Slaughter-Dallam County TX Absolute Auction

Rita Blanca Coliseum 2222 Fm 281,  Dalhart,  TX  79022 |  September 26, 2017  2:00 PM - 5:00 PM

George Clift, ALC | Amarillo, TX

Description

Plan to attend the Auction Information Meeting on Thursday, September 14th at 1:00 pm at the Rita Blanca Coliseum, 2222 FM 281, Dalhart, TX 79022. Auction Location: Rita Blanca Coliseum, 2222 FM 281, Dalhart, TX 79022 This farm is located approximately 28 miles northwest of Dalhart, Texas on SH 102 (N. Sedan Highway) and approximately 6.5 miles east of Sedan, NM. The Slaughter Dallam County Farm consists of 1,718 + total acres, of which approximately 1,151 acres are enrolled in the Conservation Reserve Program. Each of these seven tracts contains acreages that are enrolled in this Program. All advertised acreages are approximate and have been estimated based on current legal descriptions, USDA maps, and/or aerial photos. It is the Buyer’s responsibility to contact the Dallam County FSA office with information regarding ownership change and how it pertains to the current Conservation Reserve Program Contract #10109C. This contract will expire in September, 2022. The contract annual rental rate is $40.10 per acre. The 2017 CRP payment will be paid to the Seller. The 2018 CRP payment and all subsequent payments WILL CONVEY to the Buyer(s). TRACT #1 This tract has a total of 320 + acres. These acres are enrolled in the Conservation Reserve Program. There are two submersible wells that are currently powered by a generator. This generator WILL NOT CONVEY. These wells are not being used at this time. This tract is accessed by county road Woody Ln. The annual CRP payment on this parcel would be approximately $12,832. TRACT #2 This 320 + acre tract has approximately 312 acres enrolled in the Conservation Reserve Program. The submersible well located on this tract (Well #2A) will convey with Tract #7. The annual CRP payment on this parcel would be approximately $12,511. TRACT #3 Approximately 138 acres of this 160 + acre tract are enrolled in the Conservation Reserve Program. There is a home located on the east side of this tract. McAdams Rd. provides access to this tract. The Buyer of Tract #3 will sign a Lease Agreement with the current tenant of the home. This Lease Agreement will terminate on December 31, 2017. The annual CRP Payment on this parcel would be approximately $5,533. TRACT #4 This 320 + acre tract contains both irrigated farmland and CRP land. Approximately 60 acres are enrolled in the Conservation Reserve Program. There are three wells (Wells 4A, 4B, and 4C), two Gen-Sets, and two sprinkler systems on this tract. Wells 5A and 5B (Tract #5) will also convey with this tract. The sprinklers are nozzled at 350 gpm. An easement will be provided for access to this Tract, as well as to Wells 5A and 5B. The annual CRP Payment on this parcel would be approximately $2,406. TRACT #5 This 139 + acre tract has approximately 134 acres enrolled in the Conservation Reserve Program. Wells 5A and 5B on this tract WILL CONVEY with Tract #4. An easement will be provided for access to this Tract. The annual CRP Payment on this parcel would be approximately $5,373. TRACT #6 This 139 + acre tract has approximately 137 acres enrolled in the Conservation Reserve Program. McAdams Rd. provides access to this tract. There are two wells (Well 6A and 6B) on this tract. These wells WILL CONVEY with Tract #7. The annual CRP Payment on this parcel would be approximately $5,493. TRACT #7 This 320 + tract has approximately 50 acres enrolled in the Conservation Reserve Program, and the remainder is irrigated farmland. There are two submersible wells and two sprinkler systems on this tract. The well on Tract #2 (Well 2A) and the wells on Tract #6 (Wells 6A and 6B) WILL CONVEY with this Tract, and an easement will be provided for access to these wells. The large anhydrous tank located on this property WILL NOT CONVEY. There is good blacktop road (SH 102) access to this tract. The annual CRP Payment on this parcel would be approximately $2,005. Per information provided by the Seller, there is a Cell Tower Lease in place involving a celltower in the southeast corner of this tract. This lease reportedly pays the landowner $1,500.00 annually.

Directions

Directions to Farm: From Dalhart, Texas take US 87 northwest approximately eight miles to SH 102 (N. Sedan Rd). Turn west and go approximately 20 miles to McAdams Rd. and the southeast corner of Tract #7. From Sedan, New Mexico take SH 102/421 approximately six miles to the southwest corner of Tract #7. Latitude 36.142590 Longitude –102.999116

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Terms

PROCEDURE: This 1,718 +/- Acres will be offered in seven (7) individual tracts. There will be open bidding on all tracts and combinations until the close of the auction. The property will be sold in the manner resulting in the highest total sale price. BUYER’S PREMIUM: A five percent (5%) Buyer’s Premium is in effect for all purchases. The Buyer’s Premium will be added to the “Auction Price” to determine the “Sales Price” or “Contract Price”. ACCEPTANCE OF BID PRICES: This is an Absolute Auction. All successful bidders will sign a purchase agreement at the auction site immediately following the close of the auction. DOWN PAYMENT: Ten percent (10%) down payment on the day of the auction, upon signing a purchase agreement immediately following the close of bidding. The down payment may be paid in the form of cash, personal check, business check, or cashier’s check. The remainder of the purchase price is payable in cash at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing. REAL ESTATE TAXES AND ASSESSMENTS: The Property Taxes will be prorated to the date of closing. Seller shall have paid all Property Taxes for prior years before closing. The Buyer(s) will be responsible for any “rollback” in the property taxes. The Buyer(s) will be responsible for all additional taxes imposed after the date of execution of the Special Warranty Deed by seller as a result of any change in use of any part of the subject property, the intent being that all such additional taxes shall be the responsibility of the Buyer(s) and the Buyer’s heirs, personal representatives and assigns. BROKER PARTICIPATION: Contact the Auction office to obtain the broker participation guidelines. CLOSING: Will take place on or before November 14, 2017, or as soon as applicable closing documents and surveys (if needed) are completed. TITLE: Seller shall provide an Owner’s Policy of Title Insurance on the surface tracts in the amount of the purchase price. Buyer(s) will be responsible for all expenses related to acquiring a mortgagee’s title policy, if required. Seller shall execute a Special Warranty Deed conveying the real estate to the Buyer. PROPERTY CONDITION: Property 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 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. The current farm lease will be terminated prior to closing. POSSESSION: Possession will be given at closing and funding. The Buyer of Tract #3 will sign a Lease Agreement with the current tenant of the home on that Tract. This Lease Agreement will terminate on December 31, 2017. SURVEY: AT THE SELLER’S OPTION, the Seller shall provide a new survey where there is no existing legal description or where new boundaries are created by the tract divisions in the auction. Any need for a new survey will be determined solely by the Seller. The Seller will provide a survey at it’s own cost, if needed. The type of survey performed shall be at the Seller’s option and sufficient for providing title insurance. All advertised acreages are approximate and have been estimated based on current legal descriptions and/or aerial photos. TITLE EXCEPTIONS: Any and all Oil, Gas, and Other Minerals currently owned by Seller WILL NOT CONVEY. Owner reserves 50% of the Wind Royalties. 50% of the Wind Royalties and 100% of the Executive Rights with regard to wind development WILL CONVEY to Buyer(s). Seller to reserve 50% of the Rights to any Royalty or Revenue allocable to surface owner from future Salt Water Disposal wells placed on the property. CONSERVATION RESERVE PROGRAM: Buyer shall become successor to any USDA FSA Conservation Reserve Program contract and CRP contract shall be in compliance at the time of closing. The 2017 annual Conservation Reserve Program payment will be paid to the Sellers. The 2018 CRP payment and all subsequent payments WILL CONVEY to the Buyer(s). CELL TOWER LEASE: A cell tower is located in the southeast corner of Tract #7. There is a Cell Tower Lease on record that WILL CONVEY to the Buyer. The 2017 Cell Tower Lease payment will be prorated to the date of closing. GROWING CROP CONVEYANCE: The growing wheat crop WILL CONVEY to the Buyer(s) of those tracts where current growing wheat crop exists. The Tenant will be reimbursed by the Buyer(s) for those expenses associated with the conveyed wheat crop. The Sorghum Sudan Grass Seed will be harvested and WILL NOT CONVEY. EQUIPMENT: The Generator on Tract #1, all Irrigation Motors, and the Anhydrous Tank on Tract #7 WILL NOT CONVEY. AGENCY: Clift Land Auctions, LP and Clift Land Brokers and its representatives are exclusive agents of the Seller. DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the seller, the broker, the auction company or any of their respective representatives. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the auction and increments of bidding are at the direction and discretion of the auctioneer. The seller, broker and auction company 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 property information. NOTE: Video taping, flash photography and/or public announcements will be allowed on auction day ONLY with prior approval from Clift Land Auctions, LP. Complete Auction Terms and Conditions are also available for review and/or download on our website. CliftLandAuctions.com

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