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6245 Ferguson Road

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auction | buyer broker participation

For the properties located at 6245 Ferguson Road in Oskaloosa, KS, to be auctioned on June 4, 2008, a commission will be paid to any properly licensed real estate broker whose buyer is the successful purchaser for this property and who actually closes and pays the total contract sale price for the property. The commission shall be paid as follows:

Three percent commission will be paid on any pre-sale or written opening bid amount shown on the broker participation form, included in this document or available upon request. A one percent commission will be paid on the amount by which the successful high bid at auction, not including the buyer's premium, exceeds the bid amount indicated on the broker participation form.

If an opening bid is not written on the broker participation form, or the form is not submitted according to the terms listed thereon, then a one percent commission will be paid to the broker on the full amount of the successful high bid.

To earn the buyer broker commission, the participating broker must register his or her bidder by completing the broker participation form in full and must fax, mail, or email it to the auctioneer. The form must be received no later than 24 hours prior to the start of the auction.

Download buyer broker participation form

The form should be sent to

Purple Wave Auction, Inc.
701 Enoch Lane
Manhattan, KS 66502

auction@purplewave.com
785.539.5356 f

auction | terms

Conditions of sale
Everyone must register for a bidding number.

Buyer's premium
A 10% buyer's premium will be added to the winning bid to establish the contract price. For example, a bid of $100,000 will be assessed a $10,000 buyer's premium, creating a contract price of $110,000.

Title, Restrictions
Seller warrants to convey marketable title to the property through a warranty deed, free from all encumbrances, liens, or judgments at the time of closing. However, the property is sold subject to all city, county, and state laws, ordinances, and regulations as well as any and all easements, encumbrances, and restrictions of record applicable to the property. Seller is imposing no restrictions on the property.

Release
By its acceptance of the deed, buyer shall be deemed to release seller, Purple Wave Realty, LLC, and Purple Wave, Inc. from any and all claims and liabilities relating to any defect, deficiency of other matter concerning the property including, without limitation, the quality, condition, quantity, or use of the property. Sellers, Purple Wave Realty, LLC, and Purple Wave, Inc. give no warranties of any kind either expressed or implied, with respect to the condition, merchantability, useability, size, configuration, design, or suitability of the property.

Legal Remedies
Bids are a binding offer to enter a contract and you are responsible for honoring them. Every legal remedy available will be used to ensure performance of buyer's obligations. Buyer agrees, for buyer and all of buyer's agents, representatives, successors and assigns to release and indemnify, defend and hold harmless sellers, Purple Wave Realty, LLC, Purple Wave, Inc., their employees, governing body, officers, owners, affiliates, subsidiaries, directors, agents, and representatives from and against any and all claims, losses, damages, liabilities, judgments, fees, costs, and expenses including reasonable attorneys' fees and expenses related to, arising from, or associated with (I) the sale of the property, including, but not limited to, personal injuries or property damage incurred on the sale premises or during removal and transport of any auction item, (II) buyer's use of Purple Wave, Inc.'s website and online bidding features and (III) a dispute with another bidder.

Arbitration
For disputes between buyer and seller, Purple Wave Realty, LLC and/or Purple Wave, Inc., that are not resolved by the parties within ten days after any party gives notice to the others of its desire to arbitrate the dispute, the dispute shall be settled by binding arbitration by the American Arbitration Association ("AAA") in accord with its then-prevailing rules. Such arbitration shall be conducted in Manhattan, Kansas. Judgment upon the arbitration award may be entered in any court having jurisdiction. The arbitrator shall have no power to change the provisions of this agreement. The arbitrator shall consist of one arbitrator, who must be a real estate attorney actively engaged in the practice of law for at least the last five years. The party demanding arbitration shall pay all filing fees necessary to commence the arbitration under AAA rules.

Internet bidding
Bidders may place absentee bids via the Internet pre-auction bidding features available at www.purplewave.com. Purple Wave Realty, LLC and Purple Wave, Inc. will implement Internet pre-auction absentee bids on behalf of the bidders who place them, but no guarantees are made that the bidder with the highest Internet bid before the live auction will be the ultimate winning bidder of any tract or combination of tracts. Purple Wave Realty, LLC and Purple Wave, Inc. strive to implement Internet pre-auction absentee bids effectively, but no implementation guarantees or warranties are made.

Bid rejection
Purple Wave Realty, LLC and Purple Wave, Inc. reserve the right to reject any and all bids from any bidder.

Bid retraction
By placing a bid, bidders acknowledge all terms of this auction and agree not to retract the bid. If a bidder cannot satisfy the terms of the auction, the bidder should not bid.

Assessment of condition
All bidders should rely solely on their or their agent's personal inspection of the property and not on information listed in property information documents, on www.purplewave.com, or otherwise provided by Purple Wave Realty, LLC, Purple Wave, Inc. or seller. Failure to inspect, or otherwise be fully informed as to the nature, quality, condition, quantity, and size of any property will not constitute grounds for any claim, adjustment, refund, termination of the Auction Contract or refusal to close the sale. Any information provided about the property has been provided by seller or is a matter of public record.

Auction Contract
Immediately after Auctioneer declares winning bidder(s), the winning bidder(s) will be required to execute an auction contract ("Auction Contract") in a form that is available for prior inspection either on this website or from Purple Wave Realty, LLC.

Real estate brokerage services disclosure
Purple Wave Realty, LLC, and its auctioneer, Purple Wave, Inc., represent the seller in this transaction. They do not represent the buyer in any manner and they must be completely loyal and faithful to the seller. Purple Wave Realty, LLC, has an exclusive right to the listing for this transaction. All negotiations must be conducted through Purple Wave Realty, LLC. All successful bidders will be required to sign an agency disclosure form at the time of signing the Auction Contract, as applicable.

Property Dimensions and Units
The property will be sold by the tract, not the acre. Acreages used in promotional and sales materials are a guide and subject to change pending surveys obtained by buyers after the auction. Descriptions are believed to be correct, however neither Purple Wave Realty, LLC, Purple Wave, Inc., nor seller(s) warrant or guarentee precise accuracy and will not be held responsible for discrepancies or inaccuracies.

Utilities
Neither Purple Wave Realty, Purple Wave Auction, Inc. nor the seller guarantees the availability of utilities, public or private. This exclusion consists of, but is not limited to, wells, septic tanks, access to public utilities, or any hook-up fees therewith. Confirmation of utility availability is the bidder's sole responsibility.

Payment Terms & No Contingencies
A non-refundable deposit equal to $2500 will be collected from the winning bidder except on lots 1003, 1005 and 1006 where a non-refundable deposit of 10% of the winning bid price will be collected. The balance shall be payable in cash on the closing date. This transaction is not contingent on the buyer obtaining financing or upon any other event except as specifically referred to in these terms and conditions or the Auction Contract. Personal or business checks for the deposit amount will be accepted.

Remedies
If buyer does not close within the time stated herein and in the Auction Contract, and no written extension has been granted by the seller, the buyer will forfeit all of the deposit and Purple Wave Realty, LLC, may disperse the deposit as stated in the agreement between Purple Wave Realty, LLC, and seller. Notwithstanding the foregoing, seller may seek any other relief or remedy in law or equity, including suing the buyer for specific performance, which buyer expressly agrees is permitted, and/or any additional damages the seller suffers by the default of the buyer.

Escrow
All monies collected on sale day will be deposited in an escrow account with Capital Title Insurance Co. in Manhattan, KS.

Possession
Buyer shall receive possession of the property on the closing date established in the Auction Contract, which is typically 30 days after the auction.

Closing Costs, Title Insurance and Other Transaction Fees
Buyer will pay the fees for escrow agent/closing agent's services and the cost of an owner's policy of title insurance. Seller shall pay no other costs or fees. Buyer shall pay all other closing costs and transaction fees associated with purchasing the property. Such costs and fees include but are not limited to the cost of an owners' policy of title insurance, fees charged by a lender or lenders, property insurance, mortgage insurance, credit report(s), property legal survey, all recording fees, fees for escrow agent/closing agent's services, termite or other pest inspection fees, whole house or lead based paint inspection fees, and fees and expenses charged by buyer's attorney.

Closing location and agent
The closing location and agent will be determined on or before the auction date and reflected in the Auction Contract.

Taxes
Real estate, personal property, and other taxes or governmental assessments against the property will be prorated to the day of closing.

Miscellaneous
These terms, except as modified by the Auctioneer during or prior to the auction, constitute the complete terms of this auction. They shall be construed in accordance with and governed by the laws of the state of Kansas. No delay or failure by seller to exercise any right hereunder, and no partial or single exercise of such right shall constitute a waiver of that or any other right, unless otherwise expressly provided in these terms. These terms shall be binding upon and inure to the benefit of all bidders, seller, Purple Wave Realty, LLC, Purple Wave, Inc., and their respective heirs, legal representatives, and assigns.