DISCLOSURE OF TERMS AND CONDITIONS OF SALE



DISCLOSURE OF TERMS AND CONDITIONS OF SALE

DUCKLAND PROPERTY

CASS COUNTY, ILLINOIS

Ducks Unlimited, Inc. through its affiliated supporting organization Wetlands America Trust, Inc. ("Seller"), is selling the property referred to as DUCKLAND (“Property”). The buyer shall be referred to as “Purchaser”. The Property consists of 232 ± acres located along the Illinois River at mile marker 94, Cass County, Illinois.

A. PROPERTY

1) Sellers transfer of good and merchantable title and Sellers furnishing a warranty deed. Sellers will pay the transfer tax at the time of closing. The warranty deed shall be held in escrow until condition “b.” below is satisfied.

2) The closing and transfer of title to Buyer is specifically conditioned upon the Buyer executing a conservation easement restricting development and use of the Property. Parties shall arrange for closing of easement simultaneously with closing of title herein. Upon execution of the conservation easement document by Buyer, the Seller shall order the warranty deed released from escrow and recorded prior to the easement. Buyer acknowledges and agrees that the Property shall be subject to permanent conservation easement restrictions after closing.

B. PROPERTY INSPECTION

1) It is the Purchaser’s sole responsibility to: 1) perform all inspections (legal,

environmental, economic or otherwise) of the Property and to be satisfied as to its condition prior to bidding; 2) review all property information; 3) independently verify any information they deem important including information available in public records; and 4) inquire of public officials as to the applicability of and compliance with land use, zoning, building and health & safety codes and ordinances, and any other local, state or federal laws and regulations.

2) All information contained in the brochure and all promotional materials, including, but

not limited to, acreage, dimensions, maps, taxes, etc., provided by the Seller and is believed to be correct; however, the Seller makes no guarantee or warranty as to the accuracy or completeness of such information. Seller is not required to update any information. Purchaser and/or Purchaser’s Agent/Broker shall bear the responsibility to confirm all information relevant to the Property prior to registering a bid.

C. PROPERTY DISCLOSURES

1) No personal property will be conveyed with the real estate.

2) The Property is selling subject to all rights-of-way and easements, and other

encumbrances of record.

D. TERMS OF SALE

1) The Purchaser must sign and submit to the Sales Contract.

2) Upon execution of a Sales Contract, the Purchaser will be required to pay in U.S. funds an Earnest Money Deposit of no less than TEN PERCENT (10%) of the Total Contract Price of the Property to the Escrow Agent no later than twenty-four (24) hours of being contacted. The balance of the purchase price is due at closing.

3) The bid/offer made by the Purchaser shall be binding on the Purchaser, their heirs and assigns.

4) The fully executed Sales Contract shall control all terms and conditions of the sale and constitute the entire agreement between Purchaser and Seller. In the event of a conflict between these Terms and Conditions of Sale and the Terms and Conditions of such Sales Contract, the Terms and Conditions of the Sales Contract shall prevail. NO CHANGES TO THE TERMS OF THE SALES CONTRACT WILL BE PERMITTED.

5) The Seller has the right to accept or reject at its sole discretion any and all bids.

6) This is a CASH SALE. This sale is not contingent upon Purchaser’s ability to obtain

financing.

E. SURVEY

The Property has not been surveyed for the sale. The Property will be conveyed

according to the Seller's deed. Should the Purchaser desire a survey, it shall be at Purchaser's

option and expense. Should the survey show a greater or lesser number of acres, no adjustment

will be made to the contract price.

F. CLOSING COSTS

1) Seller’s Costs. At Closing, Seller shall provide for the Title Commitment and the costs to release encumbrances on the Property that would otherwise prohibit conveyance. The seller will pay transfer taxes, current year's property taxes, and general assessments, if any, shall be prorated through the Date of Closing.

2) Purchaser’s Costs. At Closing, Purchaser shall pay the premium for the Owner’s Title Insurance policy, a buyer’s premium equal to three percent (3%) of the Sale Contract Price, documentary stamps, tax certificate, lender's endorsement fee, the fees for recording the deed, and any financing costs. The current year's property taxes and general assessments, if any, will be prorated through the Date of Closing.

3) The Seller and Purchaser shall equally share the costs for any additional closing fees directly related to the Sales Contract; but NOT with respect to any Purchaser financing, which financing closing costs are Purchaser’s sole responsibility.

G. CLOSING

Closing will be approximately 30 days after buyer is notified he/she is the winning bidder and all deposits and down payments shall be in U.S. funds and shall be held in an interest bearing escrow account with the Escrow/Closing Agent pending completion of necessary closing procedures, after which the Purchaser shall be granted possession of the Property subject to any matters contained in the Title Commitment and the Sales Contract.

H. ESCROW/CLOSING AGENCY

1) Closing agency will be determined at a later date and will be disclosed no later then three business days after the Sales Contract is mutually executed. Location of the closing will be determined by the seller.

2) The proceeds due from the Purchaser at closing shall be in certified U.S. funds, bank cashier’s check or confirmed wire transfer.

I. PROPERTY SPECIFICS

1) Purchaser is advised that they must assume the liability for the inspection to satisfy

their conditions of this purchase and their need for use of the Property. Purchaser is strongly

encouraged to conduct a survey, tests, inspections, and/or other studies prior to bidding to satisfy

themselves of any condition regarding the subject property, included but not limited to boundaries, restrictions, reservations or dedications, and any other condition that may inhibit or deter the intended or projected enjoyment or use of the subject property by the Purchaser.

J. DEFAULT

In the event the Purchaser fails to close and pay his/her balance when due, Seller may

terminate the Sales Contract and retain the Earnest Money Deposit and interest thereon as

liquidated damages.

K. DISCLAIMER

1) PERSONAL ON-SITE INSPECTION OF THE PROPERTY IS RECOMMENDED

AND BIDDERS ARE ADVISED TO INDEPENDENTLY VERIFY ALL INFORMATION

THEY DEEM IMPORTANT. THIS PROPERTY IS BEING SOLD “AS IS”, “WHERE IS” AND ”WITH ALL FAULTS.” THE SELLER HAS NOT MADE, DOES NOT MAKE, AND WILL NOT MAKE, AND HEREBY DISCLAIMS, ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESSED, IMPLIED, OR STATUTORY, WHETHER ORAL OR WRITTEN, WITH RESPECT TO THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO ITS VALUE, CONDITION, ACREAGE, SQUARE FOOTAGE, SUITABILITY, MERCHANTABILITY, OPERABILITY, ZONING

REGULATIONS, MINERAL RIGHTS, ENVIRONMENTAL CONDITION, RIPARIAN/LITTORAL RIGHTS, OR FITNESS FOR A PARTICULAR USE OR PURPOSE.

NO GUARANTEES ARE GIVEN AS TO THE AVAILABILITY OF UTILITIES OR ACCESS,

OR THE PERMITTED OR ALLOWABLE USES ON THE PROPERTY.

2) Neither the Seller, any of its agents or representatives shall be liable for any relief, including damages, rescission, reformation, allowance or adjustments based on the failure of the Property to conform to any specific standard or expectation, or any third party documents or information, including, but not limited to, amount of acreage, square footage, zoning, and environmental condition.

L. EQUAL OPPORTUNITY CLAUSE

The Property is available to qualified Purchasers without regard to a prospective Purchaser’s race, color, religion, sex, familial status, national origin, or physical handicap.

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