Real Estate Auction ~ GENERAL AUCTION TERMS AND CONDITIONS

ON LINE LAND AUCTION

BRIAN M. GLASS, TRUSTEE

bankruptcy case no. 25-10712

493 hudson springs road, dresden, tn 38225- 16.5 +/- ACRES

TRAVIS ROAD-2 TRACTS-.64 ACRES-2.77 ACRES

Extend All Dynamic Bidding Auction

BIDDING ENDS THURSDAY – MAY 7^TH, 2026 @ 6 P.M. 

BIDDERS MUST REGISTER WITH ALEXANDER AUCTIONS & REAL ESTATE SALES

 AT WEBSITE (www.alexanderauctions.com)

BIDDERS SHOULD REVIEW ALL ONLINE TERMS PRIOR TO BIDDING!

1.       THE PROPERTY LISTED AND DESCRIBED ON THE ATTACHED LIST WILL BE OFFERED UNDER THE FOLLOWING TERMS AND CONDITIONS OF SALE, WHICH TERMS AND CONDITIONS OF SALE AND DESCRIPTIONS OF ITEMS LISTED ON THE ATTACHED, MAY BE AMENDED, UPDATED OR ALTERED AT ANY TIME AND DURING THE SALE BY THE AUCTION COMPANY.

2.      THESE TERMS AND CONDITIONS OF SALE AND ANY ANNOUNCEMENTS FROM THE AUCTION COMPANY SHALL BE BINDING ON ANY BIDDER, WHETHER PRESENT, REPRESENTED BY AN AGENT OR ABSENTEE BIDDER.  BUYERS ARE BOUND BY THESE TERMS AND CONDITIONS OF SALE.

3.      tTERMS OF SALE:  ALL PROPERTY IS SOLD “AS-IS’ AND ‘WHERE-IS’ AND NEITHER ALEXANDER AUCTIONS & REAL ESTATE SALES NOR THE SELLER MAKES ANY EXPRESS OR IMPLIED WARRANTY OR REPRESENTATION OF ANY KIND OR NATURE WITH RESPECT TO THE PROPERTY BEING SOLD.  IN NO EVENT SHALL ALEXANDER AUCTIONS & REAL ESTATE SALES OR THE SELLER BE RESPONSIBLE FOR THE CORRECTNESS OF OR BE DEEMED TO HAVE MADE ANY REPRESENTATION OR WARRANTY OF MERCHANTABILITY, FITNESS FOR PURPOSE, DESCRIPTION, SIZE, GENUINENESS, YEAR OF MANUFACTURE, ATTRIBUTION, PROVENANCE OR CONDITION CONCERNING THE PROPERTY OR ANY WARRANTY THAT ANY ITEM COMPLIES WITH ANY APPLICABLE FEDERAL OR STATE LAWS.  NO STATEMENT SET FORTH IN THE ATTACHED LIST OR MADE AT THE SALE OR IN THE BILL OF SALE OR INVOICE OR ELSEWHERE, WHETHER ORAL OR WRITTEN, SHALL BE DEEMED SUCH A WARRANTY OR REPRESENTATION OR AN ASSUMPTION OF LIABILITY.  ALEXANDER AUCTIONS & REAL ESTATE SALES MAKES NO REPRESENTATION OR WARRANTY AS TO THE ACCURACY OF THE DESCRIPTIONS OR REPRESENTATIONS WHICH WERE PROVIDED BY THE SELLER AND ARE LISTED ON THE ATTACHED OR AS TO THE CONDITION OF THE ITEM

4.      ALEXANDER AUCTIONS & REAL ESTATE SALES HAS BEEN COMMISSIONED BY BRIAN M. GLASS, CHAPTER 7 TRUSTEE – BANKRUPTCY CASE NO. 25-10712 TO SELL THIS PROPERTY AT PUBLIC AUCTION.

5.      PROPERTY SELLS SUBJECT TO THE APPROVAL OF THE BANKRUPTCY COURT.

6.      REAL ESTATE CONSISTS OF 19.91 ACRES IN WEAKLEY COUNTY, TENNESSEE

7.      PROPERTY IS OFFERED IN 2 TRACTS. NO COMBINATIONS OF TRACTS WILL BE OFFERED.  PROPERTY SELLS UNDER “EXTEND ALL” BIDDING RULES.  ALL TRACTS WILL CLOSE AT THE SAME TIME.

a.      TRACT 1: 16.5 +/- ACRES DEED REFERENCES:  DEED BOOK 454, PAGE 1390; IN ROWCT;

b.     PROPERTY TAXES:  TRACT 1 – MAP 120, PARCEL 047.00 AOWCT              

TRACT 2: 3.41 +/- ACRES, COMPRISED OF 3 PARCELS

c.      0.64 ACRE DEED REFERENCES: DEED BOOK 467, PAGE 926 MAP 120, PARCEL 48.02; IN ROWCT;

d.     2.77 ACRES DEED REFERENCE: DEED BOOK 463, PAGE 452; ROWCT MAP 120, PARCEL 48.04; IN AOWCT

e.      DRIVEWAY DEED REFERENCE: DEED BOOK 463, PAGE 452; ROWCT MAP 120, PARCEL 48.05; IN AOWCT

8.      2026 TAXES: BUYER TO ASSUME ALL 2026 TAXES.

9.      THE SELLER’S DEED DESCRIPTIONS WILL BE USED TO TRANSFER THE REAL ESTATE. NO NEW SURVEY WILL BE PROVIDED.

10.  TRACT 1 & TRACT 2 DO NOT HAVE WATER WELLS ON THE PROPERTY. NO WELLS WILL BE INSTALLED

11.  SELLER HAS NO KNOWLEDGE ABOUT THE LOCATION, CONDITION, OR EXISTENCE OF THE SEPTIC SYSTEM ON TRACT 1

12.  SELLER HAS NOT REQUESTED, & WILL NOT REQUEST ANY SOIL TESTS TO BE PERFORMED FOR TRACT 1 OR TRACT 2

13.  TRACT 2- THE PONDS LOCATED ON TRACT 2 WERE FORMER HOG HOUSE LAGOONS

14.  TRACT 1 – DOUBLE WIDE RESIDENCE & 16.5 ACRES – 493 HUDSON SPRINGS ROAD, DRESDEN, TN 38225.-

15.  TRACT 2 – 3.41 ACRES – TRAVIS CHAPEL ROAD, DRESDEN, TN 38225.

16.  CONDITIONS OF SALE:  PROPERTY IS BEING OFFERED IN AN ONLINE AUCTION.  THIS AUCTION HAS AN EXTEND-ALL FEATURE.

17.  BIDDER SHOULD REVIEW THESE TERMS AND CONDITIONS, THE SALES & PURCHASE AGREEMENT (CONTRACT), AND OTHER EXHIBITS POSTED ONLINE AND IN ANY DUE DILIGENCE INFORMATION PROVIDED.

18.  BUYER’S PREMIUM:  A 10% BUYER'S PREMIUM WILL BE ADDED TO THE FINAL BID ON EACH TRACT OF REAL ESTATE TO REACH THE TOTAL SALES PRICE AND TOTAL CONTRACT PRICE.

19.  BIDDERS AND BUYERS MUST AGREE TO THESE AUCTION TERMS & CONDITIONS, THE SPECIAL TERMS FOR TRACT 1, TRACT 2, AND ANY EXHIBITS INCLUDED WITH THE TERMS ONLINE BEFORE BIDDING. YOUR ACCEPTANCE OF THE TERMS AND CONDITIONS AND EXHIBITS ARE ACCEPTED AND APPROVED BY YOU REGISTERING FOR A BIDDER NUMBER.

20.  PURCHASE AGREEMENT:  AFTER THE CLOSE OF THE AUCTION, THE SUCCESSFUL BIDDER WILL BE EMAILED A SALES AND PURCHASE AGREEMENT/CONTRACT TO BE SIGNED AND RETURNED TO ALEXANDER AUCTIONS & REAL ESTATE SALES WITHIN 24 HOURS OF COMPLETION OF THE AUCTION, ALONG WITH THE REQUIRED EARNEST MONEY DEPOSIT.

21.  EARNEST MONEY:  THE SUCCESSFUL BIDDER IS REQUIRED TO MAKE AN EARNEST MONEY DEPOSIT OF 15% OF THE TOTAL SALES PRICE AND CONTRACT PRICE ON ANY TRACT OF REAL ESTATE, WITHIN 24 HOURS AFTER THE AUCTION CLOSES, WHEN THE PURCHASE AGREEMENT IS SIGNED.  EARNEST MONEY IS NON-REFUNDABLE.

22.  EARNEST MONEY PAYMENT:  EARNEST MONEY PAYABLE BY CASH, WIRE TRANSFER, CASHIER’S CHECK OR PERSONAL CHECK WITH CURRENT BANK LETTER OF GUARANTY MADE TO ALEXANDER AUCTIONS & REAL ESTATE SALES.  SEE SAMPLE COPY OF BANK LETTER OF GUARANTY AT WEBSITE ONLINE.  NO CREDIT CARD PAYMENTS AND NO LETTERS OF INTENT ACCEPTED FOR PAYMENT.

23.  CASH OFFER:  BUYER(S) MUST BE PREPARED TO MAKE A CASH OFFER. THERE ARE NO CONTINGENCIES TO THIS SALE (I.E., FINANCING, APPRAISAL, IMPROVEMENTS, REPAIRS, OR INSPECTIONS).  THEREFORE, YOU SHOULD BE PRE-QUALIFIED BY A LENDER PRIOR TO BIDDING IF YOU REQUIRE FINANCING.  THIS PROPERTY IS BEING SOLD FOR CASH “AS-IS, WHERE-IS” WITH A CLOSING DEADLINE.

24.  CLOSING DATE:  BALANCE OF THE PURCHASE PRICE SHALL BE DUE ON OR BEFORE JUNE 15^TH, 2026 BY 4 P.M.

25.  FAILURE TO CLOSE AND PAY THE BALANCE DUE AT CLOSING WILL REQUIRE BUYER TO FORFEIT THE EARNEST MONEY, BUYER IS SUBJECT TO THE ALL THESE TERMS AND CONDITIONS AND ANY OTHER TERMS INCLUDED IN THE PURCHASE AGREEMENT.

26.  COMPLIANCE WITH THE TERMS OF SALE:  SUCCESSFUL BIDDERS AND OR BUYERS NOT EXECUTING AND RETURNING THE CONTRACT WITH EARNEST MONEY DEPOSIT WITHIN 48 HOURS OF THE CONCLUSION OF THE AUCTION WILL BE CONSIDERED IN DEFAULT.  IN THE EVENT A WINNING BIDDER AND OR BUYER FAILS TO SUBMIT THE SIGNED PURCHASE AGREEMENT (CONTRACT) FOR SALE OF REAL ESTATE AND EARNEST MONEY DEPOSIT, THE WINNING BIDDER AND OR BUYER SHALL PAY TO ALEXANDER AUCTIONS & REAL ESTATE SALES ANY DAMAGES, AN AMOUNT EQUAL TO THE BUYER’S PREMIUM OR COMMISSION PERCENTAGE AS SET FORTH IN SAID CONTRACT, AND ANY AND ALL EXPENSES INCURRED BY THE SAID ALEXANDER AUCTIONS & REAL ESTATE SALES FOR SAID AUCTION.  SHOULD BUYER’S EARNEST MONEY CHECK BE RETURNED FOR ANY REASON WHATSOEVER, THIS SHALL CONSTITUTE AN ITEM OF DEFAULT, AND IN ADDITION TO THE REMEDIES PREVIOUSLY STATED HEREINABOVE, BUYER SHALL ALSO PAY AN ADDITIONAL PENALTY OF FIVE PERCENT (5%) OF THE EARNEST MONEY CHECK TO ALEXANDER AUCTIONS & REAL ESTATE SALES AND.  BUYER SHALL ALSO PAY A REASONABLE ATTORNEY’S FEE AND COSTS INCURRED IN THE COLLECTION OF THESE MONIES OWED BY BUYER AS A RESULT OF BUYER’S DEFAULT.  BUYER SHALL ALSO PAY THE SELLER ANY DAMAGES CAUSED BY SAID BREACH OF CONTRACT, INCLUDING ATTORNEY’S FEES AND COSTS.  THIS SHALL NOT PRECLUDE THE SELLER FROM SUING FOR SPECIFIC PERFORMANCE OF THE CONTRACT OF SALE, IN ADDITION TO SAID DAMAGES.  IT IS SPECIFICALLY UNDERSTOOD AND AGREED BY AND BETWEEN THE SELLER AND ALEXANDER AUCTIONS & REAL ESTATE SALES THAT IN THE EVENT THE BUYER SHOULD DEFAULT IN THE TERMS OF THIS CONTRACT IN ANY MANNER WHATSOEVER, THE EARNEST MONEY, OR SUFFICIENT SUMS THEREFORE, SHALL BE PAID FIRST TO THE AGENT FOR THE BUYER’S PREMIUM OR COMMISSION PERCENTAGE, AND THE BALANCE, IF ANY, TO THE SELLER.  ANY DISPUTES WILL BE TRIED IN A COURT OF JURISDICTION IN WEAKLEY COUNTY, TENNESSEE.  ALEXANDER AUCTIONS & REAL ESTATE SALES RESERVES THE RIGHT TO SELL TO THE NEXT HIGHEST QUALIFIED BIDDER OR ANY OTHER BIDDER OR BUYER IN THE EVENT THE SUCCESSFUL HIGH BIDDER AND OR BUYER DOES NOT COMPLY WITH THE TERMS OF THE SALE.  BY BIDDING ON THE PROPERTY, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH.  THE CONTRACT IS REQUIRED TO BE FULLY AND CORRECTLY COMPLETED, WITHOUT ANY MODIFICATIONS AND PROPERLY SIGNED.  A CONTRACT THAT IS INCOMPLETE, INCORRECT, OR MODIFIED IN ANY RESPECT, IS CONSIDERED TO BE IN DEFAULT.

27.  COMMISSION:  PURCHASER AGREES TO PAY A 10% BUYERS PREMIUM OF THE BID PRICE UPON CLOSING, WHICH IS EQUAL TO THE AGREED UPON COMMISSION BETWEEN SELLER, AGENT AND PURCHASER.  PURCHASER RECOGNIZES AND AGREES THAT THE 10% PREMIUM PAID AS COMMISSION FOR THIS TRANSACTION DOES NOT CONSTITUTE PURCHASER REPRESENTATION.

28.  GREENBELT ROLL BACK TAXES – BUYER TO ASSUME ANY ROLL BACK TAXES WHICH ARE ASSESSED TO ANY TRACTS CONTAINING 15 ACRES OR MORE AND ANY COMBINATION OF TRACTS TOTALING 15 ACRES OR MORE WHICH ARE ELIGIBLE FOR GREENBELT PROGRAM.  SELLER WILL PAY FOR ANY ROLL BACK TAXES WHICH ARE ASSESSED TO ANY TRACT NOT ELIGIBLE FOR THE GREENBELT PROGRAM.

29.  GREENBELT TAXES:  PURCHASER TO PAY ANY ROLL BACK TAXES THAT MAY BECOME DUE ON ANY TRACT OR COMBINATION OF TRACTS ELIGIBLE FOR GREENBELT BECAUSE NEW BUYER ELECTS NOT TO ENROLL THE PROPERTY IN THE GREENBELT PROGRAM.

30.  CLOSING DELAY:  IF YOUR CLOSING IS DELAYED FOR ANY REASON, BY YOU, AS PURCHASER, OR OTHER PARTIES WORKING ON YOUR BEHALF, INCLUDING ANY LENDER YOU INVOLVE, YOU MAY BE DECLARED IN BREACH OF THIS CONTRACT, FORFEIT ALL DEPOSITS MADE AND COULD ADDITIONALLY BE LIABLE FOR ANY AND ALL COST INCURRED, IN A SUBSEQUENT RESALE OF THE PROPERTY, BY SELLER AND ALEXANDER AUCTIONS & REAL ESTATE SALES.  IF SUCH ACTION OCCURS, ALEXANDER AUCTIONS & REAL ESTATE SALES HEREBY HAS THE RIGHT TO DISPERSE THE EARNEST MONEY IN THE PURCHASE AGREEMENT AND THE BUYER HAS NO CLAIMS TO SUCH MONEY OR PROPERTY BEING SOLD.  LIQUIDATED DAMAGES ARE TO COVER THE AUCTIONEER’S COMMISSION, COST OF AUCTION, COST INCURRED BY SELLER, LABOR COST AND ADDITIONAL COST OF AUCTION AS NOT DEFINED IN THIS AGREEMENT.  THESE LIQUIDATED DAMAGES DO NOT RESTRICT THE SELLER FROM SUING THE BUYER FOR PERFORMANCE DAMAGES AND/OR ANY ADDITIONAL DAMAGES THE SELLER SUFFERS BY THE DEFAULT OF THE BUYER.

31.  IN THE EVENT THE BANKRUPTCY COURT HEARING CANNOT BE SCHEDULED BEFORE THE CLOSING DEADLINE, THE CLOSING DATE SHALL BE AUTOMATICALLY EXTENDED TO 15 DAYS PAST THE COURT APPROVAL IS GRANTED.

32.  TITLE:  DEED TRANSFER BY SPECIAL THE BANKRUPTCY TRUSTEE.

33.  INSPECTION:  PROSPECTIVE PURCHASER(S) SHOULD INSPECT AND REVIEW THE PROPERTY TO BECOME FAMILIAR WITH THE PROPERTY BOUNDARY LINES AND THE PHYSICAL CONDITION OF THE IMPROVEMENTS AND COMPLETE THEIR OWN DUE DILIGENCE RESEARCH.  PER AUCTION INSPECTIONS ARE PERMITTED AND ALLOWED.

34.  AGENCY DISCLOSURE:  ALEXANDER AUCTIONS & REAL ESTATE SALES AND ALL AGENTS WORKING AT THIS AUCTION ARE ACTING AS AN AGENT FOR THE SELLERS.