AUCTION · Austin’s urban scene has taken on a cool, green tone with the introduction of Bel Air,...

AUCTIONSunday, August 9, 2009

25 Loft Style Condominiums at Bel Air South Congress Avenue, Austin, Texas

rooftopliving • modernliving • greenliving

00875_Brook_Bel Air Brochure:BA 7/8/09 2:11 PM Page 1

Builder Information

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Austin’s urban scene has taken on a cool, green tone with the introduction of Bel Air, acommunity of innovative, environmentally-responsible townhome-style loft condominiums inthe city’s burgeoning Lower Congress (LoCo) district. Designed with a hint of sleek PalmSprings mid-century retro architecture, these modern, green-built homes offer privateindividual rooftop decks and bright new aesthetics that reflect forward thinking.

What better setting than this for an urban, gated complex featuring progressive, low-maintenance design. All of the residences at Bel Air are townhome-style, ensuring that nobodylives above or below you. Featuring direct access garages and spacious, private rooftop deckswith views of Battle Bend Park and the surrounding hills, Bel Air is clearly the work of a

visionary design team. Everywhere you look, there is a sense of thoughtful planning…in thequality commercial grade construction, the ultra-chic concrete floors, high ceilings andexposed ductwork. This is especially noticeable in features such as renewable materials,tankless hot water heaters, low E double pane windows, Energy Star appliances and other“green” building materials and techniques that reflect superior construction.

The highly pleasing one and two-bedroom floor plans offer upscale lifestyle amenities suchas contemporary island kitchens, large windows, crisp architectural angles, attractive ceilingfans and private second floor balconies. And now, FHA financing makes it easier than ever tolive here in this pet-friendly environment.

Only minutes from downtown, yet featuring a more relaxed, genteel pace, this neighborhoodjust south of Ben White Boulevard is beginning to carve out its own unique personality. Thelegendary music venue, Hill’s Café, is just one notable destination, located across the street.Other important conveniences, such as Austin-Bergstrom International Airport and CentralMarket, are just minutes away.

Bel Air ushers you into a new kind of living experience at the edge of the urban core. Savorspecial moments in a residence built for smart, environmentally conscious homeowners whoappreciate quality, fine design and a legendary architectural style. It’s a satisfying way tocollect your most treasured memories.


Auction Day

One of the exciting things about living at Bel Air is knowing that you’ve chosen a location with a

reputation that continues to grow in stature every day. The LoCo area puts you near the pulse of

urban Austin, close to its diverse restaurants, live music clubs, art galleries, theatres and popular

shops and boutiques. Downtown Austin, the funky South Congress district, St. Edward’s University

and the hills, lakes and hiking trails are all only minutes away.

So settle back, relax and enjoy a locale that’s near to everything and close to perfect.

HOME PREVIEW The Auction Information Office will be open daily from 11 AM to 6 PM for your convenience. Address: 4801 South Congress Avenue

Unit No. T1Austin, Texas 78745

Phone: 512.448.4088Fax: 512.448.4022Website: www.theBelAirAuction.comBel Air is located at the edge of the urban core, just south of Ben White Boulevard on the east side of Congress Avenue just minutes from the heart ofAustin’s central business district.

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On SUNDAY, August 9, 2009,Kennedy Wilson will conductan INVENTORY CLOSEOUTAUCTION highlighting 25 loftstyle condominiums at BelAir in Austin, Texas. StartingBids range from $90,000 to$130,000 on homespreviously priced from$273,000 to $399,900.

Sunday, August 9, 2009, 1 PM at the Hilton Austin Downtown. The auction willbegin promptly at 1 PM and will last approximately 1 hour. Bidders are advised to arrive no laterthan 12 NOON.

HOMEOWNER’S ASSOCIATIONPurchasers will become members of the Bel Air Condominium Community, Inc. owners

association and are assessed a monthly fee ranging from $139 to $174 based on floor plan andsquare footage. Please review Association Documents and complete details at the AuctionInformation Office.


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PREVIEW THE HOMES The Auction Information Office and homes are open seven days a week from 11 AM to 6 PM

for your convenience.

PREQUALIFY TO BUY!The seller has arranged excellent financing with Colonial National Mortgage. Meet with a

representative from the seller preferred lender available at the Bel Air Auction Information Officedaily or by contacting:

REVIEW ALL OF THE PURCHASE AND SALEDOCUMENTSThe following documents are available at the Auction Information Office and should be

thoroughly reviewed:(a) Agreement of Sale and Purchase; (b) Title Report or Commitment; (c) Condominium Information Statement; and (d) Other Property Owners Association documents

REGISTER TO ATTEND Registration is required to be eligible to attend and bid on auction day. Fill out the

registration form and return it to the Auction Information Office in person, by mail, or fax to512.448.4022 no later than Thursday, August 6, 2009.

TAKE A CASHIER’S CHECK FOR $2,500Get your cashier’s check for $2,500 made payable to Heritage Title Company. Your

cashier’s check will be used as a portion of the required 3% deposit for purchasers of one homeor 5% deposit on each home if you are purchasing more than one home. The balance of your3% or 5% deposit on auction day may be in the form of a personal check.

DON’T MISS THE “HOW TO BUY” AT AUCTION SEMINAROn Saturday, August 1, at 1 PM, you are invited to attend an informational seminar at

the Bel Air Auction Information Office. This free seminar will be especially helpful if you haven’tbought a home at auction before and a nice refresher for those who have. Join in a live practiceauction with our auctioneer, get your questions answered and learn about:

• The Auction Process• How to Register for the Auction• How to Prequalify for Financing and information about the special incentive

for seller preferred lender• Bidding Strategies• Auction Terms and Conditions

! CLOSING INCENTIVE FOR SELLER PREFERRED LENDER

Buyers who obtain financing through Colonial National Mortgage and close escrowwithin thirty (30) calendar days of the auction will be credited by the seller at the closeof escrow: $2,000 toward non-recurring closing costs (based on lender guidelines).

Joan DumaisMortgage Banker

Colonial National MortgageOffice: 512.279.3038

Email: [email protected]

Sheri L. CowanMortgage Banker




† MODEL - Furnishings are included in purchase price

• Total square footage of unit includingrooftop deck and garage

‡ Auction Information Office

On auction day the homes will not necessarilybe auctioned in the order in which theyappear in the Table of Properties. The order ofthe bidding will be announced prior to theauction. Sizes, square footages, bedroomsand baths set forth for the homes areapproximations only. Actual sizes may vary.

Please Note: All homes sold at auction will have a 4% Buyer’s Premium added to the winning bid amount to establish the final purchase price. 5

AUCTION UNIT FLOOR PLAN BEDROOMS, BATHS & APPROX. PREVIOUSLY STARTINGNO. NO. GARAGES SQ.FT. PRICED BIDS

1 H3 Mirage 2 Bedrooms/1.5 Baths/2 Car 1310 (2462•) $298,900 $105,000

2 H4 Mirage 2 Bedrooms/1.5 Baths/2 Car 1310 (2462•) $298,900 $105,000

3 H5 Palm Springs 2 Bedrooms/2 Baths/2 Car 1410 (2034•) $334,900 $120,000

4 J1 Tamarisk 2 Bedrooms/2.5 Baths/2 Car 1490 (2633•) $353,900 $125,000

5 J2 Palm Springs 2 Bedrooms/2 Baths/2 Car 1410 (2034•) $328,900 $115,000

6 J3 Palm Springs 2 Bedrooms/2 Baths/2 Car 1410 (2034•) $328,900 $115,000

7 K1 Palm Springs 2 Bedrooms/2 Baths/2 Car 1410 (2034•) $334,900 $120,000

8 K3 Tamarisk 2 Bedrooms/2.5 Baths/2 Car 1490 (2633•) $353,900 $120,000

9 L4 Palm Springs 2 Bedrooms/2 Baths/2 Car 1410 (2034•) $349,900 $130,000

10 Q1 Thunderbird 1 Bedroom/1.5 Baths/1 Car 1190 (1921•) $279,000 $105,000




14 R5 Tamarisk 2 Bedrooms/2.5 Baths/2 Car 1490 (2633•) $353,900 $125,000

15 R4 Palm Springs 2 Bedrooms/2 Baths/2 Car 1410 (2034•) $328,900 $115,000

16 R3 Mirage 2 Bedrooms/1.5 Baths/2 Car 1310 (2462•) $298,900 $105,000

17 R2 Mirage 2 Bedrooms/1.5 Baths/2 Car 1310 (2462•) $298,900 $105,000

18 R1 Tamarisk 2 Bedrooms/2.5 Baths/2 Car 1490 (2633•) $353,900 $125,000

19 S3 Tamarisk 2 Bedrooms/2.5 Baths/2 Car 1490 (2633•) $399,900 $130,000

20† S2 Tamarisk 2 Bedrooms/2.5 Baths/2 Car 1490 (2633•) $374,900 $125,000

21 S1 Tamarisk 2 Bedrooms/2.5 Baths/2 Car 1490 (2633•) $399,900 $130,000

22 T4 Tamarisk 2 Bedrooms/2.5 Baths/2 Car 1490 (2633•) $399,900 $130,000



25‡ T1 Tamarisk 2 Bedrooms/2.5 Baths/2 Car 1490 (2633•) $399,900 $130,000


ONE CAR GARAGE

ENTRY

STUDY

H V A C H V A C

BATH

LAUNDRYBEDROOM

CLOSET

CLOSET

LANDING

ROOFTOPPOWDER

UPUP

KITCHEN

DN

DW SINK/DISP

OPT REF.

LINEN

RANGE/MICRO

LIVING / DININGLOFT SPACE

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= Thunderbird= Mirage= Palm Springs= Tamarisk

= Auction Number

† = Model

Site plan is not to scale and is an artist’s conception.

3H5

Battlebend Park (5 Acre): Outdoor cooking, seating, and basketball courts

CourtyardOutdoor cooking,

seating, and games

H4

H3

J3

J2

J1

K3

K1

T1 T2 T3 T4 S1 S2 S3

R1 R2 R3 R4 R5

L4

Q1

Q2

Q3

Q52

1

6

5

4

8

7

25 24 23 22 21 20 19

10

11

12

13

18 17 16 15 14

9Sold

Sold

Sold

Sold

Sold

Sold

SoldSold

SoldSold

SoldSold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold Sold SoldSold

SoldSold

SoldSold

SoldSold

SoldSold

Sold

SoldSold

SoldSold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

Sold

1 Bedroom 1.5 Baths

1 Car Garage Approx. 1,190 Square Feet

520 Rooftop Deck Square Feet1,921 Total Square Feet

First Level Second Level Roof Level

† Auction

InformationOffice


O.H.STOR.OPT

TWO CAR GARAGE

GATEDENTRY

STORAGE

W/DOPT

CLOSET

H V A C

BATH

BEDROOM

BEDROOM

CLOSET

LANDING

LANDING

POWDER

UP

UP

KITCHENDN

DN

LOFT SPACELIVING / DINING

DW

PANTRY BELOWHVAC

H2OHTR SINK/DISPOPT REF.

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ROOFTOP

7

2 Bedrooms, 1.5 Baths, 2 Car Garage, Approx. 1,310 Square Feet, 653 Rooftop Deck Square Feet, 2,462 Total Square Feet

First Level Second Level

Third Level Roof Level


OPTBLT-IN

OPTBLT-IN

LINEN

STORAGE

TWO CAR GARAGE

ROOFTOP ROOFTOP

DECK ROOF

LANDING ROOF

DECK ROOF

ENTRY

W/DOPT

H V A C

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BEDROOM

BEDROOM

LIVING / DINING

SHOWER

CLOSET

BALCONY

HOME OFFICE LANDING

LANDING

POWDER

UP

UP

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DN

DN

DN

DW

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SINK/DISP

OPT REF. RANGE/MICRO

H2O HTR

8

2 Bedrooms, 2 Baths, 2 Car Garage, Approx. 1,410 Square Feet, 206 Rooftop Deck Square Feet, 2,034 Total Square Feet




rooftop living!

TWO CAR GARAGE

GALLERY

ENTRY

STORAGE

W/DOPT

WINDOW SEAT

OPT

BLT-

IN

OPTBLT-IN

UP T

O RO

OF

H V A CH V A C

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9

2 Bedrooms, 2.5 Baths, 2 Car Garage, Approx. 1,490 Square Feet, 697 Rooftop Deck Square Feet, 2,633 Total Square Feet




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What you should know about buying a home at the Kennedy Wilson

Bel Air Auction

REGISTRATIONRegistration is required to be eligible to attend and bid on

auction day. To register you must complete the AuctionRegistration Form available at the Auction Information Office

and online. Bidders should complete and return the AuctionRegistration Form to the Auction Information Office on-siteprior to Thursday, August 6, 2009 at 6 PM. Bidders may deliverthe Auction Registration Form in person, mail or fax to512.448.4022. You may also take your registration to the “Howto Buy” Seminar.

Potential bidders shall be solely responsible for confirmingthe delivery and timely receipt of their completed and signedregistration form by the Auction Information Office. A bidder’s

failure to timely register with theAuction Information Office mayresult in non-recognition of thebidder at the Auction. Auctionday registrants will be limited tothe purchase of one home only.

HOME INSPECTIONAND REVIEW OF SALEDOCUMENTS

The Auction InformationOffice is open daily from 11 AMto 6 PM. Please take thisopportunity to view all homesprior to the auction and make athorough inspection of all thehomes you are interested inbidding on. It is the responsibilityof all prospective buyers toinspect the properties prior to theauction and satisfy themselves asto the physical condition.

Thoroughly review thedocuments which are available atthe Auction Information Office. Apartial list of documents include:(a) Agreement of Sale andPurchase; (b) Title Report orCommitment; (c) CondominiumInformation Statement; and (d) Other Property OwnersAssociation documents.

DEPOSIT To participate and bid on auction day, all approved registered

bidders must present a separate cashier’s check in the amountof $2,500 for each home that they have been approved topurchase. For successful bidders, the cashier’s check will be usedas a portion of the 3% deposit for purchasers of one home or 5%deposit on each home if you are purchasing more than one home.Cashier’s checks must be made payable to Heritage TitleCompany. The balance of your 3% or 5% deposit should be inthe form of a personal check. Please bring your personalcheckbook with you.

AUCTION DAY PROCEDURESCheck in at registration and receive your bidder package

which includes auction day announcements, information onthe homes being auctioned, the order of the properties beingauctioned and your bidder number. You will be required toshow proof of your cashier’s check and personal check,however, you will retain your checks until you are asuccessful bidder.

If you are a successful bidder at the auction, an auctionassistant will request that you sign a Bid ConfirmationSheet acknowledging the final recognized bid and escortyou to the contract room where you will execute thepurchase documents and receive a receipt for your 3% or5% deposit. Your cashier’s check will be endorsed toHeritage Title Company. The balance of your depositwill be by personal check.

Approved multiple purchasers who wish to remain in theauction will be required to endorse and deposit a separate$2,500 cashier’s check with the auction assistant after eachsuccessful purchase. Multiple home purchasers mayremain in the auction, however, they must complete thepurchase documents for all purchases immediately aftercompletion of their final purchase.

SELLER PREFERRED FINANCING!The seller has arranged excellent loan programs through

Colonial National Mortgage. In order to be eligible to bid, allregistered bidders, including those using third party financing,are required to be prequalified with the seller’s preferred lender.


Date Rec’d ______________________Prequal ________________________CChecks________________________Bidder No __________________________

BEL AIR AUCTIONAUCTION REGISTRATION FORM #7602

Please complete and return this Registration Form to the Auction Information Office prior to 6 P.M., THURSDAY, August 6, 2009 in order to be eligible to bid at the Auction. Bidders maydeliver the Registration Form to the Auction Information Office in person, by mail, or by fax to 512.448.4022.

Check One Only: I/We plan to purchase only 1 Home I/We plan to purchase more than 1 Home

BIDDER FIRST NAME______________________________________________________LAST NAME __________________________________________________________

CO-BIDDER FIRST NAME __________________________________________________LAST NAME __________________________________________________________

ADDRESS ________________________________________________________________________________________________________________________________

CITY ________________________________________________________________STATE ________________________ZIP __________________________________

DAYTIME PHONE ________________________________________________________EVENING PHONE ______________________________________________________

CELL ________________________________________________________________EMAIL______________________________________________________________

REAL ESTATE AGENCY NOT REPRESENTED BY A REAL ESTATE AGENT REPRESENTED BY A REAL ESTATE AGENTIf a Buyer is represented by a Real Estate Agent and Bidder registered the Agent on their firstvisit to Bel Air, please have the Agent complete the following:

REAL ESTATE CO. __________________AGENT NAME: ________________________

PHONE #: ________________________AGENT SIGNATURE:______________________The Real Estate Agent must sign here and must accompany the Bidder to the Auction and signthe “Cooperating Broker Agreement” attached to the Purchase Agreement in order to qualify forcooperating commission. See the Auction Brochure for complete details.

FINANCING INFORMATION: Check all that apply:Note: All bidders must be prequalified by Colonial National Mortgage. I/WE PLAN TO USE SELLER PREFERRED FINANCING COLONIAL NATIONAL MORTGAGE. I/WE PLAN TO USE A LENDER OTHER THAN COLONIAL NATIONAL MORTGAGE. I/WE PLAN TO PAY WITH CASH

I AM/WE ARE INTERESTED IN THE FOLLOWING HOMES IN THE ORDER OFPREFERENCE BELOW:(Please list auction #)

(1st) #____________(2nd) # __________(3rd) #____________(4th) # __________

I/WE HAVE received, read and accepted the terms and conditions of sale for the Auction whichare set forth in the Auction catalogue and I have reviewed all on-site documents for the homes forwhich I will bid, including the HOA Documents, Disclosures & Purchase Agreement. All suchitems are incorporated herein by reference. I/WE UNDERSTAND AND AGREE that each property is being sold “as-is” and without anywarranties, express or implied, other than the limited warranty in the Purchase Agreement andthat it is my sole responsibility to inspect the property prior to sale.I/WE AUTHORIZE my/our other lender to disclose my/our prequalification status to the seller,its agents, and/or assigns.All homes sold at auction will have a 4% Buyer’s Premium added to the winning bid amount toestablish the final purchase price.

Bidder’s Signature:________________________________Date:________________

Co-Bidder’s Signature: ____________________________Date:________________

PLEASE TAKE A MOMENT TO LET US KNOW HOW YOU FOUND OUT ABOUT OUR AUCTION:

MAIL TO: 4801 South Congress Ave., Unit No. T1, Austin, TX 78745

Austin Statesman Austin Chronicle NCO.com Other Newspaper MLS/Realtor TheBelAirAuction.com

KWIauctions.com Austin360.com Statesman.com Google AdWords Online Listing Zip Realty

eBlast Signs/Drive By Direct Mail Word of Mouth TV Client Referral

Craigslist.org Web Other General Inquiry Other No Source Indicated

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a) All homes have an unpublished reserve price (Unpublished Reserve Price) whichmeans that the seller has established an unpublished minimum selling price. The StartingBid is not the reserve price. In order to become the winning bidder of a home, a biddermust have the highest bid and meet or exceed the unpublished reserve price. The highestbid is subject to acceptance by the seller (see "Subject to Confirmation" section below).With respect to a high bid less than the seller's reserve, the high bid and resulting purchaseagreement/offer are subject to the seller's acceptance, counter-offer or rejection during theauction, in the contract room, and/or within 3 days following the auction.

b) The purchase price for the home shall be equal to the sum of the amount of the winning bidplus 4% (Buyer's Premium) of the amount of the winning bid. For example, if thewinning bid is $250,000, then the purchase price for the unit would be $260,000,representing the sum of $250,000 plus 4% of $250,000 ($10,000) for a total of $260,000.The amount added to the winning bid shall be used to pay seller expenses, auctionmarketing costs and other general auction expenses incurred by the seller and/or auctioneerin bringing the auction properties to market.

c) In order to purchase a home at the auction, bidder must be acknowledged by the auctioneeras the Winning Bidder (the bidder to whom the auctioneer acknowledges the home asbeing "SOLD" to) and such home is therefore not identified as being sold subject toconfirmation (see below).

d) With respect to a winning bid that is not immediately accepted by the seller, the auctioneerwill inform the winning bidder that acceptance of their winning bid is "Sold Subject toConfirmation." The winning bidder acknowledges and agrees that winning bidder'spurchase/offer is subject to and contingent upon the seller approving the resultingpurchase/offer, acceptance, counter-offer or rejection during the auction, in the contractroom and/or within 3 days following the auction.

e) No claim will be considered for allowance, adjustment, or rescission based upon failure ofthe property to correspond to any particular expectation or standard (except the PreliminaryTitle Report).

f) Bidding increases will be in such increments as the auctioneer in his sole discretion directs.In the event of a dispute between bidders, the auctioneer shall make the sole and finaldecision to either accept the final bid or re-offer and resell the property in dispute. Theauction will be recorded, and if any dispute arises following the auction, the auctioneer'srecords shall be conclusive in all respects.

g) Title Insurance is available for each home, insuring the title of such home to be in feesimple, subject to no encumbrances except for current taxes and assessments, easements,right-of-way, reservations, covenants, conditions and restrictions of record, and printedexceptions in the standard form title insurance policy. A copy of the Preliminary Title Report(or title commitment) for each home may be inspected prior to the auction.

h) Floor plans, sizes and square footages set forth for the homes may vary and areapproximations only, based on the best information available. Kennedy Wilson and seller donot guarantee the accuracy of the square footage or other information regarding thecondition and features of the property provided by the seller or obtained from public recordsor other sources. Each bidder is advised to independently verify the accuracy of allinformation through personal inspections with appropriate professionals and to rely on theirown research at their own cost. Model homes at each community may contain furnishings,amenities and construction details that may not be present in the homes available forpurchase. The seller or the auctioneer make no representation or warranty that the homesavailable for auction purchase will contain any such furnishings, amenities or constructiondetails.

i) The seller and auctioneer reserve the right to refuse admittance to or expel anyone from theauction premises for interference with auction activities, nuisance, canvassing, collusivebidding, bid rigging or other reasons.

j) The auction will be recorded. Bidders' attendance at the auction shall constitute Bidders'consent to any audio and/or visual recording.

k) No auction attendees may take audio or visual recordings of the auction.

l) The seller has the right to postpone or cancel the auction in whole or in part, in its solediscretion, and to modify or add any terms and conditions of sale and to announce suchmodifications or additional terms and conditions either prior to or at the auction. Writtenand oral auction announcements shall take precedence over prior printed information,however, the executed Purchase Agreement will evidence all understandings and agreementsbetween buyer and seller and will be in all respects controlling.

m) No buyer shall assign his/her rights under the Purchase Agreement to any other party andany attempted assignment shall be void.

n) Except where prohibited by law, the auctioneer may, on behalf of seller, bid at any time up tothe amount of the unpublished reserve price for each home.

o) Homes shall be sold "as is". Prospective buyers should examine the homes and allsupporting documentation carefully as each bidder is responsible for making his or herevaluation of the homes and may not rely on the seller or sales agents.

p) Kennedy Wilson, in cooperation with Kennedy-Wilson Austin, Inc., a Texas Broker, is notacting as agent for the buyer in any capacity and is acting in the capacity exclusively as theseller's agent.

q) OFFER VOID WHERE PROHIBITED. Brochure will not be mailed to residents of any state inwhich this offering is not in compliance with the real estate laws or other laws of that state.

Please Note: All homes sold at auction will have a 4% Buyer's Premium added to the winning bid amount to

establish the final purchase price.1 2

Terms & Conditions

For buyers who apply for financing provided by the preferredlender, the sale will be contingent upon the buyer’s ability toqualify for financing. If the buyer does not qualify, his or herGood Faith/Earnest Money Deposit will be returned, less anyescrow/cancellation fee. Neither the seller nor the auctioneermake any representation or warranty that the prospective buyerof a home will qualify for purchase financing from the sellerpreferred lender and/or third party financing. Financing issubject to buyer’s credit approval and completion of all loandocuments and property appraisal.

A Colonial National Mortgage representative will beavailable at the Bel Air Auction Information Office daily. Theymay also be contacted at:

THIRD PARTY FINANCINGBuyers who choose to apply for financing with any lender

other than Colonial National Mortgage (“third party financing”)must provide Kennedy Wilson with a prequalification letter fromtheir lender with their Auction Registration Form.

CASH BUYERSBuyer’s who choose to pay cash for their purchase must

submit proof of liquid funds to Kennedy Wilson.

BROKER COOPERATIONParticipation of Texas licensed real estate brokers is

encouraged. A commission of 2% of the high bid price will beoffered to all qualified, registered brokers. All commissions willbe paid at the close of escrow. In order to qualify for the brokercooperation commission, brokers must comply with thefollowing requirements:a) The prospective client (“Bidder/Buyer”) must register their

Broker on their Auction Registration Form at the time of theirinitial registration no later than Thursday, August 6, 2009.No Broker registration will be accepted onauction day.

b) Brokers must accompany the Bidder/Buyer to the auctionand, if successful, through the entire purchase process atthe auction on Sunday, August 9, 2009 and execute theCooperating Broker Agreement.

c) A Bidder/Buyer who does not comply with subparagraphs(a) – (d), inclusive, shall assume liability and be solelyresponsible for payment of any commission due and owingto its broker.

d) Through your attendance at this auction you acknowledgeand agree that Kennedy Wilson is the exclusive real estateagent of the seller and is not acting as the real estate agentfor or representative of the buyer.

CLOSINGAll sales must close on or before Wednesday, September 9, 2009

(30 days after the auction) unless extended by the seller inwriting. All buyers will be required to pay customary closingcosts including, but not limited to: escrow fees, recording fees,normal pro-rations, title fees, new loan fees, all documentary

transfer or preparation fees and Homeowners Association Fees (if applicable). No contingent buyers will be allowed topurchase.

EXTENSIONS In certain cases, the seller, in its sole discretion, may

grant a fifteen (15) day extension of the closing date for anon-refundable extension fee of $1,500 in a cashier’s checkpayable to seller. This fee will not be credited to the purchaseprice. Requests for extensions must be made in writing atleast five (5) calendar days prior to the scheduled closingdate. All extension requests are evaluated by the seller on acase-by-case basis and are solely at seller’s discretion.Extensions are granted only to buyers who have demonstratedgood faith in attempting to close escrow by the scheduleddate. No sale will be contingent upon receiving an extensionfrom the seller.

DEFAULT OF BUYERIf a buyer defaults on the terms of the Purchase Agreement,

seller may retain buyer’s $2,500 cashier’s check or up to 3% of thepurchase price pursuant to the terms of the Purchase Agreement.

! CLOSING INCENTIVE FORSELLER PREFERRED LENDER

Buyers who obtain financing through ColonialNational Mortgage and close escrow within thirty(30) calendar days of the auction will be creditedby the seller at the close of escrow: $2,000toward non-recurring closing costs (based onlender guidelines).

Joan DumaisMortgage Banker



Sheri L. CowanMortgage Banker



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WWW.KWIAUCTIONS.COM Copyright 2009 – Kennedy Wilson. All rights reserved. No part of this advertising material may be reproduced or utilized in any form or by any means, electronic or mechanical, includingphotocopying and recording, or by any information storage and retrieval system, without permission in writing from Kennedy Wilson #7602. Kennedy-Wilson Austin, Inc., a Texas Real Estate Broker, #482749. DeanCullum, Texas Auctioneer #10621. 310.887.6400

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35

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AUCTION INFORMATIONOFFICE4801 South Congress AvenueUnit No. T1 Austin, Texas 78745512.448.4088

AUCTION LOCATIONHilton Austin Downtown500 East 4th StreetAustin, Texas 78701512.482.8000

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Approved by the Texas Real Estate Commission for Voluntary Use

Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

Information About Brokerage Services

Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a questionor complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960.

Buyer, Seller, Landlord or Tenant Date

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee's records.

B

IF THE BROKER REPRESENTS THE OWNER:

efore working with a real estate broker, you shouldknow that the duties of a broker depend on whom

(TAR-2501) 1/1/96TREC No. OP-K

the broker represents. If you are a prospectiveseller or landlord (owner) or a prospective buyer or

tenant (buyer), you should know that the broker who liststhe property for sale or lease is the owner's agent. Abroker who acts as a subagent represents the owner incooperation with the listing broker. A broker who acts asa buyer's agent represents the buyer. A broker may act asan intermediary between the parties if the partiesconsent in writing. A broker can assist you in locating aproperty, preparing a contract or lease, or obtainingfinancing without representing you. A broker is obligatedby law to treat you honestly.

The broker becomes the owner's agent by entering into anagreement with the owner, usually through a written -listing agreement, or by agreeing to act as a subagent byaccepting an offer of subagency from the listing broker. Asubagent may work in a different real estate office. Alisting broker or subagent can assist the buyer but doesnot represent the buyer and must place the interests ofthe owner first. The buyer should not tell the owner'sagent anything the buyer would not want the owner toknow because an owner's agent must disclose to theowner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer's agent by entering into anagreement to represent the buyer, usually through awritten buyer representation agreement. A buyer's agentcan assist the owner but does not represent the ownerand must place the interests of the buyer first. The ownershould not tell a buyer's agent anything the owner wouldnot want the buyer to know because a buyer's agent mustdisclose to the buyer any material information known to theagent.

IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the partiesif the broker complies with The Texas Real Estate License

Act. The broker must obtain the written consent of eachparty to the transaction to act as an intermediary. Thewritten consent must state who will pay the broker and, inconspicuous bold or underlined print, set forth the broker'sobligations as an intermediary. The broker is required totreat each party honestly and fairly and to comply withThe Texas Real Estate License Act. A broker who actsas an intermediary in a transaction:

(1) shall treat all parties honestly;(2) may not disclose that the owner will accept aprice less than the asking price unless authorized inwriting to do so by the owner;(3) may not disclose that the buyer will pay a pricegreater than the price submitted in a written offerunless authorized in writing to do so by the buyer; and(4) may not disclose any confidential information orany information that a party specifically instructs thebroker in writing not to disclose unless authorized inwriting to disclose the information or required to do soby The Texas Real Estate License Act or a courtorder or if the information materially relates to thecondition of the property.

With the parties' consent, a broker acting as anintermediary between the parties may appoint a person whois licensed under The Texas Real Estate License Actand associated with the broker to communicate with andcarry out instructions of one party and another person whois licensed under that Act and associated with the brokerto communicate with and carry out instructions of theother party.

If you choose to have a broker represent you,you should enter into a written agreement with the brokerthat clearly establishes the broker's obligations and yourobligations. The agreement should state how and bywhom the broker will be paid. You have the right tochoose the type of representation, if any, you wish toreceive. Your payment of a fee to a broker does notnecessarily establish that the broker represents you. If youhave any questions regarding the duties andresponsibilities of the broker, you should resolve thosequestions before proceeding.

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