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TERMS OF SALE: LUXURY AUCTION® WITHOUT RESERVE 189 S. Windom Way
Durango, Colorado 81301 (“Property”)
Saturday, October 12th, 2019 at 2:00pm MT (“Auction”)
Auction to be held on-site. Remote bidding also available. Inquire for details.
Selling to the Highest Bidder Without Reserve (aka “Absolute”) and Regardless of the High Bid Price. No required minimum bid. Opening Bid Incentives also available! Inquire for details.
1. BIDDER REGISTRATION. The Auction is open only to those persons who have registered to bid on the Property as detailed herein. The deadline for registration is Friday, October 11th, 2019 by 5:00pm MT (“Registration Deadline”). Individuals not bidding personally but rather for or on behalf of an entity (e.g., a trust or limited liability company) may be required to submit additional documentation to Platinum Luxury Auctions (“Platinum”) as part of registration. The bidder registration process is described below in Section 2, Registration Procedure. Prospective bidders who do not register by the Registration Deadline will be unable to participate in the Auction. TIME IS OF THE ESSENCE!
2. REGISTRATION PROCEDURE. Successful registration requires that a prospective bidder perform the following duties prior to the October 11th Registration Deadline:
a) Initial and sign these Luxury Auction® Terms of Sale (“Terms of Sale”)
b) Make a refundable bid deposit of $100,000 (“Bid Deposit’)
c) Complete any other applicable documents (e.g., those related to absentee bidding, opening bids, trust/LLC
bidders, etc.)
The Terms of Sale and any applicable documents related to item c listed above must be submitted to Platinum. The Bid Deposit can be made either by electronic wire (sent to the trust account of the closing agent listed in Section 8, Closing), or by bringing a cashier’s check for the $100,000 amount to the Auction. Bidders selecting the cashier’s check option must provide Platinum with a copy of the check (via e-mail, fax or other methods) by the Registration Deadline. Cashier’s checks should be made payable to the closing agent. A personal check will not be accepted in lieu of a cashier’s check for the Bid Deposit. Upon verifying bidder’s completion of items a through c listed above, the bidder shall be deemed a registered bidder (“Registered Bidder”) and Platinum will then provide the Registered Bidder with a Bidder Verification Form. On Auction day, the Registered Bidder must then present the on-site registration clerk with the following items:
a) A valid and current form of photo identification (e.g., driver’s license)
b) The original cashier’s check for the Bid Deposit (if applicable)
c) A separate/additional, blank check (personal or business check acceptable) d) The Bidder Verification Form
Upon the clerk’s verification of items a through d listed above, the Registered Bidder will be officially confirmed for participation in the Auction and given a bidder’s paddle. Upon being declared the successful high bidder, the Registered Bidder’s separate, blank check will be used to complete the required purchase deposit described in Section 6, Deposit and Payment.
3. ABSENTEE BIDDING. Bidders are strongly encouraged to attend the Auction in person at the designated venue. However, absentee (i.e., remote) bidding is also available. Those bidders who prefer absentee bidding are advised to contact Platinum well in advance of the Registration Deadline for absentee bidding and registration instructions.
BIDDER INITIALS
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