MGD TRACTOR & EQUIPMENT (PA-A4002467) TERMS AND CONDITIONS OF AUCTION

PLEASE READ CAREFULLY BEFORE BIDDING

By bidding at the Auction conducted by MGD Tractor & Equipment (“MGD”), all bidders and purchasers agree to be bound by the following Terms and Conditions, which constitute the entire agreement between MGD and purchaser relating to all lots purchased at the Auction:

1. All items purchased at the Auction are purchased “As is, Where is.” MGD makes no representations concerning the condition or value of any item offered for sale at the Auction and MGD is not responsible for any errors in the description of the condition, year, make, model, mileage or meter reading of any item or lot. Any statements made by MGD, or its employees or Auctioneer, or by EquipmentFacts or Proxibid, including without limitation any descriptions of the lots contained in the Auction Catalog, may not be relied upon for any purpose by any bidder. It is the bidder’s sole responsibility to inspect and determine the condition and potential value of any item offered for sale.

2. Neither MGD, its employees, Auctioneer, Equipment Facts nor Proxibid offer any guarantee or warranty of any kind, either express or implied, on any item sold at the Auction. No statement contained in the Auction catalog, nor any statement made by a representative or employee of MGD or the Auctioneer, shall constitute a warranty or guarantee of any kind.

3. All sales are final. Any refunds agreed to by MGD in its sole discretion shall be issued only in the form of credit to be used for future purchases from MGD.

4. The highest bidder for each lot shall be the “Purchaser.” If any dispute arises concerning who was the highest bidder, the Auctioneer may, in his or her sole discretion, resolve the dispute or reopen bidding on the lot. The decision of the Auctioneer shall be final and not subject to challenge.

5. Lots may be added to or deleted from the Auction until the start of bidding. If the Auctioneer feels that the opening bid or any subsequent bid for a lot is not high enough, then the Auctioneer may remove the lot from the Auction. Auctioneer shall have sole control over the Auction and may in his or her sole discretion reopen bidding if a bid dispute arises or if a bid has gone unnoticed, in which case the last bid received prior to reopening bidding may not be retracted and if no further bids are received shall be the winning bid. All lots are offered subject to a confidential reserve, which is the minimum price below which the lot will not be sold. Neither MGD nor the Auctioneer shall have any liability of any kind for the removal of any lot from the Auction. Any announcements made by the Auctioneer at the Auction concerning any particular lot shall take precedence over any printed description of that lot.

6. Without exception, payment must be made in full in U.S. dollars for all items purchased at the Auction within two days (48 hours) after the Auction closes. Payment may be made (a) in cash; (b) by check drawn upon an account in a Pennsylvania bank in an amount up to $5,000.00 (for checks made in an amount in excess of $5,000.00, or checks drawn on an out-of-state bank account, items purchased will not be released to the buyer until the funds are in MGD’s account); or (c) by wire transfer of funds. For wire transfers initiated within the United States, a $30.00 wire transfer fee will be added to the amount due. For wire transfers initiated outside of the United States, a $80.00 wire transfer fee will be added to the amount due. MGD does not accept credit cards. A late charge in the amount of one and one-half percent per month shall be charged on all overdue amounts. Purchaser shall pay to MGD a fee of $75.00 for any check dishonored by the drawee.

7. All Purchasers must pay a buyer’s premium equal to 10 percent of the purchase price for the lot or $500.00, whichever is less. In addition to the buyer’s premium, Purchasers using EquipmentFacts and Proxibid must pay an internet purchase fee equal to ten percent (10%) of the purchase price for each item.

8. Pennsylvania sales tax will be charged on all purchases unless the Purchaser provides to MGD at the time of payment a sales tax exemption certificate which is acceptable to the Commonwealth of Pennsylvania.

9. All Purchasers are liable to MGD for bids made with their bidding number. Bids acknowledged by the Auctioneer or submitted online may not be retracted. All onsite bidders must present a valid photo ID in order to obtain a bidding number. All online bidders must have a valid email address. Online bidders assume all risks associated with using an online bidding platform, and waive any claim or cause of action whatsoever against MGD arising from or relating to the use of an online platform.

10. Purchasers must cause all items purchased to be removed from MGD’s property, or from the location where the item is situated, at Purchaser’s sole expense no later than 10 days after the close of the Auction. A storage fee of $25.00 per day shall be charged for any purchased item which remains on MGD’s property, or at the location where the item is situated, longer than 10 days after the close of the Auction.

11. Once bidding on a particular lot has closed, Purchaser assumes the risk of loss of, or damage to, all items purchased. It is up to the Purchaser to insure the item purchased. MGD shall offer no refunds for items damaged between the close of the Auction and the time that Purchaser causes the item to be removed from MGD’s property.

12. International Purchasers shall at their sole expense obtain any licenses or permits necessary to allow items purchased to be shipped to a location outside of the United States. Purchasers shall not use any trade name, license or certificate used by MGD. Purchaser alone shall bear the cost of preparing any item for international shipping.

13. Purchaser agrees that these Terms and Conditions are a contract between Purchaser and MGD, and that these Terms and Conditions set forth the entire agreement between Purchaser and MGD. There are no other terms, obligations, covenants, conditions, representations or statements, oral or otherwise, of any kind whatsoever, concerning or affecting this agreement.

14. These Terms and Conditions may be modified only by a writing executed by MGD.

15. If Purchaser fails to abide by these Terms and Conditions, then MGD shall have the right to (a) resell the item purchased at auction and commence an action against Purchaser for damages; (b) pursue an action against the Purchaser for specific performance of the contract; and/or (c) pursue all other remedies available to MGD in equity or at law. The remedies available to MGD hereunder are cumulative, and MGD’s election of one remedy shall not constitute a waiver of any other remedy available to MGD. MGD shall be entitled to recover all damages sustained because of the Purchaser’s breach of these Terms and Conditions, to¬gether with all attorneys’ fees, costs and expenses reasonably incurred on account of the breach, regardless of whether those attorneys’ fees and costs are incurred in an action for breach.

16. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to its conflict of laws provisions. The exclusive forum for any litigation arising from or relating to a Purchaser’s breach of these Terms and Conditions shall be the magisterial district courts or the Court of Common Pleas of Lebanon County, Pennsylvania. By bidding at the Auction, whether in person, by telephone, by written bid or over the internet, Purchaser submits to the jurisdiction of the magisterial district courts and the Court of Common Pleas of Lebanon County for all purposes arising from or relating to these Terms and Conditions and/or MGD’s Auction.

17. Purchaser irrevocably waives (a) any right it may have to a trial by jury in any action or proceeding of any kind arising from or relating to Purchaser’s breach of these Terms and Conditions; and (b) any right it may have to argue that either the magisterial district courts or the Court of Common Pleas of Lebanon County, Pennsylvania, is an inconvenient forum. Purchaser acknowledges that the foregoing waiver is knowing and voluntary.

18. Time shall be of the essence of the performance of all of Purchaser’s obligations under these Terms and Conditions.

19. MGD shall bear no responsibility or liability of any kind for any bid that is not completed or received for any reason, including without limitation any internet problem or failure of any kind. Internet bidders are encouraged to use the proxy-bidding feature to register their maximum bid before the Auction begins.

20. All bidders and Purchasers who enter upon MGD’s property do so at their own risk. Bidders and Purchasers understand and acknowledge that MGD stores a great deal of equipment on its property and that this equipment is moved periodically. MGD shall bear no responsibility or liability of any kind for (a) any bodily injury or death suffered by a bidder or Purchaser while on MGD’s property, and/or (b) any damage to a bidder’s or Purchaser’s personal property while the bidder or Purchaser is on MGD’s property.

21. If any term, condition, clause or provision of these Terms and Conditions shall be determined or declared to be invalid in law or otherwise, then only that term, condition, clause or provision shall be stricken from these Terms and Conditions, and in all other respects these Terms and Conditions shall be valid and continue in full force, effect and operation.

22. By participating in MGD’s Auction, all bidders and Purchasers acknowledge that they have read, understood and agree to be legally bound by these Terms and Conditions. These Terms and Conditions constitute an enforceable contract between bidders and MGD and Purchasers and MGD.

Lot # 10b - KRAUSE 5500

Auctioneer Info

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