#00 • Auction Terms | Thielke

Part of 80± Acres, 70± Tillable Acres of Farmland | Lake Shore (North) Township, Lac qui Parle County, MN (live auction by Fladeboe Land)

Status: No sale

Auction Terms: The successful bidder will pay down $50,000 as earnest money on auction day in the form of a cashier’s check. The non-refundable check should be made out to Fladeboe Land Trust Account. The successful bidder will enter into a non-contingent, AS-IS purchase agreement on auction day. Buyer’s premium will apply. Final price will be calculated by the number of deeded acres as per the tax statement (80 Acres). Closing will be executed on or before October 21st, 2026, with attorney Rick Stulz in Madison, MN. Announcements made auction day take precedence over printed material. For info packet call Brian Fernholz at 320-226-4504 or email him at Brian@FladeboeLand.com.   BIDDING TERMS AND CONDITIONS Addendum Carol J. Iverson Living Trust; Thielke Family Partnership Farmland Auction Bidders: Please review all terms and conditions prior to bidding and buying. All documents referenced below are available online at https://fladeboeland.bidwrangler.com/ui and https://fladeboeland.com/ 80± Deeded Acres, 70.65± Tillable (FSA) Acres, located in Lake Shore North Twp, Lac qui Parle Co, MN. Legal Description: The S1/2 of the SE1/4, Section 20, Twp 120, Range 44. (PID #24-0180-010) AUCTION INFORMATION: Live Auction with Online Bidding Option Auction Location: Madison VFW, 710 W 2nd St, Madison, MN Auction Date & Time: Wednesday, September 9th, 2026 at 11:00 AM (CDT) Agency: Fladeboe Land discloses that we are representing the seller exclusively in this transaction. The seller will have the right to accept or reject the final bid amount. AS-IS: You are buying this parcel strictly "As-Is - Where-Is." Non-Contingent: You are buying this parcel non-contingent. The successful bidder will enter into a non-contingent, AS-IS purchase agreement on auction day. Buyer's Premium: There will be a 5% buyer’s premium added over and above the bid price today to create the contract price. Land Not Surveyed:  The land being offered at auction today has not been surveyed and will not be surveyed at the expense of the seller or Fladeboe Land. The legal description and deeded acreage amount are based on the information contained in the county tax records. Earnest Money: The successful bidder will pay down on auction day a non-refundable cashier's check in the amount of $50,000 made out to Fladeboe Land Trust Account. The balance of the money is due and payable on the date of closing. Clear title will be given to the new buyer. Failure of performance by the buyer would require forfeiture of the earnest money. The closing will be required to happen on or before October 21st, 2026, with attorney Rick Stulz in Madison, MN. Abstract: The seller will be responsible for providing an updated abstract to the buyer at the seller's expense. The buyer will be responsible for any title opinion or title insurance (amount unknown), any applicable recording fees and the buyer's closing fee. Possession & Crops: The successful buyer will take possession of the property after their closing, once the 2026 crop has been harvested. The 2026 crop belongs to the current tenant, and all 2026 cash rent belongs to the seller. The successful buyer will have the right to farm the property beginning with the 2027 crop year and thereafter. Fall Tillage: The buyer will be responsible for completing the fall tillage. Real Estate Taxes: All property taxes due and payable in 2026 and all prior years are the responsibility of the seller. All real estate taxes and possible special assessments due and payable in 2027 and all subsequent years are the responsibility of, and will be paid by, the buyer.   Zoning: The sellers, Fladeboe Land, and the Lac qui Parle County Zoning Dept. will not be held accountable or responsible for your future property plans, for example, building entitlements, possible development, selling, etc. Easements: Copies of all easements affecting this land that have been recorded at the Lac qui Parle County Recorder's Office have been included in the buyer's packet available on the Fladeboe Land bidding platform as hosted by BidWrangler, as well as online at FladeboeLand.com. It is the buyer's responsibility to review all easement information. All easements run with the land. FSA/NRCS: FSA information is available in the buyer's packet. According to the Lac qui Parle Co. NRCS Office, there is no certified wetland determination on file for this farm. If the buyer decides to improve the parcel with tile, it will be up to a buyer's own due diligence to discuss the plans with the NRCS Office. Acreage: This parcel is represented as containing 80.00 deeded acres, according to the Lac qui Parle Co tax records, and 70.65± tillable acres, according to the FSA aerial map and 156EZ for the 2026 Program Year. This parcel will be offered by auction and sold by the deeded acre. The successful bidder’s total bid amount will be calculated by multiplying the winning bid per deeded acre by 80.00 deeded acres. A 5% buyer’s premium will then be added to the total bid amount. The combined amount will be the final purchase price stated in the purchase agreement. Calculation: Winning bid per deeded acre × 80.00 acres + 5% buyer’s premium = Total Purchase Price LIVE AUCTION WITH ONLINE BIDDING TERMS AND CONDITIONS Auction Conduct: This will be a live auction conducted at the Madison VFW at 11:00 AM on Wednesday, September 9th, 2026. Online bidding will be available simultaneously through the Fladeboe Land bidding platform hosted by BidWrangler. All bids, whether made in person or online, will be recognized by the auctioneer in real-time during the live auction. Online Bidding Platform: Online bidding will be conducted through BidWrangler. Online bidders should test their internet connection and familiarize themselves with the platform before the auction begins. Fladeboe Land and BidWrangler are not responsible for any technical difficulties, internet outages, or connectivity issues that prevent an online bidder from placing a bid. Bidder Registration and Approval: All online bidders must be registered and manually approved by Fladeboe Land prior to bidding. Approval is based on verification of identity, availability of funds, and intent to purchase. Bidding privileges are provisional and may be revoked at any time if verification is incomplete or concerns arise. Fladeboe Land reserves the right to refuse registration, deny service, or reject any bid at its sole discretion. Bidding Process: Fladeboe Land determines all bid increments, which may be adjusted during the auction at the auctioneer's discretion. Online bidders are responsible for monitoring their bidding activity throughout the auction. Internet connectivity issues are the sole responsibility of the online bidder. Maximum Bid Function (Online Bidders): A Maximum Bid allows the system to automatically bid on your behalf up to your entered limit. When two bidders set the same maximum bid, priority is given to the first bidder who placed it. Maximum bids are private to bidders but are visible to the auctioneer for monitoring purposes. Auction Closing: The auction will close when the auctioneer determines that bidding has concluded. The high bidder, whether in person or online, will be the successful bidder. The Seller reserves the right to accept or reject the final bid amount. ════════════════════════════════════════════════ Disclosures: All information obtained for this auction is from reliable sources. However, the seller, auctioneers and agents do not accept responsibility for the information presented, as it is the buyer's responsibility to verify all information. Precedence: Announcements made on auction day take precedence over printed material. On behalf of the Thielke and Iverson families and the Fladeboe Land Team, thank you for your participation in this auction. ACKNOWLEDGMENT AND ACCEPTANCE: I have read and understand these announcements and terms, which are a part of the purchase agreement.