Any person who registers or bids at this Auction (the “Bidder”) agrees to be bound by these Terms and Conditions, any auction announcements, and the Contract for Purchase and Sale. A bid placed by Bidder will be deemed conclusive proof that Bidder has read, understands, and agrees to be bound by these Terms and Conditions.
The Real Estate offered for sale at auction is legally described in the Contract for Purchase and Sale, a copy of which is available for inspection from PenFed Realty at Bidder’s request.
The Real Estate is not offered contingent upon inspections. The Real Estate is offered at public auction in its present, “as is where is” condition and is accepted by Bidder without any expressed or implied warranties or representations from Seller or PenFed Realty, including, but not limited to, the following: the condition of the Real Estate; the Real Estate’s suitability for any or all activities or uses; the Real Estate’s compliance with any laws, rules, ordinances, regulations, or codes of any applicable government authority; the Real Estate’s compliance with environmental protection, pollution, or land use laws, rules, regulations, orders, or requirements; the disposal, existence in, on, or under the Real Estate of any hazardous materials or substances; or any other matter concerning the Real Estate. It is incumbent upon Bidder to exercise Bidder’s own due diligence, investigation, and evaluation of suitability of use for the Real Estate prior to bidding. It is Bidder’s responsibility to have any and all desired inspections completed prior to bidding including, but not limited to, the following: roof; structure; termite; environmental; survey; encroachments; groundwater; flood designation; presence of lead-based paint or lead based paint hazards; presence of radon; presence of asbestos; presence of mold; electrical; appliances; heating; air conditioning; mechanical; plumbing (including water well, septic, or lagoon compliance); sex offender registry information; flight patterns; or any other desired inspection. Bidder acknowledges that Bidder has been provided an opportunity to inspect the Real Estate prior to the auction and that Bidder has either performed all desired inspections or accepts the risk of not having done so. Any information provided by Seller or PenFed Realty has been obtained from a variety of sources. Seller and PenFed Realty have not made any independent investigation or verification of the information and make no representation as to its accuracy or completeness. In bidding on the Real Estate, Bidder is relying solely on Bidder’s own investigation of the Real Estate and not on any information provided or to be provided by Seller or PenFed Realty.
Notwithstanding anything herein to the contrary, to the extent any warranties or representations may be found to exist, the warranties or representations are between Seller and Bidder. PenFed Realty may not be held responsible for the correctness of any such representations or warranties or for the accuracy of the description of the Real Estate.
There will be a 10% buyer’s premium ($1,500.00 minimum) added to the final bid. The buyer’s premium, together with the final bid amount, will constitute the total purchase price of the Real Estate.
The Real Estate is not offered contingent upon financing.
In the event that Bidder is the successful bidder, Bidder must immediately execute the Contract for Purchase and Sale and tender a nonrefundable earnest money deposit in the form of cash, check, or immediately available, certified funds and in the amount set forth by PenFed Realty. The balance of the purchase price will be due in immediately available, certified funds at closing on the specified closing date. The Real Estate must close within 30 days of the date of the auction, or as otherwise agreed to by Seller and Bidder. Contracts will be written in the name used to create the online bidding account unless other arrangements are made with PenFed Realty prior to the auction.
Auction announcements or postings take precedence over anything previously stated or printed, including these Terms and Conditions. In the event of a conflict between these Terms and Conditions and any other rules, terms, or agreements governing the use of the online bidding platform, these Terms and Conditions govern.
A bid placed by Bidder will be deemed conclusive proof that Bidder has read, understands, and agrees to be bound by these Terms and Conditions.
These Terms and Conditions, especially as they relate to the qualifications of potential bidders, are designed for the protection and benefit of Seller and do not create any additional rights or causes of action for Bidder. On a case-by-case basis, and at the sole discretion of Seller or PenFed Realty, exceptions to certain Terms and Conditions may be made.
In the event Bidder is the successful bidder at the auction, Bidder’s bid constitutes an irrevocable offer to purchase the Real Estate and Bidder will be bound by said offer. In the event that Bidder is the successful bidder but fails or refuses to execute the Contract for Purchase and Sale, Bidder acknowledges that, at the sole discretion of Seller, these Terms and Conditions together with the Contract for Purchase and Sale executed by the Seller are to be construed together for the purposes of satisfying the statute of frauds and will collectively constitute an enforceable agreement between Bidder and Seller for the sale and purchase of the Real Estate.
It is the responsibility of Bidder to make sure that PenFed Realty is aware of Bidder’s attempt to place a bid. PenFed Realty disclaims any liability for damages resulting from bids not spotted, executed, or acknowledged. PenFed Realty is not responsible for errors in bidding and Bidder releases and waives any claims against PenFed Realty for bidding errors.
Bidder authorizes PenFed Realty to film, photograph, or otherwise record the voice or image of Bidder and any guest or minor accompanying Bidder at this auction and to use the films, photographs, recordings, or other information about the auction, including the sales price of the Real Estate, for promotional or other commercial purposes.
Broker/agent participation is invited. Broker/agents must pre-register with PenFed Realty no later than 5 p.m. on the business day prior to the auction by completing the Broker Registration Form, available on PenFed Realty website.
PenFed Realty is acting solely as the designated agent of the Seller and not as an agent for Bidder. PenFed Realty is not a party to any Contract for Purchase and Sale between Seller and Bidder. In no event will PenFed Realty be liable to Bidder for any damages, including incidental or consequential damages, arising out of or related to this auction, the Contract for Purchase and Sale, or Seller’s failure to execute or abide by the Contract for Purchase and Sale.
Neither Seller nor PenFed Realty, including its employees and agents, will be liable for any damage or injury to any property or person at or upon the Real Estate. Any person entering on the premises assumes any and all risks whatsoever for their safety and for any minors or guests accompanying them. Seller and PenFed Realty expressly disclaim any “invitee” relationship and are not responsible for any defects or dangerous conditions on the Real Estate, whether obvious or hidden. Seller and PenFed Realty are not responsible for any lost, stolen, or damaged property.
To the extent permitted under applicable law, PenFed Realty has the right to establish all bidding increments.
PenFed Realty may, in its sole discretion, reject, disqualify, or refuse any bid believed to be fraudulent, illegitimate, not in good faith, made by someone who is not competent, or made in violation of these Terms and Conditions or applicable law.
Bidder represents and warrants that they are bidding on their own behalf and not on behalf of or at the direction of Seller.
The Real Estate is offered for sale to all persons without regard to race, color, religion, sex, handicap, familial status, or national origin.
These Terms and Conditions are binding on Bidder and on Bidder’s partners, representatives, employees, successors, executors, administrators, and assigns.
In the event that any provision contained in these Terms and Conditions is determined to be invalid, illegal, or unenforceable by a court of competent jurisdiction, the validity, legality, and enforceability of the remaining provisions of the Terms and Conditions will not be in any way impaired.
These Terms and Conditions are to be governed by and construed in accordance with the laws of Kansas, but without regard to Kansas’s rules governing conflict of laws. Exclusive venue for all disputes lies in either the Sedgwick County, Kansas District Court or the United States District Court in Wichita, Kansas. Bidder submits to and accepts the jurisdiction of such courts.
When creating an online bidding account, Bidder must provide accurate and complete information. Bidder is solely responsible for maintaining the confidentiality and security of their online bidding account and accepts full responsibility for any use of their online bidding account. In the event that Bidder believes that their online bidder account has been compromised, Bidder must immediately inform PenFed Realty at firstname.lastname@example.org.
Bids submitted using the online bidding platform cannot be retracted. Bidder uses the online bidding platform at Bidder’s sole risk. PenFed Realty is not responsible for any errors or omissions relating to the submission or acceptance of online bids. PenFed Realty makes no representations or warranties as to the online bidding platform’s uninterrupted function or availability and makes no representations or warranties as to the online bidding platform’s compatibility or functionality with Bidder’s hardware or software. Neither PenFed Realty or any individual or entity involved in creating or maintaining the online bidding platform will be liable for any damages arising out of Bidder’s use or attempted use of the online bidding platform, including, but not limited to, damages arising out of the failure, interruption, unavailability, or delay in operation of the online bidding platform.
The ability to “pre-bid” or to leave a maximum bid prior to the start of the auction is a feature offered solely for Bidder’s convenience and should not be construed as a call for bids or as otherwise beginning the auction of any particular lot. Pre-bids will be held by PenFed Realty until the auction is initiated and will not be deemed submitted or accepted by PenFed Realty until the auction of the particular lot is formally initiated by PenFed Realty.
In the event of issues relating to the availability or functionality of the online bidding platform during the auction, PenFed Realty may, in its sole discretion, elect to extend the scheduled closing time of the auction.
In the event that Bidder is the successful bidder but fails to comply with Bidder’s obligations as set out in paragraph 7 of these Terms and Conditions by 12:00 p.m. (CST) on the business day following the auction, then Bidder will be in breach of these Terms and Conditions and PenFed Realty may attempt to resell the Real Estate to other potential buyers. Regardless of whether PenFed Realty is able to successfully resell the Real Estate to another buyer, Bidder will remain liable to Seller for any damages resulting from Bidder’s failure to comply with these Terms and Conditions.
Bidder may not use the online bidding platform in any manner that is a violation of these Terms and Conditions or applicable law, or in any way that is designed to damage, disable, overburden, compromise, or impair the function of the online bidding platform, the auction itself, or any other party’s use or enjoyment of the online bidding platform.