GENERAL TERMS AND CONDITIONS

Table of Contents:

• Art. 1. Definitions
• Art. 2. Applicability
• Art. 3. Publication and execution of auctions and announcements
• Art. 4. Methods of participation and submission of bids
• Art. 5. Irrevocable purchase offer
• Art. 6. Mandator’s obligations
• Art. 7. Buyer’s Premium
• Art. 8. Charges
• Art. 9. Security Deposit
• Art. 10. Payments
• Art. 11. Transfer of ownership
• Art. 12. Warranties

Art. 1 Definitions:

GOBID INTERNATIONAL AUCTION GROUP S.r.l.: Owner and manager of the online auction site http://www.gobidreal.it, headquartered in Milan, Via P.O. Vigliani, 19, VAT and Tax Code 09441470961.

gobidreal.it: Registered trademark owned by GOBID INTERNATIONAL AUCTION GROUP S.r.l.

www.gobidreal.it: Website managed by GOBID INTERNATIONAL AUCTION GROUP S.r.l. for the sale of real estate on behalf of the Mandator.

Mandator: Responsible party for the Procedure.

Agent: GOBID INTERNATIONAL AUCTION GROUP S.r.l.

Procedure: Insolvency procedure declared by the Court or sale assignment given by private parties.

Auction: Competitive online sale of real estate assets published on www.gobidreal.it.

Announcement: Publication of a notice regarding the sale or collection of offers/expressions of interest on real estate assets published on www.gobidreal.it.

Lot: Asset or set of assets being auctioned or announced.

Registered user: User registered on www.gobidreal.it.

Auction registration: Authorization requested by the registered user to participate in a specific auction.

Bidder Number: Identifier of the registered user.

General Conditions: These terms and conditions.

Specific Conditions: Specific terms and conditions for the auction.

Deposit: Amount to be paid for participation in the auction.

Base Price: Starting price of individual lots.

Reserve Price: Minimum price whose attainment authorizes the provisional award of the lot.

Current Price: Current price of the Lot, resulting from the bids made by users.

Static bid: Amount entered by the user to increase the current price of the lot.

Maximum bid: (proxy bid) Maximum amount the user intends to pay for the lot.

Minimum Increase: Pre-established amount added to the current price necessary to formalize the static bid.

Extra-time: Extension of the time allowed for making bids in the auction (see Extra-time section).

Provisional award: Notification addressed to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.

Award Price: Amount of the Lot award, net of the due Buyer’s Premium and any additional fees, fiscal and otherwise.

Buyer's Premium: Fee due to the Agent calculated on the taxable award price.

Art. 2 Applicability:

These conditions apply to the use of the website www.gobidreal.it and, in particular, to the publication and execution of auctions and announcements. They regulate, together with the specific conditions, the terms and conditions of user participation.

2.1. Specific Conditions:

For each auction or announcement, where provided, the Specific Conditions will be published, in which all specific information relating to the auction or announcement and related lots will be indicated.

These conditions apply unless otherwise indicated by the Specific Conditions of each auction or announcement. In case of conflict, the provisions contained in the Specific Conditions shall prevail.

Art. 3 Publication and Execution of Auctions and Announcements:

The auctions and announcements are published on the website www.gobidreal.it indicating the dates of execution and the lots available, as well as, where applicable, the general and specific terms and conditions.

GOBID INTERNATIONAL AUCTION GROUP S.r.l., in agreement with the Mandator, reserves the right to cancel, extend, or interrupt the auction or announcements.

Art. 4 Methods of Participation and Submission of Bids:

4.1 Announcement: The user’s participation in the announcement method will be governed by the specific conditions, where present.

4.2 Online Auction:

4.2.1 Registration Process:

To participate in the sale, the user must register on the website www.gobidreal.it by entering their personal information and requesting registration for the auction, accepting its terms and conditions.

The information entered by the individual during registration on the site and in the auctions will be the same to which the lot will be awarded and to which the property will be registered. All required payments, both before and after the sale, must be made by the registered individuals. Any proxies or delegations may be considered subject to the Mandator’s approval.

The user must deposit the required security deposit via bank transfer to the account specified in the specific sale conditions and on the registration page.

The user must specify the auction number in which they intend to participate and simultaneously send a copy of the transfer receipt to the email address gobidreal@pec.it. The security deposit must be credited before the auction deadline unless otherwise stated in the specific sale conditions.

Additionally, to be enabled to participate in the auction, the user must provide the following documents through the “My Documents” section or by sending them to the email address gobidreal@pec.it:

• FOR INDIVIDUALS:
• A copy of a valid identification document of the person to whom the property will be registered (the property cannot be registered to a person different from the one who signed the registration unless authorized by the Mandator).
• A copy of the tax code.
• If the bidder is married under a regime of legal community of property, the corresponding data of the spouse must also be provided along with a copy of their identification document (not mandatory for participation but required in case of award).
• A special proxy received or authenticated by a notary, in case of participation through a representative.
• FOR COMPANIES OR ENTITIES:
• A company registration report or C.C.I.A.A. certificate (the attached document must not be older than 6 months from the date of the offer submission).
• A copy of a valid identification document of the person who signed the offer on behalf of the company and, if different from the legal representative, a copy of the act proving their relevant powers.
• A copy of the tax code of the person who signed the offer.
• If the company is foreign, a duly legalized translation of the registration certificate may be required.
• A special proxy received or authenticated by a notary, in case of participation through a representative.

Additional documents may be requested, as provided in the specific conditions, to supplement the above-mentioned ones.

Art. 5 Irrevocable Purchase Offer:

5.1 Offer Finalization Process at the Base Auction Price:

The combined crediting of the security deposit, the formalization of the auction registration—with explicit acceptance of the general and specific sale conditions published online on www.gobidreal.it—and the submission by the user of all required supporting documentation as specified above in point 4.2.1 will be considered equivalent to an irrevocable purchase offer at the price set as the base auction price for each sale attempt and will constitute a binding purchase commitment by the user.

This offer will be formalized on the platform directly by the Agent via online bid on behalf of the first user to complete the finalization procedure described above.

If there are multiple participants who have formalized their irrevocable purchase offers in the manner described above, and none of the bidders make a higher bid on the Platform, the best bidder and provisional awardee will be the one who first, in order of time:

• Completed the aforementioned procedure.

The Agent will ensure to inform all bidders, by any means, whether or not they are the best bidders at the time of formalizing the above-mentioned irrevocable purchase offer.

5.2 Submission of Offers to Increase the Base Price:

5.2.1 Static Bid: A “static bid” is a bid made at the published online price plus a predetermined minimum increase.

5.2.2 Maximum Bid (Proxy Bid): A “proxy bid” refers to a maximum amount the user is willing to offer for each lot. The value of the proxy bid is entered manually by each bidder.

Until the maximum bid submitted by the user is exceeded by a higher bid, the same user will be the best bidder and, therefore, the provisional awardee.

The current price will automatically adjust based on the set bid increments until the value set as the “maximum bid” is reached.

The value of the proxy bid submitted by a user will not be visible to other users.

5.3 Validity of Offers: In any case (static bid, maximum bid, or free bid), offers will only be considered valid if submitted during the auction period.

5.3.1 Extra Time: If a winning bid is submitted within 5 minutes of the auction closing, the time to submit another bid will be extended by an additional 5 minutes from the last bid received. This process will continue indefinitely, for each winning bid received within the 5-minute extra time, until the end of the valid bidding period.

During extra time, 5 minutes must pass without any additional bids being recorded from the last bid received before the auction can be definitively closed.

Automatic bids in the case of a maximum bid (proxy bid) will also be considered winning bids.

5.4 Awarding of Lots: The best bidder will be the one who submitted the highest bid for each lot, or, in the absence of further bids, the one who was recognized as first, in order of time, to have completed the finalization of the irrevocable purchase offer, as described in point 5.1.

Bids submitted are binding and constitute a formal purchase commitment. If the awardee does not pay the due amount within the terms specified in the specific sale conditions, or if the award lapses, the sale will automatically be considered resolved, and the security deposit will be retained according to the methods established in the “Security Deposit” section.

5.5 Other Provisions: In any case, GOBID INTERNATIONAL AUCTION GROUP S.r.l. reserves the right to suspend the auction or the awarding of lots in agreement with the Mandator.

Art. 6 Buyer’s Premium:

The fee due to the Agent is exclusively charged to the buyer and indicated as the Buyer’s Premium. It will be calculated on the awarded price of the asset, as per the methods indicated in the specific sale conditions.

Art. 7 Charges:

The buyer shall be responsible for notarial charges, legal taxes, and all sales-related expenses, fiscal and otherwise.

The awardee must pay these expenses within the deadlines specified in the specific sale conditions.

Art. 8 Security Deposit:

Participation in the auction is subject to the mandatory payment of a security deposit defined in the specific sale conditions.

Before being allowed to participate in the auction, participants must pay the established security deposit via bank transfer. Payments must be made as specified in the specific sale conditions.

The deposit must be credited before the auction deadline.

For payments via bank transfer, a BIR (high-value transfer) type is recommended.

If participants do not win any lot, the deposit will be refunded within 20 working days from the award date, without interest.

In the case of an award, following the payment of the awarded price, the deposit will be transmitted to the Mandator as a confirmatory deposit and offset against the awarded price for the sale purposes.

If, in case of an award, the bidder does not complete the purchase within the terms established in the specific sale conditions, for reasons attributable to them, both the awarded price and the Buyer’s Premium and any additional charges, the sale will automatically be considered resolved, and the deposit will be retained as a penalty for damages.

Art. 9 Payments:

The awardee of one or more lots must comply with the specific auction conditions where the terms for payment of both the awarded lots and the due Buyer’s Premium, as well as any additional charges, will be specified, including the relevant compensation clauses in case of non-compliance with these conditions.

All payments must be made in full exclusively by bank transfer unless otherwise specified in the specific conditions. The details will be provided upon receipt of the provisional award confirmation by the user.

In the event that the required amounts are not paid within the specified deadlines, in agreement with the Mandator, the sale will automatically be considered resolved, and the security deposit will be retained as a penalty for damages, resulting in the cancellation of the award.

Art. 10 Transfer of Ownership:

Ownership transfer will only occur after the full payment of the awarded price and expenses, as provided in the specific sale conditions, through a notarial deed according to the methods established by the Mandator, unless otherwise indicated in the specific sale conditions.

If the terms for payments specified in the specific sale conditions expire without the transfer of ownership being finalized, the sale will automatically be considered resolved, and the amount paid by the awardee as Buyer’s Premium will be retained by the Agent as a penalty for damages. The amount paid by the awardee as a security deposit will be retained according to the rules provided in the “Security Deposit” section.

Art. 11 Warranties:

GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not responsible for the partial or complete mismatch of the descriptions of lots presented in auctions or announcements published on the platform.

For everything not provided for in these general conditions or the specific conditions, the provisions contained in the Terms of Use of the website www.gobidreal.it will apply.

The registered user acknowledges the potential issues, both objective and subjective, arising from the use of an online auction or announcement conducted through the internet, for which GOBID INTERNATIONAL AUCTION GROUP S.r.l. cannot be held responsible.

GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not liable for direct and/or indirect damages or liabilities except for willful misconduct or gross negligence. GOBID INTERNATIONAL AUCTION GROUP S.r.l. is absolutely not responsible for: direct actions by the user that may cause damage or malfunction to the system, unavailability of viewing and/or use of www.gobidreal.it, illegal use of www.gobidreal.it, any event occurring after the conclusion of the auction.

Any liability on the part of the Agent regarding the existence of third-party rights over the assets subject to the sale is excluded.

The sale of real estate assets takes place in their actual and legal condition, with all possible appurtenances, accessions, reasons and actions, active and passive easements. The sale is by body and not by measure, without any warranty for defects or other deficiencies.

ABUSES, VIOLATIONS, BURDENS, COMPLIANCE WITH APPLICABLE REGULATIONS: For further information regarding any abuses, violations, burdens, or lack of compliance with current regulations concerning the lots for sale, refer to the attached documentation, if available.

The lots are sold as seen and approved in the condition they are in. Viewing the lots at auction is strongly recommended. GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Mandator disclaims any liability for any errors, omissions, or inaccuracies in the photos, descriptions, or other details provided in the auction or announcements. For this reason, viewing the lots is strongly recommended to verify the actual condition of the assets at auction.

No warranty is provided by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Mandator.

The buyer, by accepting these conditions, indemnifies GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Mandator from any warranty or claims by third parties.

In the event of any disputes regarding the interpretation of the provisions contained in the general and specific conditions reported on the platform, possibly translated into other languages, the Italian version of the text will prevail.

Unless specified otherwise, the times reported in the specific conditions and on the platform refer to the server time published on the website.