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Best Western Auction
Olathe, Kansas - December 3, 1998

Terms & Conditions of Auction

1. REGISTRATION: All prospective buyer MUST register in order to bid. Each bidder shall be required to possess a certified check drawn payable to themselves, in the amount of $25,000. If buyer fails to close escrow, the registration fee will be forfeited. Closing shall take place within 30 days of the auction and in accordance with Seller's Purchase and Sales Agreement to be executed by Buyer and Seller after completion of the Auction.

2. PROPERTY INSPECTION: Pre-viewing and inspection of all Hotel assets is essential. The real and personal property is being sold "AS IS - WHERE IS." A complete Due Diligence/Property Information Package is available on each Hotel asset, at a nominal cost, and all prospective buyers are urged to acquire said information and conduct any and all due diligence buyer(s) deem appropriate.

3. SELLER'S & AUCTIONEER'S DISCLAIMER: All announcements made by the auctioneer shall take precedence over any previously written material or oral statements made by auctioneer. Conduct of the auction, increments of the bidding, and decisions as to the high bidder will be at the sole discretion of the auctioneer. The information contained in this brochure is subject to the inspection and verification by all parties relying on it. NO GUARANTEE, WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED IS GIVEN ON THE INFORMATION CONTAINED IN THE BROCHURE OR DUE DILIGENCE INFORMATION. The Seller and their agents expressly disclaim any and all liabilities, which may be based on such information, errors therein or omissions therefrom. ONLY such representation and warranties as may be set forth in a definitive purchase agreement between Seller and Purchaser shall have any legal effect.

4. BUYER'S PREMIUM: A Buyer's Premium of 4% will be added to the successful high bid resulting in the Total Purchase Price of the asset.

5. EARNEST MONEY: The earnest money deposit is equal to 5% of the bid amount, including the bidder's registration fee of $25,000 per hotel property.

6. ABSENTEE BIDS: Individuals unable to attend the auction may complete the Absentee Bid Form, authorizing the auctioneer to bid on their behalf, up to a specific amount.

7. BROKER PARTICIPATION: A one and a half percent (1-1/2) commission will be paid to the licensed Real Estate Broker whose client pays and closes escrow on the hotel. To qualify for the commission, the licensed agent must register their client and accompany their client to the auction. All registration letters from Brokers must be signed by Agent, Broker and Client and must be mailed or faxed and received by Auctioneer 48 hours prior to the Auction. There can be NO Exceptions to this procedure and NO Oral Registrations will be accepted.

Auction Headquarters 6900 East 2nd. Street Scottsdale, Arizona 85251
(VOICE) 602-596-3342 · (FAX) 602-483-1108 (TOLL-FREE) 888-880-3522

 
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