GENERAL AUCTION TERMS AND CONDITIONS
STEPHENS FARMS PARTNERSHIP
MARIANNA WILLIAMS, TRUSTEE, CHAPTER 11 BANKRUPTCY, CASE NUMBER 20-10599
ON-LINE ONLY AUCTION!
BIDDING ENDS TUESDAY – DECEMBER 28TH, 2021 AT 10 A.M.
BIDDERS MUST REGISTER WITH ALEXANDER AUCTIONS & REAL ESTATE SALES
AT WEBSITE (www.alexanderauctions.com)
BIDDERS SHOULD REVIEW ALL ONLINE TERMS PRIOR TO BIDDING!
1. ALEXANDER AUCTIONS AND REAL ESTATE SALES HAS BEEN COMMISSIONED BY MARIANNA WILLIAMS,
TRUSTEE TO SELL THIS PROPERTY AT PUBLIC AUCTION.
2. REAL ESTATE CONSISTS OF 8 FARMS, OFFERED IN 16 TRACTS LOCATED IN HENDERSON COUNTY AND
BENTON COUNTY, TENNESSEE.
3. SOME FARMS ARE DIVIDED INTO TRACTS AND SOME SELL IN 1 TRACT
FARM 1 – DIVIDED INTO 2 TRACTS – 122.36 TOTAL ACRES – ON PARSONS ROAD AND TAYLOR TOWN
ROAD
TRACT 1: 56 +/- ACRES INCLUDES GRAIN FACILITY – SHOP – BARNS - COVERED FEED LOTS AND OTHER
IMPROVEMENTS
TRACT 2: 66.36+/- ACRES - 618 FEET FRONTAGE ON TAYLOR TOWN ROAD
FARM 2 – 130.95 TOTAL ACRES – 82.94+/- ACRES CROPLAND IN PASTURE – ON TAYLOR TOWN ROAD
AND PRITCHARD LANE – DIVIDED INTO 3 TRACTS – TRACTS 3, 4 & 5
TRACT 3: 105.32+/- ACRES – 94.70+/- ACRES CROPLAND, WOVEN WIRE FENCING
TRACT 4: 21+/- ACRES – MOSTLY IN WOODS – 1,153+/- FEET FRONTAGE ON PRITCHARD LANE
TRACT 5: 4.63 ACRES – WOODS & 1 ACRE OF CROPLAND, EAST OF PRITCHARD LANE AND WEST OF
TAYLOR TOWN ROAD
FARM 3 - TRACT 6: 51.61 ACRES – TAYLOR TOWN ROAD – 47+/- ACRES CROPLAND – OLD HOUSE SITE –
LEVEL TO GENTLY ROLLING LAND – SELLS IN ONE TRACT
FARM 4 - TRACT 7: 118.09+/- TOTAL ACRES – 112+/- ACRES CROPLAND - SELLS IN ONE TRACT
FARM 5 - TRACTS 8 AND 9 – 126.69 TOTAL ACRES – LINDSEY ROAD – DIVIDED INTO 2 TRACTS
TRACT 8: 20+/- ACRES – FRONTS LINDSEY ROAD
TRACT 9: 106.69+/- ACRES – SOUTH AND SOUTHWEST OF TRACT 8 – RECORDED ACCESS AND EGRESS
EASEMENT OVER GRAVEL FIELD ROAD THROUGH 875 LINDSEY ROAD PROPERTY – TRACT 9 WILL HAVE
FRONTAGE ON LINDSEY ROAD AT THE SOUTHEAST END OF PROPERTY
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FARM 6 – 230.77 TOTAL ACRES – DIVIDED INTO 4 TRACTS – TRACTS 10 THRU 13 – 128.83+/- CROPLAND
ACRES, ARARAT CEMETERY ROAD, DARDEN, TENNESSEE
TRACT 10: 38.87+/- ACRES – PASTURE AND TIMBER – OLD HOUSE STRUCTURE USED AS BARN – OLD
HOG FEEDING BARN (DETERIORATED CONDITION) & POND, ON NORTH SIDE OF ARARAT CEMETERY
ROAD
TRACT 11: 100+/- ACRES – OPEN AND WOODED LAND NORTH SIDE OF ARARAT CEMETERY ROAD, EAST
OF TRACT 10
TRACT 12: 61.9+/- ACRES – SOUTH SIDE OF ARARAT CEMETERY ROAD ACROSS FROM TRACT 11 – OPEN
AND WOODS LAND
TRACT 13: 30+/- ACRES – SOUTH SIDE OF ARARAT CEMETERY ROAD & WEST OF TRACT 12 – ROLLING
OPEN AND WOODS LAND
FARM 7 – 20.87 TOTAL ACRES DIVIDED INTO 2 TRACTS - TRACTS 14 AND 15 – ON TAYLOR TOWN ROAD
TRACT 14: 12.87+/- ACRES – INTERSECTION OF TAYLOR TOWN ROAD AND CORNER OF BRODIES FERRY
GRAVEL ROAD – MOSTLY COVERED IN WOODS
TRACT 15: 8+/- ACRES – SOUTH AND WEST SIDE OF TAYLOR TOWN ROAD
FARM 8 – TRACT 16 – 82.21+/- ACRES – WESTPORT ROAD – BENTON COUNTY - SELLS IN ONE TRACT –
MOSTLY CROPLAND, WAS NOT FARMED OR MOWED IN 2021
4. DEED REFERENCE, TAX MAP AND TAX PARCELS IN HENDERSON COUNTY AND BENTON COUNTY, TENNESSEE
TAX ASSESSOR’S OFFICE ARE LISTED IN EXHIBIT NUMBER “1”.
5. CONDITIONS OF SALE: PROPERTY IS BEING OFFERED IN AN ONLINE AUCTION.
6. BIDDER SHOULD REVIEW THE SALES & PURCHASE AGREEMENT (CONTRACT) AND OTHER EXHIBITS
INCLUDED ONLINE.
7. BUYER’S PREMIUM: A 10% BUYER'S PREMIUM WILL BE ADDED TO THE FINAL BID ON THE REAL ESTATE
TO REACH THE TOTAL SALES PRICE AND TOTAL CONTRACT PRICE.
8. BIDDERS AND BUYERS MUST REVIEW AND AGREE TO THESE AUCTION TERMS & CONDITIONS AND
EXHIBITS INCLUDED WITH THE TERMS ONLINE BEFORE BIDDING. YOUR ACCEPTANCE OF THE TERMS AND
CONDITIONS AND EXHIBITS ARE APPROVED BY YOU REGISTERING FOR A BIDDER NUMBER.
9. PURCHASE AGREEMENT: AFTER THE CLOSE OF THE AUCTION, THE SUCCESSFUL BIDDER WILL BE
EMAILED A SALES AND PURCHASE AGREEMENT/CONTRACT TO BE SIGNED AND RETURNED TO
ALEXANDER AUCTIONS & REAL ESTATE SALES WITHIN 24 HOURS OF COMPLETION OF THE AUCTION,
ALONG WITH THE REQUIRED EARNEST MONEY DEPOSIT.
10. EARNEST MONEY: THE SUCCESSFUL BIDDER IS REQUIRED TO MAKE AN EARNEST MONEY DEPOSIT OF
15% OF THE DEPOSIT ON ANY TRACT OF REAL ESTATE SALES PRICE AND CONTRACT PRICE WITH A
MINIMUM OF $1,000.00 WITHIN 24 HOURS AFTER THE AUCTION CLOSES, WHEN THE PURCHASE
AGREEMENT IS SIGNED. EARNEST MONEY IS NON-REFUNDABLE.
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11. PERSONAL PROPERTY PAYMENT: ALL PERSONAL PROPERTY IS TO BE PAID FOR 100% AFTER
COMPLETION OF THE AUCTION WITHIN 24 HOURS.
12. EARNEST MONEY PAYMENT: EARNEST MONEY PAYABLE BY CASH, WIRE TRANSFER, CASHIER’S CHECK OR
PERSONAL CHECK WITH CURRENT BANK LETTER OF GUARANTEE MADE TO ALEXANDER AUCTIONS. SEE
SAMPLE COPY OF GUARANTY AT WEBSITE ONLINE. NO CREDIT CARD PAYMENTS AND NO LETTERS OF
INTENT ACCEPTED.
13. CASH OFFER: BUYER(S) MUST BE PREPARED TO MAKE A CASH OFFER. THERE ARE NO CONTINGENCIES TO
THIS SALE (I.E., FINANCING, APPRAISAL, REPAIRS, OR INSPECTIONS). THEREFORE, YOU SHOULD BE PREQUALIFIED
BY A LENDER PRIOR TO BIDDING IF YOU REQUIRE FINANCING. THIS PROPERTY IS BEING SOLD
FOR CASH “AS-IS, WHERE-IS” WITH A CLOSING DEADLINE.
14. CLOSING DATE: BALANCE OF THE PURCHASE PRICE SHALL BE DUE ON OR BEFORE FEBRUARY 13TH, 2022.
15. FAILURE TO CLOSE AND PAY THE BALANCE DUE AT CLOSING WILL REQUIRE BUYER TO FORFEIT THE
EARNEST MONEY AND IS SUBJECT TO THE ALL THE TERMS STATED IN THESE TERMS & CONDITIONS AND
THE PURCHASE AGREEMENT.
16. LIQUIDATED DAMAGES: SUCCESSFUL BIDDERS NOT EXECUTING AND RETURNING THEIR PURCHASE
AGREEMENT ALONG WITH EARNEST MONEY DEPOSIT WITHIN FORTY-EIGHT (48) HOURS OF THE
CONCLUSION OF THE AUCTION WILL BE CONSIDERED IN DEFAULT. IF YOUR CLOSING IS DELAYED FOR
ANY REASON, BY YOU, AS PURCHASER, OR OTHER PARTIES WORKING ON YOUR BEHALF, INCLUDING ANY
LENDER YOU INVOLVE, YOU MAY BE DECLARED IN BREACH OF THIS CONTRACT, FORFEIT ALL DEPOSITS
MADE AND COULD ADDITIONALLY BE LIABLE FOR ANY AND ALL COST INCURRED BY SELLER AND
ALEXANDER AUCTIONS AND REAL ESTATE SALES INCURRED IN A SUBSEQUENT RESALE OF THE PROPERTY.
IF SUCH ACTION OCCURS, ALEXANDER AUCTIONS AND REAL ESTATE SALES HEREBY HAS THE RIGHT TO
DISPERSE THE DEPOSIT AS STATED IN THE LISTING AGREEMENT AND THE BUYER HAS NO CLAIMS TO
SUCH MONEY OR PROPERTY BEING SOLD. LIQUIDATED DAMAGES ARE TO COVER COST OF AUCTION,
COST INCURRED BY SELLER, LABOR COST AND ADDITIONAL COST OF AUCTION AS NOT DEFINED IN THIS
AGREEMENT. THESE LIQUIDATED DAMAGES DO NOT RESTRICT THE SELLER FROM SUING THE BUYER FOR
PERFORMANCE DAMAGES AND/OR ANY ADDITIONAL DAMAGES THE SELLER SUFFERS BY THE DEFAULT
OF THE BUYER.
17. IN THE EVENT THE BUYER OF ANY TRACT OR LOT OF PERSONAL PROPERTY DOES NOT MAKE THE
REQUIRED EARNEST MONEY DEPOSIT, SIGN THE PURCHASE AND SALE AGREEMENT OR PAY FOR A LOT,
ALEXANDER AUCTIONS AND SELLERS RETAIN THE RIGHT TO RESELL THE REAL OROR ANY NEW BIDDER
TO COMPLETE THE SALE OF THE REAL AND PERSONAL PROPERTY TO ANY BACK UP BIDDER OR ANY
NEW OR PROSPECTIVE BIDDER TO COMPLETE THE SALE OF THE REAL AND PERSONAL PROPERTY.
18. COMMISSION: PURCHASE AGREES TO PAY A 10% PREMIUM OF THE BID PRICE UPON CLOSING, WHICH IS
EQUAL TO THE AGREED UPON COMMISSION BETWEEN SELLER, AGENT AND PURCHASER. PURCHASER
RECOGNIZES AND AGREES THAT THE 10% PREMIUM PAID AS COMMISSION IS THIS TRANSACTION DOES
NOT CONSTITUTE PURCHASER REPRESENTATION.
19. POSSESSION OF PROPERTY WILL BE GIVEN AT CLOSING, SUBJECT TO THE REMOVAL OF ANY 2021 GRAIN
CROPS NOT HARVESTED.
20. TAXES: SELLER TO PAY THE 2021 TAXES AND ANY DELINQUENT TAXES.
21. PURCHASERS TO ASSUME THE 2022 TAXES. NO 2022 TAX PRORATIONS.
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22. GREENBELT TAXES: PURCHASER TO PAY ANY ROLL BACK TAXES THAT MAY BECOME DUE, DUE TO A
PARCEL CONTAINING TOO FEW ACRES OR BECAUSE NEW BUYER ELECTS NOT TO ENROLL THE
PROPERTY IN THE GREENBELT PROGRAM.
23. CLOSING DELAY: IF YOUR CLOSING IS DELAYED FOR ANY REASON, BY YOU, AS PURCHASER, OR OTHER
PARTIES WORKING ON YOUR BEHALF, INCLUDING ANY LENDER YOU INVOLVE, YOU MAY BE DECLARED IN
BREACH OF THIS CONTRACT, FORFEIT ALL DEPOSITS MADE AND COULD ADDITIONALLY BE LIABLE FOR
ANY AND ALL COST INCURRED, IN A SUBSEQUENT RESALE OF THE PROPERTY, BY SELLER AND ALEXANDER
AUCTIONS. IF SUCH ACTION OCCURS, ALEXANDER AUCTIONS HEREBY HAS THE RIGHT TO DISPERSE THE
DEPOSIT AS STATED IN THE LISTING AGREEMENT AND THE BUYER HAS NO CLAIMS TO SUCH MONEY OR
PROPERTY BEING SOLD. LIQUIDATED DAMAGES ARE TO COVER THE AUCTIONEER’S COMMISSION, COST
OF AUCTION, COST INCURRED BY SELLER, LABOR COST AND ADDITIONAL COST OF AUCTION AS NOT
DEFINED IN THIS AGREEMENT. THESE LIQUIDATED DAMAGES DO NOT RESTRICT THE SELLER FROM
SUING THE BUYER FOR PERFORMANCE DAMAGES AND/OR ANY ADDITIONAL DAMAGES THE SELLER
SUFFERS BY THE DEFAULT OF THE BUYER.
24. COMPLIANCE WITH THE TERMS OF SALE: SUCCESSFUL BIDDER AND OR BUYER NOT EXECUTING AND
RETURNING THE CONTRACT WITH EARNEST MONEY DEPOSIT WITHIN 24 HOURS OF THE CONCLUSION OF
THE AUCTION WILL BE CONSIDERED IN DEFAULT. IN THE EVENT A WINNING BIDDER AND OR BUYER
FAILS TO SUBMIT THE SIGNED PURCHASE AGREEMENT (CONTRACT) FOR SALE OF REAL ESTATE AND
EARNEST MONEY DEPOSIT, THE WINNING BIDDER AND OR BUYER SHALL PAY TO ALEXANDER AUCTIONS
ANY DAMAGES, AN AMOUNT EQUAL TO THE BUYER’S PREMIUM OR COMMISSION PERCENTAGE AS SET
FORTH IN SAID CONTRACT, AND ANY AND ALL EXPENSES INCURRED BY THE SAID ALEXANDER AUCTIONS
FOR SAID AUCTION. SHOULD BUYER’S EARNEST MONEY CHECK BE RETURNED FOR ANY REASON
WHATSOEVER, THIS SHALL CONSTITUTE AN ITEM OF DEFAULT, AND IN ADDITION TO THE REMEDIES
PREVIOUSLY STATED HEREINABOVE, BUYER SHALL ALSO PAY AN ADDITIONAL PENALTY OF FIVE PERCENT
(5%) OF THE EARNEST MONEY CHECK TO ALEXANDER AUCTIONS. BUYER SHALL ALSO PAY A REASONABLE
ATTORNEY’S FEE AND COSTS INCURRED IN THE COLLECTION OF THESE MONIES OWED BY BUYER AS A
RESULT OF BUYER’S DEFAULT. BUYER SHALL ALSO PAY THE SELLER ANY DAMAGES CAUSED BY SAID
BREACH OF CONTRACT, INCLUDING ATTORNEY’S FEES AND COSTS. THIS SHALL NOT PRECLUDE THE
SELLER FROM SUING FOR SPECIFIC PERFORMANCE OF THE CONTRACT OF SALE, IN ADDITION TO SAID
DAMAGES. IT IS SPECIFICALLY UNDERSTOOD AND AGREED BY AND BETWEEN THE SELLER AND
ALEXANDER AUCTIONS THAT IN THE EVENT THE BUYER SHOULD DEFAULT IN THE TERMS OF THIS
CONTRACT IN ANY MANNER WHATSOEVER, THAT THE EARNEST MONEY, OR SUFFICIENT SUMS
THEREFORE, SHALL BE PAID FIRST TO THE AGENT FOR THE BUYER’S PREMIUM OR COMMISSION
PERCENTAGE, AND THE BALANCE, IF ANY, TO THE SELLER. ANY DISPUTES WILL BE TRIED IN A COURT OF
JURISDICTION IN WEAKLEY COUNTY, TENNESSEE. ALEXANDER AUCTIONS RESERVES THE RIGHT TO SELL
TO THE NEXT HIGHEST QUALIFIED BIDDER OR ANOTHER BIDDER OR BUYER IN THE EVENT THE
SUCCESSFUL HIGH BIDDER AND OR BUYER DOES NOT COMPLY WITH THE TERMS OF THE SALE. BY
BIDDING ON THE PROPERTY, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH. THE
CONTRACT IS REQUIRED TO BE FULLY AND CORRECTLY COMPLETED, WITHOUT ANY MODIFICATIONS AND
PROPERLY SIGNED. A CONTRACT THAT IS INCOMPLETE, INCORRECT, OR MODIFIED IN ANY RESPECT, IS
CONSIDERED TO BE IN DEFAULT.
25. TITLE: DEED TRANSFER WILL BE BY A SPECIAL WARRANTY DEED SIGNED BY THE TRUSTEE.
26. INSPECTION: PROSPECTIVE PURCHASER(S) SHOULD INSPECT AND REVIEW THE PROPERTY TO BECOME
FAMILIAR WITH THE PROPERTY BOUNDARY LINES AND THE PHYSICAL CONDITION OF THE
IMPROVEMENTS AND COMPLETE THEIR OWN DUE DILIGENCE RESEARCH.
27. DEED DESCRIPTIONS: PROPERTY WILL BE SOLD ACCORDING TO THE LEGAL DESCRIPTIONS IN THE
OWNER’S DEED SUBJECT TO THE DIVISION OF ANY TRACTS.
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28. SURVEY: ALL FARMS HAVE SURVEY DESCRIPTIONS: NO DIVIDED TRACTS HAVE HAD THE DIVISIONAL
LINES SURVEYED. ACREAGES HAVE BEEN CALCULATED FROM THE ORIGINAL SURVEYS, FARM SERVICES
MAPS AND TENNESSEE TAX MAPS.
29. DIVISIONAL LINES WILL BE LOCATED AS SHOWN ON THE AERIAL MAPS. THESE LINES WILL BE TIED TO
MAP FEATURES AS CLOSE AS POSSIBLE.
30. IN THE EVENT ANY TRACTS IN A CERTAIN FARM SELL SEPARATE AND DO NOT HAVE A SURVEYED
DESCRIPTION ACCORDING TO THE WAY THEY ARE DIVIDED, AN ACTUAL SURVEY OF THE DIVISIONAL
LINE WILL BE REQUIRED, OR A NEW SURVEY MAY BE REQUIRED. SURVEYOR WILL CALCULATE THE
ACTUAL ACREAGE IN THE TRACT.
31. SURVEY TIME EXTENSION: IN THE EVENT ANY SURVEY REQUIRED CANNOT BE COMPLETED WITHIN
TIME FOR THE FEBRAURY 11TH, 2022 CLOSING DATE, THIS PURCHASE AND SALES AGREEMENT SHALL
AUTOMATICLY EXTEND UNTIL 15 DAYS AFTER THE PURCHASER HAS BEEN GIVEN NOTIFICATION THE
SURVEY IS COMPLETE AND A COPY OF THE SURVEYED PLAT IS PROVIDED TO THE PURCHASER
SHOWING THE ACTUAL NUMBER OF ACRES IN THE TRACT.
32. ACREAGE VARIANCE: THE ACTUAL SALES PRICE OF ANY TRACTS WHICH REQUIRE A SURVEY WILL BE
ADJUSTED UP OR DOWN PROVIDED THE ACTUAL SURVEY SHOWS A VARIANCE OF 2 ACRES OR MORE.
THE SALES PRICE ADJUSTMENT WILL BE CALCULATED ON A PER ACRE BASIS ACCORDING TO THE SALES
PRICE PER ACRE AS SHOWN IN THE PURCHASE & SALES AGREEMENT, EXCEPT FOR TRACT 1 WHICH
CONTAINS IMPROVEMENTS.
33. ACREAGE AJUSTMENT: TRACT 1, WITH IMPROVEMENTS AND TRACT 2 ADJUSTMENTS WILL BE
CALCULATED USING THE SALES PRICE AND CONTRACT PRICE PER ACRE OF TRACT 2.
34. ACREAGE VARIANCE ADJUSTMENTS: NO SALES PRICE ADJUSTMENT WILL BE MADE ON ANY TRACT
THAT VARIES LESS THAN TWO ACRES.
35. SURVEY COST: ANY SURVEY COST WILL BE PAID 50% BY EACH BUYER OF THE ADJOINING TRACTS.
36. AGENCY DISCLOSURE: ALEXANDER AUCTIONS AND REAL ESTATE SALES AND ALL AGENTS WORKING AT
THIS AUCTION ARE ACTING AS AN AGENT FOR THE SELLER.
37. BIDDING: NO ONE SHOULD MAKE A BID THAT HE/SHE DOES NOT WANT TO HONOR OR IS NOT
FINANCIALLY ABLE TO HONOR.
38. CONTINGENCIES: NO PURCHASE IS CONTINGENT ON FINANCING, APPRAISALS, PROPERTY INSPECTIONS
OR ANY OTHER CONTINGENCIES.
39. DUE DILIGENCE: ANY INFORMATION SUPPLIED IN THE TERMS AND CONDITIONS CONCERNING THE
PROPERTY INFORMATION AND TAX AMOUNTS ARE SUPPLIED TO ACCOMMODATE THE PURCHASER(S).
IT IS THE PURCHASER’S SOLE RESPONSIBILITY TO COMPLETE THEIR OWN DUE DILIGENCE SURVEY,
RESEARCH, INSPECTION, CHECKING AND BID ACCORDING TO THEIR DUE DILIGENT SURVEY AND
RESEARCH.
40. EASEMENTS: PROPERTY SELLS SUBJECT TO EXISTING EASEMENTS AND SUBJECT TO ANY RECORDED
EASEMENTS.
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41. RESTRICTIONS: REAL ESTATE SELLS SUBJECT TO ANY AND ALL EXISTING MATTER OF RECORDS,
EASEMENTS, CITY, COUNTY AND STATE, BUILDING, USE OR ZONING LAWS AND RESTRICTIONS.
42. ENVIRONMENTAL ASSESTMENTS: SELLERS HAVE NOT REQUESTED NOR HAD ANY ENVIRONMENTAL
ASSESSMENTS RUN ON THIS PROPERTY.
43. ENVIRONMENTAL DISCLOSURE: AUCTIONEER AND BROKER AND SELLERS ARE NOT EXPERT IN
DETERMINING ENVIRONMENTAL HAZARDS AND HAZARDOUS MATERIAL. BUYERS ACCEPT THESE
IMPROVEMENTS AND LAND IN ITS PRESENT CONDITION. BUYER AGREES TO HOLD HARMLESS
ALEXANDER AUCTIONS & REAL ESTATE SALES, THE BROKER, AUCTIONEER AND THE SELLERS FROM ANY
ENVIRONMENTAL HAZARDS AND FROM ANY CLAIMS IN CONNECTION WITH ENVIRONMENTAL HAZARDS.
44. SOIL EVALUATION: THE OWNERS, SELLERS AND SALES MANAGEMENT HAVE NOT HAD OR REQUESTED
ANY PERK TEST OR SOIL CLASSIFICATION INSPECTIONS TO BE COMPILED BY THE GROUND AND WATER
PROTECTION AGENCY OR ANY SOIL SCIENTIST TO DETERMINE THE APPROVAL OR REQUIREMENTS FOR
SEPTIC TANKS OR SEPTIC LINES FOR ANY OF THE TRACTS.
45. GROUND WATER PROTECTION AUTHORITY: PURCHASER(S) SHALL BE RESPONSIBLE FOR CONTACTING
THE HENDERSON COUNTY & BENTON COUNTY GROUND AND WATER PROTECTION AGENCY AND/OR
AN APPROVED TENNESSEE SOIL SCIENTIST TO OBTAIN A SOIL ANALYSIS AND APPROVAL FOR A SEPTIC
SYSTEM. ALEXANDER AUCTIONS AND THE SELLERS MAKE NO WARRANTY OR GUARANTY AS TO SOIL
TYPES AND SOIL APPROVAL FOR A SEPTIC/SEWAGE SYSTEM.
46. SEPTIC SYSTEMS: ALEXANDER AUCTIONS AND THE SELLER HAVE NO KNOWLEDGE ABOUT THE
EXISTENCE OR NON-EXISTENCE OF A SEPTIC SYSTEM ON ANY TRACT.
47. “AS IS”: PROPERTY AND IMPROVEMENTS ARE BEING SOLD IN THEIR PRESENT CONDITION “AS IS”. NO
IMPROVEMENTS WILL BE MADE. THERE ARE NO WARRANTIES OR GUARANTEES EXPRESSED OR IMPLIED
AS TO CONDITION OR FITNESS FOR USE. THE WARRANTIES OF HABITABILITY AND FITNESS FOR A
PARTICULAR PURPOSE AND PARTICULAR USE ARE EXPRESSLY EXCLUDED.
48. INSPECTION OPPORUNITY: PURCHASER AND PURCHASER’S REPRESENTATIVES HAVE HAD THE
OPPORTUNITY TO INSPECT THIS PROPERTY AND AGREE ALL BIDS ARE MADE SUBJECT TO THEIR
INSPECTIONS AND DUE DILIGENCE RESULTS AND PURCHASE SAID PROPERTY AS A RESULT OF THEIR
INSPECTION.
49. WARRANTIES OR REPRESENTATION: ALEXANDER AUCTIONS AND SELLER HAS NOT MADE, DOES NOT
MAKE, AND EXPRESSLY DISCLAIMS, ANY WARRANTIES, REPRESENTATIONS, COVENANTS OR
GUARANTEES, EXPRESSED OR IMPLIED OR ARISING OUT BY OPERATION OF LAW, AS TO THE
MERCHANTABILITY, HABITABILITY, QUANTITY, QUALITY OR ENVIRONMENTAL CONDITION OF THE
PROPERTY OR ITS SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR PARTICULAR USE.
50. AUCTIONEER’S DISCRETION: ALEXANDER AUCTIONS HAS FULL DISCRETION TO MODIFY DATE AND TIME,
ORDER AND DETAILS OF THE AUCTION FOR ANY REASON OR NO REASON AT ALL, INCLUDING BUT NOT
LIMITED TO TECHNICAL ISSUES, EMERGENCIES AND CONVENIENCE OF ALEXANDER AUCTIONS RESERVES
THE RIGHT TO MODIFY, CHANGE OR REMOVE USERNAMES AT ANY TIME.
51. TIME EXTENSION: ALEXANDER ONLINE AUCTIONS HAVE AN AUTO-EXTEND BIDDING FEATURE.
52. TIME INCREASE OR DECREASE: ALEXANDER AUCTIONS MAY INCREASE OR DECREASE THE EXTENDED
BIDDING TIME AMOUNT AT ANY TIME DURING THE AUCTION UNTIL THE CLOSE OF BIDDING.
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53. EXTEND ALL FEATURE: ALEXANDER’S AUCTIONS ARE TIMED EVENTS AND ALL BIDDING WILL CLOSE AT A
SPECIFIC TIME. ALEXANDER AUCTIONS ALSO HAVE AN AUTO-EXTEND FEATURE. WHEN ANY BID IS
PLACED IN THE FINAL FIVE MINUTES OF AN AUCTION, THE AUCTION ENDING WILL BE AUTOMATICALLY
EXTENDED FIVE (5) MINUTES FROM THE CLOSING TIME. EXAMPLE: IF AN AUCTION SCHEDULED TO
CLOSE AT 12:00 NOON RECEIVES A BID AT 11:56 THE CLOSE TIME WILL AUTOMATICALLY EXTEND TO
12:05. THE AUTO-EXTEND FEATURE REMAINS ACTIVE UNTIL NO FURTHER BIDS ARE RECEIVED WITHIN A
FIVE (5) MINUTE TIME FRAME ON THE REAL ESTATE OR A PERSONAL PROPERTY LOT
54. EXTENDED BIDDING: THIS AUCTION HAS AN EXTEND-ALL FEATURE BIDDING. ANY TIME ANY TRACT OF
REAL ESTATE OR PERSONAL PROPERTY LOT IS BID ON WITHIN THE LAST 5 MINUTES, ALL TRACTS AND
PERSONAL PROPERTY LOTS EXTEND 5 MINUTES MORE. ALL REAL ESTATE AND PERSONAL PROPERTY LOTS
WILL CLOSE SIMULTANEOUSLY AT THE SAME TIME, WHEN NO BIDS ARE PLACED WITHIN THE LAST FIVE
MINUTES.
55. BID CLOSING: ALL TRACTS AND LOTS WILL CLOSE AT THE SAME TIME. NO TRACTS OR LOTS WILL BE
COMBINED.
56. REFRESH BIDDING: REFRESH YOUR SCREEN CONSTANTLY DURING THE CLOSING MINUTES OF THE
BIDDING OR ENABLE THE “AUTO-REFRESH” FEATURE.
57. SERVER & SOFTWARE TECHNICAL ISSUES: IN THE EVENT THAT THERE ARE TECHNICAL DIFFICULTIES
RELATED TO THE SERVER, SOFTWARE OR ANY OTHER ONLINE AUCTION RELATED TECHNOLOGY,
ALEXANDER AUCTIONS RESERVES THE RIGHT TO EXTEND BIDDING, CONTINUE THE BIDDING, CLOSE THE
BIDDING OR INCREASE OR DECREASE THE EXTENDED AMOUNT OF TIME AT THE END OF THE AUCTION.
NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR ALEXANDER AUCTIONS WILL BE HELD
RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY
REASON.
58. BIDDING INCREMENTS: ALEXANDER AUCTIONS MAY HAVE DIFFERENT BIDDING INCREMENTS. THE
BIDDING SOFTWARE WILL CALCULATE THE NEXT BID AMOUNT BEFORE YOU SUBMIT THE BID.
ALEXANDER AUCTIONS RETAINS THE RIGHT TO CHANGE BIDDING INCREMENTS AT ANY TIME.
59. BIDDING INCREMENTS: ALEXANDER AUCTIONS MAY HAVE DIFFERENT BIDDING INCREMENTS. THE
BIDDING SOFTWARE WILL CALCULATE THE NEXT BID AMOUNT BEFORE YOU SUBMIT THE BID.
ALEXANDER AUCTIONS RETAINS THE RIGHT TO CHANGE BIDDING INCREMENTS AT ANY TIME.
60. AGENCY: ALEXANDER AUCTIONS AGENTS AND REPRESENTATIVES ARE AGENTS FOR THE SELLER. BUYER
AND OR BIDDER AGREES TO HOLD HARMLESS AND INDEMNIFY ALEXANDER AUCTIONS AND ITS
REPRESENTATIVES FROM ANY AND ALL CLAIMS, DAMAGES OR SUITS INCLUDING BUT NOT LIMITED TO
AWARDS, JUDGMENTS, COSTS, FEES, ETC.
61. BACK-UP BIDS: IF YOU ARE NOT THE SUCCESSFUL BIDDER ON THE REAL ESTATE OR A PERSONAL
PROPERTY LOT AND WISH TO MAKE A BACK-UP BID IN CASE OF DEFAULT BY THE HIGH BIDDER, PLEASE
CONTACT ALEXANDER AUCTIONS TO RECEIVE A BACK-UP BIDDER FORM. EMAIL NOTIFICATION MAY BE
SENT TO REGISTERED BIDDERS WITH UPDATED INFORMATION AS DEEMED NECESSARY BY THE AUCTION
COMPANY.
62. OFF-SITE BIDDING: BIDDERS WHO BID OFF-SITE AND DO NOT MAKE AN INSPECTION UNDERSTAND AND
ACKNOWLEDGE THAT THEY MAY NOT BE ABLE TO INSPECT THE PROPERTY AS WELL AS IF THEY
EXAMINED IT IN PERSON. IT IS THE BIDDER’S RESPONSIBILITY TO DETERMINE CONDITION, AGE,
GENUINENESS, VALUE OR ANY OTHER DETERMINATIVE FACTOR.
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63. BIDDING APPROVAL: ALEXANDER AUCTIONS RESERVES THE RIGHT TO REMOVE OR CANCEL THE BIDS
AND OR BIDDING RIGHTS AND PRIVILEGES OF ANY PARTY AT ANY TIME DEEMED NOT TO BE IN THE BEST
INTEREST OF THE SELLER. THE IDENTITY OF ALL BIDDERS WILL BE VERIFIED, BIDDING RIGHTS ARE
PROVISIONAL AND IF COMPLETE VERIFICATION IS NOT POSSIBLE, ALEXANDER AUCTIONS WILL REJECT
THE REGISTRATION, AND BIDDING ACTIVITY WILL BE TERMINATED.
64. AUCTION CANCELLATION – BID REJECTION: ALEXANDER AUCTIONS RESERVES THE RIGHT TO REJECT
ANY AND ALL BIDS FOR ANY REASON. ALEXANDER AUCTIONS RESERVES THE RIGHT TO CANCEL THIS
AUCTION, OR REMOVE ANY ITEM OR LOT FROM THIS AUCTION PRIOR TO THE CLOSE OF BIDDING EVEN IF
A BID HAS BEEN PLACED, IN THE EVENT OF AN INTERNET FAILURE OR IF THE BIDDING PLATFORM FAILS
OR CRASHES.
65. ACCEPTANCE OF BID PRICES: THE AUCTIONEER SHALL MAKE THE SOLE AND FINAL DECISION AS TO THE
WINNING HIGH BID AMOUNT. ACCEPTANCE BY THE ONLINE BIDDING PLATFORM DOES NOT
NECESSARILY CONSTITUTE AN ACCEPTED BID BY THE AUCTIONEER. SUCCESSFUL BIDDER AND OR
BUYER(S) WILL BE REQUIRED TO ENTER INTO A PURCHASE AGREEMENT CONTRACT IMMEDIATELY
FOLLOWING THE CLOSE OF THE AUCTION. ALEXANDER AUCTIONS WILL EMAIL DOCUMENTS TO BE
EXECUTED AND FAX OR EMAIL BACK TO ALEXANDER AUCTIONS WITHIN 24 HOURS OF THE END OF THE
AUCTION. SUCCESSFUL BIDDER AND OR BUYER(S) NOT EXECUTING AND RETURNING CONTRACTS WITH
EARNEST MONEY DEPOSIT WITHIN 24 HOURS WILL BE CONSIDERED IN DEFAULT. ALEXANDER AUCTIONS
RESERVES THE RIGHT TO SELL TO THE NEXT HIGHEST QUALIFIED BIDDER OR ANOTHER BIDDER AND OR
BUYER IF THE WINNING BIDDER AND OR BUYER IS IN DEFAULT OF THESE TERMS. WINNING BIDDER AND
OR BUYER MUST EXECUTE THE CONTRACT WITH NO CHANGES, MODIFICATION, ADDITIONS OR
DELETION.
66. ALEXANDER AUCTIONS INVOLVEMENT IN THIS CONTRACT: BOTH THE SELLER AND BUYER HEREBY
AGREE THAT ALEXANDER AUCTIONS & REAL ESTATE SALES IS THE PROCURING CAUSE OF THE SALE
CONTRACT AND SHALL RECEIVE COMPENSATION AS STATED IN THE AGREEMENT HERETO OR AS STATED
IN THE LISTING AGREEMENT HEREBY MADE A PART OF.
67. NO WARRANTY: PREREQUISITE TO BIDDING IS THAT THE REAL ESTATE AND PERSONAL PROPERTY IS
PURCHASED ABSOLUTELY “AS IS” WITH NO WARRANTY WHATSOEVER AS TO THE CONDITION OF THE
SAME.
68. CLOSING REQUIREMENTS: PURCHASERS SHOULD CONTACT THEIR ATTORNEY OR TITLE COMPANY TO
COMPLETE THEIR TITLE OPINION IMMEDIATELY. CONTRACT DOES NOT PROVIDE FOR AN EXTENSION DUE
TO AN ATTORNEY OR TITLE COMPANY FAILING TO COMPLETE TITLE WORK OR YOUR LOAN CLOSING NOT
BEING SET UP TO CLOSE ON OR BEFORE FEBRUARY 11TH, 2022.
69. RISK OF LOSS: ANY RISK OF LOSS TO THE PROPERTY SHALL BE BORNE BY SELLER UNTIL DEED HAS BEEN
CONVEYED TO THE PURCHASER.
70. TERMINOLOGY: AS THE CONTEXT MAY REQUIRE IN THESE TERMS (1) THE SINGULAR SHALL MEAN THE
PLURAL AND VICE VERSA; (2) ALL PRONOUNS SHALL MEAN AND INCLUDE THE PERSON, ENTITY, FIRM OR
CORPORATION TO WHICH THEY RELATE.
71. ADDITIONAL AUCTION INFORMATION: ALL INFORMATION PUBLISHED, ANNOUNCED OR CONTAINED
HEREIN WAS DERIVED FROM SOURCES BELIEVED TO BE CORRECT; HOWEVER, IT IS NOT GUARANTEED BY
THE SELLER OR THE AUCTIONEER. PERSONAL ON-SITE INSPECTION OF ALL PROPERTY IS RECOMMENDED.
THE FAILURE OF ANY BIDDER TO INSPECT, OR TO BE FULLY INFORMED AS TO THE CONDITION OF THE
PROPERTY, WILL NOT CONSTITUTE GROUNDS FOR ANY CLAIM OR DEMAND FOR ADJUSTMENT OR
WITHDRAWAL OF BID, OFFER OR DEPOSIT MONEY AFTER ITS OPENING TENDER. THIS INCLUDES BUT IS
9
NOT LIMITED TO PUBLIC INFORMATION SUCH AS EASEMENTS, RESTRICTIONS, ZONING, RIGHTS-OF-WAY,
OR ANY OTHER INFORMATION THAT CAN BE OBTAINED AS PUBLIC RECORD IN THE APPROPRIATE
COUNTY COURTHOUSE CONCERNING SUBJECT PROPERTIES.
72. INTERNET BIDDING: INTERNET BIDDERS WHO DESIRE TO MAKE CERTAIN THEIR BID IS ACKNOWLEDGED
SHOULD LEAVE THEIR MAXIMUM BID 24 HOURS BEFORE THE AUCTION ENDS. EMAIL NOTIFICATIONS
MAY BE SENT TO REGISTERED BIDDERS WITH UPDATED INFORMATION AS DEEMED NECESSARY BY
ALEXANDER AUCTIONS.
73. IF YOU HAVE ANY PROBLEMS WITH THE WEBSITE, CALL MARKNET CUSTOMER SERVICE AT 1-888-307-
6545 AND/OR ALEXANDER AUCTIONS AT (731) 587-4244.
74. HEALTH RISK: I UNDERSTAND THE RISK ASSOCIATED WITH BEING OUTSIDE OF MY HOME AND THE
PROXIMITY OF OTHERS DURING THE COVID-19 VIRUS PANDEMIC. I UNDERSTAND THE COVID-19 VIRUS IS
HIGHLY INFECTIOUS AND CONTAGIOUS. I ACKNOWLEDGE THE ACTIVITIES TO WHICH THIS RELEASE
APPLIES CAN BE DANGEROUS, I AM ACCEPTING THOSE RISKS FOR MYSELF AND FOR ANY PARTICIPANTS
WHO MAY BE IN MY CARE. I ACKNOWLEDGE RECEIPT OF THE COVID-19 SAFE PRACTICES SHEET DETAILED
AT ALEXANDER AUCTIONS & REAL ESTATE SALES WEBSITE. I FURTHER ACKNOWLEDGE THAT I AM
FAMILIAR WITH LOCAL, STATE AND FEDERAL GUIDELINES AND EXECUTIVE ORDERS RELATED TO THE
COVID-19 VIRUS AND SOCIAL DISTANCING. I AM PARTICIPATING AT THE AUCTION OF MY OWN FREE
WILL.
75. LIABILITY WAIVER AND RELEASE: BY AGREEING TO THESE TERMS AND BIDDING ON THIS AUCTION, YOU
VOLUNTARILY RELEASE, INDEMNIFY, DEFEND AND HOLD ALEXANDER AUCTIONS & REAL ESTATE SALES
AND SELLER, AND THEIR RESPECTIVE AGENTS AND EMPLOYEES (EACH A “RELEASED PARTY”) FROM ANY
AND ALL LIABILITIES, CLAIMS, LOSSES, CAUSES OF ACTION OR EXPENSE OF ANY KIND, INCLUDING
REASONABLE ATTORNEYS’ FEES, RESULTING FROM A RELEASED PARTY’S NEGLIGENT ACT OR OMISSION,
ARISING OUT OF MY PARTICIPATION IN AND PRESENCE WHETHER RELATED TO BODILY INJURY,
INFECTION DUE TO COVID-19 VIRUS, PROPERTY DAMAGE, OR ANY OTHER FORM OF INJURY OR LOSS IN
REGARD TO INSPECTION DAYS AND PAYMENT AND REMOVAL DAYS OF MY PHYSICAL ITEMS PURCHASED
AT THE DYERSBURG ELEVATOR COMPANY AUCTION.
76. AUCTION NOTIFICATION: PROPERTY IS BEING SOLD SUBJECT TO THESE TERMS AND CONDITIONS AND
EXHIBITS AND ATTACHMENTS WHICH WILL BE ATTACHED TO THE PURCHASE AND SALE AGREEMENT
(CONTRACT) FOR FUTURE REFERENCE.
77. ACCEPTANCE: ALL BIDDERS AGREE AND ACCEPT THESE TERMS AND CONDITIONS AND AGREE TO BID
ACCORDING TO THESE TERMS BY REGISTERING FOR A BID NUMBER.
WE APPRECIATE YOU ATTENDING THIS AUCTION AND WE WILL BE GLAD TO ANSWER ANY QUESTIONS YOU MAY HAVE.
ALEXANDER
Auctions & Real Estate Sales
MARVIN E. ALEXANDER, CAI, Auctioneer – TL9
239 University St., Martin, TN 38237
Office: (731) 587-4244 * Cell: (731) 225-7368
Email: alexanderauctions@frontiernet.net

LAND BANKRUPTCY AUCTION - STEPHENS PARTNERSHIP FARMS