Auction Date: August 23, 2022 7 :00 AM- August 24, 2022 6:00 PM
Description: The Donald J Peterson Farm
THIS PROPERTY is being offered upon the following terms and conditions:
1. The Property is being offered subject to confirmation or consent by the Seller
2. If the Bidder is the successful bidder, the Bidder will be expected to wire transfer a 10% non-refundable earnest money deposit to Stallard and Schuh Title Services within one (1) business day after the Auction. Wiring instructions will be provided to the highest bidder.
3. Auction Company will present the high bid to the Seller within two (2) hours after the auction. Seller shall have the option to accept or reject the Contract for four (4) hours after the auction. Auction Company shall notify bidder as to Contract acceptance. If accepted, the Bidder shall have until December 15, 2022, to close on the Property. The seller shall determine the time and place of closing. If the Bidder is not ready to close by December 15, 2022, any extension, if granted by the Seller, shall be conditioned on the payment of an additional non-refundable deposit.
4. This sale is not contingent upon the ability of the Bidder to secure financing, sell another property, or any contingencies whatsoever.
5. Bidder expressly warrants the purchase is being made in AS IS CONDITION and solely based upon Bidder’s examination of the Property, and without any expressed or implied warranties of the Auction Company or Seller. The property is sold, and the Bidder agrees to accept the Property in its present condition, AS IS, with all faults, in all respects, subject to utility easements, zoning ordinances, and any other restrictions of record. No warranties regarding physical condition, environmental condition, habitability, suitability to a particular purpose, tenancies, or compliance with any laws, codes, or ordinances, including those relating to water supplies and septic systems (“Deficiencies”), are made by the Seller unless expressly stated herein.
6. Any inspections previously made by Bidder or his/her/their representatives were done at Bidder’s expense and for his/her/their information only. Cost and responsibility for curing Deficiencies, if any, is the Bidder’s, and the correction and cure of any Deficiencies shall not be a condition of this sale or in any way affect Bidder’s obligations under this Contract.
7. The Property taxes will be prorated between the Seller and the Buyer to the closing date. Bidder should not rely solely on past property taxes as a guide to future property assessments and taxes, as Indiana property tax laws have been subject to a significant change in the recent past. Any installments for local improvements not due and payable at the closing time shall be paid for by the Bidder as they become due. Closing fees, if any, will be shared equally between Seller and Bidder except for those fees specific to Seller or Bidder, i.e., recording fees.
8. The Property is being sold with any previous tenant rights extinguished.
9. Risk of loss by damage or destruction to the Property before the closing shall be borne by Seller. In the event any such damage or destruction is not fully repaired before closing, Purchaser, as its option, may either (a) terminate this Agreement or (b) elect to close the transaction, in which event Seller’s right to all insurance proceeds (if any) resulting from such damage or destruction shall be assigned in writing by Seller to Purchaser.
10. The Seller shall be required at his own expense to furnish to the buyer before closing a preliminary binder of title insurance by a recognized title company, showing insurable title to the Property. At the time of closing herein, the Seller shall tender to the buyer a Warranty deed to the property free and clear of all liens and encumbrances except for easements, restrictions, and covenants of record, together with an owner’s policy of title insurance. The title company will be Stallard and Schuh Title Services and shall act as the closing agent concerning closing this sale.
11. The Auction Company was retained by the Seller and has functioned as an agent for the Seller exclusively throughout the transaction. I. C. 25-34.1-10-9.5 provides that the Licensee (Auction Company) has an agency relationship with and represents the Seller’s interests as Seller’s agent to sell the Property. Auction Company owes duties of trust, loyalty, confidentiality, accounting, and disclosure to the Seller. However, the Auction Company must deal honestly with bidders and disclose certain information to the bidders about the Property. All representations made by the Auction Company about the Property are made as the Seller’s agent.
12. If the Bidder fails to comply with the sale terms, any Deposits made on account hereof shall be forfeited. The Seller shall be entitled to pursue all other available legal and equitable remedies against Bidder, including but not limited to holding Bidder liable for any deficiency resulting from the subsequent resale.
13. In the event of any litigation arising out of this sale or any breach thereof, the successful party in any litigation shall be entitled to attorney fees and all costs of litigation.
14. The sale will be governed by, and construed by, the laws of the State of Indiana.
15. By accepting these terms, Bidder agrees these terms will supersede all prior discussions, negotiations, and agreements, whether oral or written. Bidder agrees their actions shall be binding and obligatory upon the undersigned, their separate heirs, administrators, executors, assigns, and successors in the interest of the undersigned. Bidder may not transfer the rights afforded the Bidder to any other party without the Seller’s consent.
16. No amendment, alterations, or withdrawal of this Contract shall be valid or binding unless made in writing and signed by both Seller and Bidder.
17. If I am the successful bidder, I agree to immediately execute a Purchase Agreement by these terms at the end of the auction.
18. SURVEY: No survey will be completed if the property sells in one parcel. If the property sells in two parcels, surveys will be conducted and paid for by the Buyer and Seller 50/50, and the sales price will be adjusted from the advertised acres to the surveyed acres on a per acre basis.
Parcel #2 Access: Access to parcel #2 is off Harrison Road thru the railroad right of way. No paperwork exists regarding this access
TO BE COMPLETED BY BIDDER(S):
I, ___________________________________________, acknowledge that I have received, understand, and agree to be bound by the Terms of Sale for Real Property to be sold at auction.
Bidder’s Signature Printed Date
Bidder’s Signature Printed Date
Company Name (if Applicable) Position with Company
Street Address City, State, and Zip Code
Phone Number Cell Phone Number
72 acres of absolute privacy and solitude. horse trails, logging trails...a stream run thru part of the property. A building to store your toys.
By the way, there is abundant harvestable timber on the property.
Located 10 minutes North of Lafayette Indiana.