www.wheelerauctions.com
Eastern Audrain County
“Country Living”
Real Estate Auction
Lillian Woolfolk Trust
Sunday July 13, 2008
Real Estate to sell at 2:00 p.m.
WHEELER AUCTIONS and REAL ESTATE
For more information concerning Woolfolk Real Estate contact:
John Wallace – 573-470-4234
AUCTION SITE:
42341 Audrain Road 548, Vandalia, MO
Property Location:
From Vandalia, MO take Hwy. 54 West 1 mile
To County Road 557. Go south 1.5 miles to County Road 548.
Turn left and go east .5 miles to sale site. Watch for signs.
Property Viewing; Saturday, June 21, 10 am- 12 noon
Auction representatives will be at the property to answer questions
concerning the property or the auction procedure.
TABLE OF CONTENTS
TERMS and CONDITIONS
LEGAL DESCRIPTION
PARCEL DESCRIPTION
PLAT MAPS
SUMMARY
TITLE COMMITMENT
SAMPLE SALES CONTRACT
Auction Terms and Conditions
Procedure: Bids on individual parcel will be accepted. Property shall be sold subject to Sellers Confirmation of Bid. Sellers may accept or reject any or all individual bids.
Down Payment: Ten percent (10%) down payment the day of auction, upon signing a purchase agreement immediately following the close of bidding. The down payment may be paid in the form of personal check, business check, or cashiers check. The remainder of the purchase price is payable at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, be sure you have arranged financing, if needed, and are capable of paying the balance at closing.
Title: Sellers shall provide Title Insurance and execute a proper deed conveying the real estate to the buyer.
Possession: Possession will be given at closing.
Real Estate Taxes: The real estate taxes for the year 2008 shall be prorated to the date of closing. The buyer shall be responsible for the balance of 2008 and all years thereafter.
Mineral Rights: The sale shall be subject to Mineral Deed as exhibited in Title Commitment Easements: Sale of the property is subject to Pipeline and Waterline easements and any other easements of record.
Acreage: All acreage is approximate and has been estimated based on a survey and current legal description. Lot size shall be approximately 380’ x 571’ totaling approximately 5 acres.
Survey: Any need for a survey shall be determined solely by the sellers. At sellers’ option, sellers shall provide a survey for any parcel where there is no existing legal description or where the tract divisions create new boundaries. Closing prices shall be adjusted to reflect any difference between advertised and surveyed acres.
Closing: Anticipated closing date shall be on or about August 13, 2008 or on date mutually agreed upon between the buyer(s) and the sellers conducted at the office of Audrain County Abstract, Mexico, Mo. Closing fees shall be divided equally between buyer and seller.
Agency: Wheeler Auctions & Real Estate and its representatives are Exclusive Agents for the sellers.
Disclaimer: 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 either the sellers or the auction company. Each bidder is responsible for conducting its own independent inspections, investigations, and all due diligence concerning the property and the auction. Information contained in this brochure is subject to verification by all parties relying on it. Diagrams/dimensions in this brochure are approximate. Acreage is estimates. All information contained in this brochure and any related materials are subject to the terms and conditions of sale outlined in the purchase contract. Auction conduct and bidding increments are at the sole direction and discretion of the auctioneer. All decisions of the auctioneer are final. The sellers and the Auction Company reserve the right to preclude anyone from bidding if there is a question as to the person’s credentials, fitness, intent, etc.
New Data, Corrections and Changes: Please arrive prior to scheduled auction time to inspect any changes, corrections or additions to the property information. ALL ANNOUNCEMENTS AND INFORMATION GIVEN FROM THE AUCTION PODIUM SHALL TAKE PRECEDENCE OVER PREVIOUSLY PRINTED OR STATED ADVERTISEMENT.
OWNERS-
Woolfolk Living Trust
Lillian Woolfolk, Trustee
“About The Real Estate”
The Woolfolk country estate is located in Section 18 Township 52N, Range 5 W, in Audrain County, Missouri. Access is from Audrain Co Road 548
There is 571 feet frontage to Audrain Road 548 and 380 feet to the north boundary of the property. Distance to Vandalia is approximately 2.5 miles.
This real estate is located in the Van-Far School District and Vandalia Rural Fire District. The phone service is on Vandalia exchange with Windstream, electric service is from Consolidated out of Mexico and Public Water from Monroe County #2 water District.
Parcel Descriptions
PARCEL 1 -- 5 acres +/- W/ Home and Outbuildings
The
original house was built in approximately 1910 by John Pease. Through the years
there has been numerous remodeling done. There are two bedrooms, one being used
as an office area, downstairs and one full bath as well as a kitchen and living
room. There is new carpeting in the living room and perigo flooring in the
kitchen. The ceilings downstairs are about 9’ and drywall on the walls.
There could be two bedrooms
upstairs with half of the second floor being used as storage and is not
finished. A large, covered back porch off the kitchen is open. Most of the
appliances are wired for electric. A central Hi-Efficiency gas furnace system
was installed less than 10 years ago. A GE 220v, remote controlled, window air
conditioner was mounted in the wall in the summer of 2007. There is rural water
supplied to the house and can go to the livestock hydrants from Monroe County
#2 Water District. There is also a deep well on the property with a new pump
set at 136’ in April 2001. Electricity is from Consolidated Electric in Mexico.
The sewer is a septic system and the roof is metal approximately 10 years old.
The air conditioner, LP tank, and carports will be sold immediately following
the real estate sale. There are two large side yards by the house and a shaded
lot area behind.
The large livestock barn sits directly to the west of the house with a small paddock area to the west. All the area is fenced with the exception of the west line. The barn has a central hay storage area with side lean-to on each side. This location is very well suited for recreational livestock.
Summary
Extreme due care and diligence has been exercised by the owners, the Auction Company, and their representatives to establish that all the information contained herein, is deemed to be accurate. Any errors and omissions of any pertinent facts are unintended, and all announcements from the auction podium will take precedence over any previously printed material or stated fact.
Wheeler Auctions & Real Estate
Informational
Title Commitment
And
Sample Sale Contract
On Following Pages
AGREEMENT TO PURCHASE REAL ESTATE AT PUBLIC AUCTION
THIS AGREEMENT TO PURCHASE REAL ESTATE AT PUBLIC AUCTION (later called the “Agreement”), made and entered into as of this _13 th _day of_ July_2008_ by and between
_ The Revocable Living Trust, U/D/T, Dated January 16, 1997,
Wherein William L. Woolfolk and Lillian M Woolfolk Were Grantor
(Collectively later called the “Seller”), and ________________________________________________
__________________________________________________________________________________
(Later called the “Purchaser”), as the highest bidder on the property (as defined in Paragraph 2) at the public auction on this date (the “Auction”), is made subject to the following terms, covenants and conditions:
1. NO OFFER; FIRMING UP THE AGREEMENT. The delivery of this agreement to Purchaser in unsigned condition does not constitute an offer, and no contract shall form between Purchaser and Seller until such time as both Seller and Purchaser have signed this Agreement and purchaser has delivered the “Earnest Money” (as described in Paragraph 3) check to _________________________
_________ Wheeler Auctions and Real Estate __________
All of this must be accomplished by _5:00_ on _July 13, 2008___, in order to firm up this Agreement.
2. PROPERTY Seller agrees to sell (subject to the provisions of paragraph 1) and Purchaser agrees to purchase approximately _5 acres of real estate, more or less, situated in _Audrain County, Missouri, commonly referred to at the auction as tract(s) 1 as more particularly described on Exhibit “A” attached hereto and made part hereof, together with any improvements located thereon (“the property “). Purchaser hereby acknowledges and understands that the Property is being sold on an “as is, where is “basis. Purchaser further acknowledges that this Agreement is not contingent upon financing and that failure to close this transaction on or before August 13, 2008__, due to any delay caused by Purchaser shall constitute a forfeiture of the Earnest Money.
3. PURCHASE PRICE: Purchaser agrees to pay to the Seller the total sum of ________________________________________________________________________________
(The “purchase price”) or $___________ per acre (the Purchase Price Per Acre”) for the property, subject to adjustment (if necessary) as provided for herein.
Upon execution of this agreement, Purchaser will pay by check and not in cash _$___________________________ (which amount is equal to ten percent (10%) of the Purchase Price) as Earnest Money payable to and to be held in the escrow account of _Audrain County Abstract Co.__ as escrow agent, thereunder for delivery to the Seller at the time of closing or as otherwise provided for herein. Earnest Money shall be held in a non- interest bearing account.
Purchaser shall pay the balance of the Purchase Price to the Seller at Closing in cash or form of payment acceptable to the Seller.
4. TITLE. Seller shall furnish Purchaser with an Owners Title Insurance Commitment (Title Commitment), issued by Audrain County Abstract Co. The Title Commitment shall commit the subject title company to issue Purchaser its standard owners policy in the amount of the purchase price, showing title to the Property in the name of the Seller, subject to the following permitted exceptions: (I) rights or claims of parties in possession not shown by the public records; (ii) easements or claims of easements not shown by the public records; (iii) encroachments, overlaps, boundary line disputes or other matters which would be disclosed by an accurate survey or inspection of the Property: (iv) any lien or right of lien for services, labor or material heretofore or hereinafter furnished, imposed by law and not shown by the public record; (v) taxes or special assessments which are not shown as existing liens; (vi) any water , mineral or other rights already granted or reserved by other parties, including but not limited to any mineral leases and (vii) such easements, restrictions, conditions, and other matters, if any, identified in the Title Commitment. In the event that the Seller is unable to convey the Property in accordance with the terms of this agreement, Purchaser shall elect to either (A) take the Property encumbered with the objectionable exceptions to the title and waive any and all objections thereto without abatement of the Purchase Price, or (B) receive a refund of the Earnest Money, and upon such refund being made, this Agreement shall terminate and be of no further force and effect. Purchaser hereby agrees that the Seller shall have no obligation to commence proceedings, suits or other actions or to expend any funds to provide clear title to the Property or to eliminate any defects of title in the Property.
5. SURVEY; CURB CUT (S). At Seller’s option, Sellers shall provide at Seller’s expense a new survey reflecting the legal description, acreage a boundary lines for any Tract of the Property where there is no existing legal description or where new boundaries are created by the divisions of Tracts at the Auction. Any need for a survey shall be determined at the sole discretion of the Seller. If a new survey is determined to be necessary by the Seller, the Purchase Price shall be adjusted to reflect any difference between the bid acreage and the surveyed acreage. Purchaser will then have a revised Purchase Price calculated by multiplying the surveyed acreage by the actual Purchase Price per Acre indicated in Paragraph 3
Purchaser is responsible for obtaining the necessary permit(s) for any curb cut(s) to and from any adjoining roadway_____ on to the property.
6. CLOSING AND POSSESSION. THE “Closing” shall take place on or before _August 13, 2008_, at the office of Audrain County Abstract Co._ and at a time designated by the Seller and agreed upon by Purchaser. Concurrently with the Closing, Purchaser shall pay to the Seller the Purchase Price, less the Earnest Money as provided for herein. Upon full receipt of the entire Purchase Price by Seller, Seller shall deliver to Purchaser special warranty deeds from each selling entity conveying title in the property to the purchaser. Purchaser shall pay the charge for recording the Deed. Seller and Purchaser agree to execute any real estate transfer declarations required by the state, county or municipality in which the Property is located. The Seller and Purchaser agree to provide and to execute such further documents as may be necessary or customary to close this Agreement (e.g., Seller affidavit; FITPTA affidavit; organizational documents and closing statements). Purchaser shall be entitled to possession of the property on the Closing date. Closing costs to be divided equally with Buyer and Seller.
7. CASUALTY. If, after this agreement is executed but before closing, any improvements be destroyed or damaged by casualty, Purchaser shall be entitled to insurance settlement proceeds, if any. Purchaser shall assume the risk of such damage or destruction, and this Agreement shall not terminate because of any casualty.
8. WARRANTIES. Purchaser acknowledges that Purchaser has been given an opportunity for a full inspection of the Property and related information and further acknowledges with respect to this agreement that Purchaser is satisfied in all respects with the condition of the Property and all matters pertaining thereto. Purchaser accepts the Property “as is and in its present condition with Purchaser assuming risk thereof. Purchaser understands that Seller makes no warranty or representation of any kind, either implied or expressed or arising by operation of law, as to the condition, quality, serviceability or merchantability of fitness for a particular purpose of the Property or any portion thereof, and in no event shall Seller be liable for consequential damages. Purchaser acknowledges that Seller has not agreed to perform any work on or about the Property as a condition of Purchaser’s purchase of it.
9. MINERAL RIGHTS. Buyer acknowledges that the Mineral Rights have been deeded off and that disclosure was made before signing this Agreement.
10. REAL ESTATE TAXES AND ASSESSMENTS. The real estate taxes for the calendar year 2008 shall be prorated to the date of closing. Purchaser shall assume and pay real estate taxes for the Property for all years thereafter.
11. DEFAULT. If Purchaser fails to perform any obligation imposed by this Agreement, Seller may serve written notice of default upon Purchaser and if such default is not corrected within ten (10) days thereafter, then, at the option of the Seller, this Agreement shall terminate and the Seller shall be entitled to retain the Earnest Money paid hereunder as liquidated damages. The foregoing remedy in the event of default is not intended to be the exclusive remedy of Seller, and Seller shall have the right to seek any other remedies available at law or equity, including but not limited to specific performance. Default by Purchaser shall entitle Seller to court costs and reasonable attorneys’ fees incurred in enforcing the provisions of this Agreement.
In the event of failure of Seller to perform the obligations imposed by this Agreement, Purchaser’s sole remedy hereunder is to terminate this Agreement and receive a refund of the Earnest Money upon similar notice served upon Seller and similar expiration time period.
The Escrow Agent, upon receiving an affidavit from the non-defaulting party stating that this Agreement has been terminated as provided herein, shall be entitled to rely upon such affidavit and shall deliver the earnest money to the non-defaulting party.
12. ENVIRONMENTAL. The Purchaser acknowledges that the Seller has not made and hereby disclaims any and all representations and warranties, either express or implied, regarding the environmental condition of the Property. The Purchaser shall rely upon its own independent investigation, inspection, inquiry, analysis, and due diligence to evacuate and ascertain the environmental condition of the Property. The Purchaser has been advised that the Property is being sold “as is, where is” and that Seller is not representing or warranting that the condition of the Property is in accordance or compliance with any past, present, or future federal, state, or local environmental laws, regulations, requirements, or standards.
As a matter of corporate policy, Seller makes it a practice to expressly advise any purchaser that the improvements on the Property include materials, which may contain asbestos, and encourages Purchaser to investigate specifically whether asbestos containing materials exist on the Property.
13. PROVISIONS RELATING SPECIALLY TO SELLER/TRUST/TRUSTEES/EXECUTOR AND THEIR RESPECTIVE SPECIAL CIRCUMSTANCES.
(a) Trustee/Executor Disclaimer. Each fiduciary comprising Seller executes this instrument only in its representative capacity and shall not be bound or obligated hereunder except in such capacity. Purchaser acknowledges and agrees that this Agreement is made by such fiduciaries solely in their fiduciary capacity as described in the signatures affixed hereto, and that such fiduciaries shall not be liable for any breach or any failure to perform any obligation under this Agreement except from assets held in the fiduciary capacity described.
14. PROVISIONS RELATING TO THE AUCTION COMPANY/AUCTIONEER/BROKERS/
FINDERS/AGENTS.
(a) This Agreement is solely between Seller and Purchaser. Wheeler Auctions & Real Estate (the “Auction Company”) and its licensed auctioneer are employed by the Seller. The Auction Company and its auctioneer shall not be liable for any patent or latent defects or deficiencies existing in the Property, improvements or other appurtenant structures thereon, nor for any information provided to the purchaser. The Purchaser acknowledges that it has conducted its own independent investigations, inspections, inquiries and due diligence concerning the Property.
(b) Seller and Purchaser agree that no auction fee is due any party in regard to this transaction other than the Auction Company and a 1% broker participation/finders fee to _N/A__, which Seller has agreed to pay. Seller and Purchaser agree to indemnify each other and hold each other harmless with respect to any commissions, fees, judgments, or expenses of any nature of kind which either may become liable to pay by reason of any claims by or on behalf of brokers, finders, or agents employed by the other in connection with the transaction contemplated by this Agreement, or any litigation or similar proceeding arising from such claims. Seller and Purchaser represent to each other that, other than as stated herein, there are no valid basis for such claims.
(c) Commission. Notwithstanding any other provisions of this Agreement, the right to commission, if any, payable to any agent representing either party to this Agreement shall not vest until the transaction is closed, and shall be payable only out of proceeds of closing and said agent shall have no right to any portion of Earnest Money forfeitures.
15. MISCELLANEOUS.
(a) Jurisdiction. This agreement shall be construed in accordance with the laws of the State of Missouri. Any provision of this Agreement which is unenforceable or invalid, or the inclusion of which would affect the validity, legality, or enforcement of this Agreement shall be of no effect, but all the remaining provisions of the Agreement shall remain in full force and effect.
(b) Entire Agreement. This Agreement contains the entire agreement of the parties and no representations, warranties or agreements have been made by either of the parties except as set forth in this Agreement.
(c) Heirs, Successors and Assigns. This Agreement shall ensure to the benefit of and shall be binding upon the Seller and purchaser and their respective heirs, successors, and permitted assigns, provided, however, that Purchaser may not assign its rights or obligations hereunder without the prior written consent of the Seller.
(d) Time is Of the Essence. The time for performance of the obligations of this Agreement is of the essence.
(e) Notice. All notices shall be in writing and shall be deemed to have been properly delivered as of the time of delivery if personally delivered or as of the time deposited in the mail systems if sent by United States certified mail, return receipt requested, and postage prepaid. All notices addressed to Seller shall be addressed as follows:
PARTIES TO THIS AGREEMENT:
Seller:
The Revocable Living Trust, U/D/T, Dated January 16, 1997,
Wherein William L. Woolfolk and Lillian M Woolfolk Were Grantor
Lillian M. Woolfolk, Trustee
WITH A COPY TO:
Audrain County Abstract Co.
P.O. Box 599
Mexxico, MO. 65265
573-581-5136
IN WITNESS WHEREOF, the parties have executed this Agreement in three counterparts, each of which shall be deemed an original instrument, as of the day, month and year first above written.
SELLER: PURCHASER:
________________________________________ _________________________________________
______________________________________
Address _________________________________
________________________________________ ________________________________________
City, State, Zip: ___________________________
________________________________________
Phone: ____________________________
Fax: _______________________________
Date : _______________________________
If more than one Purchaser:
APPENDIX “A”
LEGAL DESCRIPTIONS
See attached Title Commitment