These Bidder Terms and Conditions apply to auctions conducted by Love Real Estate & Auctions, LLC (“Auctioneer”), and constitute a legal, valid, binding, and enforceable contract between Auctioneer and each Participant, Bidder, and Buyer. These Bidder terms and conditions also form the basis for the contract of sale between the Seller and the Buyer.
1. Auction Conducted Under and In Accordance with These Bidder Terms and Conditions, Additional Terms and Conditions Posted by Auctioneer, and Announcements Made at the Time of the Auction, and Applicable Law. The Auction is conducted under and in accordance with these Bidder Terms and Conditions, any and all other Terms and Conditions posted by Auctioneer (whether at the Auction Site or online), any announcements or corrections made by Auctioneer at the time of the Auction, and applicable law. By participating in the Auction, whether at the auction site, online, telephonically, or through any other means (including Absentee Bid), each Participant agrees to be bound by, and to abide by, all such Bidder Terms and Conditions.
2. Property Being Auctioned. See Auction Summary for property details and address.
3. Bidder Registration; Bidder Qualification. All persons desiring to bid at the Auction, must register to bid and be issued a Bidder Number. In order to register to bid, each potential Bidder must provide such information (including identifying information and qualifications) as requested by Auctioneer. Each person registering to bid represents to the Auctioneer that such person is at least eighteen (18) years of age and is otherwise legally able to enter into a contract. Auctioneer may refuse to accept a Bidder Registration from any potential Bidder, may refuse to issue a Bidder Number to any potential Bidder, and may revoke any Bidder Registration or Bidder Number. Each person registering to bid, or otherwise participating, at the Auction acknowledges and agrees that such a person has read, understands, and agrees to be bound by, these Bidder Terms and Conditions. In Auctioneer’s discretion, bids may be received from a person who has not registered to bid, and/or who has not satisfied all requirements for Bidder Registration, and/or who has not been issued a Bidder Number, and, by bidding, such person will be bound by these Bidder Terms and Conditions. Auctioneer may establish such Bidder qualifications as Auctioneer determines, in Auctioneer’s discretion, are reasonably necessary or appropriate. Bidder qualification provisions (which may include proof of the availability of funds) are intended for the benefit of Auctioneer and Seller and create no rights or interests in any other persons, including competing Bidders. Auctioneer and/or Seller may (but will not be required to) waive any Bidder qualifications, either globally or on a case by case basis.
Registration may be completed online, hand-delivered to the Love Real Estate & Auctions, LLC offices, or at the Auction Site subject to the following conditions:
3.1. Online Registration. Online Bidders must register and post the required Registration Deposit online at Auctioneer’s website (www.LoveRealEstateAuctions.com). Wire transfer funds to Auctioneer’s escrow account c/o Eagle Bankcorp, Routing #-055003298 Account 3381376927 however, funds must be received no later than forty-eight (48) hours before the Auction commences.
3.2. Register by Hand Delivery. Bidders may deliver the registration form and the Registration Deposit to the Love Real Estate & Auctions, LLC office, provided that it is received by Auctioneer not less than twenty-four (24) hours prior to the Auction. The hand-delivered Registration Deposit must be in the form of a Certified Bank Check or a Cashier’s Check made payable to or endorsed to; Love Real Estate & Auctions, LLC. No third-party checks will be accepted.
3.3. Register at the Auction. Bidders may register and post the required Registration Deposit at the Auction Site on the date of the Auction. Bidders must register no later than one (1) hour prior to the Auction commencing. Bidders who register at the Auction Site, must provide Love Real Estate & Auctions, LLC with a Certified Bank Check and the check should be made out to the Bidder. In the event Bidder is the High-Bidder or Winning Bidder, the Bidder will endorse the check over to Love Real Estate & Auctions, LLC. No third-party checks will be accepted.
4. Buyer’s Premium. All Property offered at the Auction is subject to a Buyer’s Premium, which will be paid by the Buyer to Auctioneer for Auctioneer’s own account. The Buyer’s Premium will be calculated as a percentage of the Hammer Price and will be added to the Hammer Price to determine the final Purchase Price. The Buyer’s Premium will be the amount listed in the Auction Summary for Buyer Premium for this Auction.
5. Access to Auction Site and/or Online Auction Platform. Participants assume all risks associated with their presence at the Auction Site and/or their access to any Online Auction Platform utilized by Auctioneer. Any person may be denied access to the Auction, the Auction Site, and any Online Auction Platform utilized by Auctioneer, and may be removed at Auctioneer’s discretion.
6. Nature of the Auction. See Auction Summary for the type of Auction. Prior to the Fall of the Hammer, Auctioneer may Withdraw the Property, or any of it, from the Auction.
7. Opening Bid. See Auction Summary for the Opening Bid.
8. Bidding. Bidders may only bid at the Auction by agreeing to be bound by these Bidder Terms and Conditions. By bidding, each Bidder acknowledges and agrees that such Bidder is subject to, and bound by, these Bidder Terms and Conditions.
9. No Bid Retraction. No Bidder may retract a bid that has been acknowledged by Auctioneer or that has been submitted online. Each Bidder acknowledges and agrees that Auctioneer is acting in reliance on tendered bids in the conduct of the Auction, and that bid retraction is disruptive and interferes with the Auction, and that, as an inducement for Auctioneer to accept such Bidder’s Bidder Registration and for such Bidder to bid at the Auction, each Bidder agrees not to withdraw or to attempt to withdraw any tendered bid.
10. Online Auction. The following terms and conditions apply if the Auction is conducted, in whole or in part, online:
10.1. Online Bidding Registration. Anyone desiring to bid online, or to establish the possibility of bidding online, will be required to create an online bidding account by completing all necessary forms and providing required information.
10.2. Bidder Terms and Conditions; Notices and Announcements. The Auction will be conducted in accordance with these Bidder Terms and Conditions and any notices or announcements by Auctioneer and/or posted online or onsite.
10.3. Posted Times. All times are based on the Eastern Standard Time zone unless stated otherwise. Posted closing times and time displays are approximate. Auctioneer reserves the right to close early or extend the Auction at Auctioneer’s sole and absolute discretion.
10.4. Online Bidding Increments. Auctioneer may establish bid increments and may modify or change bid increments, in Auctioneer’s sole and absolute discretion.
10.5. Records of Online Activity. Absent clerical errors, Auctioneer’s records will be final and conclusive.
10.6. Technology Disruptions. Auctioneer will not be responsible for technology disruptions, errors, or failures (including disruptions to bidding or the failure to execute, recognize, or record online bids), whether caused by (i) loss of connectivity, breakdown, disruption, or failure of the Online Auction Platform, (ii) breakdown, disruption, or failure of a Bidder’s internet connection, computer, or system, or (iii) otherwise. Auctioneer may, but will not be required to, continue, suspend, delay, extend, reschedule, or close the Auction because of disruptions caused by technology failures, even after bidding has commenced.
10.7. Failures by Online Auction Platform Provider and its Affiliates or Contractors. Auctioneer may use an Online Auction Platform Provider to facilitate the Auction. Under no circumstances will Auctioneer be liable for any failure of the Online Auction Platform Provider to perform all or any of its obligations, or for the failure of any affiliates, employees, agents, representatives, or contractors of the Online Auction Platform Provider to perform their obligations.
10.8. Auto Extend Feature. Any Online Bidding Period may include an auto-extend feature. This means that, if an online bid is entered within a set time period approaching the end of the established Online Bidding Period, the Online Bidding Period will automatically be extended for an additional amount of time in increments established by Auctioneer, and will continue to be so extended until there is a set period of time that lapses during which no online bids are received, after which bidding will close.
10.9. Disclaimer. Auctioneer makes no representations or warranties and disclaims all representations and warranties, (i) that the Online Auction Platform or any related website or technology will be uninterrupted, error-free or virus-free, (ii) as to the results that may be obtained by using the Online Auction Platform or any related website or technology, or (iii) as to the accuracy, completeness, reliability, security, or current nature of the Online Auction Platform or any related technology.
10.10. Responsibility for Online Bids. Each Registered Bidder is responsible for all bids transmitted from such Registered Bidder’s computer or from such Registered Bidder’s account for the Online Auction Platform. If a Winning Bid is sent from the computer of a Registered Bidder, or from a Registered Bidder’s account for the Online Auction Platform, such Registered Bidder will be the Buyer.
10.11. No Reduction or Retraction of Online Bids. Except in extraordinary circumstances and in Auctioneer’s sole and absolute discretion, online bids may not be reduced or retracted.
10.12. Competing Online and Onsite Bids. In the event of contemporaneously made online and onsite bids, Auctioneer will determine which bid is the successful bid, and may, in Auctioneer’s discretion, reopen the bidding.
10.13. Winning Bidders Subject to Certification by Auctioneer. The final determination of the Winning Bidder is subject to certification by Auctioneer; and any email or electronic message (whether generated manually or automatically) is subject to such certification.
11. Absentee Bids; Remote Bidding. In Auctioneer’s discretion, Auctioneer may receive Absentee Bids and/or bids tendered by remote Bidders (whether telephonically or otherwise). Absentee Bids may be initiated and advanced in accordance with Auctioneer’s policies and procedures. Auctioneer will make reasonable efforts to execute Absentee Bids, but Auctioneer will have no liability to any Absentee Bidder for the failure to execute any Absentee Bids for any reason whatsoever. Each Absentee Bidder acknowledges and agrees that Property may be sold to another Bidder for the maximum amount of the Absentee Bid based on a bidding sequence that causes another Bidder to reach the such amount first. If the execution of an Absentee Bid at its maximum amount would require Auctioneer to accept a bid that is less than a full bidding increment, Auctioneer has the sole and absolute discretion to acknowledge or reject such bid. An Absentee Bidder may authorize Auctioneer to advance the bid by one or more bidding increments after the maximum amount of the Absentee Bid is, or would be, reached. Auctioneer acts as the agent of the Seller only, and the receipt and/or execution of Absentee Bids will not create an agency relationship between Auctioneer and any Absentee Bidder.
12. Bid Increments. Bid increments are established and controlled by Auctioneer and may be adjusted or modified in Auctioneer’s sole and absolute discretion.
13. Registered Bidders Responsible for Bids Placed on Bidder Number. Each Registered Bidder is responsible for the Bidder Number issued to such Registered Bidder. Auctioneer is not responsible for monitoring or policing the use of Bidder Numbers, and each Registered Bidder is responsible for all bids made on the Bidder Number issued to such Registered Bidder even if the Registered Bidder claims that the Bidder Number was lost, stolen, or misappropriated, unless notice of a lost, stolen, or misappropriated Bidder Number was provided to Auctioneer prior to an unauthorized bid being made. Absent a clerical error, Auctioneer’s records will be conclusive.
14. Withdrawal of Property by Auctioneer. Unless specific Property is, in express written terms, put up at Absolute Auction, Auctioneer has the right to withdraw any Property from the Auction prior to the Fall of the Hammer.
15. Winning Bid; Buyer. Pursuant to these Bidder Terms and Conditions, the Bidder making the Winning Bid for each parcel of Property will be the Buyer of such Property.
16. All Property Sold “AS IS”, “WHERE IS”, and “WITH ALL FAULTS”. ALL PROPERTY IS BEING OFFERED AND SOLD IN ITS AS IS/WHERE IS CONDITION AT THE TIME OF THE AUCTION, WITH ALL FAULTS, INCLUDING ANY HIDDEN DEFECTS OF ANY NATURE. NEITHER AUCTIONEER NOR SELLER MAKES ANY REPRESENTATIONS, WARRANTIES, OR GUARANTEES WHATSOEVER, EXPRESS OR IMPLIED, REGARDING THE NATURE, VALUE, SOURCE, AUTHENTICITY, FITNESS, MERCHANTABILITY, AND/OR ANY OTHER ASPECT OR CHARACTERISTICS OF SUCH PROPERTY. NO STATEMENT ANYWHERE, WHETHER EXPRESS OR IMPLIED, INCLUDING VERBAL STATEMENTS MADE BY AUCTIONEER, WILL BE DEEMED A WARRANTY OR REPRESENTATION BY AUCTIONEER OR SELLER. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THERE ARE NO WARRANTIES OF TITLE, NON-INFRINGEMENT, AUTHENTICITY, ORIGIN, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, ALL OF WHICH ARE EXPRESSLY DISCLAIMED. THE PROPERTY IS SUBJECT TO ALL EXISTING ZONING AND LAND USE RESTRICTIONS, AND EACH BIDDER IS RESPONSIBLE FOR INVESTIGATING ZONING AND LAND USE RESTRICTIONS (AS REFLECTED IN THE LAND RECORDS AND THROUGH RESPONSIBLE GOVERNMENT OFFICIALS) AND FOR DETERMINING THAT THE PROPERTY MAY BE PUT TO THE USE INTENDED BY SUCH BIDDER. EACH BIDDER ACKNOWLEDGES AND AGREES THAT SUCH BIDDER CANNOT RELY, AND HAS NOT RELIED, ON ANY REPRESENTATION, WARRANTY, OR GUARANTY MADE BY THE SELLER OR ANYONE ACTING AS AGENT OF THE SELLER, ORALLY OR IN WRITING, ABOUT THE PROPERTY, OR ANY OF IT. BY BIDDING, EACH BIDDER ACKNOWLEDGES AND AGREES THAT SUCH BIDDER HAS HAD A FULL AND FAIR OPPORTUNITY TO INSPECT THE PROPERTY, AND IS RELYING SOLELY ON, OR HAS WAIVED, SUCH BIDDER’S INSPECTION AND INVESTIGATION (i) IN DETERMINING WHETHER TO BID, (ii) IN DETERMINING THE AMOUNT OF A BID, AND (iii) IN BIDDING.
17. Announcements. Subject to the limitation set forth in these Bidder Terms and Conditions, all terms and conditions and other announcements made by Auctioneer on the day of the Auction are binding and take precedence over any advertisements or listings.
18. Bidder’s Inspection. By bidding, each Bidder acknowledges and agrees that such Bidder has had a full and fair opportunity to inspect the Property, and is relying solely on, or has waived, such Bidder’s inspection and investigation (i) in determining whether to bid, (ii) in determining the amount of a bid, and (iii) in bidding.
19. Description of Property. Unless otherwise expressly stated otherwise in writing, any description of Property is based solely on visual impression, and is given solely for identification purposes, and does not create any warranty, expressed or implied, or representation by Auctioneer.
20. Bidder Qualification. Auctioneer may impose qualifications for bidding at the Auction. Any such qualifications, which may include, without being limited to, proof of the availability of funds, will be posted or otherwise made available by Auctioneer. Bidder qualification provisions (which may include proof of the availability of funds) are intended for the benefit of Auctioneer and Seller and create no rights or interests in any other persons, including competing Bidders. Auctioneer and/or Seller may (but will not be required to) waive any Bidder qualifications, either globally or on a case by case basis.
21. Separately Deeded Parcels. If the Property consists of two or more separately deeded parcels, Auctioneer may, in Auctioneer’s discretion, put the parcels up for bid individually, as an entire group, and by various combinations, and the bids received by each method will be held until it is determined which method yields the highest aggregate Purchase Price. Bidding may be conducted in multiple rounds, and in a round-robin fashion, and methods or combinations may be eliminated until the final method or grouping yielding the highest aggregate Purchase Price is determined.
22. Breaks and Recesses. Auctioneer may take breaks or recesses during the bidding on the Property, and such breaks or recesses will not terminate the bidding unless expressly stated. Auctioneer may suspend bidding on the Property without declaring a No Sale. A No Sale will only occur if Auctioneer declares a No Sale in those terms, or if the Auction concludes in its entirety without a Winning Bid or a High Bid Subject to Confirmation. If announced by Auctioneer, the Auction may continue for a stated period of time, during which period Auctioneer may receive bids in person, telephonically, electronically, online, or by other means.
23. Realty Purchase and Sale Agreement. The Realty Purchase and Sale Agreement is available for review online and at the Auction Site prior to the opening of bidding. The Realty Purchase and Sale Agreement for this Property is incorporated into and made a part of these Bidder Terms and Conditions. The Realty Purchase and Sale Agreement is not subject to further negotiation by the Winning Bidder or the Bidder making the High Bid Subject to Seller’s Confirmation and will be executed at the close of bidding by the Winning Bidder, or the Bidder making the High Bid Subject to Confirmation, as the case may be. In auctions Subject to Seller’s Confirmation, Seller will execute the Realty Purchase and Sale Agreement on Seller’s confirmation and acceptance of the High Bid Subject to Confirmation. Any personal property or fixtures conveying with the Property will be identified in the Realty Purchase and Sale Agreement.
24.1. Registration Deposit. In order to bid at the Auction each prospective Bidder is required to make a Registration Deposit in the amount as provided in the Auction Summary for Registration Deposit. The Registration Deposit of the Winning Bidder will be applied against the Purchase Price for the Property, and Registration Deposits made by others will be returned at the conclusion of the Auction.
24.2. Purchase Deposit. At the close of the bidding the Winning Bidder making the High Bid, Subject to Confirmation, as the case may be, will make an additional Purchase Deposit as provided in the Auction Summary for Purchase Deposit, which shall be part of the Total Deposit as set forth below.
24.3. Total Deposit. The Registration Deposit plus the Purchase Deposit in the amounts as provided in the Auction Summary for the Total Deposit and will constitute the Total Deposit of the Winning Bidder, or the Bidder making the High Bid Subject to Confirmation. The Total Deposit may be paid in cash or its equivalent, by certified funds, or by personal or business check (subject to approval by Auctioneer). The Total Deposit will be held by Auctioneer in a non-interest-bearing account. If the Total Deposit is forfeited by the Winning Bidder, it will be applied to the payment of Auctioneer’s Commission, Buyer’s Premium, costs, and expenses before any distribution to Seller or otherwise.
Auctioneer reserves the right to waive or modify the Deposit requirements at any time, and from time to time. If any portion of the Deposit is made with a personal check or uncertified business check, these Bidder Terms and Conditions will constitute a demand in the amount of such check. Should Seller or Auctioneer be required to pursue collection of any check or enforcement of Buyer’s obligations, the cost of such collection, including, without being limited to attorneys’ fees will be Buyer’s expense. All unpaid amounts will accrue interest rate currently at a rate of 2.0% per month and/or 24% per year, or prevailing legal rate (whichever is higher) until the said amount is fully collected.
25. Pre-auction Offers. Auctioneer may receive and accept pre-Auction offers until the time the Auction commences.
26. No Buyer Contingencies. There will be no Buyer conditions or contingencies to the sale of the Property, except Seller’s delivery of good and marketable title.
27. Closing. The Closing will occur on the date as provided in the Auction Summary unless extended with the written consent of Seller and Auctioneer.
28. Broker Participation. If a Broker, who has registered with Auctioneer, has participated in procuring a Buyer or has otherwise assisted in facilitating the sale of Property at the Auction, such broker may be paid a Broker Participation Fee, in an amount and manner established by Auctioneer. Real Estate Broker/Agents commission are subject to a separate agreement. Licensed Real Estate Broker/Agents should contact Auctioneer as soon as possible to register client(s) and themselves in order to be recognized. All Broker/Agents documentation must be submitted to Love Auctions, LLC no later than 4 pm on the last business day prior to the Auction.
29. Recording Fees & Real Estate Transfer Tax. Buyer will pay any real estate transfer taxes and shall pay the fees for recording the deed for the Property.
30. Interest. Interest to be charged on the unpaid purchase money, at the rate as provided in the Auction Summary, from date of the contract to date of settlement.
31. Settlement Fees and Expenses. Buyer will pay any and all settlement fees and expenses, including, without being limited to, title searches, title insurance charges, and survey costs.
32. Apportionment. Taxes and all other periodic realty costs, if any, will be apportioned pro rata as of the date of the Closing. Seller will pay for all days up to and including the date of the Closing, and Purchaser will pay for all days following the date of the Closing.
33. Zoning; Land Use. NEITHER AUCTIONEER NOR SELLER MAKES ANY REPRESENTATIONS OR WARRANTIES AS TO THE ZONING OF THE PROPERTY OR ANY OTHER LAND USE RESTRICTIONS AFFECTING THE PROPERTY. IT IS THE RESPONSIBILITY OF EACH BIDDER TO MAKE SUCH INQUIRIES AND INVESTIGATIONS AS MAY BE NECESSARY TO CONFIRM THE APPLICABLE ZONING AND LAND USE RESTRICTIONS AFFECTING THE PROPERTY. THE PURCHASE OF THE PROPERTY WILL NOT BE CONTINGENT IN ANY WAY ON ZONING OR LAND USE RESTRICTIONS, OR ON WHETHER A BIDDER OR BUYER MAY PUT THE PROPERTY TO ANY DESIRED USE. EACH BIDDER ACKNOWLEDGES AND AGREES THAT SUCH BIDDER IS NOT RELYING ON ANY REPRESENTATIONS BY SELLER OR AUCTIONEER CONCERNING ZONING OR OTHER LAND USE RESTRICTIONS AFFECTING THE PROPERTY.
34. Seller’s Residential Real Estate Disclosure Statement. If the Property is residential real estate, Seller will (unless otherwise exempt) complete a Seller’s residential real property disclosure statement.
35. Lead-based Paint Disclosure. If the Property includes residential improvements constructed prior to 1978, Seller will complete a Lead-based Paint Disclosure Statement.
36.1. Seller’s Breach. If Seller breaches any of Seller’s obligations with respect to the Purchase and Sale of the Property, Buyer may pursue any available remedies as against Seller, including compensatory damages and/or specific performance; provided that Seller not be liable for incidental or consequential damages, including, without being limited to lost profits or reduced productivity. Buyer’s remedies for Seller’s breach will be limited to Seller, and Auctioneer will not be liable to Buyer for any damages of any nature whatsoever, or for specific performance.
37. Winning Bidder/Buyer’s Breach. If the Winning Bidder (or Buyer) breaches any obligations, including, without being limited to obligations under the Auction Terms, a Realty Purchase and Sale Agreement, the Winning Bidder (or Buyer) will be liable for liquidated damages (not a penalty) in the amount of the Total Deposit as stated in the Auction Summary, and all Deposits will be credited against such liquidated damages. Retention of the Deposit will not relieve the Winning Bidder (or Buyer) from the obligation to pay the balance of the liquidated damages, if any, which may be due and payable immediately. Thereafter, Seller may proceed to make a resale of the Property, either at public or private sale and will have no further obligations to the Winning Bidder (or Buyer). Liquidated damages will be applied to the payment of Auctioneer’s Commission, Buyer’s Premium, costs, and expenses before any distribution to Seller or otherwise, and the Winning Bidder (or Buyer) will indemnify Auctioneer and hold Auctioneer harmless with respect to all such amounts.
38. Risk of Loss. The risk of loss or damage to the Property is assumed by the Seller until Settlement, except for in the event of loss or damage to the Property exceeding ten percent (10%) of the Purchase Price, then Seller may elect to either repair the damages, provide credit at Settlement, or terminate the Purchase and Sale Agreement.
39. Time is Of the Essence. Time is of the Essence with respect to the purchase and sale of the Property.
40. Bidding by or on Behalf of Seller. Reserve Auction – Possibility of Seller Bidding. Seller, or those acting on Seller’s behalf, may bid at the Auction. Additionally, Auctioneer may place bids on behalf of Seller up to the Reserve Price.
41. Conduct of the Auction. Auctioneer will regulate all matters relating to the conduct of the Auction and Auctioneer’s decisions will be final and binding. Auctioneer will have control over bidding, and Auctioneer will resolve any and all disputes. Auctioneer may, in Auctioneer’s sole and absolute discretion, reopen the bidding (but will not be required to) if (i) a bid is made while the hammer is falling in acceptance of a prior bid or while bidding is otherwise being terminated, or (ii) promptly after the Fall of the Hammer or other termination of the bidding Auctioneer is made aware of a bid that was unnoticed prior to the Fall of the Hammer or other termination of the bidding, and it is demonstrated to Auctioneer’s satisfaction that such bid was, in fact, timely made, or (iii) promptly after the Fall of the Hammer or other termination of the bidding Auctioneer is made aware that Auctioneer and a bid assistant or ringman, or multiple bid assistants or ringmen, have acknowledged bids in the same amount bid from different bidders, or (iv) some other bid dispute arises. Any contract formed with the Fall of the Hammer will be subject to the conditions set forth in this Section. If bidding is reopened pursuant to this Section, the bid recognized by Auctioneer prior to the reopening of the bidding will be held, and may not be retracted, and, if no further bids are received, such bid will be the Winning Bid.
42. Returned Checks. Any checks that are returned unpaid will be subject to a returned check fee in the amount of ONE THOUSAND DOLLARS ($1000). In addition to the foregoing, Auctioneer will be entitled to recover, from the issuer of a returned check, all costs, and expenses, including attorneys’ fees, for the collection of payment made in the form of a check that has been returned unpaid.
43. No Stop Payment Orders. Each Bidder agrees that such Bidder will not, under any circumstances, issue a stop payment order with respect to any checks issued at or in connection with the Auction. Each Bidder further agrees that if in violation of these Terms and Conditions, a stop payment order is issued, these Bidder Terms and Conditions will be conclusive evidence of the Bidder’s (i) waiver of any rights to issue a stop payment order, and (ii) agreement not to issue a stop payment order; and each Bidder acknowledges and agrees that on Auctioneer’s presentation of these Bidder Terms and Conditions to the bank or other financial institution against which a check was drawn, such bank or other financial institution will reverse any stop-payment order and will re-credit all amounts to or for the account of Auctioneer. If, in violation of these Bidder Terms and Conditions, a Bidder issues a stop payment order, such Bidder, even if successful, will remain liable for the amount of such check, and will be responsible for all costs and expenses, including attorneys’ fees, incurred by or on behalf of Auctioneer and/or Seller in challenging the stop payment order and in collecting payment. Each Bidder acknowledges and agrees that the covenant not to issue a stop payment order is a condition to such Bidder’s Registration, and is being made as an inducement for Auctioneer to accept such Bidder’s Bidder Registration and to permit the Bidder to Bid at the Auction. Each Bidder acknowledges and agrees that Auctioneer is relying on the covenant not to issue a stop payment order in accepting such Bidder’s Bidder Registration and in permitting the Bidder to bid at the Auction.
44. Indemnification. Each Bidder agrees to indemnify and hold Auctioneer and Seller harmless from any current or future claim regarding the Auction or the Property, including, without being limited to, fitness, use, damage, safety, or injuries to persons or property.
45. Private Sale. No Participant or Registered Bidder may offer to enter into a Private Sale for the purchase of any of the Property prior to or during the Auction. If any of the Property is not Struck Off at the Auction and Seller enters into an agreement to sell the Property within One Hundred Eighty (180) days after the Auction, Auctioneer will be entitled to receive an amount equal to Auctioneer’s full Commission and Buyer’s Premium, and the Seller and Buyer will be jointly and severally liable for the payment of such amount.
46. Waiver. Certain provisions of these Bidder Terms and Conditions are for the exclusive benefit of Auctioneer and/or Seller(s). Such provisions, including, without being limited to, Bidder registration and qualification requirements, deposit and payment terms (including the method, form, and timing of payment), removal and delivery terms, and Property inspection terms), do not create, and will not be deemed to create, any benefits or rights in favor of any other persons, including competing Bidders, and may not be enforced by any other persons. Either globally or on a case by case basis Auctioneer and/or Seller may (but will not be required to) waive any provisions of these Bidder Terms and Conditions that are intended for the benefit of Auctioneer and/or Seller.
47. Agency. Auctioneer is acting as Agent on behalf of the Seller only. Auctioneer is not acting as Agent for any Bidder, including the Winning Bidder. Any Buyer Broker acting as an agent on behalf of a Bidder and is not a sub-Agent of Auctioneer. Auctioneer is not responsible for the acts of the Seller or its agents.
48. Lead-based Paint. The ten (10) day inspection period for residential property is prior to the Auction, and the opportunity is hereby waived from and after the date and time of Auction.
49. Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Mediation. These Bidder Terms and Conditions will be governed by and construed in accordance with the laws of the State of Maryland, including its statutes of limitations, but without regard to its rules governing conflict of laws. All claims, disputes, and other matters between the parties will be brought in the state or federal courts sitting in and for the Montgomery County, Maryland, which courts will have exclusive jurisdiction, and will be the exclusive venue, for any and all such claims, disputes, and other matters. By submitting a Bidder Registration and accepting a Bidder Number each Registered Bidder irrevocably and unconditionally (i) agrees that any claim, suit or cause of action relating to these Bidder Terms and Conditions, or the transactions contemplated hereby, will be brought in the state or federal courts sitting in and for the Montgomery County, Maryland; (ii) consents to the jurisdiction of such courts for any such claim, suit or cause of action; (iii) waives any objection that such party may have to the laying of venue of any such claim, suit or cause of action in such courts; and (iv) waives any objection to the bringing of such claim, suit or cause of action in such courts on the grounds of forum non-conveniens. Each Bidder, Buyer, and other Participant waives the right to a jury trial. Notwithstanding the foregoing, Each Bidder and Auctioneer agree to mediate any dispute or claim they may have concerning the enforcement of these Bidder Terms and Conditions. The mediation will be held in Montgomery County, Maryland or any other location agreed on in writing by the parties to the mediation with the mediator selected by agreement of the parties. If the parties cannot agree on a mediator, each party will select an independent mediator and those mediators will select a mediator of the dispute. Should any party fail to mediate their dispute prior to turning to litigation, that party will lose its right to attorneys’ fees as stated below even if determined to be the prevailing party. In the event of any dispute concerning the enforcement of these Bidder Terms and Conditions, including an action for declaratory relief, the prevailing party in that dispute will be entitled to their reasonable attorneys’ fees in addition to any other relief to which that party may be entitled.
50. Attorneys’ Fees. If any Participant breaches such Participant’s obligations under these Bidder Terms and Conditions, Auctioneer and/or Seller will be entitled to recover all costs and expenses, including attorneys’ fees incurred in enforcing their respective rights hereunder.
51. Bidder Conformation. Bidder has carefully read the Auction Summary and the Bidder Terms and Conditions of the auction and represents and warrants a full and complete understanding of his/her responsibilities and obligations when participating in the auction.