AUCTION TERMS & CONDITIONS

PROCEDURE: This is an Auction for 297.832 more or less acres in Phelps County, NE. The 297.832 more or less acres will be offered in two (2) individual tracts. There will be open bidding until the close of the auction.

ACCEPTANCE OF BID PRICES: The successful bidder(s) will sign a purchase agreement at the auction site immediately following the close of the auction. All final bid prices are subject to the Seller's approval or rejection.

FINANCING: Sale is NOT contingent upon Buyer financing. Buyer should arrange financing, if needed, prior to the auction date.

EARNEST PAYMENT: Ten percent (10%) earnest payment on the day of the auction, upon signing a purchase agreement immediately following the close of bidding. The payment may be paid in the form of personal check, business check, or cashier’s check. All funds will be deposited and held by the closing agent. The remainder of the purchase price is payable in guaranteed funds or by wire transfer at closing.

CLOSING: The sale closing will take place on or before December 16, 2022, or as soon as applicable.

POSSESSION: Possession will be given at closing. Subject to current leases and tenant rights.

PROPERTY CONDITION: Property and equipment 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.

MINERAL RIGHTS: All mineral interests owned by the Seller, if any, will be conveyed to the Buyer(s).

TAXES: 2022 and prior years taxes paid by Seller. All future taxes will be the responsibility of the Buyer(s).

CONVEYANCE INSTRUMENT: Seller shall execute a Warranty Deed (and Bill of Sale if personal property is included) transferring and conveying said property to Buyer(s), free and clear of all liens and encumbrances except easements or restrictions visible or of record.

TITLE: Seller shall provide an Owner’s Policy of Title Insurance as evidence of marketable title. The cost of the owner’s title policy and the escrow fee shall be divided equally between the Seller and Buyer.

CLOSING EXPENSES: Seller shall be responsible for the documentary stamp tax created by virtue of this transaction(s) to enable the recording of the Deed(s). Buyer(s) shall be responsible for the other filing fees for purposes of recording the Deed(s). Closing agent fee shall be divided equally between the Seller and Buyer(s). Phelps County Title Company will be the closing agent.

ONLINE/ABSENTEE BIDS: Bidding via online, cell phone, and/or on someone’s behalf is available. Pre-registration and approval required by AgWest Land Brokers, LLC prior to the auction.

AGENCY: AgWest Land Brokers, LLC and its representatives are exclusive agents of the Seller.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in all marketing collateral is subject to the terms and conditions outlined in the agreement to purchase. ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the asset for sale. The information contained in all marketing collateral is believed to be accurate, but is subject to verification by all parties relying on it. Maps shown are for illustration purposes only and are not intended to represent actual property lines. No liability for its accuracy, errors or omissions is assumed by the Seller or the Broker, or any of their representatives. Auction Software and AgWest Land Brokers, LLC will not be held liable for any software or software malfunctions. Conduct at the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and Broker 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.

NEW DATA, CORRECTIONS AND CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections or additions to the auction information.

NOTE: Videotaping, flash photography and/or public announcements will be allowed on auction day ONLY with prior approval from AgWest Land Brokers, LLC.

SELLER(S): MBF Inc.

Phelps County Irrigated Farms