Terms and Conditions of Sale
This transaction may be reported to the IRS
Proposed Bidder’s signature below acknowledges that any buyer purchases this property at buyer’s risk and further acknowledges that the sale is subject to the following reasonable conditions announced by the [Substitute] Trustee before bidding was opened for the first sale of the day.
Sale and auction is made subject to:
1.Any statutory or court-ordered restraint of the sale arising out of bankruptcy, pending litigation, receivership, or other legal proceedings involving any person or entity that claims a legal or equitable interest in the property.
2.The death or initiation of a probate proceeding of the borrower(s) or any person who claims a legal or equitable interest in the property.
3.Reinstatement or payoff of the loan secured by the property or any other presale arrangement to satisfy the default.
4.Any matter which may affect the validity of any element of the foreclosure process or foreclosure sale or act as a defense or bar to the foreclosure process.
Additional Terms and Conditions
(As used herein, “Buyer” shall mean successful bidder at auction, and “Seller” shall mean both [Substitute] Trustee and Mortgagee.)
5.In the event a defect or other problem with the foreclosure sale is discovered, the purchase price paid by the Buyer will be returned to the Buyer within a reasonable time after verification of the pertinent facts, and the return of the funds shall be the Buyer’s sole and exclusive remedy.
6.A [Substitute] Trustee’s Deed and Bill of Sale will be prepared and recorded by [name of lawyer or law firm] after the funds tendered have been paid by the issuing bank, usually within [number] business days of the sale. A copy of the deed is NOT available prior to the time that your cashier’s check or wire funds have been confirmed as paid. Refunds will not be processed until verification with the bank that the funds have been paid.
7.Prior to delivery and recordation of the [Substitute] Trustee’s Deed, any direct activity with the property or borrower is at Buyer’s risk.
8.Any changes made to these exceptions and conditions are not valid unless initialed by the [Substitute] Trustee.
9.This sale is being conducted as auction to the highest bidder for cash. In the event that the highest bidder does not have cash with it equal to its bid, this sale will be adjourned to such time as the [Substitute] Trustee may designate in order to permit the highest bidder an opportunity to produce its cash bid. In the event you are not the highest bidder and the [Substitute] Trustee does announce an adjournment, you should reappear at the time of the convened sale in order to verify that the highest bidder has produced its cash bid; or, if the apparent highest bidder does not produce cash, you should reappear to bid again on the property being sold. You must be prepared to pay by cashier’s check, or wire transfer through the federal wire system, verified by the Mortgagee as good funds, upon the successful bid at any sale or at any convened sale.
10.The Mortgagee intends to bid at the sale. Bids entered by the Mortgagee at the sale will be a credit against the Note secured by the Deed of Trust. Accordingly, the Mortgagee shall not be obligated to produce cash.
11.The terms and conditions of the following section shall expressly survive the sale of the property and not merge therein:
Buyer acknowledges that the property is purchased “AS IS” in its present condition and that there have been no representations, either expressed or implied, regarding the nature or status of either the condition of or title to the property, or the perfection of the procedural requirements necessary to effectuate a proper foreclosure sale.
Buyer takes the property subject to any superior interest as well as any defects.
Other than the warranty of title set forth in the [Substitute] Trustee’s Deed (“Express Warranties”), it is understood and agreed that Seller makes no warranties or representations of any kind or character, express or implied, with respect to the property, including, but not limited to, any warranties or representations as to the matters of title, zoning, tax consequences, physical or environmental condition, operating history or projections, valuation, government approvals or regulations, or any other matter or thing relating to or affecting the property.
Buyer agrees that with respect to the property, Buyer has not relied upon and will not rely upon any representation or warranty of Seller except for the Express Warranties.
Seller makes no warranty or representation concerning any data, report, disclosure, inspection, or other information delivered to Buyer which was created by or derived in connection with the loan and/or mortgage.
Buyer has conducted such inspections and investigations of the property, including, but not limited to, the physical and environmental conditions thereof, and shall solely rely upon same.
Buyer assumes the risk that adverse matters, including, but not limited to, adverse physical and environmental conditions, may not have been revealed by Buyer’s inspections and investigations.
Buyer, upon closing, acknowledges and agrees to waive, relinquish, and release Seller from and against any and all claims, demands, causes of action, loss, damage, liabilities, costs, and expenses (including attorney’s fees and court costs) of any kind, known or unknown, fixed or contingent, which Buyer might have asserted or alleged against Seller at any time by reason or arising out of the violation of any applicable laws and any and all matters arising out of any act, omission, event, or circumstance, regardless of whether the act, omission, event, or circumstance violated any applicable laws at the time of its existence or occurrence.
Buyer agrees to take whatever action and perform whatever investigations and studies Buyer deems necessary to satisfy itself as to the condition of the property and the existence or nonexistence of, or curative action to be taken with respect to, any hazardous and/or toxic substances on or discharged from the property.
Should any clean-up of the property be required after sale to Buyer, it is understood and agreed that such clean-up shall be the responsibility of and shall be performed at the sole cost and expense of Buyer.
Buyer acknowledges and agrees that upon closing Seller shall sell and convey to Buyer and Buyer shall accept the property “AS IS, WHERE IS” with all faults.
Buyer acknowledges and agrees that there are no oral agreements, warranties, or representations affecting the property by Seller or any third party.
In the event any of the foregoing conditions are not satisfied prior to sale, [Substitute] Trustee reserves the right to return any funds delivered as a bid and rescind the sale.
TERMS AND CONDITIONS RECEIVED BY THE UNDERSIGNED
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