Online Auction Bidders Agreement THIS IS A LEGALLY BINDING DOCUMENT. IF YOU DO NOT UNDERSTAND THE TERMS AND CONDITIONS AS SET FORTH HEREIN, PLEASE CONSULT AN ATTORNEY PRIOR TO SIGNING. I ________________________________ (Buyer) agree to immediately enter into a Purchase Contract if I am declared the high bidder (winning bidder) by the auctioneer during the following auction: · TRACT #1 - A tract of land consisting of 583 +/- acres in S17-T2N-R13E · TRACT #2 - A tract of land consisting of 296 +/- acres in S19-T2N-R13E (plus additional water rights in Section 19) · Bidding Open & Close Dates/Times: o Online Bidding Opens on Saturday, August 22nd, 2020 at 6:00pm CST o Online Bidding Closes on Tuesday, September 22nd, 2020 at 6:00pm CST By signing below, I agree that I have read and fully understand the Online Auction Bidders Agreement and the Terms and Conditions of this auction. I fully understand and agree that an Online Auction Bidders Agreement MUST be signed and returned to the auction company, prior to being allowed to bid in the Online Auction. As a bidder, it is solely my responsibility to contact the auction company at (877) 318-0438 with any questions regarding the auction, purchase agreement or terms & conditions, prior to placing any bids in said auction. Online Auction Terms & Conditions 1) Seller?s Confirmation: The property is being offered in an Online Only Auction, with all bids being subject to approval by Seller. 2) Auction Bidding Registration: Online bidder hereby acknowledges that they must be properly registered for the online auction by completing and signing the (Online Auction Bidders Agreement), which will be sent by email via DocuSign. Upon completing this registration form and receiving approval, bidding privileges will be turned on. If you need assistance with registration, you may contact Lucinda Terrel at (816) 420-6257 or by email at [email protected]
Seller(s) may at their sole discretion request additional registration requirements from any bidder unknown to them or the auction company. 3) Bidding Opens/Closes: The Online Only Auction (i.e. Internet Auction) bidding shall be opened and begin closing on the dates and times stated above. 4) Property Preview: It is highly recommended that all bidders personally inspect the property prior to placing any bids in the auction. Property inspections are the sole responsibility of the bidders and may be conducted at any time, as this is vacant land. Any questions related to the property, please contact the Auction Company at 877-318-0438. 5) No Financing Contingency: By participating in this auction, bidders hereby agree that their bid shall NOT be subject to the bidder?s ability to obtain financing. By placing a bid in this auction, bidders are making a ?cash offer? to purchase the property and financing is NOT a contingency in the purchase agreement. 6) Purchase Contract: Winning bidder hereby agrees to enter into a Contract to Purchase the property immediately upon being declared the Successful Bidder by the Auctioneer. Upon the close of the auction the winning bidder will be forwarded via email an Auction Real Estate Sales Contract to purchase the property. A signed copy of the Auction Real Estate Sales Contract must be received by the broker of record Richard Shawn Terrel (the Oklahoma Broker #134099) no later than 24 hours from the time said Purchase Contract was sent to the winning bidder. The Auction Real Estate Sales Contract may be (hand delivered, faxed, or scanned and emailed). A sample purchase contract is available for review online prior to placing any bids in the auction. 7) Down Payment/Earnest Deposit: A down payment of Ten Percent (10%) of the total contract purchase price will be wire transferred or hand delivered in the form of certified funds to the Title Company no later than 48 hours following the close of auction. See closing agents contact information below. The balance of the purchase price will be due in full at closing. 8) Closing: Closing shall be on or by Thursday, October 22nd, 2020. Closing shall take place at Guaranty Abstract & Title Co., Inc. 318 N. Main, Guymon, OK 73942. Closing Agent is Teressa Peck and her phone number is (580) 338-3374. Out of state buyers will be afforded the opportunity to close via email, mail and wire transfer of certified funds. 9) Easements: The sale of the property is subject to any and all easements filed of record. 10) Minerals: Property is being offered surface and water rights only. No mineral rights are being sold or transferred. 11) Survey: A survey is not required to transfer the subject property. If the buyer desires a survey, it shall be at the buyer?s sole expense. 12) Possession: Possession of the property will be given upon payment in full of the purchase price and transfer of title, at closing, subject to current tenant?s rights. 13) Title: Seller shall provide an abstract of title covering the property being sold and transferred. Seller shall execute a general warranty deed conveying the property to the buyer(s). 14) Taxes: Seller shall pay the 2019 and all prior year real estate taxes. The 2020 real estate taxes will be Prorated to the date of closing. 15) Online Auction Technology (Disclaimer): Under no circumstances shall Bidder have any kind of claim against United Country ? Heritage Brokers & Auctioneers, Broker of record, or anyone else, if the Internet service fails to work correctly before or during the auction. Online bidding is subject to technology faults and issues which are outside the control of the auction company. Bidder(s) are encouraged to use the ?Maximum Bid? feature on the bidding platform and lock in their maximum bid amount, if they are concerned about technology failure during the auction. The SELLER and/or Auction Company reserves the right to (pause) the online auction bidding in the event of any internal or external technology failure, to preserve the integrity of the auction event and maintain a fair and impartial bidding environment. 16) Soft Close: If a bid is received within the last 3 minutes of the auction, the auction close time will automatically extend 3 minutes to allow other bidders an opportunity to competitively bid prior to the auction closing. This feature eliminates "snipers" and encourages fair and impartial bidding from all participants. 17) Disclaimer: All information provided is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, etc. are approximate. Buyers should verify the information to their satisfaction. Information is subject to change without notice. There are no warranties either expressed or implied pertaining to this property. Real estate is being sold "As-Is, Where-Is" with NO warranties expressed or implied. Please make all inspections and have financing arranged prior to the end of bidding. The Auctioneer reserves the right to bid on behalf of the Seller up to, but not beyond the Seller?s reserve price (if applicable). The property is available for and subject to sale prior to auction. By participating in this auction, Buyers hereby acknowledge that any bid(s) placed by them is a binding agreement to purchase the property, subject to the bid being approved by Seller (if applicable). 18) Pre-Auction Offers: As an agent for the Seller, the Auctioneer shall present any and all bona fide written offers to the Seller, which may be created outside of the online bidding platform. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all of the auction terms and conditions, and must be submitted to the Auctioneer on the Auction Real Estate Sales Contract, along with the required earnest deposit. Properly submitted offers will be presented to the Seller in a timely manner. Seller may accept or reject such offer at their sole and absolute discretion.