FRIDAY, DECEMBER 20th, 2019, at 10:00 AM
LATIMER COMMUNITY CENTER
104 N AKIR STREET
Jeffrey T. Obrecht (515-689-1648)
DRAINAGE DISTRICT MAP
DESCRIPTION: 112 acres m/l to be offered in one tract at auction on Friday, December 20th, 2019, at 10:00 A.M. The total property consists of 112 acres m/l, of which there are 109.08 taxable acres m/l and 108.38 cropland acres m/l. This property has an average CSR2 of 84.1 with the county average CSR2 being 80.7.
DIRECTIONS: From Sheffield, Iowa, go west on County Blacktop C-13 to Lark Avenue, then south on Lark Avenue to 220th Street. This tract is located in the southwest corner of the intersection of 220th Street and Lark Avenue. From Latimer, Iowa, go north on County Blacktop S-25 to County Blacktop C-23, then east on C-23 to Lark Avenue, then north on Lark Avenue to 220th Street. Property is located in the SW corner of the intersection of Lark Avenue and 220th Street. Please watch for real estate signs.
LEGAL DESCRIPTION: (112 Acres M/L) The Northeast Quarter of the Northeast Quarter (NE1/4 NE1/4), Except Parcel #0226200006; West Half of the Northeast Quarter (W1/2 NE1/4), all in Section Twenty-six (26), Township Ninety-three (93) North, Range Twenty-one (21), West of the 5th P.M., Franklin County, Iowa. Please refer to abstract for exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 108.38 acres
Corn Base: 86.8 acres PLC Yield: 159 bu.
Bean Base: 13.72 acres PLC Yield: 46 bu.
This property has 7.81 acres in CRP and is enrolled under three contracts. One contract has 3.36 acres enrolled at $243.60/acre until 2026, another contract has 2.62 acres enrolled at $90/acre until 2021 and a final contract has 1.83 acres enrolled at $169.47/acre until 2022.
This farm is classified as Non-Highly Erodible Land with a Wetlands Determination complete. The Wetlands Determination shows the property was classified as prior converted.
PROPERTY TAXES: $3,206/year. Property taxes will be prorated to date of closing.
IMPROVEMENTS: The subject property has improvements such as perimeter fence and field drainage tile.
This property also has an easement for a wind turbine. Contact the auctioneer for details.
FARM LEASE: Sellers are to retain all of the 2019 cash rent. The lease for 2020 has not been terminated and will be in effect for 2020. Terms are $200/acre based on 96.5 acres or $19,300 due on March 1, 2020. The sellers will add $50/acre or $4,825 at closing to supplement the rent for 2020. The lease for 2021 will be terminated prior to the auction.
SALE METHOD: This property will be sold as one single tract of 112 acres m/l.
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 February 1, 2020, subject to the current cash rent lease and current tenant’s rights for the 2019 & 2020 crop years. The lease for 2021 will be terminated with the subject property being open for 2021.
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 February 1, 2020. 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: Stacey Harding
SELLER: Elaine D. Freie Estate
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. Seller reserves the right to accept or reject any and all bids.
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.