FRIDAY, SEPTEMBER 7th, 2018, at 10:00 AM
LATIMER COMMUNITY CENTER
104 NORTH AKIR STREET
Jeffrey T. Obrecht (515-689-1648)
DESCRIPTION: 160 acres m/l to be offered in a single tract at auction on Friday, September 7th, 2018, at 10:00 A.M. This property consists of 160 acres m/l, of which there are 155.58 taxable acres and 155.94 cropland acres. This property has an average CSR2 of 84.5, with the county average CSR2 being 80.7.
DIRECTIONS: From Latimer, Iowa, go north on County Blacktop S-25 to 210th Street, then west ½ mile on 210th Street. Property will be located on the north side of 210th Street. Please watch for real estate signs.
LEGAL DESCRIPTION: The Southwest Quarter (SW1/4) of Section Twenty-five (25), Township Ninety-three (93) North, Range Twenty-two (22), West of the 5th P.M., Franklin County, Iowa. Please refer to abstract for exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 155.94 acres (Est)
Corn Base: 115 acres (Est) PLC Yield: 168 bu. (Est)
Bean Base: 40 acres (Est) PLC Yield: 42 bu. (Est)
Of the 155.94 acres, there are 4.78 acres presently enrolled in the CRP program at $390.67/acre until 2027. Seller to retain 100% of the CRP payment due on 10-1-18. Payment from 10-1-18 to closing date will be the buyers when paid on 10-1-19.
This farm is classified as Non-Highly Erodible Land with no Wetlands Determination complete at this time.
The FSA office will be responsible for splitting the acres and bases on this tract, as it is part of a larger parcel.
FARM LEASE: Seller is to retain 100% of the 2018 cash rent. The farm lease for 2019 has been terminated.
LISTING #18124 Terms and Conditions
SALE METHOD: This property will be sold as one tract of 160 acres more or less.
IMPROVEMENTS: The subject property is presently unimproved except for field drainage tile and perimeter fence.
TAXES: $4568/year or $29.36/taxable acre. Property taxes will be prorated to date of closing.
MINERALS: All mineral interests owned by the Seller, if any, will be conveyed to the Buyer.
EARNEST PAYMENT: A 15% earnest money payment is required on the day of the auction. The earnest payment may be paid in the form of cash or check. All funds will be held in the named attorney’s trust account.
POSSESSION: Possession will be granted at closing, on or about October 15, 2018, subject to the current cash rent lease and current tenant’s rights for the 2018 crop year.
CONTRACT AND TITLE: Immediately upon conclusion of the auction the high bidder will enter into a real estate contract and deposit with Mid Iowa Real Estate, Auctions, & Appraisals the required earnest payment. The Seller will provide a current abstract at their expense. Sale is not contingent upon buyer financing. Seller to pay all escrow closing costs.
CLOSING: Closing will occur on or about October 15, 2018. The balance of the purchase price will be payable at closing in cash, guaranteed check, or wire transfer.
SURVEY: At the Seller’s option, the Seller shall provide a new survey where there is not an existing legal or where new boundaries are created. The Seller will be responsible for any survey costs.
BIDDER REGISTRATION: All prospective bidders must register with the auction company and receive a bidder’s number in order to bid at the auction.
ATTORNEY: Gary Berkland
SELLER: Foster & Evelyn Barkema Charitable Trust
This sale is subject to all easements, covenants, leases and restrictions of record. All property is sold on an “As Is—Where Is” basis with no warranties or guarantees, expressed or implied, made by the Realtor or Seller. All potential buyers are urged perform their due diligence on the subject property prior to the auction. All map boundaries are approximate, and photographs used may or may not depict the actual property. Total tract acres, tillable acres, FSA acres, etc. are approximate and may be subject to change. All bids will be on a per acre basis. **SALE IS SUBJECT TO COURT APPROVAL.**
Mid Iowa Real Estate, Auctions, & Appraisals and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made auction day by the Auctioneer will take precedence over any previous material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.