LOUISA COUNTY LAND AUCTION

132 Acres M/L – SELLS IN 2 TRACTS

WAPELLO, IOWA
The land is located 5 miles west of Wapello on G62, then 2 miles west on G62, then ½ mile north on Q Avenue.  OR 3 miles north of Winfield on W66, then 8 miles east on G62, then ½ mile north on Q Avenue.  Watch for signs.

Auction will be held at the Charles W. Briggs Civic Center, 317 Water St., Wapello, Iowa.

TUESDAY, NOVEMBER 28, 2017 AT 10:00 A.M.

 “Selling Choice with the Privilege”

Tracts #1 & 2 will be sold price per surveyed acre and will be sold Choice with the Privilege, whereas the high bidder may take Tract #1 or Tract #2, or both tracts, for their high bid.  This will continue until both tracts are sold.  Tracts will not be recombined. 

Tract #1 – 92 Acres M/L – Subject to final survey

FSA information: 56.27 acres tillable, balance being timber.
Corn Suitability Rating 2 of 74 (CSR1 72.3) on the tillable.
Located in Section 28, Marshall Township, Louisa County, Iowa.

Not included: 2017 crops

Real Estate Taxes on Tract #1

Gross                     $1,769.88
Ag. Credit                 ($100.50)
Net                         $1,670.00 (Rounded)       

Tract #2 – 40 Acres M/L – Subject to final survey

FSA information: 29.96 acres tillable, balance being timber, a small pond & a creek running through the north edge of property.
Corn Suitability Rating 2 of 77.1 on the tillable.
Located in Section 22, Marshall Township, Louisa County, Iowa.

Not included: 2017 crops

Real Estate Taxes on Tract #2

Gross                     $1,036.82
Ag. Credit                 ($49.45)
Net                          $988.00 (Rounded)

TERMS ON ALL TRACTS

Terms: 20% down payment on November 28, 2017.  Balance due at closing upon delivery of merchantable abstract and deed and all objections have been met.
Possession: Projected date of January 12, 2018.  (Subject to tenant’s rights)
Real Estate Taxes:  To be prorated to date of possession on the basis of the last available tax statement.  Seller shall pay any unpaid real estate taxes payable in prior years.

Special Provisions:

·       Tracts #1 & #2 are selling subject to tenant’s rights and are rented for the 2018 crop year.  The total cash rent payment is $17,000, with the first half due in February and the second half due in September.  The seller shall receive all of the 2017 cash rent for the 2017 crop year. The following will be how the rent will be split between the two tracts.

Tract #1

The buyer will receive the cash rent of $197.15 x 56.27 acres tillable = $11,093.63.  The first half due in February, 2018 and the second half due in September, 2018.  This will be paid by the tenant to the buyer.

Tract #2

The buyer will receive the cash rent of $197.15 x 29.96 acres tillable = $5,906.61.  The first half due in February, 2018 and the second half due in September, 2018.  This will be paid by the tenant to the buyer.

·       It shall be the obligation of the buyer(s) to serve termination to the tenant, prior to September 1, 2018, if so desired.

·       Tract #1 has a lease for the use of areas with buildings & underground storage & pipeline, it pays $168 per year.

·       It shall be the obligation of the buyer(s) to report to the Louisa County FSA office and show filed deed(s) in order to receive the following if applicable:   A. Allotted base acres.  B. Any future government programs. 

·       Both tracts will be surveyed by a registered land surveyor and surveyed acres will be the multiplier for each tract.

·       This auction sale is not contingent upon Buyer’s financing or any other Buyer contingencies.

·       Purchasers who are unable to close due to insufficient funds or otherwise, will be in default and the deposit money will be forfeited.

·       The buyer(s) shall be responsible for any fencing in accordance with Iowa state law.

·       If one buyer purchases more than one tract, the seller shall only be obligated to furnish one abstract and deed. (husband & wife constitute one buyer)

·       The buyer(s) shall be responsible for installing his/her own entrances if needed or desired.

·       If in the future a site clean-up is required it shall be at the expense of the buyer(s).

·       This real estate is selling subject to any and all covenants, restrictions, encroachments and easements, as well as all applicable zoning laws.

·       The buyer(s) acknowledge that they have carefully and thoroughly inspected the real estate and are familiar with the premises. The buyer(s) are buying this real estate in its "as is" condition and there are no expressed or implied warranties pertaining to the same.

·       Steffes Group, Inc. is representing the Seller.

·       Any announcements made the day of sale take precedence over advertising.

Owners:
Larry K. Hiller,
Steven L. Hiller,
Shirley M. Hiller Eyres and
Sandra K. Hiller Lippincott

William L. Matthews – Attorney for Seller

For more information contact Nate Larson of Steffes Group at 319.385.2000 or by cell 319.931.3944

www.steffesgroup.com