Wheeler Landing Marina Auction

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Terms and Conditions of Auction

1) The auction will be held at the Wheeler Landing Lighthouse on Saturday, September 18, 2010 at 4 p.m.

2) American Real Estate and Leasing Group, LLC located at 1002 Marquette Avenue, Bay City, Michigan 48706 is the Auctioneer

3) Up to 16 slips will be offered at the auction of various sizes, including docks with a permitted boat length of 33 feet, 36 feet, 40 feet, and 50 feet.

4) The high bidder will have his choice of slips of those available in each size category. A total of 100 slips will be available for high bidders to choose from at the auction.

5) The number of slips offered for each size category will be determined by the Auctioneer and announced at the auction.

6) A 10 % Buyer’s Premium will be charged on each dock sold to successful bidders.

7) The minimum opening bid on all slips will be $4,000, the release amount from the lender.

8) The Seller reserves the right to accept or reject the final bid price.

9) The earnest deposit on auction day is $1,000 per slip. Personal checks with proper ID will be accepted.

10) Pre-Registration is available through American Real Estate & Leasing Group and prior to the auction.

11) All closings must take place within 30 days of the auction, i.e. on or before October 18, 2010.

12) Buyers will be charged a $100 per slip closing fee.

13) Broker participation is not available for this auction.

14) All potential buyers should review the Offering Circular to understand the details of ownership in Wheeler Landing Inc. The Offering Circular, By-Laws, Club Rules, 2010 Dues Schedule, and a Map of the Docks available for review on our web site, at the office of American Real Estate & Leasing Group.

15) Other documents including Wheeler Landing’s Articles of Incorporation, original Title Commitment, current Budget, Financial Statements, and Federal Tax Returns are available for review at the offices of American Real Estate & Leasing Group.

16) 2011 dues will be the responsibility of the Buyer.

17) Boat slips are offered to Michigan residents only and bidding is open to the general public including all Wheeler Landing Shareholders.

18) Auction announcements made by the auctioneer on auction day shall take precedence over prior printed materials and oral statements. The conduct of the auction will be at the sole discretion of the Auctioneers and bids will be recognized at their discretion.