Auction Terms & Conditions 1. AUCTION METHOD. A. Bidding will remain open on all tracts and combinations until the close of the auction. Tract 1 will be offered and then we will offer choice on Tracts 2 – 27. Combination bidding will then be allowed if warranted. B. Conduct of the Auction and the increments of bidding are at the discretion of the Auctioneer. The Auction Company reserves the right to enter bids on behalf of qualified internet bidders, telephone bidders, proxy bidders and the seller. The Seller and Auction Company reserve the right to stop any person from bidding if there is any question as to the person’s credentials, fitness, etc. 2. DILIGENCE. A. The Auction Company has either made available or posted at the auction certain relevant documentation. It is the responsibility of each bidder to review this information prior to bidding. Bidders are responsible for conducting their own independent inspections, inquiries, and due diligence concerning the property. B. All Information provided is subject to verification by all parties relying on it. All sketches and dimensions in the marketing and informational materials are approximate. C. All information provided is subject to the terms and conditions outlined in the Sale Contract. Announcements made at the auction podium during the time of the sale will take precedence over any previously printed material or other oral statements. D. All Tracts and improvements comprising the Property are being sold on an “AS IS, WHERE IS” basis. No warranty or representation, either expressed or implied, concerning the Property or any improvements located thereon is being made by the Seller or Auction Company. E. Bidding is not conditional upon financing. Bidders assume all responsibility for obtaining financing for the purchase of the property. 3. CONTRACT. A. Successful bidders will enter into a Contract for Sale of Real Estate agreement immediately following the auction. Contracts will be prepared and executed in the same manner as the High Bidders are declared. A 5% Buyer’s Premium will be added to the High Bid to determine the Total Purchase Price of each contract. B. An earnest money deposit of 10% of the Total Purchase Price will be due upon signing the contract. The remainder of the Total Purchase Price will be payable at closing. Closing will take place on July 1st, 2019 or as soon as the required closing documents are available. Possession shall be transferred at the date and time of closing. First American Title Insurance Company will hold the earnest money and facilitate the closing. Acceptance or rejection of any auction bid is subject to approval by the Seller. C. The 2019 taxes shall be prorated to the date of closing. Buyer will be responsible for all subsequent taxes. The sale of the Property will NOT include mineral interests. The sale will include all the Seller’s owned water interests appurtenant to the Property. D. The Seller will furnish the successful Buyer(s) a current Title Commitment and Owner’s Insurance Policy in the amount equal to the Total Purchase Price. Seller agrees to convey merchantable title to the Property. Any additional fees charged by the title company/closing agents for handling the closing will be paid half by Seller and half by Buyer. E. The Auction Company and listed Broker are exclusive agents of the Seller. F. Auction Tracts 3, 16 and 19 are a separate ownership from the remaining Tracts. Combination bidding will not be allowed on these three tracts. 4. PROPERTY SPECIFIC. A. As traditional in real estate sales, the personal property that is present but not attached to the property will not be included in the sale. However, any personal property that remains after closing will transfer to the buyer. B. Not all Tract and Property boundary lines are fenced and if needed would be the responsibility of the Buyer(s) at Closing. Existing fence lines may not fall directly on the legal boundary. C. The property is currently under an active private grazing lease until the date of closing. The lease will expire upon closing. The right and title to future grazing leases will not transfer to the Buyer(s). D. The property being offered is subject to the posted Pine Ridge Ranch Property owners association’s By-Laws, Covenants, Conditions, Restrictions and Assessments. E. Electric service has been installed to the lot line of each tract. However, the association’s connection fee has not been paid on Tracts 5, 7, 9, 20, 21, 25 & 26. An electric service connection fee certificate will be provided on the remaining tracts.