Auction Agreement

1.  If I am the successful bidder, I will sign the Agreement of Purchase and Sale immediately upon receipt of notification, which I understand is a legally binding document.  If I am bidding on behalf of an LLC or corporation, I understand that the corporation or LLC must be in good standing and must provide the auction company with the Operating Agreement for the LLC or Corporate bylaws for the corporation, specifying that I have the authority to sign on behalf of the entity.

Buyer’s Premium

1. If I am the high bidder, I understand that I will pay a 10 percent buyer’s premium on top of my final bid price.  Even though the buyer is paying the the buyer’s premium, this does not create or imply agency or representation. Soldasap, LLC represents the seller only.  

Agency Representation

1. The Auctioneers represent the Seller only, with no dual agency relationship. 

Public Disclosure

1. The purchase price will become public information immediately after the auction and may be published.

Survey Requirement

1. The sale  of this property is not contingent on a satisfactory survey. If a survey is desired, it will be at my expense, and the contract is not contingent upon survey results.  The acreage size is acquired from a previous survey(if any) or the court house records and is not guaranteed. 

 Property Condition

1.  All property is sold "AS IS, WHERE IS," with no warranties, expressed or implied.

Post-Auction Clean-Up

1. Soldasap, LLC, and the Seller are not responsible for the clean-up, removal, or disposal of any unwanted items remaining on the property after the auction.

Financing Contingency

I understand that this auction contract is not contingent upon obtaining financing. If I am the high bidder, I agree to complete the transaction regardless of my financing status.

Upon becoming the high bidder, I agree to provide a certified $10,000 check as an earnest money deposit, payable to either Soldasap, LLC or the Seller’s Title Company. Title and Closing will be held at Paragould Title Company. This check is due immediately or no later than 24 hours after the auction. Failure to close for any reason on the buyer’s part will result in the forfeiture of the earnest money deposit.

If I plan to seek financing, I will notify the Auctioneer in writing before signing the auction contract and provide proof of financing before bidding. The Seller is not required to, extend the closing date to accommodate financing. 

Important:  I understand that I must provide these auction terms to my lender before bidding. Some loans contain conditions that conflict with the terms of this auction. The terms will not be changed to accommodate certain loans.  The contract remains non-contingent on financing.

Seller's Rights

1. The seller reserves the right to seek additional damages beyond the forfeited earnest money deposit  if I fail to meet my obligations as outlined in this agreement.  

 Closing Timeline

1. The closing will occur within 30 days of the auction date, with "time being of the essence" unless otherwise agreed.

Auction Conduct

1. The auctioneer has sole discretion over auction conduct, bidding increments, and resolving disputes among bidders. Decisions by the auctioneer are final. Soldasap, LLC is not responsible for missed bids, technical difficulties, or connectivity issues on either the bidder’s side or Soldasap's, LLC’s side. In case of technical difficulties, Soldasap LLC has the right to reopen bidding at its sole discretion. 

 Announcements

1. Announcements made by John & Tasabah Malone prior to or at the time of sale shall take precedence over any previously printed or published materials. Valid announcements include only those clearly and expressly stated by the auctioneer.  For example, such announcements will be emailed or texted and may begin with: “Please note the following change…”, “This supersedes prior materials…”, or “Let me make an official correction…”.

2. No implied, assumed, or informal statements by Soldasap, its agents or the owners—shall be considered binding or enforceable.

3. All property details, including but not limited to dimensions, easements, utility access, zoning, and school districts, etc. are provided for reference only and are not guaranteed. It is the Buyer’s responsibility to independently verify all information and perform all due diligence prior to bidding.

Bidding & Bid Assistance

1. Soldasap, LLC, provides a transparent and fair auction environment. In certain situations and at the request of bidders, Soldasap, LLC may assist by placing bids on their behalf. This service does not establish any agency or representation of those bidders. Soldasap, LLC, and its agents also reserve the right to place bids on behalf of clients, customers, or employees. Although Soldasap, LLC may bid for a potential buyer, Soldasap, LLC undertakes no obligation to place all requested bids and does not guarantee that such bids will be submitted due to possible timing issues, technical difficulties, prior bids placed by registered bidders & other factors. For a seamless auction experience, bidders are encouraged to monitor their bids directly and to be responsible for placing bids as they see fit. Soldasap, LLC represents the seller. 

Note:

1.  I am aware that Marknet Alliance & Soldasap, LLC can view all my bids, including my maximum bids, through the backend of their website.   Buyers are encouraged to register early and not wait until the last minute to place their bids.  Soldasap, LLC represents the seller only. 

 Signatures

1. Auctioneers have 48 hours post-auction to acquire all seller signatures. As a buyer, I understand that my bid is irrevocable.

Closing Costs

1. The buyer is responsible for all buyer closing costs, and the seller will cover seller closing costs.

Title Insurance and Marketable Title

1. The buyer can review the title insurance commitment before closing. If title issues arise, the seller has at least 30 days to cure them. A marketable title will be provided, and the seller will supply their title insurance. If the seller is unable to provide a Marketable Title, buyer will have the option to declare the contract null and void, and the earnest money or down payment will be returned to the buyer.   Buyer's only remedy will be a refund of any earnest money deposit paid. Seller shall have no further liability to Buyer.

Taxes and Revenue Stamps

1. Taxes will be prorated to the closing date and paid by the seller. Revenue stamps will be split equally between the buyer and the seller.

Default or Non-Compliance   As a bidder, I understand that if I am the high bidder and fail to execute the purchase agreement immediately upon notification, or fail to deliver the required earnest money within 24 hours after the seller verbally accepts the contract, I understand that my rights to purchase the property shall be forfeited. The Seller and Auction Company may, at their discretion, reopen bidding or sell the property to another party without further notice.  In such event, I agree to pay, and shall be liable for, liquidated damages in an amount equal to 10% of the final bid price plus all auction advertising expenses which the parties agree constitutes a reasonable estimate of anticipated damages due to the difficulty of calculating actual losses resulting from the default. This liquidated damages provision applies in the event of a Buyer default, including but not limited to failure to close due to insufficient financing, Buyer’s/Bidder’s remorse, or any other cause attributable to the Buyer.

Federal Law

1. Collusion or bid-rigging at auction is illegal and violates anti-trust laws. Bid rigging occurs when two or more bidders work together to control or influence the outcome of an auction instead of competing independently. It is a form of cheating that prevents fair competition and is illegal under both federal and Arkansas law. 

Liability

1. Participation is at my sole risk. Neither the Seller, Auctioneer, their agents, contractors, or employees are liable for my participation.

 Acknowledgment of Terms

1. By registering or bidding, I confirm receipt of and agree to the Auction Terms. I understand that if I wish for my attorney to review these terms and conditions, this must be completed before placing any bids to avoid potential delays. 

 Intellectual Property

1. The Auction is the exclusive intellectual property of Soldasap, LLC, and may not be recorded or reproduced by any party without consent.

Extended Bidding and Dynamic Closing

1. If a bid is entered within the last 5 minutes of the auction closing, the closing time will be extended by 5 minutes to allow for further bidding. Extended bidding continues until no bids are placed within the final 5 minutes.

Property Auction Disclaimer

1. This property is being sold “as is, where is” at auction, with no guarantees, representations, or warranties of any kind regarding its condition, suitability, or fitness for any particular purpose. The Auctioneers have not conducted or obtained any inspections, tests, or evaluations.
   The Seller and Auctioneer expressly disclaim all responsibility or liability for any existing or future conditions, including but not limited to structural issues, environmental hazards, mold, or compliance with local, state, or federal regulations, etc. 
   By participating in this auction, the Buyer acknowledges and agrees that the purchase is made strictly on an “as-is” basis, with no inspection contingencies or allowances for any defects or conditions discovered after the auction. The Buyer assumes all risks and liabilities associated with the property upon closing.

2. Farm Lease: Buyer acknowledges this property is leased verbally for farming, for the year 2026, and the 2027 lease may only be terminated by providing written notice of termination to the tenant by certified mail and, if such notice is not provided on or before June 30 of 2026, the lease may not be terminated for the following year. Seller shall deliver possession of the Property to Buyer at Closing subject to the rights of tenants(s) under the verbal leases(s) for the current and following years. It is understood and agreed that the Listing Agent is not responsible for enforcing or managing the terms of the verbal lease agreement. Any disputes or issues arising from the verbal lease agreement shall be resolved directly between the Buyer, Seller, and Farmer/Tenant. Terms of the farm lease are 66.67% to the farmer and 33.33% to the owner. It’s customary for the owner to pay some of the farm expenses. These additional terms will be provided at a later time. 

3. Pumps: Well pumps currently installed on the wells situated on Parcel 3 and Parcel 4 are the personal property of the farmer, Roger Baxter, and are expressly excluded from this sale. The pump located on the well within Parcel 1 shall remain with the real estate and will convey to the purchaser at closing. 

4. All sales are final. 

5. It is the sole responsibility of the buyer to conduct an inspection of the property prior to the auction. While we disclose any known issues with the property, we are not builders, contractors, environmental specialist, home inspectors or surveyors and may not be aware of all potential defects. Buyers are strongly encouraged to perform their own thorough inspection before the auction.

Contingency for Sale of All Parcels  The property is being offered in five tracts or parcels.  The sale of each parcel is subject to the successful closing of the other parcel offered in this auction. If one parcel fails to close for any reason, Seller shall have the right, at Seller’s sole discretion, to cancel the sale of the remaining parcel. This provision is intended to prevent the Seller from being obligated to sell or retain only one parcel in a manner that could adversely affect the value or utility of the property. In the event the Seller exercises this right, the contract shall be null and void, and any earnest money shall be returned to the Buyer. Seller shall have no further liability to Buyer.