Lot # : 1 - Spacious and Affordable

TERMS OF SALE GENERAL. These Terms of Sale cover real estate (including ownership and any leasehold interests) and any notes, (collectively, the “Properties”) owned by different owners (collectively the “Seller”) to be offered at auction (the “Auction”) conducted by (“Modern Real Estate”). Except for Properties which will be offered by Sealed Bid Auction (see below), all other Properties will be offered at public auction (the “Public Auction”). Registration for each Public Auction begins at [time of day] and each Public Auction is scheduled to begin at [time of day]. Further information about the Public Auctions and the Sealed Bid Auction (collectively the “Auction”) is available by calling ___________________. Prospective bidders are encouraged to familiarize themselves with the following terms of the Auctions, and with the respective Due Diligence Packages available from Modern Real Estates for the Properties (“DDP”). However, to the extent that there is any conflict between the Terms of Sale set forth herein and the terms and conditions as set forth in the Purchase Agreement of sale for each Property contained in the Due Diligence Package for such Property (“Purchase Agreement”), then the terms in the Purchase Agreement shall govern, as between each Seller and each bidder, and Modern Real Estates and the Sellers shall have no liability for any such conflict. N/A SEALED BIDS. Certain Properties will be offered at a sealed bid auction (the “Sealed Bid Auction”), as disclosed in the DDP and brochure for each such Property (the “Sealed Bid Properties”). All bids for any Sealed Bid Property must be made by the bidder executing and delivering: (i) a Sealed Bid Form (contained in the DDP), (ii) two counterparts of the Purchase Agreement for such Sealed Bid Property, and (iii) an earnest money payment (by certified check payable to the escrow agent, as provided in the DDP) equal to the lesser of: (a) 5% of the bid price, or (b) $50,000. All items required above to be submitted by bidders must be submitted in each case by _______________ ____.m. on ______________________ (the “Sealed Bid Deadline”), to Modern Real Estate at 530 West Market Street, Logansport, IN 46947, Attention Sealed Bid Auction. Neither the Seller of any Sealed Bid Property nor Modern Real Estate shall have any liability to any bidder with respect to any Sealed Bid Property if Modern Real Estate shall fail to actually receive from such bidder, by the Sealed Bid Deadline, all of the items specified in (i) through (iii) above for such Property. Following the Sealed Bid Deadline, all bids received in compliance with these Terms of Sale will be opened. Each successful bidder purchasing any Sealed Bid Property will be notified by Modern Real Estate (who will use reasonable efforts to send such notice no later than form business days after the Sealed Bid Deadline), if such bidder’s bid for such Property has been accepted by the Seller or such Property or if the Seller of such Property is obligated to accept such bid, and that such bidder therefore must, within two business days after such notice has been given, deliver to the escrow agent for such Property a certified check equal to the difference between: (i) 10% of the successful bid price, and (ii) the amount of the earnest money payment actually received by such escrow agent from such bidder on account of the purchase price of such Property. If the successful bidder for such Property fails to comply with these Terms of Sale, then such bidder will be in default under these Terms of Sale, and Modern Real Estate man then give notice to the next highest bidder for such Property that it is now the successful bidder and is therefore obligated to deliver to such escrow agent a certified check (in the amount specified in the preceding sentence) within three business days after the date such notice is given by Modern Real Estate. Once the successful bidder has paid 10% of the bid price for a Sealed Bid Property as provided in these Terms of Sale, then the checks tendered by unsuccessful bidders shall be returned to them, and thereafter such unsuccessful bidders shall have no further obligations with respect to such Property pursuant to these Terms of Sale. REGISTRATION OF BIDDERS. All prospective bidders are required to register for each Public Auction at which they intend to bid, and are encouraged to register at least one week prior to each such Public Auction. Bidding at each Public Auction shall be open only to bidders complying with these Terms of Sale (“Registered Bidders”). To register to bid, each prospective bidder must deliver to Modern Real Estate, prior to each Public Auction at with such bidder intends to bid, a completed Registration Statement on a form available from Modern Real Estate, executed by the prospective bidder, stating, (i) prospective bidder acknowledges he or she is subject to the provisions of these Terms of Sale and represents to have reviewed the DDP and inspected (or waives the right to inspect) each Property on which the bidder intends to bid; (ii) the prospective bidder’s full name, last four numbers of bidder’s social security number or taxpayer identification number, residence and business address and other particular information which is requested; and (iii) whether or not the bidder is acting as agent for any other parties. Any bidder acting as an agent on behalf of a corporation or partnership or other entity shall provide to Modern Real Estate, prior to the Auction, all the documentation either requested by Modern Real Estate, or otherwise necessary (including but not limited to, in the case of a corporation, a corporate resolution) to evidence that such entity has authorized said bidder to act on behalf of said entity to purchase each Property on which said bidder intends to bid. Each Registered Bidder must display to Modern Real Estate, as part of the Public Auction registration and at the Public Auction location, and for each Public Auction at which such bidder intends to bid, a cashier’s check or certified check in the amount of $3,000 (the “Good Faith Deposit”), payable to such bidder for each Property on which said bidder intends to bid. Such check must be certified by or drawn by a bank and must be endorsed by the successful bidder for a Property to the applicable escrow agent at the conclusion of the bidding for such Property. Registered Bidders for a given Public Auction will receive a Public Auction day package, including but not limited to, a final Public Auction Inventory list and a bidder’s card which is required for the prospective bidder to participate in such Public Auction and execute a Purchase Agreement. BIDDING PROCEDURE. All bidding at each Public Auction will be open only to Registered Bidders. To bid during any Public Auction, a bidder must raise his or her bidder card, call out the bid, or inform the bidder’s assistants provided by Modern Real Estate to call out the bid. All Properties will be offered subject to: (i) “reserve” (i.e., an unpublished minimum price bid), or (ii) absolute (i.e. the seller is obligated to accept the higher bid made on such property) unless otherwise set forth in: (a) any brochure which includes these Terms of Sale (the “brochure”), or (b) the Purchase Agreement. A minimum bid is deemed to be “published” if it is stated in the brochure or the DDP, and the minimum price is deemed to be “unpublished” if it is not so stated. If the winning bid for a Property (made in compliance with these Terms of Sale, the Purchase Agreement, and the DDP) is at or in excess of the “unpublished” reserve price or the “published” minimum bid established by the Seller, then such Seller shall be obligated to sell such Property to such bidder at the amount of such winning bid (plus the Buyer’s Premium as described below). If the final bid for a Property is below the reserve price for such Property, then such Property will be sold subject to the Seller’s confirmation, or such bid may be rejected or the Property may be withdrawn. At the time the final bid is made for a Property, Modern Real Estate will announce whether or not such sale is subject to the Seller’s confirmation. The Seller of each Property sold subject to reserve will inform the winning bidder of acceptance or rejection of such bid within the time frame stated in the Purchase Agreement available in the DDP. Modern Real Estate or any Seller may establish “suggested opening bids” for any Property. The amount of each “suggested opening bid” may be less than the reserve price established by the Seller, and is merely the point at which bidding is suggested to begin, not end. Bidders should therefore not assume that the “suggested opening bid” for any Property is the Seller’s reserve price. Moreover, if a bidder bids the “suggested opening bid” for a Property, and no one else bids, and such Property is subject to a reserve price to be established by the Seller, the Seller may still elect to accept, or refuse to approve such sale is such bid is less than the Seller’s reserve price for such Property. All properties that are offered with a “suggested opening bid” are sold subject to reserve. Announcements made by Modern Real Estate on any Public Auction day shall take precedence over all prior written or oral terms and conditions. Each Seller (in the case of its Property) or Modern Real Estate (in the case of any Property) may withdraw, alter add or delete or rearrange, any Public Auction inventory or any Property, or modify the terms and conditions in these Terms of Sale or the DDP, reject any and all bids, or advance or accept a bidder. Modern Real Estate is the sole person who can recognize a bidder as the successful bidder with respect to any Property. In the event of a dispute between bidders for any Property, Modern Real Estate reserves the right to make the sole and final decision either to accept the final bid for such Property or to reoffer the Property in dispute at the applicable Auction. If the sale of any Property is cancelled, such Property may be re-offered and sold again by Modern Real Estate. Notwithstanding anything to the contrary in these Terms of Sale or in any DDP, Modern Real Estate shall not have any liability to any party on account of the exercise (or failure to exercise) of any or all of the rights provided in these Terms of Sale or by applicable law. Modern Real Estate and each Seller of a Property reserves the right to withdraw such Property at or prior to any Auction, and to sell such Property prior to any Auction. The Seller of a Property may notify the winning bidder for such Property of the acceptance or rejection of his or her bid at any Auction. Each bid at each Public Auction may not be withdrawn or revoked for a period of 7 days (or such other period as enumerated in the Purchase Agreement), after the date of such Auction, during which period such Seller may accept or reject, at its sole discretion, such bid by oral notice delivered to the winning bidder. In the event of acceptance, such notice will include four (4) counterparts of such Purchase Agreement executed on behalf of such Seller. In the event of a rejection the Seller’s escrow agent is required to return the Good Faith Deposit (and any earnest money payment), to the extent in each case received by such escrow agent, to the high bidder. By bidding, each bidder agrees to these Terms of Sale. REMOTE BIDDING. Remote bidding sites may be available to prospective bidders on the respective Auction Days for certain properties. Please contact the auction information center for additional information. WRITTEN BIDS. Persons unable to personally attend any Public Auction may submit to Modern Real Estate, at least three business days prior to such Public Auction, (i) a completed Registration Statement (completed as provided in the Terms of Sale), (ii) a certified or bank check for the Earnest Money Deposit (defined below), and (iii) a bid proxy (the form of which is available from Modern Real Estate) and Purchase Agreement with respect to a Property, each executed by such person. Such bid will be accepted for such Property, if such bid is the winning bid complying with these Terms of Sale, and the purchase price added to such Purchase Agreement, by any Modern Real Estate pursuant to such proxy and such person shall then be obligated to purchase such Property pursuant to such Purchase Agreement. DEPOSITS. Upon the closing of bidding for each Property at each Public Auction, the winning bidder for such Property will be required to: (i) execute a high bid confirmation form, (ii) deliver the Good Faith Deposit endorsed to the escrow agent for the Seller of such Property, (iii) deliver an uncertified check (as an additional Earnest Money Deposit) made out to the order of such escrow agent for the difference between: (a) 5% of such winning bid and (b) the amount of the Good Faith Deposit paid by certified check and endorsed by such bidder to such escrow agent (bringing the total deposit amount for each property successfully bid on any Public Auction to no less than 5%), (iv) execute the Purchase Agreement for such Property, and (v) comply with all other conditions of sale as stated in the Purchase Agreement that may be applicable. Failure to do so immediately, but in no event more than 15 minutes after the closing of bidding on such Property, shall pass to the Seller and Modern Real Estate the right to hold such bidder in default and to nullify the bid of such high bidder and reopen the bidding on such Property. PURCHASE AGREEMENTS. Each winning bidder for a Property at a Public Auction is required to sign, at the conclusion of the bidding for such Property, form (4) original counterparts of the applicable Purchase Agreement, the form of which is provided in the applicable DDP. Unless otherwise stated in the Purchase Agreement, each Purchase Agreement requires an earnest money deposit equal to ten percent (10%) of the Purchase Agreement price (the “Ernest Money Deposit”). The Earnest Money Deposit for each Property must be paid in full within the earlier of (i) the date of the applicable Auction, if the Seller of such Property confirms at such Auction that the successful bid for such Property is acceptable, or (ii) three (3) business days of the date that the Contact for such property has been executed and delivered by the Seller of such Property. The Good Faith Deposit (including any additional Good Faith Deposit paid at the applicable Auction) actually paid by a purchaser to the Seller’s escrow agent for a Property shall be credited towards the Earnest money Deposit required for such Property. The balance of the purchase price must be paid as stated in the Purchase Agreement. CLOSING. The closing of title for each Property will be 45 days after the applicable Auction unless otherwise stated in the Purchase Agreement for such Property (unless extended by the Seller of such Property), subject to the terms of such Purchase Agreement. If the winning bidder of any Property fails to comply with these Terms of Sale, then the Seller of such Property shall have the right to cancel such sale and to be paid the Good Faith Deposit ad the Earnest Money Deposit for such Property as liquidated damages for failure to comply with the Terms of Sale. DUE DILIGENCE. All dimensions, descriptions and other information provided by or on behalf of Modern Real Estate or the Seller are based on information supplied to such Modern Real Estate and are subject to possible variations. Prospective bidders should inspect each Property and review all pertinent documents in the DDP. Prior to the applicable Auction, a prospectus bidder can purchase a DDP for each Property by delivering to Modern Real Estate a DDP request form with a confidentiality agreement (or forms available from Modern Real Estate) together with $50 for each DDP request (except in the case of the property located at [address of property] where the price will be $100, payable by check or Visa or Mastercard.) Said check should be payable to [name of payee]. The DDP for each Property will specify the name and telephone number of the showing agent and the times such Property is available for inspection, if any. DISCLAIMERS. Unless otherwise noted in the Purchase Agreement, the Seller of any Property to the buyer, subject to all encumbrances, easements, rights of way, leases, liens, licenses, reservations, conditions and other matters of records, and as otherwise set forth in the Purchase Agreement. Neither the seller for any Property, nor Modern Real Estate, will be obligated to alter, repair, or improve any Property. EACH WINNING BIDDER WHO BECOMES A PARTY TO A FULLY EXECUTED PURCHASE AGREEMENT WILL BE ACQUIRING A PROPERTY BASED SOLELY ON ITS INDEPENDENT INVESTIGATION AND INSPECTION OF THE PROPERTY, AND NOT IN RELIANCE ON ANY INFORMATION, WHETHER VERBAL OR WRITTEN, SUPPLIED OR PROVIDED BY MODERN REAL ESTATE, THE SELLERS, OR ANY OF MODERN REAL ESTATE’S EMPLOYEES OR AGENTS, OFFICERS, DIRECTORS OR PURCHASE AGREEMENTORS OR PARTICIPATING BROKERS OR SHOWING BROKERS, WHETHER CONTAINED IN THESE TERMS OF SALE, ANY DDP, OR OTHERWISE. EACH PROSPECTIVE BIDDER MUST UNDERTAKE AND RELY ON HIS OR HER OWN INVESTIGATION OF THE PROPERTIES. EACH PROSPECTIVE BIDDER REPRESENTS, WARRANTS AND AGREES THAT SUCH BIDDER HAS EXAMINED EACH PROPERTY AND IS FAMILIAR WITH ITS CONDITION (OR HAS WAIVED SUCH EXAMINATION). NEITHER ANY SELLER NOR MODERN REAL ESTATE IS OBLIGATED TO INVESTIGATE OR VERIFY, OR MAKE ANY REPRESENTATION OR WARRANTY AS TO THE TRUTH OR COMPLETENESS OF, ANY MATTER CONTAINED IN THESE TERMS OF SALE, IN THE DDP, IN ANY AUCTION SEMINAR OR IN ANY OTHER STATEMENT OR INFORMATION PROVIDED BY SUCH SELLER OR MODERN REAL ESTATE OR OFFERING PLAN. NEITHER MODERN REAL ESTATE, NOR ANY SELLER, NOR ANY AFFILIATE, AGENT, OFFICER, EMPLOYEE OR REPRESENTATIVE OF ANY OF THESE PARTIES OR ANY PARTICIPATING BROKER OR SHOWING BROKER, HAS ANY LIABILITY FOR ANY ORAL OR WRITTEN REPRESENTATION, WARRANTY OR OTHER STATEMENT OF ANY NATURE, EXPRESS OR IMPLIED, EXCEPT THAT EACH SELLER IS OBLIGATED FOR SUCH REPRESENTATIONS AND WARRANTIES AS MAY BE MADE BY SUCH SELLER IN EACH PURCHASE AGREEMENT EXECUTED BY SUCH SELLER, BUT ONLY TO THE EXTENT PROVIDED BY APPLICABLE INDIANA LAWS. NEITHER MODERN REAL ESTATE, NOR THE SELLER, SHALL BE UNDER ANY DUTY TO DISCLOSE TO ANY BIDDER (AND SHALL HAVE NO LIABILITY FOR ITS RESPECTIVE FAILURE TO DISCLOSE TO ANY BIDDER) ANY INFORMATION KNOWN TO EITHER SUCH MODERN REAL ESTATE OF SUCH SELLER RELATING TO ANY PROPERTY. NEITHER ANY SELLER NOR FISHER NOR MODERN REAL ESTATE MAKES ANY REPRESENTATION OR WARRANTY, WHETHER WRITTEN, ORAL, EXPRESS, OR IMPLIED, CONCERNING ANY PROPERTY, AND EACH PROPERTY IS TO BE SOLD “AS IS,” “WHERE IS”, AND WITH ALL FAULTS, EXCEPT EACH SELLER AGREES TO EACH REPRESENTATION AND WARRANTY MADE BY ITS EXPRESSLY IN THE PURCHASE AGREEMENT EXECUTED BY IT. EACH SELLER AND FISHER AND MODERN REAL ESTATE DISCLAIM ALL EXPRESSED AND IMPLIED REPRESENTATIONS AND WARRANTIES (EXCEPT AS PROVIDED ABOVE) INCLUDING, WITHOUT LIMITATION, REPRESENTATIONS AND WARRANTIES AS TO: 1. TITLE TO ANY PROPERTY; 2. COMPLIANCE OF ANY PROPERTY WITH APPLICABLE LAWS, ORDINANCE, APPROVALS, PERMITS, ORDERS, RULES, REGULATIONS, OR REQUIREMENTS; 3. THE VIABILITY OF ANY PROPERTY FOR DEVELOPMENT OR ALTERATION OR IMPROVEMENT; 4. THE EXISTING OR FUTURE USE OF ANY PROPERTY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE OR MERCHANTABILITY; 5. THE CONDITIONS OF ANY PROPERTY; AND 6. THE PRESENCE OR ABSENCE OF ANY HAZARDOUS OR TOXIC MATERIALS OR ANY OTHER ENVIRONMENTAL MATTER. FOR THE PURPOSE OF THIS “DISCLAIMERS” SECTION, “PROPERTY” INCLUDES ANY PART THEREOF OR INTEREST THEREIN. IN THE CASE OF EACH PROPERTY WHICH IS OFFERED PURSUANT TO AN OFFERING PLAN OR PROSPECTUS, THE COMPLETE OFFERING TERMS ARE IN SUCH OFFERING PLAN AVAILABLE FROM THE SPONSOR. THESE TERMS OF SALE SHALL NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY OF THE PROPERTIES. ALSO, NEITHER ANY MODERN REAL ESTATE NOR ANY SELLER BY ANY ORAL OR WRITTEN STATEMENT SHALL BE DEEMED TO HAVE MADE ANY OFFER TO SELL OR SOLICITATION OF ANY OFFER TO BUY (NOR SHALL THERE BE ANY SALE OF ANY THE PROPERTIES) IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO FULL COMPLIANCE WITH THE APPLICABLE LAWS OF SUCH STATE.