TERMS & ELIGIBILITY FOR REAL ESTATE AUCTIONS USING ONLINE BIDDING  IN CONJUNCTION WITH LIVE WEBCAST

Internet Bidder's Fee:  2% (with a cap of $500 per lot OR tract)

Onsite Bidder's Fee:  0%

Payment Options for Online Bidders:  Cashier's Check, Certified Funds or Wire Transfer

Online Bidder Requirements: 

• Online bidders will need a $20,000 deposit by cashier's check, certified funds or wire transfer in order to be approved to bid online.
• Please contact Corina at (701) 237-9173 for wire transfer account information.
• Funds sent via cashier's check or certified funds should be sent FedEx Overnight to arrive prior to the auction date or the beginning of online bidding - NO EXCEPTIONS!
• Funds should be made payable to Steffes Auctioneers Inc., 2000 Main Avenue East, West Fargo, ND 58078
• Unsuccessful bidders will have their deposit returned via overnight delivery the next business day.

By accepting the terms and conditions of this auction you acknowledge you are entering into a legal and binding contract:

TERMS & CONDITIONS
The Terms and Conditions of Sale are set forth in the 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 INFORMATIION.

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.

SPECIFIC TERMS FOR LIVE WEBCAST AUCTION     
Internet Bidder's Fee: 2% (with a cap of $500 per lot OR tract)

This is an online only auction and conducted on our IQBID.COM system.

Steffes Auctioneers and IQBID.COM along with their employees are seller's agents and are licensed in the state where the property is located. We strongly recommend buyers secure buyer representation, at their expense, in all real estate transactions.

This property sells for cash with no owner financing.  Bidders must have financing secured prior to bidding. The sale of this property IS NOT contingent on the bidder securing financing.

The auction begins at 10AM on Wednesday, September 26, 2012.

• 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 a Real Estate Trust Account as good faith money until closing.
• The contract signing will take place at Steffes Auctioneers, 2000 Main Avenue East, West Fargo ND.
• If the winning bidder is unable to come to the Steffes office for signing of the contract, contact Rodney Steffes (701) 237-9173.  Arrangements will be made to email or fax a copy of the contract for signature. The buyer would fax the signed copy back to (701) 237-0976 or send a scanned copy by email.
• 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 26, 2012, or when clear title can be provided.
• Closing will take place at TRN Abstract & Title, 127 4th Street South, Moorhead, MN 
• Seller will provide up-to-date abstract(s) at their expense and will convey property by Warranty Deed.
• 2012 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.
• 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.
• 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 SELLER 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, expressed or implied.

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 either to 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.

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. represents the Seller and will be paid by the seller.

POSSESSION
Possession will be at closing or completion of current crop harvest, whichever is later, 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.  (See exception below.)* However, the Seller does not warrant the amount or adequacy of the mineral rights.  *The family is reserving 50% of the minerals in the W1/2W1/2 of Section 9-136-45 (Tract 5)

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 well.

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.  A survey of the properties will not be made by Seller as condition of close and Buyers shall acknowledge and accept that surveys will not be provided as a condition of close.  Buyer, at Buyer's expense, may initiate a Survey of the property to determine the exact legal description, area and boundary lines, the nature and location of all easements and encroachments from or on to the property, the nature and location of all utilities on and/or serving the property or improvements, the location of the improvements if any, including all building sites, and means of ingress to and egress from, the property.  If a Survey is performed, the survey shall meet the minimum standards adopted by ALTA/ASCM for a Class A Survey.  Property to be conveyed by and legal description determined by previously recorded legal documents.

LAND RENT LEASES
There is one year left on the land leases which go through 2013 crop season.  Purchaser has the ability to cancel in writing prior to the 2013 growing season or honor the leases as written.  Where applicable, the leases require the tenant to work the land at the end of the lease.

CRP CONTRACTS
Buyer accepts the existing Conservation Reserve Program (CRP) contracts as written (a copy of said contract shall be attached to the fully executed purchase agreement).  If said CRP contract is terminated or violated prior to end of the existing contract term by the Buyer or Buyer's successors, any penalties or repayments associated with early termination or violation are the sole responsibility of the Buyer or Buyer's successors.