Historic Barnard’s Tavern & Farmhouse 9 Barnard Lane, Kennebunk, ME

Previews: Please Call for Details Auction: July 24th |1pm ET Auction Location: On-site Property#: AP15052-1

Tranzon Auction Properties 93 Exchange Street Portland, ME 04101

P: 207-775-4300 F: 207-773-7275 APinfo@tranzon.com

Thomas W. Saturley | ME RE Lic. #90600017 | ME AUC #757

TABLE OF CONTENTS Project Summary Page 1 Real Estate Brokerage Relationships Form Page 2 Disclaimer Page 3 Property Description Page 4 Area Map Page 6 Property Location Map Page 7 Tax Map Page 8 Summary of Data Page 9 Tax Card Page 10 2014 – 2015 Tax Bill Page 13 Zoning Page 14 Property Disclosure Page 21 Lead-Based Paint Disclosure Page 23 Copy of Advertising Page 24 Purchase and Sale Agreement Page 26 Terms and Conditions of Sale Page 28 Trustee’s Deed Page 31

PROJECT SUMMARY AUCTION – Historic Barnard’s Tavern & Farmhouse Property #: AP15052-1 Auction Date: Friday, July 24th | 1pm ET Inspections: Please Call for Details Property Address: 9 Barnard Lane Kennebunk, ME Auction Location: On-Site Registration: Parties interested in bidding may register for the sale any time after 12:30pm ET Summary of Terms: $25,000.00 deposit in cash, cashier’s check, certified or bank check or the equivalent made payable to Tranzon Auction Properties Escrow Account is required in order to bid; a 10% Buyer’s Premium will be added to the high bid to determine the total purchase price; deposit must be increased to equal 10% of the total purchase price within 5 business days of the auction; balance will be due and payable within 30 days; property sold as-is with no contingencies; please see complete Terms and Conditions. Our staff is readily available to assist you with any questions you may have regarding the property or the auction process. As a reminder to real estate sales agents, associate brokers and brokers, we offer a broker participation fee. Please call us at (207) 775-4300 for details.

Thank you for your interest in this property, we look forward to seeing you on the day of auction.

Sincerely,

JILL R. DAVIERO Senior Vice President JRD/spr

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NOTICE ATTENTION PROSPECTIVE BIDDERS

Auction Company is acting solely as agent for the Seller

ALL INFORMATION CONTAINED IN THIS DOCUMENT, AND ANY AND ALL MARKETING MATERIALS, INCLUDING ADVERTISEMENTS WERE OBTAINED FROM SOURCES BELIEVED TO BE ACCURATE. HOWEVER, NO WARRANTY OR GUARANTEE, EITHER EXPRESSED OR IMPLIED, IS INTENDED OR MADE. NEITHER THE AUCTION COMPANY NOR ITS EMPLOYEES, AFFILIATES, OR AGENTS (HEREINAFTER “AUCTION COMPANY”) REPRESENT THE BUYER/BIDDER. ALL PROSPECTIVE BUYERS/BIDDERS MUST INDEPENDENTLY INVESTIGATE AND CONFIRM ANY INFORMATION OR ASSUMPTIONS ON WHICH ANY BID IS BASED. NEITHER AUCTION COMPANY NOR SELLERS SHALL BE LIABLE FOR ANY ERRORS OR THE CORRECTNESS OF INFORMATION.

ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ANY OTHER PROPERTY INFORMATION OR PRINTED TERMS OF SALE. ITEMS MAY BE ADDED OR DELETED. THE PROPERTY AND IMPROVEMENTS ARE SOLD “AS IS, WHERE IS, WITH ALL FAULTS” AND WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND WITH RESPECT TO THE ACCURACY, CORRECTNESS, COMPLETENESS, CONTENT OR MEANING OF THE INFORMATION CONTAINED HEREIN. PROSPECTIVE BUYERS/BIDDERS SHOULD VERIFY ALL INFORMATION.

ALL PROSPECTIVE BUYERS/BIDDERS RECOGNIZE AND AGREE THAT ANY INVESTIGATION, EXAMINATION, OR INSPECTION OF THE PROPERTY IS WITHIN THE CONTROL OF THE OWNER OR OTHER PARTIES IN POSSESSION AND THEIR AGENTS. POTENTIAL BUYERS/BIDDERS ARE ENCOURAGED TO SEEK INFORMATION FROM PROFESSIONALS REGARDING ANY SPECIFIC ISSUE OR CONCERN. ANY DECISION TO PURCHASE OR NOT TO PURCHASE IS THE SOLE AND INDEPENDENT BUSINESS DECISION OF THE POTENTIAL BUYER/BIDDER. NO RECOURSE OR CAUSE OF ACTION WILL LIE AGAINST ANY OF THE ABOVE-MENTIONED PARTIES SHOULD BUYER BECOME DISSATISFIED WITH ITS DECISION, WHATEVER IT MAY BE, AT A LATER DATE.

AUCTION COMPANY AND SELLER HAVE THE RIGHT TO POSTPONE OR CANCEL THE AUCTION IN WHOLE OR IN PART, IN ITS SOLE DISCRETION. AUCTION COMPANY AND SELLER RESERVE THE RIGHT TO REFUSE ADMITTANCE TO, OR EXPEL ANYONE FROM THE AUCTION PREMISES FOR INTERFERENCE WITH AUCTION ACTIVITIES, NUISANCE CANVASSING, SOLICITING OR OTHER REASONS.

MAINE AUCTIONS ARE UNDER THE JURISDICTION OF THE STATE OF MAINE DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATIONS, BOARD OF LICENSURE OF AUCTIONEERS, 35 STATE HOUSE STATION, AUGUSTA ME 04330.

TRANZON AUCTION PROPERTIES IS A MEMBER COMPANY OF TRANZON, LLC. ALL TRANZON COMPANIES ARE INDEPENDENTLY OWNED AND OPERATED.

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PROPERTY DESCRIPTION

Address 9 Barnard Lane Kennebunk, ME Location and Site Located in Kennebunk, Barnard’s Tavern is one of the town’s oldest houses with a diverse and rich history of its own. The picturesque Maine town is home to several other historic buildings including the 1799 Kennebunk Inn and many shipbuilders’ homes. Along with its several beautiful beaches, it has acres and acres of Blueberry Barrens, and is near the Rachel Carson National Wildlife Refuge.

The property is situated between Route 1 and Barnard Lane on 0.89± acres. It boasts 240± feet of busy Route 1 frontage.

Lot Size: 0.89± acre Access: 2 curb cuts along Route 1 Parking: Area to create ample on-site parking Utilities: Public water and sewer

Building Information The main building was built prior to the American Revolution with the connecting ell and barn dating to somewhere around 1830 – 1840. The tavern was named after its original owner, Joseph Barnard, who operated a hostelry until his death in 1817. Barnard drove the first mail and passenger coach from Portsmouth to Portland in 1787 and went on to become Kennebunk’s second postmaster. His wife continued to run the tavern until it was sold in 1823 to Timothy Frost who ran the tavern until 1853.

The next family to occupy the property was the Curtis’s who managed a farm during the Civil War. It later became a rooming house and in the 20th century, an orphanage for 14 – 20 children. The historic Tavern has seen quite its share of distinguished guests; Marquis de Lafayette in 1825 and William Jennings Bryan in the summer of 1924. It was the gathering place for several Whig party Fourth of July celebrations including the largest political gathering the new state had ever seen in 1840.

After a fire in 1975, Barnard’s Tavern was saved from a scheduled demolition by Dr. Jo and Bill Johnson who continued to restore and embellish the property. As they restored the house, they integrated several architectural fragments and accessories from other buildings in the area. The clock tower, designed by Kennebunk architect William Barry, was originally part of the Wells Town Hall and is now all that remains of the building. The red raised panel door came from Hammond Farm in North Berwick and the windmill, another relic of North Berwick, came from Perkins Farm and dates to 1902.

As it stands now, the building features 5,062± SF of space ready for rehab or possible conversion. It has 5 former bedrooms and 2.5 baths, 8 fireplaces, front to back formal dining room and several other rooms of varying sizes. A walk-up attic makes up the third floor of the building.

Year Built: 1776± Building Area: 5,062± SF Stories: 3 Bedrooms: 5

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PROPERTY DESCRIPTION (continued) Bathrooms: 2.5 Construction: Wood-framed Foundation: Stone & granite Roof Cover: Asphalt Exterior Siding: Clapboard Heating Source: Oil-fired system that reportedly is non-functioning and will need to be replaced

Please note if building was constructed prior to 1978, it may contain lead-based paint. Please visit

www.epa.gov/lead/pubs/leadbase.htm for further information. A copy of the pamphlet titled “Protect Your Family From Lead In Your Home” is available to download from our website at www.tranzon.com/AP15052-1. Please visit the individual property page and look for the section titled Documents to Download. Please contact our office at (207) 775-4300, if you are unable to download this document. Tax Credit Information Barnard Tavern is a building included in the Kennebunk Historic District, which is on the National Register of Historic Places. The Maine Historic Preservation Commission

indicates the building may qualify for tax credit through the Federal Tax Incentive Program and/or the State Rehabilitation Tax Credit program for historic rehabilitation. Additional information about these programs is available by visiting the Maine Historic Preservation Commission’s website at www.maine.gov/mhpc/tax_incentives/, or by contacting the Rehabilitation Tax Credit Coordinator at (207) 287-2949.

DISCLAIMER: This information is derived from sources believed correct, but is not guaranteed. Buyers shall rely entirely on their own information, judgment and inspection of the property records. All properties sold on an “AS IS, WHERE IS” basis.

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Copyright © and (P) 1988–2012 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/streets/Certain mapping and direction data © 2012 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: ©Her Majesty the Queen in Right of Canada, © Queen's Printer for Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2012 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2012 by Applied Geographic Solutions. All rights reserved. Portions © Copyright 2012 by Woodall Publications Corp. All rights reserved.

AREA MAP

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Copyright © and (P) 1988–2012 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/streets/Certain mapping and direction data © 2012 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: ©Her Majesty the Queen in Right of Canada, © Queen's Printer for Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2012 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2012 by Applied Geographic Solutions. All rights reserved. Portions © Copyright 2012 by Woodall Publications Corp. All rights reserved.

PROPERTY LOCATION MAP

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6463B

AR

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³nnebunkMaine

400Ft

40444444444444 0Fttttt

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TAX MAP

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SUMMARY OF DATA

Town of Kennebunk Tel: (207) 985-2102

www.kennebunkmaine.us

LOCATION INFORMATION

Address: 9 Barnard Lane, Kennebunk, ME Map & Lot: Map 43, Lot 65 Zoning: Per the Town of Kennebunk, property is located in the Village Residential (VR) District and the Historic Preservation Overlay (HP) District. For your convenience, a portion of the zoning is included in this package. Please contact the Code Enforcement Office at (207) 985-2102 Ext. 1311 to verify and obtain complete zoning information. If a specific desired use is not listed as a Permitted Use in the zoning ordinance, interested parties are encouraged to contact Judy Bernstein, Town Planner at (207) 985-2102 Ext. 1312 for information pertaining to Contract Zoning.

TAX INFORMATION Tax Year: July 1st to June 30th Taxes Due: October 3, 2014 & April 3, 2015 Assessed Value: $69,200.00 (Land) + $291,600.00 (Improvements) = $360,800.00 Annual Taxes: $5,375.92 (2014/2015 Tax Year)

UTILITIES Water: Public – billed by Kennebunk Water – (207) 985-3385 Sewer: Public – billed by Kennebunk Sewer – (207) 985-4741 Tranzon Auction Properties Note: The foregoing information is based on a telephone conversation with the municipal office and its accuracy is not certified. Tranzon Auction Properties strongly recommends you contact the appropriate offices to verify information as well as review files pertaining to this property, including, but not limited to, Code Enforcement, Zoning, Planning Board, Assessor, and Collector files.

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Location

MBLU

Acct#

Owner

9 BARNARD LANE

043/ / 065/ /

3868

JOHNSON, WILLIAM I

Assessment

Vision ID

Building Count

$360,800

4308

1

Owner JOHNSON, WILLIAM ICo-OwnerAddress 9 BARNARD LANE

KENNEBUNK, ME 04043

Sale Price $0Book & Page 2074/ 616Sale Date 05/02/1975

9 BARNARD LANE

Current Value

Assessment

Valuation Year Improvements Land Total

2014 $291,600 $69,200 $360,800

Owner of Record

Ownership History

Ownership History

No Data for Ownership History

Building Information

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Year Built: 1776Living Area: 5062Replacement Cost: $395,654Building PercentGood:

68

Replacement CostLess Depreciation: $269,000

Building Attributes

Field Description

Style Colonial

Model Residential

Grade: B-

Stories: 2 Stories

Occupancy 1

Exterior Wall 1 Clapboard

Exterior Wall 2

Roof Structure: Gable/Hip

Roof Cover Asph/F Gls/Cmp

Interior Wall 1 Typical

Interior Wall 2

Interior Flr 1 Avg/Typical

Interior Flr 2

Heat Fuel Oil/Gas

Heat Type: HW BB

AC Type: None

Total Bedrooms: 5 Bedrooms

Total Bthrms: 2

Total Half Baths: 1

Total Xtra Fixtrs:

Total Rooms: 9 Rooms

Bath Style: Typical

Kitchen Style: Typical

Basement Damp

Legend

Building Photo

(http://images.vgsi.com/photos/KennebunkMEPhotos//\00\00\48/28.jpg)

Building Layout

Building Sub-Areas

Code DescriptionGrossArea

LivingArea

BAS First Floor 2088 2088

FUS Upper Story, Finished 2088 2088

FHS Half Story, Finished 1476 886

UAT Attic, Unfinished 612 0

UBM Basement 2088 0

WDK Deck, Wood 204 0

8556 5062

Legend

Building 1 : Section 1

Extra Features

Extra Features

Code Description Size Value Bldg #

FPL4 FIREPLACE 2Sto 1 UNITS $2,300 1

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Land Use

Use Code 1010Description SINGLE FAM MDL-01 Zone 0051Neighborhood 006

NoCategory

Land Line Valuation

Size (Acres) 0.89FrontageDepthAssessed Value $69,200

Legend

(c) 2013 Vision Government Solutions, Inc. All rights reserved.

Land

Outbuildings

Outbuildings

Code Description Sub Code Sub Description Size Value Bldg #

BRN5 BARN 2 ST 1440 S.F. $8,600 1

Valuation History

Assessment

Valuation Year Improvements Land Total

2013 $291,600 $69,200 $360,800

2012 $291,600 $69,200 $360,800

2011 $291,600 $69,200 $360,800

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Real Estate Tax BillFor Fiscal Year 7/1/2014 to 6/30/2015

Bill Number: 152965Current Billing Distribution

DescriptionSchoolCounty

MunicipalTotal

Tax Rate Per $1,000:

(Values in upper left corner do not reflect abatements granted after Aug 22, 2014)

Percentage72.62 %4.50 %22.89 %100.00%

Rate(Rounded)$10.82$0.67$3.41$14.90$14.90

Amount(Rounded)$3,903.85$241.74

$1,230.33$5,375.92

Current Billing InformationLand Value $69,200Building Value $291,600Homestead Exemptions $0Other Exemptions $0Taxable Valuation $360,800

TOTAL TAXES DUE (net of any prepayments)1st Half Payment Balance Due By Oct 3, 2014 $2,687.962nd Half Payment Balance Due By Apr 3, 2015 $2,687.96TOTAL $5,375.92

Commitment Date: August 22, 2014Parcel: 043-065-000-000Owner as of April 1, 2014 (Assessment Date):

JOHNSON, WILLIAM I

TAXPAYER'S NOTICENotice is hereby given that your School, County and Municipal Tax first payment is due by 10/03/2014. Interest will be charged on unpaid taxes at an annual rate of 7% from10/04/2014. As per statute, the ownership and valuation of all real estate and personal property subject to taxation shall be fixed as of April 1st of each year. If you have anescrow account or sold your property, please send a copy of this bill to your mortgage holder or the new owner.INFORMATIONFor information regarding payments, interest, cost changes and/or refunds, please call the Tax Collector's Office at 985-2102 ext. 1606. For information regarding valuation, please contact the Assessor'sOffice, 985-2102 ext. 1309. If you wish to contest your assessment, you must file an application for abatement within 185 days of the commitment date. The deadline is February 23, 2015. Please go to thetown website at www.kennebunkmaine.us (Assessor's Section) for forms online. As a result of the money our municipality receives from the state legislature through the state municipal revenue sharingprogram, homestead exemption reimbursement and state aid to education, your property tax bill has already been reduced by 7.4%. The outstanding bonded indebtedness of the Town of Kennebunk as of08/31/2014 is $10,764,000.

REMITTANCE INSTRUCTIONSPlease make check or money order payable to Town of Kennebunk, and mail to Town of Kennebunk, 1 Summer Street, Kennebunk, ME 04043. If you desire a receipt,kindly enclose a self-addressed, stamped envelope with your payment. Payments may also be made in person at the Town Hall during normal business hours (Monday - Friday8:00 am - 4:30 pm, or may be made on-line through https://epayment.informe.org/payportonline/welcome. A $1.00 fee will be charged for payments totaling $40.00 or less and a2.5% fee will be charged for payments over $40.00.

Town of Kennebunk1 Summer StreetKennebunk, ME 04043

Town of Kennebunk1 Summer StreetKennebunk, ME 04043

JOHNSON, WILLIAM I9 BARNARD LNKENNEBUNK ME 04043-6712

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Please Detach Here - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Please Detach Here - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Real Estate Tax BillThis is the 2nd half of your tax bill

Please return with paymentBill Number: 152965

Account Number: 3868REParcel 043-065-000-000

Book-Page: 2074/616Location:

9 BARNARD LANEBalance Due By Apr 3, 2015 $2,687.96

Amount PaidPLEASE NOTE: After eight months and no later than one year from the date ofcommitment, a lien will be placed on all real estate for which taxes remain unpaid.

PLEASE NOTE: After eight months and no later than one yearfrom the date of commitment, a lien will be placed on all realestate for which taxes remain unpaid.

$ ____________________________

Town of Kennebunk1 Summer StreetKennebunk, ME 04043

ATDFDDTDTTTTTTTDAAAFTATFFFFDTDAFFADFFDTDFFADDAAFDAFFFTFATDADTDTAD

JOHNSON, WILLIAM I9 BARNARD LNKENNEBUNK ME 04043-6712

Real Estate Tax BillThis is the 1st half of your tax bill

Please return with paymentBill Number: 152965

Account Number: 3868REParcel 043-065-000-000

Book-Page: 2074/616Location:

9 BARNARD LANEBalance Due By Oct 3, 2014

Amount Paid$ ____________________________

$2,687.96

*10649*

1728 1 AV 0.381 E0141 I0154 D889618780 P1742318 0005:0005

0005:0005 06/29/2015 13

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TRANZON.COM 207-775-4300

COPY OF ADVERTISING

Tranzon Auction Properties, Thomas W. Saturley, ME RE Lic. #90600017 & ME AUC #75710% Buyer’s Premium. Sale subject to Terms & Conditions. Brokers welcome.

Historic Barnard’s Tavern & Farmhouse

July 24, 1pmLocation: 9 Barnard Lane, Kennebunk, MEPreviews: Please call for details.

• Ready for Rehab or Possible Conversion

• 5,062± sf Circa 1776 Bldg.• 0.89± Acre• 8 Fireplaces• 1,440± sf Attached Barn• Prominent Location• 240’± Frontage on Busy

Route 1

Contents of Barnard’s Tavern Being Auctioned on July 24 & 25 at 11am by

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PURCHASE AND SALE AGREEMENTREAL ESTATE

This Purchase and Sale Agreement is made this __________ day of ____________, 2015, by and betweenJo R. Johnson, Trustee of The Johnson Property Trust created under Declaration of Trust dated May 13,2015 (hereinafter called "Seller") and (hereinafter called "Buyer"), who agree as follows:

1. Description of Real Estate (hereinafter called "Property") . The Seller agrees to sell to the Buyer,and the Buyer agrees to purchase from the Seller, the property located at 9 Barnard Lane, Kennebunk,York County, Maine, which real estate is more particularly described in LEGAL DESCRIPTION(EXHIBIT A) attached hereto and incorporated herein by reference. Such transaction is subject to theterms and conditions set forth in TERMS AND CONDITIONS OF SALE attached hereto and incorporatedherein by reference. Buyer hereby acknowledges that the terms and conditions of sale and legaldescription have been carefully read and are fully understood.

2. Purchase price. The purchase price (Hammer Price/Bid Price plus 10% Buyers Premium) of saidProperty is Dollars ($ ). Buyer has this day depositedcash or certified United States funds, made payable to Tranzon Auction Properties Escrow Account(hereinafter called "Auctioneer") in the amount of $25,000.00, the receipt of which non-refundable depositis acknowledged by the Auctioneer's signature below. Purchaser shall pay to the Auctioneer the additionalamount necessary to achieve a deposit of ten percent (10%) of the purchase price, by cash or certified U.S.funds, not later than five (5) business days following the date of this Agreement.

Buyer is required to pay the balance in cash or certified United States funds at the time of closing.

3. Closing. Closing shall occur no more than 30 days following the date of this Agreement and shalltake place at . Seller and Buyer mutually agree that time is of the essencewith respect to this Agreement and the closing.

4. Title. Seller will convey the Property, subject to any and all encumbrances, including but notlimited to building and/or zoning restriction of record, restrictive covenants of record, usual public utilitiesassociated with servicing of property and easement/rights-of-way which exist on the face of the earth,subject to the procedures set forth in the TERMS AND CONDITIONS OF SALE.

5. Costs and Expenses. Buyer will assume responsibility and all associated costs of: Title searchand/or examination; title insurance coverage; Buyer’s share of pro-rated real estate taxes; Buyer's shareof Maine transfer tax; Buyer's pro-rated share of fuel, water and/or other utility charges, if any; andrepresentation by legal counsel. Seller will assume responsibility and all associated costs of: Seller’s shareof pro-rated real estate taxes; Seller's share of Maine transfer tax; auction fees and/or commissions payableto Tranzon Auction Properties; Seller’s document preparation and processing fees; and representation bylegal counsel.

6. Warranties. No warranties are made concerning the condition of or title to said Property. Allwarranties are disclaimed with respect to any improvements located on said property, includingimprovements located underground and the location and/or boundaries of said Property.

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7. Risk of Defects. The Buyer shall assume risk for any defects. Each bidder for said Propertyexpressly acknowledges and agrees that the amount bid reflects the "AS IS, WHERE IS" condition of saidProperty and the assumption of all risks relating to undisclosed defects. Each bidder further acknowledgesand agrees that such bidder in no way relies on representations made by Seller or Auctioneer.

8. Deed of Conveyance. Seller shall, at closing, execute and deliver to Buyer a Trustee’sDeed for Real Estate.

Entire Agreement. This Agreement, the Terms and Conditions of Sale attached hereto and attached EXHIBIT A constitute the entire agreement between the Seller and Buyer, supersedes all priornegotiations and understandings, and shall not be altered or amended except by written amendment signedby Seller and Buyer. This Agreement shall be governed by Maine Law.

10. Survival. The Terms and Conditions of this Agreement and the Terms and Conditions of Saleshall survive the closing.

IN WITNESS WHEREOF, the Buyer and Seller have executed this Agreement in triplicate originals onthe day, month and year first above written.

Witness: TRANZON AUCTION PROPERTIES

By Its

Witness:

SELLER Jo R. Johnson, Trustee of The JohnsonProperty Trust created under Declaration of Trustdated May 13, 2015.

Witness:

Buyer

SSN:

Witness:

BuyerSSN:

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TERMS AND CONDITIONS OF SALE

1. Auctioneer is Tranzon Auction Properties, 93 Exchange Street, Portland, Maine. The Seller is JoR. Johnson, Trustee of The Johnson Property Trust created under Declaration of Trust dated May 13,2015..

2. This sale is of certain real estate/ parcel of land (hereinafter called “Property”) located inKennebunk, York County, Maine, real property being further described in the legal description (ExhibitA), and is being conducted by the Seller.

3. This sale may be adjourned from time to time as the Auctioneer may determine.

4. To bid, a bidder must first deposit twenty-five thousand dollars ($25,000) in cash, certified,cashier's or bank check, or equivalent, payable to Tranzon Auction Properties Escrow Account and registerwith the Auctioneer. As appropriate, successful bidder shall pay to the Auctioneer the additional amountnecessary to achieve a deposit of ten percent (10%) of the purchase price, by cash or certified U.S. funds,not later than five (5) business days following the auction. No bid will be considered unless such bidderhas first registered with the Auctioneer and deposited with him the required earnest money deposit. Bidswill be made orally. The Auctioneer reserves the right to control the increments of the bids. Any bid notin compliance with the terms of sale may be rejected. A ten percent (10%) Buyer’s Premium, to be paidby successful bidder, will be added to the hammer price (bid price). The hammer price (bid price) whenadded to the 10% Buyers Premium will be the purchase price of the property.

5. The Auctioneer may withdraw the “Property” at any time until he announces the completion of thesale. The Seller of the “Property” reserves the right to reject the high bid and any and all bids in its solediscretion.

6. Bidding will be conducted as a public auction. The highest bidder will be the buyer of theproperty, subject to the Seller's right to reject any and all bids, including the highest bid in its solediscretion. At the acceptance of the bid, the winning bidder (the “Buyer”) will sign a Purchase and SaleAgreement in the form of the specimen attached hereto, the terms of which are incorporated herein.

7. The balance of the purchase price payable by the successful bidder shall be made in cash, U.S.certified funds, cashier's or bank check. Closing is to be held no more than 30 days following the date ofa Purchase and Sale Agreement.

8. Seller will convey good and marketable title, by trustee’s deed, to said real estate, subject to anyand all encumbrances, including but not limited to building and/or zoning restrictions of record, restrictivecovenants of record, usual public utilities associated with servicing the property and easement/rights-of-way which exist on the face of the earth.

9. Buyer may examine title for ten (10) days after the day the bid is accepted and shall within thattime notify Seller in writing of any defects in title which render the title unmarketable in accordance withthe standards adopted by the Maine State Bar Association. Seller shall have thirty (30) days to cure anydefects of title so brought to its attention, which render the title unmarketable, but has no obligation todo so. Buyer’s exclusive remedy is the right to rescind and have refunded his deposit where defects of titlewhich render the title unmarketable are not cured by Seller within the above-stated number of days. If

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Buyer fails to rescind within ten (10) days of Seller’s notice that it has not cured title, Buyer will bedeemed to have waived such defects in title.

10. If the Buyer fails to comply with any of these Terms and Conditions of sale, including but notlimited to signing the Purchase and Sale Agreement, not closing or not providing the deposit specified inParagraph 4, said bidder's deposits will be retained by Seller. Upon close of bidding and acceptance of abid, the Auctioneer shall declare that the terms of the sale have been complied with and that the public saleis closed. If the Buyer fails to perform at closing, the Buyer's deposit will be retained by the Seller. Abidder or buyer whose deposit is retained under this paragraph shall also be responsible for any and allconsequential damages and additional costs, deficiencies, expenses and losses suffered as a result of hisfailure to perform, including without limitation, any attorney's fees.

11. The Buyer's commitment under the Purchase and Sale Agreement will NOT be contingent uponsecuring financing or upon any other conditions; the Buyer's deposit will not be refunded due to anyinability to obtain financing or any other failure by Buyer to perform, except as to title matters as outlinedabove.

12. The property is sold "AS IS, WHERE IS" with all existing defects and without any warranties ofany kind, including but not limited to fitness for a particular purpose, habitability or merchantability andany warranty of title. Bidders are invited to inspect the premises and public records prior to making a bid.No warranties, guarantees or representations of any kind are made; and all warranties are disclaimed withrespect to any improvements located underground, the location and/or boundaries of the premises orimprovements thereon, environmental compliance, or its compliance with any applicable zoning or landuse regulations, laws or ordinances. Buyer is relying upon its own inspection, and its own professionaladvisors in its examination of the property and all improvements thereon. Buyer hereby represents,warrants and covenants to Seller that, prior to the Agreement Date, Buyer has conducted Buyer's owninvestigation of the Property and the physical condition thereof. Buyer agrees that Seller is not giving anyexpress warranty, has no successor liability and is not obligated to give any implied warranties. The Buyerwill assume responsibility and expenses for any title search, title examination or title insurance, as set forthin said Purchase and Sale Agreement.

THE BUYER WILL ASSUME RISK OF ANY DEFECTS, AND EACH BIDDER EXPRESSLYACKNOWLEDGES AND AGREES THAT THE AMOUNT BID REFLECTS THE "AS IS, WHERE IS"CONDITION OF UNDISCLOSED DEFECTS. EACH BIDDER FURTHER ACKNOWLEDGES ANDAGREES THAT SUCH BIDDER IN NO WAY RELIES UPON REPRESENTATIONS MADE BYSELLER OR HIS AGENTS.

13. In the event of a substantial loss or damage to the property occurring after the execution of thePurchase and Sale Agreement and prior to closing, Buyer shall have the election either to terminate saidPurchase and Sale Agreement and receive a refund of the earnest money deposit or to complete thepurchase and receive any insurance proceeds or eminent domain award received by Seller on account ofthe damage or loss.

14. In the case of disputed bidding, the Auctioneer shall be the sole and absolute judge of such dispute.

15. The Auctioneer acts only as agent for the Seller and represents the Seller’s interests and, as such,has a fiduciary duty to disclose to the Seller information which is material to the sale, acquired from theBuyer or any other source.

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16. In the event of any conflict between these Terms and Conditions of Sale and the Purchase and SaleAgreement, the Purchase and Sale Agreement shall control.

17. NOTE: By registering, you have signed a written, binding contract agreeing to these Terms andConditions of Sale and further agreeing that any bid you make is subject to the Maine Auction Law,Chapter 5A of Title 32, Section 2-238 of the Maine U.C.C. and the Statute of Frauds. If you do not agreewith any of these Terms and Conditions of Sale, return your bidding cards to the clerk immediately.

18. This sale is subject to confirmation by the Seller.

19. Other terms or conditions may be announced at the sale. The Property is subject to sale prior toauction. Seller expressly reserves the right to cancel the sale or modify the terms and conditions prior toannouncing completion of the sale.

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SPECIMEN

TRUSTEE’S DEED

Jo R. Johnson, Trustee of The Johnson Property Trust created under Declaration of Trust dated May 13,2015., by the power conferred by law and by said Declaration, and by every other power, for considerationpaid, grants to ________________________________________________________________________________________________________________________________, the land in YorkCounty, Maine, bounded and described as follows:

SEE ATTACHED EXHIBIT A (LEGAL DESCRIPTION)

IN WITNESS WHEREOF, the said Jo R. Johnson, Trustee of The Johnson Property Trustcreated under Declaration of Trust dated May 13, 2015, in her said capacity has caused this instrument tobe signed and sealed this ______ day of __________, 2015.

Witness

______________________ ___________________________________________Jo R. Johnson, Trustee of The Johnson Property Trustcreated under Declaration of Trust dated May 13, 2015.

State of MaineCounty of _______________, ss. _____________________________, 2015

Then personally appeared before me the above-named Jo R. Johnson, Trustee of The Johnson PropertyTrust created under Declaration of Trust dated May 13, 2015., as aforesaid, in her said capacity andacknowledged the foregoing instrument to be her free act and deed.

Before me, Notary Public/Attorney at Law

Printed NameMy Commission Expires:

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EXHIBIT A - THE JOHNSON PROPERTY TRUST

7

Kennebunk - 9 Barnard LaneTax Map 043/Lot 065

All and the same premises described in a Warranty Deed from Barbara C. Jandebeur to WilliamI. Johnson, dated April 13, 1975, and recorded in Book 2074, Page 616, in the York County Registry ofDeeds, reference to said deed being hereby made and had, the description in said deed being herebyincorporated herein by reference.

Also hereby conveying any and all interests in and to the foregoing real property or real property adjacentthereto which the said William I. Johnson acquired by adverse possession, prescription or otherwise.

SOURCE OF TITLE: Quitclaim Deed recorded at Book 17018, Page 205 at York County Registry ofDeeds.

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