Mariners Landing Auction Information Package

Transcription

1 Mariners Landing Auction Information Package SATURDAY, FEBRUARY 26 AT 12 NOON THE POINTE AT MARINERS LANDING 1217 GRAVES HARBOR TRAIL HUDDLESTON VA 2508 Langhorne Rd Lynchburg, VA TRF AUCTIONS Torrence, Read, & Forehand VAAF501 (434)

2 Table of Contents I. Auction Information A. Auction Flyer B. Order of Sale C. Location Map II. The Pointe 2BR A. Property Summary B. Site Plan C. Floor Plan III. The Pointe Studio A. Property Summary B. Site Plan C. Floor Plan IV. 1 st Fairway A. Property Summary B. Previous Listing Sheet C. Tax Information D. Floor Plan V. West Cove A. Property Summary B. Plat VI. Mariners Landing Information A. About Mariners Landing B. Resort Amenities C. Fee Summary D Rental Statistics E. RCI Intervals Information VII. Auction Documents A. Terms & Conditions B. Sample Contract C. Broker Participation Form

3 Smith Mountain Lake AUCTION Sat, Feb.26, 12 Noon Condos Homes Lots 27 Great Resort Properties... Excellent Financing Available from Bank of the James on Most Properties! 2508 Langhorne Rd Lynchburg, VA Sell WITHOUT Reserve! TRF AUCTIONS Torrence, Read, & Forehand VAAF501 B 2% Broker Participation Available For more information, visit our website or call (434)

4 Mariners Landing Auction Saturday, February 26 at 12 Noon VIEW FROM THE POINTE Sale Site: The Pointe at Mariners Landing, Huddleston, VA AUCTION INVENTORY (additional details online) 3BR WATER FRONT Suite at The Pointe Unit 311/3100* is a spacious combination of 2BR condo & studio unit. Very sought after end unit with views from every window! Last one available. 2BR WATER FRONT Condos at The Pointe Commanding lake view from each private balcony! NO RESERVE: Units 208*, 302*, 303*, 304* Units 313*, 315*, 324*, 236, 334, 336 Studio Units at The Pointe NO RESERVE: 2101*, 2104*, 3201*, 3203*, 3303* Units 2200*, 2303, 2404*, 3101*, 3103* Golf Course Home on the 1st Fairway NO RESERVE: 1086 Joffrey Dr (Lot 27)* 2,450 sq.ft., 4BR, 3BA patio home w/ basement Water View Lots in West Cove NO RESERVE: Lots 21, 22, 23 Lots 19, 20 * Denotes units that qualify for very special financing terms from Bank of the James (see next column) Langhorne Rd Lynchburg, VA info@trfauctions.com PRIVATE SANDY BEACH 18-HOLE GOLF COURSE Special Financing Available on Select Properties Special auction financing for Bank of the James financed units at Mariners Landing. 10% Minimum Down Payment 4.99% FIXED interest rate for 10 years Amortization up to 30 years. Maturity 10 years. Origination fee of 1/2% The loans will be underwritten to Bank of the James normal underwriting standards. The borrower must be qualified on the basis of income and credit and other underwriting criteria. The bank reserves the right to deny or revoke this offer and substitute another financing offer if the borrower does not meet normal underwriting criteria. Contact Chris Taylor at (434) ctaylor@bankofthejames.com FAX: (434) TRF AUCTIONS Torrence, Read, & Forehand VAAF501 FITNESS FACILITIES Rich in Great Amenities! Mariners Landing is a 500+ acre Smith Mountain Lake resort community rich in great amenities. It boasts an 18-hole championship golf course, (3) pools (new enclosed pool under construction), hot tubs, sandy beach, covered boat docks with lifts, boat launch, fishing pier, spa, tennis courts (4 additional courts just added), fitness facilities, fitness trails, sand volleyball courts, playgrounds, award-winning waterfront dining, and so much more. Plus Smith Mountain Lake (20,600 acres & 500 miles of shoreline) offers plenty of boating, sailing, jet skiing, fishing, and swimming. Mariners Landing is a hot spot for vacationing, golf, weddings, gatherings, and business functions as well as popular place for seasonal and full time residences. Directions, Terms, & Conditions on back cover. Call for details or visit TRFAuctions.com For more information, visit our website or call (434)

5 The Pointe 2BR Condo The Pointe Studio 2BR Water Front Condos 1,050 Sq.Ft. 2 Bedrooms 2 Full Baths Enjoy beautiful, panoramic views of Smith Mountain Lake and the Blue Ridge Mountains from your private 4-season room. Most units are furnished and feature 9 foot ceilings, ceramic tile in kitchens and baths, gas log fireplaces, and individual heat pumps. Income opportunities available through the rental program or RCI fractional program. The Pointe Amenitites Studio Units 336 Sq.Ft. Kitchenette 1 Full Bath Spacious studio features a great functional kitchenette w/ cook top, sink, dishwasher, and microwave. A cost effective way to stay on the lake and still enjoy all the great amenities that Mariners Landing offers! Income opportunities available through the rental program or RCI fractional program. West Cove Lots Smith Mountain Lake 1086 Joffrey Dr West Cove Lots 5 great LAKE VIEW lots! Features include beautiful views of the private cove and easy access to covered boat docks. 1st Fairway Lot 27 Patio Home 2,450 Sq.Ft. 4 Bedrooms 3 Baths Basement Beautiful views of the golf course plus lake access, and all the Mariners Landing amenities make this home a real buy! Paved drive, full basement, landscaping, and more. Great for full time or seasonal residence. MORE INFORMATION INCLUDING PHOTOS, PLATS, SPECS, & MORE AT

6 TRF AUCTIONS Torrence, Read, & Forehand PO Box 1259 Lynchburg, VA Return Service Requested FEBRUARY S M T W T F S Smith Mountain Lake Auction Condos, Homes, & Lots in Mariners Landing Resort Bedford Co. VA Mariners Landing Auction 27 Resort Properties 13 Sell Without Reserve Saturday, February 26, 12 Noon Sale Site: The Pointe Conf. Center, Huddleston, VA AUCTION HELD AT: The Pointe Conference Center at Mariners Landing 1217 Graves Harbor Trail, Huddleston, VA Directions to The Pointe (Sale Site): From Lynchburg: 460W to LEFT on 811S (New London Road). 1.5 miles and stay straight on Rt miles to RIGHT on 24W; 5 miles to LEFT on Rt.43S. 2.5 miles to RIGHT on Smith Mountain Lake Pkwy (626). 10 miles to LEFT into Mariners Landing Resort (Deer Trail Rd). 1 mile to RIGHT on Lake Retreat Rd. Half mile to RIGHT on Graves Harbor Trl & continue to The Pointe. From Roanoke: Rt.581 to Exit 6/Elm Street. LEFT at top of exit onto Rt miles to RIGHT to stay on Rt miles to RIGHT on Rt miles to LEFT on Rt.608 (signs to SML State Park). 6 miles to RIGHT on Rt mile to LEFT into Mariners Landing Resort (Deer Trail Rd). 1 mile to RIGHT on Lake Retreat Rd. Half mile to RIGHT on Graves Harbor Trl & continue to The Pointe. SALE SITE PHONES FOR AUCTION DAY (800) (434) (434) INSPECTIONS (start at The Pointe) Saturday, Feb. 5 from 10-2 Sunday, Feb. 13 from 10-2 Wednesday, Feb. 16 from 3-6 Saturday, Feb. 19 from 10-2 Thursday, Feb. 24 from 10-2 Day of sale from 9am to noon Other times are available by appointment. Call (434) QR CODE TERMS & CONDITIONS (see complete TERMS online) BUYER S PREMIUM: A 5 % buyer s premium will be added to the high bid price to determine the total purchase price (contract price) for each property. PURCHASE CONTRACT & DEPOSIT: If the Seller accepts the highest bid for the property, then the successful bidder will be required to execute the Sales Contract immediately following the conclusion of the auction and tender a deposit of 10% of the total purchase price by personal check, company check, cash or certified funds. CLOSING: The Closing ( Closing ) will be on or before 30 days from acceptance of the Contract and will be coordinated through the offices of the Settlement Agent; Expert Title Services, LLC, 6732 White House Rd, Huddleston, VA 24104, Phone , Facsimile Time shall be of the essence. ANNOUNCEMENTS: All announcements from the Auction Block at the Auction will take precedence over all previously printed material and any other oral statements made. REPRESENTATIONS: All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Property and records. Neither Seller nor Auctioneer, its Agents and Sub-Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only. NOTICE TO BUYERS: (a) The sale of the Property is an All Cash transaction and shall not be subject to any financing or post due diligence. (b) The Seller, and Torrence, Read & Forehand Auctions, their representatives, attorneys, agents, and sub-agents, assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and material. The Seller, and Torrence, Read & Forehand Auctions, their representatives, attorneys, agents and sub-agents, make no guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotional/publicity statements and material. Neither the Seller nor Torrence, Read & Forehand Auctions have any obligation to update this information. Neither the Seller nor Torrence, Read & Forehand Auctions, their agents and sub-agents, have any liability whatsoever for any oral or written representations, warranties, or agreements relating to the Property (including information appearing in this advertisement or announcements at the time of the Auction) except as is expressly set forth in the Contract. (c) The Property is being sold as is. All Bidders are encouraged to inspect the Property prior to placing any bid at the Auction and the Successful Bidder, as Buyer, acknowledges that it has had a reasonable opportunity to inspect and examine the condition of the Property and make inquiries of applicable governmental authorities pertaining to Buyer s proposed use of the property prior to the Auction as Buyer has deemed necessary or desirable. (d) The Property may be withdrawn from the Auction at any time without notice and is subject to prior sale. (e) The Seller in its absolute sole discretion reserves the right to amend, negotiate, modify, or add any terms and conditions to these General Terms and Conditions of Sale and to announce such amendments, modifications, or additional terms and conditions, at anytime. (f) The highest bid shall be the Successful Bid only if same is acceptable to and accepted by Seller as evidenced by Seller and the Successful Bidder, as Buyer, each executing the Sales Contract. (g) The highest Bid shall be considered an agreement to buy and is final. If you are unsure about anything regarding the Property, do not place a bid. Review of the Contract before making any bids is strongly recommended. MORE INFORMATION ON ALL UPCOMING AUCTIONS INCLUDING PHOTOS, PLATS, & MORE AT

7 Auction Inventory for February 26, 2011 at The Pointe in Mariners Landing The Pointe 3BR Waterfront Suite Unit Sells ABSOLUTE Previous List Price 2011 Tax Assessment Building Floor Waterfront End Unit Furnished Special Financing 311/3100 No $ 419,900 $ 370, st YES YES YES YES The Pointe 2BR Waterfront Suite (Bidder's Choice) Unit Sells ABSOLUTE Previous List Price 2011 Tax Assessment Building Floor Waterfront End Unit Furnished Special Financing 208 YES $ 299,900 $ 249,300 2 Terrace YES YES Partially YES 302 YES $ 299,900 $ 250,500 3 Terrace YES No YES YES 303 YES $ 299,900 $ 250,500 3 Terrace YES No YES YES 304 YES $ 299,900 $ - 3 Terrace YES No No YES 313 No $ 299,900 $ 251, st YES No YES YES 315 No $ 299,900 $ 251, st YES No YES YES 324 No $ 299,900 $ 251, nd YES No YES YES 236 No $ - $ 265, rd YES No YES No* 334 No $ - $ 267, rd YES No YES No* 336 No $ - $ 267, rd YES No YES No* * Other special financing available The Pointe Studio Units (Bidder's Choice) Unit Sells ABSOLUTE Previous List Price 2011 Tax Assessment Building Floor Waterfront End Unit Furnished Special Financing 2101 YES $ 109,900 $ 109, st No No YES YES 2104 YES $ 109,900 $ 110, st No YES YES YES 2200 No $ 109,900 $ 110, nd No YES YES YES 2303 No $ 109,900 $ 109, rd No No YES No 2404 No $ 109,900 $ 110, th No Yes YES YES 3101 No $ 109,900 $ 111, st No No YES YES 3103 No $ 109,900 $ 109, st No No YES YES 3201 YES $ 109,900 $ 111, nd No No YES YES 3203 YES $ 109,900 $ 109, nd No No YES YES 3303 YES $ 109,900 $ 109, rd No No YES YES 1st Fairway Home Sells Previous 2011 Tax Special Address ABSOLUTE List Price Assessment Sq.Ft. Beds/Baths Waterfront Acreage Furnished Financing 1086 Joffrey YES $ 259,000 $ 205,000 2,450 4/3 No 0.31 No YES West Cove Lots (Bidder's Choice) Lot Sells ABSOLUTE Previous List Price 2011 Tax Assessment Acreage Water View Special Financing 19 No $ 179,900 $ 50, Yes No 20 No $ 199,900 $ 50, Yes No 21 YES $ 199,900 $ 50, Yes No 22 YES $ 179,900 $ 50, Yes No 23 YES $ 179,900 $ 50, Yes No Torrence, Read, & Forehand Auctions 2508 Langhorne Rd, Lynchburg, VA (434) info@trfauctions.com

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9 II. The Pointe 2BR Units A. Property Summary B. Site Plan C. Floor Plan

10 Property Summary 2 Bedroom Condo at The Pointe Smith Mountain Lake, VA (Bedford County) Auction Date / Time: Auction Location: Available 2BR Condos: Directions to Property: Saturday, February 26 at 12 Noon The Pointe Conference Center 1217 Graves Harbor Trail Huddleston, VA All units are waterfront and each has a private, 4-season patio to enjoy the view! 311/3100*: 3BR (combination of 2BR/Studio); highly sought after end unit; 1st floor 208* (sells WITHOUT reserve): Bldg 2; terrace level; end unit; partially furnished 236: Bldg 2; 3rd floor; furnished 302* (sells WITHOUT reserve): Bldg 3; terrace level; furnished 303* (sells WITHOUT reserve): Bldg 3; terrace level; furnished 304* (sells WITHOUT reserve): Bldg 3; terrace level 313*: Bldg 3; 1st floor; furnished 315*: Bldg 3; 1st floor; furnished 324*: Bldg 3; 2nd floor; furnished 334: Bldg 3; 3rd floor; furnished 336: Bldg 3; 3rd floor; furnished * denotes properties with very special financing available (see Section VII for details) From Smith Mountain Lake Parkway turn into Mariners Landing Resort on Deer Trail Drive. 1.3 miles to RIGHT on Lake Retreat Rd. Half mile to RIGHT on Graves Harbor Trail. Continue to the end. Torrence, Read, & Forehand Auctions 2508 Langhorne Rd, Lynchburg, VA (434) TRFAuctions.com All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Property and records. Neither Seller nor Auctioneer, its Agents and Sub-Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only

11 Highlights: Amenities at The Pointe: (additional amenitites throughout Mariners Landing) Commanding panoramic views of Smith Mountain Lake & Blue Ridge Mountains Private 4-season patio to enjoy the views Each 2BR unit is 1,050 sq.ft. with 2 bedrooms and 2 baths Nine foot ceilings Gas log fireplace with ceramic hearth Ceramic kitchen and baths Kitchens feature smooth top electric range with self-cleaning oven, dishwasher, built-in microwave with hood, and side-by-side refrigerator w/ ice & water Laundry closet with stacked washer and dryer Individual 13-seer heat pump for each unit Ample parking Seasonal entertainment Income opportunities through rental program & RCI fractional program (see 2009 Rental Statistics and RCI information in Section VI) and much more! Award winning restaurant Banquet, meeting, and conference facilities (total of 8,000 sq.ft.) Approx. 90,000 gallon pool w/ slides and baby pool 20 person hot tub Private, sandy beach Deck area with seasonal food and beverage service Convenient to boats slips ** 2011 Amenity Package included with auction purchase ($1,098 value - good through 2011)! Annual fee thereafter. See Fee Summary in Section VI Year Built: Pets Allowed: Master Assoc. Dues: Pointe POA Dues: Water & Sewer: Domestic dogs, cats, & pet birds $179/year $160.49/month for exterior building and grounds maintenance, landscaping, common area lighting, cleaning and maintenance, common area liability insurance, and security $66/month for normal usage (see Section VI for details) Included w/ Purchase: 2011 Family Amenity Package ($1,098 value - good through 2011) Amenities: Refer to Amenities sheet in Section VI for details on boat slips, golf membership, etc. Preview Dates: Saturday, Feb. 5, from 10-2 Sunday, Feb. 13 from 10-2 Wednesday, Feb. 16 from 3-6 Saturday, Feb. 19 from 10-2 Thursday, Feb. 24, 10-2 Day of sale from 9 to noon (Agents will be located near The Pointe lobby. Look for signs.) Torrence, Read, & Forehand Auctions 2508 Langhorne Rd, Lynchburg, VA (434) TRFAuctions.com All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Property and records. Neither Seller nor Auctioneer, its Agents and Sub-Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only

12 311/ The Pointe 3BR Water Front Suite Unit Sells ABSOLUTE Previous List Price 2011 Tax Assessment Building Floor Waterfront End Unit Furnished Special Financing 311/3100 No $419,900 $370, st YES YES YES YES The Pointe 2BR Water Front Suite (Bidder's Choice) Unit Sells ABSOLUTE Previous List Price 2011 Tax Assessment Building Floor Waterfront End Unit Furnished Special Financing 208 YES $299,900 $249,300 2 Terrace YES YES Partially YES 302 YES $299,900 $250,500 3 Terrace YES No YES YES 303 YES $299,900 $250,500 3 Terrace YES No YES YES 304 YES $299,900 $- 3 Terrace YES No No YES 313 No $299,900 $251, st YES No YES YES 315 No $299,900 $251, st YES No YES YES 324 No $299,900 $251, nd YES No YES YES 236 No $- $265, rd YES No YES No* 334 No $- $267, rd YES No YES No* 336 No $- $267, rd YES No YES No* * Other special financing available

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14 III. The Pointe Studio Units A. Property Summary B. Site Plan C. Floor Plan

15 Property Summary Studio Condos at The Pointe Smith Mountain Lake, VA (Bedford County) Auction Date / Time: Auction Location: Available Studio Units: Directions to Property: Saturday, February 26 at 12 Noon The Pointe Conference Center 1217 Graves Harbor Trail Huddleston, VA * (sells WITHOUT reserve): Bldg 2; 1st floor; furnished 2104* (sells WITHOUT reserve): Bldg 2; 1st floor; end unit; furnished 2200*: Bldg 2; 2nd floor; end unit; furnished 2303: Bldg 2; 3rd floor; furnished 2404*: Bldg 2; 4th floor; end unit; furnished 3101*: Bldg 3; 1st floor; furnished 3103*: Bldg 3; 1st floor; furnished 3201* (sells WITHOUT reserve): Bldg 3; 2nd floor; furnished 3203* (sells WITHOUT reserve): Bldg 3; 2nd floor; furnished 3303* (sells WITHOUT reserve): Bldg 3; 3rd floor; furnished * denotes properties with very special financing available (see Section VII for details) From Smith Mountain Lake Parkway turn into Mariners Landing Resort on Deer Trail Drive. 1.3 miles to RIGHT on Lake Retreat Rd. Half mile to RIGHT on Graves Harbor Trail. Continue to the end. Year Built: Torrence, Read, & Forehand Auctions 2508 Langhorne Rd, Lynchburg, VA (434) TRFAuctions.com All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Property and records. Neither Seller nor Auctioneer, its Agents and Sub-Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only

16 Highlights: Amenitites at The Pointe: (additional amenitites available throughout Mariners Landing) Cost effective way to stay on the lake Functional kitchenette w/ electric cook top, small refrigerator, sink, dishwasher, and built-in microwave with hood Nine foot ceilings Ceramic bath Ample parking Seasonal entertainment Income opportunities through rental program & RCI fractional program (see Rental Management Agreement and 2009 Rental Statistics in Section VI) and much more! Award winning restaurant Banquet, meeting, and conference facilities (total of 8,000 sq.ft.) Approx. 90,000 gallon pool w/ slides and baby pool 20 person hot tub Private, sandy beach Deck area with seasonal food and beverage service Convenient to boats slips ** 2011 Amenity Package included with auction purchase ($1,098 value - good through 2011)! Annual fee thereafter. See Fee Summary in Section VI Year Built: Pets Allowed: Master Assoc. Dues: Pointe POA Dues: Water & Sewer: Domestic dogs, cats, & pet birds $179/year $80.85/month for exterior building and grounds maintenance, landscaping, common area lighting, cleaning and maintenance, common area liability insurance, and security $66/month for normal usage (see Section VI for details) Included w/ Purchase: 2011 Family Amenity Package ($1,098 value - good through 2011) Amenities: Refer to Amenities sheet in Section VI for details on boat slips, golf membership, etc. Preview Dates: Saturday, Feb. 5, from 10-2 Sunday, Feb. 13 from 10-2 Wednesday, Feb. 16 from 3-6 Saturday, Feb. 19 from 10-2 Thursday, Feb. 24, 10-2 Day of sale from 9 to noon (Agents will be located near The Pointe lobby. Look for signs.) Torrence, Read, & Forehand Auctions 2508 Langhorne Rd, Lynchburg, VA (434) TRFAuctions.com All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Property and records. Neither Seller nor Auctioneer, its Agents and Sub-Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only

17 Building 3 Building The Pointe Studio Units (Bidder's Choice) Unit Sells ABSOLUTE Previous List Price 2011 Tax Assessment Building Floor Waterfront End Unit Furnished Special Financing 2101 YES $109,900 $109, st No No YES YES 2104 YES $109,900 $110, st No YES YES YES 2200 No $109,900 $110, nd No YES YES YES 2303 No $109,900 $109, rd No No YES No 2404 No $109,900 $110, th No Yes YES YES 3101 No $109,900 $111, st No No YES YES 3103 No $109,900 $109, st No No YES YES 3201 YES $109,900 $111, nd No No YES YES 3203 YES $109,900 $109, nd No No YES YES 3303 YES $109,900 $109, rd No No YES YES

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19 IV. 1st Fairway A. Property Summary B. Listing Sheet C. Tax Information C. Floor Plan

20 Property Summary 1st Fairway at Mariners Landing Smith Mountain Lake, VA (Bedford County) Auction Date / Time: Auction Location: Available Property Directions to Property: Saturday, February 26 at 12 Noon The Pointe Conference Center 1217 Graves Harbor Trail Huddleston, VA st Fairway Lot 27 ( 1086 Joffrey Drive) From Smith Mountain Lake Parkway turn into Mariners Landing Resort on Deer Trail Drive. LEFT on Joffrey Drive. 4th house on left. Lot Size: 100 x 147 Features: 2,450 sq.ft., 4 bedrooms (2 main level, 2 lower level), 3 full baths (2 main, 1 lower); Built in 2003; finished basement w/ family room & office; paved drive Fees: Master Assoc: $179/yr 1st Fairway POA: $85/mo Water & Sewer: $66/mo Included w/ Purchase: Amenities: 2011 Family Amenity Package ($1,098 value) & Golf Initiation ($4,000 value) Refer to Amenities sheet for details on boat slips, golf membership, etc. Preview Dates: Saturday, Feb. 5, 10-2 Sunday, Feb. 13, 10-2 Wednesday, Feb. 16, 3-6 Saturday, Feb. 19, 10-2 Thursday, Feb. 24, 10-2 Day of sale from 9 to noon * Agents will be located near The Pointe lobby. Look for signs. Torrence, Read, & Forehand Auctions 2508 Langhorne Rd, Lynchburg, VA (434) TRFAuctions.com All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Property and records. Neither Seller nor Auctioneer, its Agents and Sub-Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only

21 flexmls Web Page 1 of 1 2/4/2011 Prop Type: Residential - Detached Address: 1086 JOFFREY DR, Huddleston, VA ML # Status Active List Price $ 259,000 Subdivision Map 1st Fairway Style Patio Home (Zero) Lot 27 Year Built (seller) 2003 Block 0 Construction Completed Section 0 Status Total Acreage Zoning Code Lot Dimensions 100x147 Tax ID Municipality Bedford County Annl Taxes $ 1,250 Listing Type: Exclusive Right to Represent Seller Area: Bedford County Area Ext: Subdivision: Mariners Landing Phase: 0 Entry - SQFT Fin/Ht 1248 Lower - SQFT Fin/Ht 1202 Total Fnshd SqFt 2450 Lower - SQFT Unfin 46 Total Bedrooms 4 Basement Y/N Yes Elementary School Huddleston Total Full Baths 3 Basement Walkout - Full Middle School Staunton River Total Half Baths 0 # Vehicle Spaces High School Staunton River Prim. Covered Prking N/A Add'l Covered Prkng Not Applicable Uncovered Parking Off Street Parking Total Cov'd Prk Spc 0 Add'l Parking Spaces Uncovered # Spaces 2 Water Class Water Access Only Water ID Smith Mtn Lake Length of Waterfront Directions: From HFB, 122N, R-608, R-626, L into Mariners Landing, L-Joffrey Drive, 4th house on left. Public Remarks: Spacious patio home located in Mariners Landing. Lots of great amenities to enjoy! Taxes estimated by realtor. Owner/agent Lot Description: Gentle Slope Room Name Room Level Construction: Hard Board Master Bedroom 1 Entry Manufactured?: No HUD Tag Bedroom 2 Entry Heating: Heat Pump Electric Cooling: Heat Pump Electric Bedroom 3 Lower Exterior Features: Covered Porch; Patio; Paved Driveway Bedroom 4 Lower Appliances: Dishwasher; Clothes Dryer; Microwave Oven; Oven; Refrigerator; Clothes Washer Great Room Entry Misc Features: Maint-Free Exterior; Paved Road; Underground Util Eat-in Kitchen Entry Area Amenities: Beach Access; Private Golf Office Lower Floors: Carpet; Tile - i.e. ceramic Family Room Lower Windows: Insulated Exterior Doors: Insulated Laundry Entry Porch: Front Porch Water Description: Public Water Sewer Description: Private Septic - 3BR Bedrooms: BR Entry Level: 2; BR Upper Level: 0; BR Lower Level: 2; BR Other Level: 0 Full Baths: Full Baths Entry Lvl: 2; Full Baths Upper Lvl: 0; Full Baths Lower Lvl: 1; Full Baths Other Lvl: 0 Half Baths: Half Baths Entry Lvl: 0; Half Baths Upper Lvl: 0; Half Baths Lower Lvl: 0; Half Baths Other Lvl: 0 Limited Service: Not Limited Service Water Acc Only A: Access - On/Off Site: On Site Water Acc Only B: Leased Cover BD/Slip Boat Dock Desc: A-Roof; Stationary; Boat Hoist; Pers WaterCraft Lift Water Features: Cove Water Details: Channel Marker: C6 List Date 09/17/2010 POA/Condo Assoc Y/N Yes POA/Condo Dues $ 85 POA/Condo Terms A/M Monthly Information is deemed to be reliable, but is not guaranteed MLS and FBS. Prepared by JANET RICHARDSON on Friday, February 04, :33 PM The information on this sheet has been made available by the MLS and may not be the listing of the provider.

22 Page 1 of 3 2/2/2011 Tax & Parcel Information View Sketch Go to map Jump directly to the parcel on our GIS system (Works with IE only. Map viewer may be required) view Ownership Info Acct Num Item Owner's Name Acquired Purchase Price Transaction Type M & J DEVELOPERS INC 1037 WHITE TAIL DRIVE HUDDLESTON, VA /15/2002 $0 Split Tax Info Tax Year Land Value Improvement Value Total Value 2011 $45,000 $155, $200, $45,000 $186, $231, $45,000 $186, $231, $45,000 $186, $231, $45,000 $186, $231, $25,000 $0.00 $25, $25,000 $95, $120, $25,000 $0.00 $25, $25,000 $0.00 $25, $25,000 $0.00 $25,000

23 Page 2 of 3 2/2/ $0 $0.00 $0 Tax Balance Tax Year Due Date Balance Due /7/2010 $ /6/2010 $ Balance Due $0.00* Land Use Status: This property does not participate in the land use program Admininstrative Info Parcel Number (RPC): Map Number: Year Built:2003 Legal Description:MARINERS LANDING SEC 5A LT 27 PB 42/77 Zoning Zoning Description PC Description Value Effective Date:11/7/2010 Purchase Price:$0.00 Deed Book: Deed Book Page Document Number: Site Description Acres: Number of Dwellings: 1 Site Feature 1: Site Feature 2: Curb: N/A Gutter: N/A Sidewalk: N/A Improvements

24 Page 3 of 3 2/2/2011 Structure Use: DWELLING Building Type: 112 Conventional Year Built: 2003 Finished Size: 1234 Foundation: Full Bsmt Stories: 1.0 Frame material: Wood frame Exterior Cover: Cement fiber siding Number of Rooms: 5 2-fixture half baths: 0 3-fixture full baths 3 4-fixture full baths: 0 Heating Type: Heat pump Central Air? Y Attic: None Attic Finished Area: 0 Basement Area: 1234 Basement Finished Area: 0 Attached Garage Area: Detached Garage Area Attached Carport Area: Utility Rooms: Enclosed Porch Area: 160 Open Porch Area: 238 Deck Area: 0 Prefab Fireplaces: Masonry Fireplaces: Y Roof Material: Asphalt shingles Roof Type: Gable Online Map Follow the link to search for this property on our online GIS system. View Sketch

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26 V. West Cove Lots A. Property Summary B. Plat

27 Property Summary West Cove at Mariners Landing Smith Mountain Lake, VA (Bedford County) Auction Date / Time: Auction Location: Available Properties Directions to Property: Master Assoc. Dues: West Cove POA Dues: Water & Sewer: Included w/ Purchase: Amenities: Saturday, February 26 at 12 Noon The Pointe Conference Center 1217 Graves Harbor Trail Huddleston, VA Lot 19: Acres on West Cove Rd; lake view Lot 20: Acres on West Cove Rd; lake view Lot 21: Acres on West Cove Rd; lake view; sells WITHOUT reserve! Lot 22: Acres on West Cove Rd; lake view; sells WITHOUT reserve! Lot 23: Acres on West Cove Rd; lake view; sells WITHOUT reserve! From Smith Mountain Lake Parkway turn into Mariners Landing Resort on Deer Trail Drive. 1.3 miles to LEFT on Lake Retreat Rd. Next RIGHT on Our Cove Rd. LEFT on West Cove Rd. Properties are on the right. $179/year $36/month for vacant lot $20/month for vacant lot (connection fee for water & sewer: $8,000/each) ** The connection fees will be waived with a purchase price of $75,000 or greater Golf Initiation Fee ($4,000 value) Refer to Amenities sheet for details on boat slips, golf membership, etc. Preview Dates: Saturday, Feb. 5, 10-2 Sunday, Feb. 13, 10-2 Wednesday, Feb. 16, 3-6 Saturday, Feb. 19, 10-2 Thursday, Feb. 24, 10-2 Day of sale from 9 to noon * Agents will be located near The Pointe lobby. Look for signs. Torrence, Read, & Forehand Auctions 2508 Langhorne Rd, Lynchburg, VA (434) TRFAuctions.com All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Property and records. Neither Seller nor Auctioneer, its Agents and Sub-Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only

28 L.G.ND SSE...,Sanltary Sewet'" Easement PPE... Peda.trlan Path EOlllmllnt OE... Oralnago Easement '-PRill A " DOCK _....._....._ _ _.._-_._,_ '-.... "-- ~ ' /""'... '-./ / <-... S'fflfAM BUFfER }.RF:i. STREAM BUmR AREA All information shown hereon prior to recordation Is subject to change without notice. This mop is for Informational I 71 COK: - SECTION 2 MARINERS LANDING WesfCove Scale: 1" = 100'

29 VI. Mariners Landing Information A. About Mariners Landing B. Resort Amenities C. Fee Summary 1) Required Fee Summary 2) Optional Fee Summary (golf & boat slips) 3) Mariners Landing Owners 2011 Fees & Dues 4) CALM Amenities Rate Schedule 5) Water & Sewer Rate Schedule D Rental Statistics E. RCI Fractional Information

30 Mariners Landing Amenities VIEWS! Boat Slips Gazebo Beach Pool Pool Hot Tub Lawn Deck Mariners Landing is rich in on-site amenities including: 18-hole championship golf course On-site, water front restaurant, Benjamin s at the Pointe is open year-round The Shack seasonal pool-side grill 90,000 gallon pool with plenty of fun features for adults & children including water slides, a baby pool, and a magnificent view Two additional pools at the Cabana 20 person hot tub at The Pointe plus additional hot tubs at the Cabana area Large deck area with seasonal food and beverage service plus seasonal entertainment (2) private, sandy beaches for sunning, swimming, or sand castles Approx. 250 boat slips and 30 PWC slips, many are covered with lifts (2) fishing piers Large lawn with gazebo Over 8,000 sq.ft. of banquet, meeting, & conference rooms Fitness facilities available (6) tennis courts (2 lighted) Sand volleyball courts Children s playgrounds Picnic facilities Walking/biking trails throughout Mariners Landing Don t forget about Smith Mountain Lake, the Jewel of the Blue Ridge. With over 20,000 acres, 500 miles of shoreline, & and average depth of 55 feet, it s a recreational paradise! It s one of Virginia s most popular destinations for water recreation including boating, sailing, canoeing, parasailing, swimming, water skiing, wake boarding, and jet skiing. It s also well known for its outstanding fishing and is popular with the weekend warriors as well as the big time tournaments. *Annual amenities fee required to use most amenities (see CALM Amenities page) fees included with purchase of home or condo at this auction!

31 Required Fees for Properties 2BR Condo Master Association Dues (CARE) - $179/year POA Dues - $160.49/month for exterior building and grounds maintenance, landscaping, common area lighting, cleaning and maintenance, common area liability insurance, and security Water & Sewer - $66/month for normal use (see water & sewer rate schedule) Average Elec. Bill - $75/ month Phone, TV, Internet - $90/month for all or $35 ea./month 2011 Family Amenities Package ($1,098 value) included with purchase! Studio Condo Master Association Dues (CARE) - $179/year POA Dues - $80.85/month for exterior building and grounds maintenance, landscaping, common area lighting, cleaning and maintenance, common area liability insurance, and security Water & Sewer - $66/ month for normal use (see water & sewer rate schedule) Average Elec. Bill - $45/ month Phone, TV, Internet - $90/month for all or $35 ea./month 2011 Family Amenities Package ($1,098 value) included with purchase! Home on 1 st Fairway Master Association Dues (CARE) - $179/year POA Dues - $85/month includes lawn & shrubbery maintenance, common area maintenance, private road maintenance, street lights, and common area liability and Directors and Officers insurance Water & Sewer - $66/ month for normal use (see water & sewer rate schedule) Service cost for each home s propane gas, electricity, and television reception are the responsibility of the individual owner Family Amenities Package ($1,098 value) & $4,000 Golf Membership included with purchase! West Cove Lots Master Association Dues (CARE) - $179/year POA Dues - $36/month includes shrubbery and lawn maintenance, common area and easement maintenance, private road maintenance, street lights, and common area liability and Directors and Officers insurance Water & Sewer - $20/month for vacant lot Water Connection Fee - $8,000 (included for purchase price of $75,000 or greater) Sewer Connection Fee - $8,000 (included for purchase price of $75,000 or greater) $4,000 Golf Membership included with purchase! *CARE (Community Association for Resort Expenses) (learn more at tpsmanagement.com/mcla.htm) Used for entrance/roadside maintenance, community dumpster, streetlights, fountain lights, security, etc Prices & offerings subject to change without notice

32 Optional Fees for Mariners Landing CALM (Community Assisted Lifestyle Management) - learn more at tpsmanagement.com Amenities fee includes use of Pointe pool & hot tub, Cabana pool & hot tub, playground, volleyball courts, tennis courts, fishing piers, beaches, walking trails, picnic facilities, business center, game room, kayaks, paddleboats, fitness center, and more. See Calm Form for Fee Structure. GOLF - learn more at marinerslandinggolf.com or by calling Mariners Landing is a semi-private 18 hole championship golf course with an original design by worldrenowned architect, Robert Trent Jones, Sr. The par 72 course has five different sets of tee boxes, offering fun and challenging golf to all levels of golfers, from beginner to professional. Executive Family Membership Initiation Fee - $4,000 Executive Family Membership Annual Fee - $1,080 Jr. Executive Family Membership Initiation Fee - $2,000 Jr. Executive Family Membership Annual Fee - $780 Player s Club Membership - $650 Player s Gold Club Membership - $750 Driving Range Family Membership Annual Dues - $300 (optional) DOCKS / BOAT SLIPS - learn more at tpsmanagement.com Mariners Landing has approx. 250 boat slips and 30 PWC slips. Regular slips can accommodate boats up to 8 ½ ft. beam, 24 ft in length, and up to 5,000 lbs. The heavy duty lifts can accommodate boats up to 10ft beam, 24+ ft in length, and up to 10,000 lbs (depending on boat weight distribution). Rates effective 3/1/11 Regular Boat Slip (covered w/ cradle lift) - $2,295 Heavy duty Boat Slip (covered w/ cradle lift for boats > 5,000 lb) - $2,674 Jet Ski Slip (covered w/ cradle lift) - $1,095 2 nd Jet Ski or Jet Ski w/ Boat - $789 Non secure storage - $125 Check CARE handout for additional discounts Prices & offerings subject to change without notice

33 MARINERS LANDING OWNERS 2011 FEES AND DUES PRICES, OFFERINGS AND FEES ARE SUBJECT TO CHANGE WITHOUT NOTICE MONTHLY MAINTENANCE-FREE POA DUES Townhomes*. The Pointe Condos*** $ $362 Dues include exterior building maintenance including roof, siding, and deck (may vary in each association); landscaping and common area grounds maintenance (may vary in each association); private roads, sidewalks, driveways, and parking area maintenance; common area liability and Directors & Officers insurance; outside utilities for lighting and power in common areas. * 6 th Fairway townhomes dues include maintenance of docks, but not lift mechanisms and do not include deck maintenance. ** For 8 th Fairway Villas, dues do not include deck maintenance. *** Pointe 1: First floor - $120.57; second, third, fourth, fifth floors - $241.33; Top floor - $ Pointe 2 & 3: Studio units - $80.85; 2-BR units - $ (end units may be a combination of a studio and a 2-BR unit) MONTHLY MAINTENANCE-ASSISTED POA DUES The Cove Homes 1" Fairway Homes 10 th Fairway Homes 16 th Fairway Homes WestCove Homes Mariners Run Single Family Detached Homes Mariners Run Single Family Attached Homes and Townhomes $ $85 $80 $95 $97 $97 $100 Vacant Lot: $30 Vacant Lot: $39 Vacant Lot: $36 Vacant Lot: $30 Vacant Lot: $29 Dues include shrubbery and lawn maintenance; common area maintenance; private road maintenance (most roads are public); common area liability and Directors & Officers insurance; outside utilities for lighting and power in common areas. See Property Owners' ASSOCiation budgets for each Association on details relating to dues. Additional information Dues for lots in Sections 1 & 2 (Whitetail Drive, Point O'Woods, Spyglass lane, and Peachtree Court) are $50 per year and do not include any exterior building or lot maintenance. Mariners landing Community Association (CARE) dues apply to all property sold by M&J Developers (M&J) and any other Mariners landing property not sold by M&J that has legally agreed to be included - $179.00/year (2011) for lots with houses. Water, propane gas, electricity and sewer are billed separately to individual owners. Central sewer is located in most areas of Mariners landing, and the undersigned buyer agrees to all applicable easements and actions needed and all associated fees. Water & Sewer Company, Inc. Rate Schedule: Availability Fee: Vacant Lot $10/mo for each water and sewer; Metered Unit $33/mo for each water and sewer Usage Fee: $3.50/1,000 gallons (monthly allowance: 3,900 gallon/mo) Water Connection Fee: $8,000 for Single-Family I Sewer Connection Fee: $8,000 for Single Family Deposit: $66/water; $55/sewer OPTIONAL FEES - SEE FOR CURRENT RATES AND OFFERINGS. Amenities Dues Boat Slip and PWC leases include dock parking, bathrooms and dump station. Golf membership dues and initiation fees are available through the Pro Shop at (540) Storage (There is no personal property insurance coverage.) Revised January 14, 2011

34 Amenities 3/1/2011 2/28/2012 Full amenities membership includes use of: pools, hot tubs, game rooms and fitness centers, playgrounds, volleyball court, tennis courts, fishing piers, beaches, walking trails, picnic facilities, kayaks, paddleboats, etc. Amenities users are required to sign an amenities use agreement before access is allowed. All amenities have limited capacity which may vary according to circumstances. Mariners Landing owners, interval owners, and vacation renters will have priority; therefore, the number of other users may be limited. Mariners Landing owners who are current with their amenities dues receive a 20% discount off the prices listed below. Other members may pay a $1,000 fee (one-time fee as long as dues don t lapse) to receive the 20% discount. If you rent a boat slip at Mariners Landing and sign up for annual amenities, you will receive a 5% discount on slip and amenities. Pay in full by 11/1/2010 and receive an additional 2% discount. Owners of units in the EastLake Real Estate rental program are required to pay the annual family amenities rate for each unit in the rental program. Owners of multiple units in the rental program will receive a 50% discount for units after the first. Amenities are NOT available for rental units in Mariners Landing which are not in the EastLake Real Estate rental program. Annual members may pay monthly by automatic bank draft. A $3 processing fee will be charged per monthly payment. If you wish to pay monthly, please complete the Authorization Agreement for Direct Payment form and select the installment option at the bottom. Please fill in personal information and select a plan. Name/Address: Phone: Member Type Annual Summer^ Annual Summer^ Full Amenities # $692 $375 $1,098 $595 Cabana Fitness only Single $504 $133 Family* $696 $184 Walking Trails only $210 $115 $330 $180 Use of refuse facility for non-care members Household $120 $60 * Family: paying adult, spouse, and up to 3 children (age 5-22) add 10% per additional child over 5. ^ Memorial Day weekend through Labor Day weekend. # Single annual includes 4 single-use guest passes; summer includes 2 single-use guest passes. ~ Family annual includes 20 single-use guest passes; summer includes 8 single-use guest passes. Unused guest passes will expire at the end of the summer or fiscal year for which they are issued. Cabana Fitness: One-time non-refundable $25 key fee. Guest (rates are per person) Weekly Daily Guest of Member or ELRE short-term renter (for Cabana fitness & indoor pool) $40 $10 Guest passes are not required for children under 5 years of age or for guests of members whose primary residence is in Mariners Landing. If the $1,000 fee has been paid but dues are not activated, or if payments lapse, all amenities discount privileges will cease. To reactivate a discounted membership a re-start fee will be charged at the rate of $50/month times the number of months the dues were not paid, not to exceed the then-current fee. Timely payment of amenities fees is value-added to your property as, upon resale, a new owner would not have to pay the fee as long as your dues have not lapsed. This policy displaces all prior agreements or offers regarding amenities initiation fees, the ability to pass amenities membership rights from one owner to the next, social membership, etc. Return form to: PO Box 1332 Forest, VA fax info@tpsmanagement.com Prices & offerings subject to change without notice

35 Mariners== -=:::::::Landing I " Mariners Landing Water & Sewer Company, Inc. RATE SCHEDULE (Effective January 1, 2011, per State Corporation Commission approval) 1. Availability Fee Lot: $1O.00/month for water and $1O.00/month for sewer, if applicable (for residential lots which do not receive water and/or sewer service, but the service runs adjacent to, or in front of, the customer's property and is available upon request). Single-family dwelling or multi-family unit minimum: $33.00/month for water and $33.00/month for sewer, ifapplicable. (The minimum service charge[s] will become effective when water service is connected. Any usage fee will be in addition to the minimum charge.) 2. Monthly Allowance (See Notes 1, 2) Single-family dwelling: 3,900 gallons per month Multi-family building: 3,900 gallons per unit per month 3. Usage Fee (for gallons above the monthly allowance): $3.50/1000 gallons used per month above the monthly allowance (See Note 3) 4. Connection Fee Single-family: $8,000.00/water; $8,000.00/sewer Multi-family: actual cost to company Commercial: actual cost to company 5. Late Payment Penalty Fee % per month (18% per annum) on any amount unpaid after 30 days. 6. Reconnection Fee: $ Returned Payment Service Charge: $ Service Deposit: Maximum of$ for residential (See Note 4) Note 1 - Multi-family is a building containing more than 5 units, each with its own meter or is a building supplied through a single meter. Buildings with 1-4 units will be considered single-family, and each unit will have a separate meter. Note 2 - The monthly allowance for multi-family with a shared meter will be 3,900 gallons times the number ofunits in the building and will be shared by all units. For example, a 12-unit building such as a Mariners Village condominium building would have a monthly minimum allowance of 46,800 gallons per month. Note 3 - For multi-family units, the usage fee for the building will be shared equally by all units. For example, assume the 12-unit building from above used 50,000 gallons per month. The usage fee would be $11.20 (number ofgallons above the monthly minimum allowance 71,000 x the $3.50 usage fee per 1,000 gallons). The resultant fee of$11.20 would be shared equally by each ofthe 12 units (or $0.93 per unit). Note 4 - The service deposit is based on the minimum service charge for two months. ($33.00 minimum water service charge x 2 months + $33.00 minimum sewer service charge x 2 months, if applicable). Note 5 - Checks are to be made payable to Mariners Landing Water & Sewer Company, Inc. and are to be mailed to: P.O. Box 1332,Forest,VA Note 6 - For additional details, see RATES, RULES AND REGULATIONS in the Tarifffor Mariners Landing Water & Sewer Company, Inc., a copy of which can be found at the company's website, or by calling _

36 2009 Unaudited Rental Statistics 5/2/10 For Internal Use Only Unit Type/Description Gross Rental Average * 2009 Gross Rental Statistics (Range) # Units Average # days rented excluding owner stays, out of order days & * min max Studio Unit $2,976 $2,168 $3, Pointe 1 bedroom $11,072 $9,812 $12, Pointe 2 bedroom $6,738 $4,398 $10, Pointe 3 bedroom $13,035 $10,552 $14, Single Family Homes & Golf Villas (off water) $8,776 $6,000 $12, * Developer units with many COMP stays or employee housing removed * Based on annual rental in Rental Program * Includes long term rentals - non employee housing * Past performance is not indicative of future activity * Excessive owner stays/friends of owner stays have been removed * Gross rental statistics do include owner stays Expenses: The Pointe Average Electricity -Pointe 2BR $75 Water (no overage)- per month $33 Sewer (no overage) - per month $ Pointe POA rates $ per month $ billed qtrly Pointe High speed internet, $90 per month telephone & television 2010 Amenities Membership (owner) - $858 annual fee new owners 2010 CARE Membership (owner) - $142 plus optional discounts annual fee Insurance $200-$500** ** Insurance rates vary based carrier

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39 VII. Auction Documents A. Terms & Conditions B. Sample Contract C. Broker Participation Form

40 GENERAL TERMS AND CONDITIONS OF SALE MARINERS LANDING Saturday, February 26, 12 Noon Smith Mountain Lake, Huddleston, VA. Please review this document carefully. In order to register and receive a bidder number, a bidder must sign this document as acknowledgement and acceptance of these General Terms and Conditions of Sale. This document will be incorporated into the Sales Contract. 1. DATE AND TIME OF AUCTION: Saturday, February 26, 2011 at 12 Noon 2. LOCATION OF AUCTION: The Pointe Conference Center in Mariners Landing, 1217 Graves Harbor Trail, Huddleston, VA AUCTION REGISTRATION: Registration will begin 1 hour before the auction at 11:00 AM. To register, a prospective Bidder must provide a photo I.D., full name, address, daytime phone number, , and the entity in which the Bidder will take title to the property. 4. PROPERTY VIEWING ON DAY OF AUCTION: All properties will be open for inspection on the day of the auction from 9 AM Noon. The properties will also be available for viewing and inspection each day beginning January 26, 2011 until auction day. 5. SUCCESSFUL BID, BUYER S PREMIUM, TOTAL PURCHASE PRICE: The successful bid price (hammer price) plus a 5% buyer s premium will be added together to determine the total purchase price (contract price) for each property. i.e. If the hammer falls on a bid price of $100,000, a 5% buyer s premium of $5000 will be added to the bid price for a total purchase price of $105, PURCHASE CONTRACT & DEPOSIT: If the Seller accepts the highest bid for the property, then the successful bidder will be required to execute the Sales Contract immediately following the conclusion of the auction and tender a deposit of 10% of the total purchase price by personal check, company check, cash or certified funds. The successful bidder s deposit shall be delivered to Expert Title Services, LLC as Settlement Agent for deposit into their real estate escrow account and held in escrow as a required deposit per the terms of the Purchase Contract. 7. CLOSING AND PAYMENT OF TOTAL PURCHASE PRICE: (a) The Closing ( Closing ) will be on or before 30 days from acceptance of the Contract and will be coordinated through the offices of the Settlement Agent; Expert Title Services, LLC, Booker T. Washington Highway, Hardy, VA 24101, Phone , Facsimile (b) The Total Purchase Price will be due and payable by Buyer at Closing by Cashier s Check from a U.S. Bank in U.S. Funds (payable to Expert Title Services, LLC) or by Wire Transfer pursuant to instructions from the Settlement Agent. Buyer shall receive credit for the Initial Deposit and the Additional Deposit which shall be released from escrow and applied by the Settlement Agent towards the Total Purchase Price at Closing. (c) Time shall be of the essence. 8. TITLE INSURANCE AND ZONING: (a) Seller, at Buyer s expense and payable at Closing by Buyer to the Settlement Agent, will provide Buyer a Commitment ( Commitment ) to issue an Owner s Title Insurance Policy for the Property. The Commitment and Owner s Title Insurance Policy will be issued by the Settlement Agent. A copy of the proposed Commitment will be attached to the Contract. (b) It is understood and agreed that fee simple title, at time of closing, will be conveyed to the Purchaser by General Warranty Deed (the Deed ). (c) Buyer agrees that the Property is subject to all laws, ordinances, codes, rules and regulations of applicable governmental authorities pertaining to the ownership, use and occupancy of the Property, including, but not limited to, zoning, land use, and building codes, Homeowners / Condominium Association Documents, Covenants, Covenants, Restrictions and Obligations, Recorded Plat and agrees to take title subject to such matters. 9. DEFAULT: If the Buyer fails to comply with any of these General Terms and Conditions of Sale, the Seller may retain the required deposit(s) under the Contract as liquidated damages and not as a penalty. 10. ANNOUNCEMENTS: All announcements from the Auction Block at the Auction will take precedence over all previously printed material and any other oral statements made. In the event of a dispute over any matter, the Auctioneer shall make the sole and final decision and will have the right either to accept or reject the final bid or re-open the bidding. 11. ABSENTEE / TELEPHONE BIDDING: Absentee / Telephone Bids will be accepted, subject to all terms and conditions of the Auction. Interested bidders must obtain and sign the proper forms by contacting Torrence, Read & Forehand Auctions, and tender the required escrow deposit(s).

41 12. REPRESENTATIONS: All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Property and records. Neither Seller nor Auctioneer, its Agents and Sub-Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only. 13. BID ACCEPTANCE: The bid price for the Property shall be determined by competitive bidding at the Auction. Some Properties will be sold Absolute to the highest Bidders with no minimums or reserves and some Properties will be sold Subject to Final Approval by the Seller. 14. NOTICE TO BUYERS: (a) The sale of the Property is an All Cash transaction and shall not be subject to any financing or post due diligence. (b) The Seller, and Torrence, Read & Forehand Auctions, their representatives, attorneys, agents, and sub-agents, assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and material. The Seller, and Torrence, Read & Forehand Auctions, their representatives, attorneys, agents and sub-agents, make no guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotional/publicity statements and material. Neither the Seller nor Torrence, Read & Forehand Auctions have any obligation to update this information. Neither the Seller nor Torrence, Read & Forehand Auctions, their agents and sub-agents, have any liability whatsoever for any oral or written representations, warranties, or agreements relating to the Property (including information appearing in this advertisement or announcements at the time of the Auction) except as is expressly set forth in the Contract. (c) The Property is being sold as is. All Bidders are encouraged to inspect the Property prior to placing any bid at the Auction and the Successful Bidder, as Buyer, acknowledges that it has had a reasonable opportunity to inspect and examine the condition of the Property and make inquiries of applicable governmental authorities pertaining to Buyer s proposed use of the property prior to the Auction as Buyer has deemed necessary or desirable. (d) The Property may be withdrawn from the Auction at any time without notice and is subject to prior sale. (e) The Seller in its absolute sole discretion reserves the right to amend, negotiate, modify, or add any terms and conditions to these General Terms and Conditions of Sale and to announce such amendments, modifications, or additional terms and conditions, at anytime. (f) The highest bid shall be the Successful Bid only if same is acceptable to and accepted by Seller as evidenced by Seller and the Successful Bidder, as Buyer, each executing the Sales Contract. (g) The highest Bid shall be considered an agreement to buy and is final. If you are unsure about anything regarding the Property, do not place a bid. Review of the Contract before making any bids is strongly recommended. 15. BROKER PARTICIPATION: Two Percent (2%) of the Bid Price(s) will be paid to a qualified Licensed Real Estate Broker ( Broker ) whose registered Buyer s offer(s) is accepted by the Seller and closes on the Property(s), provided the Broker is not prohibited by law from being paid such commission. To qualify for a commission, the Broker must first register their prospect on the MANDATORY REAL ESTATE BUYER BROKER PARTICIPATION REGISTRATION form. This form must be mailed such that it is received by the office of Torrence, Read & Forehand Auctions no later than 3:00 P.M. E.D.T., Friday, February 25, The registration MUST be sent to Torrence, Read & Forehand Auctions, 2508 Langhorne Road, Lynchburg, Virginia Brokers may also fax their broker registration(s) to (434) NO LATE REGISTRATIONS WILL BE ACCEPTED. Commissions will be paid only after closing and after Torrence, Read & Forehand Auctions has been paid in full. Brokers are not required to attend the closing. If a cooperating Broker has not met all of these requirements, no commission will be paid to the cooperating Broker, even if the cooperating Broker s prospect purchases the Property(s). No oral registrations will be accepted. Under no circumstances whatsoever will any commission be paid if the sale does not close for any reason. 16. ACKNOWLEDGEMENT AND ACCEPTANCE: The Undersigned Bidder acknowledges receipt of a copy of these General Terms and Conditions of Sale, and having read and understood the provisions set forth therein, accepts same and agrees to be bound thereby. Facsimile signatures will be treated and considered as original. Bidder # Bidder s Signature Date Torrence, Read, & Forehand Auctions: 2508 Langhorne Rd, Lynchburg, VA 24501, Phone: (434) , info@trfauctions.com, Fax: (434)