160 ACRES - Champaign County, IL

AUCTION TERMS AND CONDITIONS

Wiedman Farm

December 8, 2009 - 1:00 p.m.

PROCEDURE:  This farm will be offered in two tracts of 80 acres each, both separately and together.  All bidders will be allowed to increase their bids until the auction is declared to be completed and done. 

DOWN PAYMENT:  10% down payment on the day of the auction.  If the buyer defaults on the purchase, the down payment will not be refunded.  THIS AUCTION IS NOT CONTINGENT UPON FINANCING.

CLOSING:  Closing will be December 29, 2009, or sooner.  Time is of the essence.

LEASE:  There is no lease on this farm for the 2010 crop year.

POSSESSION:  Possession of the property will be given as of date of closing, subject to the existing lease.    

REAL ESTATE TAXES:  Real estate taxes for 2009 (payable in 2010) will be the sellers' expense and given as a credit to the Buyer. All subsequent real estate taxes will be the buyers' expense. The 2009 taxes will be estimated based upon the 2008 taxes.

ACCEPTANCE OF BID PRICES: The sellers reserve the right to accept or reject any and all bids.

TITLE:  Sellers will furnish the successful bidder(s) an Owner's Policy of Title Insurance in the amount of purchase price and will provide an adequate deed, subject to standard exceptions, conveying the real estate to the buyer(s).

MINERAL RIGHTS:  Sale of the property shall include any mineral rights owned by the Sellers.

SURVEY:  If the farm is purchased by a single buyer, no survey will be provided. If the farm is purchased by two separate buyers, a survey will be completed at the sellers' expense to determine the dividing property line (this will not be a boundary survey). Purchase price for each tract will be the auction price multiplied by 80 acres.

DISCLAIMER AND ABSENCE OF WARRANTIES:  THIS PROPERTY IS BEING SOLD ON AN "AS IS, WHERE IS" BASIS, and no warranty or representation, either express or implied, concerning the property is made by either the seller or the auction company.  Each bidder is responsible for conducting his own independent inspections, investigations, and all due diligence concerning the property, improvements, and the auction.  Information contained in the brochure is subject to verification by all parties relying on it.  Diagrams and dimensions in the brochure are approximate.  All information contained in the brochure and any related materials are subject to the terms and conditions of sale outlined in the Agreement for Sale of Real Estate.  Auction conduct and bidding increments are at the direction and discretion of the auctioneer.  All decisions of the auctioneer are final.  The seller and the auction company reserve the right to preclude anyone from bidding if there is a question as to the person's credentials, fitness, intent, etc.  ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE TIME OF SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. 

AGENCY DISCLOSURE:  In this auction, the auction company, staff, and auctioneer are sellers' agents and have a fiduciary duty only to the sellers.