Online Auction Bidders Agreement RE: Hunting Country Real Estate LLC ? Jones/Woolley Land Auction ? Woods 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:Jones/Woolley Land Auction located in Woods County Oklahoma ? offered as follows:- Tract 1: 4.37 acres Sec 11-24N-16W Woods County Oklahoma- Tract 2: 7.04 acres Sec 11-24N-16W Woods County Oklahoma- Tract 3: 13.57 acres Sec 11-24N-16W Woods County Oklahoma- Tracts 4 & 5: 29.24 acres ?2 tracts combined? Sec 11-24N-16W Woods County Oklahoma- Tract 6: 20.00 acres Sec 11-24N-16W Woods County Oklahoma- Tract 7: 20.00 acres Sec 11-24N-16W Woods County Oklahoma- Tract 8: (.99) acre ?less than one acre? Sec 11-24N-16W Woods County Oklahoma- Tract 9: 1 acre Sec 11-24N-16W Woods County Oklahoma- Tract 10: 1 acre Sec 11-24N-16W Woods County Oklahoma- Tract 11: 1 acre Sec 11-24N-16W Woods County Oklahoma- Tract 12: 1 acre Sec 11-24N-16W Woods County Oklahoma- Tract 13: 1 acre Sec 11-24N-16W Woods County Oklahoma- Tract 14: 190 +/- acres NW/4 Sec 4-24N-15W Woods County OklahomaNOTE: See attached Surveys, Plat Maps and Legal Descriptionsfor Tracts #1 - #13 and the associated EasementBidding Open & Close Dates/Times:ONLINE BIDDING OPEN: Monday, June 12, 2023 - 6:00 pm CentralONLINE BIDDING CLOSE: Wednesday, July 12, 2023 - 6:00 pm CentralBy signing below, I agree that I have read and fully understand the Online Auction Bidders Agreement, the Terms and Conditions of this auction, the Real Estate Auction Purchase Agreement, Plat Maps, Legal Descriptions and Surveys 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, Plat Map, Surveys, Legal Descriptions for each tract, 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 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, 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 no later than 24 hours following the close of auction. See closing agents contact informationbelow. The balance of the purchase price will be due in full at closing.9) Closing: Closing shall be on August 15th, 2023, or within (10) days after all title requirements (if any) are satisfied, or within (10) days after Buyer passes title without requirements or fails to make title requirements within the time allowed. Closing shall take place at the office of Woods County Abstract, 521 5th Street, Alva Oklahoma 73717 with an office phone number of 580-327-1746. Closing Agent is Jeff Mapes, and his email address is [email protected]
Buyers will be afforded the opportunity to close absentee, via email, mail and wire transfer of certified funds.10) Easements: The sale of the property is subject to easements, rights of way, restrictions and unreleased oil and gas leases of record. Additionally, there is an easement being created for this auction that is surveyed within and along the northern boundaries of tract #4, tract #6, and tract #7 that will be conveyed to all neighboring tracts within the auction that border this surveyed easement; including but not limited to Tract #?s 4, 6, 7, 8, 9, 10, 11, 12, and 13.11)Minerals: All tracts are being offered surface only, and no mineral rights are being sold or transferred.12) Surveys: Seller has provided surveys for Tracts #1 - #13, as well as a survey for the easement created for this auction. Seller is not obligated to furnish Buyer a survey of the subject property for Tract #14, as this tract is adequately legally described. If Buyer desires a survey for Tract #14, it shall be at the Buyer?s sole cost and shall not delay Closing.13) Possession: On Tracts #1 - #13, possession of the property will be given upon payment in full of the purchase price and transfer of title at closing. On Tract #14, possession of the property will be given upon payment in full of the purchase price, transfer of title, and immediately following expiration of the existing Agricultural Lease on January 1, 2024.14) Title: Title to the Property will be conveyed by a Warranty Deed in a form acceptable to Seller. Seller shall provide Buyer with a Commitment for Title Insurance (the ?Commitment?) issued by the Title Company showing merchantable title in Seller to the Property, subject however to Standard Policy Exceptions stated in the Commitment, instruments filed of record, easements of record, visible easements, and the easement being created for this auction. All Closing costs, including initial abstract assembly, update, certification,closing/escrow fees, deed preparation, recording fees and Title Insurance issued by the Closing Agent will bedivided equally between Seller and Buyer.15) 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.16) 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.17) 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.18) 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 theproperty. 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.19) Pre-Auction Offers: The Auctioneer must present all valid written offers to the Seller, which may be createdoutside of the online bidding platform. Therefore, all properties are subject to pre-auction sales prior to theclose of the auction. Pre-auction offers must meet all of the auction terms and conditions criteria and must besubmitted to the Auctioneer along with the required non-refundable down payment. Properly submitted offersin the format of the Real Estate Auction Purchase Agreement will be presented to the Seller in a timelymanner. Seller may accept or reject such offer at their sole and absolute discretion.