TERMS & CONDITIONS

AUCTION TERMS & CONDITIONS

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.

General Information: Iron Bound Solutions LLC DBA Iron Bound Auctions (known herein as “Auctioneer”) has a contract with TWIN FORKS, LLC to offer for sale at public auction the property known as TWIN FORKS SUBDIVISION (the “Property”), consisting of 22 Residential Lots ranging from 10.28 to 25.08 +/- acres. The Property will be offered in its entirety at Auction. There will be a ten percent (10%) Buyer’s Premium added to the winning bid price to arrive at the total contract price to be paid by the Purchaser.

Auction Location: The live Auction will be held Saturday, 10:00 AM, June 25, 2021 at Iron Bound Auctions with an address of 750 US Hwy 180W Seminole TX 79360

Property Inspection: It is the Purchaser’s sole responsibility to: a) perform all inspections (legal, environmental, economic or otherwise) of the Property and to be satisfied as to its condition prior to bidding; b) review all property information and due diligence materials; c) independently verify any information they deem important including information available in public records; and d) inquire of public officials as to the applicability of and compliance with land use and environmental laws, zoning, building and health & safety codes and ordinances and any other local, state or federal laws and regulations.

All information contained in the auction brochure and all promotional materials, including, but not limited to, photographs, directions, acreage, square footage, dimensions, zoning, maps used for promotion, environmental conditions, taxes, etc., was provided by or on behalf of the Seller and is believed to be correct; however, neither the Seller not the Auctioneer makes any promise, representation, guarantee, or warranty as to the accuracy or completeness of such information. There is no obligation on the part of Seller or Auctioneer to update any information. Purchaser and Purchaser’s Broker shall be responsible for verifying all acreage and square footage amounts through public records.

Auctioneer strongly recommends that the prospective bidder personally inspect the Property prior to the Auction. In order to schedule a time to visit the Property or to perform an inspection, the Purchaser (and/or his Broker), should contact Auctioneer as soon as possible.

Bidder’s Registration:

• Upon being declared the successful high-bidder, the Purchaser will be required to pay a Deposit in the amount equal to ten percent (10%) of the total contract price. The Deposit; a) shall be in U.S. Funds; b) paid by a wire transfer, cashier’s check, personal check with bank letter of guarantee or cash; and c) shall be held in a non-interest bearing account by the Closing Agent pending completion of necessary closing procedures, after which the Purchaser shall be granted possession of the Property subject to any matters contained is the Title Commitment and the Auction Sales Contract.

• The Purchaser shall immediately pay the required Deposit to the Closing Agent on Auction Day and shall execute and deliver a completed Auction Sales Contract together with all related Addenda for the Property at the Auction. The fully executed Auction Sales Contract shall control all terms and conditions of the sale and constitute the entire agreement between Purchaser and Seller. In the event of any conflict between these Terms and Conditions of Sale and the Terms and Conditions of such Auction Sales Contract; the Terms and Conditions of the Auction Sales Contract shall prevail. NO CHANGES TO THE TERMS AND CONDITIONS OF THE SALES CONTRACT WILL BE PERMITTED. PURCHASER WILL BE REQUIRED TO ENTER INTO THE SALES CONTRACT “AS-IS” ON AUCTION DATE.

• Any person bidding on behalf on another person or entity must have a valid, legally enforceable, unexpired, recordable Power of Attorney approved by Seller prior to the Auction. If a Purchaser is bidding on behalf of a corporation, the bidder shall be individually bound until the bidder presents a corporate resolution prior to closing.

• If for any reason the Purchaser fails or refuses to deposit the required funds or to execute the Auction Sales Contract immediately after being confirmed the winning bidder, the Seller reserves the right to declare the bidder’s rights forfeited and may re-sell the Property.

Closing: Closing will be scheduled on or before 30 Days after the Sale Date

Agency Disclosure: The Auctioneer is acting exclusively as the agent for Seller in this transaction and is to be paid a fee by Seller pursuant to a separate written agreement between Seller and Auctioneer. The Auctioneer is not acting as agent in this transaction for the buyer. Any third party broker is not a subagent of Auctioneer.

Equal Opportunity: All bidding is open to the public. The Property is available to qualified purchasers without regard to a prospective Purchaser’s race’ color, national origin, religion, sex, familial status, or physical handicap.

Miscellaneous:

• All decisions of the Auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding, and any other matters that may arise before, during, or after the Auction. Seller reserves the right to deny any person admittance to the Auction or expel anyone from the Auction who attempts to disrupt the Auction.

• Property in whole or part is subject to sale prior to auction day.

• Bidders are given notice that the Auction may be video/audio recorded and photographed.

• Auctioneer reserves the right to accept or reject offsite bidding via the internet, by telephone or by written bid.

• All announcements made Auction Day supersede any prior oral or written statements. The Seller reserves the right to announce additional Terms and Conditions of the sale prior to or during the course of the Auction.

• Johan Krahn(TX#17631) is the Auctioneer of Record 

AUCTIONEERS FOR THIS AUCTION ARE SELLING AGENTS ONLY AND MAKE NO REPRESENTATIONS CONCERNING THE PROPERTY WHATSOEVER.

(Please see the sample of the Contract of Sale)

General Information

The real estate will be sold as described the day of live auction to the highest bidder subject to acceptance of the seller(s). The property is being sold in “AS IS, WHERE IS CONDITION” without contingencies of any nature. Only properly registered bidders will be eligible to bid at this Real Estate Auction.

Inspections

It is the bidders’ responsibility to inspect the property and to perform his or her own due diligence. The seller and auctioneer assume that bidders have inspected the property and performed their own due diligence prior to bidding, and that each high bidder is acquiring the property based solely on his or her own independent investigations and inspections and not in reliance on any information provided by seller, auctioneer, any of their employees, officers, directors, agents or contractors, subagents or subcontractors. It is also understood that neither the seller nor auctioneer have made any agreement to alter, repair or improve the property and it sells “as is, where is”, with no warranties or representations whatsoever, expressed or implied, including, without limitation, as to condition, fitness for any particular purpose or merchantability, compliance with government laws, ordinances or regulations. Although information provided herein and in amended/supplemental materials has been obtained from sources deemed reliable, information has not been verified by the auctioneer. If a survey is required, it shall be at the buyer’s expense. The seller and auctioneer, their representatives, agents, or subagents, assume no liability for errors or omissions in this property listing in advertising, promotional or publicity statements and material. The auctioneer, their representatives, agents, or subagents, make no guarantee as to the accuracy of the information herein contained or in any other property listings in advertising, promotional or publicity statements and material. Neither the seller nor the auctioneer has any obligation to update this information. Neither auctioneer, their agents or subagents, assume any liability whatsoever for any oral or written representation, warranties or agreements relating to the real estate (including information appearing in any brochure or announcements at the time of auction) except as expressly set forth in the auction real estate purchase contract. Buyer also agrees that if they have the second highest bid, they will immediately sign the back up bidder agreement, if requested, and comply with terms of said agreement in their entirety.

NOTE:

Announcements made at the beginning of the live auction event take precedence over all printed material, advertising, promotional/publicity statements, offering statements (as amended and supplemented) and auction marketing materials.

Bidder Requirements

All auction attendees for this real estate auction will be required to complete the bidder registration form or real estate auction guest form approved by auctioneer, in their entirety. A bank letter of guarantee will be requested at registration for all persons intending to bid.

High Bidder Requirements

Immediately upon close of bidding for the real estate, the high bidder, upon request, shall be required to execute the buyer purchase agreement indicating the high bid amount, buyers premium amount, and total contract price along with bidder identification. After final purchase(s) have been made, buyer shall tender the required deposit made payable to the seller of the real estate. Failure to do so shall the give seller and the auctioneer the right to nullify such bid and reopen the bidding on said property. Phone bidders will be required to submit a buyer deposit or bank letter of guarantee prior to bidding. Said deposit will be refunded within 72 hours if the high bid by phone is not the winning bid. If the high bidder to whom a property has been declared “sold” fails to perform as agreed to in the terms and conditions of this auction, any deposit shall be forfeited to seller and auctioneer by the high bidder as liquidated damages and seller may resell the property free and clear of any liability or claims by such high bidder.

Deposit

A deposit of 10% of the winning bid price, referred to as buyers premium, must be made at the conclusion of the auction and upon signing of the real estate purchase agreements. Such deposit shall be payable to and held in the sellers account until closing.

Default

Should buyer(s) not close on or before the disclosed date indicated in the real estate purchase and sale agreement, any down payment deposit in total shall immediately be forfeited by buyer(s) without recourse or liability and said amount shall become payable to Auctioneer as liquidated damages. Said buyer(s) default forfeiture of deposit shall become payable as indicated herein within 24 hours after said default without buyer(s) recourse or liability of any nature to Auctioneer and Seller.