3 BDR, 1.5 BA, 2 Stall Garage ~ Single Family ~ Warren, Michigan!

TERMS AND CONDITIONS FOR ONLINE AUCTIONS

These Terms and Conditions apply to the conduct of the Online Auction format. Auction will be conducted by KW Commercial & Detroit Real Estate Advisors, LLC ("Auctioneer"). Auctioneer, as used in these Terms and Conditions, shall include but not be limited to, any and all of its agents, employees, representatives, officers and directors. These Terms and Conditions generally describe the auction of real properties (individually, a "Property" and collectively, the "Properties") owned by one or more selling entities ("Seller" herein shall include the selling entity and any parent company, subsidiaries, or affiliated companies). The Sellers of the Properties have instructed the Auctioneer to auction the listed Properties on the Terms and Conditions set forth below. Prospective purchasers who register in accordance with the instructions below will be deemed "Bidders" during the Auction. Winning Bidders will be required to execute a Purchase Agreement in a form and with terms and provisions required by Seller (the "Purchase Agreement"), which Purchase Agreement will incorporate many of these Terms and Conditions. The Purchase Agreement will be posted prior to the auction on this website for review prior to Janaury 24, 2017.

REGISTRATION

Registration is required in order to bid online during the Auction and there is no fee to register. In order to register for the Auction, please go to the Register to Bid icon on the auction website, click on it and follow the registration instructions. ONLINE BIDDING REGISTRATION. To register for the Auction, go to the Register to Bid icon near the top of this page, click on it and follow the registration instructions. CREDIT CARDS ARE ACCEPTED FOR THIS AUCTION, as part of the registration process, you will be required to place an authorization and hold on a major credit card to receive approval to bid. The minimum amount required for the authorization and hold will be specified by the listing agent of the property under consideration. Certain assets may require a higher authorization and hold amounts than others. By submitting a bid in the Auction, you agree that KW Commercial & Detroit Real Estate Advisors, LLC may charge your credit card the amount of the initial Bidding Deposit and retain such amount as Iiquidated damages if you (1) fail to timely execute and return the Purchase Agreement or (2) fail to timely submit the required Earnest Money Deposit, or otherwise breach these Terms & Conditions. You agree that the damages to Auctioneer resulting from such a breach would be difficult and impractical to calculate and agree that the authorization and hold amount is a reasonable pre-estimate of the damages to Auctioneer. If credit cards are NOT accepted for this auction, you agree upon winning the auction to send certified funds in the form of cashier's check or wire transfer to a destination to be specified by KW Commercial & Detroit Real Estate Advisors, LLC  following the completion of the auction. By submitting a bid in the Auction, you agree that KW Commercial & Detroit Real Estate Advisors, LLC may retain such amount as Iiquidated damages if you fail to timely execute and return the Purchase Agreement or otherwise breach these Terms & Conditions. You agree that the damages to Auctioneer resulting from such a breach would be difficult and impractical to calculate and agree that the retention of such amount is a reasonable pre-estimate of the damages to Auctioneer.

DUE DILIGENCE

Each Property may be scheduled to have up to two (2) open houses or may be available for inspection by appointment only. All Bidders must fully complete their Property due diligence prior to Auction. Winning Bidders shall represent, covenant, and warrant that they are purchasing the Property relying solely can their independent inspection of the Property in its existing "As Is, Where Is, With All Faults and Limitations" condition. Neither Sellers, their affiliates, Seller's broker ("Seller's Broker") nor Auctioneer shall be |liable for any allowance, adjustment or revision based upon the failure of the Property, appliances, or floor plans to conform to any specific standards. Any information provided by Sellers or Auctioneer regarding sizes, floor plans, square footage and/or bedrooms/bathrooms for the properties are approximations only and are based on information available. Actual sizes, floor plans, square footage and/or bedroom/bathrooms may vary.

Inspection Indemnity. In connection with any due diligence, inspection, visit and/or investigation of the Property by prospective purchasers, Bidders and/or Winning Bidders or any person/entity on their behalf (the "Inspectors"), shall (1) keep the Properly free and clear of liens, (2) repair all damage arising from such inspection, and (3) indemnify, defend and hold Seller, Seller's Broker and Auctioneer harmless from all liability, claims, demands, damages and/or costs directly or indirectly arising therefrom. Inspectors shall carry, or require anyone acting on inspector's behalf to carry, policies of liability, workers' compensation and other applicable insurance, defending and protecting Seller, Seller's Broker and Auctioneer from liability for any injuries to persons or property occurring during any inspection prior to close of the transaction.

Documents. Purchasers are advised to visit this Auction website in order to review (a) the purchase documentation, (b) disclosure documentation (if any), (c) asset specific information (if any), and (d) other pertinent information regarding the Auction and a particular asset (if any). Such information may also be available at the Properties during open houses, and may be available at the Auction locations on the date of the Auction. Prospective purchasers are encouraged to fully investigate public records and all other matters which may disclose information relative to the Property. By participating in the Auction, Bidder is representing to Auctioneer and seller that he/she has conducted due diligence to the extent Bidder may deem desirable or necessary to bid on the Property and has sufficient resources to close the transaction.

BIDDING AND BUYING

Reserve Auction. It is deemed a reserve auction, unless otherwise noted in a specific Property listing, and all Properties have a reserve price ("Reserve Price"), meaning the Seller of each Property can accept or reject any bid and has also established an unpublished, minimum selling price. The starting bid is not the Reserve Price unless otherwise noted as a Minimum Bid. If no bidders meet the Reserve Price, the Seller is under no obligation to sell the Properly (see "Subject to Confirmation" section below). The Seller may withdraw a Property at any time prior to the announcement of the completion of the sale by the Auctioneer. Auctioneer is not acting as an agent for any Bidder in any capacity, and is acting exclusively as the Seller's auctioneer. Absolute Auction. Some Properties may be sold absolute (an auction without a reserve price) and all such designated Properties sold without reserve will be sold to the highest bidder. Please review the Auction's website and the purchase documentation for further information. The Seller may not bid on any Properties sold absolute, personally or through an agent. Auctioneer is not acting as an agent for any Bidder in any capacity, and is acting exclusively as the Seller's auctioneer.

Buyers Premium and Total Purchase Price. The total purchase price will include a buyers premium of (10%) ten of the winning bid amount. Higher or lower buyers premiums may apply for certain properties and will be noted on those specific properties prior to auction. Therefore, the actual total purchase price on the Auction day (and at the closing) is equal to the winning bid amount plus the buyer's premium (the "Total Purchase Price"). The Total Purchase Price does not include other amounts payable by the Winning Bidder during closing, such as escrow/closing fees, property taxes, or insurance, as more fully set forth in the purchase documentation.

Pre-Auction Event Sales. Prior to the commencement of the Auction event, pre-bids will be accepted. Contact the auctioneer on how to submit pre-auction bids. These Terms and Conditions shall govern all Pre-Auction Sales. You must still register to bid pursuant to these Terms and Conditions. All bids received will be communicated to the Seller who may accept, or reject such bid in their sole and absolute discretion. Purchase documentation shall be the same as if purchased during the Auction Agency Disclosure. Auctioneer and all licensees employed by, affiliated with or associated with the Auctioneer represent the Seller as auctioneer in the sale of the properties.

Bidding and Winning - ONLINE BIDDING. The bidder authorization and login information given to you upon successfully registering to bid online shall be used by you during the Auction to bid on Properties. To purchase a particular Property at the Auction, one must be acknowledged by the Auctioneer (or KW Commerical & Detroit Real Estate Advisors, LLC in the absence of a live Auctioneer in an automated online auction) as the Wining Bidder (the bidder to whom the Auctioneer or KW Commerical & Detroit Real Estate Advisors, LLC acknowledges the Property as being "SOLD" to). By participating in the Auction and bidding, Bidder represents to Auctioneer and Seller that Bidder has agreed to and accepted these Terms and Conditions. If you are the Winning Bidder, KW Commerical & Detroit Real Estate Advisors, LLC will contact you by phone and/or email with the contact information you provided during your registration. If you fail to submit the executed purchase documentation or Earnest Money Deposit in accordance with these Terms and Conditions, Auctioneer may charge the credit card you supplied during registration in the amount of the authorization and hold and retain such amount as liquidated damages. Winning Bidder agrees that the damages caused to Auctioneer by a Winning Bidder's failure to timely submit the executed purchase documentation or Earnest Money Deposit would be difficult and impractical to calculate and agree that the amount of the initial Bidding Deposit is a reasonable pre-estimate of the damages to Auctioneer as a result of such breach. Once contacted by a KW Commercial or Detroit Real Estate Advisors, LLC representative, the Winning Bidder will be sent, by e-mail, the Purchase Agreement and certain other documents for signatures unless otherwise directed by Seller. The Purchase Agreement will contain the exact terms and conditions of the sale. Additionally, Winning Bidder must agree to be bound by all terms, provisions and conditions of the Purchase Agreement and the related conveyance documents, if any, for each Property. As between Winning Bidder and Seller, the Purchase Agreement supersedes any and all other documents or information (including without limitation these Terms and Conditions) and serves as the governing document for the sale of each Property. After executing the Purchase Agreement, which shall be executed within eight (24) hours following the close of the online auction, Winning Bidder will be contacted by an escrow/closing agent or settlement attorney who will provide them certain additional information pertaining to the closing process. If a Winning Bidder cannot be reached within two (2) hours of Auctioneers acknowledgment of the winning bid, or Winning Bidder fails to timely (within eight (24) hours) electronically execute the purchase documentation, then Auctioneer or Seller can declare the Winning.

Bidder to be in default. In the event of such a declaration, the Winning Bidder's bid shall be null and void and the Auctioneer and Seller shall have absolutely no further liability or obligation to that Bidder. In addition, such Winning Bidder shall be subject to liquidated damages as set forth herein. Furthermore, Auctioneer, Seller's Broker and Seller reserve the right to immediately put the Property back up for sale at the Auction. Those Bidders who are not successful Winning Bidders during the Auction will have the authorization and hold on their credit card removed following the Auction day. Such holds and their releases are subject to the card issuers' terms and conditions. The authorization and hold for Winning Bidders shall be released after confirmation that the purchase documentation has been timely executed and the Earnest Money Deposit has been timely submitted. In order to allow final bids to be properly input and processed, KW Commerical & Detroit Real Estate Advisors, LLC may extend the close of bidding for any Property in certain time increments to allow for additional bids. Once an extension of time has elapsed with no additional, higher bids, then the bidding will be closed. Subject to Confirmation. In the event the winning bid amount is not immediately accepted by the Seller, the Auctioneer will inform the Winning Bidder that acceptance of their winning bid is "subject to confirmation." Winning Bidder acknowledges and agrees that Winning Bidder's purchase is subject to, and contingent upon, the Seller approving the purchase, which shall be given or denied at their sole and absolute discretion within fifteen (3) business days following the close of the Auction and execution of the Purchase Agreement by the Winning Bidder (for certain assets, other time frames may apply). Please review the Auction's website and the purchase documentation for further information. Winning Bidder will receive a refund of monies deposited in the event Seller chooses to cancel the transaction.

Payment of Deposit and Remaining Balance. As the Earnest Money Deposit, Winning Bidder shall be required to pay the greater of $5,000 or ten percent (10%) of the Total Purchase Price. Please check the auction website for review of the Purchase Agreement and addenda regarding property specific deposits. For any purchase, the Earnest Money Deposit shall be no less than that specified for the particular listing, as found in the Terms & Conditions. The Earnest Money Deposit shall be paid by wire Transfer or by cashiers check to a destination to be specified by KW Commerical & Detroit Real Estate Advisors, LLC.  The Earnest Money Deposit shall be paid by wire Transfer or by cashiers check to a destination to be specified by KW Commerical & Detroit Real Estate Advisors, LLC and must be received by the escrow/closing agent no later than 48 hours following the auction date (including for properties sold "subject to confirmation").

All monies will be immediately deposited with an escrow/closing agent or settlement attorney. The balance of the Total Purchase Price, along with all other costs and/or fees, must be paid as required in the Purchase Agreement. Regardless of the amount financed, the Earnest Money Deposit amounts required on Auction day will not change. If Winning Bidder fails to timely send the Total Purchase Price or Earnest Money Deposit as set forth above, than Auctioneer or Seller can declare the Winning Bidder to be in default. In such event, the Winning Bidder shall be subject to liquidated damages as set forth in the Purchase Agreement. Any further liability resulting such default by Winning Bidder shall be controlled by the terms of the Purchase Agreement.

The balance of the Total Purchase Price, along with all other costs and/or fees, must be paid as required in the Purchase Agreement. Regardless of the amount financed, the Earnest Money Deposit amounts required on Auction day will not change. If Winning Bidder fails to timely send the Total Purchase Price or Earnest Money Deposit as set forth above, than Auctioneer or Seller can declare the Winning Bidder to be in default. In such event, the Winning Bidder shall be subject to liquidated damages as set forth in the Purchase Agreement. Any further liability resulting such default by Winning Bidder shall be controlled by the terms of the Purchase Agreement. Closing. All sales are expected to close with the escrow/closing agent or settlement attorney no later than forty five (15 days Cash or 45 days Non-Contingent Loan) days as specified in the purchase agreement after the date of the Auctions. Winning Bidders shall be required to pay closing costs as set forth in the Purchase Agreement, which may include (and may not be limited to) escrow/closing fees, recording fees, prorations, lender's title insurance premium and fees, loan fees, document preparation fees, documentary transfer taxes (or other taxes), and, if applicable for the Property, Homeowners Association fees, Condominium Association or other Association fees.

Winning Bidders also may be required to pay additional fees and costs as provided in the Purchase Agreement. Please review the Auction's website and the purchase documentation for further information.