Auction Terms and Conditions

Specific Terms for Timed Online Only Auction

This is a timed online only auction with a three percent (3%) Buyer’s Premium. Hughes Real Estate and Auction Service, LLC along with their employees are seller’s agents and are licensed in the state where the property is located. We strongly recommend buyers secure buyer representation, at their expense, in all real estate transactions. Bid placed within the last 4 minutes of the auction will extend the auction an additional 4 minutes. Bid extensions continue and auction does not end until there are no bids for 4 minutes.

• This property sells for cash with no owner financing. Bidders must have financing secured prior to bidding. The sale of this property IS NOT contingent on the bidder securing financing. The auction begins at 10 AM Monday, November 29, 2021 and will begin to close at 2:00 PM Friday December 3, 2021.

• Property is to be sold by the DEEDED ACRE ($Bid x Deeded Acre)

• All bidders must register with HughesRealEstate.net as an online bidder to participate in the auction.

• All bidders must register their name, address, and telephone number for your bidding number to be approved.

• The successful bidder will be required to sign an Earnest Money Receipt and Purchase Agreement at the close of the real estate auction. A total deposit of $50,000 will be required. Those funds will be placed in a Real Estate Trust Account as good faith money until closing. Funds are due and payable at the signing of the Purcahse Agreement.

• The contract signing will take place at the offices of Hughes Real Estate and Auction Service located at 1222 Atlantic Ave Benson, MN 56215.

• If the winning bidder is unable to come to the Hughes Real Estate office for signing of the contract, contact Jesse Hughes at 320-815-0460. Arrangements will be made to email or fax a copy of the contract for signature or send a scanned copy by email.

• Purchasers who are unable to close because of insufficient funds will be in default and the deposit money will be forfeited. Balance of the purchase price must be paid in full at closing on or about Wednesday February 3, 2022 at the offices of Michael Erhardt, Attorney for the Seller, 201 12^th St North Benson, MN 56215.

• Prior to closing, SELLERS at SELLER’S expense and election shall furnish to Buyer(s) either: (1) an abstract of title updated to a current date, or (2) an ALTA title insurance commitment for an owner’s policy of title insurance in the amount of the purchase price. Sellers shall provide good and marketable title. Zoning ordinances, building and use restrictions and reservations in federal patents and state deeds, existing tenancies, easements, and public roads shall not be deemed encumbrances or defects.

• 2021 Taxes to be paid by the Sellers. Subsequent taxes and or special assessments, if any, to be paid by Buyer(s). Real Estate Taxes are subject to reassessment under new owner.

• Closing Agent Fee will be shared equally between Buyer(s) and Sellers.

• The auction sale is for registered bidders and their guests. All bidding is open to the public and the property is offered for sale to qualified purchasers without regard to sex, race, color, religion, natural origin, or handicap.

• Please note the bidding will not close and property will not be sold until everyone has had the opportunity to make his or her highest and best bid.

• THE PROPERTY WILL BE SOLD AS IS WITH NO WARRANTIES EXPRESSED OR IMPLIED.

• THE PROPERTY WILL BE SOLD SUBJECT TO SELLER CONFIRMATION. PROPERTY SOLD WITHOUT WARRANTY All dimensions and descriptions are approximations only based upon the best information available and are subject to possible variation. Sketches may not be drawn to scale and photographs may not depict the current condition of the property. Bidders should inspect the property and review all the pertinent documents and information available, as each bidder is responsible for evaluation of the property and shall not rely upon the Seller, Broker or Auctioneer, their Employees or Agent

Successful Bidder

The successful bidder of the property shall be determined by competitive bidding. Should any dispute arise between bidders, the auctioneer shall have the right to make the final decision either to determine the successful bidder or to re-offer the property that is in dispute.

Sellers Performance

The Sellers have agreed to the terms of the sale as published. However, the Broker and Auctioneer make no warranties or guarantees as to the Seller’s performance.

Agency Disclosure

Hughes Real Estate and Auction Service, LLC is representing the Sellers.

Possession

Possession will be at closing or completion of current crop harvest, whichever is later, unless otherwise agreed to in writing and agreeable by Buyer(s) and Sellers.

Mineral Rights

All mineral rights, if any, held by Sellers will be transferred upon closing. However, the Sellers do not warrant the amount or adequacy of the mineral rights.

Environmental Disclaimer

The Sellers, Broker and Auctioneers do not warrant with respect to the existence or nonexistence of any pollutants, contaminants or hazardous waste prohibited by federal, state, or local law. Buyer(s) is responsible for inspection of the property prior to purchase for conditions including but not limited to water quality, and environmental conditions that may affect the usability or value of the property. No warranties are made as to the existence or nonexistence of water wells on the property, or the condition of any well.

Easements and Survey

The property to be sold is subject to any restrictive covenants or easements of record and any results that an accurate survey may show. A survey has been completed. Deeded acres are 156.27 (more or less).