PROCEDURE: This 1,311 + Acres will be offered in two (2) individual surface tracts. Online bidding will take place beginning at 8:00 am CDT Tuesday, June 22, 2021 and will “soft close” at 12:00 noon CDT Thursday, June 24, 2021. At 12:00 noon CDT on Thursday, June 24, 2021, bidding will continue in five minute increments until five minutes have passed with no new bids.
BIDDER QUALIFICATION: YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing. Potential bidders must register to bid on this auction through CliftLandAuctions.com. Your registration must be approved by Clift Land Auctions before you can bid. You must agree to the auction terms and conditions during the registration process.
BUYER PREMIUM: A five percent (5%) Buyer Premium is in effect on your purchase. The Buyer Premium will be added to the “Auction Price” to determine the “Sales Price” or “Contract Price”.
ACCEPTANCE OF BID PRICES: The successful bidder(s) will sign the purchase agreement(s) within two (2) hours of the close of the auction. The final bid price is subject to the Sellers’ approval.
EARNEST MONEY: Ten percent (10%) earnest money upon signing a purchase agreement The earnest money may be paid in the form of personal check, business check, cashier’s check, or wire transfer. The remainder of the purchase price is payable in cash at closing.
REAL ESTATE TAXES AND ASSESSMENTS: The Property Taxes will be prorated to the date of closing, and 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 Seller(s) 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)’s heirs, personal representatives and assigns.
BROKER PARTICIPATION: Contact the Auction office to obtain the broker participation guidelines.
CLOSING: Will take place on or before October 1, 2021, or as soon as applicable closing documents are completed.
POSSESSION: Possession will be delivered to the Buyer(s) at (i) completion of harvest of the summer growing crop; (ii) September 30, 2021; or (iii) closing and funding, whichever is the later date.
TITLE: 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. Sellers shall execute a Special Warranty Deed conveying the surface estate to the Buyer(s).
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. Buyer(s) shall release Seller of any and all liability.
EASEMENTS AND LEASES: Sale of the property is subject to any and all easements of record and any and all leases. The current surface lease shall expire after the harvest of the growing summer crop or September 30, 2021, whichever is the later date.
SURVEY: No survey will be provided by the Sellers.
MINERAL RIGHTS: This auction is for Surface Estate only.
IRRIGATION EQUIPMENT: The irrigation engines, gearheads, fertilizer tanks, as well as the sprinkler system and booster pump on Tract #2 are owned by the Tenant and may be purchased separately.
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 the promotion and advertisement of this auction 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 seller, the broker, the auction company or any of their respective representatives. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. 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 seller 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. Bidders should completed this due diligence prior to bidding on this auction. Increments of bidding are at the direction and discretion of the auction company. The seller, 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 auction company are final.
SELLERS: Amarillo National Bank, Trustee of the Eva Davis Grandchildren’s Trust
Amarillo National Bank, Trustee of the Norman H. Read 1985 Trust
Two Farms 11 Miles North of Hereford, TX
This online auction consists of two individual irrigated farms north of Hereford, Texas. These farms are located in a great grain market area near numerous commercial feedyards and dairies. Both farms have FM 1057 frontage.
Farm #1 (Tract #1) consists of 657 + acres.
Farm #2 (Tract #2) consists of 654 + acres.