AUCTION TERMS AND CONDITIONS
Kathryn Kuhle Farm
Douglas County, IL
July 23, 2015

PROCEDURE: The farm will be offered in three tracts. Bidders will be allowed to bid on individual tracts, the entire farm, or any combination of tracts. Each tract will be offered individually and then bidders will be allowed to create any combination of the tracts they desire. The farms will be sold in the configurations that are most favorable to the seller. The seller reserves the right to accept or reject any and all bids. Successful bidders will sign a Contract for Sale of Real Estate immediately following the auction. This is a combination online and live auction. You may bid online at www.wallaceland.com, or bid live at the auction. If an online bidder is a successful buyer, a Contract for Sale of Real Estate will be emailed to him/her immediately after the auction. He/she will be required to sign and email it back immediately. His/her digital signature will be considered legal until a paper document can be signed in person. Online bidders must be pre-registered and approved 24 hours prior to the auction. Online bidding will not be open prior to the live auction.
CONTRACT PRICE: Contract price will include the final bid price multiplied by the acres.
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. If an online bidder is a successful buyer, the down payment must be wired to the escrow account within 24 hours of the close of the auction.
CLOSING: Closing will be in 30 days or less. Time is of the essence.
LEASE: There is a crop share lease in place for the farm for the 2015 crop year. Buyer will receive 100% of the Landowner share of the 2015 crop, and will pay 100% of the Landowner share of 2015 crop expenses. Buyer will reimburse Seller at closing for 2015 crop expenses incurred prior to closing.
POSSESSION: Possession of the property will be given as of date of closing, subject to the existing leases.
REAL ESTATE TAXES: Real estate taxes for the 2014 year, payable in 2015, shall be the SellerÂ’s expense. Property taxes for 2015 payable in 2016 shall be the BuyerÂ’s expense.
TITLE: Seller will furnish the successful bidders an OwnerÂ’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 buyers.
MINERAL RIGHTS: Sale of the property shall include any mineral rights owned by the Seller.
SURVEY: No survey will be provided by the seller.
DISCLAIMER AND ABSENCE OF WARRANTIES: THIS PROPERTY IS BEING SOLD ON AN Â“AS IS, WHERE ISÂ” 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 personÂ’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 sellerÂ’s agents and have a fiduciary duty only to the seller. Therefore, Wallace Land Company and all of its staff will not be acting as your agent, but as the designated agent of the seller.

240 Acres - Douglas County, IL