200 ± ACRES IN NEW MEXICO OFF I-25

TERMS and CONDITIONS

J.P. Weigand & Sons, Inc., (Weigand), a Kansas licensed real estate brokerage, in cooperation with Johnson Commercial Real Estate, LC (“JCRE”), a New Mexico licensed real estate brokerage, is proud to conduct today’s auction on behalf of the owner of the real estate (the “Seller”).  The real estate offered for sale at auction (the “Real Estate”) is described in the Purchase Agreement, a copy of which is available for inspection from Weigand  (Website:  www.weigandauctions.com)

1. Any person who is registered to bid at this Auction (the “Bidder”) agrees to be bound by these Terms and Conditions, the announcements made by the auction team on the day of the auction, and the Purchase Agreement.
   
   
2. All Bidders submitting a bid must be at least 18 years of age or older and have full authority to bid, either solely or as a representative of the bidding entity.  All Bidders submitting a bid acknowledge they are making a legal and binding offer to purchase the subject property(ies).
   
   
3. The Real Estate is not offered contingent upon inspections.  The Real Estate is offered at public auction in its present, “As Is, Where Is” condition and is accepted by Bidder without any expressed or implied warranties or representations from Seller,  Weigand, or JCRE, including, but not limited to, the following:  the condition of the Real Estate; the Real Estate’s suitability for any or all activities or uses; the Real Estate’s compliance with any laws, rules, ordinances, regulations, or codes of any applicable government authority; the Real Estate’s compliance with environmental protection, pollution, or land use laws, rules, regulations, orders, or requirements; the disposal, existence in, on or under the Real Estate of any hazardous materials or substances; or any other matter concerning the Real Estate.  It is incumbent upon Bidder to exercise Bidder’s own due diligence, investigation, and evaluation of suitability of use for the Real Estate prior to bidding.  It is Bidder’s responsibility to have any and all desired inspections completed prior to bidding including, but not limited to, the following: roof; structure; termite; environmental; survey; encroachments; groundwater; flood designation; presence of lead-based paint or lead based paint hazards; presence of radon; presence of asbestos; presence of mold; electrical; appliances; heating; air conditioning; mechanical; plumbing (including water well, septic, or lagoon compliance); sex, juvenile, violent, drug and/or repeat offender registry information ; flight patterns; or any other desired inspection.  Bidder acknowledges that Bidder has been provided an opportunity to inspect the Real Estate prior to the auction and that Bidder has either performed all desired inspections or accepts the risk of not having done so.  Any information provided by Seller,  Weigand, or JCRE  has been obtained from a variety of sources.  Seller,  Weigand, and JCRE have not made any independent investigation or verification of the information and make no representation as to its accuracy or completeness.  In bidding on the Real Estate, Bidder is relying solely on Bidder’s own investigation of the Real Estate and not on any information provided or to be provided by Seller,  Weigand, or JCRE.
   
   
4. Notwithstanding anything herein to the contrary, to the extent any warranties or representations may be found to exist, the warranties or representations are between Seller and Bidder.   Weigand and JCRE  may not be held responsible for the correctness of any such representations or warranties or for the accuracy of the description of the Real Estate.
   
   
5. There will be a buyer’s premium of 10% of the final bid added to the final bid.  The buyer’s premium together with the final bid amount, will constitute the total purchase price of the Real Estate.
   
   
6. The Real Estate is not offered contingent upon financing.
   
   
7. The successful Bidder must immediately execute the Purchase Agreement and tender a nonrefundable earnest money deposit in the form of cash, check, or immediately available, certified funds and in the amount set forth by  Weigand  In the event of an online auction, the Purchase Agreement will be electronically sent for signature by Bidder using the email address associated with Bidder’s online bidding account and the earnest money shall be deposited within 24 hours of the close of the auction. The balance of the purchase price will be due in immediately available, certified funds at closing on the specified closing date.  The Real Estate must close within 30 days of the date of the auction or as otherwise agreed to by Seller and Bidder.  Purchase Agreements will be written in the name used to create the online bidding account unless other arrangements are made with Weigand, prior to the auction.
   
   
8. Auction announcements take precedence over anything previously stated or printed, including these Terms and Conditions.
   
   
9. A bid placed by Bidder will be deemed conclusive proof that Bidder has read, understands, and agrees to be bound by these Terms and Conditions.
   
   
10. These Terms and Conditions, especially as they relate to the qualifications of potential bidders, are designed for the protection and benefit of Seller and do not create any additional rights or clauses of action for Bidder. On a case-by-case basis, and at the sole discretion of Seller,  Weigand exceptions to certain Terms and Conditions may be made.
    
    
11. In the event Bidder is the successful bidder at the auction, Bidder’s bid constitutes an irrevocable offer to purchase the Real Estate and Bidder will be bound by said offer.  In the event that Bidder is the successful bidder but fails or refuses to execute the Purchase Agreement, Bidder acknowledges that, at the sole discretion of Seller, these Terms and Conditions together with the Purchase Agreement executed by the Seller are to be construed together for the purposes of satisfying the statute of frauds and will collectively constitute an enforceable agreement between Bidder and Seller for the sale and purchase of the Real Estate.
    
    
12. It is the responsibility of Bidder to make sure that Weigand is aware of Bidder’s attempt to place a bid.   Weigand and JCRE disclaim any liability for damages resulting from bids not spotted, executed, or acknowledged.  Weigand and JCRE are not responsible for errors in bidding, and Bidder releases and waives any claims against Weigand and JCRE  for bidding errors.
    
    
13. Bidder authorizes  Weigand and JCRE  to use information about the auction, including the sales price of the Real Estate, for promotional or other commercial purposes.
    
    
14. Broker/agent participation is invited. Broker/agents must submit a fully executed Broker Registration Form to  Weigand  24 Hours before the prospective bidder begins bidding. The Broker Registration Form is available on Weigand  website.
    
    
15. Weigand and JCRE are acting solely as agents for Seller and not as agents for Bidder.  Weigand and JCRE are not a party to any Purchase Agreement between Seller and Bidder.  In no event will Weigand and JCRE  be liable to Bidder for any damages, including incidental or consequential damages, arising out of or related to this auction, the Purchase Agreement, or Seller’s failure to execute or abide by the Purchase Agreement.
    
    
16. Seller, Weigand, and JCRE  including their employees and agents, will not be liable for any damage or injury to any property or person at or upon the Real Estate.  Any person entering on the premises assumes any and all risks whatsoever for their safety and for any minors or guests accompanying them.  Seller, Weigand, and JCRE expressly disclaim any “invitee” relationship and are not responsible for any defects or dangerous conditions on the Real Estate, whether obvious or hidden.  Seller,  Weigand, and JCRE , are not responsible for any lost, stolen, or damaged property.
    
    
17. Weigand  has the right to establish all bidding increments in a commercially reasonably manner.
    
    
18. Weigand may, in its sole discretion, reject, disqualify, or refuse any bid believed to be fraudulent, illegitimate, not in good faith, made by someone who is not competent, or made in violation of these Terms and Conditions or applicable law.
    
    
19. Seller shall not be prohibited from bidding on the Real Estate.
    
    
20. The Real Estate is offered for sale to all persons, without regard to race, color, religion, sex, handicap, familial status, or national origin.
    
    
21. These Terms and Conditions are binding on Bidder and on Bidder’s partners, representatives, employees, successors, executors, administrators, and assigns.
    
    
22. In the event any provision contained in these Terms and Conditions is determined to be invalid, illegal, or unenforceable by a court of competent jurisdiction, the validity, legality, and enforceability of the remaining provisions of the Terms and Conditions will not be in any way impaired.
    
    
23. These Terms and Conditions are to be governed by and construed in accordance with the laws of New Mexico, but without regard to New Mexico rules governing conflict of laws.  Exclusive venue for all disputes lies in either the Santa Fe County, New Mexico District Court or the United States District Court in Santa Fe, New Mexico.  Bidder submits to and accepts the jurisdiction of such courts.
    
    
24. When creating an online bidding account, Bidder must provide complete and accurate information.  Bidder is solely responsible for maintaining the confidentiality and security of their online bidding account and accepts full responsibility for any use of their online bidding account.  In the event Bidder believes their online bidder account has been compromised, Bidder must immediately inform:
    J.P. Weigand & Sons, Inc.
    Attn: Kevin Howell
    150 N. Market
    Wichita, KS 67202
    khowell@weigand.com.
    (316) 262-6400
    
    
25. Bids submitted using the online bidding platform cannot be retracted.  Bidder uses the online bidding platform at Bidder’s sole risk.   Weigand and JCRE are not responsible for any errors or omissions relating to the submission or acceptance of online bids.  Weigand, and JCRE  make no representations or warranties as to the online bidding platform’s uninterrupted function or availability and makes no representations or warranties as to the online bidding platform’s compatibility or functionality with Bidder’s hardware or software.  Not  Weigand, JCRE,   or any individual or entity involved in creating or maintaining the online bidding platform will be liable for any damages arising out of the failure, interruption, unavailability, or delay in operation of the online bidding platform.
    
    
26. The ability to “pre-bid” or to leave a maximum bid prior to the start of the auction is a feature offered solely for Bidder’s convenience and should not be construed as a call for bids or as otherwise beginning the auction of the Real Estate.  Pre-bids will be held by  Weigand until the auction is initiated and will not be deemed submitted or accepted by Weigand until the auction of the Real Estate is formally initiated by Weigand.
    
    
27. In the event of issues relating to the availability or functionality of the online bidding platform during the auction, Weigand may, in its sole discretion, elect to extend the scheduled closing time of the auction.
    
    
28. The auctioneer reserves the right to cancel, suspend, extend, or reschedule any auction event. Property is subject to sale prior to auction. 
    
    
    
29. In the event that Bidder is the successful bidder but fails to comply with Bidder’s obligations as set out in paragraph 7 of these Terms and Conditions by 12:00 p.m. on the business day following the auction, then Bidder will be in breach of these Terms and Conditions and Weigand and JCRE may attempt to resell the Real Estate to another buyer.  Bidder will remain liable to Seller for any damages resulting from Bidder’s failure to comply with these Terms and Conditions.
    
    
30. Bidder may not use the online bidding platform in any manner that is a violation of these Terms and Conditions or applicable law, or in any way that is designed to damage, disable, overburden, compromise, or impair the function of the online bidding platform, the auction itself, or any other party’s use or enjoyment of the online bidding platform.
    
    
31. Bidder’s use of this site and bid placement constitutes your acceptance and agreement to adhere to these terms.  Please print a copy for your records.  All bidders are responsible for reading all terms and conditions carefully.  Lack of knowledge of these Terms and Conditions will not release bidders from their obligations.
    
    
32. Unless otherwise specified, in computing any period of time described herein, the day of the act or event on which the designated period of time begins to run shall not be included and the last day of the period so computed shall be included, unless such last day is a Saturday, Sunday or legal holiday, in which event the period shall run until the next day which is not a Saturday, Sunday or a legal holiday. Further, unless otherwise specified, any reference to a specified number of days shall be deemed to refer to calendar days (count includes weekends and holidays).
    
    
33. Weigand may modify these Terms and Conditions at any time on a prospective basis by posting the revised terms, emailing the revised terms to Bidder’s email address on file, or taking such other action as may be reasonably calculated to provide notice. Changes will not apply retroactively and will become effective immediately. For Bidder’s part, Bidder agrees to review the Terms and Conditions to which Bidder has authorized access to ensure Bidder is familiar with the most recent Terms and Conditions.