AUCTION CANCELLED
Registration Status:
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Your Bid Status:
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Tract:
Tract No. 83
Gross Acres:
919.743
Net Acres:
919.743
Time Remaining:
Auction has ended
Start Time:
10/11/2023 10:00 AM CDT
End Time:
10/18/2023 10:00 AM CDT
Minimum Bid:
$1,500 per acre
Total Tract Cost at Minimum Bid:
$1,437,098.45
(Bonus + Agency Fees + Advanced Rental + Buyer Premium)
Legal Description:
Subtract 2586: Block 4, Sec. 35: E2, E2E2E2W2, Depths: 0 - 99999
Subtract 2582: Block 5, Sec. 2: E2, E2E2E2W2, Depths: 0 - 99999
Subtract 7501: Block 5, Sec. 11: NE, E2E2E2NW, Depths: 0 - 99999
Tract Details
Tract
Tract No. 83
County, State
Upton, TX
Legal Description
Subtract 2586: Block 4, Sec. 35: E2, E2E2E2W2, Depths: 0 - 99999
Subtract 2582: Block 5, Sec. 2: E2, E2E2E2W2, Depths: 0 - 99999
Subtract 7501: Block 5, Sec. 11: NE, E2E2E2NW, Depths: 0 - 99999
Gross Acres
919.743
Net Acres
919.743
Delay Rental ($25/acre)
$22,993.58
Royalty
25%
Depth Restrictions
See above
Lease Terms and Conditions
Effective October 18, 2023 with a primary term of three (3) years and a Royalty rate of 25%. Click here to view lease form.
This Lease is subject to any and all existing pipeline, road or utility easements, surface or commercial agreements, and encumbrances of any nature affecting the Premises or any part thereof, and the rights of the parties thereunder, which are evidenced by documentation filed of record in the Official Public Records of the County where the Premises are located as of the Effective Date or that a true and correct survey would reveal.
Blocked Tract Notice
Tracts which contain multiple sub-tracts ("Blocked Tracts"), will be bid on as one tract. Sub-tracts cannot be broken up or bid on individually. The winning bidder for the Blocked Tract will receive a separate lease (and unique lease number) for each sub-tract. To further clarify, the Blocked Tract in no way unitizes the leases and the winning bidder must meet the obligations and requirements of each lease individually.
Successful Bidder Notification
When the bids are accepted by the University Lands of Texas, the successful bidder will be notified via email with closing instructions, including total amount due.
University Lands Special Fee Notice
Each bid is subject to the payment of a special fee equal to one and one-half percent (1.5%) of the total bonus, as described in the Texas Eduction Code, Section 66.66.
Buyer Premium
Notice: A Buyer Premium will be added to the total bonus amount cost of this lease, calculated as follows:
Tract Bonus Bid | Buyer's Premium |
---|---|
<=$50,000 | 1.25% |
>=$1,000,000 | 1.00% |
Buyer Premiums are only due for tracts which are sold and computed only on the winning bonus bid amount. The schedule offers a fixed rate of 1.25% up to a bonus bid value of $50,000 and then begins to slide linearly to a rate of 1.00% for a bonus bid value of $1,000,000. Bonus bids in excess of $1,000,000 are computed at a fixed rate of 1.00%.
Disclaimer Notice
University Lands ("UL") makes no representations or warranties of any kind or character as to the surface or mineral acreage described hereunder, including any leases described. By participating in the bidding process, any potential bidder (each a "Bidder") acknowledges and understands that, if awarded a lease, it shall take subject to including but not limited to all existing appurtenances, improvements, leases, easements, rights of way, and other possible impairments thereon, whether recorded or unrecorded, at the time of bidding. Bidder must conduct due diligence to its own satisfaction and shall not rely on any information provided herein. By participating in the bidding process, Bidder assents to the terms and conditions of the lease sale, Board for Lease Rules, and any and all laws, rules, and procedures and warrants that
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