Tract No. 1
AUCTION CANCELLED
Tract Details
Lease Terms and Conditions
Effective October 12, 2022 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.
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 1) Bidder has had a sufficient opportunity to inspect and is familiar with the potential prospects; 2) Bidder has conducted a sufficient investigation on the Leases at auction to its satisfaction; 3) it is a sophisticated entity capable of evaluating potential prospects; and 4) it did not materially rely on information provided by UL (including but not limited to the disclosures herein) in the decision making process; 5) and Bidder is fully satisfied with the condition of the assets and has elected to proceed in bidding on said assets. The notations and concurrent uses listed herein are informational only and UL does not warrant the completeness or correctness of such statements. Bidder is and will be relying strictly and solely upon such inspections and examinations and the advice and counsel of its own consultants, agents, legal counsel, and officers. Bidder is and will be fully satisfied that the Purchase Price is fair and adequate consideration for the Property and, by reason of all the foregoing, Purchaser assumes the full risk of any loss or damage occasioned by any fact, circumstance, condition, or defect pertaining to the properties. BIDDER SHALL NOT HAVE ANY RECOURSE AGAINST UL, THE UNIVERSITY OF TEXAS SYSTEM, THEIR EMPLOYEES, DIRECTORS, OFFICERS, AFFILIATES, BOARD OF REGENTS, AND CONTRACTORS IN THE EVENT OF ANY ERRORS THEREIN OR OMISSIONS THEREFROM. IF AWARDED, BIDDER IS ACQUIRING THE LEASE BASED SOLELY ON ITS OWN INDEPENDENT INVESTIGATION AND INSPECTION OF THE PROPERTY AND NOT IN RELIANCE ON ANY INFORMATION PROVIDED BY UL.