Terms and Conditions

PLEASE READ AND REVIEW THE REAL ESTATE TERMS THOROUGHLY PRIOR TO BIDDING. IF YOU HAVE NOT READ AND UNDERSTOOD THESE TERMS, DO NOT BID. BY BIDDING, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE PROPERTY UNDER THE FOLLOWING TERMS AND CONDITIONS:

ONLINE BIDDING: AUCTION DATE/TIME: Bidding begins February 22, 2023 @ 8:00 AM EST. Bidding closes February 22, 2023 @ 6:00 PM EST. (**SEE BIDDING PROCEDURE)

METHOD OF SALE: AcrePro Indiana, LLC will offer this property via online auction on February 22, 2023. 69.89 acres, more or less, will be sold. The property will be offered as individual tracts or as a whole farm. Each bid shall constitute an offer to purchase and the final bid, if accepted by the Sellers, shall constitute a binding contract between the Buyer(s) and the Sellers.

UPON CONCLUSION OF THE AUCTION: The Winning Bidder(s) will be required to execute, without modification, a real estate purchase agreement consistent with the terms and conditions of this auction, either in-person or electronically, and return to AcrePro Indiana, LLC no later than 12:00 PM (noon) the day following the auction. Along with the executed contract, 10% of the accepted bid price must be paid in the form of a wire transfer to Cass County Title, Inc. (located at 211 S 3rd St, Logansport, IN 46947) by 12:00 PM (noon) the following day of the auction with the balance due at closing, to be held in escrow and credited to Buyer(s) as part of the purchase price of the tract. Wire transfer instructions and escrow agreement forms will be provided to Winning Bidder(s) along with the contract after the auction. Winning Bidder(s) are responsible for all wire transfer fees. Winning Bidder(s) who fail to execute and return an executed contract and deliver earnest money by 12:00 PM (noon) the day after the auction are in default and are liable to Seller and AcrePro Indiana, LLC for damages incurred as a result of Winning Bidder(s) default. In the event of Winning Bidder(s) default, Seller may either (a) declare this contractual agreement canceled, retain Winning Bidder(s) earnest money and resell the tract, via auction or private sale, with Winning Bidder(s) being liable to Seller and AcrePro Indiana, LLC for losses and costs exceeding the amount of retained earnest money or (b) affirm this contractual agreement and if necessary, enforce its specific performance. For purposes of this section, losses and costs include, but are not limited to, holding costs of the property, expenses of both sales, legal fees and incidental damages of Seller and AcrePro Indiana, LLC. Winning Bidder(s) and Sellers agree to indemnify AcrePro Indiana, LLC for any costs, losses, liabilities, or expenses, including attorney fees resulting from AcrePro Indiana, LLC being named as a party to any legal action arising from Winning Bidder(s) or Sellers failing to fulfill any obligations and undertakings as set forth in this contractual agreement.

ACREAGE: All acreages listed are estimates taken from the county assessor’s records, FSA records and/or aerial photos.

SURVEY: Sellers reserve the right to determine the need for a survey and the type of survey provided. If an existing legal description is adequate for title insurance for the tract, no new survey will be completed. If the existing legal description is not sufficient to obtain title insurance, a survey will be completed, the cost of which will be shared 50/50 by Winning Bidder(s) and Sellers. Sellers will choose the type of survey to be completed and warrant that it will be sufficient to provide an owner’s title insurance policy for the tract. If a survey is completed, the purchase price for the surveyed tract will be adjusted, up or down, to the exact surveyed acres. The price per acre will be the auction price bid for the tract, divided by the tract acreage estimated in the auction brochure.

DOWN PAYMENT: 10% of the accepted bid down by 12:00 PM (noon) the following day of the auction with the balance due at closing. The down payment must be in the form of a wire transfer to Cass County Title, Inc. (located at 211 S 3rd St, Logansport, IN 46947). YOUR BIDDING IS NOT CONTINGENT UPON FINANCING. BE SURE YOU HAVE FINANCING ARRANGED, IF NECESSARY, AND ARE CAPABLE OF PAYING CASH AT CLOSING. NO CONTINGENCIES. This sale is not contingent on or subject to Winning Bidder’s financing, appraisal, survey or inspections of any kind or any other contingencies as agreed to by bidders at registration prior to bidding.

APPROVAL OF BIDS: The Sellers reserve the right to accept or reject any and all bids.

DEEDS: The Sellers will provide a Warranty Deed at closing.

EVIDENCE OF TITLE: Sellers will provide, at their expense, an owner’s title insurance policy to Winning Bidder(s). Each Winning Bidder will be responsible for the cost of a lender’s title policy, if needed. If the title is not marketable, then the purchase agreement(s) are null and void prior to closing, and escrow agent will return earnest money to Winning Bidder(s).

CLOSING: The closing shall occur on or before March 31, 2023. Final closing date to be agreed upon by the buyer and seller.

POSSESSION: Possession of the land will be at closing.

PROPERTY TAXES: Winning Bidder(s) will assume payment of all 2023 tax bills payable 2024. If sold in two tracts to two separate buyers, it will be the buyers’ responsibility to ensure their correct acres are reassessed through the Cass County Auditor’s Office and/or Assessor’s Office for the 2023 payable 2024 tax bill.

DITCH ASSESSMENTS: Winning Bidder(s) will be responsible for paying 2023 ditch assessments and all assessments thereafter.

MINERAL RIGHTS: Seller shall convey 100% of the mineral rights owned by Seller, if any.

ZONING AND EASEMENTS: Sale of property is subject to all state and local zoning ordinances as well as any and all recorded or apparent easements.

DISCLAIMERS: ANNOUNCEMENTS MADE BY ACREPRO AT THE AUCTION DURING THE TIME OF THE SALE TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIALS OR ANY OTHER ORAL STATEMENTS MADE. The tracts are being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the tracts thereon is made by the Sellers, AcrePro or auction company. All sketches and dimensions in this brochure are approximate; neither Sellers nor AcrePro shall assume any liability for its accuracy, errors or omissions. No environmental audit has been made, nor will one be made. Each prospective bidder is responsible for conducting his/her independent inspections, investigations, inquiries and due diligence concerning the tracts. Except for any express warranties set forth in the sale documents, Winning Bidder(s) accepts each tract “AS IS,” and Winning Bidder(s) assumes all risks thereof and acknowledges that in consideration of the other provisions contained in the sale documents, Sellers and AcrePro make no warranty or representation, express or implied or arising by operation of law, including any warranty for merchantability or fitness for a particular purpose of the tracts, or any part thereof, and in no event shall the Sellers or AcrePro be liable for any consequential damages. Winning Bidder(s) agree to hold AcrePro, its representatives, and the clients they represent harmless with respect to property condition, status, and any other matter regarding the tracts.

BIDDING AND REGISTRATION INFORMATION BIDDER VERIFICATION: This is an online auction open to the public. All bidders must register with AcrePro at acrepro.auctioneersoftware.com and be approved before they can place a bid in the auction. Bidders may set a maximum bid prior to the auction date. AcrePro Indiana, LLC reserves the right to reject the registration and to preclude or terminate any individual’s bidding activity if it is suspected that a Bidder is conducting illegal or fraudulent activity. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. If the registered bidder’s username is offensive to AcrePro Indiana, LLC or in their sole opinion detrimental to bidding activity, then AcrePro Indiana, LLC reserves the right to delete the bidder from bidding or unilaterally change the username with notification to the bidder. When using the web site you must obey any and all local, state and federal laws. Violations will result in termination of web site use privileges. Bids may NOT be submitted with or subject to any contingencies, including but not limited to any financial, appraisal or inspection contingencies.

TECHNICAL ISSUES: Neither AcrePro Indiana, LLC, nor the company providing the software will be liable for any technological difficulties or failure of the online bidding system. In the event there are technical difficulties related to the server, software, internet or any other online auction-related technologies, AcrePro Indiana, LLC reserves the right to extend bidding, continue the bidding, or close the bidding.

CONDUCT OF THE AUCTION: AcrePro Indiana, LLC and auction company will have complete control over the auction process. The minimum bid increase will start at $5,000 for each individual tract and the whole farm; however, AcrePro Indiana, LLC reserves the right to adjust increments of bidding at their discretion. Sellers and AcrePro Indiana, LLC have the right, at their sole discretion, to postpone or cancel the auction or to withdraw the Property, in whole or in part from the auction, and to modify or add any terms and conditions of the auction sale and to announce such modifications or additional terms and conditions prior to the deadline for bid submission. All decisions of AcrePro Indiana, LLC and/or the auctioneer are final.

BIDDING PROCEDURE: The auction will be open for bidding at 8:00 a.m. EST on February 22nd. Extended bidding will begin at 6:00 p.m. EST on February 22nd. During extended bidding, each bid that is placed within five minutes will automatically extend the bidding an additional five minutes. After 30 minutes, the auction will move to two minute extended bidding. After one hour, the auction will move to one minute extended bidding. The auction will conclude once the final bid has been placed and the auction has been idle for that extended bidding time period. For questions regarding bidding procedure, call Kyle Spray at (765) 775-6502.

AGENCY: Acrepro Indiana, LLC is the exclusive agent of the seller.

70± Acres of Highly Productive Farmland in Cass County, IN