Tract 3 - 227.50 Net Mineral Acres per Mineral Ownership Report dated 3-4-2022 in Documents
PROCEDURE: This 441 +/- acre property will be offered in two (2) surface tracts and two (2) net mineral tracts. There will be open bidding on all tracts and combinations until the close of the auction. The property will be sold in the manner resulting in the highest total sale price.
BUYER PREMIUM: A five percent (5%) Buyer Premium is in effect for all purchases. The Buyer Premium will be added to the “Auction Price” to determine the “Sales Price” or “Contract Price”.
ACCEPTANCE OF BID PRICES: This is an Absolute Auction. All successful bidders will sign a purchase agreement at the auction site immediately following the close of the auction.
EARNEST MONEY: Ten percent (10%) earnest money on the day of the auction, upon signing a purchase agreement immediately following the close of bidding. The earnest money may be paid in the form of personal check, business check, or cashier’s check. The remainder of the purchase price is payable in cash at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.
REAL ESTATE TAXES AND ASSESSMENTS: The Property Taxes will be prorated to the date of closing. The Sellers shall have paid all Property Taxes for prior years before closing. The Buyer(s) will be responsible for any “rollback” in the property taxes. The Buyer(s) will be responsible for all additional taxes imposed after the date of execution of the Special Warranty Deed by the Sellers as a result of any change in use of any part of the subject property, the intent being that all such additional taxes shall be the responsibility of the Buyer(s) and the Buyer’s heirs, personal representatives and assigns.
BROKER PARTICIPATION: Contact the Auction office to obtain the broker participation guidelines.
CLOSING: Closing will take place on or before May 5, 2022, or as soon as applicable closing documents and surveys (if needed) are completed.
POSSESSION: Possession will be given at closing, with the exception of Tract 1 where possession is subject to the Crop Share Lease that will be signed by the Buyer at closing. This lease will cover the period from closing to the current cotton crop harvest. The Buyer of Tract 1 will receive the 25% crop share for the 2022 cotton crop.
TITLE: The Sellers shall provide an Owner’s Policy of Title Insurance on the surface tracts in the amount of the purchase price. Buyer(s) will be responsible for all expenses related to acquiring a mortgagee’s title policy, if required. The Sellers shall execute a Special Warranty Deed(s) conveying the real estate to the Buyer(s). Mineral Tracts 3 and 4 will convey with a Mineral Warranty Deed.
PROPERTY CONDITION: Property to be sold AS IS—WHERE IS and no warranty or representation, either express or implied, will be given to any bidder or Buyer. The Buyer shall release the Sellers of any and all liability.
EASEMENTS AND LEASES: The sale of the property is subject to any and all easements of record and any and all leases.
SURVEY: AT THE SELLERS’ OPTION, the Sellers shall provide a new survey if needed per Title Company for title insurance requirements. All advertised acreages are approximate and have been estimated based on current legal descriptions and/or aerial photos.
MINERAL RIGHTS: 100% of the mineral rights and royalties owned by the Sellers will convey in Net Mineral Tracts 3 & 4.
AGENCY: Clift Land Auctions, LP and Clift Land Brokers and its representatives are exclusive agents of the Sellers.
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 agreement to purchase. ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the Sellers or the Auction Company. Each potential Bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information regarding this property is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Sellers, the Broker, the Auction Company or any of their respective representatives. All sketches and dimensions are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the Auction and increments of bidding are at the direction and discretion of the Auctioneer. The Sellers, Broker and Auction Company 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. Online bidding will be available on our website for this Auction. If you need assistance in registering to bid on our website, please call our office at 800.299.5263. In accepting the terms and conditions for the use of our website, you agree to not hold Clift Land Auctions, LP, Clift Land Brokers, our affiliates, or our representatives responsible or liable for the functionality of the bidding platform. Problems in placing bids on the online bidding platform could be caused by internet connections, human error, wireless connections, etc. If you have trouble placing your online bid, immediately call Brady Cowan at (940) 733-9608 for assistance in placing your bid.
NEW DATA, CORRECTIONS AND CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections or additions to the property information.
NOTE: Videotaping, flash photography and/or public announcements will be allowed on auction day ONLY with prior approval from Clift Land Auctions, LP.
Tract 1 is on the north side of SH 350. This rolling dryland farm has a total of 274 +/- acres with approximately 230 acres in cultivation. County Road 286 runs along the north side of this tract.
Tract 2 sits on the south side of SH 350 and contains approximately 167 acres of rolling grassland and expired CRP land. There is a solar well in the NE corner of this tract. This is an excellent location for a country home. It has good brush and cover for wildlife throughout the tract, creating good recreational and hunting opportunities.
Possession will be given at closing, with the exception of Tract 1 where possession is subject to the Crop Share Lease that will be signed by the Buyer at closing. This lease will cover the period from closing to the current cotton crop harvest. The Buyer of Tract 1 will receive the 25% crop share for the 2022 cotton crop.
Minerals will be sold in two tracts (Tract 3 and Tract 4). These tracts may be combined with other tracts. The Net Mineral Acres are estimates and will be more precisely determined by a Mineral Title Report.
Tract 3 - 227.50 Net Mineral Acres under Surface Tract 1. See Mineral Report Tracts 1 and 3 in Documents.
Tract 4 - 42.99 Net Mineral Acres under Surface Tract 2. See Mineral Report Tracts 2 and 4 in Documents.