TERMS AND CONDITIONS 1. REGISTRATION ONLINE: THIS IS AN ON-LINE INTERNET ONLY AUCTION. ALL BIDDING ACTIVITY WILL TAKE PLACE ONLINE. ALL BIDDERS MUST REGISTER TO BID THROUGH THE ONLINE PLATFORM. 2. AUCTIONEER CONTACT INFORMATION: Kyle Allen. d/b/a Allen Auction and Real Estate Service, LLC, licensed Missouri auctioneer, may be reached at 636-338-4805. 3. TERMS AND CONDITIONS: BY PLACING A BID, BIDDER CERTIFIES THAT THEY HAVE READ THE TERMS AND CONDITIONS OF THIS AUCTION. IF A BIDDER HAS NOT READ AND REVIEWED THE TERMS FOR THE SALE OF THE REAL PROPERTY AT THIS ONLINE AUCTION, THEN PLEASE DO NOT BID. 4. OPEN HOUSE TIMES/INSPECTION OF REAL PROPERTY: There will be one Open House where prospective bidders are encouraged to come and view the real property. The Open House date is Thursday, June 4, 2024 from 4:00pm to 6:00pm. We encourage all prospective bidders to attend the Open House before bidding. By placing a bid, a bidder signifies that they have examined the real property and conducted their own personal onsite inspection of the real property to their satisfaction, or that they have chosen not to personally view and examine the real property. 5. AUCTION END TIME: The online auction is scheduled to end at 3:00 p.m. CST on Tuesday, June 4, 2024. Any bid placed within 3 minutes of 3:00 p.m. CST on June 4, 2024 will automatically extend the auction another 3 minutes. Similarly, any bid placed after 3:00 p.m. CST on Tuesday, June 4, 2024 while the auction is still open will automatically extend the auction another 3 minutes. For example, if there is a bid at 2:59 p.m. CST on June 4, 2024, then the auction will automatically extend to 3:02 p.m. If there is another bid prior to 3:02 p.m., then the auction will automatically extend another 3 minutes, and so on. The 3-minute automatic extension feature remains active until there are no further bids within the last 3 minutes. There is a timer on the Hibid Auction Platform that will be used for this online auction that will notify you when the auction ends and/or if said auction has automatically extended another 3 minutes. 6. BUYER'S PREMIUM: The buyer's premium is 5% on the real property. Thus, for example, if the real property sells for $100,000, then 5% will be added onto the final bid so that the winning bidder will pay $105,000. 7. SALE OF PROPERTY SUBJECT TO APPROVAL of the probate court of Lincoln County, Missouri under 23PR-L600119 8. NO DISCLOSURE STATEMENT: The real property in this auction SELLS AS-IS, WHERE IS, with all faults. There are no guarantees or warranties written or implied as to the condition of the real property or the condition of any improvements on the real property. There is no written disclosure statement. If you are uncertain as to the condition of the real property, then please bid accordingly. There is NO Inspection Report for the property. 9. REAL ESTATE CONTRACT: The successful bidder shall come to the Office of Allen Auction & Real Estate Service, LLC by 6:00 p.m. CST on June 4, 2024 to execute a real estate contract and shall deposit a $10,000.00 non-refundable earnest money deposit at that time. The earnest money check shall be made payable to Allen Auction and held in an interest-free escrow account until closing at which time we will provide a cashier's check to All County Title on behalf of the buyer/s. Note: If two parties are the successful bidders on the real property, both parties must execute the real estate contract by 6:00 p.m. on June 4, 2024. The Buyer shall bring written documentation of proof of funds and/or preapproval letter at the time of the signing of the real estate contract. 10. EARNEST MONEY DOWN PAYMENT: The successful bidder at this real estate auction must deposit earnest money in the amount of $10,000.00 at the time of signing the real estate contract by 6:00 p.m. on June 4, 2024. The $10,000.00 earnest money is NON-REFUNDABLE. Under NO CIRCUMSTANCES shall the earnest money be refunded to any bidder. Please make sure you have conducted your own personal inspection of the real property and have your financing ensured prior to bidding. The earnest money check shall be made payable to Allen Auction and held in an escrow account until closing at which time we will provide a cashier's check to All County Title on behalf of the buyer/s. 11. FINANCING - The sale of the real property at the online auction IS NOT CONTINGENT UPON FINANCING. Prior to bidding, any bidder needs to have his/her financing approval arranged through their lender. This sale of the real property is considered to be a cash transaction as it is not contingent upon financing. 12. FAILURE OF SUCCESSFUL BIDDER TO TIMELY EXECUTE CONTRACT AND PAY $10,000 EARNEST MONEY DEPOSIT: Any successful bidder at the online auction who does not timely execute the written real estate contract and pay the $10,000 earnest money deposit by 6:00 p.m. CST on June 4, 2024 shall be in default and any and all legal remedies may be asserted and/or prosecuted by Allen Auction & Real Estate Service, LLC against the said successful bidder. Further, Allen Auction & Real Estate Service, LLC reserves the right to charge the successful bidder who is in default $1,000.00 on his/her credit card that was provided when said bidder registered as partial damages. Additionally, Allen Auction & Real Estate Service, LLC. reserves the right to sell the real property to the back up bidder and/or any other person or entity other than the successful bidder should the successful bidder at the online auction not timely execute the written real estate contract and pay the $10,000 earnest money deposit by 6:00 p.m. CST on June 4, 2024. The successful bidder must bring written documentation of proof of funds at the time that the contract is signed. 13. PAYMENT: Payment for the real property must be made in USD (US Dollars). 14. CLOSING DATE OF REAL PROPERTY: The closing date for the sale of the real property at the online auction shall be on or about 45 days after the date of the online auction. 15. CLOSING COSTS/TITLE INSURANCE: All costs of the title insurance shall be split equally between Seller and Buyer EXCEPT that all costs of any mortgagee's title insurance policy shall be paid by Buyer. Buyer shall pay all applicable closing costs associated with the buyer's side of the real estate transaction, including but not limited to: title company fees, title insurance costs as described above, points, loan and/or mortgages fees, PMI, recording costs, document preparation fees, appraisal if one is required by buyer's lender, and any other costs that may be applicable and/or required by buyer's lender or the title company. Buyer shall pay for any survey costs if Buyer desires a survey of the property. 16. PROPERTY TAXES: The property taxes for the real property have been paid for 2023. Any property taxes for 2024 shall be prorated as and between Seller and Buyer as of date of closing. 17. POSSESSION: Buyer will be given possession of the real property as of the date of closing. 18. SURVEY: Buyer shall pay for any desired survey. No boundary survey will be provided in this auction. 19. DESCRIPTION OF REAL PROPERTY: The description for the real property and the description of the house and lot are believed to be accurate, but the description is not warranted or guaranteed. Bidder inspection is encouraged. 20. AGE REQUIREMENTS: A person must be 18 years or older to bid. 21. AUCTION COMPANY RESERVATION OF RIGHTS: Allen Auction & Real Estate Service, LLC hereby reserves the right to reject any bid for this auction at the auction company's sole discretion. Any fraud suspected or detected will preclude a bidder from bidding at this auction and/or from being the successful bidder at this auction for the real property. 22. FORUM FOR DISPUTES: Any disputes as to the auction, the real property in the auction, the description of the real property and/or the condition of the real property being offered for sale, the sale of the real property, and/or any disputes in any way related to this online auction shall be governed by Missouri law, and the forum for such disputes shall be the Lincoln County Circuit Court and/or the Lincoln County Associate Circuit Court in Troy, Missouri. By participating in this auction, any bidder and/or prospective buyer is agreeing to this forum and venue of Lincoln County, Missouri. Arbitration shall not be used to address any disputes that are in any way related to this online auction. By participating in this auction, you are agreeing that arbitration shall not be used to address any disputes that are in any way related to this auction. 23. RESERVATION OF RIGHTS: Allen Auction & Real Estate Service, LLC reserves the right to cancel, suspend, extend or reschedule an auction event or to make changes to the auction closing time or scheduled Open Houses. 24. INTERNET, SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, computers, software or any other online auction-related issues and/or technical issues and/or system failures, Allen Auction & Real Estate Service, LLC reserves the right to extend the bidding, continue the bidding, reopen the bidding and/or close the bidding. Allen Auction & Real Estate Service, LLC DOES NOT ASSUME LIABILITY FOR, AND SHALL NOT BE HELD RESPONSIBLE FOR, ANY INTERNET, COMPUTER AND/OR TECHNOLOGICAL SYSTEM FAILURES, ANY MISSED BID, AND/OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. 25. DISCLAIMER: All information contained herein or in any way published or given about the real property comes from sources that are believed to be correct, but there is no guarantee by the seller, Allen Auction & Real Estate Service, LLC., or the auctioneers as to the correctness of the information. Please make sure you have conducted your own personal inspection of the real property and have your financing ensured prior to bidding. Any bidder's failure to have personally inspected the condition of the real property and/or to have their financing ensured in advance shall not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer or earnest money deposit. 26.MAXIMUM BID: This auction features maximum bidding. Only the bidder can see their maximum bid. When you place your maximum bid, the current bid price does not automatically go to that bid. Someone else has to bid to increase the current price and the software will automatically bid up to your maximum bid in the increments specified. If someone has already entered a maximum bid on the item you are bidding on, the system will automatically bid for you until you are the current high bidder or until you reach your maximum bid. If you have reached your maximum bid and are still not the current high bidder, the system will give you the opportunity to enter another maximum bid. You may request outbid notices when registering for your online bidding account. You can choose to have them sent to your email. If you are not able to be around a computer/mobile device during the closing of the auction or receive and/or read your notices, we recommend you enter your maximum bid when bidding. Your maximum bid would be considered the maximum amount you are willing to pay for your item. Please remember, you can always raise your max bid, but you cannot lower it. PAYMENT INFORMATION Currency USD Buyer Premium 5% Payment Terms BUYER'S PREMIUM: The buyer's premium is 5% on the real property. Thus, for example, if the real property sells for $100,000, then 5% will be added onto the final bid so that the winning bidder will pay $105,000. EARNEST MONEY DOWN PAYMENT: The successful bidder at this real estate auction must deposit earnest money in the amount of $10,000.00 at the time of signing the real estate contract by 6:00 p.m. CST on June 4, 2024. The $10,000.00 earnest money is NON-REFUNDABLE. Under NO CIRCUMSTANCES shall the earnest money be refunded to any bidder. Please make sure you have conducted your own personal inspection of the real property and have your financing ensured prior to bidding. The earnest money check shall be made payable The earnest money check shall be made payable to Allen Auction and held in an escrow account until closing at which time we will provide a cashier's check to All County Title on behalf of the buyer/s. CLOSING: Closing on the real property shall occur on or about 45 days after the online auction