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Upstairs dining and kitchen

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Upstairs master bedroom

Upstairs master bedroom

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Downstairs breakfast bar

auction | buyer broker participation

Purple Wave is pleased to offer buyer broker participation for the property located at 962 Modesto in South Lake Tahoe, CA, to be auctioned on July 19, 2008. Up to 2.5 percent participation will be paid to a participating buyer broker, subject to the requirements and conditions stated in our Buyer Broker Registration form.

Download the Buyer Broker Registration form.

The form should be sent to

Purple Wave Realty
5853 S Carson St.
Carson City, Nevada 89701

sierra@purplewave.com
775.461.0081 voice
775.461.0083 fax

auction | terms

Purple Wave, Inc., its California broker, Megan LoPresti (DRE Officer Ident. #01780897), and its real estate salespeople and administrative staff (collectively "Auctioneer"), and Roman Todd Kreminski ("Seller"), set the following terms of auction ("Auction Terms"). The Auction Terms shall control the auction of the Property (defined below) on July 19, 2008. The Auction Terms may not be modified except in writing or by Auctioneer's announcements on the day of the auction. The Auction Terms shall be incorporated into and become part of the applicable Auction Contract (the fractional interest contract or, if the Property sells to one bidder, the single interest contract) to be executed by the winning bidder(s) and Seller. The Auction Contract and the Auction Terms are intended to be supplemental and complimentary to each other and collectively they govern this auction and purchase and sale of the property. In the event of a conflict or inconsistency between the Auction Contract and the Auction Terms, the Auction Contract shall control.

Agents of Seller Only
Auctioneer represents only Seller in this transaction. Auctioneer does not represent any bidder or buyer in any manner. Auctioneer has an exclusive right to list and market the Property, and all inquiries and transactional matters must be conducted through Auctioneer. The winning bidder(s) will be required to acknowledge receipt of a "Disclosure Regarding Agency Relationships" prior to signing the Auction Contract.

Property Description
The property to be sold is that real property described in the last preliminary report and commitment for title insurance issued by Old Republic Title Company, 2580 Lake Tahoe Blvd., South Lake Tahoe, CA 96150, their Order Number 2132004552-NM ("Preliminary Report"), such property commonly known as 962 Modesto Ave., South Lake Tahoe, California, plus all Common Furnishings identified and defined in the Auction Contract (such real property and Common Furnishings referred to collectively as "Property"). Both the Preliminary Report and the Auction Contract are available for inspection on www.purplewave.com or from Auctioneer at any time.

Registering to Bid
To be eligible to bid, all interested parties must be registered. Bidders registering for the first time at the auction site on auction day will be required to (1) provide proof of identity and minimum age of 18 years, (2) complete a registration form, and (3) present the Initial Deposit Money described below (collectively "Auction Registration Requirements"). Bidders who submit Pre-Auction Internet Bids (as defined below) are required to complete Auctioneer's online bidder registration and will also be required to complete the Auction Registration Requirements before the live auction commences. Any bidder desiring to place bids other than in person at the auction site on auction day or via Pre-Auction Internet Bids will be required to complete the Auction Registration Requirements. Nothing in this paragraph shall be deemed to affect or modify the section of these Auction Terms titled "Internet Bids Prior to the Live Auction." Auctioneer may waive some or all of the requirements set forth in this paragraph on a case-by-case basis, but any such waiver shall not impair or restrain Auctioneer's ability to enforce any registration requirements at any other time or with respect to any other bid or bidder.

Internet Bids Prior to the Live Auction
Bids placed prior to the live auction through Auctioneer's website ("Pre-Auction Internet Bids") are binding and may not be withdrawn. Pre-Auction Internet Bids shall be considered absentee bids. All bidders making Pre-Auction Internet Bids irrevocably authorize Auctioneer to implement those bids at the live auction. Auctioneer makes no guarantee that the bidder with the highest Pre-Auction Internet Bid before the live auction will be the ultimate winning bidder. Auctioneer will strive to implement Pre-Auction Internet Bids effectively, but no implementation guarantees or warranties are made.

Buyer's Premium; Purchase Price; Non-refundable Good Faith Deposit
A 10% buyer's premium will be added to the winning bids to determine the final price to be paid by the winning bidder(s) ("Purchase Price"). The Purchase Price shall be paid as follows: (a) $15,000.00 (fifteen thousand dollars) cash deposit if bidding on the whole property or $7,500.00 (seven thousand five hundred dollars) cash deposit if bidding on a fractional interest, delivered by the buyer to Auctioneer prior to the auction, which shall then be delivered by Auctioneer to Old Republic Title Company, 2580 Lake Tahoe Boulevard, South Lake Tahoe, CA 96150("Escrow Holder") and which shall be credited against the Purchase Price (the "Initial Deposit Money"); (b) an additional cash deposit equal to 10% of the Purchase Price less the Initial Deposit Money, to be deposited with Escrow Holder and credited against the Purchase Price, on or before 5:00 PM (PST), July 23, 2008 ("Additional Cash Deposit") (The Initial Deposit and the Additional Cash Deposit shall constitute the total NON-REFUNDABLE "Good Faith Deposit" to Seller); and (c) the balance of the Purchase Price (not including closing costs and shared ownership costs) shall be deposited on or before 5:00 PM (PST), September 8, 2008 ("Closing Date"), with Escrow Holder.

Property Sold As-Is, Where-Is
Seller will provide, at Seller's cost, a third-party home warranty. Details of that warranty are available from Auctioneer. All bidders and interested parties shall rely solely on their or their agents' personal inspection of the Property and not on information provided by Auctioneer or Seller. Failure to inspect or otherwise be fully informed as to the nature, quality, condition, quantity, or size of the Property or any fractional interest will not constitute grounds for any claim, adjustment, refund, termination of the Auction Contract or refusal to close the sale. Any information provided about the property has been provided by Seller or is a matter of public record and is believed to be accurate but is not guaranteed; all information should be independently verified by any interested party. By registering to bid or placing a bid, any bidder or interested party acknowledges (1) the Property is to be sold and conveyed to, and accepted by the winning bidder(s), in an "AS IS" condition with all faults, if any, except as otherwise set forth in the Auction Contract; (2) they have investigated and have knowledge of operative or proposed governmental laws and regulations, including, without limitation, zoning, environmental and land use laws and regulations, to which the Property is or may be subject and accepts the Property solely upon the basis of their review and determination of the applicability and effect of such laws and regulations; (3) they are placing a bid and, if they are a winning bidder, they will enter into the Auction Contract on the basis of their own investigation of the physical and environmental conditions of the Property, including subsurface conditions, and they assume the risk that adverse physical and environmental conditions may not have been revealed by their own investigation; (4) Seller, its agents and employees and other persons acting on behalf of Seller, have made no representation or warranty of any kind in connection with any matter relating to the condition, value, fitness, or zoning of the Property upon which the bidder or interested party has relied directly or indirectly for any purpose. Seller has no knowledge of any adverse physical or environmental conditions of the Property, except as Seller has disclosed in writing. By registering to bid or placing a bid, any bidder or interested party (1) waives, releases, and forever discharges Auctioneer, Seller, and their members, directors, officers, managers, employees, agents, successors, assigns, or any other person acting on behalf of Seller, of and from any claims, actions, causes of action, demands, rights, damages, costs, expenses or compensation whatsoever, direct or indirect, known or unknown, foreseen or unforeseen, which the bidder or interested party now has or which may arise in the future on the account of or in any way growing out of or connected with the physical or environmental condition of the Property or any law or regulation applicable thereto, and (2) agrees to indemnify, defend and hold harmless Auctioneer, Seller, and their members, directors, officers, managers, employees, agents, successors, and assigns, from and against any and all loss, damage, liability, claim, cost or expense including, without limitation, attorneys' fees and court costs, resulting from any injury to persons or damage to property, arising from and adverse physical or environmental condition of the Property. The Property is sold subject to all city, county, and state laws, ordinances, and regulations as well as any and all easements, encumbrances, and restrictions of record.

Offered in Fractional Interests
The Property will be offered in shared or fractional interests. Fractional ownership is the opportunity for buyers to own, by deed, and be responsible for the exact amount of time they or their permitted guests spend at the Property. Each owner acquires a specified amount of time at the Property and they all share in the carrying cost. All of the details of maintaining the property are taken care of by a property management company. The fractional interests offered for this Property comprise blocks as depicted on the Use Period Calendar. Ownership and use of any fractional interests in the Property will be governed by a Shared Ownership Declaration, Shared Ownership Management Agreement, and Shared Ownership Rules and Regulations (collectively "Fractional Ownership Agreements"). If the Property sells fractionally, all winning bidders will take ownership of their interest subject to the Fractional Ownership Agreements and subject to the terms set forth in the Auction Contract. If the same bidder is declared the winning bidder of all fractional interests, then the Fractional Ownership Agreements will be inapplicable, and the Shared Ownership Declaration will be withdrawn by Seller prior to the closing of escrow.

Multi-Parcel Offering of Fractional Interests
Each block of fractional ownership in the Use Period Calendar ("Block") will be sold to the highest bidder, with no reserve or minimum bid required, in a multiple parcel auction format in two sessions. SESSION I: Bids will be taken and, once the highest bid is reached, the highest bidder may choose any one or more Block at the high bid amount for each Block. The Auctioneer may then offer on a first-bidder-to-act basis, the opportunity for any other bidders to select an available Block at the last high bid amount. Bids will again be taken for the remaining Blocks not chosen by the initial highest bidder or another bidder at that high bid amount. Once the next highest bid is reached, the next highest bidder may choose one or more of the remaining Blocks and so on until no further Blocks remain for selection. Once Block selections have been made by a bidder in Session I, those choices may not be swapped or exchanged for any other Blocks. SESSION II: Any bidder may select any individual Block or combination of two or more Blocks for additional bidding as allowed by the Auctioneer, provided the additional bidding results in a greater overall total bid price for all Blocks. Bidding will continue in this format until no bidding activity resulting in a greater overall total bid price for all Blocks occurs. At the close of Session II, Auctioneer will declare the winning bidder(s) and the Auction Contract will be immediately executed by them and Seller.

Furnishings
As noted above, the Property includes the Common Furnishings. If the property sells in fractional interests to more than one winning bidder, then the property manager will undertake to purchase additional common furnishings to complete the home. The estimated total cost of those additional common furnishings is $28,000.00, and each fractional interest winning bidder will be required to deposit $7,000.00 per fractional interest with the Escrow Holder on or before the Closing Date, such amount being reflected as a Basic Expense in the Budget set for the first partial fiscal year under the Shared Ownership Declaration, and those funds will be used by the property manager to purchase additional common furnishings and install them in in the Property before September 15, 2008. Any unused portion of those funds will be credited to the winning bidder's Personal Charges account maintained by the property manager and further explained in the Fractional Ownership Agreements.

Possession Dates Different for Single vs. Fractional Interest Buyers
If a single buyer purchases all of the Property, possession will be transferred on the Closing Date. If multiple buyers purchase the Property under the fractional interests framework noted above, transfer of title will still occur on the Closing Date, but possession will be transferred on September 15, 2008, to allow the property manager sufficient time to complete furnishing the Property as discussed in the "Furnishings" section above. Therefore, neither fractional interest Block 1 nor Block 2 will have use of the Property in September 2008.

Execution of Auction Contract; No Contingencies
Immediately after Auctioneer declares the winning bidder(s), the winning bidder(s) will execute the Auction Contract without modification or negotiation. The Auction Contract is a cash contract and is not contingent upon the winning bidder(s) obtaining financing, conducting inspections or appraisals, or any other contingency of any kind. The Auction Contract will be cancelled only if Seller is unable to deliver clear title to the Property as described in the Preliminary Report. The Auction Contract is available for review on www.purplewave.com and from Auctioneer at any time.

Taxes, Assessments, Shared Ownership Costs and Closing Costs
The Seller and winning bidder(s) will share equally the closing fee. The winning bidder(s) will pay all of the cost of an owner's policy of title insurance, all fees charged by a lender or lenders, mortgage insurance, credit report(s), property legal survey, all recording fees, termite or other pest inspection fees, whole house or lead based paint inspection fees, and fees and expenses charged by the bidder's attorney. An additional document and transaction fee of $2,900 (two thousand nine hundred dollars) per Block shall be paid by each winning bidder of a fractional interest Block, which reflects the prorata share of the legal and other expenses necessarily incurred to establish the fractional interest/shared ownership program. This fee will not apply if all Blocks are purchased by the same winning bidder. Taxes, assessments, rent, interest, insurance and other expenses and revenue of the fractional interest shall be prorated as of date of closing. Buyer shall have the option of taking over any existing policies of insurance on the Property, if assumable, in which event premiums shall be prorated. The cash required by Escrow Holder at closing shall be increased or decreased as may be required by said prorations. All references in the Auction Contract to prorations as of date of closing will be deemed "date of occupancy" if occupancy occurs prior to closing, unless otherwise provided for herein.

Dispute Resolution
Any dispute, claim, counterclaim, controversy, action or grievance arising out of or relating to this auction, or marketing, sale or purchase of the Property or the breach, termination, enforcement, interpretation or validity of the Auction Terms or the Auction Contract, including the determination of the scope or applicability of this arbitration clause, shall, if not resolved within ten days after any aggrieved party gives notice to the others of its desire to arbitrate, be determined by arbitration in Reno, Nevada, before three arbitrators, one of whom shall be a lawyer with at least ten (10) years' experience in legal disputes involving real estate auctions. The arbitration shall be administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures. Judgment on the Award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. The arbitrators shall, in the Award, allocate all or part of the costs of the arbitration, including the fees of the arbitrator, expert witness fees, arbitration filing fees, and reasonable attorneys' fees of the prevailing party. The arbitration record, award and enforcement proceedings, if any, shall be permanently kept sealed and confidential among the parties, and the parties agree to jointly petition all relevant tribunals for an order sealing all records pertaining to enforcement or enforceability of the arbitration award.

Miscellaneous
The Auction Terms, except as modified by the Auctioneer in writing or during announcements at the live auction and except as modified by the Auction Contract, constitute the complete terms of this auction. They shall be construed in accordance with and governed by the laws of the state of California. No delay or failure by Auctioneer or Seller to exercise any right hereunder, and no partial or single exercise of such right shall constitute a waiver of that or any other right, unless otherwise expressly provided in these Auction Terms. These Auction Terms shall be binding upon and inure to the benefit of all bidders, Seller, Auctioneer, and their respective heirs, legal representatives, and assigns.