PROCEDURE: Tracts 1 through 15 will be offered in individual tracts, in any combination of these 15 tracts, or as a total unit. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneer. Bids on tracts, tract combinations and the total property may compete. The property will be sold in the manner resulting in the highest total sale price.

DOWN PAYMENT: 10% of the accepted bid price as down payment on the day of auction with the balance in cash at closing. If the bidder pre-registers with the Auction Company on or before Thursday, February 14, then cash or a personal check will be accepted for the down payment (contact Auction Company for a pre-registration form or visit www.schraderauction.com). If the bidder does not pre-register, a bank letter of credit or guarantee will be required with a personal check, OR bidder must present a $25,000 cashiers check with a personal check for the balance of the down payment on auction day. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING.

APPROVAL 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. The auction bids are subject to the acceptance or rejection by the Seller.

DEED: Seller shall provide Special Warranty Deed(s).

EVIDENCE OF TITLE: The Seller shall provide a preliminary policy of title insurance prior to the auction. If Buyer elects to purchase an Owners Policy of Title Insurance or any lenders Title Insurance, said costs shall be the responsibility of the Buyer.

CLOSING: The closing shall take place by March 21, 2013 or as soon thereafter as applicable closing documents are completed by Seller. Seller and Buyer shall share 50:50 the cost of closing.

POSSESSION: Possession is at closing, other than on the home on Tract 9. Possession of the home on Tract 9 shall be 30 days after closing. Immediate possession is available, if Buyer so elects, for limited farming activities prior to closing, including tillage for spring planting. If Buyer elects to take possession prior to closing, Buyer will assume all responsibility and risks in connection with such activities. If Buyer elects to take possession prior to closing, Buyer must sign an addendum for pre-closing possession at the time of signing the purchase contract, which will require general liability insurance coverage in the amount of at least $1,000,000 combined single limit.

REAL ESTATE TAXES: The Seller shall be responsible for the 2012 calendar year taxes and the Buyer shall be responsible for the taxes due for the 2013 calendar year and thereafter.

BUYERS PREMIUM: A 2% Buyers Premium will be charged to the Buyer. The Buyers Premium shall be added to the high bids to determine the Total Contract Purchase Price.

SURVEY: The Seller shall provide a new survey where there is no existing legal description or where new boundaries are created by the tract divisions in this auction. Any need for a new survey shall be determined solely by the Seller. Seller and successful bidder shall each pay half (50:50) of the cost of the survey. The type of survey performed shall be at the Sellers option and sufficient for providing title insurance. Closing prices shall be adjusted to reflect any difference between advertised and surveyed acres, if a new survey is determined to be necessary by the Seller.

ACREAGE AND TRACTS: All acreages are approximate and have been estimated based on current legal descriptions and/or aerial photos. Any corrections, additions, or deletions will be made known prior to the auction.

AGENCY: Schrader Real Estate and Auction Company, Inc. and their representatives are exclusive agents 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 an AS IS, WHERE IS basis, and no warranty or representation, either expressed 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, 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 to the persons credentials, fitness, etc. All decisions of the Auctioneer are final. ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.

NEW DATA, CORRECTIONS AND CHANGES: Please arrive prior to scheduled auction time to inspect any changes or additions to the property information.

STOCK PHOTOGRAPHY: Some photos are for illustrative purposes only and are not of the auction property.

OWNER: Lake Blackshear Holdings LLC

Auction Brochure

Information Booklet

Sample Purchase Agreement

Online Bidding Registration Form

Bidder Pre-Registration Form

Updated Auction Contract

Click to access