BIDDERS FORM AGREEMENT- AUTO AUCTION – APRIL 28, 2018

1. You must be a registered bidder to participate in this auction. A “bid number” can be obtained at the registration desk upon payment of a
Cash Bond of Twenty Thousand Pesos (Php 20,000.00). The Cash Bond shall automatically be put on hold as security bond in the event the
bidder wins at the auction. The cash bond shall answer for any damage or injury caused by the participating bidder to the person or property of the
Seller. Auctioneer or other bidder or their agents, employees or representative during the course of his participation at the auction or pull out of the
item he won at the auction.

The Cash Bond posted by the participating bidder shall not operate to limit the liability of the bidder for its breach of the bidding rules and conditions
nor does it relieve the bidder from any of its duty under the binding rules and condition. For non-winning bidders, the cash bond shall be refunded on
the same day if paid via cash on the same day of the auction, if cash bond was paid via bank deposit and check it will be refunded within 5 days. For
our Privilege Members, only Platinum Card Holder will be exempted from the cash bond.

Bidder must register to get a bid number and final catalog. Bidders without bid card will not be entertained by the Auctioneer. However, Auctioneer
may refuse and disqualify a person or entity form registering as bidder despite the willingness to pay the cash bond if the Auctioneer’s record will
show that applicant registrant has failed to comply with the policies and procedures and standards during previous auctions.

2. Bidder must present a valid ID at the auction venue for purposes of identification. Any of the following must be presented:
Driver’s license; SSS ID; GSIS ID; Company ID; Valid Passport; or any government issued I.D.

3. The Auctioneer shall regulate the auction. Bidders are advised to bid clearly by holding up their bid card should they agree with the amount
stated by the Auctioneer. Alternatively, a bidder may shout a counter bid higher or lower than the requested bid while holding up his bid number
which will only be valid when recognized by the Auctioneer.

4. If the bid price is below the Reserve Selling Price, the Auctioneer will get the highest bid but will proceed to “THE NEXT LOT”; and the unit will
remain unsold. Any units which are unsold will be made available for sale by negotiation, and shall subject for approval. HMR will notify the highest
bidder within three (3) working days if said items will be awarded. The highest bidder is not allowed to refuse or withdraw their bid once awarded.

5. The Auctioneer’s decision is final. He has the right to refuse any bid or withdraw any lot(s) from the sale without stating a reason thereof.

6. The particulars, descriptions, measurements and quantities in the catalogue are for the purpose of identification of the lot and are NOT
WARRANTIES in any way as to the correctness thereof.

7. The Auctioneer does not guarantee the information on the sticker of the items specifications and will not arbitrate base only on information.

8. All lots are sold on an “AS IS, WHERE IS” basis and are sold with all faults if any. HMR AUCTION SERVICES, INC. accepts no responsibility
for any lot or lots sold upon the fall of the hammer. The winning bidder is not allowed to withdraw or cancel any lot(s) after being declared as the
purchaser. It is expressly agreed and understood that the Seller makes no warranties as to the condition of the Subject Vehicles. The sale of the
Subject Vehicles to the Winning Bidder is on an as-is-where-is basis.

9. VEHICLES – There is a 5% Buyer’s Premium in addition to the bid price applicable to all lots in this sale, except for LOT NO’S (25 & 31) will
have NO BUYER’S PREMIUM

10. The winning bidder shall pay a Notarization Fee for each unit; maximum of Php 600 per copy of the Deed of Sale.

11. The registration of the transfer of the Subject Vehicles from the Seller (or any previous owners, if any) to the Winning Bidder, and all incidents
thereto, shall be the sole responsibility of, and for the sole account of the Winning Bidder. The Seller shall have no obligation to the Winning Bidder
with respect thereto except to cooperate with the Winning Bidder by providing the Winning Bidder such documents the Seller may have in its
possession which the Winning Bidder may reasonably require in connection with such registration, and all incidents thereto. All applicable taxes
and import duties, fees, VAT and other expenses imposable on the transaction shall be the responsibility of and for the sole account
of the Winning Bidder. Note: For Lot Nos. 28 & 116 HMR will handle Renewal and Transfer of Ownership (fees will be collected
separately) Note: The basis of payment of VAT is Sales Invoice less depreciation (BIR to compute) NOT the Bid Amount.

12. For all the units for auction, Auctioneer shall record the bid of the 2 nd highest bidder and automatically retain the bid deposit. In the event the
winning bidder renege or revoke on his/her bid, his cash bond shall be forfeited and the 2 nd highest bidder will automatically be declared the winner,
and his offer will still be subject for the approval of the Seller.

13. Payments are strictly in the form of cash, manager’s check or direct deposit to the Auctioneer’s account BDO Acct# 4850178661 Pioneer
Highlands Madison Branch payable to HMR Auction Services Inc.

14. All won lots shall be paid STRICTLY within three (3) banking days, following the completion of the auction, with absolute deadline of
payment on May 23, 2018, otherwise Cash Bond will be forfeited. There shall be no partial payment for won lots.

15. No collection of lot(s) will be allowed without the presentation of a fully paid receipt to an authorized HMR Auction staff that will assist in the pull
out of the won lots/items.

16. The Winning Bidder represents and warrants to the Seller that:

a. The Winning Bidder has the power to enter into and perform this Bidders Form Agreement, and has taken all necessary actions to
authorize its execution and delivery and the performance of its terms and conditions;
b. This Bidders Form Agreement constitutes a legal, valid, and binding obligation of the Winning Bidder, enforceable according to its terms;
c. The execution, delivery, and performance by the Winning Bidder of this Bidders Form Agreement will not violate in any respect any
provision, or result in the breach, of any Contract to which the Winning Bidder is a party, or any law, rule, regulation, order, writ, judgment,
injunction, decree, determination, or award of any authority, agency, or court, presently in effect and binding on the Winning Bidder, or any
other restriction of any kind or character to which the Winning Bidder is subject.

17. At the time of payment, the Winning Bidder shall submit to the Auctioneer all requested materials, forms and ID’s as directed. For Lot #20, 36,
39, 61, the following additional documents: Proof of billing statement, proof of income (i.e. certificate of employment, latest ITR,
bank statements, latest payslips), marriage certificate and IDs of spouse (if applicable), have to be submitted prior to pullout of
won unit/s Winning bidder of Diplomatic Vehicles is required to submit a photo bearing TIN ID.
 It shall be the responsibility of the Winning Bidder to ensure that all said requirements are complete and accurate. Failure to do so
will delay release of Official Receipt, Certificate of Registration, Deed of Sale, Secretary Certificate and other transfer documents.

18. Upon payment and satisfactory completion of required forms and submission of materials, and pullout of Subject Vehicle, the Seller shall release to
the Winning Bidder the following:
1. Photocopy of Official Receipts and Certificates of Registration covering the Subject Vehicles.
2. Certificate of Award
3. 30 working days – the Seller shall release Original Copy of Official Receipt and Certificate of
Registration (Unless consignor declares none)
4. 30 working days – the Seller shall release the following:
A. Deed of Sale
B. Other transfer documents evidencing transfer of Subject Vehicles from previous owners, as may be necessary.
C. Secretary Certificate

19. The Winning Bidder agrees and undertakes that it shall cause the transfer of registration of the Subject Vehicles to its name within sixty (60) days
from execution of the Deeds of Absolute Sale. The Winning Bidder assumes and acknowledges sole responsibility for the use of the Subject Vehicles
from the time the Winning Bidder takes delivery of the same. The Winning Bidder shall indemnify and render free and harmless the Seller, its
successors and assigns against any and all damages, losses, claims, charges, actions or complaints for injury or death, and/or damage to or loss of
property, of whatsoever nature and howsoever arising which the Seller and/or any third party may suffer, and/or for expenses or costs in relation
thereto which the Seller and/or any third party may incur arising out of or in connection with (i) the use of the Subject Vehicles from the time it is
delivered to the Winning Bidder; (ii) the non-registration by the Winning Bidder of the transfer of the Subject Vehicles, or (iii) any other causes related
to the Subject Vehicles from the time the Winning Bidder takes delivery of the same

20. The Winning Bidder must register all purchased vehicles sixty (60) days within receipt of the deed of sale from the Owner.
PULL-OUT GUIDELINES:
 Upon payment, the bidder shall provide all the necessary information needed: Driver’s complete name, Driver’s contact details, model & plate
number and type of the vehicles/trucks to be used during pull-out. The Winning Bidder must provide these details to HMR AT LEAST
1 day prior to the pull out (during office hours). No Details, No Gate Pass, No Pullout.
 No items shall be pulled out without the presentation of a fully paid receipt to be requested only by HMR authorized representative(s).
 Storage fee is Php 50 per day on those units parked at the site after released of OR/CR.
 Bidders are required to bring their own labor and or equipment such as crane or boom truck. Details must be submitted upon payment.
 All lots must be paid strictly within 3 days & pulled out by May 3, 2018. STRICTLY NO EXTENSION, otherwise all payments
and items will be forfeited.
 For Lot No’s (25 & 31) Pull out location: Consignor’s Headquarter (Ortigas, Pasig City) upon completion of BIR Requirements; BIR Payment
will be handled by the Consignor (fees will be collected separately);
 For Lot No’s (28 & 116) can be pulled out only after submission and validation of BOC/BIR payments and Consignor’s approval of release.
 Necessary Personal Protective Equipment (PPE) / Safety Gadgets shall be provided by the winning bidders & shall be checked & approved by
the HMR Safety & Security Officer.
 Any damage done to other equipment, properties, or structure in the vicinity caused by the removal of any equipment shall be charged to the
bidder. Cost of damage shall be computed by HMR.
 Winning bidder agrees to defend, indemnify, and hold the Seller and Auctioneer harmless from all and against any and all claims, personal
injuries, liabilities, demands, suits, damages fines, penalties, and any associated costs and expenses, including but not limited to
consequential damages and attorney’s fees which may asserted against or incurred by the Seller as a result of winning bidders dismantling,
handling, labeling, transportation, storage, use sale or disposal of the awarded lot.
 Proper housekeeping must be observed at all times. All the unwanted materials at the work site must be hauled out by the bidder right after
work. In the event winning bidder does not practice proper housekeeping, the cost of the clean-up will be deducted from the security bond.
BIDDER’S CLEARANCE FORM
 After completion of pull-out, bid deposits will only be refunded upon presentation of clearance form issued by HMR.

21. The Auctioneer may disqualify any bidder for the following reasons:
a) Bidder disturbs the auction proceedings or creates a commotion during the auction.
b) Bidder was found to have misrepresented himself.
c) Bidder was caught conniving with another bidder.
d) Bidders with outstanding balance.

Important Terms:
I acknowledge that as a winning bidder, all applicable import duties and taxes, fees, VAT and other imposable expenses on any
transaction shall be my responsibility.
Signature________________________

Bidder shall submit all required documents to HMR Auction Services Inc. Failure to do so would cause a delay in the release of Official
Receipt, Certificate of Registration, Deed of Sale, Secretary Certificate and other transfer documents.
Signature________________________

Full payment must be made by May 3, 2018.

Signature________________________

All Won Lots not removed by May 14, 2018 SHALL BE FORFEITED.
Signature________________________

Important Notice:
By Signing below you are acknowledging that you have read & understand the “Bidders Form Agreement” and agree to comply with
all the specified Terms and Conditions.

_____________________ _______________________ __________________

BIDDER’S NAME SIGNATURE DATE