BIDDING PROCEDURES AND AUCTION TERMS

For online auction conducted by:

Schrader Real Estate and Auction Company, Inc.

On behalf of:  Trustee of the Rebecca Weaver Trust dtd 11/5/2019 (“Seller”)

Online Bidding Ends:  September 7, 2023 at 6:00 p.m. (EDT) *

(* unless extended as provided below)

PART A  -  BIDDING PROCEDURES:

1. Bidding is online only and is open to anyone who has:

• Obtained an Online Bidding Number by successfully applying for access to Online Bidding Services and agreeing to the Online Bidding Terms through the Auction Company’s website https://www.schraderauction.com/auctions/8527 and/or https://schrader.nextlot.com; and
• Successfully registered to participate in this auction and agreed to the particular Auction Terms that apply to this auction.

1. The Auction Terms that apply to this auction (“Auction Terms” consist of the provisions contained in the Agreement to Purchase and this Addendum A, both of which have been posted to the auction website. The Auction Terms contained in this Agreement to Purchase and this Addendum A are non-negotiable and they supersede and control over any oral statements and/or any other written terms stated in the auction brochure and/or the auction website or otherwise.
2. The initial bidding period ends at 6:00 o’clock p.m. (EDT) on Thursday, September 7, 2023, at which time all bidding will close unless the bidding is extended in accordance with paragraph 4 below.
3. If a bid is received during the final minute of the initial bidding period (or during the final minute of any extended bidding period): (a) bidding will remain open for an extended bidding period ending five minutes after the end of the last prior bidding period; and (b) this extension of bidding will continue until an extended bidding period ends with no bid having been made during the final minute thereof, at which time all bidding will close. The time of any bid and the end of any bidding period shall be determined solely by the online bidding platform.

PART B  -  AUCTION TERMS:

1. The Auction Terms consist of the provisions contained in the Agreement to Purchase and this Addendum A, both of which have been posted to the auction website. These terms are non-negotiable and they supersede and control over any oral statements and/or any other written terms stated in the auction brochure and/or the auction website or otherwise.
2. After the bidding closes, a purchase offer for each final high bid will be completed by the Auction Company and delivered to the high bidder (“Buyer”) who shall then sign and return the purchase offer to the Auction Company. The purchase offer will be in the form of the Agreement to Purchase and this Addendum A (as posted to the auction website) and may be signed and/or delivered electronically.
3. A Buyer’s Premium equal to 3% of the high bid amount will be charged to each Buyer and added to the bid amount to arrive at the purchase price.
4. The final high bid is subject to the Seller’s acceptance or rejection. The final high bid may be accepted at any time before the end of the first business day after the close of bidding.
5. Buyer shall deliver an earnest money deposit to Auction Company in the amount of 10% of the purchase price. The earnest money may be delivered by check or wire transfer, but it must be received by Auction Company on or before Friday, September 8, 2023.
6. The balance of the purchase price is due in cash at closing. Bids are not contingent on financing. Each bidder is responsible for having arranged any financing prior to bidding.
7. As an update to the marketing materials, the closing will be scheduled in accordance with Section 7 of the Agreement to Purchase in your Bidder’s Packet. The targeted closing period is on or before October 9, 2023.
8. Delivery of title and possession will be effective upon completion of the closing.
9. The closing agent’s fee to administer the closing will be shared equally (50:50) between the Buyer and Seller. Buyer will pay all costs of any loan obtained by Buyer. Real Estate taxes will be prorated to the date of closing.
10. Seller will furnish the deed and owner’s title insurance at Seller’s expense in accordance with the terms of Section 5 of the Agreement to Purchase.      
11. It is expected that the property will be conveyed using existing legal description, without obtaining a new survey. In any event, a new survey shall be obtained if and only if: (a) the official(s) responsible for recording the conveyance will not accept the conveyance for recording without a new survey; or (b) Seller elects to obtain a new survey for any other reason in Seller’s sole discretion.
12. If a new survey is obtained, the survey shall be ordered by the Auction Company and shall be sufficient for the purpose of recording the conveyance, but the type of survey shall otherwise be determined solely by the Seller. If a new survey is obtained in accordance with the provisions of this Addendum A, the cost of such survey shall be shared equally (50:50) by Seller and Buyer.
13. Preliminary title insurance schedules dated August 21, 2023 have been prepared by Fidelity National Title Company and posted to the auction website.
14. Buyer agrees to accept title and acquire the property subject to all “Permitted Exceptions” as defined in Section 6 of the Agreement to Purchase.
15. The advertised acre estimate is an approximation based on the acres shown in the property tax records. No warranty or authoritative representation is made as to the number of acres included. The purchase price shall not be subject to adjustment regardless of the number of acres shown in any survey or other record created before or after the auction.
16. Boundary lines and auction tract maps depicted in the auction brochure and other marketing information are approximations provided for identification and illustration purposes only. They are not provided as survey products and are not intended to depict or establish authoritative boundaries or locations.
17. If a dispute arises prior to closing as to the location of any boundary, the Auction Company may (but need not) terminate the purchase contract by giving written notice of termination to Buyer, but only with the Seller’s consent. In the event of such termination, the earnest money shall be refunded to Buyer and the Property may be re-sold free and clear of any claim of Buyer. In lieu of consenting to such termination, Seller may elect instead to enforce the purchase contract according to its terms.
18. Buyer’s obligation to purchase and acquire the Property at closing is not contingent upon any post-auction inspection, investigation or evaluation of the character, condition or suitability of the Property. Buyer is responsible for having completed all inspections, investigations and evaluations before bidding. Buyer acknowledges that Buyer has either completed all such inspections, investigations and evaluations or has knowingly and willingly elected to purchase the Property without having done so. In either case, Buyer assumes all risks and agrees to acquire the Property “AS IS”.
19. Without limiting the foregoing provisions, Seller and Auction Company and their respective agents and representatives make no warranty or authoritative representation as to: (a) zoning matters; (b) whether the Property qualifies for any particular use; (c) the availability or location of utilities; (d) the availability of any permit; or (e) the accuracy of any materials or information prepared or provided by any third party regarding the auction and/or the Property.
20. Schrader Real Estate and Auction Company, Inc. and its agents and representatives are exclusively the agents of the Seller.

A great potential building site and excellent location minutes from restaurants and shopping as the Tippecanoe River meanders the shaded south border throughout the property. Zoned Residential. With road frontage on SR 15 and Clearwater Dr. Come and explore the potential!