TERMS AND CONDITIONS of AUCTION
TERMS AND CONDITIONS of AUCTION All bidders and participants of this sale agree that they have read and fully understand these terms and agree to be bound by the terms and conditions contained herein. SEALED BID SUBMISSION FORM: Sealed bids MUST be properly completed and submitted on the required “Sealed Bid Submission Form” which is attached. By submitting a bid, each bidder is agreeing to all Terms and Conditions of the sale. Bids not submitted on a properly and fully completed (and signed) Sealed Bid Submission Form may be rejected by Auctioneer and Seller at its sole discretion. All bids received during (Phase I) must be accompanied with a bid deposit of ($100,000) in certified funds or wire transfer to Land Title Guarantee Company, 721 Oak St # 100, Steamboat Springs, CO 80487.. The winning bidder’s bid deposit will be applied towards the required (10%) escrow deposit. All other bid deposits will be returned to bidders within 48 hours after end of auction. ACCEPTANCE OF WINNING BID PRICE: The successful bidder(s) will be required to enter into a Purchase Sale Agreement (“Purchase Sale Agreement”) after acceptance of a bid/offer which is attached hereto. The successful bidder shall immediately after notification of their accepted bid/offer execute and return the Purchase Sale Agreement with the balance of the (10%) Escrow Deposit. The purchase Sale Agreement shall be delivered to the Auctioneer: Mason Morse Ranch Company, attention Kay Muller, 1614 Grand Avenue, Suite C, Glenwood Springs, CO 81601. The balance of the Escrow Deposit shall be delivered (wire transfer or certified funds) to Land Title Guarantee Company, 721 Oak St # 100, Steamboat Springs, CO 80487. ESCROW DEPOSIT: A deposit of Ten Percent (10%) of the Total Contract Price will be required to be sent in with the executed Conditional Sales Agreement. The deposit check should be made payable to (escrow company) and may be a personal or business check. BUYER’S PREMIUM: A Three Percent (3%) “Buyer’s Premium” will be added to the high bid price to determine the TOTAL CONTRACT PRICE (High Bid + Buyer’s Premium = Total Contract Price) FINANCING & LOCAL APPROVALS: The auction sale is not contingent on the buyer(s) ability to obtain financing or local approvals. INSPECTION OF PROPERTY: Anyone interested in the subject property is invited and encouraged to thoroughly inspect the property prior to submitting a sealed bid offer. The property is being sold on an “AS IS, WHERE IS” basis. No warranties or representations either express or implied, concerning the property is made by the Seller or the Auction Company. Interested purchasers are strongly encouraged to perform their due diligence prior to submitting a bid for the property. INSPECTION PERIODS: Private tours of the property can be arranged by contacting the auctioneer. The Tour dates are scheduled on July 10th and 11th, and August 7th and 8th. Tours will run from 9:00am to 12:00pm and 3pm to 6:00pm each day. Private tours may be arranged by contacting auctioneer. POSSESSION: Possession of the property will be transferred at closing by Warranty Deed. TITLE INSURANCE & CLOSING FEE: Seller shall provide the Buyer with a commitment for title insurance showing merchantable title in the Seller. The cost of title insurance shall be split equally between seller and buyer.
BROKER PARTICIPATION: A One Percent (1%) Buyers Broker Commission based on the High Bid will be paid to any properly licensed real estate broker whose Bidder successfully purchases and closes on the subject Property. The Buyer’s Broker must complete the Buyer’s Broker Registration Form and return it to Auctioneer no later than 48 hours prior to the bid submission deadline, which is T u e s d a y , S e p t e m b e r 1 s t , 2 0 1 5 , a t 5:00pm (MST). A copy of the Buyer’s Broker Registration Form is available at www.RanchLand.com or by contacting the Auctioneer at (970) 928‐7100, Mason Morse Ranch Company. ALTERATIONS AND MODIFICATIONS: The Terms and Conditions contained herein are subject to change without notice. Please print, sign and deliver a copy of the Terms and Conditions with the Bid Submission Form.
__________________________________________ BIDDER DATE
BROKER PARTICIPATION: A One Percent (1%) Buyers Broker Commission based on the High Bid will be paid to any properly licensed real estate broker whose Bidder successfully purchases and closes on the subject Property. The Buyer’s Broker must complete the Buyer’s Broker Registration Form and return it to Auctioneer no later than 48 hours prior to the bid submission deadline, which is T u e s d a y , S e p t e m b e r 1 s t , 2 0 1 5 , a t 5:00pm (MST). A copy of the Buyer’s Broker Registration Form is available at www.RanchLand.com or by contacting the Auctioneer at (970) 928‐7100, Mason Morse Ranch Company. ALTERATIONS AND MODIFICATIONS: The Terms and Conditions contained herein are subject to change without notice. Please print, sign and deliver a copy of the Terms and Conditions with the Bid Submission Form.
__________________________________________ BIDDER DATE
