COMMERCIAL REAL ESTATE AUCTION

THIS PROPERTY is being offered upon the following terms and conditions:

1. Upon conclusion of the auction, the high bidder will be required to remit a Cashier’s Check payable to the Auction Company as a non-refundable earnest money deposit (the “Deposit”) of ten thousand dollars ($10,000.00).
   
2. The Property is being offered with no minimum and no reserve. Any third party with a security interest in the Real Property retains the right to bid at the auction.
   
3. The balance of the Purchase Price is to be paid on or before  April 9 , 2010, at the time and place of closing to be determined by the Seller.  If the Bidder is not ready to close by the scheduled closing date, any adjournment granted at the request of the Bidder shall be only granted upon the provision that all prorations and adjustments shall be as of the scheduled closing date and an additional non-refundable deposit will be required.
   
4. Bidder expressly warrants the purchase is being made solely based upon their own examination of the Property without expressed or implied warranties of the Auction Company or Seller. The Real Property is sold and the Bidder agrees to accept the Real Property in its present condition, as is, with all faults, in all respects, subject to utility easements, zoning ordinances, and any other restriction of record. Bidder acknowledges the opportunity was afforded for physical, environmental, lead, radon or other inspections prior to execution of the auction and hereby waives any further right to additional inspections. No warranties as to physical condition, environmental condition, habitability, suitability to particular purpose, tenancies, or compliance with any laws, codes or ordinances, including those relating to water supplies and septic systems (“Deficiencies”) are made by the Seller, unless specifically stated herein.
   
5. Any inspections previously made by Bidder or his/her/their representatives were done at Bidder’s expense and for his/her/their information only. Cost and responsibility for curing Deficiencies, if any, is the Bidder’s, and the correction and cure of any Deficiencies shall not be a condition of this sale or in any way affect Bidder’s obligations under this Contract. 
   
6. Any installments for local improvements not due and payable at the time of closing shall be paid for by the Purchaser as they thereafter become due.  Purchaser is responsible to pay taxes on Real Property beginning with the next tax installment.
   
7. The Sheriff of Marion County shall tender a Sheriff’s Deed to Real Property to the Purchaser upon full payment for the Property.
   
8. This sale is not contingent upon the ability of the Bidder to secure financing, sell another property or any contingencies whatsoever.
9. The Auction Company was retained by the Seller and has functioned throughout the transaction as an agent for the seller exclusively. I.C. 25-34.1-10-9.5 provides that the Licensee (Auction Company) has an agency relationship with, and represents the interests of the Seller as Seller's agent to sell the Property. Auction Company owes duties of trust, loyalty, confidentiality, accounting and disclosure to the Seller. However, Auction Company must deal honestly with bidders and disclose certain information to the bidders about the Property. All representations made by Auction Company about the Property are made as the agent of the Seller.
   
10. If the Bidder fails to comply with the sale terms, the Deposit made on account hereof shall be forfeited.  The Seller shall be entitled to pursue all other available legal and equitable remedies against Bidder, including but not limited to holding Bidder liable for any deficiency resulting from a subsequent resale.
    
11. In the event of any litigation arising out of this sale or any breach thereof, the successful party in any litigation shall be entitled to attorney fees and all costs of litigation.
    
12. The sale will be governed by, and construed in accordance with, the laws of State of Indiana.
    
13. By accepting these terms, Bidder agrees these terms will supersede all prior discussions, negotiations and agreements, whether oral or written.  Bidder agrees his/her actions shall be binding and obligatory upon the undersigned, their separate heirs, administrators, executors, assigns and successors in interest of the undersigned.  Bidder may not assign the rights afforded the Bidder to any other party without the Seller’s consent.
    
14. No amendment, alterations or withdrawal of this Contract shall be valid or binding unless made in writing and signed by both Seller and Bidder.