Bridge Estate farm Auction
Outstanding opportunity to own this productive 57.77+/- acres farm.
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Terms of Auction
Auction Date: April 25, 2024, 12:00 PM – April 25, 2024, 6:00 PM
Description: The Selma Lin Bridge Estate
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 White County Abstract and Title in Monticello, IN, within one (1) business day after the Auction. Wiring instructions will be provided to the highest bidder.
3. The Auction Company will present the high bid to the Seller within two (2) hours after the auction. The seller shall have the option to accept or reject the Contract for four (4) hours after the auction. The auction company shall notify the Bidder as to Contract acceptance. If accepted, the Bidder will be expected to close on or before June 3, 2024, at the offices of Whtie County Abstract and Title in Monticello, IN.
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. There are no warranties as to physical condition, environmental condition, habitability, suitability to 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 previous inspections made by the Bidder, or his/her/their representatives were done at the Bidder’s expense and for his/her/their information only. The cost and responsibility for curing Deficiencies, if any, are the Bidder’s, and the correction and cure of any Deficiencies shall not be a condition of this sale or in any way affect the Bidder’s obligations under this Contract.
7. The seller will pay 2023 in 2024 real estate taxes. Bidders 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 significant changes in the past. Any installments for local improvements not due and payable at closing 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 specific to Seller or Bidder, i.e., recording fees.
8. At closing, the new buyer will possess the real estate subject to the current farm lease for the 2024 crop year and will receive all of the cash rent payments for that crop year.
9. Risk of loss by damage or destruction to the Property before the closing shall be borne by the 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 Bidder, before the date of 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 Bidder an executrix 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 White County Abstract and Title and shall act as the closing agent concerning the closing of this sale.
11. The Seller retained the Auction Company and has functioned throughout the transaction as an exclusive agent for the Seller. I. C. 25-34.1-10-9.5 provides that the Licensee (Auction Company) has an agency relationship with and represents the interests of the Seller as the Seller’s agent to sell the Property. The 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 about the Property to the bidders. 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 subsequent resale.
13. In case of any litigation arising from this sale or any breach thereof, the successful party shall be entitled to attorney fees and all litigation costs.
14. The sale will be governed by, and construed in accordance with, the laws of 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 his/her 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 assign the rights afforded to Bidder to any other party without 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.
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.
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