“Fall of the Hammer” means the point, after bids have been received, at which Auctioneer declares a Lot of Personal Property or Real Property “sold” to the Bidder acknowledged by Auctioneer as having made the Winning Bid. “Commission” means the amount payable by or on behalf of Seller to Auctioneer for Auctioneer’s services, calculated as a percentage of the Hammer Price. For offered Subject to Seller’s Confirmation, the Buyer’s Premium will be calculated on the amount of the High Bid Subject to Confirmation. 'Buyer's Premium' is an amount with respect to each Lot of Personal Property or with respect to each parcel of Real Property, calculated as a percentage of the Hammer Price, that is payable by the Buyer to Auctioneer for Auctioneer's own account. 'Buyer' means the Winning Bidder with respect to each Lot of Personal Property or of each parcel of Real Property, as the case may be. “Broker Participation Fee” means an amount that is paid to a broker who has participated in procuring a Buyer, or has otherwise assisted in facilitating the sale of Property at the Auction, under the terms and conditions and in the amount established by Auctioneer. “Bidder Terms and Conditions” means these Bidder Terms and Conditions.

“Bidder Registration” means the information provided by a prospective Bidder, and the process of registering such prospective Bidder to bid at the Auction, including the prospective Bidder’s agreement to be bound by these Bidder Terms and Conditions. “Bidder Number” means the number or other identifier issued by Auctioneer to a Registered Bidder for the purposes of identifying bids to such Registered Bidder. “Bidder” means any person or entity that makes a bid at the Auction. “Auction Site” means the physical location of the Auction, or, for an Auction conducted entirely online, the location where Property may be inspected and where a Buyer may pick up Personal Property. “Auction” means the auction sale at which Auctioneer solicits bids, or is scheduled to solicit bids. “Attendee” means any person who attends the Auction at the Auction Site, whether such person is a Registered Bidder or not. UNLESS SPECIFICALLY AND EXPRESSLY STATED BY AUCTIONEER IN WRITING, NO PROPERTY IS BEING SOLD ABSOLUTE OR WITHOUT RESERVE. Property put up at Absolute Auction may be withdrawn by Auctioneer if a bid is not received within a reasonable time. Provided that a bid is received within a reasonable time after property is put up at Absolute Auction, the property will be sold to the highest bidder regardless of the final bid amount. This type of auction is also known as an auction Without Reserve. “Absolute Auction” or “Absolute” applies only if and when expressly indicated and means that property is sold to the highest bidder regardless of the amount of the final bid, with no limiting conditions, restrictions, or reservations. An absentee Bidder may or may not be present at the Auction. “Absentee Bidder” means a person or entity that submits an Absentee Bid. The following definitions apply to these Bidder Terms and Conditions for each auction conducted by Auctioneer: “Absentee Bid” means a bid submitted to Auctioneer in advance by an Absentee Bidder for the execution during the Auction under terms established by Auctioneer. By participating in the Auction, whether at the auction site, online, telephonically, or through any other means (including Absentee Bid), each Participant agrees to be bound by, and to abide by, all such Bidder Terms and Conditions.

The Auction is conducted under and in accordance with these Bidder Terms and Conditions, any and all other Terms and Conditions posted by Auctioneer (whether at the Auction Site or online), any announcements or corrections made by Auctioneer at the time of the Auction, and applicable law. Auction Conducted Under and In Accordance with These Bidder Terms and Conditions, Additional Terms and Conditions Posted by Auctioneer, and Announcements Made at the Time of the Auction, and Applicable Law. These bidder terms and conditions also form the basis for the contract of sale between the Seller and the Buyer. Auction Terms & Conditions BIDDER TERMS AND CONDITIONS These Bidder Terms and Conditions apply to auctions conducted by Northern Kentucky Auction, LLC, and constitute a legal, valid, binding, and enforceable contract between Auctioneer and each Participant, Bidder, and Buyer.

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