(14) Tradewinds Condominiums Pompano Beach,FL

Online Bidding Instructions Developers Closeout Auction - 14 Tradewinds Condominiums 344 S.E. 11th Avenue, Pompano Beach, Florida The following are guided instructions to assist a Bidder with submitting a Bid(s) for a Condominium Unit(s). 1. Download the following documents for completion; a) Online Bidder Contract b) Bidder Registration Form c) General Terms and Conditions of Sale 2. Sign and date the Online Bidder Contract. 3. Complete the Bidder Registration Form. 4. Sign and date the General Terms and Conditions of Sale. 5. Retain copies of the above documents for your file. 6. Return the original signed documents to Fisher Auction Co., Inc., 619 E. Atlantic Blvd., Pompano Beach, Florida, along with the required Escrow Deposit(s) made payable to Leopold, Korn, Leopold & Snyder, PA Trust Account and a copy of your valid State issued Driver’s License. 7. Once all documents are received and verified by Fisher Auction Co., Inc., you will be notified of your approved access to bid. 8. Upon being declared a Successful Bidder, you will immediately be required to execute the Seller approved Purchase and Sale Agreement via facsimile. Fisher Auction Co., Inc. and Lauro Auctioneers wish you the best of luck in the bidding process! ONLINE BIDDER CONTRACT Developers Closeout Auction - 14 Tradewinds Condominiums 344 S.E. 11th Avenue, Pompano Beach, Florida Please carefully review the Online Bidder Contract and the General Terms and Conditions of Sale. You must follow instructions for escrow deposits, sign terms and fax to Fisher Auction Co., Inc. at 954.782.8143 in order for you to be able to bid online. This is a Contract entered into between the Bidder whose name is identified below and Fisher Auction Co., Inc. & Lauro Auctioneers ("Auctioneer"). 1. All registration information Bidder provides to Auctioneer shall be current, complete, and accurate. Bidders must be 18 years of age or older. Bidder agrees not to use any device, software or routine to interfere or attempt to interfere with the proper working of any transaction being conducted during the auction sale. 2. Buyers shall acknowledge and agree not to retract its offer(s). The placement of a bid establishes a legally binding Contract between the Bidder and the Seller. The successful Bidder is legally bound to pay for the Condominium(s) awarded in accordance with his / her bid. There will be a 7% Buyer’s Premium added to the Successful Bid(s). 3. Acknowledgement – Each highest Bidder will be furnished an electronic acknowledgement at the conclusion of the bidding phase. This notice establishes the Contract, which is subject to final acceptance by the Seller. 4. Auctioneer reserves the right, for any reason, in its sole discretion, to terminate, change or suspend any aspect of the online auction sale. 5. Disputes Between Bidders — If a dispute arises between two or more Bidders, Auctioneer reserves the right to reopen the bidding. Auctioneer’s designation of the Buyer shall be final. 6. Agency – Auctioneer is acting as agent for the Seller only and is not responsible for statements made by other parties. 7. Termination: This Bidder Contract constitutes a binding agreement between Bidder and Auctioneer until terminated by Auctioneer, which Auctioneer may do at any time, without notice, in Auctioneers sole discretion. If Bidder dissatisfaction occurs with the auction sale in any way, Bidder’s only recourse is to immediately discontinue use of the auction sale. Auctioneer reserves the right to terminate Bidder registration and use of the auction sale, and impose limits on certain features of the auction sale or restrict Bidder access to, or use of, part or the entire auction sale without notice or penalty. 8. Hold Harmless - Auctioneer cannot, and will not, be held responsible for any interruption in service, errors, and/or omissions, caused by any means, therefore they cannot guarantee continual, uninterrupted or error free service as the website could be interfered with by means out of their control. Bidder acknowledges that this auction sale bidding phase is conducted electronically and relies on hardware and software that may malfunction without warning. The Auctioneer may void any sale, temporarily suspend bidding and re-sell any Condominium that was affected by any malfunction. The decision of the Auctioneer is final. 9. Online Bidder Escrow Deposit – In order to be fully and properly registered for the online auction sale, Bidder must tender the required Escrow Deposit(s) as stated in item 1(c) of the General Terms and Conditions of sale. Once the Escrow Deposit(s) and all executed documents are received, Auctioneer will approve your access to bid. Any questions regarding the on-line bidding process may be obtained by contacting Fisher Auction Co. Inc. at info@fisherauction.com. 10. Inspection: The Bidder(s) are invited, urged and cautioned to inspect the Condominium(s) prior to submitting a bid. Failure to inspect the Condominium(s) shall not constitute cause for cancellation of sale. Name: Address: City – St – Zip: Contact Telephone: Email Address: I hereby agree to the above terms of sale and agree to comply with same: Signature of Acceptance Date Developers Closeout Auction 14 Tradewinds Condominiums 344 S.E. 11th Avenue, Pompano Beach, Florida General Terms and Conditions of Sale Please review this document carefully. In order to be a qualified and eligible bidder, ALL BIDDERS (including Online and Live) must register and receive a Bidder’s Number and must sign and date the Acknowledgement and Acceptance of these specific General Terms and Conditions of Sale. 1. BIDDER’S REGISTRATION: To register, a Bidder must: (a) Provide Bidder’s full name, residence and business addresses with telephone numbers, cellular telephone number, facsimile number, email address and a valid state issued driver’s license number. (b) Name(s) and/or entity in which the Bidder will take title to the Condominium(s). (c) Bidders will be required to present at registration, day of Auction, an Escrow deposit of $5,000.00 (PER CONDOMINUM) in U.S. Currency in the form of Wire Transfer (see wiring instructions), or Cashier’s Check payable to Leopold, Korn, Leopold & Snyder, PA Trust Account (“Settlement Agent”) or Certified Funds (no exceptions). Prior to placing any Online bid, Bidders must execute an Online Bidding Contract and the Escrow deposit(s) must be tendered to Settlement Agent via Wire Transfer, U.S. Mail, Express Mail or Hand Delivery no later than 4:00 P.M. E.S.T., Thursday, November 30, 2006. 2. SUCCESSFUL BID, ESCROW DEPOSITS, PURCHASE AND SALE AGREEMENT: (a) When declared a Successful Bidder, Bidder will immediately execute, as Buyer (“Buyer”), the Seller approved Purchase and Sale Agreement (“Agreement”) via facsimile for online bidders or in person at the Live Auction. (b) The Successful Bidder’s Escrow deposit(s) (stated in 1.(c)) shall be deposited into Leopold, Korn, Leopold & Snyder, PA interest bearing Trust Account, as Settlement Agent, and held in Escrow as the required deposit(s) pursuant to the terms of the Agreement. Unsuccessful Online Bidder’s Escrow deposit(s) shall be returned to Bidder within five (5) business days following the Live Auction. (c) The amount of the highest bid (“Successful Bid”) and 7% of the Successful Bid (“Buyer’s Premium”), added together, will be the Total Purchase Price (“Total Purchase Price”) for the Condominium(s) to be purchased by the Buyer under the Agreement. 3. CLOSING AND PAYMENT OF TOTAL PURCHASE PRICE: (a) The Closing (“Closing”) on the Condominiums will be on or before Friday, January 5, 2007. Time shall be of the essence. (b) Closing(s) will be coordinated through the Settlement Agent, Mr. Gary Korn, Leopold, Korn, Leopold & Snyder, PA, 20801 Biscayne Blvd., Suite 501, Aventura, FL 33180, 305.935.3500. (c) The Total Purchase Price(s) will be due and payable by Buyer(s) at Closing by Cashier’s Check (payable to Leopold, Korn, Leopold & Snyder, PA Trust Account) or Wire Transfer. Buyer(s) shall receive credit for the Escrow deposit(s), which shall be released from Escrow and applied by the Settlement Agent towards the Total Purchase Price. 4. TITLE, INSURANCE AND ZONING: (a) Seller will provide Buyer(s) a Commitment (“Commitment”) to issue an Owner’s Title Insurance Policy for the Condominium(s), at Buyer’s expense and payable at Closing by Buyer to the Settlement Agent, at the promulgated rate as required by and provided in applicable Florida Statutes, Codes, Rules and Regulations (including the Florida Administrative Rules). The Commitment and Owner’s Title Insurance Policy will be issued by the Settlement Agent through First American Title Insurance Company. ((b) It is understood and agreed that fee simple title, at time of closing, will be conveyed to the Purchaser by Special Warranty Deed (the “Deed”), and that the title to the Condominium(s) will be subject only to conditions, reservations, restrictions, limitations and easements of record; mortgage liens created by the Purchaser; taxes for the current year which are not yet due and payable and pending municipal liens; the standard exceptions contained in an A.L.T.A. Owner’s Policy of Title Insurance; and the Declaration of Condominium for the Condominium. 5. BUYER’S NOTE: (a) The sale of the Condominium(s) is an “All Cash” transaction and shall not be subject to any financing or other contingencies. (b) The Seller, Fisher Auction Co., Inc., and Lauro Auctioneers their representatives, attorneys, agents, and sub-agents, assume no liability for errors or omissions in this or any other Condominium(s) listing or advertising or promotional/publicity statements and material. The Seller, Fisher Auction Co., Inc., and Lauro Auctioneers, their representatives, attorneys, agents and sub-agents, make no guarantee as to the accuracy of the information herein contained or in any other Condominium(s) listing or advertising or promotional/publicity statements and material. Neither Fisher Auction Co., Inc., Lauro Auctioneers, nor the Seller has any obligation to update this information. Neither Fisher Auction Co., Inc., Lauro Auctioneers nor the Seller, their Agents and Sub-Agents, have any liability whatsoever for any oral or written representations, warranties, or agreements relating to the Condominium(s) (including information appearing in any advertisement or announcements prior to and/or at the time of the Live Auction) except as is expressly set forth in the Seller approved Purchase and Sale Agreement. The Agreement is the controlling document and supersedes all other documents. c) The Condominium(s) is sold “AS IS AND WHERE IS” condition. All Bidders are encouraged to inspect the Condominium(s) prior to the placing of any bid and the Successful Bidder(s), as Buyer(s), acknowledges that it has had a reasonable opportunity to inspect and examine the condition of the Condominium(s) and make inquiries of applicable governmental authorities pertaining to Buyer’s proposed use of the Condominium(s) prior to the placing of any bid as Buyer(s) has deemed necessary or desirable. (d) Competitive bidding is an essential element of an Auction sale, and such a sale should be conducted fairly and openly with full and free opportunity for competition among bidders. Any conduct, artifice, agreement, or combination the purpose and effect of which is to stifle fair competition and chill the bidding, is against public policy and will cause the sale to be set aside. (e) The Condominiums may be withdrawn at any time without notice and is subject to additions, deletions and/or prior sale. (f) The Seller in its absolute sole discretion reserves the right to amend, negotiate, modify, or add any terms and conditions to these General Terms and Conditions of Sale and to announce such amendments, modifications, or additional terms and conditions on, during or before the Live Auction. (g) The highest Bid(s) shall be considered an agreement to buy and is final. If you are unsure about anything regarding the Condominium(s), do not place a bid. (h) Back-up bids will be recorded and received. Should a Condominium(s) not close with the Successful Bidder, the Seller will have the option to pursue back-up bids. (i) Condominium Unit Numbers 3 and 18 are being sold Subject to a Lease. 6. ANNOUNCEMENTS: All announcements made prior to and / or at the Live Auction will take precedence over all previously printed material and any other oral statements made. In the event of a dispute over any matter, the Auctioneer shall make the sole and final decision and will have the right either to accept or reject the final bid or re-open the bidding. 7. MAIL-IN/WRITTEN BIDS: Mail-in Bids will be accepted, subject to all terms and conditions of the sale. Interested bidders must obtain and sign the proper forms by contacting Fisher Auction Co., Inc. and tender the required Escrow deposit(s). 8. DEFAULT: If the Buyer(s) fails to comply with any of these General Terms and Conditions of Sale, the Seller will retain the required deposit under the Agreement as liquidated damages and not as a penalty. 9. REPRESENTATIONS: All information was derived from sources believed to be correct, but is not guaranteed. Bidders shall rely entirely on their own information, judgment, and inspection of the Condominium(s) and records. Neither Seller nor Auctioneer, it’s Agents and Sub-Agents makes any representation or warranties as to the accuracy or completeness of any information provided. All sizes, dimensions, drawings are approximations only. 10. BROKER PARTICIPATION: Two percent (2%) of the Bid Price will be paid by the Seller to a qualified licensed Real Estate Broker whose prospect is the successful bidder and closes on the Condominium(s), provided the real estate broker is not prohibited by law from being paid such commission. To qualify for a commission, the broker must first register their prospect on the MANDATORY REAL ESTATE BUYER BROKER PARTICIPATION REGISTRATION form with the signature of the prospective Purchaser, the signature of the Broker and the Broker’s license number. The form must be mailed such that it is received by the office of Fisher Auction Co., Inc. not later than 5:00 P.M. E.S.T. Friday, December 1, 2006. The registration MUST be sent to Fisher Auction Co., Inc., 619 East Atlantic Blvd., Pompano Beach, FL 33060-6343; ATTN: Tradewinds Condominiums Auction. Brokers may also fax their broker registration(s) to 954.782.8143. NO LATE REGISTRATION WILL BE ACCEPTED. Commissions will be paid only after closing and after Fisher Auction Co., Inc. has been paid in full. Brokers are not required to attend the closing. If a cooperating broker has not met all of these requirements, no commission will be paid to the cooperating broker, even if the cooperating broker’s prospect purchases the Condominium(s). No oral registrations will be accepted. Under no circumstances whatsoever will any commission be paid if the sale does not close. 11. BID PRICE: Each of the Thirteen (13) One Bedroom / One Bathroom Condominiums will be sold to the Highest Bidder(s) at or above $105,000.00 plus the 7% Buyer’s Premium. The Two Bedroom / One Bathroom Condominium will be sold Subject to final approval and acceptance as to price by the Seller. 12. ACKNOWLEDGMENT AND ACCEPTANCE: The Undersigned Bidder acknowledges receipt of a copy of these General Terms and Conditions of Sale, and, having read and understood the provisions set forth therein, accepts same and agrees to be bound thereby. Facsimile signatures will be treated and considered as original. Bidder’s # Bidder’s Signature Date Wiring Instructions: Colonial Bank 19235 Biscayne Blvd. Aventura, Florida 33180 ABA # 062001319 Credit to: Leopold, Korn, Leopold & Snyder, PA Trust Account Account No. 0000160997 Ref: Tradewinds Buyer Name:

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