Terms and Conditions of the Auction

ON-SITE INSPECTION AND SUPPLEMENTAL INFORMATION PACKAGES
More detailed information is available for each property. Supplemental Information Packages include all of the pertinent data provided by Sellers on the properties. To purchase supplemental information, call the Auction Information Office and charge your purchase on Visa or MasterCard.

Hard Copy Supplemental Information Packages: $15 each
Individual Supplemental Information Package (CD): $5 each
Email: NO CHARGE

AUCTION DAY
Saturday, April 24, 2010, at 12:00 p.m. in Portland, Oregon at the Sheraton Portland Airport Hotel.

For Properties #1 through #15

Sheraton Portland Airport Hotel: 8235 Northeast Airport Way. The Auction will begin promptly at noon. Please plan to arrive by 11:30 a.m.

Directions: From I-205 North - take Exit 24A, Portland International Airport. This will put you onto Airport Way going towards the airport. Take Frontage Road, Hotels, Cargo Exit and take a quick left onto Frontage Road. Follow Frontage Road west to the Sheraton on the right side.

From I-5 North/I-205 South - take Exit 24, Portland International Airport. Take a right onto Airport Way. Take Frontage Road, Hotels, Cargo Exit and take a quick left onto Frontage Road. Follow Frontage Road west to the Sheraton on the right side.

STARTING BIDS

MINIMUM BIDS
Auction Properties #5 and #13 are being offered with No Minimum Bid. This means that the Seller has established no Minimum or Reserve Price, and the property will be sold to the high bidder, subject to the terms and conditions of the Auction.

PUBLISHED RESERVES
The remaining properties (with the exception of Auction Property #108) are offered with a Published Reserve price. This means that when the bidding reaches or exceeds the amount of the Published Reserve price, the Seller is committed to sell the property to the high bidder. Should the bidding fail to reach the amount of the Published Reserve price, then the Seller reserves the right to accept, counter or reject the high bid no later than five business days following the Auction.

MINIMUM BIDS
Auction Property #108 (21 condominium units being offered individually) are being offered with Minimum Bids. A Minimum Bid has been established for each Unit. This means the Seller has agreed to accept, at this Auction only, all bids equal to or greater than the Minimum bid for each Unit. No bid below these Minimums will be recognized. The Seller reserves the right to reject ALL bids in the event not all 21 Units are sold.

BID BY MAIL
If you are unable to attend the Oral Auction, you may request a Mail Bid Form by calling the Auction Information Office. Mail Bid Forms will be accepted when accompanied by a completed Registration Form and Certified Funds made payable to the Realty Marketing/Northwest Client Trust Account equal to 10% of the maximum authorized bid for the property you wish to purchase. If you are not a successful bidder, your deposit will be returned to you by mail by the third business day following the Auction.

SEALED BID SALES
Sealed Bids are due April 21 for Auction Property #108, April 28 for Auction Properties #102 - 104, 106, 107, 109, 110, 114 - 123, 132 - 135, 137 and 138, May 5 for Auction Properties #100, 101, 105, 136 and 139, May 12 for Auction Properties #113, 124, 125 and 131 and June 11 for Auction Properties #111, 112 and 126 - 130.

Sealed bids must be received no later than 5:00 p.m. on the bid date.

REGISTRATION
Registration is required for eligibility to bid at the Oral Auction. Complete and return the Auction Registration Form at least three days prior to the Oral Auction.

On Auction day, all approved registered bidders must show they have in their possession a separate Cashier's Check or Certified Check ("Certified Funds") made out to the bidder (no cash, please) in the amount of $2,500 for each property they intend to purchase.

AUCTION DAY PROCEDURES

PRE-REGISTERED BIDDERS: As a Pre-registered bidder, you will check in at the Pre-registered Bidder area prior to the Auction. You will be asked to show your Certified Funds as described under Registration. You will receive your assigned Bidder Number. If you are planning to purchase more than one property, you must present separate Certified Funds for each property you wish to purchase.

AUCTION DAY REGISTRATION: Those who register on Auction Day will be required to complete the Auction Registration Form and provide evidence of Certified Funds in the amount of $2,500 for each property you wish to purchase. Auction Day registrants should plan to arrive at least thirty minutes prior to the Auction in order to complete the registration process.

BIDDING: Bidding on each property will take approximately two minutes. The properties will not necessarily be auctioned in the order in which they appear in the Catalog. The order of the bidding will be announced prior to the Auction. As a successful bidder, you must sign a Bid Confirmation Sheet immediately upon acceptance of your high bid. An Auction escort will then usher you to the Contract Area where you will complete the sales contract.

WRITING THE SALES CONTRACT: In the Contract Area on Auction Day, you will sign the sales contract and make an earnest money deposit of ten percent (10%) of your bid price, but in no event less than the amount of your Certified Funds, for each property you purchase. Your Certified Funds shall be deposited as a portion of your earnest money deposit. The balance of the earnest money deposit may be by personal or company check. In addition to the Purchase and Sale Agreement, you will be required to sign a Buyer Acknowledgement form verifying that you have inspected the property and are purchasing it in its "as is" condition. No allowances will made be for contingencies. Sample copies of contract documents are available in each Supplemental Information Package. The sales contract is a binding contract.

FINANCING
Many Sellers offer financing subject to their approval of Buyer's credit. See individual property descriptions for details.

COOPERATING BROKERS
Broker cooperation is invited. A commission ranging from 1% to 2% will be paid to the real estate agent whose Buyer closes on the purchase of any Auction Property. The real estate agent must be a broker currently licensed by his/her state of residence or a salesperson licensed under such broker. Cooperating broker commission will be paid only upon close of escrow. Cooperating brokers will not share in any payment of liquidated damages.

Buyers must register their real estate agent on the Auction Registration Form or on the Sealed Bid Form. Except for Sealed Bid Properties, the Registration Form should be received by the Auction Information Office at least three days prior to the Auction(s) the Buyer plans to attend. No Auction Day Registration of real estate agents will be accepted.

Except for Sealed Bid Properties, registered real estate agents must attend the Auction with their Buyer and must accompany their Buyer into the contract area if their Buyer is the successful high bidder.

No real estate agent will be recognized for a Buyer where that Buyer has previously contacted, or been contacted by, the Seller, or Realty Marketing/ Northwest,concerning the Auction Property purchased. No commission will be paid to any real estate agent participating as a principal in the purchase of the property. The commission will be earned and paid only upon the full and final closing by the Buyer on the conveyance of the property and the receipt of the full purchase price by Seller. No exceptions to this procedure will be made and no oral registrations will be accepted.

CLOSING
All sales must close within 30 to 45 days of the Auction, unless extended by the Seller, in writing. Prior to making a bid, refer to the Supplemental Information Package with regard to customary closing costs including, but not limited to, recording fees, normal prorations, title fees, transfer and/or excise taxes (if applicable), sales tax on personal property (if applicable), local improvements and irrigation district assessments (if applicable), and document preparation fees. Buyers will be responsible for any real estate compensation taxes or rollback taxes and penalties as a result of a change in use or designation of the property including, but not limited to, a change from open space, agriculture, forest land or recreation.

For the properties being offered for sale with No Minimum Bid, the Buyer will be required to pay all customary closing costs, including, but not limited to, title insurance premiums and sales tax thereon (if any), full escrow fees, back taxes and penalties (if any), local improvement and irrigation district assessments (if any), and state excise taxes.

ADDITIONAL CONDITIONS
(A) No claim will be considered for allowance, adjustment or rescission based upon failure of the property to correspond to any particular expectation or standard (except the Preliminary Title Report).

(B) No bidder shall offer an advance upon the previous bid of less than such amount as the Auctioneer in his sole discretion directs. In the event of a dispute between bidders, the Auctioneer shall make the sole and final decision to either accept the final bid or to re-offer and resell the property in dispute. The Auction will be recorded, and if any dispute arises following the Auction, the Auctioneer's records shall be conclusive in all respects.

(C) Title insurance is available for each property, insuring the title of such property to be in fee simple, subject to no encumbrances except for current taxes and assessments, easements, rights-of-way, reservations, covenants, conditions and restrictions of record, purchase money financing and printed exceptions in the standard form Owner's Title Policy. A copy of the Preliminary Title Report for each property may be inspected prior to the Auction.

(D) To the extent permitted by law, properties will be sold "As Is". Prospective buyers should examine the property and all supporting documentation carefully. Each bidder is responsible for evaluating the property and shall not rely on the Seller or sales agents. All buyers will take possession at the close of escrow.

(E) Sizes and square footages set forth for the properties are approximations only, based on the best information available, but the actual sizes and square footages may be different. All sketch plans are conceptual in nature and neither Seller nor its agents have submitted plan or made applications to any public agency.

(F) Agency Disclosure. The selling and listing agent, Realty Marketing/Northwest, represents the Seller in these transactions.

(G) Seller and Seller's Agent reserve the right to refuse admittance to or expel anyone from the Auction premises for interference with Auction activities, nuisance, canvassing or other reasons.

(H) Seller has the right to postpone or cancel the Auction in whole or in part, at its sole discretion, and to modify or add any terms and conditions of sale and to announce such modifications or additional conditions either prior to or at the Auction.

(I) Offer void where prohibited. Catalog will not be mailed to residents of any state in which this offering is not in compliance with the real estate laws or other laws of that state.

(J) The information contained herein has been gathered from sources deemed reliable; however, Realty Marketing/Northwest makes no warranties expressed or implied as to the accuracy of the information contained herein.

Need Help?

Realty Marketing/Northwest prides itself on the quality of its service. If at any time you need special assistance, please contact Steve Dwelle at (800) 845-3524 or (503) 228-3248.