AUCTION TERMS & CONDITIONS

Broker: Triangle National, LLC (dba Superior Land Auction), (Texas Real Estate Broker License Number 9006711) John Thacker “JT” Haynes, Manager (Texas Real Estate Salesperson License 458326) Phone: 806-324-7949; Email: info@superiorland.com; Address: 7673 Canyon Drive, Amarillo, TX 79110

Auctioneer: Triangle National, LLC, Steven Friskup, Licensed Auctioneer (TDLR License Number AUC - #7456 ; Phone: 806-324-7949; Email: info@superiorland.com; Address: 7673 Canyon Drive, Amarillo, TX 79110

Seller: Seller has contracted Broker/Auctioneer to sell the tracts included in, The West Texas Commercial Land Auction. The properties offered herein include several different tracts with multiple Sellers. Please see the description of each tract in the website material or contact Broker/Auctioneer for additional information.

SALE LOCATION AND TIME

This is an online and in-person commercial land auction with a reserve. Broker/Auctioneer will facilitate phone bidding in addition to electronic bid submission. Online bidding will open Tuesday, October 11th, 2022 at 4:00 p.m. CST and live in-person bidding will begin Tuesday, October 18th, 2022 at 4:00 p.m. CST. In the final five (5) minutes of bidding, as determined by the Auctioneer, any new bid submitted will reset the auction countdown clock to five (5) minutes. The auction will close when five (5) minutes have elapsed with no additional bids submitted.

AGENCY

Triangle National, LLC dba Superior Land Auction and its representatives are exclusive agents of the Seller.

DISCLAIMERS, ABSENCE OF WARRANTIES AND INDEMNITY

All information contained in these terms and conditions, and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. Announcements made by the auctioneer during the time of the sale will take precedence over any previously printed material or any other oral statements made. The information contained in all materials is believed to be accurate but is subject to verification by all parties relying on them. The Seller, the Broker, the Auctioneer and any of their respective representatives assume no liability for its accuracy, errors or omissions. With respect to the brochure and all related materials: (a) all sketches and dimensions are approximate; and (b) all acreages are approximate and have been estimated based on legal descriptions or aerial mapping. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller, Broker, and Auctioneer 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.

EACH BUYER ACKNOWLEDGES AND UNDERSTANDS THAT TRIANGLE NATIONAL, LLC DBA SUPERIOR LAND AUCTION, AND ITS AGENTS DO NOT MAKE ANY ASSERTIONS OR GUARANTEES AS TO THE CONDITION OF THE PROPERTY HEREIN. EACH BUYER AGREES TO ACCEPT THE SALE OF ALL PROPERTY OFFERED THROUGH THIS AUCTION ON AN “AS IS, WHERE IS AND WITH ALL FAULTS” BASIS. EACH BIDDER (WHETHER SUCH BIDDER BECOMES A BUYER OR NOT) EXPRESSLY ACKNOWLEDGES THAT, IN CONSIDERATION OF THE AGREEMENT OF SELLER TO PROCEED WITH THE AUCTION PROCESS, SELLER MAKES NO WARRANTY OR REPRESENTATION (OTHER THAN AS EXPRESSLY PROVIDED IN THE CONTRACT AND IN THE DOCUMENTS TO BE EXECUTED AT CLOSING), EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTY OF 2 | Page CONDITION, TITLE (OTHER THAN THE SPECIAL WARRANTY OF TITLE WITH RESPECT TO THE REAL PROPERTY), HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE PROPERTY OR ANY PORTION THEREOF. BY PLACING A BID ON ANY OF THE PROPERTY MADE THE SUBJECT OF THIS AUCTION, EACH BIDDER, BY TENDERING A BID, EXPRESSLY REPRESENTS AND WARRANTS TO SELLER AND TRIANGLE NATIONAL, LLC DBA SUPERIOR LAND AUCTION THAT PRIOR TO TENDERING ANY BID ON ANY OF THE PROPERTY MADE THE SUBJECT OF THIS AUCTION, THE BIDDER HAS HAD THE OPPORTUNITY TO AND HAS CONDUCTED ANY AND ALL INSPECTIONS, TESTS AND EXAMINATIONS OF THE PROPERTY THAT ARE MATERIAL TO THE BIDDER’S DECISION TO SEEK TO PURCHASE THE PROPERTY AND HAS FURTHER HAD THE OPPORTUNITY TO, AND HAS CONSULTED WITH ANY ATTORNEYS THAT BIDDER CHOOSES, PRIOR TO TENDERING SUCH BID. BIDDER ACKNOWLEDGES THAT SELLER AND TRIANGLE NATIONAL, LLC WOULD NOT BE WILLING TO SELL THE PROPERTY TO BIDDER UNLESS THE FOREGOING DISCLAIMER PROVISIONS WERE INCLUDED IN AND MADE AN EXPRESS TERM OF ALL AGREEMENTS RELATING TO THE SALE OF ANY PROPERTY MADE THE SUBJECT OF THIS AUCTION TO BIDDER.

AFTER CLOSING, AS BETWEEN ANY BUYER AND SELLER, THE RISK OF LIABILITY OR EXPENSE FOR ENVIRONMENTAL PROBLEMS, EVEN IF ARISING FROM EVENTS OCCURRING BEFORE CLOSING, WILL BE THE SOLE RESPONSIBILITY OF EACH BUYER, REGARDLESS OF WHETHER THE ENVIRONMENTAL PROBLEMS WERE KNOWN OR UNKNOWN AT CLOSING. ONCE CLOSING HAS OCCURRED, EACH BUYER, WITH RESPECT TO THE PROPERTY ACQUIRED, INDEMNIFIES, HOLDS HARMLESS, AND RELEASES SELLER FROM LIABILITY FOR ANY LATENT DEFECTS AND FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, INCLUDING LIABILITY UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND LIABILITY ACT (“CERCLA”), THE RESOURCE CONSERVATION AND RECOVERY ACT (“RCRA”), THE TEXAS SOLID WASTE DISPOSAL ACT, OR THE TEXAS WATER CODE. BUYER INDEMNIFIES, HOLDS HARMLESS, AND RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY ARISING AS THE RESULT OF 1) SELLER’S OWN NEGLIGENCE OR THE NEGLIGENCE OF SELLER’S REPRESENTATIVES; 2) THEORIES OF PRODUCTS LIABILITY AND STRICT LIABILITY; OR 3) UNDER NEW LAWS OR CHANGES TO EXISTING LAWS ENACTED AFTER THE EFFECTIVE DATE THAT WOULD OTHERWISE IMPOSE ON SELLER IN THIS TYPE OF TRANSACTION NEW LIABILITIES FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY.

PROCEDURE

This commercial land auction has tracts located in Randall County, Texas and Deaf Smith County, Texas. There will be 23 tracts offered. Each tract will be sold as individual tracts. There will be open bidding on tracts until the close of the auction. The property will be sold, subjected to a reserve, in the manner resulting in the highest total sale price per Seller. The Auctioneer will announce when a reserve has been met for each tract. The Auctioneer will announce at the beginning of each auction a specific set of procedures applicable to that auction.

ACCEPTANCE OF BID PRICE

Subject to any Seller reserve, the property will sell to the high bidder(s) at the conclusion of bidding. All successful bidders will sign a Purchase Agreement digitally within 24 hours of the close of bidding. Seller reserves the right to accept a bid price below the reserve amount and must do so within 30 minutes of the conclusion of the auction. Any successful bidder for the purchase of any portion of the property is identified herein as a “Buyer”. Each Buyer assumes all responsibility for obtaining any necessary financing for the purchase of the property and neither Seller nor Triangle National, LLC dba Superior Land Auction assumes any responsibility for Buyer’s inability to obtain financing. Bidding/Purchase is not contingent upon a Buyer obtaining financing.

BUYER’S PREMIUM

A 5% buyer’s premium is in effect for all purchases. The Buyer’s Premium will be added to the “High Bid” to determine “Contract Price.” Ex. High Bid of $100,000 + $5,000 Buyer’s Premium = Contract Price of $105,000.

DOWN PAYMENT

Ten percent (10%) of the Contract Price must be paid as a down payment at the time of signing the Purchase Agreement. The down payment may be made in the form of cash, personal check, cashier’s check, or wire transfer and will be made payable to the closing agent, American Land Title. The remainder of the purchase price plus all expenses of closing is payable in immediately available funds at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING.

INSPECTION

For a private showing contact Superior Land Auction at Phone: 806-324-7949; Email: info@superiorland.com; Address: 7673 Canyon Drive, Amarillo, TX 79110.

MINERALS

All properties sold at this auction will be conveyed with any minerals that are owned by the Seller unless specifically called out in the auction materials on the website and/or announced by the Auctioneer.

POSSESSION

Possession will be given at closing and funding.

1031 TAX-DEFERRED EXCHANGE

Seller is aware that Buyer may perform a 1031 Tax-Deferred Exchange. Seller agrees to cooperate in the exchange. Buyer will hold Seller harmless from all claims, liabilities, costs, or delays in time resulting from the exchange. Buyer is aware that Seller may perform a 1031 Tax-Deferred Exchange.

Buyer agrees to cooperate in the exchange. Seller will hold Buyer harmless from all claims, liabilities, costs, or delays in time resulting from the exchange.

ADDITIONAL PROVISIONS

The risk of liability or expense for environmental problems, even those arising from events occurring before closing, will be the sole responsibility of each Buyer, regardless of whether the environmental problems were known or unknown at closing.

Each Buyer indemnifies, holds harmless and releases Seller and Triangle National, LLC dba Superior Land Auction from liability for any latent defects and from any liability for environmental problems affecting the property, including liability under (i) The Comprehensive Environmental Response, Compensation, and Liability Act; (ii) The Resource Conservation and Recovery Act; (iii) The Texas Solid Waste Disposal Act; and/or (iv) The Texas Water Code; and/or arising as the result of:

i. Seller’s own negligence or the negligence of Seller’s representatives;

ii. Theories of products liability and strict liability; and/or

iii. Under new laws or changes to existing laws that would otherwise impose on a Seller in this type of transaction.

All properties are selling subject to easements, restrictions, covenants, conditions and zoning of record that would be revealed by a current survey and inspection of the property and of public records. No personal property, other than fixtures attached to the real property, are included with the sale.

CLOSING AND TITLE INSURANCE

The closing agent is AMERICAN LAND TITLE, 620 SOUTH TAYLOR STREET, SUITE 104, AMARILLO, TEXAS 79101, Telephone (806) 356-1454. Closing shall take place on or before November 1, 2022 or as soon as applicable closing documents and surveys (if needed) are completed.

Owner’s title insurance will be furnished to Buyer at Seller’s expense. Real estate taxes shall be prorated as of the date of closing. Any required surveys or appraisals shall be at Buyer’s expense.

Seller will provide only the following warranties of title and no other: The surface estate only of any tract or tracts of property sold as a result of this Auction shall be conveyed by a Special Warranty Deed from Seller, warranting title to the surface only by, through and under Seller, but not otherwise.

BROKER PARTICIPATION

Superior Land Auction agrees to pay any properly licensed Real Estate Broker who registers a successful buyer according to the separate Broker Participation Agreement. The Broker Participation Agreement must be completed and received by Superior Land Auction on or before 5 PM prior to the day of the Auction or 24 hours before a Bidder submits an online bid. Contact Superior Land Auction at Phone: 806-324-7949; Email: info@superiorland.com; Address: 7673 Canyon Drive, Amarillo, TX 79110 to obtain the Broker Participation Agreement.

AGENCY DISCLOSURE

Superior Land Auction, with Steven Friskup as auctioneer, and John Thacker “JT” Haynes, as principal broker, are hereby giving notice that they are agents and representatives of the Seller of the property described in this property information package. Please refer to the information about brokerage services provided with this package.

Texas law requires a real estate broker who is a party to a transaction or acting on behalf of a spouse, parent, child, business entity in which the broker owns more than 10%, or a trust for which the broker acts as a trustee or of which the broker or the broker’s spouse, parent or child is a beneficiary, to notify the other party in writing before entering into a contract of sale. Disclose if applicable: JT HAYNES, AN OWNER AND BROKER OF SUPERIOR LAND AUCTION, HAS AN OWNERSHIP INTEREST IN TRACTS 3, 6, 7, 8, 11, 12, 13, 14.

NOTICE

This Offering is subject to errors, omissions, prior sale, change or withdrawal without notice, and approval of purchase by Owner.

Information regarding land classifications, restrictions, square footage of any buildings or dwellings, acreages, prior production, carrying capacities, potential profits, utilities, etc., if any, are intended only as general guidelines and have been provided by sources deemed reliable, but whose accuracy we cannot guarantee. Prospective buyers should verify all information to their satisfaction.

DISCLAIMER

For purposes of this auction, any Purchase Agreement and all closing documents that involve a statement relating to the Property, when reference is made to Seller’s "knowledge" or "belief", such terms shall include only the current actual knowledge of Seller (who shall have no personal liability with respect to any such matters) and shall not be deemed to imply that Seller or Triangle National, LLC dba Superior Land Auction has conducted any inquiry or investigation with respect to the subject matter of any statement that is so qualified. Each Buyer agrees that neither Seller nor Triangle National, LLC dba Superior Land Auction has any duty of inquiry or investigation to make any such statement and Seller and Triangle National, LLC dba Superior Land Auction shall have no liability to any Buyer for failing to discover whether a condition as to which such a qualified statement is made is true or exists, regardless of the level of effort or expense required to make such an inquiry.

The information regarding the number of acres or square feet in each tract is an estimate, and the actual acreage or square feet involved in each tract may vary from the estimate. Notwithstanding any estimates of acreage provided, neither Triangle National, LLC dba Superior Land Auction nor Seller make any representation or warranty that the acreage of any tract is of any particular quantity. All bidders are advised to make independent investigation of the actual acreage involved in any and all tracts prior to submitting a bid. The Contract Price of any Purchase Agreement resulting from the Auction will not be adjusted, based on any survey obtained.

The only representations and warranties made are those contained in the Purchase Agreement. Seller reserves the right to add or delete any property and/or cancel the sale prior to executing a Purchase Agreement. Seller shall convey the property by Special Warranty Deed, subject to the limitations set forth above.

Information contained herein, as well as in any other materials prepared and/or provided in connection with the Auction, was obtained from sources deemed reliable. Although reasonable precautions have been taken to ensure accuracy, neither the Seller nor Triangle National, LLC dba Superior Land Auction nor any of their respective representatives, agents, or employees will be responsible for any errors or omissions herein. Seller and Triangle National, LLC dba Superior Land Auction expressly disclaim any warranty or representation regarding the property to any bidder. Bidders should carefully verify all information and make their own decisions as to the accuracy thereof before submitting their bid. The terms of the Purchase Agreement are controlling in the event of any perceived inconsistency between its terms and any statements in this information package.

ATTORNEY REVIEW AND PROPERTY INSPECTION RECOMMENDED

It is recommended that all information included in this property information package and all other auction related material be carefully reviewed by your attorney. Additionally, all terms and procedures are subject to and may be superseded by changes distributed or announced to bidders prior to the auction. The property is being sold on an “as is, where is” basis with all faults, and neither the Seller, Triangle National, LLC dba Superior Land Auction nor any of their respective representatives, agents, or employees make any representations or warranties as to the condition of the property. Your complete inspection and the inspection of the property by your professionals prior to the auction are encouraged. Bidders along with their respective representatives, agents, or employees inspecting the property assume all risks associated with any inspection of the property and by entering upon the property confirm their agreement to fully completely indemnify Seller and Triangle National, LLC dba Superior Land Auction together with the respective representatives, agents, and employees of each, from any and all claims, causes of action, injury or damages arising from such inspection.

TEXAS DEPARTMENT OF LICENSING AND REGULATION DISCLOSURE:

To file a complaint, contact the Texas Department of Licensing and Regulation at PO Box 12157, Austin, TX 78711 or call 800- 803-9202.

NEW DATA, CORRECTIONS AND CHANGES:

Please arrive prior to scheduled auction time to inspect any changes, corrections or additions to the property information.

AUCTION TERMS AND CONDITIONS SURVIVE CLOSING

All of the above provisions, including, without limitation all disclaimers, indemnifications and releases shall survive the closing and shall, at the election of Seller, be repeated in the deed and other instruments executed and delivered by Seller at closing.

Please view the most recent version of the Auction Terms & Conditions online at

https://www.superiorlandauction.com/westtexaslandauction

West Texas Commercial Land Auction

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