year from the date when the cause of action or suit accrued or it will be forever barred. The right of action or suit will accrue, and the one (1) year limitation period will begin to run on the date the breach, damage, or injury is sustained and not when the resulting cost, damage, harm, or loss is discovered. 22. Arbitrations of Disputes: By signing this Agreement you are agreeing that any action, claim, controversy, counterclaim, dispute, or proceeding arising out of Property Issues and involving the Seller, Buyer, Auctioneer, and Auction Company, is any combination, whether controlled by federal or state law, shall be determined and resolved exclusively by final and binding arbitration, with no appeal permitted, except to provide by appliable law for the judicial review or enforcement of arbitration decisions. The parties further agree to have any disputes resolved sold and exclusively by arbitration in accordance with the commercial arbitration rules of the American Arbitration Association. 23. Choice of Law, Jurisdiction, and Venue: Any Auction matter shall be exclusively construed and governed in accordance with the law of the State of Alabama without regard to its conflict of laws principles. The exclusive jurisdiction and venue for any controversy or claim between the parties shall be in the county of Marshall County, Alabama. PURCHASER REPRESENTS AND WARRANTS THAT PURCHASER AND PURCHASER'S EXPERTS HAVE THOROUGHLY AND CAREFULLY INSPECTED THE PROPERTY AND AGREE TO PURCHASE SAME "AS IS, WHERE IS', "WITH ALL FAULTS, IF ANY". This serves as a release for final walk through of the property if the purchaser chooses not to visit the property prior to closing. The property is sold AS-IS. Real Estate Brokerage Services Disclosure Alabama law requires you, the consumer, to be informed about the types of services which real estate licensees may perform. The purpose of this disclosure is to give you a summary of these services. A SINGLE AGENT is a licensee who represents only one party in the sale. That is, a single agent represents his or her client. The client may be either the seller or the buyer. A single agent must be completely loyal and faithful to the client. A SUBAGENT is another agent/licensee who also represents only one party in a sale. A subagent helps the agent represent the same client. The client may be either the seller or the buyer. A subagent must also be completely loyal and faithful to the client. A LIMITED CONSENSUAL DUAL AGENT is a licensee for both the buyer and the seller. This maybe only be done with the written, informed consent of all parties. This type of agent must also be loyal and faithful to the client, except where the duties owed to the client's conflict with one another. A TRANSACTION BROKER assists one or more parties, who are customers, in a sale. Al transaction broker is not an agent and does not perform the same services as an agent. Alabama law imposes the following obligations on all real estate licensee to all parties, no matter their relationship: 1. To provide services honestly and in good faith; 2. To exercise reasonable care and skill; 3. To keep confidential any information gained in confidence, unless disclosure is required by law or duty to a client, the information becomes public knowledge or disclosure is authorized in writing. 4. Present all offers promptly to the seller; 5. Answer you questions completely and accurately. Further, even if you are working with a licensee who is not your agent, there are many things the licensee may do to assist you, the customer. Some examples are: 1. Provide information about the properties; 2. Show properties; 3. Assist in making a written offer; 4. Provide information on financing. You should choose which type of services you want from a licensee, and sign a brokerage service agreement. If you do not sign an agreement, by law the licensee working with you is a transaction broker. The licensee's broker is required by law to have on file an office policy describing the company's brokerage service. You should feel free to ask any questions you have. The Alabama Real Estate Commission requires the real estate licensee to sign, date, and provide you a copy of this form.