TERMS & CONDITIONS

General Information

The real estate will be sold as described the day of live auction to the highest bidder subject to acceptance of the seller(s). The property is being sold in “AS IS, WHERE IS CONDITION” without contingencies of any nature. Only properly registered bidders will be eligible to bid at this Real Estate Auction.

Inspections

It is the bidders’ responsibility to inspect the property and to perform his or her own due diligence. The seller and auctioneer assume that bidders have inspected the property and performed their own due diligence prior to bidding, and that each high bidder is acquiring the property based solely on his or her own independent investigations and inspections and not in reliance on any information provided by seller, auctioneer, any of their employees, officers, directors, agents or contractors, subagents or subcontractors. It is also understood that neither the seller nor auctioneer have made any agreement to alter, repair or improve the property and it sells “as is, where is”, with no warranties or representations whatsoever, expressed or implied, including, without limitation, as to condition, fitness for any particular purpose or merchantability, compliance with government laws, ordinances or regulations. Although information provided herein and in amended/supplemental materials has been obtained from sources deemed reliable, information has not been verified by the auctioneer. If a survey is required, it shall be at the buyer’s expense. The seller and auctioneer, their representatives, agents, or subagents, assume no liability for errors or omissions in this property listing in advertising, promotional or publicity statements and material. The auctioneer, their representatives, agents, or subagents, make no guarantee as to the accuracy of the information herein contained or in any other property listings in advertising, promotional or publicity statements and material. Neither the seller nor the auctioneer has any obligation to update this information. Neither auctioneer, their agents or subagents, assume any liability whatsoever for any oral or written representation, warranties or agreements relating to the real estate (including information appearing in any brochure or announcements at the time of auction) except as expressly set forth in the auction real estate purchase contract. Buyer also agrees that if they have the second highest bid, they will immediately sign the back up bidder agreement, if requested, and comply with terms of said agreement in their entirety.

NOTE: Announcements made at the beginning of the live auction event take precedence over all printed material, advertising, promotional/publicity statements, offering statements (as amended and supplemented) and auction marketing materials.

Bidder Requirements

All auction attendees for this real estate auction will be required to complete the bidder registration form or real estate auction guest form approved by the auctioneer, in their entirety. A bank letter of guarantee will be requested at registration for all persons intending to bid.

Deposit

A deposit of 10% of the winning bid price, referred to as buyers premium, must be made at the conclusion of the auction and upon signing of the real estate purchase agreements.

Buyers Premium

A buyers premium of 10% of the high bid will be added to the accepted high bid to determine the total contract purchase price of the real estate unless announced otherwise the day of live auciton.

Closing

The successful bidder must sign applicable purchase contracts immediately upon close of bidding and acceptance of winning bid on the purchased property. The closing shall occur on or before the date indicated and agreed upon in the real estate purchase and sale agreement pursuant to the property described herein. Place of closing shall be determined by seller.

Default

Should buyer(s) not close on or before the disclosed date indicated in the real estate purchase and sale agreement, any down payment deposit in total shall immediately be forfeited by buyer(s) without recourse or liability and said amount shall become payable to Auctioneer as liquidated damages. Said buyer(s) default forfeiture of deposit shall become payable as indicated herein within 24 hours after said default without buyer(s) recourse or liability of any nature to Auctioneer and Seller.

Conveyance

This property will be conveyed by a general warranty deed clear of all liens and encumbrances. All customary title related expenses including title insurance, title search and title recording fees shall be assessed according to established closing compamy policy.

Possession

Possession of the property shall be granted to buyer(s) at conclusion of closing unless agreed to otherwise in writing by seller and buyer(s).

Real Estate Taxes

All real estate taxes and special assessments of whatever nature payable during the year in which this transaction is finally consummated shall be prorated between the parties as of the closing of the transaction, provided that seller shall have no liability for taxes which may be assessed as a result of purchaser’s use or change in classification of the property.

 

Residential Property Restrictions

1. The property shall be used solely for residential purposes. No structure shall be erected or altered on the property other than one detached single-family dwelling with private garages and other out buildings. A business may be operated out of a residential structure provided it is not a nuisance to the neighborhood. Otherwise, no portion of the property may be used for commercial, manufacturing, trade, business, or other purposes designed to earn money. No obnoxious or offensive activity shall be carried on upon the property, nor shall anything be done thereon which may be or may become any annoyance or nuisance to the neighborhood.

2. All structures, including but not limited to residential structures, shops, storage buildings, and mobile homes, that are built or placed on the property shall be of new materials and construction must be completed within one year of commencement. Any fence built on the property shall consist of materials of a single color.

3. No further subdivision shall be made of the above-described property.

4. No travel trailer and/or RV park is allowed on any of the aforementioned lots.

5. Dogs, cats or other household pets may be kept on the property providing they are not kept, bred, or maintained for any commercial purpose. Only five (5) hoofed animals, including horses, steers, sheep, pigs, and goats, and only ten (10) chickens are allowed per lot provided that such animals are not kept, bred, or maintained for any commercial purpose. No ostriches, emus, and other exotic birds, or reptiles shall be kept or cared for or maintained upon the property. All pens and stalls for said permitted animals must be situated at the back of the property farthest from the street. All persons keeping animals on the property shall be obligated to comply fully with the provisions of the stock laws in force in the State of Texas and to provide good and sufficient fences to meet the requirements of such animals.

6. No unlicensed or junk vehicles will be permitted to be stored on the property. No garbage, refuse, junk, trash, or obnoxious or offensive material shall be permitted to accumulate on any lot, and the owner or owners of each Lot shall cause the same to be disposed of by and in accordance with accepted sanitary practices. All garbage shall be disposed of in accordance with the regulations of the State of Texas and any of its political subdivisions.

7. A residence built on the property shall not be occupied until a septic system is in place and in working order. No individual water supply and no individual sewage disposal system shall be permitted on the above-described property unless such systems are designed, located and constructed in accordance with requirements and standards of laws of the State of Texas. All individual sewage disposal systems shall be of the septic tank variety. No privy or cesspools shall be permitted to exist on the property.

8. Restrictions set forth in this instrument may be amended by duly recording an instrument executed and acknowledged by the then owners of parcels comprising not less than 70 percent of Lots 1-53 and 64-93 of FOUR CORNER ESTATES.

9. If the parties hereto, or any of them, or their heirs or assigns, shall violate or attempt to violate any of the covenants herein, it shall be lawful for any other person or persons owning one or more lots out of Lots 1-53 and 64-93 of FOUR CORNER ESTATES to prosecute any proceedings at law or in equity against the persons violating or attempting to violate any such covenants, and either to prevent him or them from doing so or to recover damages for such violation. Failure to enforce any covenant or restriction herein contained shall in no event be deemed a waiver of the right to do so thereafter.

10. Invalidation of any one of these covenants or restrictions by judgment or court order shall in no way affect any other provision, and all other provisions shall remain in full force and effect.

11. The covenants, conditions, and restrictions of this declaration shall run with and bind the land.