AUCTION TERMS & CONDITIONS

PROCEDURE: The property will be offered in 2 individual tracts or as the whole property. Bids on both individual tracts and the whole may compete. Bidding will be done on lump sum total dollars per tract, not dollars per acre.

ONLINE BIDDING: Both onsite bidding and online bidding will compete simultaneously. To participate online, bidders must be registered before the start of the auction. Auction company may request a letter of recommendation from prospective bidder’s financial institution stating funds are available for the 10% deposit and that bidder has the financial capacity for final purchase. Visit www.MurrayWiseAssociates.com to register for online bidding and to place online bids during the auction. For any questions about online bidding, contact Harrison Freeland at (217) 398-6400 or harrison@mwallc.com.

ACCEPTANCE OF BID PRICES: The successful high bidder will enter into a purchase agreement immediately following the close of bidding for presentation to the seller. Should the high bidder be an online bidder, he/she will sign the Contract to Purchase in DocuSign. Final bid price is subject to approval or rejection by seller.

DOWN PAYMENT: A 10% non-refundable down payment of the total contract purchase price will be due within 24 hours of the close of the auction from the winning bidder. The down payment may be paid in the form of wire transfer, personal check, business check or cashier’s check. Should the winning bidder not be approved by the Seller, the down payment shall be returned to Bidder as soon as practicable. The balance of the contract purchase price is due in cash at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING.

CLOSING: The closing shall take place on or before December 21st, 2021.

POSSESSION: Possession will be given at closing, subject to the remaining rights of the current tenant under the 2021 crop lease.

TITLE: Seller will provide a proper deed conveying merchantable title to the real estate to the successful buyer free and clear of liens.

REAL ESTATE TAXES & ASSESSMENTS: The 2021 calendar year taxes due and payable in 2022 shall be paid by seller in the form of a credit at closing. The most recent tax figures available will be used to determine the amount of the credit. The 2022 calendar year taxes and beyond will be the responsibility of the buyer.

SURVEY: At the Seller’s option, the Seller shall provide a new survey where there is no existing legal description sufficient to convey title. Any need for a new survey shall be determined solely by the Seller unless such surveys are required by State or local law. The cost of the survey shall be paid by the Seller. The type of survey performed shall be at the Seller’s option and sufficient for providing a standard form owner’s title insurance policy and the transfer of merchantable title.

MINERAL RIGHTS: The sale shall include any and all mineral rights owned by the Seller, if any.

ACREAGES: All acreages are approximate and have been estimated based upon current legal descriptions, FSA records and aerial mapping software.

EASEMENTS & LEASES: The sale is subject to any and all easements and leases of record.

DISCLAIMER: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. The 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 the Seller or Murray Wise Associates LLC. 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 believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Seller or Murray Wise Associates LLC. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the final round of bidding and increments of bidding are at the direction and discretion of the seller’s agent. The Seller and Murray Wise Associates LLC reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. Under no circumstances shall Bidder have any kind of claim against Murray Wise Associates LLC, or anyone else if the internet service fails to work correctly before or during the auction.

AGENCY: Murray Wise Associates LLC and its representatives are exclusive agents of the Seller.

SELLER: Arms Farm LP.

By checking the box below, I hereby agree to and represent the following:

If I am the successful bidder, I will sign the form of purchase agreement as provided to me at the auction and perform in accordance with the terms and conditions included therein.

If I am bidding and signing the purchase agreement on behalf of a partnership, corporation, or other entity, I have all requisite authority, power, and legal right to bind such entity to the terms and conditions of the purchase agreement.

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