Online Auction Terms and Conditions of Sale
Shelby County Parcel # 13-0533300.003 Containing 25.205 MOL Acres per new survey recorded August 24th. 2021
Bidding will open October 4th. and end with a soft close October 6th. at 2:00 P.M.
5% Buyers Premium
1. Bidders must do all of their due diligence prior to the end of the online bidding. The Sales Contract (Located in the document section of the website) will not contain any contingencies. This property is sold AS IS, WHERE IS, and is not subject to any financing. Please view the Sample Contract for any additional or auction specific Terms.
2. The winning bidder must execute the Memorandum of Auction Sales Contract within 24 hours of notification of bid acceptance. This will be held at the auction office located at 135 South Wilkinson Ave. Sidney, Ohio. A non refundable deposit in the amount of $ 10,000.00 shall be made payable to Lawyers Title Agency. This deposit shall be returned to purchaser upon successful closing of property. If seller fails to perform by the stated terms this deposit shall be paid to the seller and auction sale terminated.
3. If you are outbid by another bidder, you will receive an email notice so you can return and increase your bid if you so desire.
4. The bidding will be open and everyone will have access to the bid history during the auction.
5. As the auction nears the ending time it will auto-extend until bidding is silent for 10 minutes.
6. If there is more than one high bid at the same level (a tying bid), the bid first submitted will be honored.
7. The high bidder will be notified via email or phone within 2 hours after the auction ends of acceptance of high bid.
8. Bidders have been advised to physically inspect the property on their own behalf.
9. The property will be auctioned in an “AS-IS, WHERE-IS” condition as of the date and time of sale. Vondenhuevel Auctioneers LLC Gay Smith/Associates Realty, nor the seller(s), their agents, employees or representatives make any expressed or implied warranties of any kind concerning the property and this sale.
10. The information listed in materials describing the property is obtained from sources, which are deemed reliable, but not guaranteed. It is the bidder’s responsibility to verify all property information prior to bid and sale. The decision to purchase or not purchase the property is the sole and independent business decision of each bidder. Auctioneer assumes no responsibility for the condition or property or for the performance of this Contract by any and all parties. Purchaser hereby warrants and represents that Auctioneer has not made any statements, representation or warranty regarding the condition of the premises, zoning conditions, governmental requirements or environmental matters, guarantees or warranties of the like, upon which Purchaser has relied and which is not contained in the Contract. Vondenhuevel Auctioneers LLC shall not be responsible or liable in any way if the owner fails to honor the bid, or refuses to settle or cannot close in accordance with the Sales Contract.
11. Vondenhuevel Auctioneers LLC reserves the right to withdraw any property from sale and may cancel any auction sale prior to the start of bidding.
12. Bidding increments are made in amounts acceptable to the Auctioneer, who may set a minimum bidding increment as the sale progresses. Any bid may be rejected by the Auctioneer if it is merely nominal or, at his or her discretion, it may negatively affect the auction process. Auctions will be either Absolute or Reserve. If this is an Absolute Sale, the high bidder shall be the Purchaser. If this is a Reserve sale the seller may accept or reject the high bidder, however; if the bid exceeds the predetermined Reserve Price the auction will become an Absolute auction and will be sold to the high bidder.
13. In the event of a dispute between bidders the Auctioneer in its discretion may determine the successful bidder or re-offer the property for sale.
14. A Buyer’s Premium in the amount of 5% will be added to the high bid and will be due from the winning bidder. The Buyer’s Premium is in addition to the winning bid, and when added together with the winning bid this figure represents the Final Purchase Price to be paid by the purchaser at settlement.
15. Settlement is to take place no later than November 17th. 2021. Purchaser should secure any necessary financing if required.
16. By bidding at an auction, whether present or by agent, by written bid or otherwise, bidders shall be deemed to have consented to the jurisdiction of the State and Federal courts of the State of Ohio.
17. Cost of all documentary stamps, transfer taxes and other costs incident to settlement to be paid by the purchaser.
18. The property will be sold in “As is” condition without express or implied warranty as to the nature and description of the improvements. The property will be sold subject to easements, agreements, restrictions or covenants of record affecting the same, if any. Dimensions and acreage are more or less. Time is of the essence as to the terms of this contract
19. Vondenhuevel Auctioneers LLC may accept telephone bids from registered bidders. Phone bids will be placed online under the name of “Phone Bidder”.
20. CRP: The parties acknowledge that some of the Property is subject to a multi-year “Conservation Reserve Program Contract” (hereinafter “CRP Contract”) with the U.S. Department of Agriculture (“USDA”), including 0.8 acres enrolled for the period of October 1, 2014 through September 30, 2024.
The parties hereby acknowledge that Seller would be penalized and financially damaged if Purchaser should fail to ensure that the Property is continuously registered with, enrolled under, compliant with and maintained pursuant to the CRP Contract, until such time as the CRP Contract expires. Such damages could include reimbursement of all disbursed payments, liquidated damages, plus interest being assessed to Seller. Therefore, Purchaser shall assume Seller’s obligations under the CRP Contract as provided hereinbelow.
In accordance with the foregoing, Purchaser shall, within forty-five (45) days after the closing date on the sale of the Property under this contract, register for and assume the CRP Contract with the applicable government office to ensure that the applicable portion of the Property continues to be registered with and enrolled under the CRP Contract and continues to be enrolled under and compliant with the CRP Contract and maintained in such a way that the Property is not removed from qualifying for continuing USDA treatment during the pendency of the CRP Contract between Seller and the applicable government office until expiration of CRP Contract.
Should Purchaser fail to assume the CRP Contract within said time period as provided hereinabove or should Purchaser fail to comply with the CRP Contract, then Purchaser shall reimburse and shall indemnify Seller for all USDA related damages suffered by Seller including, but not limited to, reimbursement of all disbursed payments, liquidated damages, plus interest assessed to Seller and Seller’s associated attorney fees.
Seller shall be entitled to any remaining USDA payments under the CRP Contract issued through the end of the 2021 calendar year.
All of Purchaser’s obligations under the within contract shall survive the expiration or termination of the within contract.