Principal Broker: Jeramy M. Stephens Listing Agent: Scott LaFerney Auctioneer: Joey Cain 1504 N. Pierce Street, Ste. 105 Little Rock, AR 72207 AUCTION TERMS AND CONDITIONS LAND AUCTION WITH RESERVE – 748+/- ACRES – WHITE COUNTY, ARKANSAS OWNERS: L.D. & PEGGY VAUGHN (TRACTS 1-6) OWNERS: CHRISTOPHER & TERESA PHILLIPS (TRACT 7) THURSDAY, JANUARY 18TH, 2018 AT 1:00 P.M. (WILL IMMEDIATELY FOLLOW VAUGHN EQUIPMENT AUCTION) RED SHOP BUILDING 344 HWY 323S, SEARCY, AR 72143 AUCTION FORMAT: This is an auction with a minimum reserve with the property being sold “AS IS, WHERE IS” to the highest acceptable bidder(s). Registered bidders may bid on individual tracts or combinations of multiple tracts. Property will also be offered as a whole except for Tracts 6 & 7. Tracts 6 & 7 will be sold separately. AUCTION REGISTRATION: All prospective bidder(s) must complete a Bidder Registration Form and it must be signed and received by National Land Realty prior to the commencement of the auction. All on site bidders shall be prepared to provide a deposit in the form of a cashier’s check, a personal or business check with a letter from the financial institution certifying funds or a wire transfer for 10% of the purchase price. Any online bidders, internet bidders or off-site bidders must deposit funds in the amount of 10% of their intended bid with Pro Land Title no later than the day before the auction (Wednesday, January 17th, 2018). If they are not a successful bidder, funds will be returned promptly to their account by wire transfer within 24 hours. DESCRIPTION FOR PROPERTY TO BE AUCTIONED: Seven (7) Parcels of land in individual tracts and the entire property (Except Tracts 6 & 7 as they will only be sold individually), as identified by the attached Legal Description Attachment. LEASES: There are no existing leases on any of the tracts being auctioned. FSA BASE ACRES: If the property is sold in multiple tracts, the FSA Base acres on USDA Farm #9084 & #9506 will be pro-rated accordingly to the percentage of acreage purchased. ACRES AND BOUNDARY LINES: The estimated number of acres for each tract have been obtained from the White County Tax Assessor office and legal descriptions from previous deeds and have been provided as a courtesy to bidders. The boundaries and total acres within each tract are approximate and have not been surveyed. Seller(s), Broker and Auctioneer assume no liability for the accuracy, errors or omissions in regard to ay representations or descriptions of the property or any individual tract. Final purchase price will not be adjusted in the event of a discrepancy between estimated and surveyed acres. BIDDING PROCEDURE: Only those individuals who have completed a Bidder Registration Form prior to the auction may bid during the auction. During the auction, you will need to raise your hand or bid number or instruct a representative from National Land Realty to call out a bid for you. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer and National Land Realty. In the event of a dispute between bidders, National Land Realty and/or Owner(s) shall make the final decision to accept the final bid, to re-offer and re-sell the property, or to remove the property from the auction. If any disputes should arise following the auction, the Auctioneer and National Land Realty’s records shall be conclusive. REQUIREMENTS OF THE SUCCESSFUL BIDDER(S): Immediately following the conclusion of the auction, all successful bidders shall enter into and sign the Real Estate Contract for the auctioned property, a copy of which will be available for registered bidder’s review prior to the auction. The Real Estate Contract will NOT be contingent on financing and shall be a Specific Performance Contract. The successful bidders shall provide a deposit in the form of a personal or business check or a wire transfer for 10% of the purchase price which will immediately be deposited in the Pro Land Title Trust Account. If Purchaser fails or refuses to complete the sale and pay the agreed upon purchase price, Seller may at his/her sole option (a) declare this Agreement immediately null and void and retain Purchaser’s deposit as liquidated damages or (b) pursue such other legal or equitable remedies available to Seller under applicable state law. BUYER PREMIUM: Buyer will be responsible for a Ten (10) Percent buyer premium upon the acceptance of any successful bid. The premium will be in addition to the acceptable successful bid. (For Example – A successful bid of $100,000 will be a total sales price of $110,000.00). CLOSING: Closing shall be on or before February 19th, 2018 at Pro Land Title (closing will take place at office convenient for Sellers) with immediate possession. Purchaser shall pay in cashier’s check or electronic wire transfer funds, the balance of purchase price and buyer premium at closing. Closing costs shall be split equally between Seller(s) and Buyer(s). PROPERTY CONDITION: The prospective buyer should verify all information contained herein. All prospective bidders are urged to fully inspect the property, it’s condition, and to rely on their own conclusions as the property is being sold AS IS, WHERE IS, without any warranty, representation or recourse to Seller(s) or Seller(s) Agents. TITLE: Seller(s) to convey title by a General Warranty Deed. A preliminary Title Insurance Commitment for each individual tract will be available for review, prior to the auction. Prior to closing, a Title Insurance Commitment will be issued in the appropriate name of the buyer(s) and for the amount of the buyer(s) final purchase price for final review. After closing, a Title Insurance Policy will be issued to the buyer(s). Title Insurance will be used as evidence of marketable title with the cost of the premium split equally between the Seller(s) and the Buyer(s). Property is being sold subject to existing roads and highways; established easements and right-of-ways; other matters affected by title documents shown within the title commitment; zoning, building, subdivision, and other restrictions and regulations of record. REAL ESTATE TAXES: All taxes shall be prorated to the day of closing with Seller(s) paying all taxes prior to closing. SURVEY: There will be no survey provided by the Seller(s). MINERALS: The sale shall include 100% of the mineral rights owned by the Seller(s), if any. ANNOUNCEMENTS: The information contained herein has either been obtained from the Seller(s) and sources deemed reliable. National Land Realty have no reason to doubt its accuracy, but will not guarantee it. Seller(s), National Land Realty and its Auctioneer assume no responsibility for omissions to, corrections to, or withdrawals of such information. Prospective Buyer(s) should verify all information contained herein. All prospective Buyer(s) are urged to fully inspect the property, its condition and to rely on their own conclusions. National Land Realty and its Auctioneer are acting as Agents for the Seller. Announcements made by National Land Realty and its Auctioneer at the time of the sale will take precedence over any previously printed material or other oral statements. National Land Realty and its Auctioneer may require bank references upon request and reserves the right to refuse bids from any bidder. DISCLAIMER AND ABSENCE OF WARRANTIES: The property is sold “AS IS, WHERE IS”. No warranty or representation, either expressed or implied, or arising by operation of law concerning the property is made by the Seller(s), National Land Realty or its Auctioneer. Any and all warranties including fitness for any particular purpose and are hereby expressly disclaimed. In no event shall Seller(s), National Land Realty or its Auctioneer be liable for any consequential damages.