Theodore Holloway Land Auction

Description

PROCEDURE:  Real estate will be offered in parcels of 33A m/l, 67A m/l, and in the aggregate. There will be open bidding during the auction as determined by the Auctioneer. All bids are subject to the Seller's acceptance or rejection.

DOWN PAYMENT: 10% down payment upon signing of Purchase Agreement immediately following the close of bidding. The down payment may be made in the form of cash, cashier's check, personal check or corporate check. Due to the time of the auction and uncertainty of the certified amount due, a letter from the bidder's bank stating that the check to be written by the purchaser will be guaranteed to the amount of the check written. Your bidding is not conditional upon financing, so be sure you have arranged financing, if needed, and are capable of paying cash at closing. NOTE: IN THE EVENT THE BUYER(S) WOULD NOT, OR COULD NOT, EXECUTE THE FINAL CLOSING ON THE PROPERTY, THIS AUCTION WILL BECOME A LEGAL AND BINDING SALE TO THE CONTENDING BIDDER AT THE CONTENDING BIDDER'S LAST BID PRICE. UPON NOTICE TO THE CONTENDING BIDDER, THE SAME DOWN PAYMENT TERMS AND CLOSING TERMS WILL APPLY THAT ARE SET OUT IN THE AUCTION TERMS OF THIS AUCTION! PLEASE TAKE THIS INTO CONSIDERATION AT THE TIME OF BIDDING.

ACCEPTANCE OF BID PRICES: All successful bidders will be required to enter into purchase agreements at the auction site immediately following the close of the auction. All final bid prices are subject to the Sellers acceptance.

CLOSING: The balance of the purchase price is due by wire transfer at closing, which will take place within 14 days after presentation of insurable title. Buyer(s) will bear the cost of an insured closing.

EVIDENCE OF TITLE: Seller shall provide an owner's title insurance policy in the amount of the purchase price to each buyer(s).

DEED: Seller shall provide Warranty Deed(s) or Personal Representative's Deed conveying the real estate to the Buyer(s).

POSSESSION: Present tenants will be permitted to farm this property in 2012. Buyer(s) will take possession immediately after the 2012 crops are harvested or December 15, 2012, whichever comes first.

REAL ESTATE TAXES: Taxes starting on the date of closing and all thereafter will become the responsibility of the buyer(s).

ZONING: Buyer(s) purchasing property for building or other purposes are responsible for contacting the Grant County Planning Commission and Health Department for the applicable requirements and restrictions for these uses.

SCHOOLS: Eastbroook Community Schools.

ACREAGE: All tract acreages, dimensions and proposed boundaries are approximate and have been estimated based on current legal descriptions and/or aerial photos.

SURVEY: The Seller shall provide a new survey where there is no existing legal description. Any need for a new survey shall be determined solely by the Seller. The type of survey performed shall be at the Seller's option and sufficient for providing title insurance.

EASEMENTS: Sale of the property is subject to any and all easements of record.

AGENCY: Merv Leffler, auctioneer and real estate broker, is the exclusive agent of the seller.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the Terms and Conditions outlined in the Purchase Agreement. The property is being sold on - AS IS, WHERE IS" basis, and no warranty or representation, either express or implied, concerning the property is made by the seller or the auction company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, zoning and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the seller or the auction company. Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as the person's credentials, fitness, etc. All decisions of the auctioneer are final.