Terms

REAL ESTATE AUCTION
By order of the U.S. Bankruptcy Court
Pursuant to the plan of Liquidation of J & E Land Company, Inc., being offered by Development Specialist, Inc., as the Plan Trustee of the Liquidating Trust of J & E Land Company,Inc., Case Number 13-02081-CMS11.

These announcements supersede any prior oral or printed statements and will be attached to and become a part of the contract.

Bidders may participate by registering and bidding online or by requesting an absentee bid form and submitting their maximum bids along with a deposit in the amount of 10% of the maximum bids placed.

All online bidders are required to set up a bidding account and register using a valid credit card. Winning bidders will be charged $1,000 immediately after the auction ends on their credit cards for each tract won which will be credited towards their 10% earnest money deposit. In the event that the high bid is rejected, all deposits will be returned within 5 business days.

Winning bidders must sign a non contingent contract and pay earnest money within 24 hours of auctions end.

A 10% buyers premium will be added to the winning bid to determine the final sales
price.

Example: $100,000 bid, plus $10,000 (10% buyers premium) equals $110,000 gross sales price.

The terms are 10% down payment with the balance due within 30 days.

Properties sold by legal description and transferred by statutory warranty deed.
Properties sell subject to court approval.

Purchaser to receive possession of the property upon delivery of deed at closing.

Purchaser to pay closing cost and title insurance. Seller guarantees
title to be free and clear.
Closing attorneys: Scott Thornley

Maddox, Thornley & Sanders

P.O. Box 248

318 19th Street West

Jasper, AL 35502/35501

Phone: 205-384-4547

Fax: 205-387-9131

Email: scott@thornleysanders.com

Ad Valorem taxes will be prorated at closing.

PROPERTY SOLD SUBJECT TO THE FOLLOWING: All outstanding easements of any kind on said property, including but not limited to, roads, right of ways, utilities, water lines, and the like; any mineral, oil and past conveyances, leases or reservations; to any cemeteries that might exist on the property, outstanding leases recorded or unrecorded; zoning ordinances affecting the property; restrictions of record; wet lands; all rules and regulations of any appropriated authority having jurisdiction over the property, and any recorded encroachments of record.

BUYERS NOTE: Prior to the auction all prospective purchases should examine the property and all surrounding documents carefully as each bidder is responsible for evaluating the property and shall not rely on the sellers nor the auctioneers. Sellers and Auctioneers are assuming that the bidders have inspected the property and are satisfied and accept it Â“As
IsÂ” without warranties expressed or implied. Personal on-site inspection of the property is recommended. Failure of any bidder to inspect or to be fully informed as to the condition of all or any portion of the property offered, will not constitute any grounds for any claim or demand for adjustment or withdrawal of a bid, offer or earnest money after its opening
or tender.

All information was obtained from sources deemed reliable. Although every precaution has been taken to insure accuracy, the sellers and all of their agents will not be responsible for any errors or omissions herein.

Default by the Seller: If the Sellers are unable to make conveyance and to give title as herein agreed, the earnest money shall be refunded to the buyer and all obligations of either party shall wholly cease.

Default by the Buyer: Should the Buyer default in the performance of his/her contract in the time and the manner specified, then the earnest money shall be retained as partial liquidated damages and the seller may sue for specific performance.

AGENCY DISCLOSURE: Larry Â“ChipÂ” Pearce Jr. has not been an agent for the Buyer in this
transaction. Larry Â“ChipÂ” Pearce Jr. has been an agent for the Seller in this
transaction and is to be paid a commission by the Seller.

The Auctioneer reserves the right to reject bids from anyone who does not comply
with the terms and conditions of this auction.

Bidding: Bidding info- When you bid your max the current bid price doesn't automatically go to your max bid. Someone else has to bid to increase the current price and the
computer will automatically bid up to your max in the increments specified.

This auction has what is called an auto extend feature, meaning the auction will not close until all bidding parties are satisfied. If any bids are placed within the last 5 minutes of the auction, the bid on lot(s) will extend for 5 minutes. The bidding will extend in 5 minute increments from the time the last bid is placed until there are no more bids, and the lot sits idle for 5 minutes.

U.S. Bankruptcy - J&E Land Company