These terms and conditions (the “Agreement”) are a legal agreement between you and Altisource S.à r.l. (“Altisource”, “us”, “our” or “we”). Please note that by accessing the Hubzu® website (www.hubzu.com) and the related services and tools or by downloading and/or using the Hubzu.com mobile application (i.e., the Hubzu mobile app), the Hubzu Auctioneer application (i.e., the Hubzu Auctioneer app) (collectively, “Hubzu”), or any affiliated websites and applications (“Affiliated Websites and Applications”), you hereby agree to be bound by the terms of this Agreement. Additionally, to the extent you download the Hubzu mobile app from the Apple App Store or Google Play, you may be subject to additional terms and conditions issued by the licensor, such as Apple’s Licensed Application End User License Agreement.

Please note that this Agreement includes a class action waiver, a disclaimer of warranties, a disclaimer of liability, as well as a release and indemnification by you. Your consent to be contacted using an automatic telephone dialing system, and how to revoke such consent, is detailed below in Section 15.

We may change the terms of this Agreement from time to time. We will notify you of any such changes via e-mail or by posting the changes via a link to the updated Agreement on the Hubzu.com home page. If you object to any such changes, your sole recourse will be to stop using Hubzu. Continued use of Hubzu following any such changes will indicate your acknowledgement of such changes and agreement to be bound by the terms and conditions of such changes, without limitation or qualification. You hereby agree that you are solely responsible for keeping apprised of any updates to the Agreement which are posted on Hubzu.com.

This Agreement applies to all properties and Non-Performing Loans (as defined below) marketed for sale using the Hubzu platform whether accessed via the Hubzu website or the Hubzu mobile app.

Selected Bidders (as defined below) are required to execute the seller's purchase and sale agreement or such other contract(s) evidencing the Selected Bidder’s obligation to purchase the property (each, a “Purchase Agreement”). The Purchase Agreement will contain the terms and conditions of the sale of any property marketed on Hubzu or its Affiliated Websites and Applications. The Purchase Agreement is between the Seller and the Selected Bidder (as defined below); Altisource is not a party to the Purchase Agreement. In case of any conflict between provisions set forth in this Agreement and the Purchase Agreement, the Purchase Agreement shall control with respect to the parties bound thereto.

Any use of Hubzu or the Affiliated Websites and Applications by an Auctioneer shall be governed by this Agreement.  

DEFINED TERMS

As used in this Agreement, on Hubzu, or the Affiliated Websites and Applications,  the terms below have the following meanings:

“Affiliated Websites and Applications” has the meaning assigned to such term in the opening paragraph to this Agreement.

“Altisource” has the meaning assigned to such term in the opening paragraph to this Agreement.

“AOA” means collectively, Altisource Online Auction, Inc. and its affiliated licensee(s).

“Auction Marketing” is an online marketing format in which the Seller will consider bids to purchase a property for a fixed period of time (i.e., there is a specific time limit for Bidders to place bids on the property).

“Auctioneer” means a person designated to conduct a Foreclosure Auction. 

“Back-Up Bid” means a bid placed during an Auction Marketing cycle which was not the Selected Bid, but for which the Bidder has elected to keep available to the Seller for a specified period of time. A Back-Up Bid may become the Selected Bid upon notification by the Seller to the Bidder at the Seller’s sole and absolute discretion. There is no guarantee a Back-Up Bid will ever become the Selected Bid.

“Bid Deposit” is a hold that is placed on a Bidder’s credit card before the Bidder places a bid on certain properties marketed on the Hubzu website. This hold has the potential to be converted into a NON-REFUNDABLE charge on the Bidder’s credit card if the Bidder fails to fulfill their obligations if they become the Selected Bidder. Please review Section 1(e) below for additional information.

“Bidder” means a person who places any bid or offer on a property marketed on Hubzu.

“Buyer” means a person who has entered into a binding Purchase Agreement with the Seller for a property marketed on Hubzu.

“Buyer’s Premium” is the fee charged to Buyers who purchase properties marketed on Hubzu in an Auction Marketing format. The specific Buyer’s Premium for a property appears on the “Property Fees” section on the Property Details Page for the property.

“Credit Bid” means the bid that a creditor or lienholder places at a Foreclosure Auction that is based on or related to the amount of indebtedness owed by the borrower. 

“Earnest Money Deposit” is the good faith deposit a Buyer pays to the escrow agent under the Purchase Agreement to help demonstrate the Buyer’s commitment to purchase the property. In some transactions, including properties sold via a Foreclosure Auction, this amount is sometimes referred to as the “sale deposit” but we generally refer to such deposits in this Agreement as the “Earnest Money Deposit”.

“Foreclosure Auction” means the solicitation of bids during a prescribed period and auctioning of real estate for sale to the public after the borrower defaults on the loan for a property which is secured by a mortgage or deed of trust. Depending on the state, a Foreclosure Auction may be conducted online or in-person.

“Foreclosure Event” means the sale of one or more properties at one or more in-person Foreclosure Auctions that occur at a specific date, time, and location as part of a single event.

“Hubzu” has the meaning assigned to such term in the opening paragraph to this Agreement.

“Licensed Real Estate Agent” is a licensed real estate broker, agent or salesperson representing the Seller or a Bidder, as the case may be.

“Listing Price” means the potential sales price in U.S. Dollars that the Seller is asking for a property. The Seller may choose, in its sole discretion, not to accept any Bidder’s bid for a property even if the bid meets or exceeds the Listing Price.

“No Time Limit Marketing” is an online marketing process in which the Seller will consider offers for an unspecified period of time (i.e., there is no specific time limit to make an offer to the Seller).

"Non-Performing Loan" means a non-performing first mortgage that is secured by a property.

“Property Bid Page” is a page specific to each property marketed on Hubzu that provides and describes, among other information, the ability to place a bid on said property, fees associated with the purchase of the property, the ability to place a hold on your credit card to meet the bid deposit requirements and other bid related information about the marketed property.

“Property Details Page” is a page specific to each property marketed on Hubzu that provides, among other information, the description, location, price, fees, photos, and other information about the marketed property or Non-Performing Loan.

“Proxy Bid” means a bid placed remotely on the Bidder’s behalf using Hubzu so that the Bidder may participate in a live Foreclosure Auction even though the Bidder is not attending the Foreclosure Auction in person. 

“Purchase Agreement” has the meaning assigned to such term in the opening paragraphs to this Agreement.

“Reserve Price” means the minimum price set by the Seller for a property subject to an Auction Marketing. Unless required by law, the Seller may choose not to disclose the Reserve Price on the Property Details Page. Even if a Bidder meets the Reserve Price, the marketing period continues for the scheduled marketing time period to give other Bidders the opportunity to bid. Seller reserves the right not to enter into a Purchase Agreement to sell the property to a person or entity, including those with a bid or offer meeting the Reserve Price. All properties are marketed subject to a Reserve Price unless expressly stated otherwise on the applicable Property Details Page; the absence of a Reserve Price (either in name or amount) on a Property Details Page is not an indication that there is no Reserve Price.

“Selected Bid” means (a) with respect to a property marketed using the Auction Marketing process, the bid on a Property that was selected by the Seller, in its sole and absolute discretion, following the conclusion of the time limit, and (b) for a No Time Limit Marketing, any offer that has been tentatively approved by the Seller. The Selected Bid for a property that was conducted under the Auction Marketing process may or may not be the highest bid as Sellers may choose to factor in other qualities of the bids (such as type of funds used to purchase, Bidder-requested contingencies, etc.). A Selected Bid may or may not meet the Listing Price or the Reserve Price. A Bidder with the Selected Bid (i.e., the Selected Bidder) does not grant the Bidder the right to purchase the property. The Seller reserves the right not to enter into a Purchase Agreement to sell the property to a person or entity, including those with a Selected Bid.

“Selected Bidder” means the person or entity that places the Selected Bid. Being a Selected Bidder does not grant the Selected Bidder the right to purchase the property. Formal agreement regarding the terms of the sale of the property (which may or may not be with the Selected Bidder) lies within the sole discretion of the Seller.

“Seller” means a person or entity who is the owner, or is authorized to act on behalf of the owner, of a property or a Non-Performing Loan that is marketed for sale on Hubzu or its Affiliated Websites and Applications.

“Starting Bid” indicates the nominal opening bid at the beginning of an auction and may be set at or below the Reserve Price.

“Technology Fee” is a fee that is charged to most Buyers who purchase a property marketed on Hubzu in a No Time Limit Marketing format.

1. Services; Fees.

(a) Grant of Limited Access. Subject to the terms of this Agreement, we hereby grant you a limited, revocable, non-exclusive, non-transferable and non-sublicensable right to access, view and use, and in the case of the Hubzu mobile app or the Hubzu Auctioneer app, download, Hubzu solely for your personal use. If you are a Licensed Real Estate Agent acting in your professional capacity, you are permitted to use Hubzu to take action on behalf of your clients, to the extent permitted by law. Licensed Real Estate Agents representing the Seller and marketing a Property on Hubzu on behalf of their Seller are subject to the additional terms set forth in Section 12 below. This license does not include: (i) the right to resell, white label or reuse Hubzu or its contents; (ii) the right to collect or use the listings, descriptions or prices or any data related thereto except to determine whether to place a bid or an offer; (iii) the right to download, copy or otherwise use account information for the benefit of any third party (except to the extent you are a real estate licensee acting on behalf of a client); or (iv) the right to data mine, use any robots, or similar data gathering and extraction tools in connection with Hubzu.

(b) Proprietary Property. Hubzu, including all material and information contained therein, and the selection, arrangement and composition of such information, are proprietary property of Altisource, AOA, their affiliates, suppliers, and licensors and are protected by United States and international intellectual property laws, including trademark and copyright laws. You agree not to remove, alter or obscure any copyright, trademark or proprietary rights notice incorporated into or posted on Hubzu. Except for the limited access rights explicitly granted to you under this Agreement, no other rights (including any license) are granted to you, whether by implication, estoppel or otherwise and all rights are explicitly reserved.

(c) Content. Some content included on Hubzu is supplied by third parties and users of Hubzu. Accordingly, we have no editorial control over the content provided by such parties. Any opinions, advice, statements, services, offers, or other information expressed or made available by third parties, including information provided by Sellers, Licensed Real Estate Agents, cryptocurrency exchange providers or other users of Hubzu are those of the respective author(s) or distributor(s) of that information. We neither endorse, nor are responsible for, the accuracy or reliability of any opinion, advice, information, or statement made on Hubzu by its users or other third parties.

(d) Use and Storage. You acknowledge and agree that we may establish general practices and limits concerning the use of Hubzu, including, without limitation, the maximum number of days that information, data, account history or other uploaded content will be retained by us and the maximum number of times (and the maximum duration for which) you may access Hubzu in a given period of time.

(e) Bidder Requirements. You must be a registered user of the Hubzu.com website and/or Hubzu mobile app to submit a bid or offer. Please allow twenty-four (24) hours for account activation, and note that you will not be able to place bids or offers until your account has been activated. Creating an account on Hubzu is free but there are different types of fees, deposits or holds you may be obligated to pay or make if you place a bid or if you become the Selected Bidder. Below is a description of these fees, deposits and holds:

(i) Bid Deposit and Funds Verification Transaction. Similar to an authorization hold that is placed on your credit card when you rent a car or stay in a hotel, the Bid Deposit is an authorization hold that a Bidder agrees will be placed on their credit card. In most cases, it is authorized by the Bidder immediately prior to placing a bid whether during an Auction Marketing cycle or thereafter (e.g., in connection with a Back-Up Bid). The purpose of the authorization hold is to help ensure the Bidder’s performance if such Bidder is chosen by the Seller as the Selected Bidder, and the authorization hold serves as a mechanism to help us maintain an environment where all Bidders act in good faith with the intention of purchasing the property. The authorization hold is not a charge on the Bidder’s card. Rather, it is the Bidder’s direction to their bank to render the authorized amount as unavailable (i.e., on hold) until such time as the hold is either released or the transaction is cleared (i.e., charged) on the cardholder’s account. At the same time as the Bid Deposit hold is authorized, a separate non-refundable $0.50 charge will be made to the same credit card as the Bid Deposit in order to verify funds. This charge is non-refundable regardless of the results of the bid and will appear on your card statement as a separate transaction. The authorization hold remains in place during the Auction Marketing cycle until the Seller chooses the Selected Bidder or for as long as the Bidder has chosen to have their bid held as a Back-Up Bid. For those Bidders who are not chosen as the Selected Bidder and who have not designated their bid as a Back-Up Bid, the authorization hold will be released after the Seller has chosen the Selected Bidder, typically five to ten business days after the end of the Auction Marketing cycle, or when the Seller has chosen not to select any Bidder from a particular Auction Marketing cycle. The authorization hold will remain on the Selected Bidder’s credit card until such time as the Selected Bidder either: (a) timely satisfies all of their obligations in connection with the execution of the Purchase Agreement, namely, (I) responding to any information requests made to the Selected Bidder after the end of the Auction Marketing cycle in order to generate the Purchase Agreement, (II) executing the Purchase Agreement and sending it back to the Seller’s representative within the required timeframe, and (III) sending the Earnest Money Deposit to the designated escrow agent within the required timeframe, or (b) fails to satisfy all of the aforementioned obligations. We reserve the right, and as a Bidder you hereby allow us, to reauthorize the hold as needed in order to satisfy the timeframes described above. If the Selected Bidder satisfies all of the foregoing obligations, then the authorization hold will be released. If, on the other hand, the Selected Bidder fails to satisfy any of the foregoing obligations, then the hold will be converted into a transaction and the amount will be charged to the Selected Bidder’s card; this charge is NON-REFUNDABLE. The Property Details Page will state whether a Bid Deposit is required for a particular property, and if the bidder chooses to place a bid, the amount of the bid deposit will be shown on the Property Bid Page, at which time a screen will pop up to help the bidder make a Bid Deposit. We use Stripe, Inc. (“Stripe”) as our third-party payment processor to handle processing of the credit card information you submit for the Bid Deposit. By providing your information in connection with the Bid Deposit, you are consenting to Stripe’s collection, use, retention and disclosure of any personal information provided in accordance with the Stripe Privacy Policy which you can find here: https://stripe.com/privacy. We are not liable for the collection, use, retention or disclosure of such information by Stripe.      

(ii) Earnest Money Deposit. The minimum required Earnest Money Deposit is generally calculated based on a predetermined percentage of your bid or offer amount. In some cases, such as in certain Foreclosure Auctions, the Earnest Money Deposit is calculated based on the appraised value of the property. The Earnest Money Deposit for a specific property is shown on the Property Details Page. You must pay the Earnest Money Deposit to the escrow agent under the Purchase Agreement within the timeframes set forth in the Purchase Agreement and in accordance with instructions from the Seller. The terms regarding the handling and application of the Earnest Money Deposit are set forth in the Purchase Agreement. Hubzu DOES NOT hold Earnest Money Deposits at any time. Hubzu has no control over the amount or terms of the Earnest Money deposits.

(iii) Technology Fee. The Technology Fee is charged to most Buyers who purchase a property through Hubzu through the No Time Limit Marketing process. This fee helps cover the cost of providing the Hubzu technology platform. The amount of the Technology Fee is noted on the Property Details Page in the Property Fees section, if applicable.

(iv) Buyer’s Premium. The Buyer’s Premium is charged to most Buyers who purchase a property through Hubzu through the Auction Marketing process. In some cases, we are not permitted to charge a Buyer’s Premium as part of the Auction Marketing process. If there is a Buyer’s Premium on the property, the amount is shown on the Property Details Page in the “Property Fees” section. The Buyer’s Premium is calculated based on the Buyer’s original Selected Bid. Any subsequent changes to the purchase price of the property do not impact calculation of the Buyer’s Premium.

2. Eligibility and Your Responsibilities.

(a) Who Can Use Hubzu. Hubzu is available only to individuals and entities who can form legally binding contracts under applicable law. Without limiting the foregoing, Hubzu is not available to minors or to temporarily or indefinitely suspended users. If you do not qualify, please do not use Hubzu. Further, your account and user ID may not be transferred or sold to another party. If you are registering as a business entity, you represent that you have the authority to bind the entity to this Agreement, any Purchase Agreement and any other real estate related agreements. If you do not have such authority, you will be held liable for all actions taken under your user ID. Sellers may also place restrictions on who may purchase their properties and may choose not to enter into an agreement with a person or entity who appears on certain exclusionary lists (e.g., Specifically Designated Nationals and Blocked Persons Lists, Suspended Counterparty Program