WESTERN ASSET RESERVE GENERAL TERMS AND CONDITIONS

APPLICATION

By bidding in this auction you acknowledge that you, buyer (or bidder, or winning bidder, or purchaser), hereby agree to be bound by all of the terms and conditions of this auction as described or any item listing and these WESTERN ASSET RESERVE GENERAL TERMS AND CONDITIONS. These terms and conditions and the information contained in any item listing constitute the entire agreement between buyer and Western Asset Reserve ("WAR"). These terms and conditions and the information contained in any listing may only be changed by WAR. By participating in this auction, buyer acknowledges that buyer is bound by these terms and conditions and the information contained in any listing. WAR, Western Asset Reserve or any pronoun referring to it also refers to Western Land Trust, Western Asset Reserve, New Worlds, LLC, Collector's Liquidation, BilzBiz, Ltd., Atchara, Inc. their agents, representatives, officers, directors, stockholders, members, managers, employees, consultants or affiliates. In the event of a conflict between these WESTERN ASSET RESERVE GENERAL TERMS AND CONDITIONS and the contents of any listing, these General Terms and Conditions shall govern.

ITEM DESCRIPTIONS

Non-real estate - WAR believes, to the best of its knowledge that the information presented in any listing has come from reliable sources. Such information is presented solely for the convenience of the purchaser. WAR makes no warranties of any kind related to the information presented in any listing. WAR further makes no warranties, either express or implied, relating to the value, marketability or condition of the item described in any listing. Prospective bidders should investigate an item before bidding. By bidding the bidder indicates to us that bidder has investigated the item to his or her satisfaction, or, that bidder has chosen not to do so, and agrees to accept the item being bid on with no objections after the sale closes. If you are uncertain please contact us with your questions prior to bidding. If you are still uncertain after we reply, please refrain from bidding.

Real estate - It is the purchaser's responsibility to complete an appropriate due diligence investigation of any parcel WAR sells which is consistent with that of any prudent investor acquiring real property. Normal due diligence includes, but is not limited to, physical inspection and verification of property use with regulatory authorities, public/private utilities and property owners' associations. Western Land Trust, Western Asset Reserve, New Worlds, LLC, Collector's Liquidation, BilzBiz, Ltd., Atchara, Inc., their agents, representatives, officers, directors, stockholders, members, managers, employees, consultants or affiliates, make no warranties or representations, express or implied, relative to any parcel, including, but not limited to: the ability to build, access, terrain, topography, location, condition, available utility services, value, marketability, fitness for any particular purpose or the information contained in this listing. Photos, maps and other graphic material contained in any listing may be of the general area and region of the parcel listed and not necessarily of the specific parcel. The information contained in any listing is believed to have come from reliable sources, but is not verified or warranted by WAR and should be verified by the purchaser prior to bidding. This property is sold by us "as-is, where-is with all faults" existing at the time of sale, and is solely guaranteed to have lien-free title upon transfer to buyer. Any taxes or assessments which may be due as of the date of the auction will be cleared by us upon payment by the winning bidder of the initial amounts due (winning bid + first payment (if any) + buyers premium + admin. fee).

BUYERS PREMIUM

A buyer's premium amounting to 10% of the winning bid amount will be added to the purchase price of each item. Additionally, PMT real estate sales require a minimum buyer's premium of 1% of the PMT contract amount.

CLOSING PRICE ESTIMATES

Closing price estimates are provided solely for the convenience of the buyer and WAR makes no warranties of any kind relating to them.


ACCEPTANCE OF BIDS

WAR reserves the right to accept or reject any bid for any reason whatsoever. The highest recognized bidder will be the actual buyer. In the event of any dispute between bidders, or in the event of doubt on WAR part as to the validity of any bid, WAR will have the exclusive final discretion to determine the successful bidder, cancel the sale, or to re-offer and resell the item in dispute and WAR is not responsible for any errors or omissions in connection therewith. WAR reserves the right to protect any reserve price by placing floor bids or to remove any item from sale without notice. Once a bid is entered by a bidder it may not be withdrawn and shall be determined in the sole discretion of WAR to have exceeded or not to have exceeded any reserve.

PAYMENT

PMT Real Estate Auctions - The winning bid is the down payment and buyer will take over payments on the specified balance with interest at the specified rate, pay the specified amount monthly, until paid in full. Buyer will also pay prorated property taxes, prorated association dues (if any) and a payment collection fee all added to the monthly payment. The amount due at the close of the auction is the winning bid, plus the first month's payment, plus the buyer's premium specified in herein, and plus our administrative fee. PMT transactions may be paid off in advance at any time in any amount without penalty. The winning purchaser must contact WAR within 48 hours of bid closing and provide: Name for title purposes, mailing address, telephone numbers, form of payment as provided below and the completed purchaser information and government required forms provided by WAR at the time of bid closure. Payment of the winning bid amount, initial payment, buyer's premium and administration/recording fee must be made within 5 days of bid closure in the form of Paypal payment, credit card payment, cashier's check or money order. Within 15 days after full, cleared payment, WAR will provide the land contract to the buyer.

Cash Sale Real Estate Auctions - The amount due at the close of the auction is the winning bid, plus the buyer's premium specified in herein, and plus our administrative fee. Buyer will receive the parcel free and clear with the payment of these amounts and there will be no future payments due. The winning purchaser must contact WAR within 48 hours of bid closing and provide: Name for title purposes, mailing address, telephone numbers, form of payment as provided below and the completed purchaser information and government required forms provided by WAR at the time of bid closure. Payment of the winning bid amount, initial payment, buyer's premium and administration/recording fee must be made within 5 days of bid closure in the form of Paypal payment, credit card payment, cashier's check or money order. Within 15 days after full, cleared payment, WAR will provide the deed and recording instructions to the buyer.

Non-Real Estate Auctions - Payment of the winning bid amount, buyer's premium and shipping/handling charge must be made within 5 days of bid closure in the form of Paypal payment, credit card payment, cashier's check or money order.

SHIPPING, HANDLING AND INSURANCE

Shipping and handling charges are stated in each listing. Our minimum rates, which include insurance, are $17.95, $23.95 and $27.95, depending on the type of item. If the shipping amount above is higher, the item is over-sized and/or heavy. For items that may not be shipped by either USPS or UPS, any amount stated is an estimate and the actual amount will vary depending on the winning bidder's location. All stated or estimated shipping and handling charges are for US mainland or Hawaii destinations only. Bidders requiring items to be shipped to other destinations should contact us in advance for a shipping and handling quote. BY BIDDING, THE BIDDER AGREES TO OUR SHIPPING AND HANDLING CHARGES, COMPUTED ON A CONSISTENT BASIS, WHETHER KNOWN OR NOT TO BIDDER AT THE TIME OF BID.

When appropriate, as determined solely by us, and in an amount determined solely by us, for multiple items purchased by the same buyer, of the same type, and shipped to the same address in the same parcel, we may, in our sole discretion as to qualification, amount and form, provide rebates included with the shipment in the form of cash rebates, additional merchandise similar to what was purchased or coupons to be used for future purchases.

Insurance is provided by us (at no additional cost to US shipments) in the maximum amount obtainable up to the amount of the winning bid. Extra charges may apply to insurance on foreign shipments to the extent that the normal US insurance cost is exceeded. Our responsibility for damage to or loss of the item ends once it has been turned over to the USPS, UPS or other shipping company for delivery. By bidding, the winning bidder agrees that any and all claims for loss or damage to the item will be handled solely through the insurance claims process.

We ship within 15 days after full, cleared payment by the buyer. BY BIDDING, THE WINNING BIDDER HEREBY AGREES TO OUR SHIPPING TIME. Although we like to hear from you, please refrain from contacting us with shipping status requests until 3 weeks after your full payment has cleared, as such requests delay us in shipping, listing additional items and handling other customer matters that were not already agreed to in advance.

RETURNS

All sales are final, no items are sold on approval. No refunds are made on real estate sales. Returns of non-real estate items may only be made with the advance authorization of WAR. To request a return you must provide a written request fully explaining the basis for the return no later than 3 days after your receipt of the item. WAR may approve or disapprove a return in its sole discretion. Under no circumstances will any amounts other than the winning bid amount be refunded. A 15% restocking charge may apply in WAR's sole discretion. Any allowed returns must be received in exactly the same condition as when originally shipped to Buyer. Any unauthorized returns will be refused.


FEEDBACK

WAR prides itself on with its customer care. We encourage positive feedback and will reciprocate for those who leave it. If you leave negative and we do not agree, then you automatically and irrevocably agree to consent to Square Trade to resolve the feedback dispute. If you fail to comply with Square Trades request to mediate, then you automatically and irrevocably agree to arbitration as described below to hear the negative feedback dispute, with the final result rendered by an arbitrator being binding upon the parties.


DISPUTE RESOLUTION

If any dispute occurs between Buyer and WAR that cannot be resolved, then the parties agree to the rules, regulations and procedures of the dispute resolution described herein and agree to the following procedures for resolution of the dispute: If either party alleges that the other party is in default under this agreement, then the dispute or allegation shall be submitted to binding arbitration in the State of Hawaii. WAR shall select a neutral arbitrator. The arbitration process shall be initiated by either party requesting arbitration which must be served upon the other party by certified mail. Failure to in the arbitration is a default. Each party shall simply present their case (limited to a maximum of one hour for each party) to the arbitrator. The parties agree and acknowledge that they are completely waiving their rights to have the dispute heard in a court of law. The parties agree that the arbitrator shall have complete jurisdiction over the dispute and can issue an award to the prevailing party. Arbitration fees shall be split equally between the parties. Any award determined by the arbitrator shall be binding and the prevailing party shall be awarded full reimbursement of its actual paid fees in connection with the dispute.

LIMITATION OF LIABILITY

In no event shall WARs liability for any breach, or act or omission exceed the purchase price actually paid by the buyer, and in no event shall WAR have any liability under any circumstances for special, indirect, incidental or consequential damages (including for loss of profits or revenue, costs of obtaining alternative property, claims of customers of Buyer or otherwise), whether in contract, tort, negligence, strict liability, or otherwise, arising out of, resulting from or in any way relating to the item or its purchase, sale, delivery or non-delivery, or the acts or omissions of WAR or WARs agents, representatives, officers, directors, stockholders, members, managers, employees, consultants or affiliates.

BINDING CONTRACT

Once the reserve price (always unknown to bidder), if any, of any item has been exceeded, bidder's bid has become a binding contract to purchase the item in accordance with the specific provisions of the listing and these general terms and conditions, as applicable. WAR, in its sole discretion, with or without the knowledge of or notice to bidder, may reduce any reserve price to an amount below the bid of any bidder at any time during the auction. Reserve prices are always the confidential information of WAR and are not disclosed to bidders unless specifically stated as such during bidding. Nothing contained in any listing shall be construed to disclose any reserve price.

The winning bidder hereby agrees to pay the following liquidated damages in the event that he, she or it fails to complete a transaction. The amount of liquidated damages shall be twice the buyers premium on all transactions except installment payment land sales. For installment payment land sales, the liquidated damages amount shall be the intial invoice amount computed per the listing.

The winning bidder's failure to complete the purchase in accordance with the terms provided herein and in the listing will cause the bidder to be faced with all, or any combination of the following measures: negative feedback; non-paying bidder sanction; credit agency reporting; legal and/or collection action. These terms and conditions and each listing contain all of the provisions applicable to the agreement between WAR as seller and each bidder. The provisions of these terms and conditions and of each listing supersede all other agreements, representations or understandings, whether prior or contemporaneous, oral or written, between the parties concerning that subject matter. These terms and conditions and provisions of each listing shall be binding on buyer's heirs, beneficiaries, executors, successors and assigns.

SEVERABILITY

If any provision of these terms and conditions or of any listing be void, unlawful or unenforceable under applicable law, that provision shall be deemed deleted and severed from the remaining provisions, and shall not affect the enforceability or validity of any of the remaining provisions.

ASSIGNMENT

Any assignment without WARs written authorization will be void.

VENUE

These terms and conditions, the contents of any listing and the contractual relationship between WAR and any buyer shall be interpreted under and governed by the laws of the State of Hawaii.