STATEMENT OF SALE & ONLINE BIDDING TERMS 5/2/15 AUCTION

10% BUYERS PREMIUM WILL BE ADDED TO EACH SUCCESSFUL BID

The sale of TRACTS 1-6 OF THE DAVIS PROPERTY AS WELL AS TRACTS 51-57 OF ELK RIDGE PHASE I AND FARM EQUIPEMENT to be sold as is and as follows:

All newspaper or other publications and all oral and verbal statements as to advertising made by owners of said property and by McCarter Auction, Inc., or any agent of said company, or by Scott E. McCarter are hereby revoked.

ALL ONLINE BIDS ON THIS MAY 2ND 2015 AUCTION START MONDAY, APRIL 27TH AT 10:30 AM EDT AND WILL END ON SATURDAY, MAY 2ND DURING LIVE AUCTION BEGINNING AT 10:30 AM EDT. BY PLACING AN ONLINE BID FOR LIVE EVENT, YOU AUTHORIZE MCCARTER AUCTION, INC. OR ITS AFFILIATES TO IMPLEMENT YOUR BIDS AT THE LIVE AUCTION. NOTE: during the live close of this simulcast auction a system operator will sit next to the auctioneer and offer online bidders the same bid opportunities that are being offered to the onsite bidders. If a bid is made via the internet, the operator will represent that bidder. Note that the operator may be bidding for several different online bidders at the same time. No preference is made for either onsite or online bidders; the bid will go to the first accepted by the auctioneer. Any tie bid or other issues regarding who has the high bid are always resolved by the Auctioneer, who has complete and final authority. THE FINAL SALE OF PROPERTIES USING INTERNET BIDS AND LIVE ONSITE BIDS WILL DETERMINE THE WINNING BIDDERS OF PROPERTIES AS ADVERTISED.

The sale will be an absolute auction and will sell to the highest and best bidder. Auctioneer is in full charge of auction having the right to set bid increments throughout the sale, settle any bid disputes, and accept or reject any bids at his discretion.

Terms for Real Estate are: 10% down today, balance at closing within 30 days or as soon as all aspects of court order is completed. Buyer to pay one-half of closing fee, in addition to their other individual closing costs. Please note that Johnson, Murrell and Associates will be the exclusive closing agent for this transaction. Terms for Personal Property are: cash or good check at sale location or valid credit card online.

NOTICE!! A 10% Buyer’s Premium will be added to all successful bids. The highest bid price plus the 10% (Ten percent) Buyer’s Premium will be the total sales price. Any changes made to buyers’ paperwork, including Warranty Deed, must be made by this Wednesday, May 6th, or buyer may be charged for double paperwork at closing.

The properties will be sold in tracts and adopt the sale which brings the highest and best bid. Tracts will be sold individually then grouping will be offered with a 5% raise per Grouping Outline available online, at Open House and day of sale. The contract you sign is final and binding if not re-grouped. Successful bidders for real estate will be required to sign a note for the deposit amount with the contract, in addition to deposit paid day of sale. Note shall become null and void when buyer shall complete all requirements for closing as set out in the contract.

Taxes for the 2015 year to be prorated at closing. Any back taxes or rollback taxes to be paid by seller at closing. Closing for all real estate will be on or before 30 days from today. Possession of all structures and vacant tracts to be given at closing. All structures and all other properties to be sold in “as is” condition with no guarantees or warranties expressed or implied by sellers or by McCarter Auction, Inc. Please inspect property to your satisfaction prior to purchase. Property is zoned A-1 Knox County and copies of these regulations are available online and here today. Copies of maps are available online and here today. Tract 1 has had some partial development work. Any further development of this tract must meet all requirements of Knox County Planning Commission, Health Department, and any other governing authorities. All buildings, silos, and well on Tract 4 sell as is. The well on Tract 4 has been non-functional for the past 3-4 years according to seller. Note drainage easement on Tract 51 and drainage easement and detention basin pond on Tracts 52 & 53 as shown on map. Note overhead power-line crossing Tracts 55, 56 & 57. Note hatched areas on Tracts 51-57 are reserved for sub-surface septic drain fill only by Knox County Health Department. Some Tracts will require a sub-surface sewage pump. Tracts 51-57 are approved for 3 bedrooms, see health department notes on recorded map. Pick-up for farm equipment items are today immediately after the sale. Farm equipment not removed immediately after close of sale on sale day becomes the buyers’ responsibility.

REMEMBER, this is an Absolute Auction and all sales are final. Do not bid unless you are prepared to pay appropriate deposit today and meet all conditions to close as set out in your contract.

The property will be sold subject to all restrictions (Tracts 51-57), easements, zoning of record, and from maps dated February 12, 2015 by Eddy R. Garrett, Registered Land Surveyor, as well as map dated June 29, 2009 by Timothy J. Wallace, Registered Land Surveyor. The property will be sold free from all encumbrances and a Warranty Deed will be executed by the owner to the purchaser for said land.

BID PACKAGE: Auction Sales Contract & Promissory Note Package, along with any other paperwork pertaining to the properties, will be sent by e-mail from McCarter Auction Inc to the successful online bidder, who must execute and fax or email back to McCarter Auction Inc within 24 hours of receipt. Successful online bidders not executing and returning their contract & promissory note with earnest money deposit (10% non refundable deposit of total purchase price (certified funds or wire) made payable to McCarter Auction Inc) within 24 hours of receipt will be considered in default and subject to an Administrative Fee (as defined below). All Administrative Fees are non-refundable. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees and closing fees as set out in Auction Sales Contract and Auction Statement of Sale.

Auction Administrative Fee: In the event a winning online bidder fails to submit the signed Auction Sales Contract, signed Promissory Note, and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning online bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by McCarter Auction Inc and the Seller as provided in the Auction Statement of Sale, the Auction Sales Contract and the Promissory Note. All Administrative Fees are non-refundable.

AUCTION SALES CONTRACT, PROMISSORY NOTE, and STATEMENT OF SALE: Each property is offered under specific terms provided in the auction sales contract, promissory note, and statement of sale. The Auction Sales Contract, Promissory Note, Statement of Sale are available at www.mccarterauction.com in the “View Documents” section of this auction website. Please read and review the contract, promissory note, and statement of sale thoroughly prior to bidding on any property. If you have not read and reviewed the Auction Sales Contract, Promissory Note, Statement of Sale and all other materials available plus completed your own due diligence to satisfy all questions, please Do Not Bid! Buyer’s Premium: A 10% buyer’s premium will be added to the bid price on all properties to determine the final contract price. McCarter Auction Inc has the sole authority to resolve any bidding disputes as they may arise. McCarter Auction Inc is providing internet/online bidding as a service to Bidder. Bidder acknowledges and understands that this service may or may not function correctly the ending day of the auction. Under no circumstances shall Bidder have any kind of claim against McCarter Auction Inc or anyone else if the internet service fails to work correctly before or during the ending of the auction. McCarter Auction Inc will not be responsible for any missed bids from any source.

10% BUYERS PREMIUM TO BE ADDED TO EACH SUCCESSFUL BID

May 2: 137+ac Farm 13 tracts Adjoins Sevier Co in Knox Count