State of Oklahoma Public Auction | 49.55+/- Acre Farmstead | Ottawa County, OK

Tract Map_Ottawa County

BIDDING PROCEDURE:

The Property will be offered at Public Auction as a single whole unit.

APPROVAL OF BID PRICES:

The successful bidder will be required to execute the Purchase Documents immediately following the Auction. Seller reserves the right to reject the final high bid if the final high bid, exclusive of the Buyer’s Premium, is less than the minimum amount of $77,500.00.

BUYER’S PREMIUM:

An 8% Buyer’s Premium will be added to the final high bid to determine the total contract purchase price.

DOWN PAYMENT:

10% of the total contract purchase price will be due as a down payment on the day of auction, with the balance due in cash at closing. The down payment may be made in the form of cashier’s check, personal check, or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING.

CLOSING:

The closing shall take place 45 days after the auction or as soon thereafter as applicable closing documents are completed by Seller.

POSSESSION:

Possession of the Property shall be delivered to Buyer upon completion of closing.

DEED:

The Real Property will be conveyed by Special Warranty Deed, subject to the Permitted Exceptions. The cost of preparing and recording the deed will be charged to Buyer. Seller’s interest in the Property arises through judicial forfeiture, and Seller makes no warranty as to the nature of title beyond the provisions contained in the Purchase Documents.

TITLE:

Prior to closing, Buyer shall be entitled to receive an updated commitment for an ALTA standard coverage owner’s title insurance policy. All title insurance costs, including abstracting and preparation of the Final Title Commitment and any title insurance obtained by Buyer or Buyer’s lender, shall be charged to Buyer. Buyer shall accept the title (including the deed, the Final Title Commitment, and any title insurance policy) subject to and notwithstanding all matters which are defined as permitted exceptions in the Purchase Documents.

MANUFACTURED HOME:

The offering includes the Seller’s interest in the 1981 Castle Manufactured Home, VIN CCA8047835577, located on the Property. Seller may elect to transfer its interest by quitclaim bill of sale or as part of the Special Warranty Deed. Seller shall have no obligation to provide a certificate of title, and Buyer will be responsible for taking any actions necessary to complete the transfer following closing.

SURVEY:

The Real Property will be conveyed using the existing legal description without obtaining a new survey.

REAL ESTATE TAXES & ASSESSMENTS:

Buyer shall assume and pay all ad valorem taxes, special assessments and related penalties that are or may become a lien against the Property. Any such amounts delinquent or otherwise due and payable at closing shall be collected from Buyer at closing and paid to the appropriate taxing authority.

MINERALS:

The sale of the Real Estate will include any minerals currently owned by Seller, if any. No promise, warranty or representation is made concerning the existence or value of any minerals or the nature or extent of Seller’s interest therein.

CLOSING COSTS:

The closing agent’s fee for administering the closing shall be charged to Buyer. Buyer shall also pay all charges associated with any loan obtained by Buyer and the other Buyer expenses provided for in the Purchase Documents.

AGENCY:

Schrader Real Estate and Auction Company, Inc. and its affiliated agents are acting as Seller’s agents and represent only the Seller in connection with the Auction.

DISCLAIMER AND ABSENCE OF WARRANTIES:

All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All acreage figures, building sizes, maps, photographs, descriptions and other information contained in marketing materials are approximate. 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 subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the Auctioneer are final. ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.