Page 14 - 2017 Heritage Place Winter Mixed Sale

Sale Conditions

FIRST – GOVERNING LAW; Heritage Place, Inc. is an Oklahoma Corporation operating as
an independent contractor regularly engaged in the business of conducting consignment
sales and holds no ownership interest in any of the animals. All horses in this sale are offered
according to the laws of the State of Oklahoma and all transactions between the buyer, con-
signor and Heritage Place, Inc., will be governed by the laws of the State of Oklahoma. EX-

CEPT AS EXPRESSLY PROVIDED IN CONDITION SEVEN, EACH HORSE OFFERED
IN THIS SALE IS SOLD AS IS AND WITH ALL DEFECTS. The right to bid, as provided
under law, is reserved by all consignors. Heritage Place, Inc. reserves the right to reject any
and all bids.

SECOND – BIDDING PROCEDURE; Unless waived by announcement, there shall be an
upset price of $500 on any animal entering the sales ring. If an opening bid in the amount of
the upset price is not immediately forthcoming to the auctioneer’s call, the animal shall be
passed out as unsold. The highest bidder shall be the buyer. The right to bid is reserved by all
consignors. Successful bidder shall forthwith sign the Acknowledgment of Purchase; should
the Acknowledgment of Purchase not be presented to him for signature prior to commence-
ment of bidding on the next lot offered, he shall forthwith identify himself to auctioneer as
purchaser, and sign the Acknowledgment of Purchase when presented. Right of purchase of
successful bidder is not impaired in case of signing of the Acknowledgment of Purchase by
another, provided that such bidder acts in accordance with THIS CONDITION OF SALE and
CONDITION OF SALE THIRD below.

THIRD – BIDDING DISPUTES; Should any dispute arise between or among two or more
bidders, the auctioneer shall forthwith adjudicate the dispute, and his decision shall be ab-
solute, final, and binding on all parties. Bids received after the fall of the hammer are not
grounds for dispute. Bids acknowledged by bid spotters employed by the undersigned are
recognized as if tendered to auctioneer, but in case of dispute the bidding on the horse shall
be forthwith reopened for advance bids, and if there be no advance, the horse will be sold
to the person from whom the auctioneer recognized the last bid. In case of any dispute,
advance bidding shall be restricted to the contending parties, but should the recognized
bid be reduced below the bid of commencement of dispute, then bidding is reopened to all
bidders, regardless of whether or not final bid exceeds bid which was disputed. The auc-
tioneer reserves the right to reject any and all bids. In the event of any dispute between

the buyer and the consignor, Heritage Place, Inc. will occupy the position of agent for a

disclosed principal and stakeholder and will be discharged from all obligations owing

to the consignor or buyer on delivery of any property or funds held by Heritage Place,

Inc. to the court having jurisdiction of such dispute.

FOURTH – TITLE RISK AND DELIVERY; Title passes to purchaser at fall of hammer, at which
time he assumes all risk and responsibility for the horse. PURCHASER OR HIS REPRESEN-
TATIVE SHALL TAKE CARE, CUSTODY AND CONTROL OF THE ANIMAL IMMEDIATELY
AT THE FALL OF THE HAMMER, and such taking constitutes delivery of the animal, which
shall be contingent upon purchaser presenting himself to the cashier of the undersigned to
make settlement. Purchaser must so present himself within one hour of conclusion of the
sale session in which the horse is sold, at which time delivery will be made in form of an
“Order For Delivery” for the horse, provided that purchaser satisfactorily makes settlement.
After delivery, purchasers shall remove horses promptly, and be subject to stable charges as
determined by undersigned, should they fail to do so. The buyer further agrees to indemnify
and hold the consignor and Heritage Place, Inc. harmless from all loss, cost and expense
arising from the illness, injury or death of such animal or loss or damage to property and
injury or death of persons caused by the buyer, the buyer’s agents or employees or by the
animal subsequent to the time of purchase.

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