TERMS & CONDITIONS

FOR REAL ESTATE

The Terms and Conditions of Sale are set forth in this Buyer’s Prospectus and the Earnest Money Receipt and Purchase Agreement.  The information set forth is believed to be accurate.  However, the owner of the properties and Steffes Auctioneers make no warranties or guaranties expressed or implied.  Information contained in this document was collected from sources deemed reliable and is true and correct to the best of the writer’s knowledge.  Auctioneers and owners will not be held responsible for advertising discrepancies or inaccuracies.

All ANNOUNCEMENTS ON AUCTION DAY TAKE PRECEDENCE OVER PREVIOUSLY ADVERTISED INFORMATION.

Prospective buyers are advised to consult with an attorney of their choice with respect to the purchase of any real property including but not limited to, seeking legal advice from their own attorney regarding disclosures and disclaimers set forth below.

REGISTRATION OF BIDDERS

• All bidders must register their name, address, and telephone number along with a Bank Letter of Recommendation (sample letter included as an image).
• Auction staff will be at the sale site approximately one hour prior to sale time. 
• The successful bidder will be required to sign an Earnest Money Receipt and Purchase Agreement at the close of the real estate auction.  A total deposit of 10% of the purchase price will be required.  Those funds will be placed in the Steffes Auctioneers Auction Trust Account as good faith money until closing.  Purchasers who are unable to close because of insufficient funds will be in default and the deposit money will be forfeited. 
• Balance of the purchase price must be paid in full with cashier's check at closing on Friday, October 31, 2008. 
• Seller will provide up-to-date abstract(s) at their expense and will convey property by Warranty Deed. 
• 2008 Real Estate taxes to be paid by Seller.  Subsequent taxes and or special assessments, if any, to be paid by buyer.  Real Estate Taxes are subject to reassessment under new owner. 
• Closing Agent Fee will be shared equally between Buyer and Seller.
• All tracts will be offered on an individual basis.  At the conclusion of the first round of bidding a recess will be taken.  Bidding will then be reopened (at the last bid received) and all tracts will again be offered.  The bidding will continue at the auctioneer’s discretion.  Our goal is to realize the highest return to the seller, and to satisfy all interested parties by allowing bidders who are interested in one tract to have the same opportunity as multi-tract buyers.  The minimum bid raise on a single tract is $500.  All bidding will be on a per tract basis.  We will not have “per acre” bidding. 
• Please note the bidding will not close and property will not be sold until everyone has had the opportunity to make his or her highest and best bid.
• THE PROPERTY WILL BE SOLD AS IS WITH NO WARRANTIES EXPRESSED OR IMPLIED. 
• The property will be sold subject to owner confirmation.

PROPERTY SOLD WITHOUT WARRANTY

All dimensions and descriptions are approximations only based upon the best information available and are subject to possible variation.  Sketches may not be drawn to scale and photographs may not depict the current condition of the property.  Bidders should inspect the property and review all the pertinent documents and information available, as each bidder is responsible for evaluation of the property and shall not rely upon the Seller, Broker or Auctioneer, their Employees or Agents.  The property will be sold AS IS and without any warranties or representations, express or implied.

BIDDER REGISTRATION

The auction sale is for registered bidders and their guests.  All bidding is open to the public and the property is offered for sale to qualified purchasers without regard to sex, race, color, religion, natural origin, or handicap.

SUCCESSFUL BIDDER

The successful bidder of the property shall be determined by competitive bidding.  Should any dispute arise between bidders, the auctioneer shall have the right to make the final decision to either determine the successful bidder or to re-offer the property that is in dispute.  The auction will be recorded and the auctioneer’s records shall be conclusive in all respects.

CLOSING

The successful bidder will be required, at the close of the auction, to complete the Earnest Money Receipt and Purchase Agreement.  A sample contract is included in this Prospectus.  Balance of the purchase price is due in cash at closing on Friday, October 31, 2008.  Closing will take place at a closing company mutually agreeable between buyer and seller.

SELLER’S PERFORMANCE

The Seller has agreed to the terms of the sale as published.  However, the Broker and Auctioneer make no warranties or guaranties as to the Seller’s performance.

AGENCY DISCLOSURE

Steffes Auctioneers Inc. is representing the Seller and will be paid by the seller.

POSSESSION

Possession will be at closing unless otherwise agreed to in writing and agreeable by buyer and seller.

MINERAL RIGHTS

All mineral rights, if any, held by Seller will be transferred upon closing.  However, the Seller does not warrant the amount or adequacy of the mineral rights.

ENVIRONMENTAL DISCLAIMER

The Seller, Broker and Auctioneers do not warrant with respect to the existence or nonexistence of any pollutants, contaminants or hazardous waste prohibited by federal, state or local law.  Buyer is responsible for inspection of the property prior to purchase for conditions including but not limited to water quality, and environmental conditions that may affect the usability or value of the property.  No warranties are made as to the existence or nonexistence of water wells on the property, or the condition of any wells.

EASEMENTS AND SURVEY

The property to be sold is subject to any restrictive covenants or easements of record and any results that an accurate survey may show.