AUCTION TERMS AND CONDITIONS
Piatt Co., IL
July 20, 2015
PROCEDURE: The farm will be offered in two separate tracts of ±115 and ±80 acres each. This is an online-only auction. Bids may be placed directly on www.WallaceLand.com. Detailed instructions on how to bid online are provided in the “Documents” section of the auction listing. Bids will be placed in total dollars. A total dollar bid increment of $5750 applies to Tract 1, and a total dollar bid increment of $4000 applies to Tract 2. This is approximately $50/acre. The auctioneer at his discretion may change this increment during the auction. Bidding for this auction is scheduled to end on Monday, July 20, 2015 - 10:00 a.m. CSDST, subject to any automatic extensions as outlined below.
Wallace Land Company online only real estate auctions are timed events and have an “auto-extend” feature. Any bid placed within 10 minutes of the close of the auction will automatically extend the auction for 10 more minutes from the time the bid is placed. The auto-extend feature remains active until no further bids are received within the 10 minute time frame. Ex: If an auction ending at 1:00 p.m. receives at bid at 12:59 p.m., the close time of the auction extends automatically to 1:09 a.m. DO NOT BID UNLESS you have read/reviewed the sales contract, terms and conditions, and all posted documents relating to the sale of this property. By bidding on this auction you agree to abide by the Auction Terms and Conditions. Posted documents can be found under the “Documents” section of the online auction listing.
BIDDER REGISTRATION / VERIFICATION: By registering, Bidder acknowledges having read the Auction Terms and Conditions and the Sale Contract and unconditionally and irrevocably agrees to be bound by both. The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Wallace Land Company will reject the registration, and bidding activity will be terminated. Bidders must be pre-registered and approved to bid prior to 12:00 p.m. (noon) on July 17, 2015.
ACCEPTANCE OF BID PRICES / DOWN PAYMENT: Successful bidder(s) agree to sign a Contract for Sale of Real Estate immediately following the auction, and provide a down payment of 10% of the contract price via bank wire by close of the current business day. Should the auction end after the end of the current business day, the down payment shall be received no later than noon the following business day. Successful bidder(s) will be contacted by a Wallace Land Company representative at the end of the auction, and if the parties are unable to meet in person, will be emailed a Contract for Sale of Real Estate to be signed and immediately emailed/faxed back. This digital signature will be considered legal and binding until a paper document can be signed in person. If the buyer defaults on the purchase the down payment will not be refunded.
CONTRACT PRICE: Contract price will be the final bid price.
CLOSING: The Seller is under 1031 Exchange time constraints, and CLOSING MUST OCCUR BY 7/29/2015. DO NOT BID UNLESS YOU ARE ABLE TO CLOSE BY THIS DATE. SHOULD THE BUYER BE UNABLE TO CLOSE BY THIS DATE THE DOWN PAYMENT WILL NOT BE REFUNDED.
SELLER RESERVE PRICE: The Seller reserves the right to accept or reject any or all bids.
LEASE: There is a 50/50 crop share lease in place for the farm for the 2015 crop year. Buyer will receive 100% of the Landowner share of the 2015 crop, and will pay 100% of the Landowner share of 2015 crop expenses. Buyer will reimburse Seller at closing the Landowners’ share of 2015 crop expenses incurred prior to closing.
POSSESSION: Possession of the property will be given as of date of closing, subject to the existing leases.
REAL ESTATE TAXES: Real estate taxes for the 2014 year, payable in 2015, shall be the Seller’s expense. Real estate taxes for the 2015 year, payable in 2016, shall be the Buyer’s expense. All subsequent taxes shall be the Buyer’s expense.
TITLE: Seller will furnish the successful bidders an Owner’s Policy of Title Insurance in the amount of purchase price and will provide an adequate deed, subject to standard exceptions, conveying the real estate to the buyers.
MINERAL RIGHTS: Sale of the property shall include any mineral rights owned by the Seller.
SURVEY: No survey will be provided by the seller.
CONTINGENCIES: THIS AUCTION IS NOT CONTINGENT UPON FINANCING, SURVEYS, OR INSPECTIONS OF ANY KIND. If you need financing to close the sale, please have it arranged in advance, and verify with your lender that they are able to close the transaction by July 29, 2015. Any required inspections must be completed prior to bidding.
DISCLAIMER AND ABSENCE OF WARRANTIES: THIS PROPERTY IS BEING SOLD ON AN “AS IS, WHERE IS” BASIS, and no warranty or representation, either express or implied, concerning the property is made by either the seller or the auction company. Each bidder is responsible for conducting his own independent inspections, investigations, and all due diligence concerning the property, improvements, and the auction. Information contained in the brochure is subject to verification by all parties relying on it. Diagrams and dimensions in the brochure are approximate. All information contained in the brochure and any related materials are subject to the terms and conditions of sale outlined in the Agreement for Sale of Real Estate. Auction conduct and bidding increments are at the direction and discretion of the auctioneer. All decisions of the auctioneer are final. The seller and the auction company reserve the right to preclude anyone from bidding if there is a question as to the person’s credentials, fitness, intent, etc. ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE TIME OF SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.
AGENCY DISCLOSURE: In this auction, the auction company, staff, and auctioneer are seller’s agents and have a fiduciary duty only to the seller. Therefore, Wallace Land Company and all of its staff will not be acting as your agent, but as the designated agent of the seller.