Fergus ProgResAuctListAddndm

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Michael J. Fergus, Realtor and Licensed AuctioneerDirect: (440) 221 7502 Fax: (440) 974 2345

[email protected]

PROGRESSIVE RESERVE AUCTION: LISTING ADDENDUMThis Addendum modies the terms and conditions o the Exclusive Right to Sell Listing Contract (Contract)entered into by Seller and ___________________________________________________________(Broker) on________________________. In consideration o the mutual promises contained herein, Seller, Broker and

Michael J. Fergus (Auctioneer), agree that the Contract is modied as ollows:

AUCTIONEERS RESPONSIBILITIES AND AUTHORITY:Michael J. Fergus is a licensed auctioneer. From the moment o the signing o this agreement to the sale and transer o theproperty or the nal date or the submission o bids, Michael J. Fergus shall assume all marketing and seller representationoversight. These include, but are not exclusive to advertising, promotion, buyer and agent communication, negotiation, and

contracts. Sellers Broker shall retain certain marketing rights including multiple listing service and all other normal venues,with responsibility or refecting auction activities. Sellers Broker and Sellers Agent shall perorm no real estate services orthe Seller during the Auction Period without the approval o the Auctioneer, who will not require that services be withheldunreasonably. Auctioneers activities shall conorm to New Jersey law. Auctioneer and Sellers Broker activities shall conorm toNew Jersey law and rules o the New Jersey Board o Realtors. Auctioneer shall be responsible or the completion o all clos-ing activities. All other rights and responsibilities shall return to the sellers broker upon the sale and transer o the property orthe nal date or the submission o bids. Michael J. Fergus, Auctioneer, assumes all o the responsibilities and duciary duties

attendant upon an agent o the seller.

LISTING AND AUCTION:This Addendum does not constitute a real estate listing by the Auctioneer. The Brokers Exclusive Right to Sell Agreement shallremain unchanged except where specically modied by this Addendum. This addendum does not constitute an exclusiveright to sell. The Progressive Reserve Auction shall commence upon the signing o this document or a predetermined date

(Section 3). Bids may be submitted until the predetermined end date or bid submission (Section 3). The auction shall endwhen the seller and a buyer sign a Purchase Agreement or when the end date or bid submissions passes without a bid pro-ducing a Purchase Agreement signed by the Seller and a buyer. At this time the listing agent shall immediately have authorityto return the listing and marketing to the standard listing ormat. All potential buyers who view or inquire into purchasing theproperty during the auction shall be considered a product o the auction process. Should such buyer present an o er within90 days ater the end date or bid submissions, said buyer will be responsible or compensating the auctioneer by payingthe Buyer Premium (Section 5) should the oer produce a written Purchase Agreement with the Seller. Should the seller con-clude a purchase agreement with such buyer and the buyer reuse to pay the Buyer Premium, the Seller will be responsibleor paying the Buyer Premium to the Auctioneer.

PLACE AND DATE OF SALE:Seller agrees to the sale o Sellers Property ________________________________________

______________________________________________, through the process o a Progressive Reserve Auctionconducted by Auctioneer as set orth herein (Auction). The Progressive Reserve Auction period shall commence on

_______________ and end on ________________ (the Auction period). Seller reserves the right to remove the property

rom the auction at any time, thus ending the Auction Period. Should this property not sell by the end o the Auction Period,

marketing shall revert to normal real estate listing ormat. This auction will be conducted rom the auctioneers oces. Re-

serve Auction shall commence on __________________________, with predetermined end date or bid submissions being

______________________. Should no purchase contract be entered into by the Seller and a Buyer by the aorementioned

end date, the Seller authorizes an extension o the bid submission end date to________________________. Should this

property not sell by the end o the bid submission periods, marketing shall revert to a standard, non-auction listing with a list

price o $________________. This Progressive Reserve Auction shall be conducted rom the Auctioneers oces.

Sellers Initials: _________ / ________ Date: _______


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AUCTION DATES:The Seller authorizes the auctioneer to establish, maintain, and modiy the Auction Date in the real estate Multiple ListingService. Changes in the Auction Date may occur several times within the Auction Period. Seller understands that the Auc-tion Date is a marketing tool and does not refect a specic date or submission o bids or end date or the Auction Period.Should the property not sell by the soonest Auction Date which has not expired, the Auction Date will be changed to thesoonest unexpired date in the ollowing list:

1._______________________________________

2._______________________________________

3._______________________________________

4._______________________________________

5._______________________________________

6._______________________________________

PrOGreSSiVe reSerVe aUctiON exPLaiNeD:A Progressive Reserve Auction is a reserve auction in which bids may be submitted until a predetermined end date oruntil a purchase agreement is entered into by the Seller and Buyer, whichever occurs rst. The Auctioneer provides guide-lines or prospective buyers including Buyer Instructions, and Terms and Conditions or bid submission. Bids are reviewedand presented to the seller on an on-going basis. The goal o this competition is to produce the highest and best bid.The Seller reserves the right to accept or reject all bids. The Seller reserves the right to negotiate with any and all bidders.The Seller or a person acting on Sellers behalf may bid in the Progressive Reserve Auction providing Auctioneer makesfull disclosure of sellers right to bid before the bidding begins. (See Progressive Reserve Auction Terms and Conditions).

The seller has the right to withdraw the property prior to the completion of the auction by the auctioneer.

ADVERTISED PRICE:Because this is an Auction, a List Price does not apply. Instead, an advertised price is published which is the SuggestedStarting Price or bids. The Seller is not required to accept an offer at this, or any, price.

The Advertised Price or this Progressive Reserve Auction is $ _______________.

SELLER ASSIGNMENT OF RESPONSE TO BELOW ADVERTISED PRICE BIDS:In the event that bids are submitted at a price below the Advertised Price (Suggested Starting Price or Bids), the Seller mayassign their Bid Response to the Auctioneer.

The Seller ___________________ (Initials) _____ Agrees _____ Disagrees to assign their bid response in this circumstance.

SELLER ASSIGNMENT OF SELLERS BID TO AUCTIONEER:Auctioneer shall make every e ort to consult with Sel ler prior to entering a Bid on the Sellers behal. However, immediacyand circumstance may dictate the advantage o an immediate response by the Auctioneer. In such case Seller agrees thatthe Auctioneer shall use his best discretion to enter a bid on the Sellers behal, the goal being to increase buyer bid price.

The Seller ___________________ (Initials) _____ Agrees _____ Disagrees to permit the Auctioneer to bid on Sellers behal.



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PERFORMANCE:Auctioneer agrees to use his best eor ts to obtain the highest bid or the Property through the Auction process. Auctioneerdoes not guarantee perormance by the high bidder, and Seller shall hold Auctioneer harmless should the high bidder notperorm and/or the sale envisioned herein not close, unless such non-perormance or ailure results rom Auctioneers acts oromissions.

AUCTIONEERS COMPENSATION:As ull and complete compensation or all services to be rendered in accordance with this Agreement, Auctioneer shall becompensated by the payment o the Auction Fee in the amount o Three Percent (3%) deducted rom the Buyers Oer. This

ee shall be refected in the Sellers closing settlement as a ee paid rom the Sellers proceeds.

CONDITIONS OF THE AUCTION: The Auction will be conducted pursuant to the ollowing conditions: (1) theAuctioneers decision is nal in the event o a dispute over any Auction matter; the Auctioneer reserves the right to acceptbids in any increments he/she eels are in the best interest o his/her clients; (2) the Auctioneer reserves the right to bid onbehal o any buyer (Subject to Sellers consent as set orth herein); (3) all Auction Sales Contracts will be presented to theSeller or approval; (4) the Auctioneer reserves the right to withdraw any property including property to be sold at AbsoluteAuction rom the Auction, without penalty; (5) the Auctioneer may elect to cancel the Auction without penalty i Auctioneerbelieves that the outcome will not be in the Sellers best interest; (6) it is Buyers responsibility to check with the appropriateauthority/authorities regarding the Propertys zoning and current or uture intended use, as well as any restrictions or cove-nants aection the Property; (7) bidder(s) has/have the right and should examine the applicable county master plan and anymunicipal land use plans and maps or the area in which the Property is located prior to bidding; (8) the Seller, Auctioneerand agents assume no responsibility or the inormation contained in said plan(s) and assume no liability or ailure by Buyerto review the plans; and (9) the purchase/sale contract will not be contingent upon bidder(s) review o such plans. Auction-eer complies with all ederal, state and local laws regarding the buying and sell ing o the Property. Auctioneer may amendor supplement the orgoing conditions relative to specic auction rules at any time prior to the start o the auction.

ENTIRE AGREEMENT:The Exclusive Right to Sell Agreement, together with this Addendum and any Exhibits attached hereto, constitute the entireagreement between the parties. No amendments or changes to the Contract shall be eective unless set orth in writing,dated and signed by all parties.

MISCELLANEOUS: This addendum to the Exclusive Right to Sell Agreement shall be binding upon and inure to thebenet o the parties hereto, their heirs, executors, administrators, personal representatives, successors, assigns, and trustees.Seller hereby acknowledges receipt o a copy o this Addendum and any exhibits attached. All terms and conditions statedin the Exclusive Right to Sell Agreement not inconsistent with this Addendum shall remain in ull orce and eect.



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PROGRESSIVE AUCTION ADDENDUM

For (Address):

Date:

Michael J. Fergus, Licensed Auctioneer

Cooperating Listing Broker

Authorized Representative Printed Name

Date:

Signature

Seller(S):

Printed Name Signature Date

Printed Name Signature Date


Fergus ProgResAuctListAddndm

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