Bidding Notice: Unless otherwise specified, the bid price is multiplied by the purported net acreage depicted for the subject Lot. Inventory and Lot Summaries are updated as additional information becomes available. Please check back for updates.
TERMS AND CONDITIONS
Entz Auction & Realty, Inc. (Auction Company)
Mineral Consignment Auction
Online Only Auction
Tuesday, October 29, 2024 - 10:00 AM CST
1. Buyer's Premium: 12% added to your final bid price.
2. Sales Tax : N/A.
3. Participation Requirements: Valid Credit Card required for bidding approval.
4. Payment Options: Visa, MasterCard, Discover, American Express, ACH and Wire Transfer. Cash is not accepted.
5. Payment Instructions:
For successful bids totaling less than $1,000.00, the full purchase price shall be charged to the Bidder's credit card the day of the auction.
Escrow payments for all other purchases shall be 10% of the total invoice price and paid within 48 hours following invoicing, to be held in escrow by the Auction Company, and the balance due upon closing. Escrow and final payments are to be paid by ACH (electronic check, free service), wire transfer (banking fees vary) or by credit card (4% fee) unless other arrangements have been made with the Auction Company. If the Auction Company requests a letter of credit/guarantee from your bank, it must be for this auction only, along with proof of identity. Please contact Auction Company for wire transfer information. Buyers give the Auction Company permission to charge the credit card on file if their down payment or balance due are not paid in a timely manner. Any wire transfer fees are to be paid by the Buyer. Every successful participant pays the Buyer's Premium.
6. Down Payment/Escrow: A down payment of 10% is due on successful bids the day of auction with the remaining balance due at closing. Said down payment will be held in escrow.
7. Currency Type: U.S. Dollars (USD). Cash is not an acceptable form of payment.
8. Shipping Instructions: N/A.
9. Announcements: Any announcements made the day of the auction supersede all advertising.
10. Preview: Bidder/Buyer's must conduct their own pre-auction due diligence and research on the properties, at Bidder/Buyer's expense.
11. Special Terms: Bidder/Buyer agrees that the items listed below shall govern this auction and he/she agrees with them.
a. TITLE: All Buyers are responsible for performing their own timely, title examination and/or title opinion to satisfy themselves as to clear title. Any and all information provided concerning production revenue, net acres and so forth has been compiled from sources believed to be reliable; however, no guarantee is made by the Auction Company, Cutter Energy and/or any representative involved with the auction. Title examination shall be completed promptly after the auction to aid in closing on or before the Closing date. Cutter Energy is available to perform title research at Bidder/Buyer's expense.
b. CLOSING: Closing shall occur on or before December 31, 2024. If an extended closing date becomes necessary, the new closing date shall be mutually agreed upon. Closings will be conducted by Cutter Energy, LLC, P.O. Box 413, Fairview, OK 73737. Email: jared@cutterllc.com. Phone: 405-747-5062.
c. CLOSING COSTS: Closing costs shall be split 50/50 between the Buyer and Seller. Cutter's time and expenses associated with closing shall not exceed $250.00 per Lot, unless there are multiple properties contained within said Lot. Cutter's time and expense involved with Lots containing multiple properties may be higher to account for multiple conveyance documents, mailings, etc. All recording fees, documentary stamps, and any other expense charged by a County Clerk will be invoiced at cost, 50/50 to Buyer and Seller. Please be advised closing costs shall not include any title work, curative, and/or any other required work that may be necessary in closing the subject transaction.
d. EFFECTIVE DATE: The effective date of this transaction shall be December 1, 2024.
e. CONVEYANCE: Conveyance of the properties will be governed by the Purchase and Sale Agreement and the document templates provided for your review. Purchase and Sale Agreement(s) will be sent to Buyers and Sellers post auction to be signed via electronic signature. Buyer is required to make any notification necessary with any applicable operator and/or purchaser of oil and gas in order to notify them of the change in ownership on any producing property. Any failure by Buyer to notify operator(s) and/or purchaser(s), that results in action required by Seller, shall be invoiced at the rate of $150.00 per hour, for time and expense incurred.
f. NO WARRANTY: ALL PROPERTIES ARE SOLD AS IS, WHERE IS, WITHOUT GUARANTEE OF ANY KIND. The descriptions of properties appearing in advertising prior to this auction are believed to be correct. Nevertheless, neither those descriptions nor any oral statements made by the Seller (or his agents or officers) or the Auctioneers (or his agents or officers) or the Auction Company (or agents or officers of) concerning any item shall be construed as a warranty, either expressed or implied. Neither Entz Auction & Realty, Inc. nor Cutter Energy, LLC shall be responsible for errors and omissions of any kind in the description of any items or property. The Auction Company may attempt to describe the property in advertisement, on the internet, or at the auction but make no representation. I, the Bidder, have examined/reviewed the properties and accept as is.
g. DISPUTES: The Auctioneers shall designate the winning bidder after each item is auctioned. If a dispute arises between two or more bidders, the Auction Company reserves the right to reopen bidding. The Auctioneer's designation of a Buyer and resolution of dispute shall be final.
h. ONLINE FORMAT: The format for this auction is online only, with pre-bidding and a soft close. Bidders can leave maximum bids ahead of the scheduled close of the auction or watch the auction and bid as the lots close. The soft close format allows bids to be received as time counts down on each lot. If bids are received before time expires, bidding is extended until no further bids are placed. Entz Auction is providing internet pre-auction and online only bidding as a service to bidders. Under no circumstances shall a bidder have any claim against Entz Auction, the Seller, HiBid (online auction platform) or anyone else if the internet service fails to operate correctly before or during the online only auction. Entz Auction will not be responsible for any missed bids from any source. Entz Auction reserves the right to withdraw or re-catalog any items in an auction. If you click bid and are the high bidder, you are subject to all of the Terms and Conditions of this auction.
i. The Auction Company is acting as the Seller's Agents only.
I have read the bidder terms and conditions and hereby agree to the above Terms and Conditions of auction.
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