Online Auction Bidders Agreement Bidder RE: Hunting Country Real Estate LLC ? Leamon/Mitchel Land Auction ? Alfalfa County OklahomaTHIS 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 OR BIDDING.I ____________________________________________________________ (Bidder aka Buyer) agree to immediately sign and enter into the Real Estate Auction Purchase Agreement, if I am declared the high bidder (winning bidder) by the auctioneer for the following auction:Leamon/Mitchel Land Auction Alfalfa County Oklahoma ? offered as follows:Tract 1: 160 acres m/l. NW/4 Sec 32-27N-11W.I.M.Tract 2: 80 acres m/l. N/2SW Sec 32-27N-11W.I.M.Tract 3: 140 acres m/l. NE/4 Sec 18-26N-12W.I.M, less a 20 acre tractTract 4: 160 acres m/l. NE/4 Sec 29-26N-12W.I.M.Tract 5: 160 acres m/l. SE/4 Sec 29-26N-12W.I.M.Tract 6: 80 acres m/l. S/2SE Sec 31-26N-12W.I.M.ALL TRACTS ARE LOCATED IN ALFALFA COUNTY OKLAHOMABidding Open & Close Dates/Times:ONLINE BIDDING OPEN: July 20, 2023ONLINE BIDDING CLOSE: Wednesday, August 9, 2023, at 5 p.m. CentralIMPORTANT MESSAGE TO BIDDERS: Please make sure your bidding account is activated early. After registering for a HiBid account, bidders will also have to register for this specific auction event and sign the Bidder Registration prior to their bidding accounts being activated. It is highly recommended that bidders test their accounts early by attempting to place a bid. Bidder waiting until the last day of auction to register stand the risk of missing out on this event.By signing below, I agree that I have read and fully understand the Online Auction Bidders Agreement, the Terms and Conditions of this auction and the Real Estate Auction Purchase Agreement provided.I fully understand and agree that this Online Auction Bidders Agreement MUST be signed and returned to theauction company, prior to being allowed to bid in the Online Auction. I acknowledge and understand that Seller may require proof of funds, a bank letter of credit, or additional pre-qualification of me as a bidder. As a bidder, it is solely my responsibility to contact the auction company with any questions regarding the auction, the Auction Bidder?s Agreement, the Real Estate Auction Purchase Agreement, the Terms & Conditions, additional documentation and/or pre-qualifications prior to being accepted as a bidder, and prior to placing any bids in said auction.Online Auction Terms & Conditions1) Seller?s Confirmation: The properties are being offered in an Online Only Auction, with all bids subject to approval and Acceptance 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 Mitchell Terrel (580) 732-0504 email [email protected]
Or Lucinda Terrel at (816) 420-6257 email [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, unless extended by Seller.4) Property Preview: The property can be previewed by personal inspection by contacting the auction managers:Mitchell Terrel (580) 732-0504 email [email protected]
or Shane Terrel (580) 327-7889 email [email protected]
or Shawn Terrel (580)747-6068 email [email protected]
Property previews are encouraged prior to placing a bid in the auction. There may be livestock in a pasture, so please keep all the gates closed while inspecting. Please do not drive on any crops that may be present. Direct all questions to the auction company.5) No Financing Contingency: By participating in this auction, bidder hereby agreesthat 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 understand that financing is NOT a contingency in the purchase agreement.6) Buyer?s Premium: A Ten Percent (10%) Buyer?s Premium shall be added to the final bid price placed online, which will determine the Total Contract Sales Price. Bidders hereby understand that the Buyer?s Premium shall be added to the winning bid to establish the Total Contract Sales Price that Buyers are obligated to pay for the property.7) Purchase Contract: Upon the close of the auction the winning bidder will be forwarded (via email) the Real Estate Auction Purchase Agreement. The winning bidder hereby agrees to sign and enter into the Real Estate Auction Purchase Agreement immediately following the close of the auction. A copy of said contract executed by the winning bidder must be received by the Auction Company within 24 hours from the time said Contract was sent to the winning bidder. The Real Estate Auction Purchase Agreement may be hand delivered, electronically signed, or scanned and emailed back to the Auction Company (unaltered). A copy of the Real Estate Auction Purchase Agreement is available for review online prior to placing any bids in the auction.8) Down Payment/Earnest Deposit: A non-refundable down payment of Ten Percent (10%) of the total contractpurchase price (in U.S. Currency) will be wire transferred or hand delivered in the form of certified funds to theTitle Company on the earlier of; a) no later than 24 hours following the Buyer?s execution of the Real EstateAuction Purchase Agreement, or b) within 48 hours of the auction closing. See closing agents contactinformation below. The balance of the purchase price will be due in full at closing.9) Closing: Closing shall be on September 5th, 2023, or within (10) days after all title requirements (if any) aresatisfied, or within (10) days after Buyer passes title without requirements or fails to make title requirementswithin the time allowed. Closing shall take place at the office of Woods County Abstract, 521 5th Street, AlvaOklahoma 73717 with an office phone number of 580-327-1746. Closing Agent is Jeff Mapes, and his emailaddress is [email protected]
Buyers will be afforded the opportunity to close absentee, viaemail, mail and wire transfer of certified funds.10) Easements: The sale of the property is subject to easements, rights of way, and unreleased oil and gas leases of record.11) Minerals: All tracts are being offered surface only, and no mineral rights are being sold or transferred.12) Surveys: The tracts of land within this auction are adequately legally described. Seller is not obligated to furnish a survey of the Property. If Buyer desires a survey, it shall be at the Buyer?s sole cost and shall not delay Closing.13) Possession: Possession of the property will be given upon payment in full of the purchase price and transfer of title at closing.14) Title: Title to the Property will be conveyed by a Warranty Deed in a form acceptable to Seller. Seller shall provide a surface-only abstract of title covering the Property certified to date within 10 days after the execution of the Real Estate Auction Purchase Agreement, The Buyer may have the abstract examined within 10 days after delivery to Buyer or his/her designated agent, at Buyer?s expense, if desired.15) Closing Costs: Initial abstract assembly, abstract update & certification, and documentary stamps shall be paid by Seller. The attorney?s title opinion, examination of abstract, and any title insurance requested by Buyer shall be paid by Buyer. Closing/Escrow fees, deed preparation and recording fees shall be divided equally between Seller and Buyer.16) Taxes: The current year?s real estate taxes shall be prorated to the date of closing. Current year taxes, ifunobtainable, will be based on the latest available tax rate and assessed valuation. The Seller will pay all special assessments which have matured prior to the Closing Date.17) Online Auction Technology (Disclaimer): Under no circumstances shall Bidder have any kind of claim against the Auctioneer(s), the Broker(s) of record, or the Seller, if the Internet service fails to work correctly before, during, or after 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 or extend the online auction bidding in the event of any internal or external technology failure, or other issues to preserve the integrity of the auction event and maintain a fair and impartial bidding environment.18) 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.19) Disclaimer: All information provided is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines shown on maps, photographs, videos, and other documents or marketingrepresentation are approximate. Bidders should verify the information to their satisfaction. Information issubject to change without notice. There are no warranties either expressed or implied pertaining to the property. Real estate is being sold "As-Is, Where-Is" with NO warranties expressed or implied (except warranty of title as set forth above). Please make all inspections and have financing arranged prior to 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 the end of 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). The sellers and the auctioneers are NOT developers and make no representations, warranties, or guarantees as to the process or approval of future use for any properties offered for sale. Buyers are required to perform their own due diligence to satisfy themselves on intended uses prior to bidding.