Northern Illinois and Wisconsin Service Master Kwik Restore Franchise Licenses Auction

FRANCHISE LICENSE TERMS
ONLINE ONLY BIDDING

PLEASE READ AND REVIEW THE TERMS THOROUGHLY PRIOR TO BIDDING. IF YOU HAVE NOT READ AND UNDERSTAND THESE TERMS PLEASE DO NOT BID. BY BIDDING ON THIS AUCTION, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE ITEM(S) UNDER THE FOLLOWING TERMS AND CONDITIONS:

1. INFORMATION: Aumann Auctions has put forth every effort in preparing the catalog for this auction to provide accurate descriptions of all items. All lots are sold AS-IS, WHERE-IS, with all faults, imperfections and errors of description. Due diligence is the responsibility of the bidder/buyer. Printed statements or descriptions by staff are provided in good faith and are matters of opinion. The approval of the franchise agreements lies solely with the Service Master organization. Neither Aumann Auctions, it's representatives or the Seller are held responsible for any failure to be approved for purchase.
2. PAYMENTS: There is a 10% Buyers Premium added to your total purchase. All sales are final. A $2,500 downpayment will be due at the conclusion of the auction. This payment will be held in escrow until the license is approved and transfers. The balance will be due within 3 days of notification of that the transfer has been approved. Note: Checks may be processed the day of the auction; be sure to have adequate funds in your account. Each transaction necessary to collect insufficient funds will have a $250 fee imposed plus the liability of Default of Buyer below.
3. DEFAULT OF BUYER: Successful bidder not paying for items within 3 days of the date of the auction will be considered in default. Such default by the Successful Bidder will result in that Bidders liability to both the Seller and Aumann Auctions, Inc. Seller shall have the right to (a) declare this contractual agreement cancelled and recover full damage for its breach, (b) to elect to affirm this contractual agreement and enforce its specific performance or (c) Seller can resell the items either publicly or privately with Aumann Auctions, Inc. and in such an event, the Buyer shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding/transporting/storage costs of the items, the expenses of both sales, legal and incidental damages of both the Seller and Aumann Auctions, Inc.
In addition, Aumann Auctions, Inc. also reserves the right to recover any damages separately from the breach of the Buyer. The purchaser agrees to pay all reasonable attorney fees and costs incurred by Aumann Auctions, Inc. in the collection of funds. The purchaser also agrees that a storage/handling fee of 2% per month be added to the balance of any unpaid balance due Aumann Auctions, Inc. and any other costs or losses incurred by the Buyers failure to adhere to these terms. Any debt collection or dispute proceedings will be litigated or arbitrated in Montgomery County, Illinois at the option of both the Seller and Aumann Auctions, Inc.
Both the Successful Bidder and Seller shall indemnify Aumann Auction, Inc. for and hold harmless Aumann Auctions, Inc. from any costs, losses, liabilities, or expenses, including attorney fees resulting from Aumann Auctions, Inc. being named as a party to any legal action resulting from either Bidders or Sellers failure to fulfill any obligations and undertakings as set forth in this contractual agreement.

BIDDER VERIFICATION: Bidding rights are provisional, and if identity verification or qualifications are questionable, Aumann Auctions, Inc. has the right to reject the registration, and bidding activity will be terminated. The Seller and Aumann Auctions, Inc. reserve the right to preclude any person from bidding if there is any question as to the person's credentials, mental fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. If the registered bidder's user name is offensive to Aumann Auctions, Inc. or in their sole opinion detrimental to Bidding Activity, then Aumann Auctions, Inc. reserves the right to delete the bidder from bidding or unilaterally change the username with notification to the Bidder. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.

MAXIMUM BID: When you bid your maximum bid, the current bid price does not automatically advance to your maximum bid. Another bidder has to bid to increase the current price and the computer will automatically bid up to your maximum in the increments specified.

AUCTION END TIMES: Aumann Auctions, Inc. online only auctions are timed events and all bidding will close at specified time. However, our auctions also use an 'Auto Extend' feature. Each time a bid is placed, the bidding clock will reset to allow other bidders the opportunity to place another bid. Bidding extensions are posted for the auction.

TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software, internet or any other online auction-related technologies, Aumann Auctions, Inc. reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software, nor Aumann Auctions, Inc. shall be held responsible for a missed bid or the failure of the software to function properly for any reason.

CONDUCT OF THE AUCTION: Conduct of the auction and increments of bidding are at the direction and discretion of Aumann Auctions, Inc. Aumann Auctions, Inc. reserves the right to reject any and all bids for any reason and also reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding. All decisions of Aumann Auctions are final. Your bid on this auction indicates both an understanding and an acceptance of the terms of this contractual agreement between yourself and both Aumann Auctions, Inc. and the Seller and that you, as the Bidder, are prepared to purchase items under these terms and conditions.

*Additional Terms Relating to the Service Master Auction:

Bidders will be manually approved for this auction to make sure they meet the minimum requirements to own a Service Master franchise, as told to the Auction Company. The Auction Company, it's representatives and the seller are not responsible for those not meeting the requirements or being approved for the final purchase of the franchise. That decision lies with the Service Master organization.

Bidder is fully responsible for all due diligence, review and research of franchise documents and any research to allow them to make a conscientious and informed decision before purchasing. The burden of the decision of whether this business opportunity is right for you lies fully with the bidder.

There will be a requirement to provide financial and business information. Prospective bidders will will be sent a request for financial verification and documentation from our coordinator. Bidding status will not be approved until the auction manager feels you have met the requirements. Minimum initial requirements are $100,000 or cash equivalents on hand, and an overall net worth of at least $200,000. This is required for new and existing buyers. If you are an established and or existing Service Master franchisee, you may already qualify. Please provide verification of that to our auction manager for immediate approval.

The process to transfer licenses can take up to 8 weeks once we have established a high bidder per license. The denial of one license, does not release the buyer from any other licenses they may be approved for. An earnest money deposit will be required per license of $2,500 to be held in escrow for the established high bidder post auction. Balance will be due at the time of license transfer.