.
Base Information
Base Acreage Direct Yield
Wheat 10.5 40
Corn 55.3 84
Soybeans 12.9 26
Bid Increments:
| Bid | Increment |
0 - $250,000 | $5,000 |
$250,001 - $500,000 | $10,000 |
$500,001 - $1,000,000 | $25,000 |
| $1,000,000 - UP | $50,000 |
Exhibit A<br>
<br>
Terms and Conditions of Real Estate Auction<br>
<br>
550 +/- Acres, Venice, Hazelton & Bennington Township, Shiawassee County<br>
<br>
Thursday January 26, 2012 11:00 AM<br>
<br>
<br>
1. All bidding is open to the public. You must raise your hand and be recognized by the auctioneer there is also internet bidding the day of the auction so a potential buyer can bid over the computer as well.<br>
<br>
2. Bidding will remain open until the close of the auction. Bidding will be on a per acre basis in opening round and on a lump sum basis after opening round.<br>
<br>
3. A Buyer’s Premium of 3% of the successful bid will be due from the Buyer at closing. Please take this into consideration when bidding. <br>
<br>
4. Buyer(s) must be prepared to make a cash offer. No financing is available. Not being sold subject to buyer(s) obtaining financing. Buyer(s) must be capable of paying cash at closing.<br>
<br>
5. 10% (non-refundable) deposit must be presented upon signing this offer in the form of cash, certified check, personal check or bank wire. Balance of purchase price is due at close of sale, which shall be approximately 30 days after Auction Date, or as soon thereafter as applicable closing documents are completed. <br>
<br>
6. Real Estate is sold subject to Seller(s) acceptance or rejection. Auctioneers and sales agents reserve the right to negotiate final sales price on behalf of the seller.<br>
<br>
7. Tracts 1-9 are being sold subject to Shiawassee County Probate Court Approval.<br>
<br>
8. Buyer acknowledges they are buying property in AS-IS condition, without inspections or contingencies.<br>
<br>
9. Tracts 1-9 cannot be cross combined with tract 10 since there are two different sellers in this auction.<br>
<br>
10. Possession shall be given to the successful Buyer(s) at closing on tracts 1, 3, and 5-9. Tract 2 is currently leased until June 1, 2012 at a rate of $600 per month. Tract 4 possession will be given 60 days after closing. Tract 10 is selling with tenants rights on the current wheat crop that is planted and the new buyer will get possession once the wheat is harvested from the acreage in 2012.<br>
<br>
11. Sale of Real Estate shall include all mineral, oil, and gas rights owned by the Seller(s).<br>
<br>
12. The purchase and sales contract executed on Auction Day is not assignable. The deed names provided by the high bidder cannot be altered and must be present unless you have their power of attorney. <br>
<br>
13. Taxes and Assessments will be prorated to the closing date.<br>
<br>
14. Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations. <br>
<br>
15. Earnest Money Deposit is non-refundable.<br>
<br>
16. The closing fee charged by Title Company will be shared equally between Buyer(s) and Seller(s).<br>
<br>
17. Seller(s) will provide an owner’s policy of title and convey title with a full Warranty Deed.<br>
<br>
18. Sheridan Realty & Auction Co. and their representatives are Exclusive Agents of the Sellers.<br>
<br>
19. In order to be recognized as a buyer’s agent and receive co-op commission you must pre-register your buyers with the Auction Company 24 hours prior to the Auction Date. Agents who fail to pre-register their buyers will not be recognized as buyer agents and will NOT be entitled to a co-op commission. Broker cannot act as a principal and broker on the same transaction. Contact Sheridan Realty & Auction Co. for details.<br>
<br>
20. The terms and covenants of the purchase agreement, including these additional terms (Exhibit A), shall survive closing and shall bind and the benefits shall inure to the heirs, successors, representative and assigns of the Parties.
<br>
Terms and Conditions of Real Estate Auction<br>
<br>
550 +/- Acres, Venice, Hazelton & Bennington Township, Shiawassee County<br>
<br>
Thursday January 26, 2012 11:00 AM<br>
<br>
<br>
1. All bidding is open to the public. You must raise your hand and be recognized by the auctioneer there is also internet bidding the day of the auction so a potential buyer can bid over the computer as well.<br>
<br>
2. Bidding will remain open until the close of the auction. Bidding will be on a per acre basis in opening round and on a lump sum basis after opening round.<br>
<br>
3. A Buyer’s Premium of 3% of the successful bid will be due from the Buyer at closing. Please take this into consideration when bidding. <br>
<br>
4. Buyer(s) must be prepared to make a cash offer. No financing is available. Not being sold subject to buyer(s) obtaining financing. Buyer(s) must be capable of paying cash at closing.<br>
<br>
5. 10% (non-refundable) deposit must be presented upon signing this offer in the form of cash, certified check, personal check or bank wire. Balance of purchase price is due at close of sale, which shall be approximately 30 days after Auction Date, or as soon thereafter as applicable closing documents are completed. <br>
<br>
6. Real Estate is sold subject to Seller(s) acceptance or rejection. Auctioneers and sales agents reserve the right to negotiate final sales price on behalf of the seller.<br>
<br>
7. Tracts 1-9 are being sold subject to Shiawassee County Probate Court Approval.<br>
<br>
8. Buyer acknowledges they are buying property in AS-IS condition, without inspections or contingencies.<br>
<br>
9. Tracts 1-9 cannot be cross combined with tract 10 since there are two different sellers in this auction.<br>
<br>
10. Possession shall be given to the successful Buyer(s) at closing on tracts 1, 3, and 5-9. Tract 2 is currently leased until June 1, 2012 at a rate of $600 per month. Tract 4 possession will be given 60 days after closing. Tract 10 is selling with tenants rights on the current wheat crop that is planted and the new buyer will get possession once the wheat is harvested from the acreage in 2012.<br>
<br>
11. Sale of Real Estate shall include all mineral, oil, and gas rights owned by the Seller(s).<br>
<br>
12. The purchase and sales contract executed on Auction Day is not assignable. The deed names provided by the high bidder cannot be altered and must be present unless you have their power of attorney. <br>
<br>
13. Taxes and Assessments will be prorated to the closing date.<br>
<br>
14. Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations. <br>
<br>
15. Earnest Money Deposit is non-refundable.<br>
<br>
16. The closing fee charged by Title Company will be shared equally between Buyer(s) and Seller(s).<br>
<br>
17. Seller(s) will provide an owner’s policy of title and convey title with a full Warranty Deed.<br>
<br>
18. Sheridan Realty & Auction Co. and their representatives are Exclusive Agents of the Sellers.<br>
<br>
19. In order to be recognized as a buyer’s agent and receive co-op commission you must pre-register your buyers with the Auction Company 24 hours prior to the Auction Date. Agents who fail to pre-register their buyers will not be recognized as buyer agents and will NOT be entitled to a co-op commission. Broker cannot act as a principal and broker on the same transaction. Contact Sheridan Realty & Auction Co. for details.<br>
<br>
20. The terms and covenants of the purchase agreement, including these additional terms (Exhibit A), shall survive closing and shall bind and the benefits shall inure to the heirs, successors, representative and assigns of the Parties.