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amount of Owner's Total Net Proceeds for the month. With each payment of Owner's Total Net Proceeds, PropertyBureau.com will deliver to Owner a written report setting forth the following information for the immediately preceding month: (i) the Property sold by PropertyBureau.com during the prior month; (ii) the Property, if any, consigned for sale to PropertyBureau.com during the month; (iii) other dispositions of Property during the month; (iv) the total amount of proceeds collected by PropertyBureau.com resulting from sales or dispositions of Property during the month; (v) the Property, if any, inventoried by PropertyBureau.com at the end of the month, (vi) Owner's and PropertyBureau.com's shares of Credit Card Costs and other transaction costs, Owner's Net Proceeds and PropertyBureau.com's Net Proceeds. 6. PropertyBureau.com's Obligations Concerning Property in Its Possession. The following provisions will apply only with respect to Property in PropertyBureau.com's possession: (i) PropertyBureau.com will exercise due care in the handling and storage of any Property; (ii) PropertyBureau.com shall keep the Property free of unpaid charges, liens, security interests, and encumbrances, and shall pay when due all fees and charges with respect to the Property; (iii) PropertyBureau.com shall sign and deliver to Owner any UCC-1 financing statements and any and all documents reasonably requested by Owner from time to time to give public notice of Owner's interest in the Property and/or to protect Owner's title to Property; (iv) PropertyBureau.com shall obtain and maintain insurance in an amount (determined by PropertyBureau.com) not less than the replacement value of Property in its possession. The insurance will cover the Property against fire, theft, and eX1ended coverage risks ordinarily included in similar policies, with proceeds payable to PropertyBureau.com and to Owner as their interests may appear. All policies shall require thirty days' written notice to Owner before any material change or cancellation. PropertyBureau.com shall give Owner a certificate or a copy of each of the policies concurrently with signing this Agreement and on Owner's demand; and (v) If PropertyBureau.com returns any Property to Owner, PropertyBureau.com shall pay all freight charges, insurance and related costs to return the Property to Owner's nearest warehouse. PropertyBureau.com, at PropertyBureau.com's expense, shall insure Property during shipping in an amount not less than the replacement value of any item of Property returned to Owner. 7. Owner's Obligations. As soon as practicable, Owner will submit to PropertyBureau.com personal property in possession of the Owner that becomes available to Owner to sell to the public, excluding any personal property to be used by Owner. Owner will complete paperwork reasonably necessary to convey custodial possession of the item of property to Property Bureau.com 8. Joint Obligations. PropertyBureau.com and their employees and agents may not: (i) manipulate the price of an item of Property submitted for auction, either by using a shill (a secondary account or third party) or by bidding themselves, or (ii) purchase any item of Property. 9. Representations and Warranties of Owner. With the knowledge that PropertyBureau.com is relying thereon in entering into this Agreement, Owner hereby represents, warrants and covenants as follows: (i) Owner is not and will not be required to give any notice to or obtain any consent from any person in connection with the consummation or performance of any of its obligations hereunder, and (ii) Owner will not knowingly deliver to Property Bureau.com for sale any goods of a counterfeit nature, or which otherwise infringe illegally on trademarks or patents, and (iii) Owner has taken all required actions under applicable law that are conditions precedent to Owner's right to transfer title to the Property to purchasers (the "Conditions Precedenf'). 10. Books and Records. The parties will keep complete and accurate books of account, records, and other documents with respect to this Agreement ("Books and Records"). The Books and Records will be kept by both parties for the longer of (i) a period of time consistent with Owner's general document records management policy, or (ii) three years following expiration or termination of this Agreement. The Books and Records will be available for inspection and copying by any qualified representative or agent of a party, at the expense of that party, subject to the following terms and conditions: (a) examinations will be at the principal place of business or the location where the Books and Records are regularly maintained, during normal business hours and only to the extent necessary to verify payment amounts; (b) the party demanding the audit will give the other party at least seven business days' written notice before any an examination; (c) both parties will keep each party's Confidential Information disclosed to it during the examination conlidential in accordance with each party's obligations set forth in this Agreement to the extent permitted under the Caiifornia Public Records Act (Government Code 6250,et seq.); and (d) a party may not conduct more than two inspections during any twelve-month period. At the request of a party, the other party will deliver to the requesting party any reports or information reasonably requested relating to the subject matter of this Agreement. If an examination reveals a discrepancy that exceeds five percent of the total reported by the audited party to the auditing party, and there is no dispute concerning the results of the audit, the audited party will reimburse the auditing party for the expenses of the audit and pay any money owed to the audited party within five business days of the auditing party's demand. Page 3 at 8 8/29101