STATEMENT OF SALE & ONLINE BIDDING TERMS FOR 1.326 AC TRACT, TRACT 1, AND TRACT 3

NOVEMBER 22, 2014 BENSON ESTATE & FAMILY PROPERTIES AUCTION

10% BUYERS PREMIUM WILL BE ADDED TO EACH SUCCESSFUL BID

The sale of 1.326 AC TRACT OF JESSICA ROBERTSON BENSON ESTATE AND TRACTS 1 AND 3 OF WALTER F. BENSON PROPERTIES to be sold as is November 22, 2014 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 NOVEMBER 22ND 2014 AUCTION WILL END ON SATURDAY, NOVEMBER 22ND DURING LIVE AUCTION BEGINNING AT 10:30 AM EST. BY PLACING AN ONLINE BID FOR LIVE EVENT, YOU AUTHORIZE MCCARTER AUCTION, INC. OR ITS AFFILIATES TO IMPLEMENT YOUR BIDS AT THE LIVE AUCTION. The sale of 1.326 AC Tract, Tract 1 and Tract 3 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. 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.

Terms for 1.326 AC Tract, Tract 1 and Tract 3 are: 10% down today, balance at closing within 30 days. 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. BIDDERS MUST QUALIFY: CASHIER’S CHECK, WIRE TRANSFER OR CHECK (ACCOMPANIED WITH APPROVED BANK LETTER) IN THE AMOUNT OF $25,000 (TWENTY-FIVE THOUSAND DOLLARS) MADE PAYABLE TO MCCARTER AUCTION, INC. IS REQUIRED BEFORE RECEIVING A BIDDER NUMBER. Balance of deposit amount above the $25,000 may be paid by cash, good personal or company check here today or wire transfer if successful online bidder.

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, November 26th, or buyer may be charged for double paperwork at closing.

1.326 AC Tract, Tract 1 and Tract 3 will be sold in tracts and adopt the sale which brings the highest and best bid. 1.326 AC Tract, Tract 1 and Tract 3 will be sold individually then grouping will be offered on 1.326 AC Tract and Tract 3 ONLY, 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 2014 year to be prorated at closing. Any back taxes or rollback taxes to be paid by seller at closing. Closing for 1.326 AC Tract, Tract 1 and Tract 3 will be on or before 30 days from today. Possession of home and vacant tracts to be given at closing. Home, outbuildings, 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. Note, per seller, the home roof is a 30-year dimensional shingle roof installed June 2013. A lead based paint disclosure must be signed by buyer of home. Termite inspection letter will be provided to buyer of home. Property is zoned C-6 City of Pigeon Forge, TN and copies of these regulations are available online and here today. Copies of map are available online and here today. Note approximate flood boundaries, power transmission easements, drainage easements and sewer easement as shown on map. Note map shows a small parking lot encroachment from Tract 2 onto Tract 1.

REMEMBER, this is an Absolute Auction on 1.326 AC Tract, Tract 1 and Tract 3 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. Bidders must be ready, willing and able to close within 30 days on 1.326 AC Tract, Tract 1 and Tract 3. Please do not bid unless prepared to do so.

The property will be sold subject to easements, zoning of record, and from map dated October 15, 2014 by Howard T. Dawson, 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.

---CONTINUED ON FOR TRACT 2---

STATEMENT OF SALE & ONLINE BIDDING TERMS FOR TRACT 2 WITH MOTEL LEASEHOLD

NOVEMBER 22, 2014 BENSON ESTATE & FAMILY PROPERTIES AUCTION

10% BUYERS PREMIUM WILL BE ADDED TO EACH SUCCESSFUL BID

The sale of TRACT 2 OF WALTER F BENSON PROPERTIES to be sold as is November 22, 2014 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.

Tract 2 sells at auction fee simple subject to terms and conditions of existing lease. 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. This is a 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.

Terms for Tract 2: 10% down today and are per Paragraph 24 of existing Lease, which gives current tenant 15 days from today to exercise first right of refusal, therefore the high bid of Tract 2 is subject to the current tenant exercising their first right of refusal within 15 days. If first right of refusal is not exercised by current tenant, the high bidder of Tract 2 will have 45 days from today to close. Lease Payments will be prorated day of closing. If current tenant elects to exercise first right of refusal, the high bidder’s deposit will be returned to them and contract on Tract 2 will be cancelled. 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. BIDDERS MUST QUALIFY: CASHIER’S CHECK, WIRE TRANSFER OR CHECK (ACCOMPANIED WITH APPROVED BANK LETTER) IN THE AMOUNT OF $25,000 (TWENTY-FIVE THOUSAND DOLLARS) MADE PAYABLE TO MCCARTER AUCTION, INC. IS REQUIRED BEFORE RECEIVING A BIDDER NUMBER. Balance of deposit amount above the $25,000 may be paid by cash, good personal or company check here today or wire transfer if successful online bidder.

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, November 26th, or buyer may be charged for double paperwork at closing.

Tract 2 with leasehold will be sold and adopt the sale which brings the highest and best bid. Tract 2 sells at auction subject to terms and conditions of existing lease. 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.

All 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 C-6 City of Pigeon Forge, TN and copies of these regulations are available online and here today. Copies of map are available online and here today. Note approximate flood boundaries, power transmission easements, drainage easements and sewer easement as shown on map. Note map shows a small parking lot encroachment from Tract 2 onto Tract 1.

REMEMBER the sale of Tract 2 is final if current tenant does not exercise first right of refusal per terms of lease. Do not bid unless you are prepared to pay appropriate deposit today and meet all conditions to close as set out in your contract. Bidders must be ready, willing and able to close within 45 days. Please do not bid unless prepared to do so.

The property will be sold subject to easements, zoning of record, and from map dated October 15, 2014 by Howard T. Dawson, Registered Land Surveyor. The property will be sold subject to lease and a Warranty Deed will be executed by the owner to the purchaser for said land.

BELOW WORDING APPLIES TO ALL TRACTS BEING SOLD ON NOVEMBER 22, 2014

BID PACKAGE: Auction Sales Contract & Promissory Note Package, along with any other paperwork pertaining to each sale #, 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.

Nov 22 Prime Commercial Pigeon Forge Old Benson Estate