Tract 1

Bidding on and buying auction assets on www.kencarpenterauction.com and its affiliated websites are subject to the series of obligations and rules below. • The Terms of Website Use for this site. • The auction-specific terms and conditions unique to each auction, which are represented on the auction details page for each auction on this site. • The following general auction terms and conditions. SOLD AS-IS, WHERE IS KEN CARPENTER AUCTION AND THE SELLER FURNISH ALL AUCTION ASSETS TO BUYERS AS IS, WITHOUT WARRANTY OF ANY KIND. KEN CARPENTER AUCTION AND SELLER DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY AND/OR FITNESS FOR A PARTICULAR PURPOSE. Assets are sold in their actual current condition, with all faults and defects, and with all errors of description. Ken Carpenter Auction’s liability to a purchaser will never exceed the purchase price actually paid for an asset. Bidders accept all auction assets with all faults, whether or not immediately apparent. Bidders are responsible for ascertaining actual current condition through personal inspection and careful review of the description, pictures, video and/or support documentation. Every bidder agrees that his or her decision to bid and the amount he or she bids have been based solely on his or her own independent inspection and evaluation of the auction assets. Bidders are strongly advised by Ken Carpenter Auction to take care to satisfy all questions or concerns about the auction process, bidding process or auction assets before placing a bid. Inspection and contact information for the seller of every asset is posted in the item details for that asset. Buyers are responsible for the cost of auction asset mobilization, disassembly, rigging, transport, insurance and all other costs related to physical transfer of auction assets from their location at the time auction bidding ends. If the pictures displayed with descriptions do not appear to match, contact sales@kencarpenterauction.com or call 405-620-1524 to report the auction date and item number. ABANDONED ASSET POLICY Ken Carpenter Auction may declare an asset abandoned when a buyer fails to make full payment by the stated payment deadline or when a buyer fails to remove an asset from the auction site by the stated removal deadline. When Ken Carpenter Auction declares an asset abandoned, it may take the following steps in its sole discretion: • Ken Carpenter Auction may resell the asset in an upcoming auction on the buyer’s behalf for an additional administrative fee of 20% of the original invoice price (minimum $1,000 fee) and account for the resale as follows: o Net proceeds, if any, will be released to the buyer, calculated as the resale bid price collected plus any amounts paid by the buyer against the original invoice, less all administrative and storage fees accrued; o If the resale bid price collected plus amounts paid by the buyer against the original invoice are insufficient to cover the buyer's administrative and storage fees accrued, the deficiency will continue to be owed by the buyer, and Ken Carpenter Auction and the seller will retain all legal remedies to obtain that deficiency; o Net proceeds may be retained and used by Ken Carpenter Auction to offset any amounts owed by the buyer related to other past or pending purchases or sales of assets by the buyer or a related party. • Where the original invoice price is $2,000, Ken Carpenter Auction may allow the seller to retain or dispose of the asset, declare the buyer’s rights to the asset immediately terminated, and retain all payments by buyer as liquidated damages. Where an asset is declared abandoned under this policy after the buyer has been issued a certificate of title, the buyer agrees Ken Carpenter Auction and its administrative personnel are appointed as buyer’s true and lawful attorney-in-fact to apply for a Certificate of Title and/or Registration upon and/or endorse and transfer title for the asset(s) in issue and, by acknowledging these terms and conditions, the buyer swears or affirms that this appointment is true and correct. ABSENTEE BIDS While Ken Carpenter Auction will make every effort to assist bidders, we do not accept absentee bids. Please utilize the maximum bid feature. BID RESCISSION AND REJECTION Ken Carpenter Auction reserves the right to rescind or reject any and all bids. BID RETRACTION Retractions will be assessed individually upon request. SALES TAX All sales are subject to appropriate state sales tax laws. Winning bidders have the burden of proving their exemption from sales taxes to Ken Carpenter Auction. ASSET TRANSFER AND RISK OF LOSS POST-AUCTION Assets will not be released to buyers until full payment to Ken Carpenter Auction has been received and funds confirmed. An auction asset becomes the full responsibility of the buyer at the close of bidding on that asset, and the buyer immediately assumes all risk of loss and damage to the asset. AUCTIONEER’S DISCRETION Ken Carpenter Auction has full discretion to modify the date and time, order, and details of the sale of any asset or conduct of any auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Ken Carpenter Auction or the seller. CHOICE OF LAW AND VENUE; WAIVER In any matters in which Ken Carpenter Auction and/or any of its employees, officers, directors, shareholders, agents or assigns is made a party, the law of the State of Oklahoma shall apply, without regard to its law pertaining to conflict of laws, and any dispute shall be decided in the courts of Canadian County, Oklahoma. All claimants consent to the personal jurisdiction of those courts. Auctioneer may waive any provision of these Terms and Conditions, but only in writing. No such waiver shall effect any other provisions of these Terms and Conditions, nor shall it amount to a permanent waiver of that particular provision. Updated: September 17, 2019