I. Terms and Conditions of Auction The property will be offered for sale as three (3) parcels. The open outcry auction will be held at 10:00am, Thursday, October 15, 2020 at The Fireside Inn & Suites, Hwy 2, Devils Lake, ND. All bids will be taken without regard to a prospective bidder’s sex, race, color, religion or national origin. A. If you are the successful bidder on this property, you will be required to not only provide a 10 PERCENT of the purchase price earnest money deposit, but also are required to complete and sign a standard North Dakota Real Estate Purchase Agreement provided by the Auctioneer. B. If you are the successful bidder on this property, your 10% earnest money deposit will be held in escrow until the closing date. All documentation will be available for your review prior to commencement of the auction. All real estate sales must be closed and the total balance of the purchase price paid on or before December 1, 2020. During the days following the auction, you will be contacted by the closing agent to schedule your closing date and time. II. Bidding Procedures Bids will be taken only by those who show their bidder number. Retain your bidder number for the duration of the auction as you are responsible for your assigned number. The property is sold when the Auctioneer announces, “sold,” identifies the winning bid number and the amount of the bid and the information is recorded by the Auctioneer or his/her designee. In case of a tie bid, bidding will be reopened between the two tied bidders. The high bid cannot be withdrawn once the Auctioneer determines it to be the winning sale bid. III. Online Bidding This Auction is being conducted using live and online internet bidding via nextlot.com. All interested online bidders must obtain a fully completed and accepted online registration form to include receiving a secure user ID and password on the online bidding platform. IV. Office of Foreign Assets Control (OFAC) Compliance: All bidders are subject to providing the appropriate government identification to include their full legal name and date of birth. In addition, all bidders are subject to being required to disclose their place of birth. By providing this information, bidders agree to allow the Sellers to perform a search of the Specially Designated Nationals List, Blocked Persons List and Sanctioned Country List provided by the U.S. Office of Foreign Assets Control. Sellers reserve the right to reject any bidder from registration after this search has been completed. By registering, all bidders agree to abide by all of these Terms and Conditions. V. Purchase Agreement, Marketability, Signing Area At the auction completion, the successful high bidder must sign a standard North Dakota Real Estate Purchase Agreement to purchase this property for which it was the high bidder. An appointment date to close the transaction will be furnished to the Purchaser after the Purchase Agreement is signed. The transaction must be closed and the money paid on or before December 1, 2020 or the Purchaser will be in default and the earnest money paid herein will be forfeited to the Seller. The Auctioneer and the Seller assume that the bidders have inspected the property and are satisfied with the conditions of such property and accept that property in an “as is—where is” condition. The buyer agrees to hold the Auctioneer and their client(s) harmless regarding any representation as to the status, zoning, condition and any other material representation regarding this property. It is the Purchaser’s responsibility to make needed repairs or improvements, if any to bring the property up to necessary state, local and federal codes. The Auctioneer and the seller obtained information from sources deemed reliable, but do not guarantee its accuracy. Due diligence of the property and related information by the buyer is strongly recommended. VI. Forfeiture of Purchase Money Paid Pursuant to the Terms of the Purchase Agreement Purchaser’s failure to close the sale by the closing date due to insufficient funds, or for any other reason will result in the forfeiture of the Purchaser’s earnest money deposit. VII. Closing At closing, the Buyer will be required to pay the difference between the purchase money deposit and the final selling price. Title insurance will not be furnished and any fees and closing costs regarding determination of title or title insurance purchase will be paid by the Purchaser. An updated Abstract of Record Title will be furnished to the Purchaser prior to close for the Purchaser’s attorney to prepare a preliminary title opinion if desired by the Purchaser or the Purchaser’s lender. VIII. Showing of the Property The farmland is accessible by highway, county and township roads for inspection. WHETHER OR NOT YOU ACTUALLY INSPECT THE PROPERTY, YOU WILL BE BOUND TO ACCEPT THE PROPERTY “AS IS-WHERE IS” AND WITH ALL FAULTS AND DEFECTS AND WITH NO EXPRESSED OR IMPLIED WARRANTY AS TO THE MARKETABILITY OR THE CONDITION THEREOF. It will be your responsibility to make any needed repairs, improvements or compliance requirements to bring the property to applicable codes. IX. This auction bidder’s information (including these terms and conditions and any picture or description of any property) is for your information and convenience only. Nothing contained in this information shall be binding on the Seller of the property or the Auctioneer. Announcements made on sale day by the Auctioneers of Nikolaisen Land Company, will take precedence over said printed matter. X. We encourage you to inspect any property you wish to bid on. This property is subject to prior sale and bids will be taken until the last and final bid has been taken and accepted. The seller reserves the right to reject or accept any and all bids. The property is not subject to a cash rent lease for the 2021 cropping season. The 2020 Real Estate Taxes will be paid by the sellers. The Buyers will be responsible for the 2021 Real Estate Taxes and subsequent years. The sellers are retaining 50% of the owned subsurface mineral rights. The surface mineral rights will transfer to the buyer at close.