CONDITIONS OF SALE: BIDDERS TAKE NOTICE All American Ruidoso Horse Sales, LLC, Ruidoso Downs, New Mexico THIS SALE IS CONDUCTED IN ACCORDANCE WITH, AND ALL ACTS OF IN- TERESTED PARTIES AND/OR CLAIMS BY THEM SHALL BE GOVERNED BY, THE FOLLOWING CONDITIONS OF SALE: FIRST-APPLICABLE LAW : All horses in this sale are offered according to the laws of the state wherein the sale is conducted. The right to bid, as provided un- der law, is reserved for all consignors unless otherwise announced. SECOND-THERE IS NO WARRANTY EXPRESSED OR IMPLIED BY THE AUCTIONEER, SPONSORS, OWNER OR CONSIGNOR, AS TO THE PER- FORMING SOUNDNESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY HORSE OFFERED IN THIS SALE. ALL HORSES ARE SOLD “AS IS” WITH ALL EXISTING CONDITIONS AND DE- FECTS EXCEPT AS SET FORTH IN CONDITIONS EIGHTH, NINTH, TENTH AND ELEVENTH BELOW. BUYERS SHOULD EXAMINE HORSES PRIOR TO PURCHASING. THIRD-BIDDING PROCEDURE : 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 auc- tioneer’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 Pur chase . Should such presentation not be made prior to commencement of bidding on the next lot offered, the buyer shall forthwith identify himself or her- self to auctioneer as the buyer and sign the Acknowledgment Of Purchase . In the event that a person other than the recognized buyer signs the Acknowledg- ment Of Purchase , such action 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 Acknowledg- ment 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, All American Ruidoso Horse Sales, LLC Reserves the option to re-sell the animal and such resale shall terminate all obligations of All American Ruidoso Horse Sales, LLC 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 employed by the undersigned have the same stature as bids re- ceived by auctioneer. In case of dispute, the bidding shall be reopened for ad- vanced 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 re- stricted 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 CONDI- TION SIXTH below. Buyer shall immediately present himself or herself to make settlement 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 purchased. Upon settlement by buyer, horse will be delivered pursuant to a “stable release” 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 remove horse from sales premises after taking possession, but in any case taking possession 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 premises, or shall be subject to stable charges as deter- mined by undersigned. In addition, 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. 6
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