WESTERN ASSET RESERVE GENERAL TERMS AND CONDITIONS (rev. 9/01/09)

APPLICATION

By bidding in this auction you acknowledge that you, Buyer (or Bidder, or winning Bidder, or Purchaser, each of which four terms may be used interchangeably), hereby agree to be bound by all of the terms and conditions of this auction as described or any lot listing and these WESTERN ASSET RESERVE GENERAL TERMS AND CONDITIONS. These terms and conditions and the information contained in any lot listing constitute the entire agreement between Buyer and Western Asset Reserve ("WAR"). These terms and conditions and the information contained in any listing may only be changed by WAR. By participating in this auction, Buyer acknowledges that Buyer is bound by these terms and conditions and the information contained in any listing. WAR, Western Asset Reserve or any pronoun referring to it also refers to Western Land Trust, Western Asset Reserve, New Worlds, LLC, Collector's Liquidation, BilzBiz, Ltd., Atchara, Inc. their agents, representatives, officers, directors, stockholders, members, managers, employees, consultants or affiliates. In the event of a conflict between these WESTERN ASSET RESERVE GENERAL TERMS AND CONDITIONS and the contents of any listing, any invoice, or the ICOLLECTOR General Terms and Conditions, these General Terms and Conditions shall supercede and govern.

LOT DESCRIPTIONS

Non-real estate - WAR believes, to the best of its knowledge that the information presented in any listing has come from reliable sources. Such information is presented solely for the convenience of the Purchaser. WAR makes no warranties of any kind related to the information presented in any listing. WAR further makes no warranties, either express or implied, relating to the value, marketability or condition of the lot described in any listing. Prospective bidders should investigate a lot thoroughly before bidding. By bidding the Bidder indicates that Bidder has investigated the lot to his or her satisfaction, or, that Bidder has chosen not to do so, and agrees to accept the lot being bid on with no objections after the sale closes. If you are uncertain please contact us with your questions prior to bidding. If you are still uncertain after we reply, please refrain from bidding. Note that lower-priced gemstones may be “mine cut” and require additional cutting and polishing, and that photos as well as other graphic material contained in any listing of generic or duplicate lots may be stock presentations and not necessarily of the specific lot.

Real estate - It is the Purchaser’s responsibility to complete an appropriate due diligence investigation of any parcel WAR sells which is consistent with that of any prudent investor acquiring real property. Normal due diligence includes, but is not limited to, physical inspection and verification of property use with regulatory authorities, public/private utilities and property owners' associations. Western Land Trust, Western Asset Reserve, New Worlds, LLC, Collector's Liquidation, BilzBiz, Ltd., Atchara, Inc., their agents, representatives, officers, directors, stockholders, members, managers, employees, consultants or affiliates, make no warranties or representations, express or implied, relative to any parcel, including, but not limited to: the ability to build, access, terrain, topography, location, condition, available utility services, value, marketability, fitness for any particular purpose or the information contained in this listing. Photos, maps and other graphic material contained in any listing may be of the general area and region of the parcel listed and not necessarily of the specific parcel. The information contained in any listing is believed to have come from reliable sources, but is not verified or warranted by WAR and should be verified by the Purchaser prior to bidding. This property is sold by us "as-is, where-is with all faults" existing at the time of sale, and is solely guaranteed to have lien-free title upon transfer to Buyer. Any taxes or assessments which may be due as of the date of the auction will be cleared by us upon closing of the transaction.

BUYER’S PREMIUM

A Buyer’s premium amounting to 18% of the winning bid amount will be added to the purchase price of each lot, subject to the following minimums: $5 per lot and on PMT real estate sales a minimum Buyer’s premium of 1% of the PMT contract amount.

PRICE ESTIMATES

High and low estimates are provided solely for the convenience of the Buyer and WAR makes no warranties of any kind relating to them.


PLACEMENT AND ACCEPTANCE OF BIDS

Unless the auction of a lot is announced as absolute, WAR reserves the right to accept or reject any bid for any reason whatsoever. Any and all bids made by a Bidder constitute irrevocable offers to purchase the lot at the maximum bid amount of the Bidder and may not be withdrawn by the Bidder under any circumstances. At the close and reconciliation of the auction, WAR shall determine the actual winning Bidder of each lot and may, in its sole discretion, at any time, offer any Bidder a duplicate item at the Bidder’s maximum bid on the lot. In the event of any dispute between bidders, or in the event of doubt on WAR part as to the validity of any bid, WAR will have the exclusive final discretion to determine the successful Bidder, cancel the sale, award the lot to the next highest Bidder or Bidders or to re-offer and resell the lot in dispute and WAR is not responsible for any errors or omissions in connection therewith. WAR reserves the right to protect any reserve price by placing floor bids, to place bids on behalf of any buyer or seller, to bid for its own account or to remove any lot from sale without notice. Any bid entered by a Bidder shall be determined in the sole discretion of WAR to have exceeded or not to have exceeded any reserve. In consideration of WAR’s approval of the application of the Bidder to bid in WAR’s auction, Bidder agrees to comply with and be specifically bound by the provisions of this paragraph.

PAYMENT

Payment of the winning bid amount, buyer’s premium and shipping/handling charge will be made at the time the auction is reconciled by WAR using the credit card on file with ICOLLECTOR. In consideration of WAR’s approval of the application of the Bidder to bid in WAR’s auction, Bidder hereby authorizes WAR to charge the credit card provided by Bidder to ICOLLECTOR as specified herein. A $50 handling fee will be assessed for each declined credit card transaction and Bidder agrees to such charge. Requests for other payment arrangements will only be considered prior to the opening of bidding in any auction.

PMT Real Estate Auctions Special Provisions - The winning bid is the down payment and Buyer will take over payments on the specified balance with interest at the specified rate, pay the specified amount monthly, until paid in full. Buyer will also pay prorated property taxes as well as other government and quasi-government assessments, prorated association dues (if any) and a payment collection fee all added to the monthly payment. The amount due at the close of the auction is the winning bid, plus the first month's payment, plus the buyer’s premium specified in herein, and plus our administrative fee. PMT transactions may be paid off in advance at any time in any amount without penalty. The winning Purchaser must contact WAR within 48 hours of payment and provide: Name for title purposes, mailing address, telephone numbers, form of payment as provided below and the completed Purchaser information and government required forms provided by WAR at the time of payment.

Cash Sale Real Estate Auctions Special Provisions - The amount due at the close of the auction is the winning bid, plus the buyer’s premium specified in herein, and plus our administrative fee. Buyer will receive the parcel free and clear with the payment of these amounts and there will be no future payments due. The winning Purchaser must contact WAR within 48 hours of bid closing and provide: Name for title purposes, mailing address, telephone numbers, form of payment as provided below and the completed Purchaser information and government required forms provided by WAR at the time of payment. Within 15 days after full, cleared payment, WAR will provide the deed and recording instructions to the Buyer.

SHIPPING, HANDLING AND INSURANCE

WE ARE LOCATED IN HAWAII, AS SUCH SHIPPING TIMES AND COSTS WILL BE GREATER. WE ALSO HANDLE THE SALE OF SEVERAL HUNDRED LOTS IN ONE DAY, AS SUCH SHIPPING TIMES WILL BE GREATER THAN SINGLE LOT SELLERS.

Our shipping and handling fees are computed and invoiced as follows for US mainland and Hawaii destinations:

Flat Rate USPS Envelope – for all lots fitting into a flat rate envelope - $4.95 + $3 per lot for packing and handling + delivery confirmation (or registry if required by our insurer) + insurance.

Flat Rate USPS Box - for all lots fitting into a flat rate box - $10.95 + $3 per lot for packing and handling + delivery confirmation (or registry if required by our insurer) + insurance.

Flat Rate USPS Large Box - for all lots fitting into a large flat rate box - $13.95 + $3 per lot for packing and handling + delivery confirmation (or registry if required by our insurer) + insurance.

Higher value shipments require postal registry or express mail at additional cost based upon our insurance coverage at additional cost.

Oversized Lots Not Fitting Into Flat Rate USPS Mailers and delicate items requiring special handling – Shipping, handling, packing, crating, insurance, delivery confirmation and registry will be billed and paid for by the Bidder at the ESTIMATED amount stated in the lot listing. Upon actual shipment, any excess will be refunded to the Bidder. In the event of a shortage, the balance will be invoiced and shipment will be held until paid by the Bidder. Packing and handling charges vary on oversized lots depending on combined lots, size, weight and any customized packing required. WAR reserves the right to engage third party packing services in its sole discretion and at Bidder’s expense to pack and ship oversized lots.

Shipments to Alaska, US Territories and Foreign Countries – Shipping and handling charges to these locations are higher and often require registry or express mail. Bidder may contact WAR in advance for an ESTIMATE of the charges to such locations.

BY BIDDING, THE BIDDER AGREES TO OUR SHIPPING AND HANDLING CHARGES, WHETHER KNOWN OR NOT TO BIDDER AT THE TIME OF BID.

Our responsibility for damage to or loss of the lot ends once it has been turned over to the USPS, UPS or other shipping company for delivery. By bidding, the winning Bidder agrees that any and all claims for loss or damage to the lot will be handled solely through the insurance claims process or the carrier.

We typically ship within 15 days after the Buyer’s payment in full has been credited to our bank account (this is 2-5 days after credit card processing). Some items may take longer to ship and all items are subject to first being received from the seller in the event that the items were not at our physical location at the time of sale. Buyers should expect their items within 4 weeks after the auction unless there was a delay in processing their payment. All shipments are subject to USPS handling delays which are beyond our control. Bidders will receive an email with tracking information once their items have been processed for shipping. BIDDER’S MUST BE SURE THAT THEIR EMAIL ACCOUNT ALLOWS RECEIPT OF EMAILS FROM info@westernassetreserve.com BY BIDDING, THE WINNING BIDDER HEREBY AGREES TO OUR SHIPPING DETAILS AS JUST STATED ABOVE. Although we like to hear from Bidders, all Bidders must refrain from contacting WAR or ICOLLECTOR with shipping status requests until 4 weeks after the auction sale. Such requests delay WAR in shipping, listing additional lots and handling other customer matters that were not already agreed to in advance.

RETURNS

All sales are final, no lots are sold on approval; placing a bid is a legally binding obligation. There are no returns or exchanges. All lots are sold as is, where is, with all the faults, imperfections, omissions and errors in the written description, graphics and photography. WAR is not responsible for any errors or omissions in the description, graphics or photography provided or in the bidding software. Due diligence to verify the condition and description of a lot is the sole responsibility of the Bidder prior to placing any bid. Returns may only be made with the advance written authorization of WAR and are in WAR’s sole discretion to approve. To request a return you must provide a written request fully explaining the basis for the return no later than 3 days after your receipt of the lot. Under no circumstances will any amounts other than the winning bid amount be refunded. A restocking charge of 25% of the full invoice amount may apply in WAR's sole discretion. Any allowed returns must be received in exactly the same condition as when originally shipped to Buyer, or they will be returned to buyer at Buyer’s cost. Any unauthorized returns will be refused.

DISPUTE RESOLUTION

If any dispute occurs between Buyer and WAR that cannot be resolved, then the parties agree to the rules, regulations and procedures of the dispute resolution described herein and agree to the following procedures for resolution of the dispute: If either party alleges that the other party is in default under this agreement, then the dispute or allegation shall be submitted to binding arbitration in the State of Hawaii. WAR shall select a neutral arbitrator. The arbitration process shall be initiated by either party requesting arbitration which must be served upon the other party by certified mail. Failure to in the arbitration is a default. Each party shall simply present their case (limited to a maximum of one hour for each party) to the arbitrator. The parties agree and acknowledge that they are completely waiving their rights to have the dispute heard in a court of law. The parties agree that the arbitrator shall have complete jurisdiction over the dispute and can issue an award to the prevailing party. Arbitration fees shall be paid by the party not prevailing in the dispute or as seen fit by the arbitrator. Any award determined by the arbitrator shall be binding and the prevailing party shall be awarded full reimbursement of its actual paid fees in connection with the dispute.

By signing up to participate in a WAR auction, Bidder specifically agrees to the dispute resolution specified in the foregoing paragraph as Bidder’s sole means to resolve any and all disputes which may arise with WAR. By doing so Bidder specifically agrees that Bidder will not file a dispute of any kind with ICOLLECTOR, a credit card, Paypal or any other third parties. In the event that Bidder violates this provision, in consideration of WAR’s approval of the application of the Bidder to bid in WAR’s auction, Bidder confesses judgement to fraud having been committed by Bidder against WAR and further agrees that Bidder is liable to WAR for all damages, losses and costs, including time charges, resulting.

LIMITATION OF LIABILITY

In no event shall WAR's liability for any breach, or act or omission exceed the purchase price actually paid by the Buyer, and in no event shall WAR have any liability under any circumstances for special, indirect, incidental or consequential damages (including for loss of profits or revenue, costs of obtaining alternative property, claims of customers of Buyer or otherwise), whether in contract, tort, negligence, strict liability, or otherwise, arising out of, resulting from or in any way relating to the lot or its purchase, sale, delivery or non-delivery, or the acts or omissions of WAR or WAR's agents, representatives, officers, directors, stockholders, members, managers, employees, consultants or affiliates.

BINDING CONTRACT

Bidder’s bid at all times represents an irrevocable offer by Bidder to enter into a binding contract to purchase the lot in accordance with the specific provisions of the listing and these general terms and conditions, as applicable. In the event that any reserve price of a lot is not exceeded by any Bidder’s bid WAR, in its sole discretion, with or without the knowledge of or notice to any Bidder, may reduce any reserve price to an amount below the bid of Bidder at any time during an auction and accept the bid made by Bidder. Reserve prices are always the confidential information of WAR and are not disclosed to Bidder’s unless specifically stated as such during bidding. Nothing contained in any listing shall be construed to disclose any reserve price. In the placing of any bid the Bidder understands and agrees that the bid placed, once accepted by WAR, will be the winning bid if there is no higher bid by another bidder and if any reserve or reduced reserve on the lot is exceeded. All bids are binding, irrevocable and non-cancelable by Bidder.

There are no provisions for the placing of bids to "mark the lot" or to "test the system", etc. and any requests to cancel bids on these bases, or due to a Bidder not reading a listing, not being familiar with the bidding platform, not doing proper due diligence or failing to maintain proper control over Bidder’s bidding terminal, will be denied. Such requests to cancel bids are null and void and will not excuse Bidder from Bidder’s legal and contractual obligation to complete a transaction.

If you are the successful Bidder, you agree to pay the amount of your bid plus all applicable taxes and charges in the time and manner designated by the WAR. Failure to make such payment shall be deemed to be a breach of these general terms and conditions, and, in addition to all other rights and remedies WAR may have under applicable law, you will be charged a re-stocking fee on transactions which are not installment payment (PMT) land sales equal to (a) 25% of the amount of your invoice, plus $25; or (b) the cost associated with re-marketing and re-selling the lot, whichever is greater. For installment payment (PMT) land sales, the amounts shall be (a) the initial invoice amount computed per the listing; or (b) the cost associated with re-marketing and re-selling your lot, whichever is greater.

Bidder is responsible for any and all costs associated with collection of amounts owing from the Bidder, until collected; and WAR reserves the right to bill and collect any such costs from Bidder. Costs associated with collection may include, but are not limited to, time charges, incidental expenses, attorney fees and costs associated with the use of a collection agency.

The winning Bidder’s failure to complete the purchase in accordance with the terms provided herein and in the listing will cause the Bidder to be faced with all, or any combination of the following measures: elimination of all future bidding privileges on the hosting site; credit agency reporting; legal and/or collection action.

These terms and conditions and each listing contain all of the provisions applicable to the agreement between WAR as seller and each Bidder. The provisions of these terms and conditions and of each listing supersede all other agreements, representations or understandings, whether prior or contemporaneous, oral or written, between the parties concerning that subject matter. These terms and conditions and provisions of each listing shall be binding on Buyer’s heirs, beneficiaries, executors, successors and assigns.

SEVERABILITY

If any provision of these terms and conditions or of any listing be void, unlawful or unenforceable under applicable law, that provision shall be modified to the minimum extent possible to comply with applicable law, or if modification is not possible, deleted and severed from the remaining provisions. Any such modification, deletion or severing shall not affect the enforceability or validity of any of the remaining provisions.

ASSIGNMENT

Any assignment without WAR's written authorization will be void.

VENUE

These terms and conditions, the contents of any listing and the contractual relationship between WAR and any Buyer shall be interpreted under and governed by the laws of the State of Hawaii.

DISCLAIMER

All property is sold “AS IS”, and ALL SALES ARE FINAL. Property is open to thorough public inspection. It is the Bidder’s responsibility to determine condition, age, genuineness, value or any other determinative factor. Western Asset Reserve may attempt to describe the merchandise in advertising and on the Internet but makes no representations. In no event shall Western Asset Reserve be held responsible for having made or implied any warranty of merchantability or fitness for a particular purpose. Bidder shall be the sole judge of value.

Bidders who bid from off site and are not present at the live auction or preview understand and acknowledge that they may not be able to inspect an lot as well as if they examined it in person. It is the Bidder’s responsibility to determine condition, age, genuineness, value or any other determinative factor. Western Asset Reserve shall endeavor to describe in detail each lot and any pertinent information about it. Western Asset Reserve will not be responsible for any errors or omissions in the description of the merchandise unless it is a material and intentional misrepresentation of the lot itself. Bidder agrees that everything is sold as is and that they may not return any lot they purchase.

Under no circumstances shall Bidder have any kind of claim against Western Asset Reserve or anyone else if the Internet service fails to work correctly before or during the live auction. Western Asset Reserve will not be responsible for any missed bids from any source. Internet bidders who desire to make certain their bid is acknowledged should use the proxy-bidding feature and leave their maximum bid 24 hours before the auction begins. Western Asset Reserve reserves the right to withdraw or re-catalog lots in this auction.