Luxury Real Estate Auction - Wailua Homesteads

BIDDER REGISTRATION - AUCTION TERMS & CONDITIONS

Property: 6472 PUUPILORD,UNITC, KAPAA, HI 96746

Final Bidding Day: OCTOBER 12 at 11 am HST

Auction Site: Online www.malamaauctions.com

Registration Deadline: Prior to Final Bidding Day and auction time.

Buyer’s Premium: 10% of Winning Bid (“High Bid”)

Total Purchase Price:Winning Bid + Buyer’s Premium

Purchase Now Price: $1,500,000 (inclusive of Buyer’s Premium)

PNP Expiration Date: Thursday October 6, 2016

Buyer’s Deposit:$150,000.00 due at the close of auction no later than 5 pm HST by the next business day

Registration Deposit: $10,000

Malama Auctions & Appraisals, herein referred to as Malama Auctions, will present the above-listed Property for sale by Auction (the "Auction") on behalf of the Sellers and Lincoln Henry Gill Real Estate. Lincoln Henry Gill Real Estate will coordinate/conduct all real estate brokerage activity and Malama Auctions will coordinate/conduct all bidding activity.

AUCTION PROCESS

The auction process is a public sale at which the above-listed property will be sold to the highest bidder, subject to the seller’s Reserve Price, if any. A reserve price is the minimum price at which the Seller agrees for the property to be sold, and may be disclosed to the public or may remain confidential at the Seller’s discretion.

Bidding will be conducted worldwide online may or may not be in conjunction with live bidding on the final day of the auction. All bidding is open to the public without regard to race, color, gender, religion, familial status, handicap or national origin.

If you are the highest bidder acknowledged by Malama Auctions at the end of the Auction, you will be under contract to become the Buyer.

By registering and participating in this Auction, you represent, warrant and covenant that any bid you make constitutes an irrevocable offer to purchase the Property for the Total Purchase Price which is defined as your High Bid plus the Buyer’s Premium.

THIS IS A CASH TRANSACTION WITH NO CONTINGENCIES, including, without limitation, a contingency for financing or inspections. Buyer may obtain a loan but no contingencies regarding such loan or extension of time to obtain a loan shall be granted.

BIDDER REGISTRATION
To bid in this auction you must sign and submit the Bidder Registration- Auction Terms & Conditions and deposit $10,000 with TG Hawaii prior to the Final Bidding Day and the start of the auction. All bidder registration deposits except High Bidder and any other bidders placing backup contracts, will be returned to bidders within two business days after the conclusion of the auction.

TOTAL PURCHASE PRICE

Total Purchase Price is the sum of your Winning Bid, plus a 10% Buyer’s Premium.
A ten percent (10%) Buyer’s Premium on the Winning Bid shall be paid by the Buyer in addition to the Winning Bid amount.
Example:

Your Winning Bid: $3,000,000

Your Buyer’s Premium (10%): $300,000

Total Purchase Price: $3,300,000

The Buyer’s Premium is the commission and fee that Lincoln Henry Gill Real Estate (real estate services commission) and Malama Auctions (auction services fee) charge to bidders for bringing the Property to auction.

PURCHASE CONTRACT & BUYER’S DEPOSITS

If you are the Winning Bidder, you are required to immediately execute the Purchase Contract and make a deposit of “good funds” of $150,000.00 at the close of auction and no later than 5:00 p.m. Hawaii Standard Time by THE NEXT BUSINESS DAY.

Once signed, the Purchase Contract supersedes any and all other documents or information and serves as the governing document for the sale of the Property. You are encouraged to review the Purchase Contract prior to bidding. You may wish to consult with a licensed real estate broker, attorney or contractor prior to making any bid.

PURCHASE NOW PRICE (PNP)

If a Registered Bidder elects "Purchase Now Price" (all-inclusive of Buyers Premium) they are the Winning Bidder and auction stops. Auction Purchase Contract will be used. The Purchase Now Price option expires 3 business days before Final Bidding Day.

ESCROW CLOSING DATE

The escrow closing date shall be on or before 30 days after final Auction Date. (Refer to the Purchase Contract.) If closing date falls on a recognized holiday, closing shall be the next business day. In certain cases, the Seller may grant extensions of the Closing Date pursuant to the Purchase Contract or as otherwise negotiated between Seller and Buyer, at Seller's sole discretion.

LINCOLN HENRY GILL REAL ESTATE ACTING AS SELLER’S AGENT

Lincoln Henry Gill Real Estate is a Seller’s Agent in the sale of said property. As a Seller’s Agent we owe the highest duties to the Seller, including confidentiality, loyalty, and due care and diligence. As a Bidder you may also choose to have real estate agent representation in the purchase of the Auction Property. In the absence of an agency relationship with Lincoln Henry Gill Real Estate or a third party, you will be treated as a Customer. As a customer to the purchase of the property Lincoln Henry Gill Real Estate must and will disclose to potential buyers all material facts actually known by Lincoln Henry Gill Real Estate about the property.

PROPERTY INSPECTION/DUE DILIGENCE

The Property is being sold in "AS IS, WHERE IS, WITH ALL FAULTS" condition with no expressed or implied guarantees or warranties whatsoever. It is your responsibility as a Bidder to perform any inspections you deem pertinent to the purchase of the Property to your satisfaction prior to bidding, including but not limited to review of posted inspections, disclosures, and/or a personal on-site inspection. You are recommended to independently verify all information you deem important. The property is scheduled to have one or more open houses, and/or private showings upon request. You are also encouraged to review with due diligence the materials and disclosures provided on www.activelionauctions.com. Although information has been obtained from resources deemed reliable, neither Lincoln Henry Gill Real Estate nor Malama Auctions makes any guarantee as to the accuracy of any such information. Lincoln Henry Gill Real Estate and Malama Auctions assume no liability for errors or omissions in these disclosures or any other property listings or advertising, promotional or publicity statements and materials.

INSPECTION

By bidding at the Auction, you represent, warrant and agree that you have inspected the Property to your satisfaction and that you have made your bid after having relied solely upon you own independent investigation and/or analysis of third parties’ inspection, appraisal and evaluation of the Property and the facts and circumstances related thereto.
In the course of your inspections, if the Property is/are damaged by you or anyone you have inspect the property, you will repair or have repaired any and all related damage.

ACCURACY OF INFORMATION PROVIDED

You acknowledge that any information provided or to be provided by or on behalf of the Sellers with respect to the Property including, without limitation, all information contained on-line at the Auction website, in Auction advertising, in the Auction brochure and in the Property Information Packages being made available to Bidder by Seller and Lincoln Henry Gill Real Estate and/or Malama Auctions was obtained from Seller and/or Seller's representatives/agents, and Lincoln Henry Gill Real Estate and Malama Auctions make no representations as to the accuracy or completeness of such information.

NON-RESPONSIBILITY FOR POOR CONNECTIONS

Our goal is to encourage online bidding, however neither Malama Auctions nor Lincoln Henry Gill Real Estate will be held responsible for any errors or omissions in connection with online, telephone or any other type of absentee or electronically-transmitted bids, including, without limitation, poor Internet or connections of any other type and/or reception, dropped calls, recording failures, busy signals or missed calls. Furthermore, Malama Auctions and Lincoln Henry Gill Real Estate do not warrant that the functions, features or content contained in the Internet bidding website, including any third-party software, products, or other materials used in connection with Internet bidding, will be timely, secure, uninterrupted or error-free, or that defects will be corrected before the end of the auction.

DISPUTES

In the event of any dispute between bidders, or in the event of doubt on the part of Malama Auctions as to the validity of any bid, Malama Auctions will have the final discretion to determine the successful Bidder, cancel the Auction, or to re-offer the subject Property for auction. If any dispute arises after the Auction, the Auction record of Malama Auctions shall be conclusive. Malama Auctions reserve the right to reject any bid in their sole discretion.

ORDER OF AUCTION, BIDDING INCREMENTS, VERBAL ANNOUNCEMENTS

The auction method, order of Auction, and bidding increments shall be at the sole discretion of Malama Auctions, including, without limitation, the right to freeze and unfreeze or pause and resume bidding during the Auction.
Malama Auctions reserve the right to reject any bid that is only a minimal increase over the preceding bid, or that Malama Auctions believes was made illegally or in bad faith. All decisions of Malama Auctions are final as to methods of bidding, cancellation or any other matters that may arise before, during or after the Auction.Verbal announcements made at the Auction will take precedence over all printed material or other previously made statements. Malama Auctions reserve the right to waive any previously announced requirements.

COLLUSION ILLEGAL

Collusion between bidders is prohibited by the Federal Anti-Trust Laws. If Malama Auctions perceive attempted collusion, they may cancel the Auction.

DISTURBANCE-FREE

Malama Auctions reserve the right to deny any person admittance to the Auction or expel anyone who they believe may interfere with the Auction in any way.

CANCELLATION/POSTPONEMENT

Lincoln Henry Gill Real Estate and/or Malama Auctions reserve the right to cancel, postpone or withdraw the property before or up to the start of the auction.

Should the Auction, be postponed, the Opening Bid shall remain in place for a period of time not to exceed 45 days from Auction Date. If the Auction is postponed, and the rescheduled date more than 45 days from Auction Date, Bidder can make a new Opening Bid. A postponed auction may be subject to new Auction Terms and Conditions for the rescheduled auction.

PRESS RELEASES/PROMOTION

Each attendee of the Auction shall be deemed to have consented to the issuance of press releases and other public communications by Seller, Lincoln Henry Gill Real Estate or their agents regarding the Auction and the Properties offered or sold at the Auction. By executing these Auction Terms & Conditions each attendee of the Auction authorizes and consents to the recording of such attendee's participation and appearance on video tape, audio tape, film, photograph or any other medium and the exhibition or distribution of such recording without restrictions or limitation for any promotional purpose which Lincoln Henry Gill Real Estate and those acting pursuant to its authority, deem appropriate. Bidder hereby releases and discharges Lincoln Henry Gill Real Estate, its officers, employees and agents, from any and all claims and demands arising out of or in connection with the use of such photographs, film or tape, including but not limited to any claims for defamation or invasion of privacy. (Please contact us prior to the Auction beginning if this is of concern to you.)

SEVERABILITY

If any provision of these Auction Terms & Conditions is held by a court of competent jurisdiction to be invalid or unenforceable, then such provision shall be enforced to the maximum extent permissible to affect the intent of these Terms, and the remainder of this Agreement shall continue in full force and effect.

STATE LAWS

The respective rights and obligations of the parties with respect to these Auction Terms & Conditions and the conduct of the Auction shall be governed and interpreted by the laws of Hawaii. By bidding at an auction, whether present in person, or by agent, by written bid, telephone bid, internet bid, or other means, the purchaser shall be deemed to have consented to the jurisdiction of the state courts, and the federal courts sitting in the State of Hawaii.

MISCELLANEOUS

Without limiting any other provision of these auction terms & conditions or the contract, all bidders acknowledge and agree that they are bidding for and, when the high bidder is confirmed by the seller, will acquire the property, including the improvements constructed on the property and all appliances and building systems, in its state and condition as of auction day, with all defects, both patent and latent, and with all faults, whether known or unknown, presently existing or that may hereafter arise.

All prospective bidders acknowledge and agree that Lincoln Henry Gill Real Estate has not made, does not make and specifically negates and disclaims any representation, warranty, promise, covenant, agreement or guaranty of any kind or character whatsoever, whether express or implied, oral or written, past, present or future, of, as to, concerning or with respect to the property, including without limitation: (a) the value, nature, quality or condition of the property, including, without limitation, the water, soil and geology; (b) the income to be derived from the property, if any; (c) the suitability of the property for any and all purposes, activities and uses which bidder may conduct thereon; (d) the compliance of or by the property or its operation with any laws, rules, ordinances or regulations of any applicable governmental authority or body; (e) the habitability, merchantability, marketability, profitability or fitness for a particular purpose of the property; (f) the manner or quality of the construction or materials, if any, incorporated into the property; (g) the manner, quality, state of repair or lack of repair of the property; (h) the existence of any view from the property or that any existing view will not be obstructed in the future; (i) any other matter with respect to the property, (j) the structural integrity of any improvements on the property, (k) the conformity of the improvements to any plans or specifications for the property that may be provided to bidder, (l) the conformity of the property to applicable zoning or building code requirements, (m) the existence of soil instability, past soil repairs, susceptibility to landslides, sufficiency of under-shoring, sufficiency of drainage, or any other matter affecting the stability or integrity of the land or any buildings or improvements situated thereon, (n) whether the property is located in a special studies zone under the public resources code or a seismic hazards zone or a state fire responsibility area, or a special flood hazard zone or (o) the presence of termites or other pests and any damage to the property and/or its improvements that may have occurred as a result.

Bidder acknowledges that the property and its improvements may not be in compliance with applicable zoning, building, health or other laws or codes, and further acknowledges that Lincoln Henry Gill Real Estate, Malama Auctions nor any of their respective representatives or agents have occupied the property and the property may not be in habitable condition. All prospective bidders further acknowledge and agree that, without limitation, Lincoln Henry Gill Real Estate and Malama Auctions have not made, do not make, and specifically disclaim any representations regarding compliance with the Americans with Disabilities Act or with any environmental protection, pollution or land use laws, rules, regulations, orders or requirements, as defined by the U.S. Environmental Protection Agency regulations or the disposal or existence, in or on the properties, of any hazardous substance, as defined by the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, and regulations promulgated thereunder.

Each prospective bidder and anyone claiming by, through or under the same hereby fully and irrevocably release sellers, Lincoln Henry Gill Real Estate, Malama Auctions and their respective affiliates, employees, officers, directors, representatives, attorneys and agents, from any and all claims that he/she/it or they may now have or hereafter acquire against sellers and/or Lincoln Henry Gill Real Estate and/or Malama Auctions and/or their respective affiliates, employees, officers, directors, representatives, attorneys and agents, for any cost, loss, liability, damage, expense, demand, action or cause of action arising from or relating to the conduct of the auction and/or the condition of the property, including but not limited to any construction defects, errors, omissions or other conditions, including but not limited to environmental matters, affecting the property, or any portion thereof. This release includes claims of which prospective bidder is presently unaware or does not presently suspect to exist in his/her/its favor which, if known by prospective bidder, would materially affect prospective bidder's release of sellers, Lincoln Henry Gill Real Estate and Malama Auctions. Each prospective bidder should consider these matters when registering as a bidder and before placing bids.
Bidder acknowledges that this release and disclaimer is intended to be very broad and bidder expressly waives and relinquishes any rights or benefits it may have under any state or federal statutes or common law principles designed to invalidate releases of unknown or unsuspected claims.

AUTHORITY & CAPACITY

By signing this contract, you guaranty and warrant that you have authority to bid, to enter into this Contract and if the winning bidder the Purchase Contract and that you have the capacity to close the transaction pursuant to the purchase contract.

ENTIRE AGREEMENT

These Auction Terms & Conditions, together with any additional terms and conditions specific to a particular auction (which are incorporated herein by reference and can be found through one or more links on the detail page for the auction in question), constitute the entire agreement between Lincoln Henry Gill Real Estate and Malama Auctions and Bidder regarding its subject matter and supersede and replace any and all prior or contemporaneous agreements between the parties regarding such subject matter.

DEFINITIONS

AUCTION. A public sale at which real estate is sold to the highest bidder, subject to the seller’s Reserve Price, if any.

RESERVE. A reserve price is the minimum price at which the Seller agrees for the property to be sold. The reserve price may be made known to the public or it may be confidential at the Seller’s discretion.

FINAL AUCTION DATE. The last day of the auction.

BIDDER. Anyone who has registered and made their Bidder’s Deposit before the deadline and has obtained a Bidder Card enabling them to bid during this Auction.

BUYER. The bidder who is recognized by Malama Auctions and Lincoln Henry Gill Real Estate on the final Auction Date as the winning bidder.

BUYER’S PREMIUM. A percentage of the winning bid, normally ten (10) percent. HIGH BID. The highest bid acknowledged by Malama Auctions and Lincoln Henry Gill Real Estate at the end of the Auction.

PURCHASE NOW PRICE (PNP). PNP is an all-inclusive purchase price (inclusive of Buyer’s Premium) a Registered Bidder can elect to bid and they will become the Winning Bidder and auction is over. Option expires 3 business days before Final Bidding Day.

HIGH BIDDER. The bidder placing the highest bid by the end of the Auction as recognized by Malama Auctions and Lincoln Henry Gill Real Estate.

WINNING BID. Same as High Bid.
TOTAL PURCHASE PRICE. High Bid plus Buyer’s Premium.

PURCHASE CONTRACT. The real estate purchase and sale contract and any addendum required to be signed by Seller and Buyer.

BUYER’S DEPOSIT. $150,000.00 Buyer’s Deposit is due prior to 5 pm HST on the next business day after the final bidding date.

BY REGISTERING AND SIGNING BELOW YOU AGREE TO THE TERMS AND CONDITIONS OF THE REAL ESTATE AUCTION FOR:

6472 PUUPILO RD, UNIT C, KAPAA, HI 96746

Bidder Name: _________________________________________________________________

Phone 1: _________________________ Phone 2: ________________________

Email: _________________________________________________________________

Mailing Address: _________________________________________________________________

_________________________________________________________________

____ I WILL ____ I WILL NOT be using a real estate agent.

Agent Name _______________________________________________________

Phone ___________________________

Brokerage Firm __________________________________________________________

BIDDER SIGNATURE: DATE: ________________________________________________ ________________