ADDENDUM A REAL ESTATE AUCTION TERMS & CONDITIONS 1. PROPERTY TO BE SOLD WITH A 10% BUYER'S PREMIUM WHICH WILL BE ADDED TO THE SALE PRICE OF THE PROPERTY. An example is if you bid $100,000 we would add $10,000 to your bid price making your contract price $110,000. 2. Anyone who can meet the conditions of cash at closing with no contingency of the sale is eligible to bid and purchase the property. This includes any and all Auctioneers, Real Estate Agents and Brokers, including family and friends of the Owner, auctioneer or Real Estate Broker. 3. In all Real Estate Auctions conducted by BLOCK REALTY & AUCTION MANAGEMENT GROUP, Block Realty & Auction Management Group represents the Seller in the Real Estate transaction. 4. Real Estate Auction participation is offered on the phone or may be offered by webcast to Absentee bidders. The absentee bids may be presented live by a representative of BLOCK REALTY & AUCTION MANAGEMENT GROUP up to the Absentee Bidder's maximum bid. 5. The successful bidder will be required, upon conclusion of the auction, to immediately sign an Arkansas Real Estate Purchase Agreement outlining the specific terms and conditions of the sale. 6. The successful bidder will be required, upon conclusion of the Auction, to immediately provide good funds/ Non-Refundable Deposit Money in the form of Cash, Cashiers Check, or Personal Check for $20,000. Check will be deposited immediately to the Auction Company Escrow. Deposit Money is NON-REFUNDABLE if buyer fails to close for ANY reason including failure to obtain financing. 7. This Real Estate Auction is an Undisclosed reserve Bid Auction as defined by the National Auctioneers Association. The Seller will have the right to accept or decline the highest bid at the conclusion of the auction process. The seller retains the right to have others bid on their behalf, up to, and including, the reserve amount. 8. The closing date will not be later than 30 days from acceptance of the Real Estate Contract. The balance of the purchase price is due in cash at closing. 9. The Buyer will pay all costs necessary to close the transaction except for real estate taxes as stated in the separate contract. Seller to guarantee clear and marketable title. 10. Property is sold AS-IS. Seller shall furnish a general warranty deed conveying marketable title. 11. All taxes and special assessments currently due plus any prorated portion used by Seller will be paid by the Seller or adjusted at closing. 12. No warrantees are expressed or implied by the Seller or BLOCK REALTY & AUCTION MANAGEMENT GROUP, including its Real Estate Agents, Staff, and Auctioneers regarding the property or its use, any improvements, or regulations, laws, or ordinances. Buyer needs to satisfy self, PRIOR TO AUCTION, that property satisfies their requirements. 13. The conduction of the auction and increments of bidding are at the discretion of the Auctioneer. Any announcements made by the Auctioneer at the time of the sale take precedence over any previous notices. 14. Property is auctioned as a Cash sale. Buyers must have secured funds prior to bidding. 15. Buyer must satisfy self of property condition PRIOR to Auction and bidding process. Seller provides no guarantee of Appraisal or Condition. 16. Buyer must also completely satisfy self of any boundaries, easements, restrictions, covenants, conditions prior to bidding. 17. Auctioneer is a licensed real-estate Agent and Broker. Sale is offered in Conjunction with Bordertown Auctions, Dennis Huggins, Licensed Oklahoma Real Estate Agent.