Auction Terms & Conditions
TERMS AND CONDITIONS OF AUCTION
Thank you for participating in the Online-Only Auction of the property located at 2745 Marshall Street, Rockford Illinois. The auction will be conducted online via the Auctioneer's online bidding portal at www.HudHomes.Auction . It is important that you familiarize yourself with the terms and conditions as all sales are final and irrevocable. The terms of sale are non-negotiable. The seller has reserved the right to accept an offer to purchase from any buyer prior to the auction. Additionally, this sale is subject to seller approval within 48 hours of auction in the event the seller's reserve sale price is not met. Good luck with your bidding!
1) Auction Closing Procedures: The property will be sold to the highest bidder (as designated by the auctioneer). This is a reserve auction sale and the auctioneer reserves the right to ask for an opening bid. The auctioneer reserves the right to offer the property in any manner and the auctioneer and respective seller reserves the right to sell the property in any manner they so desire. For auctions involving multiple properties or items, Individual purchases are to be considered as singular transactions and are not contingent upon the sale of any other properties.
2) Registration: Registration at the auction (online and/or in person) finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and its Addenda which are incorporated by reference into your bidding. Do not bid until you have read the terms and conditions of the auction. In order to bid on any items in the auction, all Bidders must be signed up for a Bidder account online. There is no fee to register although a valid ID, credit card/debit card will be required to verify identity and funds as applicable. All bidders are required to register and provide suitable photo I.D. (valid driver's license or passport) prior to auction. Broker/auctioneer reserves the right to decline registration if the I.D. produced is not sufficient. Anyone planning on writing a check for the earnest money/escrow deposit shall also be required to present an Irrevocable Bank Letter of Guarantee (See attached sample bank letter). By bidding you are representing to the Seller's auctioneer and the seller that you have read and agree to be bound by the terms and conditions for this sale as stated herein. DO NOT BID unless you have read and agreed to be bound by the terms of sale in the Contract as they are enforceable against you upon becoming a high bidder. All sales are "cash sales" and the sale is not conditioned upon the winning bidder obtaining financing.
3) Bidder number: All bidders are required to use the bidder number issued to them at registration for all purposes associated with the auction, including placing any bids during the auction. Once a bid is made, the bidder shall be bound by the bid amount. Bidders are required to agree to the Terms of Bidding online prior to submitting a bid.
4) Online Bidder Deposit: To secure an "online" bidder number and place bids online, the bidder must deposit an online bidding deposit in the amount of Five Thousand Dollars ($2,500), with the broker/auctioneer. Broker/auctioneer reserves the right to approve or decline any bidders attempting to register online but who fails to fully meet the requirements of online registration. In the event a winning bidder is registered and bidding online, said bidder approves their online bidder deposit to be applied towards the non-refundable down payment. Non-purchasing online bidder deposits shall be returned to the online bidders within 2 business days following the auction.
5) Buyer's Premium: A $ 500.00 Buyer's Premium shall be applied to all winning bids (onsite or online) placed during the auction. The Buyer's Premium shall be added to the high bid amount to arrive at the total contract sale price. This contract sale price is entered into the purchase contract which is to be paid at closing.
6) Sales Contract and Escrow Funds: Immediately upon conclusion of the auction, the winning bidder shall sign a purchase and sale agreement. The fully executed purchase and sale agreement shall control all terms and conditions of the sale and constitute the entire agreement between the respective seller and the winning bidder. In the event of a conflict between these Terms and Conditions of Auction and the purchase and sale agreement, the terms and conditions of the purchase and sale agreement shall prevail. No changes to the terms of the purchase and sale agreement will be permitted. The winning bidder shall be required to enter into the purchase and sale agreement in its current form immediately following the auction. If for any reason a bidder fails or refuses to make the earnest money deposit or to execute the purchase and sale agreement immediately after being confirmed as the high bidder, the auctioneer and/or the respective seller reserves the right to declare the bidder's rights forfeited and may resell the property and pursue any other remedy available, whether legal or equitable, against such bidder. Any person bidding on behalf of another person or entity must have a valid, legally enforceable, unexpired and recordable Power of Attorney, approved in writing by the auctioneer and/or the respective seller within 48 hours prior to the auction. If a person is bidding on behalf of a corporate entity, the bidder shall be individually bound until the bidder presents evidence that he/she is authorized to sign on behalf of such entity, all in a form acceptable to the auctioneer and/or seller. Buyers are not allowed possession until filing of the deed, at which time the property should be re-keyed. "Showing" requests from Buyers after the auction may not be able to be accommodated.
7) Earnest Money Deposit: Immediately upon conclusion of the auction, the winning bidder shall be required to place Twenty Five Hundred Dollars ($2,500.00) USD as a non-refundable earnest money deposit. The earnest money deposit made payable to Title Underwriter's at 126 N. Water Street, Rockford, IL 61104. All bidder deposits posted by bidders that are not the winning bidder will be returned to bidder immediately upon closing of the Auction or mailed to bidders within 2 business days after the auction date.
8) Closing documents: The seller shall provide Buyer a title insurance policyand a legally recordable deed for the property. Prior to the auction, the seller has represented to auctioneer that title conveyed shall be insurable and free and clean of liens or encumbrances.
9) Representations and warranties: Neither seller/auctioneer makes any representations or warranties as to any of the properties, including in connection with zoning, site plan approval or other federal, state or local laws. Any maps, plats, surveys, site plans, subdivision maps or the like have been supplied for informational purposes only, and each seller/auctioneer make no representation, warranties or guarantees as to any of the properties, including in connection with locations, dimensions, tract sizes, suitability for use, or subsurface conditions. All property is being sold "AS IS, WHERE IS" without any warranty either expressed or implied by either seller/auctioneer.
10) Representation: By execution of this agreement the bidder acknowledges the broker/auctioneer represent the sellers only, and the commission paid in respect to this sale is identified as a buyer's premium as set forth in paragraph five above. Auctioneer/Broker will execute a Non-Agency Disclosure to Bidder/Buyer resulting in Bidder/Buyer having "Customer" status for the transaction.
11) Determination of disputes: In the case of disputed bids, the broker/auctioneer shall exercise his or her best discretion in determining the resolution of claims and such decision is final. Such decision shall not be the subject of any post-auction claims. No assignment of the purchase and sale agreement shall be recognized from one bidder to another. In the event a dispute should arise after the auction, the auctioneer's records shall be conclusive.
12) Privacy of auction: Seller and Auctioneer reserve the right to refuse admittance to any person who is deemed to be disruptive or intends to become a distraction from the bidding process.
13) Indemnity provisions: By execution of this agreement, bidder agrees to bear responsibility for any charges, claims or expenses incurred by reason of any violation, breach or default in respect to these terms and conditions, including, reasonable attorney's fees, court costs, the cost of re-sale, and remarketing costs. The foregoing remedies are not exclusive.
14) General provisions: The provisions herein made cannot be altered except in writing, and any provision of this agreement shall be interpreted/applied in accord with the laws of the State of Illinois, specifically those in Dekalb County, in which the auctioneer has a business location. These terms and conditions shall not be interpreted or construed in a manner which creates a negative inference based upon the fact that the seller/auctioneer prepared the terms and conditions. Electronic and/or facsimile signatures shall be considered binding. In such event any provision herein is deemed illegal, void or unenforceable by a court of law, it shall not impact the body or balance of the terms and conditions.
15) Forfeiture upon default: In such event a bidder fails to abide by the terms and conditions set forth herein or fails to abide by the obligations arising from the purchase and sale contract executed in conjunction with this auction, bidder acknowledges he or she may forfeit all monies deposited, at the respective seller's election. By execution of this agreement, bidder acknowledges this is a negotiated result, and the forfeiture of said sums of money does not constitute a penalty. If Buyer is a winning bidder and refuses or fails to complete the transaction for ANY reason (including, but not limited to, remitting the total purchase amount), Buyer shall relinquish ANY right to complete the transaction and shall have no rights or interest in the property, as well as forfeit all deposit monies as liquidated damages to Seller. PLEASE BE ADVISED: Various state statutes give Seller the right to pursue legal action against bidders who refuse to complete transactions. This may include (but is not limited to) suit to compel completion of the sale, and/or criminal charges of fraud or other intentional act.
CLOSING PROCEDURES: Closing shall be scheduled on or before December 29, 2016 at 5:00pm and the Earnest Money Deposit shall be held by Title Underwriters, as escrow agent and in accordance with the terms of the purchase and sale agreement, in a non-interest bearing escrow account until closing of the property. In the event the parties do not mutually agree on an earlier date for closing prior to December 29, 2016, closing shall occur commencing at 10:00 A.M. on December 29, 2016 in the office of the escrow agent. Possession of the subject property shall be granted upon closing, subject to those matters contained in the purchase and sales agreement. The proceeds due from the winning bidder at closing shall be in U.S. funds, in the form of a locally drawn cashier's check or confirmed wire transfer.
Seller's Costs. At closing, each seller shall pay the costs of providing a title insurance policy, preparing legal documents and recording fees to transfer their respective property and to release any encumbrances on a subject property to allow conveyance. The Property Taxes and tax assessments, if any, shall be prorated through the date of closing.
Purchaser's Costs. At closing, the winning bidder shall pay typical buyer closing costs. If the winning bidder desires a Policy of Title Insurance with Lender coverage, it will be at the winning bidder's option and expense.
DISCLAIMER: PERSONAL ON-SITE INSPECTION OF THE SUBJECT PROPERTY IS RECOMMENDED AND BIDDERS ARE ADVISED TO INDEPENDENTLY VERIFY ALL INFORMATION THEY DEEM IMPORTANT. THE SUBJECT PROPERTY IS BEING SOLD "AS IS, WHERE IS" AND "WITH ALL FAULTS." THE SELLERS, AUCTIONEER, AND/OR AUCTION COMPANY HAVE NOT MADE, DO NOT MAKE AND WILL NOT MAKE, AND HEREBY DISCLAIM, ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESSED OR IMPLIED OR STATUTORY, WHETHER ORAL OR WRITTEN, WITH RESPECT TO THE SUBJECT PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO THEIR VALUE, CONDITION, SUITABILITY, MERCHANTABILITY, MARKETABILITY, OPERABILITY, TENANTABILITY, HABITABILITY, ZONING OR SUBDIVISION REGULATIONS, HOME OWNERS ASSOCIATION COVENANTS AND BYLAWS, WATER RIGHTS, MINERAL RIGHTS, OIL AND GAS PRODUCTION, ENVIRONMENTAL CONDITION, SOIL CONDITION OR PERCOLATION, COMPLIANCE WITH ANY BUILDING CODE, SAFETY AND HEALTH CODES OR OTHER GOVERNMENTAL AGENCY RULES OR REGULATIONS, OR FITNESS FOR A PARTICULAR USE OR PURPOSE. NO GUARANTEES ARE GIVEN AS TO THE AVAILABILITY OF UTILITIES, WATER, SEWER CAPABILITIES/CAPACITIES, ACCESSES, INGRESS, EGRESS OR THE PERMITTED OR ALLOWABLE USES ON THE PROPERTY.
All decisions of the auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding, and any other matters that may arise before, during, or after the auction. All announcements made on the Online Auction portal supersede any prior oral or written statements.
ATTORNEY REVIEW RECOMMENDED
Information contained in this brochure and all other auction-related material, such as the Bidder's Information Package, should be carefully reviewed by an attorney prior to the auction and is subject to and may be superseded by (a) the approved Purchase Agreement, as well as by (b) announcements made from the podium or at the online bidding portal prior to the commencement of bidding.
BUYER BROKER PARTICIPATION: Any properly licensed broker who registers a successful winning bidder may receive a commission of $500 of the winning bid price. Such commission shall be paid by the auctioneer out of the buyer's premium. The participating broker must register with his/her client no later than 48 hours prior to the bidder registering for the auction event and assist the bidder at the auction event and provide their client services through the date of closing. Any and all commission shall ONLY be paid from the proceeds of a successful closing. The broker and the prospective bidder must execute a broker registration form and comply with the Buyer/Broker Guidelines provided by auctioneer no later than 48 hours prior to Broker's client registering for the auction. The auctioneer will maintain a complete file on all broker registrations. A buyer's broker commission will be paid at closing after the auctioneer has been paid in full. Brokers will not have to attend the closing. If more than one brokers registers a prospect, only a single commission will be paid to that broker with the earliest registration based on the actual time and date of such registration received by the auctioneer. Failure to properly register or comply with the provisions of the Buyer Broker Guidelines will disqualify the buyer broker from receiving any commission. In the event any bidder has had contact with auctioneer prior to bidder registration, the broker registration will not be honored unless approved by auctioneer.
LIVE INTERNET BIDDING: Bidders will be required to bid via the internet during this online only auction event. If a bid is placed within five (5) minutes of the close of bidding, then another five (5) minute period commences from the time of the last bid until no bids are placed within the next five (5) minutes. The last bid shall be made final. Internet bidders are required to pre-register prior to the auction event. All bidders including Online bidders will be required to post a $2,500 earnest money in order to be cleared to bid. The Auctioneer must have possession of the bidder earnest money in order to approve the bidder to bid and finalize bidder registration. A credit card posted for this amount of $2,500 is also acceptable The successful high bidder will have $2,500.00 cash deposit applied to the purchase price and will be their earnest money/escrow deposit. For additional pre-registration information and routing number or bank transfer instructions contact Scott Feirn, Auctioneer at 815-963-9198. To bid online go to www.HudHomes.Auction. .
All bidders are aware that the sale is subject to seller approval within 48 hours of auction in the event the seller's reserve is not met. Online bidders acknowledge Terms and Conditions online at the auction bidding platform.
SAMPLE --- Irrevocable Bank Letter of Guarantee:
Title Underwritiers, Escrow Agent
To whom it may concern:
___________________________ (bank name) will honor a check drawn on account #___________________, in the name of __________________________ (bidders name) up to $_____________________ at your auction for the ________________________ Auction being held on November 30, 2016. This letter will expire on __________________.
Mr. _______________________ (bidder's name) is a customer in good standing with ____________________ (bank name). If additional information is needed regarding this matter, please do not hesitate to contact me.
Signature of Bank Officer and Title
President/Vice President/Loan Officer
Sebae Data Solutions, Inc.
SERVICE TERMS AND CONDITIONS
ACCEPTANCE OF TERMS
Sebae Data Solutions, (the makers of Auction Flex & HiBid (formerly Bidopia) hereafter referred to as "Sebae"), provides its service to you, subject to the following Terms & Conditions ("TAC"), which we may update from time to time without notice to you. The most current version of the TAC can be found found at any time by visiting the link: http://www.auctionflex.com/showtandc.ap
USE AND REGISTRATION
Our services are available only to, and may only be used by individuals who can form legally binding contracts under applicable law. Without limiting the foregoing, our services are not available to children (persons under the age of 18) or to temporarily or indefinitely suspended members. If you are under the age of 18, you can use this service only in conjunction with, and under the supervision of your parents or guardians. If you do not qualify, please do not use our service. If you are registering as a business entity, you represent that you have the authority to bind the entity to the TAC.
In consideration of your use of the Service, you agree to: (a) provide true, accurate, current and complete information about yourself as prompted by the Service's registration form (such information being the "Bidder Information") and (b) maintain and promptly update the Registration Data to keep it true, accurate, current and complete. If you provide any information that is untrue, inaccurate, not current or incomplete, or Sebae has reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, Sebae has the right to suspend or terminate your account and refuse any and all current or future use of the Service (or any portion thereof).
DESCRIPTIONS OF SERVICE
Sebae provides the following services under the Auction Flex & HiBid trademarks: Integrated Web Service (for auctioneers), internet bidding (absentee, online-only, & webcast). You can learn more about these services in the following sections.
HIBID INTERNET AUCTION PLATFORM & WEB SERVICE DESCRIPTION
Sebae provides the HiBid (formerly Bidopia) Internet Auction Platform & Web Service ("HWS") under the HiBid trademark as a software solution for auctioneers wishing to extend the audience of their live auctions to the internet. The HWS provides various features including internet absentee bidding, internet-only auctions, and webcast auctions.
The HWS is able to changes its appearance to coincide with the website that it is powering. Accordingly, the HWS powers the www.hibid.com website as well as numerous Auction Flex customer websites. This ability to change appearance is a feature of the HWS. Much like internet merchant account providers can host a secure web page for a vendor to easily process payments, the HWS hosts certain portions of the auctioneer's website to easily enable advanced features such as internet bidding.
INTERNET ABSENTEE BIDDING
Internet absentee bidding allows you to place a bid for an item in advance of an auction. This allows you to place bids on lots without actually attending the auction.
Internet only bidding allows you to place a bid for an item prior to the auction lot closing online. In an internet-only auction there is no live auction.
Webcast auctions allow you to bid in real-time against other bidders or place pre-bids prior to a lot going "live".
Lots are sold in accordance with the Auctioneer's terms and conditions which are accessible from each lot's page. It is your responsibility to read and accept the Auctioneer's terms and conditions prior to placing your bid.
When you place a bid you are agreeing to be bound by the Auctioneer's & Sebae's terms and conditions. By placing a bid you are entering into a legally binding and enforceable contract. Please keep in mind that you are bidding against other internet bidders as well as floor bidders, phone bidders, and regular absentee bidders (this list does not constitute a complete list of bidder types but does highlight the common bidder channels).
The auctioneer, at their discretion, can approve or deny bidders. The auctioneer reserves the right to accept or deny bidders for any reason. Prior to approval the auctioneer may contact you to determine your credit worthiness. If the auctioneer approves your bid, the auctioneer will then process your bid in accordance with their terms and conditions.
Should your bid for a lot prove successful, the auctioneer may contact you to arrange for payment & shipping (if applicable). If the auctioneer required registration via a credit card, the auctioneer reserves the right to process your winning bids to the credit card provided during registration.
Sebae, through the Auction Flex & HiBid products & services, facilitates the internet bidding process between the Auctioneer & the bidder. Sebae is in no way a party to the transaction. Because Sebae is not a party to the transaction, you accept that you will have no claim or cause of action against Sebae in respect of the sale (or non-sale) of any Lot. If you have a dispute with an Auctioneer or another user of the Service with regard to the sale (or non-sale) of any Lot you agree that Sebae, its officers, agents, employees will not be liable for losses (including, but not limited to, loss of profits, special loss, indirect loss and consequential los), costs, damages, liabilities, claims, demands and expenses of any kind arising out of or connected with such dispute. You also accept that none of the aforementioned are under any obligation to take any action to resolve any dispute between you and an Auctioneer
Sebae is not responsible for any typographical, pictorial or technical errors in information about Lots on the Site as provided by Auctioneers. Sebae does not evaluate Lots and does not act as a specialist or expert on any related subject matter. Sebae makes no warranties or representation of any kind or nature with respect to Lots (including but not limited to representations or warranties as to the accuracy of description, genuineness, quality, authorship, attribution, provenance, period, culture, source, origin or safety). If you have any questions, e-mail the Auctioneer directly. In particular, make sure that you understand the Auctioneer's payment terms and shipping terms.
The Service requires you to login with your username and password prior to placing a bid on a Lot. Making bids with false information or with stolen credit card information is prohibited and illegal.
Your user name and password are required in order to place internet bids. Making bids in a false name or with an invalid or stolen credit card is prohibited. Each bid carries the computer coding of the Internet provider which allows the individual user to be traced and Sebae may at its discretion release this information to enable legal action to be taken. Sebae may, in its entire discretion, refuse or remove bids where it suspects that bids contravene this prohibition. By placing a bid, you are making a binding and irrevocable offer to purchase the Item at any price up to the maximum bid amount you submit. If you win, you must complete the transaction, subject to any contractual right or other right at law to rescind the contract in certain circumstances. Failure to complete transaction without lawful reason is not only a breach of your contract with the Seller but also a breach of this User Agreement.
The amount bid can be increased but cannot be decreased. The auctioneer may, at their discretion, allow you to withdraw and resubmit a bid in the case of bids containing an obvious typographical error. You may forward a request to withdraw a bid and resubmit a correct bid by immediately sending an email to the auctioneer, however, there is no guarantee that any bid will be withdrawn. Although Sebae will use best efforts to forward all bids, Sebae does not accept any responsibility for lost bids or problems with the recipient auctioneer's ability to process your bid. Moreover, Sebae cannot guarantee that bids received will be processed by the individual auctioneers.
Please note that Sebae's role is limited to the provision of the Site for dissemination and publication of information provided by the Sellers.
THE WINNING BID
The winning bid in an auction will be the highest bid that exceeds any reserve (if a reserve exists). In the case of equal bids, the earliest bid received will be the winning bid. If a higher bid is subsequently withdrawn or removed then the auctioneer shall have the right to accept the next highest bid.
NOTICE OF END OF SALE, PAYMENT & SHIPPING
After the sale has ended, the auctioneer will notify the winning bidder via phone, fax or mail that they have won. If you do not receive notice that you have made the winning bid and think that you are the top bidder, you should check with the auctioneer directly. You will make all payment for Items to the auctioneer in accordance with their terms and conditions.
BUYER'S PREMIUM, TAXES AND DUTIES
If you are a successful bidder, you are responsible for paying any buyer's premium, taxes and duties (including any VAT, sales tax and import duties) that may be imposed on the final price paid for an Item. Accordingly, it is your responsibility to check the applicable taxes and duties that may be imposed on an Item prior to bidding for it.
All material and content as provided by the Service is protected by copyright and similar rights. You can not use or make available any of that material for any commercial purpose.
SPECIAL ADMONITIONS FOR INTERNATIONAL USE
Recognizing the global nature of the Internet, you agree to comply with all local rules regarding online conduct and acceptable content. Specifically, you agree to comply with all applicable laws regarding the transmission of technical data exported from the United States or the country in which you reside.
DISCLAIMER OF WARRANTIES
You expressly understand and agree that:
a. Your use of the service is at your sole risk. The service is provided on an "as is" and "as available" basis. Sebae expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
b. Sebae makes no warranty that (i) the service will meet your requirements, (ii) the service will be uninterrupted, timely, secure, or error-free, (iii) the results that may be obtained from the use of the service will be accurate or reliable, (iv) the quality of any products, services, information, or other material purchased or obtained by you through the service will meet your expectations, and (v) any errors in the software will be corrected.
c. Any material downloaded or otherwise obtained through the use of the service is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of any such material.
d. no advice or information, whether oral or written, obtained by you from Sebae or through or from the service shall create any warranty not expressly state in the TAC.
LIMITATION OF LIABILITY
You expressly understand and agree that Sebae shall not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses (even if Sebae has been advised of the possibility of such damages), resulting from: (i) the use or the inability to use the service; (ii) the cost of procurement of substitute goods and services resulting from any goods, data, information or services purchased or obtained or messages received or transactions entered into through or from the service; (iii) unauthorized access to or alteration of your transmissions or data; (iv) statements or conduct of any third party on the service; or (v) any other matter relating to the service.
EXCLUSIONS AND LIMITATIONS
Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the above limitations of of the previous two sections titled 'Disclaimer of Warranties' and 'Limitation of Liability' may not apply to you.
You agree to indemnify and hold Sebae harmless from any claim or demand, including reasonable attorneys' fees, made by any third party due to or arising out of your breach of this Agreement or the documents it incorporates by reference, or your violation of any law or the rights of a third party.
You shall comply with all applicable domestic and international laws, statutes, ordinances and regulations regarding your use of our service and your bidding on, listing, purchase, solicitation of offers to purchase, and sale of items.
The TAC constitute the entire agreement between you and Sebae and govern your use of the Service, superseding any prior agreements between you and Sebae. The TAC and the relationship between you and Sebae shall be governed by the laws of the State of Florida without regard to its conflict of law provisions. You and Sebae agree to submit to the personal and exclusive jurisdiction of the courts located within the county of Marion, Florida. The failure of Sebae to exercise or enforce any right or provision of the TAC shall not constitute a waiver of such right or provision. If any provision of the TAC is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision, and the other provisions of the TAC remain in full force and effect. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of the Service or the TAC must be filed within one (1) year after such claim or cause of action arose or be forever barred.