Chinqua Penn Plantation Auction - Day 1 of 2

TERMS AND CONDITIONS Terms: No Reserves. All sales subject to the terms and conditions of sale, as herein stated. Payment is due at the end of the auction by Cash, Official Bank Check, Personal or Company Check with a Bank Letter of Guaranteed Payment, Visa, and Master Card. A 15% Buyer's Premium will apply to on-site bidders. An 18% Internet Buyer's Premium will apply to Internet bidders via www.LiveAuctioneers.com. No items will be released until satisfactory funds are received in Iron Horse Auction Escrow Account. Neither Leland Little Auction & Estate Sales, Ltd. nor Iron Horse Auction Co. Inc. hereinafter referred to as (auctioneers), nor the CHAPTER 11 TRUSTEE FOR THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA WINSTON-SALEM DIVISION, Case 09-50140 in the matter of Renegade Holdings, Inc., et al; hereinafter referred to as (the seller) will be responsible for the auction items after the end of the auction. These items are being sold "AS IS, WHERE IS" with all faults. Auctioneers reserve the right to put a hold on your credit card account for an amount up to the amount of your bid prior to the end of the auction. Credit card payment will NOT be accepted above $10,000.00 unless prior approval has been made via the auction office. Any bidder that plans on spending in excess of $100,000.00 should make arrangements with the auction office at least five (5) days in advance of the sale, as a deposit may be required to participate. The following is a sample of a Bank Letter of Guarantee of Payment: BANK GUARANTEE FORM DATE: ________________ (BANK LETTERHEAD) Our bank, (bank's name), irrevocably will guarantee any checks written to IRON HORSE AUCTION CO., INC. for the purchase of items at the Auction by (you or your company name) from account number (fill in number) up to the total amount of $______________. Sincerely, (Bank Officer's Name, Title and Phone) Please note: AUCTIONEERS ARE SELLING THESE ITEMS BY A FEDERAL COURT ORDER. THIS MEANS IF YOU ARE A WINNING BIDDER AND DO NOT PAY ACCORDING TO THE TERMS AND CONDITIONS OF THE AUCTION, YOU ARE SUBJECT TO COURT ACTION BY THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA WINSTON-SALEM DIVISION. Selling by order of the United States Bankruptcy Court - Court Ordered Auction - Case # 09-50140, In the matter of Renegade Holdings, Inc. et al. Conditions: All property offered for sale is strictly "AS IS, WHERE IS". All sales are final and no refunds are given. These items have been used; they do have wear and tear and are not perfect. Please inspect all items and bid accordingly. It is the bidders responsibility to determine the exact condition/authenticity of each item. By bidding, you signify that you have either closely examined the items, have chosen not to examine them, or have hired an independent agent to examine the item(s) for you. No sale shall be invalidated by reason of any defect or inaccuracy in any of the lots by reason of their being incorrectly described in the listing or elsewhere and no liability shall be borne by the auctioneers or seller in respect of any such fault or errors. This listing has been prepared only as a guide, but the accuracy thereof cannot be guaranteed or warranted by the auctioneers or the seller. Item ownership is conveyed immediately following the fall of the auctioneer's hammer. Purchases become the responsibility of, and shall be, and remain at the risk of the purchaser immediately upon acceptance of his/her bid. It shall be the responsibility of the purchaser to insure his/her purchases immediately. In the event of a tie bid or other dispute between buyers, the auctioneer at its sole discretion may reopen the bidding to determine the highest bidder. The auctioneer's decision is final and absolute. The record of sale shall be maintained by the auctioneer or his designated party and will be taken as final in the event of any dispute. The auctioneer reserves the right to refuse service to any person. No sale/purchase shall be invalidated due to a buyer not winning additional lots. Bidders acknowledge that any and all cause of action that may arise as a result of this Contract shall be interpreted in accordance with the laws of the THE UNITED STATES OF AMERICA and any action brought thereon must be in the UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF NORTH CAROLINA, WINSTON-SALEM DIVISION. CATALOGUE & ENTRY Attendees of the preview and the auction must have purchased a catalogue and registered in order to enter the preview and/or the auction; two people may enter with one catalogue, (reprinted or photocopied catalogues will not gain entry). Armbands will be provided for re-entry to auction. Catalogues may be ordered in advance through Iron Horse Auction Company or Leland Little Auction & Estate Sales, at a cost of $50.00 each, (plus $5.00 shipping domestic; plus $20.00 international), or on auction day at the registration desk for $50.00 each. Auctioneer will take credit cards, checks or cash, and any advance orders must be paid in full prior to a catalogue being shipped. Please keep your catalogue in your possession at all times, as replacements will also cost $50.00. PAGODA BUYER OF PAGODA: Buyer must post a $5,000.00 Cash Bond to be held by the auctioneer, for clean up of the area after removal of Pagoda, subject to auctioneers approval as to condition of area (must leave in good order); 30 days to remove; Buyer will lose bond money and purchase amount if purchase and removal as noted is not completed. A certificate of Insurance with $1,000,000.00 limit for liability will be required. The Pagoda Lot includes all structures underneath the pre-engineered metal structure that cover the Pagoda; does not include loose statues, lanterns or any items not part of structure; sold as one lot but comes in many pieces; buyer can take part or all, but must leave area clean and acceptable for final inspection and approval of auctioneers and trustee. The 5 Beams and Highest Roof Lot is a separate lot from the Pagoda Lot; sold as one lot, but includes multiple steel structures and the roof. Buyer of this lot must coordinate with buyer of the Pagoda lot as to removal. Under no circumstances can it be removed until the Pagoda is removed. A certificate of Insurance with a $1,000,000.00 limit for liability will be required. This structure must be removed within 60 days after the auction. GREENHOUSE The Buyer will have 30 days to remove the Greenhouse from the property. The Buyer will be required to leave the premise in a reasonably clean manner. A certificate of insurance with a $1,000,000.00 limit for liability will be required for removal of the Greenhouse. LOTS REQUIRING CRANE OR OTHER HIRED PROFESSIONALS There are a number of lots that will require crane service or another professional service equipped to remove, dismantle, or haul large items. Such items include the Pagoda, Steel Structure Over The Pagoda, Planters, Statues, Fountains, Stone Tables & Benches, Buggy, Wishing Well, Portable Greenhouse, to name a few of the largest. Superior Cranes, Inc. will be the only crane and rigging company allowed to operate at the site. They have inspected each large item and established the cost to load the items, which will be provided to all potential bidders prior to the auction. TITLED VEHICLES Titled Equipment and Vehicles: Titles and transfer documents will be mailed via registered mail to the buyer within 20 banking days after the conclusion of the auction. Titles and transfer documents will be made out to the name of the registered bidder unless otherwise authorized in writing. NC DMV Law does not allow us to deliver open titles to buyers. ONLINE BIDDING Online bidders shall be subject to the same terms and conditions as onsite bidders plus additional terms as noted. Bidders who bid online understand and acknowledge that they may not be able to inspect an item as well as if they examined it in person. It is the bidder's responsibility to determine condition, age, genuineness, value or any other determinative factor. The auctioneers will not be responsible for any error or omissions in the description of the merchandise. Bidder agrees that everything is sold "AS IS" and that they may not return any item purchased. Online bidders understand that due to the fact that we are selling these items for the UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA WINSTON-SALEM DIVISION, if you are a Winning Bidder and you fail to pay, you are subject to COURT ACTION. Online bidders understand that in the event of problems resulting from online or webcast auction software malfunctions, internet connection disruptions or other technological related malfunctions the auctioneers nor the sellers will be held liable for internet bids that are not sent, received, or executed. Online bidders understand and agree that these are all issues that are beyond the auctioneers control and will hold the auctioneers and seller harmless. In the event that there is a malfunction, the onsite auction will continue while the bidding application is down. If or when the online portion is re-established, the lots that were offered and sold while during the downtime of the online bidding platform will have been offered and sold to the onsite bidders. The items that were offered and sold during the downtime will not be offered to the online bidders regardless of the pre-bid or max pre-bid amount that had been placed by an online bidder. ABSENTEE & TELEPHONE BIDS Arrangements for absentee or phone bidding can be made by completing and submitting the Absentee Bid Form by 5:00 P.M. Tuesday, April 24. This form can be obtained on the websites listed or by fax: (919) 644-1245. No additional phone bids can be accepted on the day of the auction including additions when speaking with a staff person on the phone during the auction. Phone reservation contact numbers cannot be changed after 5:00 P.M, Tuesday, April 24. All bids must be secured with a credit card number. All absentee bids will be executed in a fair, competitive and confidential manner. While every effort is made to execute and honor absentee and phone bids, the auctioneers are not responsible for failure to execute a bid and are not liable for any losses incurred as a result of failure to execute absentee bids or failed phone reservations. All bids are time stamped. In case of identical bids, the first bid received will take precedence. Where appropriate, written bids will be rounded down to the nearest amount consistent with the auctioneers bidding increments. NOTE: It is the bidder's responsibility to accurately record Lot Number and Bid Amount or Telephone Number on any Absentee or On-Line form. The auctioneers assume no responsibility or liability in the event a bidder fails to do so. ESTIMATED WEIGHTS & MEASUREMENTS: Weights and sizes in catalogue description have been estimated through measurement and are to be used as approximate guidelines and not relied on as exact. Also, there is no representation or warranty that any clock or watch is in working order. There is no guarantee to works or movement. PACKING & SHIPPING INSTRUCTIONS The auctioneers do not ship. Packing and shipping is the responsibility of the buyer. Shipping may be arranged with the assistance of the auctioneers by contact prior to or immediately following the date of the auction. Shipping arrangements and costs are the buyer's sole responsibility. LOADING & REMOVAL Removal and loading purchased items is the responsibility of the buyer. No item may be removed from the sale site unless settlement is made in full to the satisfaction of auctioneers. No item will be released without proper ID and proof of paid receipt either by buyer or buyer's shipping agent. Items not picked-up within 30 days post-sale will be forfeited. Pick-up on April 25 and 26, (10am - 6pm) only for bidders who bid in-person at the Greensboro Coliseum. Internet, telephone and absentee bidders may NOT pick-up purchases on April 25 and 26. Pick-up for all winning bidders available on April 27 and 28, (10am - 6pm). Also, April 30 and May 1, (10am - 5pm). NO pick-up on Sunday, April 29. All other pick-up times by appointment only. Bidding Increments: $0 - 500 = 50 $501 - 2000 = 100 $2001 - 5000 = 250 $5001 - 10,000 = 500 $10,000 and above = 1000 or auctioneers discretion The auction will run approximately 70-80 lots per hour. Attendees are here at their own risk. Neither the auctioneer nor the seller will be responsible for any accidents, damage, bodily injury, fire or any other loss whatsoever. All risk of loss is with the buyer and the auction attendee's. Some property that is sold at auction can be subject to laws governing export from the U.S., such as items that include material from some endangered species. Import restrictions from foreign countries are subject to these same governing laws. Granting of licensing for import or export of goods from local authorities is the sole responsibility of the buyer. Denial or delay of licensing will not constitute cancellation or delay in payment for the total purchase price of these lots.