CONDITIONS OF AUCTION

1. The Offer

1.1 The Property is offered for sale subject to a reserve price and to the other provisions of these Conditions of Auction and the Contract of Sale.

1.2 If the highest bid does not reach the reserve price the Auctioneer may pass the property in.

1.3 If the property is passed in the Auctioneer may negotiate with the highest bidder.

2. Seller’s Rights

2.1 The Seller reserves the right: (a) to bid generally by itself or by its agent or by the Auctioneer (but this is not currently enabled on the Openn Negotiation Platform); and (b) to withdraw the Property at any time before the same is actually sold without declaring the reserve price, whether or not the auction has commenced.

3. Minimum Bids and Bidding Rules

3.1 No person shall advance at each bid less than such a sum as shall be at any time decided upon and named by the Auctioneer.

3.2 A bidder must comply with the bidding rules set out in the Buyer Authority to Bid and Terms of Use (Northern Territory) on the Openn Negotiation Platform.

4. Auctioneer’s Discretion and Qualified Bidders

4.1 The Auctioneer may at the Auctioneer’s discretion refuse to accept any bid from any person.

4.2 A bidder must be a qualified bidder and must have accepted and signed the Buyer Authority to Bid and Terms of Use (Northern Territory) on the Openn Negotiation Platform.

5. Re-opening of Bids

5.1 If any dispute or difference shall arise out of or in connection with the bidding (and the Auctioneer shall be the sole and final judge of the existence of any dispute) the Auctioneer may re-open the bidding and re-submit the Property commencing with some former bid or the Auctioneer may decide such dispute or difference in such other manner as the Auctioneer’s, in the Auctioneer’s absolute discretion shall deem fit, and the Auctioneer’s decision shall be final and binding on all parties.

6. Auctioneer’s Rights

6.1 The Auctioneer reserves the right when conducting the auction to request any bidder or bidders to establish their bona fides and in such event such bidder or bidders shall provide to the Auctioneer any authority or authorities in writing and any fact or facts as the Auctioneer shall deem necessary.

7. No Bid Shall be Withdrawn

7.1 Bidders are bound by their bids and no bid shall be withdrawn by a bidder.

8. Successful Bidder

8.1 The highest bidder whose bid is accepted by the Auctioneer shall be the successful bidder and shall be bound to purchase the Property with the purchase price being equal to the amount of the highest bid accepted by the Auctioneer.

8.2 If the successful bidder does not sign the Contract for the completion of the sale of the Property as required by Clause 9, then the Auctioneer may sign it as the successful bidder’s duly authorised agent and on the successful bidder’s behalf and the successful bidder shall be bound accordingly.

8.3 By making a bid which is accepted by the Auctioneer the successful bidder shall be deemed to have appointed the Auctioneer as the successful bidder’s duly authorised agent for the purpose of completing and signing the Contract for the completion of the sale of the Property.

9. Payment of Deposit & Signature of Contract

9.1 Immediately upon the fall of the hammer the successful bidder shall pay the Deposit (which if not otherwise stated on the Contract, shall be 10% of the Purchase Price) to the Auctioneer, as agent for the Seller, and shall sign the Contract for the completion of the sale of the Property.

9.2 For the avoidance of doubt, the Contract can be signed electronically, including by Docusign.

10. Agent of Seller

10.1 The Agent of the Seller is authorised by the Seller to sign the Contract for the completion of the sale of the Property on behalf of the Seller.

11. Guarantor(s)

11.1 If the successful bidder is bidding on behalf of a corporation then two directors of the corporation shall sign the Contract as guarantors of the corporation, unless the corporation has only one director in which case the sole director shall sign the Contract as guarantor of the corporation.

12. No cooling off period

12.1 The Buyer will not have the benefit of a cooling off period if the Property is sold by auction.

13. Openn Negotiation Platform terms

13.1 The terms of the Buyer Authority to Bid and Terms of Use (Northern Territory) on the Openn Negotiation Platform are incorporated into these auction conditions. However to the extent of any inconsistency, these auction conditions shall prevail.

14 Definitions and Interpretation

14.1 In these auction conditions:

“Openn Negotiation Platform” means the specialised software program and process designed to facilitate the Openn Negotiation and known as “Openn” which is available as a mobile phone application and on the website www.openn.com.au.

14.2 Terms used in these auction conditions that are not defined in these auction conditions but are defined in the Buyer Authority to Bid and Terms of Use (Northern Territory) have the same meaning in the Buyer Authority to Bid and Terms of Use (Northern Territory).