2S AUCTIONEERS LTD. - REAL ESTATE TERMS & CONDITIONSThe following terms and conditions form an integral part of the Terms of Bidding and Sale. Should these terms disagree with the Terms of Bidding and Sale stated on the Bidder's Registration Agreement and on the inside of the listing catalog, these terms shall supersede those stated terms and will apply to all sales of Real Property and to sales of Real Property alone.1.AGREEMENT OF PURCHASE AND SALE. The purchaser shall execute an Agreement of Purchase and Sale, in the form provided by the Auctioneer, without modification, immediately after being declared the high bidder.2.DEPOSIT. The purchaser shall submit a NON-REFUNDABLE OFFER TO PURCHASE in the amount of 10% of the Purchase Price within 24 Hours after being declared the high bidder, plus Buyer's Premium. The balance of the Purchase Price shall be paid within 30 days.3.NON-PERFORMANCE. Any failure by the Purchaser to complete the purchase of the Property will result in their Deposit and any further interest in the Property being forfeited.4.CLOSING. Completion and closing of all real estate transactions will be handled by a qualified lawyer, notary or real estate agent appointed by the Seller and the Auctioneer. Closing will take place on the date that is 30 days after the date of the auction, or such other date as may be mutually agreed by the parties. The Purchaser and Seller shall be responsible for their own legal fees. Land title registration fees are the responsibility of the Purchaser.5.ALL DEPOSITS, earnest and purchase monies in respect of the Property shall be paid to and deposited with 2S Auctioneers Ltd.6.POSSESSION. Purchaser will receive vacant possession on the date of Closing.7.CASH SALE. This is a cash sale and is not contingent on purchaser's ability to obtain financing.8.AS-IS SALE. The Purchaser shall accept the Property in an "as-is" condition as of the closing date and the Purchaser specifically agrees that neither the Seller nor the Auctioneer makes any representations or warranties of any kind whatsoever, expressed or implied, to the Purchaser as to the condition or fitness of the Property, environmental or otherwise, or any improvements thereon. All descriptions, measurements and acreage provided by the Seller and the Auctioneer are to be used as a guide only. The Purchaser shall have satisfied himself as to the location and condition of the Property, and all descriptions with respect thereto, prior to bidding. Mines and minerals are not included unless otherwise expressly provided.9.AGENT OF SELLER. The Auctioneer (and any appointed Real Estate Agent, where applicable) is acting as an agent of the Seller only, and not as an agent of the Purchaser or a dual agent.10.TAXES. GST is applicable where noted.11.PERSONAL PROPERTY. No personal property shall be conveyed with the Property unless specifically included in the purchase agreement.12.NO ASSIGNMENT. The Purchaser may not assign his bid or obligation to purchase the Property to a third party without the prior written approval of the Auctioneer.