Auction Terms and Conditions

General Information

The placement of a successful bid at the auction establishes a legally binding contract between the successful bidder and the Seller. An email notice sent to the high bidder establishes the contract, which is subject to final acceptance by the Seller. This contract is bound by these Terms of Use, any special terms and conditions published by the Third party for the specific auction, and all other federal and state laws governing contracts for the purchase of property, including but not limited to the Real Estate License Act, otherwise known as the RELA. The successful bidder is legally bound to pay for the property awarded in accordance with his/her bid.

Acceptance of the Terms of Use

These Terms of Use are entered into by and between You and Rooster Ag Realty, Inc. The following terms and conditions, together with any documents they expressly incorporate by reference (collectively, “Terms of Use”), govern your access to and use of the auction, including any content, functionality, services offered on or through auction, whether as a guest or registered user.

Please read the Terms of Use carefully before you start to use the auction. By using the auction you accept and agree to these Terms of Use. If you do not want to agree to the Terms of Use, you must not access or use the auction.

Changes to Terms of Use

Rooster Ag Realty, Inc. may revise and update these Terms of Use from time to time in our sole discretion. All changes are effective immediately when we post them and apply to all access to and use of the auction thereafter.

Your continued use of the auction following the posting of revised Terms of Use means that you accept and agree to the changes.

Eligibility

You must be at least eighteen (18) years of age. In jurisdictions, territories, and locations where the minimum age for permissible use of the auction is greater than eighteen (18) years of age, you must meet the age requirement in your local jurisdiction or territory.

You may establish only one account per user to participate in the services offered on the auction. In the event that Rooster Ag Realty, Inc. discovers that you have opened more than one account per user, in addition to any other rights Rooster Ag Realty, Inc. may have, Rooster Ag Realty, Inc. reserves the right to suspend or terminate any or all of the user’s accounts and terminate, withhold or revoke the awarding of any bid. It shall be a violation of these Terms of Use to allow any other person to use your account to participate in any auction. If you believe someone is using your account without your permission, please contact us immediately. We will not be responsible for any loss or damage resulting from your failure to notify us of unauthorized use. If we request registration information from you, you must provide us with accurate and complete information and must update the information as it changes.

Accessing the Website and Account Security

Rooster Ag Realty, Inc. reserves the right to withdraw or amend this auction, and any service or material we provide on the auction, in our sole discretion without notice. Rooster Ag Realty, Inc. will not be liable if, for any reason, all or any part of the auction is unavailable at any time or for any period. From time to time, Rooster Ag Realty, Inc. may restrict access to some parts of the auction, or the entire auction, to users, including registered users.

You are responsible for both:

• Making all arrangements necessary for you to have access to the auction.
• Ensuring that all persons who access the auction through your internet connection are aware of these Terms of Use and comply with them.

To access the auction or some of the resources it offers, you may be asked to provide certain registration details or other information. It is a condition of your use of the auction that all the information you provide to Rooster Ag Realty, Inc. is correct, current, and complete. You agree that all information you provide to register with this auction or otherwise, including, but not limited to, through the use of any interactive features on the auction, is governed by our Privacy Policy https://www.roosterag.com/privacy-policy/ and you consent to all actions we take with respect to your information consistent with our Privacy Policy.

If you choose, or are provided with, a user name, password, or any other piece of information as part of our security procedures, you must treat such information as confidential, and you must not disclose it to any other person or entity. You also acknowledge that your account is personal to you and agree not to provide any other person with access to this auction or portions of it using your user name, password, or other security information. You agree to notify us immediately of any unauthorized access to or use of your user name or password or any other breach of security. You also agree to ensure that you exit from your account at the end of each session. You should use particular caution when accessing your account from a public or shared computer so that others are not able to view or record your password or other personal information.

Rooster Ag Realty, Inc. has the right to disable any user name, password, or other identifier, whether chosen by you or provided by us, at any time in our sole discretion for any or no reason, including if, in our opinion, you have violated any provision of these Terms of Use.

Indemnification

You agree to defend, indemnify, and hold harmless Rooster Ag Realty, Inc., its affiliates, licensors, and service providers, and its and their respective officers, directors, employees, contractors, agents, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) arising out of or relating to your violation of these Terms of Use or your use of the auction.

Governing Law and Jurisdiction

All matters relating to the auction and these Terms of Use, and any dispute or claim arising therefrom or related thereto (in each case, including non-contractual disputes or claims), shall be governed by and construed in accordance with the internal laws of the State of Illinois without giving effect to any choice or conflict of law provision or rule (whether of the State of Illinois or any other jurisdiction).

Any legal suit, action, or proceeding arising out of, or related to, these Terms of Use or the Website shall be instituted exclusively in the federal courts of the United States or the courts of the State of Illinois, although we retain the right to bring any suit, action, or proceeding against you for breach of these Terms of Use in your country of residence or any other relevant country. You waive any and all objections to the exercise of jurisdiction over you by such courts and to venue in such courts.

Arbitration

At Rooster Ag Realty, Inc.’s sole discretion, it may require You to submit any disputes arising from these Terms of Use or use of the auction, including disputes arising from or concerning their interpretation, violation, invalidity, non-performance, or termination, to final and binding arbitration under the Rules of Arbitration of the American Arbitration Association applying Illinois law.

Earnest Money Escrow

The successful bidder as determined by the agent is required to make a 10% down payment of the accepted bid price on the day of auction with the balance due at Closing. If the deposit is not received within 24 hours from contract signing, the Seller reserves the right for any further action. Any and all wiring charges will be the responsibility of the Purchaser. Bidding is not conditional upon financing.

Closing

Closing shall be on or before November 14^th, 2022. The purchase agreement is between the Seller and Purchaser only and cannot be assigned to a third party without the written consent of the Seller. Possession is subject to the rights of any tenants in possession.

Financing

Mortgage financing available from Compeer Financial upon request.

Real Estate Taxes

All taxes due from prior years shall be paid by Seller. All taxes following the date of Closing shall be the responsibility of the Purchaser.

Crops And Expenses

The lease income for the 2022 crop year shall be prorated on a calendar-year basis, through the date of Closing.

Conveyance

At Closing, Seller shall convey and transfer the property to Purchaser by warranty deed, appropriate assignment, land trust, or other similar acceptable instrument of conveyance. At the same time, the balance of the purchase price then due shall be paid and all documents relative to the transaction shall be signed and delivered.

Title Evidence

At Closing, Seller shall furnish a commitment and Owner’s Title Guaranty Policy for the amount of the purchase price at the Seller’s expense.

Survey

Seller shall provide a boundary survey by a licensed land surveyor at the Seller’s expense, dated no more than 6 (six) months prior to Closing. Final purchase price will be based upon gross surveyed acres.

Disclaimer

Announcements made the day of the auction supersede any previously made statements or material provided, whether printed or oral. Information contained in this brochure is subject to the terms and conditions of the purchase agreement between the Seller and Buyer. All maps, data, acreages, and images in this brochure are approximate, and no liability for its accuracy is assumed by the Seller or Seller’s agent. The Purchaser shall be responsible for conducting their own independent inspection and due diligence concerning the property. The property is being sold “as is” and “where is” with no warranty or representation, either expressed or implied, concerning the property is made by the Seller or Seller’s agent. The auctioneer reserves the right to make final decisions on auction conduct and bidding increments.

Disclosure

Some photos in this brochure may be stock photography and are for illustrative purposes only.

Method

The properties will be offered in two tracts in an online only auction. Bidding will be on a per acre basis, multiplied by gross surveyed acres. The Seller reserves the right to accept or reject any or all bids, and to waive any technical defects in bids. All successful bidders will enter into a purchase agreement with the Seller immediately following the auction. Upon the close of the auction, the purchase agreement will be forwarded to the successful bidders via email or fax. A signed copy of the purchase agreement must be received by Rooster Ag Realty, Inc. within 24 hours of the auction closing. A 10% earnest money payment is required to accompany the purchase agreement and may be submitted by cashier’s check or wire transfer. Bidding ends at 1:00 p.m. Central Time on Wednesday, October 5, 2022. A bid placed within 3 minutes of the scheduled close of the auction will extend bidding by 3 additional minutes until all bidding is completed. If you plan to bid, please register 48 hours prior to the auction closing. Bidding is not conditional upon financing.

Auction Registration

Pre-auction contact and screening by Rooster Ag Realty, Inc. is required in order to be approved to bid on this property. If you plan on bidding, please register at least 48 hours prior to the auction closing.

Due Diligence

It is the Purchaser’s responsibility to complete their due diligence prior to bidding. Access to the property can be done by contacting Rooster Ag Realty, Inc.

Mineral Rights

The Purchaser will receive, and the Seller will convey all mineral rights that the Seller owns relating to the property.

Additional information

If you have any further questions, you may call our Public Auction Line at 919-361-111 or contact Samantha Vazzano at 815-321-2282 for information on the property.