60 +/- Acres West Lafayette, Indiana - Sealed Bid Auction
SOLD -
ONE-CHANCE SEALED BID AUCTION
One (1) Tract + Home & Outbuildings
Potential Homesite Development
SR 26, Minutes to Purdue Campus
ONE-CHANCE SEALED BIDS DUE THURSDAY, NOVEMBER 21, 2024 BY 12:00PM EST
- All interested parties are required to make Sealed Bids on purchase contract forms provided by Geswein Farm & Land Realty, LLC.
- 8645 SR 26 W, West Lafayette IN 47906
- Offered as One (1) Tract
- +/- 59.73 Total Taxable Acres
- SR 26 Frontage, Minutes to Purdue & West Lafayette
- +/- 38.22 FSA Crop Acres
- Surety WAPI 147.7
- Excellent Investment Opportunity
- Investigate Potential Homesites
includes 3-Bed, 1 Bath, 1,232 sq ft home w/ full basement and outbuildings
AUCTIONEER: JOHNNY KLEMME IN AU #12000053
SELLERS: CARL LEMEN FAMILY, ET AL.
AUCTION TERMS & CONDITIONS
60 +/- Acres | Tippecanoe County, Indiana | Listing # JK2479630AU
ONE-CHANCE SEALED BID SALE
BIDDER RESPONSIBILITY: It is the Bidder/Buyers responsibility to read and review all terms & conditions prior to bidding on any property. By bidding on the property, the Bidder/Buyer agrees that these terms will supersede all prior discussions, negotiations, and agreements, whether oral or written. The bidder/buyer agrees his/her actions shall be binding and obligatory upon the undersigned, their separate heirs, administrators, executors, assigns, and successors in the interest of the undersigned. Bidder may not assign the rights afforded the Bidder to any other party without the Seller’s consent. Successful bidder(s) agree to immediately execute a purchase agreement following the conclusion of the auction per the following terms and conditions. By bidding on the property, bidder/buyer agrees to all terms and conditions set forth and will enter into a contractual real estate purchase agreement to purchase the property under the following terms and conditions.
NO CONTINGENCIES: Bidding is not contingent on or subject to Buyer’s financing, appraisal, survey or inspections of any kind or any other contingencies as agreed to by bidders at registration prior to bidding.
OFFERING PROCEDURE: All interested parties are required to make Sealed Bids on purchase agreement contract forms provided by Geswein Farm & Land Realty, LLC. To be considered, all Sealed Bids must be made and delivered to the Geswein Farm & Land Realty at the Lafayette, Indiana office electronically or in person on or before Thursday, November 21, by 12:00PM EST. The Seller will accept or reject bids by 5:00PM EST on Thursday, November 21, 2024. All Bidders will be notified shortly thereafter but no later than 12:00pm EST on Friday, November 22, 2024. Seller reserves the right to accept or reject any and/or all bids. The property is being offered to the highest bidder(s) in the manner resulting in the highest sale price. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING OR APPRAISAL, be certain that you have arranged financing, if needed, and are capable of paying for the property in cash at closing. ACCEPTANCE OF BID PRICES: The successful high bidder(s) will enter into a purchase agreement immediately following the close of bidding for presentation to the seller. Final bid prices are subject to approval or rejection by seller.
NEW DATA, CORRECTIONS AND CHANGES: Please review all announcements prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.
DOWN PAYMENT: : A down payment for not less than ten (10%) percent of the bid will be required with the submitted bid on November 21, 2024. This down payment shall serve as Earnest Money and the balance of the contract purchase price is due in cash at closing. See section above: ‘OFFERING PROCEDURE’ for more details on Earnest Money. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING OR APPRAISAL, be certain that you have arranged financing, if needed, and are capable of paying for the property in cash at closing.
DEFAULT: Bidder(s)/Buyer(s) failing to submit earnest money funds by the date/time required will be considered in default. If Bidder(s)/Buyer(s) is unable to secure financing and/or pay for property in cash at closing by specified date, the bidder(s)/buyer(s) will be considered in default. Such default by the Bidder(s)/Buyer(s) will result in that Bidder’s/ Buyer’s liability to both the Seller and Geswein Farm & Land Realty, LLC. Seller shall have the right to (a) declare this contractual agreement cancelled and recover full damage for its breach, (b) to elect to affirm this contractual agreement and enforce its specific performance or (c) Seller can resell the property either publicly or privately with Geswein Farm & Land Realty, LLC and in such an event, the Bidder(s)/Buyer(s) shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding costs of the property, the expenses of both sales, legal and incidental damages of both the Seller and Geswein Farm & Land Realty, LLC. In addition, Geswein Farm & Land Realty, LLC also reserves the right to recover any damages separately from the breach of the Buyer. Both the Successful Bidder and Seller shall indemnify Geswein Farm & Land Realty, LLC for and hold harmless Geswein Farm & Land Realty, LLC from any costs, losses, liabilities, or expenses, including attorney fees resulting from Geswein Farm & Land Realty, LLC being named as a party to any legal action resulting from either Bidders or Sellers failure to fulfill any obligations and undertakings as set forth in this contractual agreement.
ACCEPTANCE OF BID PRICES: : All sealed bids will be presented simultaneously to the Seller on November 21, 2024. Sealed bids are subject to approval or rejection by seller.
CONFLICTS: In the event of any conflict between this document and the sales contract, the sales contract will prevail.
POSSESSION & CLOSING: Successful bidders are purchasing with no financing contingencies and must be prepared for cash settlement of their purchase on or before December 20, 2024. Closing to take place at Stallard & Schuh located in Lafayette, Indiana. Final settlement will require wire transfer. Open Lease for 2025. Possession shall take place at closing.
TITLE: Seller shall furnish the buyer at seller’s expense an owner’s policy of title insurance in the amount of the purchase price, and agrees to provide and execute a proper deed conveying merchantable title to the real estate to the buyer.
REAL ESTATE TAXES AND ASSESSMENTS: Seller will pay the 2023 payable in 2024 real estate taxes and assessments. 2024 real estate taxes and assessments due and payable in 2025 shall be paid by the seller.
FARM INCOME: Seller will retain the 2024 farm income.
EASEMENTS: Sale of property is subject to any and all recorded or apparent easements.
SURVEY: Seller shall provide a new survey where there is no existing legal description sufficient to convey title. Any need for a new survey shall be determined solely by the seller unless such surveys are required by the State or local law. The cost of the survey shall be shared equally by the seller and buyer(s). The type of survey performed shall be at the seller’s option and sufficient for providing a standard form owner’s title insurance policy and the transfer of merchantable title. If a survey is completed, the purchase price for the surveyed tract(s) will be adjusted, up or down, to the exact surveyed acres. The price per acre will be the auction price bid for the tract, divided by the tract acreage estimated in the auction brochure.
MINERAL RIGHTS: Sale shall include 100% of the mineral rights owned by the seller, if any.
AERIAL IMAGES: Photos, aerial images and map drawings are for illustration purposes only and not surveyed boundary lines unless specified.