MICHIGAN: Stamp Farms Real Estate Auction

Auction Photos:

TERMS & CONDITIONS

Open House Times:

• Buildings on Parcel 5 and on Parcel 9 and Homes on Parcel 8, Parcel 19A & Parcel 25 will be available for inspection on Saturday, March 23rd, 2013 from 1pm-3pm.

Registration:

• Begins at 11am at the Lawton Community Center.

Deposit for Real Estate:

• 10% of the successful bid price is required at the auction, cash or cashier’s check. This deposit is NOT refundable if the buyer does not carry through with the purchase. Your bidding is not conditional upon financing, so be sure you have arranged financing if needed and are capable of paying cash at the closing.

Conditions:

• The terms and conditions of the auction will be governed by the contract for the sale of Real Estate (herein called the buy/sell). The following terms are a summary provided for the convenience of the bidder. The buy/sell is available in the bidder’s packet and should be reviewed prior to the auction. All properties sell “AS IS WHERE IS” with no warranties of any type expressed or implied as to the merchantability, usability, fitness for a particular purpose, or any matter of whatsoever type or nature. Any improvements, which must be made, are the responsibility of the purchaser. All information advertised or stated was derived from sources believed correct but is not guaranteed. All property dimensions are only approximations. Buyers shall rely entirely on their own information, judgment and inspection of the property and records. The real estate will be sold free and clear of all the liens. The property will however be sold subject to any easements and building and use restrictions of record. Any announcements made at the auction site take precedence over printed material. The real estate sells subject to U.S. Bankruptcy Court approval and/or seller approval.

Closing Terms:

• Balance of purchase price due at the closing within 45 days. The seller will pay taxes and assessments due on or before the auction. Possession will be given at closing, except for the homes, 30 days after close. Seller shall provide an owners title insurance policy in the amount of the purchase price. Closings will be held at a local title company. Closing fees of $350 will be divided evenly between the buyers and the seller. Surveys are being completed for Parcels 5 & 8. These surveys and any other surveys required will be at the cost of the buyer.

Mineral Rights:

• Sale includes 100% of any mineral rights owned by seller.

Buyer’s Premium:

• There will be a 3% buyer’s premium added to the real estate. Please take this into account when bidding.

Buyer’s Note:

• If you are the successful bidder, you must go to the closing table to sign all the purchase agreements immediately following the conclusion of the auction. At that time your check will be endorsed as a non-refundable deposit on the property. Individual purchases are to be considered as singular transactions, not contingent on any other purchases of properties on the auction. The ability to obtain financing is NOT a contingency of the sale. The auction will be conducted at the sole discretion of the auctioneer and any bids may be recognized at their discretion. Parcels 15-24 are not owned by debtor, but a 3rd party and could possibly be withdrawn from the auction if negotiations do not work out, however, we believe they will be selling at the auction.

New Data:

• New data, corrections, or changes could be made after the printing of this brochure. Please arrive prior to the start of the auction to inspect and consider any new information and changes.

Bidder’s Packet:

• Complete bidder’s packets including copies of the buy/sell agreements and more detailed information will be available at the open house or by calling to request a packet to be mailed to you. Call the auction company for details at 1-800-LASTBID.

All written material is subject to change. Announcements made day of sale take precedence over printed material.