TERMS & CONDITIONS
PLEASE READ AND REVIEW THESE TERMS AND CONDITIONS THOROUGHLY PRIOR TO BIDDING.
IF YOU HAVE NOT READ AND DO NOT UNDERSTAND THESE TERMS, PLEASE DO NOT BID.
By registering for this auction or placing a bid, each bidder acknowledges that they have read, understand, and agree to be legally bound by these Terms and Conditions. A successful bid creates a binding contractual obligation to purchase the property. Execution of the Real Estate Purchase Contract following the auction memorializes and confirms that obligation and is not an opportunity for the successful bidder to withdraw or reconsider the purchase.
PUBLIC VIEWING: OCTOBER 11, 2:00 PM–6:00 PM CT. Staff will be on-site for prospective bidders to tour the properties.
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CONDITIONS OF SALE
This is an online real estate auction. All property is sold AS IS, WHERE IS, WITH ALL FAULTS, with no guarantees or warranties of any kind except as expressly provided in the Real Estate Purchase Contract or as otherwise required by law.
The sale is not contingent upon financing, appraisal, inspection, repairs, survey, sale of another property, Buyer's ability to obtain financing, or any other purchaser contingency.
Bidders are encouraged to conduct all inspections, investigations, and due diligence they deem necessary prior to bidding and shall rely upon their own judgment and inspection of the property.
A Buyer may obtain financing; however, the Buyer's ability or inability to obtain financing shall not delay closing, excuse performance, or release the Buyer from the purchase obligation.
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MULTI-PAR AUCTION
This auction utilizes the Multi-Par method of sale. Individual lots or tracts may be offered separately and may also be offered in combinations. Bidders may bid on an individual lot or tract, multiple lots or tracts, or combinations as permitted by the online bidding system.
During the Multi-Par bidding process, a bid placed on an individual lot, tract, or combination may affect other lots, tracts, or combinations and may cause bidding on affected lots, tracts, or combinations to reopen or extend. Bidders are responsible for monitoring the bidding platform and the status of all bids and combinations in which they have an interest.
The property may ultimately be sold in the individual lot or tract configuration or combination that produces the successful result under the Multi-Par bidding system and the applicable auction terms.
To the extent permitted by applicable law, Lawson Co. Auctioneers, LLC shall have authority to resolve bidding disputes, determine the status of bids, and administer the Multi-Par bidding process.
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BUYER'S PREMIUM AND PURCHASE PRICE
A 10% Buyer's Premium will be added to the successful high bid to determine the total contract purchase price. Bidders should take the Buyer's Premium into consideration when placing bids.
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PURCHASE CONTRACT AND NON-REFUNDABLE DEPOSIT
At the conclusion of the auction, the successful Buyer will be provided a Real Estate Purchase Contract. The Buyer shall execute and return the contract to Lawson Co. Auctioneers, LLC and pay the required non-refundable deposit within twenty-four (24) hours following conclusion of the auction.
The required non-refundable deposits are:
Lot 1: $7,000
Lot 2: $5,000
The applicable deposit shall be credited toward the purchase price at closing.
The deposit is not earnest money or a good-faith deposit. It is a non-refundable contractual deposit, subject to the terms of the Real Estate Purchase Contract, applicable law, and applicable escrow requirements.
If a successful Buyer fails to timely deliver the required deposit, Lawson Co. Auctioneers, LLC may charge a credit card associated with the bidder's account only to the extent the bidder has expressly authorized such charge and the applicable payment processor and law permit the transaction.
Funds held in escrow shall be held and disbursed in accordance with applicable Kentucky law and escrow requirements.
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CLOSING
The entire remaining balance of the purchase price shall be due at closing. Closing shall occur on or before forty-five (45) days from Auction Day unless otherwise agreed in writing by Seller and Buyer.
TIME IS OF THE ESSENCE.
Buyer shall be responsible for Buyer's wire-transfer fees and Buyer's closing costs. Buyer and Seller shall otherwise pay their respective closing costs as customary for the transaction and as provided in the Real Estate Purchase Contract.
Possession shall be delivered to the successful Buyer at closing upon transfer of title unless otherwise stated in writing.
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BUYER DEFAULT AND REMEDIES
A successful bidder who fails to execute and return the Real Estate Purchase Contract, pay the required non-refundable deposit within twenty-four (24) hours, close within the required time, or otherwise perform the Buyer's obligations may be declared in default.
Upon Buyer default, the non-refundable deposit shall be subject to forfeiture as partial liquidated damages, and not as a penalty, to the fullest extent permitted by law and subject to applicable escrow requirements. Such forfeiture shall not, to the extent permitted by law and the Real Estate Purchase Contract, prevent Seller from pursuing other available remedies, including additional damages and/or specific performance when legally available.
Buyer shall also be responsible, to the fullest extent permitted by law, for reasonable attorneys' fees, court costs, collection costs, costs associated with a subsequent resale, and other reasonable expenses incurred by Seller and, where legally recoverable, Lawson Co. Auctioneers, LLC as a result of Buyer's default or in enforcing Buyer's obligations.
Any escrowed deposit shall be disbursed only as permitted by applicable law.
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TITLE AND DEED
Seller shall convey title in accordance with the Real Estate Purchase Contract. The property's sale AS IS, WHERE IS, WITH ALL FAULTS does not eliminate Seller's title obligations expressly stated in the Real Estate Purchase Contract.
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PROPERTY INFORMATION AND BUYER DUE DILIGENCE
All information, photographs, maps, measurements, acreage, square footage, dimensions, boundaries, improvements, utilities, zoning information, environmental information, property descriptions, and other information published, announced, or otherwise provided concerning the property are believed to be accurate but are not guaranteed by Seller or Lawson Co. Auctioneers, LLC unless expressly stated otherwise in the Real Estate Purchase Contract.
Bidders are responsible for independently investigating the property and all matters affecting it before bidding, including but not limited to easements, restrictions, zoning, rights-of-way, utilities, boundaries, acreage, environmental conditions, governmental regulations, and matters of public record.
Failure of a bidder to inspect the property or investigate available information shall not constitute grounds for cancellation of a bid, adjustment of the purchase price, return of the non-refundable deposit, or release from the Buyer's contractual obligations.
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TAXES, EASEMENTS, RESTRICTIONS AND MATTERS OF RECORD
Real estate taxes shall be prorated as provided in the Real Estate Purchase Contract.
The property is sold subject to applicable easements, restrictions, rights-of-way, zoning laws, governmental regulations, and other matters of record, subject to Seller's obligation to provide the title required under the Real Estate Purchase Contract.
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REAL ESTATE BROKERAGE DISCLOSURE
Lawson Co. Auctioneers, LLC and its representatives are agents of the Seller in this transaction. Lawson Co. Auctioneers, LLC does not represent the Buyer.
All negotiations concerning the auction transaction shall be conducted through Lawson Co. Auctioneers, LLC.
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BIDDER REGISTRATION, VERIFICATION AND ACCOUNT SECURITY
All bidding privileges are provisional and subject to verification. Lawson Co. Auctioneers, LLC reserves the right to reject or terminate a registration or bidding privileges when a bidder's identity, qualifications, payment information, or other registration information cannot reasonably be verified or when Lawson Co. Auctioneers, LLC reasonably believes such action is necessary to protect the integrity of the auction.
Each registered bidder is responsible for all bidding activity conducted through the bidder's account and credentials. Bidders shall not permit unauthorized persons to use their accounts or bidding credentials.
A bidder claiming that another person used the bidder's device, account, password, or credentials shall not automatically be relieved of responsibility for bidding activity conducted through the registered account.
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ONLINE BIDDING AND AUTO-EXTEND
This is a timed online auction utilizing an auto-extend feature. Any qualifying bid placed within the final five (5) minutes of bidding will automatically extend the applicable bidding period for an additional five (5) minutes from the time of that bid.
The auto-extend feature shall remain active until the applicable bidding period expires without another qualifying bid during the extension period.
Because this is a Multi-Par auction, bidding activity involving an individual lot, tract, or combination may affect and extend bidding on other related lots, tracts, or combinations in accordance with the bidding system.
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TECHNICAL ISSUES
Lawson Co. Auctioneers, LLC is not responsible for a bidder's internet connection, computer, mobile device, browser, software, power failure, or other equipment or technology failure.
Failure of a bidder's equipment or internet connection does not invalidate an otherwise valid bid and does not automatically relieve a successful bidder of the obligation to purchase.
If Lawson Co. Auctioneers, LLC reasonably determines that a server, bidding platform, software, internet, communication, or other technical problem has materially affected the integrity or fairness of the auction, Lawson Co. Auctioneers, LLC may, to the extent permitted by applicable law, pause, extend, continue, reopen, reschedule, or otherwise appropriately manage the bidding process.
Neither Lawson Co. Auctioneers, LLC nor the provider of the online auction software shall be responsible for a failure of the software or technology to function properly for reasons beyond their reasonable control.
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BIDDING DISPUTES AND AUCTIONEER AUTHORITY
Subject to applicable Kentucky law, Lawson Co. Auctioneers, LLC shall have authority to administer the auction, determine the status of bids, resolve bidding disputes, reject bids resulting from an obvious error, fraud, system malfunction, or other irregularity, and take reasonable action necessary to preserve the integrity of the auction.
Nothing in these Terms and Conditions authorizes shill bidding, undisclosed bidding on behalf of Seller, or any bidding activity prohibited by applicable law.
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MODIFICATION OR CLARIFICATION OF AUCTION TERMS
Prior to completion of the auction, Lawson Co. Auctioneers, LLC may supplement, clarify, correct, or modify auction procedures or these Terms and Conditions when reasonably necessary. Material changes will be posted, announced, or otherwise communicated to bidders as appropriate.
No such modification shall be used to retroactively alter the material obligations of a completed sale except by written agreement of the affected parties or as otherwise permitted by law.
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ELECTRONIC TRANSACTIONS AND SIGNATURES
By registering and bidding online, Bidder agrees to conduct the auction transaction electronically.
Electronic records, electronic acceptance of these Terms and Conditions, and electronic signatures may be used in connection with the auction and resulting transaction to the extent permitted by applicable law.
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BINDING EFFECT OF BID
Registration and placement of a bid constitute acceptance of these Terms and Conditions.
Once a bidder is declared the successful bidder, the successful bid constitutes a binding obligation to purchase the property according to these Terms and Conditions.
The subsequent Real Estate Purchase Contract memorializes and confirms the transaction and does not provide the successful bidder with an additional opportunity to withdraw, reconsider, or cancel the successful bid.
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GOVERNING LAW; JURISDICTION AND VENUE
These Terms and Conditions, the auction, the bidding process, the Real Estate Purchase Contract, and the resulting transaction shall be governed by and construed in accordance with the laws of the Commonwealth of Kentucky.
To the fullest extent permitted by law, any claim, dispute, action, or legal proceeding arising out of or relating to the auction, bidding process, these Terms and Conditions, the Real Estate Purchase Contract, the property, or the resulting transaction shall be brought exclusively in a court of competent jurisdiction located in Nelson County, Kentucky.
Each bidder and Buyer consents to the personal jurisdiction of such courts and waives any objection to venue therein to the fullest extent permitted by law.
This provision shall not apply to any action for which applicable Kentucky law requires mandatory venue in another county.
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ENTIRE AGREEMENT AND ORDER OF DOCUMENTS
These Terms and Conditions, the Real Estate Purchase Contract, and any written auction-specific addenda or written announcements constitute the agreement governing the auction purchase.
In the event of a direct conflict, the executed Real Estate Purchase Contract shall control over the general published Auction Terms and Conditions unless a written addendum signed by the affected parties expressly provides otherwise.
No oral statement shall modify the executed Real Estate Purchase Contract.
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SEVERABILITY
If any provision of these Terms and Conditions is determined by a court of competent jurisdiction to be invalid, illegal, or unenforceable, that determination shall not invalidate the remaining provisions, which shall remain enforceable to the fullest extent permitted by law.
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NO WAIVER
The failure or delay of Seller or Lawson Co. Auctioneers, LLC to exercise or enforce any right, remedy, or provision on one occasion shall not constitute a waiver of that right, remedy, or provision on any other occasion.
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ACCEPTANCE OF TERMS
BY REGISTERING OR PLACING A BID, BIDDER ACKNOWLEDGES THAT BIDDER HAS READ, UNDERSTANDS, AND ACCEPTS THESE TERMS AND CONDITIONS AND AGREES TO BE LEGALLY BOUND BY THEM.
A SUCCESSFUL BIDDER IS PREPARED AND OBLIGATED TO PURCHASE THE PROPERTY UNDER THESE TERMS AND THE REAL ESTATE PURCHASE CONTRACT.
