~ TERMS OF AUCTION ~ April 24,2012. This auction involves Bankruptcy Case # 11-33257. Auctioneer, Bidder, and Buyer agree to be bound by these terms for this auction: 1. These terms control this auction in all regards and supersede all previous announcements, advertisements, and published information, however distributed, except for any announcement made by Auctioneer at the auction, which will take precedence and be controlling in all instances. 2. Auctioneer has been hired by Seller to act as Seller's agent in conducting the auction, and Auctioneer is not serving as an agent for Bidder or any Buyer. 3. Bidder must register with Auctioneer before bidding. Proper identification will be required. Anyone registered may bid and buy. Auctioneer may, on behalf of the seller, bid on items with reserve (up to the reserve amount). 4. Auctioneer reserves the right to refuse to register any prospective bidder for any reason, and to require the removal of any person from the auction site for any reason including, but not limited to: (1) tampering with auction lots; (2) any illegal conduct including collusive bidding or stealing; (3) disruptive behavior; (4) failure to abide by these terms; and (5) intoxication. Bidder agrees to leave the auction site immediately and quietly upon request by Auctioneer. Any act of theft, vandalism, or disruption will be prosecuted to the fullest extent of the law. 5. Bidder should carefully guard his bidding number to avoid unauthorized purchases for which Bidder will be responsible. 6. Catalogs and brochures are guides only based on information from sources believed to be reliable, but their accuracy cannot be guaranteed or warranted. Auctioneer will not be liable for any errors or omissions. 7. Auctioneer reserves the right to withdraw any lot, or portion of a lot, from the auction, or to cancel the entire auction without notice or liability to Auctioneer or Seller. 8. Each lot will be sold AS IS, WHERE IS with all defects and faults known and unknown, and no warranties or guarantees of any kind will be given by Seller or Auctioneer, including no warranty of fitness, merchantability, or suitability. Bidders should carefully inspect each lot to determine condition and contents. Bidder acknowledges that all lots were available for inspection prior to the auction and that he relied solely on his own inspection of the lots and not on any information listed in the catalog or otherwise provided by Auctioneer, the auction staff, or Seller. 9. ALL SALES ARE FINAL WITH NO REFUNDS FOR ANY REASON. 10. The highest bidder for a lot recognized by Auctioneer will be the Buyer, subject to the satisfaction of any reserve amount for that lot. A lot is sold when the Auctioneer indicates it in customary manner. Bidder agrees without exception that if he is the highest bidder for a lot and it is sold to him, an enforceable contract of sale is immediately formed, and no further writing of any kind will be required from him to satisfy any decision, principle, rule, statute, or other requirement in law or equity which the parties specifically waive and disclaim. 11. Should a dispute arise, the decision of Auctioneer will be final. Bidder is encouraged to make bids clearly visible to Auctioneer to avoid being missed. Auctioneer may determine acceptable increments to advance the bidding. 12. Ownership, possession, and the risk of loss from any cause pass immediately to Buyer when Auctioneer announces the sale of a lot. BUYERS ARE SOLELY RESPONSIBLE FOR THEIR PURCHASES, and Seller and Auctioneer will have no responsibility for lost, stolen, or damaged lots. Buyers must remove purchases within announced time frame. 13. ALL PURCHASES MUST BE PAID FOR IN FULL BY THE END OF THE AUCTION. ACCEPTABLE FORM of payment for on-line bidders is WIRE TRANSFER. Legal action will be instituted to collect any unpaid accounts, and Buyer agrees to pay all costs of collection, including reasonable attorneys fees. 14. GARY BOYD ACCEPTS NO RESPONSIBILITY WHATSOEVER REGARDING TITLES. BUYER UNDERSTANDS THE TRUSTEE MAY HAVE TO APPLY FOR A DUPLICATE TITLE ON SOME VEHICLES. BUYER UNDERSTANDS THAT THIS PROCESS MAY TAKE SOME TIME. ESTATE ATTORNEY WILL USE HIS BEST EFFORTS TO OBTAIN TITLES AS QUICKLY AS POSSIBLE. BUYER AGREES TO COOPERATE WITH ESTATE ATTORNEY ON THIS PROCESS. 15. Nothing in a lot may be moved from its location prior to being paid for by Buyer, and Buyer must present Auctioneer/staff with a paid receipt. All lots must be removed from the auction site by the end of the auction, unless specifically approved by Auctioneer Any lot not removed from the site within this time will be deemed abandoned and be promptly disposed of or resold for Auctioneer?s account. 16. Except for announcements made pursuant to paragraph 1 of these terms, the terms may not be amended in any way, except by a signed, written agreement between Auctioneer and Bidder. 17. This Agreement will be construed and governed in accordance with the laws of the State of North Carolina, and that the exclusive venue for any controversy or claim between them will be in the Stanly County Courthouse 201 South Second Street, Albemarle, North Carolina. 18. Bidder agrees that any controversy or claim arising out of this auction, or any related dealings with Auctioneer or Seller, must be resolved by final and binding arbitration, with no appeal permitted, except as provided by statute, and conducted in accordance with Uniform Commercial Code. The parties voluntarily waive their rights to seek traditional remedies in any court, including the right to a trial by jury. The prevailing party will be entitled to collect from the other its costs associated with the arbitration, including reasonable attorneys? fees. Notwithstanding this requirement for binding arbitration, the parties agree Auctioneer and Seller retain their right to pursue a traditional lawsuit against any Buyer for the collection of any payment due them by the Buyer for any purchase at the auction, and it is agreed that in that event the defaulting bidder will be responsible for all of Auctioneer?s and/or Seller?s costs of collection. 19. Bid rigging is a very serious crime and any illegal conduct by bidder, or others, will be immediately reported by Auctioneer to the U.S. Attorney and Department of Justice for investigation and prosecution to the fullest extent of the law. Title 15, Section 1 of the U.S. Code provides any agreement among potential bidders not to bid against one another, or otherwise to dampen the bidding process, is a felony under federal law. The law provides for fines of up to $10 million per violation for a corporate offender, and $350,000 per violation for others, as well as imprisonment of up to three years. 20. Registering to bid or attending the auction indicates full understanding and acceptance of these terms, along with the agreement to be so bound.