Showroom Closing Rug Auction

Lewis and Maese Antiques & Auction's Conditions of Sale: If you are placing a bid at any Lewis and Maese auction, then that constitutes the acceptance of the following conditions of sale: 1. Lots Offered for Sale a) All lots are offered for sale in "As Is, Where Is" condition. No statement regarding condition, kind, value, or quality of a lot, whether made orally at the auction or any other time, or in writing in our catalog or elsewhere, shall be construed to be an expressed or implied warranty or representation. Any such warranty is waived. Photos are for identification purposes only and may not convey all information, for example: quantity of items included, or actual condition of a lot. Regarding works of Art, Lewis and Maese does not make any express or implied warranty as to the authenticity, history, or artist. No statement in this catalog or elsewhere, orally or in writing, shall be construed as an express or implied warranty, representation, or assumption of liability as to authenticity. Any such warranty is waived. b) Approved Bidders accept responsibility for handling their own inspections and research of all interested lots. We do our best to describe every item as best we can but do not guarantee the context of the catalog descriptions. Condition reports may be available to assist when inspecting lots. All auction preview information will be posted on our website and/or auction listing. c) You acknowledge that our knowledge of each Lot is partially dependent on information provided by the Seller, and we are not able to and do not carry out exhaustive due diligence on each lot. Information provided to you regarding any lot, including any estimates, information in the Catalogue, or condition reports, is a matter of opinion only and not a representation of fact, and is dependent upon, among other things, the condition of the Lot, the degree of research, examination or testing at the time of cataloguing. Any estimates should not be relied upon as a prediction of the selling price or value of a lot and may be revised at our absolute discretion. d) Lewis and Maese reserves the right to withdraw any lot from an auction or cancel an auction and shall have no liability whatsoever for such withdrawal. e) Some lots in our auctions are subject to reserve bids. In no case will these bids be set above the minimum pre-sale estimate. Lewis and Maese will act to protect the reserve by bidding through the auctioneer. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the consignor and may continue to bid on behalf of the consignor up to the amount of the reserve. This may be done by placing consecutive bids or by placing bids in response to other bidders. 2. Bidding a) The purchase price payable by a buyer will be the sum of the hammer price plus the buyer's premium as well as any applicable sales tax. b) Buyer's Premium and Taxes - Please be reminded that the actual purchase price will be the sum of the hammer price plus the buyer's premium (In-House=21%, Online=23%) and State Taxes of 8.25%, plus if applicable any online website fees or shipping charges. c) If you are planning to bid or buy at our auction you must first register with our Registration Department in the saleroom. This must be done at least 30 minutes prior to the auction so that we may have time to enter your information into our system. This ensures rapid processing of invoices after the sale. You will receive a bidding paddle at this time. No bids will be taken by bidders unless they have received a paddle. If you are a new client of Lewis and Maese Auction Company, you will be asked to supply a major credit card or bank reference at this time. d) Lewis and Maese reserves the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the buyer. The auctioneer will have full discretion to determine the successful bidder should any dispute arise. The auctioneer will also have full discretion to reopen the bidding, cancel the sale or reoffer and resell the property. Should a dispute arise after the auction, our sale record is conclusive. e) Although in our discretion we will execute absentee bids or accept telephone or internet bids, we are not responsible for failing to execute such bids or for any errors or omissions in connection with these bids. f) Once the auctioneer's hammer has fallen, the title to the property passes to the buyer. At that point, the buyer assumes full responsibility for the property and shall promptly pay the full purchase price, unless other arrangements have been made in advance. The buyer will also be required to sign a confirmation of purchase. We reserve the right to impose a 15% late fee on the total purchase price if payment is not made within these guidelines. All overseas purchases must be made with a wire transfer. We will not take credit cards for overseas payments. g) No lot will be released to the buyer until payment in full has been made to Lewis and Maese including the buyer's premium and any applicable taxes, or the buyer has satisfied any terms which have been agreed to prior to the auction. Payment must be received within seven business days from the date of sale. If payment has not been received within the seven day period and no other arrangements have been agreed to in writing, the buyer will be subject to storage and late fees to be determined by Lewis and Maese. These fees will not exceed $50.00 per day per lot. h) Please see below regarding the Packing and handling of all purchased lots. i) If the buyer fails to comply with and of the Conditions of Sale, we reserve the right to utilize any remedies available to us by law and/or: i. Hold the defaulting buyer liable for the purchase price ii. Cancel the sale iii. Resell the property without reserve at public auction with seven day written notice to the defaulting buyer. iv. Pay the consignor the amount equal to the net proceeds of the purchase price less the buyer's premium and taxes. j) If we are forced to resell the property at public auction or purchase the property from the consignor the defaulting buyer will be responsible for the difference between the original purchase price and the final sales price. The defaulting buyer will also be responsible for any costs incurred by Lewis and Maese including insurance, legal fees, administration, handling, storage, attorney's fees, commissions, incidental damages and any other costs relating to this transaction. If we agree with the buyer to cancel the sale, we will impose a charge equal to 15% of the total sales price, including buyer's premium. k) All transactions will be governed and interpreted by the laws of the State of Texas and the Federal courts sitting in the State of Texas. l) Bidding Increments The auctioneer will generally begin the bidding at a price less than the low estimate and will increase the bids in the following manner: $0.00 - 10.00 in $1 increments $10.00 - 100 in $10 increments $100 - 500 in $25 increments $500 - 1000 in $50 increments $1000 - 2500 in $100 increments $2500 - 5000 in $250 increments $5000 - 25,000 in $500 increments $25,000 + Auctioneers discretion The above table is generally how bidding progresses. However, the auctioneer may choose to alter the increments at his discretion. m) Types of Bids i) Absentee Bids (1) If you are unable to attend an auction, you may bid in other ways. The most common is the absentee bid. Absentee bids are written instructions from you directing Lewis and Maese to bid for you on one or more lots. You will specify in on your Absentee Form the maximum amount you are willing to pay for each lot. Lewis and Maese will attempt to execute your absentee bid at the lowest possible price with consideration of the reserve price and other bids. If more than one bid is received for the same exact price, the first bid received by Lewis and Maese will take preference. Lewis and Maese offers this service free of charge to our customers but is not responsible for errors or failures to execute bids. ii) Telephone Bids (1) We do accept telephone bids for our auction. You will need to arrange this through our Client Services Department at least 24 hours prior to the auction. You will supply us with a telephone number where you can be reached and we will contact you during the auction. This service is only available on lots with an estimate of $500 or more. It should be noted, that we do not accept any responsibility for bids that we fail to execute. Moreover, we reserve the right to request a 30% deposit on any advance bidding. iii) Internet Bids (1) You are responsible for registering as a bidder on their website at www.liveauctioneers.com. The buyer's premium for successful internet bidders is 23%. All bidding on the internet is in real time and will be accepted only during the actual auction. 3. Payment Terms: a) International Customers i) All international customers must pay by Wire/Bank Transfer: ii) Bank Details: Chase Bank Account Number: 219889786 Swift Code: CHASUS33 b) US Customers - For all transactions less than $2,500: Payment must be paid by: 1. Cash in person is always accepted. 2. Credit Card - In person or over the phone is acceptable 3. Bank Wire Transfer or ACH Payment Chase Bank ACH Routing Number: 111000614 Account Number: 219889786 4. Certified Bank Check or Money Order 5. Check (must wait 5-7 days to clear the bank - $25 Insufficient Funds Charge if applicable) - For all transactions $2,500.00 - $5,000.00: Payment must be paid by: 1. Cash in person is always accepted. 2. Credit Card - In person acceptable when using the chip and must be signed in person. - Over the phone Must complete the LMAA Credit Card Authorization form including signature. 3. Bank Wire Transfer or ACH Payment Chase Bank ACH Routing Number: 111000614 Account Number: 219889786 4. Certified Bank Check or Money Order 5. Check (must wait 5-7 days to clear the bank - $25 Insufficient Funds Charge if applicable) - For all transactions greater than $5,000.00: Payment must be paid by: 1. Cash in person is always accepted. 2. Bank Wire Transfer or ACH Payment Chase Bank ACH Routing Number: 111000614 Account Number: 219889786 3. Certified Bank Check or Money Order 4. Check (must wait 5-7 days to clear the bank - $25 Insufficient Funds Charge if applicable) **No credit cards payments are to be accepted unless approved by David. ** - All Jewelry, Watch, or vehicle purchases valued over $2,000.00 must be paid by either: 1. Cash in person 2. Bank Wire Transfer/ACH Payment 3. Certified Bank Check or Money Order 4. Check (must wait 5-7 days to clear the bank - $25 Insufficient Funds Charge if applicable) 4) Shipping Terms: a) L&M will arrange shipping for only firearms, watches, or jewelry. i) **ALL FIREARM PURCHASES MUST BE SHIPPED TO A LOCAL FFL LICENSE HOLDER. ** ii) Jewelry Packing & Shipping costs will be based on the size and value of the items purchased (Insurance & Signature Confirmation will be included). Price will vary starting at $15.00. Multiple purchased items may be combined at a lower cost to the buyer. iii) Firearm Packing & Shipping costs will be based on the size and value of the item purchased (Insurance & Signature will be included). Price will vary starting at $25.00 for handguns & $45.00 for long guns. Multiple firearm item may be combined at a lower cost to the buyer. b) Shipping for all other items is the Buyer's responsibility. c) Recommended Shippers: i) PAKMAIL at (pakmail603@gmail.com); Or ii) Navis Pack & Ship at (tx17013@gonavis.com) 5) State of Texas Guidelines: Per 16 Texas Admin Code 67.70 - Any complaints should be directed to: TEXAS DEPARTMENT OF LICENSING & REGULATION PO BOX 12157 AUSTIN, TX 78711 (512) 539-5600 WWW.TDLR.TEXAS.GOV a) All auctioneers shall notify consumers and service recipients of the name, mailing address, website www.tdlr.texas.gov, and telephone number of the department for purposes of directing complaints to the department. The notification shall be included on any auction listing contract and on at least one of the following. This subsection is effective January 1, 2015. b) A sign prominently displayed at the place of the auction or on any auction website. c) Bill of sale or receipt to be given to buyers; or d) On bidder cards. 6) Storage & Resale of Non-Collected Lots All lot items won by US bidders must be picked up by 5:00pm of the 15th calendar day after the auction date or the buyer will be responsible for any & all charges associated with storage ($5.00/lot/day), moving and/or the resale of your purchase. All lot items won by international bidders must be picked up by 5:00pm of the 30th calendar day after the auction date or the buyer will be responsible for any & all charges associated with storage ($5.00/lot/day), moving and/or the resale of your purchase. All items that are not collected by 5:00pm of the 45th calendar day after an auction will be considered abandoned and will be forfeited. Unless prior arrangements have been made with Lewis & Maese, items not removed by the specified time will be picked up by a third party storage facility and the buyer will be responsible for any fees the third party requires to release the item. Please call ahead to ensure your items are ready when you arrive.

If you have not contacted Lewis & Maese Antiques & Auction to arrange payment within 3 days of the time that invoice is sent, we will charge the credit card you used to register for the auction for the amount of your invoice.

Online purchases from Lewis & Maese Antiques & Auction may be subject to sales tax. Please see the following for more details. If you are tax-exempt, you can submit your tax-exempt certificate to prevent the collection of tax. Learn more about tax-exemption.