THI RD-BID D IN G P RO C E DUR E : Unless waived by announcement, there shall be an upset price of $1,500 on any animal entering the sales ring. If an opening bid in the amount of the upset price is not immediately forthcoming to the auction eer’s call, the animal shall be passed out as unsold. The person making the highest bid recognized by auctioneer shall be the buyer. The auctioneer shall immediately present the buyer with a document entitled Acknowledgment Of Purchase . Should such presentation not be made prior to commencement of bidding on the next lot offered, the buyer shall forthwith identify himself or herself to auctioneer as the buyer and sign the Acknowledgment Of Purchase . In the event that a person other than the recognized buyer signs the Acknowledgment Of Purchase , such ac- tion shall not give such other person any right or title to the horse. Immediately after such erroneous signing of the Acknowledgment Of Purchase becomes known to the auctioneer, he shall cause the Acknowledgment Of Purchase to be presented to the recognized buyer for signature. If the highest bidder fails to immediately execute the Acknowledgment Of Purchase or otherwise fails to comply with the Conditions of Sale, or in the event of a mistake by the auctioneer, AARHS Reserves the option to re-sell the animal and such resale shall terminate all obligations of AARHS and the consignor to honor any prior bid. FOURTH-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 absolute, final and binding on all parties. Bids received by personnel em- ployed by the undersigned have the same stature as bids received by auctioneer. In case of dispute, the bidding shall be reopened for advanced bids, and if there be no advanced bid, the horse is sold to the person from whom auctioneer recognized the last bid. Advanced bidding shall be restricted to the disputing parties, unless the bid be reduced below the level of the recognized bid at commencement of dispute, in which case bidding is reopened to all. The auctioneer reserves the right to reject any or all bids. FIFTH-TITLE AND DELIVERY: Title passes to buyer at fall of the hammer. All risk of injury to the horse becomes buyer’s risk at passing of title. Horse will be held for buyer by consignor until buyer makes settlement as provided in CONDITION SIXTH below. Buyer shall immediately present himself or herself to make settle- ment if requested by auctioneer, but in any case shall so present himself or herself within thirty minutes of conclusion of the sales session in which the horse was pur- chased. Upon settlement by buyer, horse will be delivered pursuant to a “stable re- lease” provided by undersigned to buyer or his or her representative. Buyer or his or her representative shall present “stable release” to designee of undersigned to re- move horse from sales premises after taking possession, but in any case taking pos- session of the horse by buyer or his or her representative shall constitute delivery. Upon delivery, buyer shall cause horse to be removed promptly from the sales pre- mises, or shall be subject to stable charges as determined by undersigned. In addi- tion, should purchaser fail to cause horse to be removed promptly, undersigned may cause horse to be removed from sales premises at buyer’s risk and expense. SIXTH-TERMS FOR SETTLEMENT: Buyer shall make settlement with cashier of the undersigned. Payments to others, including consignors or their represen- tatives, do not constitute settlement. Buyer shall present himself or herself to make settlement as provided in CONDITION FIFTH above for the full purchase price, such settlement to be in form of U.S. currency or equivalent acceptable to cashier. The Acknowledgment of Purchase is not transferable without the ap- proval of AARHS and the copy of the Acknowledgment of Purchase retained by the buyer must be presented by the buyer at the time of settlement. SEVENTH-DEFAULTERS: SHOULD BUYER FAIL TO COMPLY IN ANY RESPECT WITH CONDITIONS FIFTH AND SIXTH ABOVE, THE UNDERSIGNED MAY, IN ITS ABSOLUTE DISCRETION, PURSUE ANY REMEDY AVAILABLE AGAINST THE DEFAULTING BUYER, INCLUDING, BUT NOT LIMITED TO, TAKING POS- SESSION OF THE HORSE, RESALE OF THE HORSE AT PUBLIC AUCTION OR BY PRIVATE TREATY FOR ACCOUNT OF DEFAULTER. In any such case de- faulter shall be liable for any deficit in his account after charging to his account all costs of maintenance and resale, including, but not limited to, service charges, attorneys fees, costs of litigation, and damages available to undersigned by law.
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