LIVE AUCTION: Parcels designated “CASH OR TERMS” may be purchased as either “all cash” or financed by making a down payment of at least 20% of the total purchase price (based on approved credit). The remaining unpaid balance shall be financed by means of a fully amortized loan at 9.9% APR for the length of time as listed below:

Up to $5,000                  - financed up to 5 years
$5,001 to $15,000          - financed up to 7 years
$15,001 - $35,000          - financed up to 9 years
$35,001 - $50,000          - financed up to 10 years
$50,001 - $75,000          - financed up to 12 years
$75,001 and above         - financed up to 15 years

TABLE AUCTION (BID PLUS FINANCE): Table auction properties are purchased based on the following: Each parcel has a built-in finance amount, as shown in the property details; participants bid on the additional amount required as down payment. Your winning bid amount, plus the 10% buyer’s premium is the amount due on auction day. Thereafter, you will make payments according to the stated financed terms. For example: If your final and winning bid is $300 and the built-in financed amount is $6,000 with a monthly payment of $127.00, then the total amount due on auction day is $330.00 (Winning bid $300 + 10% premium $30). You may then either begin making monthly payments of $127.00 until the financed amount of $6,000 is paid in full, or you may pay the entire remaining balance on auction day.    

LOANS MAY BE PAID OFF AT ANY TIME WITHOUT A PREPAYMENT PENALTY. IF PAYMENT IN FULL OF THE TOTAL PURCHASE PRICE IS RECEIVED WITHIN THIRTY (30) DAYS OF THE AGREEMENT DATE, SELLER WILL WAIVE THE INTEREST ACCRUED DURING THE FIRST 30 DAYS.

RESERVE AUCTION
All parcels have a reserve price, meaning that the Seller has established an unpublished minimum selling price. The starting bid is not the reserve price. In order to be the successful, bidder must meet or exceed the reserve price and have the highest bid. The auctioneer may open bidding on any lot by placing a bid on behalf of the Seller. The auctioneer may further bid on behalf of the Seller, up to the amount of the reserve by placing successive or consecutive bids for a parcel or by placing a bid in response to other bidders. If no bidders meet the reserve price, the Seller is under no obligation to sell the property. The Seller may withdraw a property at any time prior to the announcement of the completion of the sale by the auctioneer.

1. Title to each parcel is marketable title, subject to and except for items 1 through 8 below.
2. No monetary liens on property other than recurring assessments or bonds.
3. No Trust Deeds or Mortgages unless disclosed in this brochure or the Purchase agreement.
4. Real property taxes that are due and payable before the date of sale will be paid by the Seller and not prorated. The Buyer is responsible for all taxes which become due and payable on or after the Sale date.

Seller DOES NOT WARRANT and assumes NO LIABILITY for any of the following:

• Location and size of the parcels are approximations. Exact parcel boundaries can only be ascertained by a survey.
• Physical encumbrances discernible by physical inspection of the property. Some parcels may be “unbuildable.”
• Zoning, building codes and regulations, or other land use restrictions. Contact appropriate county and/or city agencies.
• Physical and/or legal access of lack thereof. Some parcels may be “landlocked.” The Seller makes no representations regarding streets or access which may appear on any maps.
• Utilities or lack thereof. Contact appropriate land utility companies or agencies.
• Bond for water, utilities, sewer and street improvements, association fees and/or any city or county assessments. These are assumed by the Buyers in addition to the total purchase price.
• Mineral Rights of lack thereof. Seller may reserve mineral rights, if any, at Seller’s sole discretion.
• Any claims or actions resulting from the construction of any improvements on any property. Buyer(s), at Buyer(s) sole cost and expense, shall obtain title insurance before making any improvements on any property.

LIMITATION OF LIABILITES
Seller’s warranties are limited to these expressed warranties. If at any time the Buyer discovers a breach of warranties A, B, C, D, or any other breach by Seller, then Seller’s liability is limited to:
(1) Rescission and cancellation of the sale and a refund of all monies paid towards the purchase price, including fees paid by the Buyer at the time of purchase; or
 
(2) Seller has the option to cure the defect at Seller’s expense. However, if the defect is covered by title insurance, the Buyer shall pursue the claim with the title insurer instead of the Seller. If the sale is rescinded, after conveyance of the property to the Buyer, the Buyer shall execute and deliver a valid deed conveying title back to the Seller in the same condition as when it was received. Seller shall not be responsible for Buyer’s incidental or consequential damages. No warranty shall extend to any third party.

LIVE AUCTION: Parcels designated “CASH OR TERMS” may be purchased as either “all cash” or with a down payment of at least 20% of the total purchase price (based on approved credit). The remaining unpaid balance shall be financed by means of a fully amortized loan at the following rates:

            11.9% APR                   - down payment of at least 20%
            9.9% APR                     - down payment of at least 25%
            8.9% APR                     - down payment of at least 30%
Lower rates are based on approved credit.
The length of the finance term will be dictated by the amount financed, as follows:

Up to $5,000                  - financed up to 5 years
$5,001 to $15,000          - financed up to 7 years
$15,001 - $35,000          - financed up to 9 years
$35,001 - $50,000          - financed up to 10 years
$50,001 - $75,000          - financed up to 12 years
$75,001 and above         - financed up to 15 years
     
TABLE AUCTION (BID PLUS FINANCE): Table auction properties are purchased based on the following: Each parcel has a built-in finance amount, as shown in the property details; participants bid on the additional amount required as down payment. Your winning bid amount, plus the 10% buyer’s premium is the amount due on auction day. Thereafter, you will make payments according to the stated financed terms. For example: If your final and winning bid is $300 and the built-in financed amount is $6,000 with a monthly payment of $127.00, then the total amount due on auction day is $330.00 (Winning bid $300 + 10% premium $30). You may then either begin making monthly payments of $127.00 until the financed amount of $6,000 is paid in full, or you may pay the entire remaining balance on auction day.

LOANS MAY BE PAID OFF AT ANY TIME WITHOUT A PREPAYMENT PENALTY. IF PAYMENT IN FULL OF THE TOTAL PURCHASE PRICE IS RECEIVED WITHIN THIRTY (30) DAYS OF THE AGREEMENT DATE, SELLER WILL WAIVE THE INTEREST ACCRUED DURING THE FIRST 30 DAYS.

RESERVE AUCTION
All parcels have a reserve price, meaning that the Seller has established an unpublished minimum selling price. The starting bid is not the reserve price. In order to be the successful, bidder must meet or exceed the reserve price and have the highest bid. The auctioneer may open bidding on any lot by placing a bid on behalf of the Seller. The auctioneer may further bid on behalf of the Seller, up to the amount of the reserve by placing successive or consecutive bids for a parcel or by placing a bid in response to other bidders. If no bidders meet the reserve price, the Seller is under no obligation to sell the property. The Seller may withdraw a property at any time prior to the announcement of the completion of the sale by the auctioneer.

CREDIT APPROVAL AND PURCHASE AGREEMENTS
All sales are subject to credit approval. Winning Bidders consent to a credit check by the Seller or its credit check agents. All parcels are sold on a Real Estate Purchase Agreement. If approved for financing, the payments are due each month pursuant to the Real Estate Purchase Agreement until paid in full. Parcels financed shall make use of a Promissory Note secured by a Mortgage or a Deed of Trust. Interest shall begin accruing upon the date of the Purchase Agreement. The monthly minimum payment shall not be less than $50. Buyers shall pay a late charge of $10 or 10% of the monthly payment, whichever is greater, for any payment that is more than ten days delinquent and a service fee of $15 for any payment which is returned by Buyer’s bank. Buyers may not assign the agreement/contract to any third party. Some documents require Buyers to sign in the presence of a Notary Public and will therefore require the buyers to present proper photo identification.

REQUIRED DEPOSIT
Bidders must have in their possession all required deposit monies on auction day. The minimum deposit/down payment due on the total purchase price is 20% or up to 30% based on approved credit. The first $500 of each deposit/down payment or for Table auction winning bids must be paid in CASH or CASH EQUIVALENT. Any additional amounts due may be paid with a PERSONAL CHECK. Only first party, preprinted checks with satisfactory identification are accepted. CASH EQUIVALENTS are Cashier’s Checks (payable to Buyer), Money Orders, Traveler’s Checks and Gold Coins (American Eagles, Maple Leafs and Krugerrands at the most recent bid price list in the Wall Street Journal).

MULTIPLE PURCHASES
If a bidder purchases more than three (3) parcels, the 4th and subsequent parcels MUST be purchased with all CASH OR CASH EQUIVALENT. Seller reserves the right to limit the number of purchases made by any bidder, including bidder’s family members, relatives or friends.

DOCUMENT PREPARATION AND PROCESSING FEES
Buyers will be required to pay $1495 for the preparation of necessary purchase documentation, which covers document preparation, processing, and recording fees. Where applicable, Buyers shall pay the required property owner’s association fees, transfer fees, state or local agencies’ fees, and or transfer/excise tax based on the purchase price. Buyer may be required to pay a portion of association fees, taxes, and other holding costs already advanced by seller, prorated as of the contract date.

PROPERTY INSPECTION
All Bidders (whether pre-registered or registering on Auction day) must fully complete their Property due diligence prior to the Auction.  Winning Bidders shall represent, covenant, and warrant that they are purchasing the Property relying solely on their independent inspection of the Property in its existing condition, and that Buyer has physically inspected and fully investigated the suitability of the parcel, including the availability of utilities, means of access or lack thereof.  Neither Sellers nor Auctioneer shall be liable for any allowance, adjustment or revision based upon the failure of the Property to conform to any specific standards.  Any information provided by Sellers or Auctioneer regarding size, square footage and/or boundaries of the Property are approximations only and are based on information available.  Actual sizes, square footage and/or boundaries may vary.  Failure of a Buyer to be fully informed of the property’s condition will not constitute grounds for any claim for adjustment or right to cancel the sale.

All of the properties will be sold by seller and auctioneer “as is, where is and with all faults”. All prospective purchasers agree that they are acquiring the property in its present condition as of auction day, with all defects and with all faults, whether known or unknown, presently existing or that may hereafter arise. All purchasers agree that sellers and auctioneer have not made any representations, warranties, promises, or guaranties of any concerning or with respect to the property.

You should personally inspect all properties you are interested in purchasing.   Your inspection should include a complete, in-person inspection of the property,  plus a careful review of the property report (if applicable) and/or other documents related to the property which have been made available on-line at the auction website (www.landauction.com) and at the auction.  There is no guarantee or warranty on any of the properties offered for purchase. It is the responsibility of all bidders to inspect each property they desire to bid upon prior to the auction and to satisfy themselves as to its physical condition.  You may wish to consult with a licensed real estate broker in connection with any prospective bid.  All sales are subject to these terms and conditions, and those contained in the purchase agreement.  If you fail to inspect the property prior to purchasing, you will not be able to cancel the sale based on any later inspection. Please bid accordingly.

CONDITIONS OF SALE
Upon the final drop of the auctioneer’s gavel, the parcel is “SOLD” to the highest bidder. The Winning Bidder is bound to the purchase and the sale is final. Winning Bidders must immediately proceed to the contract area to complete the purchase documents and tender the required deposit/down payment or payment in full. Winning Bidder may place bids for additional properties while in the contract area. If the Winning Bidder leaves the contract area, fails to complete all required documents and/or fails to pay all of the required deposit, Seller, in its sole discretion, reserves the exclusive right to re-auction the property at any time and shall have no further obligation to the Bidder. All parcels are sold “AS IS, WHERE IS AND WITH ALL FAULTS” as of the sale date. Buyers acknowledge and agree that all parcels being sold, at public auction, are subject to all existing covenants, conditions, restrictions, reservations, exploration rights, easements, rights of way, assessments, zoning and all other land use restrictions. Some parcels are sold subject to Seller’s ability to obtain title by means of an exclusive option agreement.

TITLE BY DEED
Unless otherwise specified in Buyer’s real estate purchase agreement, deeds conveying title from Seller to Buyer shall be recorded without the benefit of independent escrow or title insurance subject to the warranties stated below. Some properties may be acquired by tax deed and some title insurance companies will not insure tax deeded parcels, so Buyers of tax deeded parcels will be required to sign an acknowledgement form. The Seller has attempted to provide accurate information on all documents. In the event that a typographical error exists in the legal description, Assessor’s Parcel Number, or parcel size, the Seller may correct the error and proceed with the recording or re-recording. Buyers taking title in an entity’s name must provide, at the time of purchase at the auction, certain entity formation documents. Corporations (Inc.): Articles of Incorporation, By-Laws, Resolution and Tax ID; Limited Liability Companies (LLC): Articles of Organization, Operating Agreement and Resolution; Trusts: Trust Agreements and/or Power of Attorney; Partnership: Partnership Agreement and/or Power of Attorney. Entity buyers shall be required to execute a personal guarantee.

WARRANTIES AND LIMITATIONS
Seller warrants that:

1. Title to each parcel is marketable title, subject to and except for items 1 through 8 below.
2. No monetary liens on property other than recurring assessments or bonds.
3. No Trust Deeds or Mortgages unless disclosed in this brochure or the Purchase agreement.
4. Real property taxes that are due and payable before the date of sale will be paid by the Seller and not prorated. The Buyer is responsible for all taxes which become due and payable on or after the Sale date.

Seller DOES NOT WARRANT and assumes NO LIABILITY for any of the following:

1. Location and size of the parcels are approximations. Exact parcel boundaries can only be ascertained by a survey.
2. Physical encumbrances discernible by physical inspection of the property. Some parcels may be “unbuildable.”
3. Zoning, building codes and regulations, or other land use restrictions. Contact appropriate county and/or city agencies.
4. Physical and/or legal access of lack thereof. Some parcels may be “landlocked.” The Seller makes no representations regarding streets or access which may appear on any maps.
5. Utilities or lack thereof. Contact appropriate land utility companies or agencies.
6. Bond for water, utilities, sewer and street improvements, association fees and/or any city or county assessments. These are assumed by the Buyers in addition to the total purchase price.
7. Mineral Rights of lack thereof. Seller may reserve mineral rights, if any, at Seller’s sole discretion.
8. Any claims or actions resulting from the construction of any improvements on any property. Buyer(s), at Buyer(s) sole cost and expense, shall obtain title insurance before making any improvements on any property.

LIMITATION OF LIABILITES
Seller’s warranties are limited to these expressed warranties. If at any time the Buyer discovers a breach of warranties A, B, C, D, or any other breach by Seller, then Seller’s liability is limited to:
(1) Rescission and cancellation of the sale and a refund of all monies paid towards the purchase price, including fees paid by the Buyer at the time of purchase; or
 
(2) Seller has the option to cure the defect at Seller’s expense. However, if the defect is covered by title insurance, the Buyer shall pursue the claim with the title insurer instead of the Seller. If the sale is rescinded, after conveyance of the property to the Buyer, the Buyer shall execute and deliver a valid deed conveying title back to the Seller in the same condition as when it was received. Seller shall not be responsible for Buyer’s incidental or consequential damages. No warranty shall extend to any third party.

CANCELLATION/LIQUIDATED DAMAGES
If Winning Bidder fails to comply with any of the foregoing, or subsequently defaults under the Purchase Agreement, the sale may be canceled by the Seller and the Buyer shall be required to pay damages as set forth in the Purchase Agreement.

GENERAL AUCTION INFORMATION

Sellers and Auctioneer reserve the right to deny any person admittance to or expel anyone from the Auction site for interference with the Auction activities, nuisance, canvassing, solicitation, or any other reason.  Seller and Auctioneer have the right to postpone or cancel the Auction, to withdraw any Property from the Auction and to change any terms of the Auction or particular conditions of sale upon announcement prior to or during the course of the Auction.

Announcements made by the Auctioneer or its announcer at the Auction shall supersede and take precedence over all prior oral or written terms and conditions – including these Terms and Conditions.  The Auctioneer may postpone or cancel the Auction, rearrange the order or sequence of the Auction, modify the Auction Terms and Conditions, reject any or all bids and/or advance the bidding.  In the event of a dispute among 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.

Each attendee of the Auction shall be deemed to have consented to the issuance of press releases and other public communications by Seller, Auctioneer or their agents regarding the Auction and the Properties offered or sold at the Auction.

The respective rights and obligations of the parties with respect to these Auction Terms and Conditions and the conduct of the Auction shall be governed by, interpreted and enforced under the laws of the state in which the auction is held.  By bidding at the Auction, whether present, in person or by agent, each Bidder shall be deemed to have irrevocably (a) submitted to the courts of competent jurisdiction in the county and state in which the auction is held (including the federal courts) in connection with any suit, proceeding or other legal process relating to the Auction and/or the offering or sale of any Property (“Action”), (b) agreed that any Action may be heard in any such court, (c) waived the defense of any inconvenient forum to the maintenance of any Action in any such court, and (d) agreed to be subject to suit, service and legal process of such court in connection with any Action.  Upon execution of the Purchase Agreement, all rights and remedies with respect to the Property covered by such Purchase Agreement shall be governed by such Purchase Agreement.

Offers made at the Auction are void where prohibited by law.  Any information on any website, in any brochure, e-mail or postcard and any and all information available regarding the Properties shall not constitute an offer to sell or a solicitation of any offer to buy any of the Properties referenced herein.  In addition, and without limitation of the foregoing, any website or brochure shall not constitute an offer to sell or a solicitation of any offer to buy nor shall there be any sales of any of the Properties in any state in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the applicable securities laws of that state.

All of the information contained herein is obtained from official county agencies or other sources deemed reliable, but is not guaranteed to be free from errors. Although every precaution has been taken to ensure the accuracy of the information, the Seller, and its agents will not be responsible for any errors or omissions. Bidders understand and agree that any and all latitude/longitude data, GPS coordinates or any other geo-spatial data provided are for informational purposes and should not be solely relied upon for determining the exact physical location of any property offered. Taxes, association dues and other recurrent costs are estimates based on previous year’s billings; these costs may be assessed at different rates in subsequent years.Buyer should contact the applicable property owners’ association for the current assessment amount.Buyers should carefully verify all costs and assessments, inspect the property and bid accordingly.

Auctioneer has made no independent investigation of any information provided, and assumes no responsibility for the providing of or absence of any information whatsoever, or for the accuracy thereof.

Seller reserves the right to deny any person admittance to or expel anyone from the auction site for interference, nuisance, canvassing, solicitation or any other reason.

Some properties listed in this brochure require potential buyers to read a Property Report prior to purchase. The Reports are available at the auction and at www.landauction.com. Obtain the property report or its equivalent required by Federal and State law and read it before signing anything. No Federal or State agency has judged the merits or value, if any, of this property.

Warning: The California Department of Real Estate has not inspected, examined or qualified this offering.