LAND AUCTION 457.77 Acres m/l, 2 Tracts Montgomery County, Iowa Thursday, September 4, 2008 10:00am Sale Site: Gold Fair Building, Legion Park (4th St), Red Oak, Iowa ****************************************************************************************************************************************** TRACT 1 (300.81 taxable acres) Farm Description: Excellent upland ridge farm, 96% tillable, partially terraced, large portion is ridge top that does not take any water off of other land, 2 usable grain bins, on hard surfaced road close to grain market. Farm Location: Go north of Red Oak, IA on US Hwy 48 to 150th St (H-20) at the Stennett Corner. Parcel 1 lies on the east side of Hwy 48 and the north side of 150th St. Legal Description: W ½ (except Lot 1 of SW ¼), Section 28-T73N-R38W of 5th PM, Montgomery County, Iowa Taxable Acres: 300.81 Crop Acres: 288.94 Gross Taxes: $5,308.00 CSR: 65.5 (est) Terraces: 24,340 ft, all have tile inlets Waterways: installed – grass Crop Rotation: corn/soybeans Conservation Plan: available: no-till corn; minimum-till beans Bins: 2 grain bins, each approximately 6,000 bu: east bin has fan, burner & single screw stirator; west bin has double screw stirator, no fan, no burner; propane tank is owned by seller Well/Septic: 1 well, not in use, sells AS IS, located about 75 yds south of bins along fence row Fence Agreement: right hand rule Rented: not rented for 2009 TRACT 2 (154.96 taxable acres) Farm Description: Excellent upland hill farm, 93% tillable, partially terraced, high state of cultivation, on hard surfaced road close to grain market. Farm Location: Go north of Red Oak, IA on US Hey 48 to 150th St (H-20) at the Stennett Corner, Parcel 2 lies along the west side of Hwy 48 and the north side of 150th St. Legal Description: NE ¼ (except that land taken by US Hwy 48 in SE ¼ NE ¼), Sec 29-T73N-R38W of 5th PM, Montgomery County, Iowa Taxable Acres: 154.96 Crop Acres: 144.26 Gross Taxes: $2,514.00 CSR: 62 (est) Terraces: 12,100 ft, all have tile inlets Waterways: installed – grass Crop Rotation: Corn/soybeans Conservation Plan: available: no-till corn; minimum-till beans Buildings: open front machine shed, older garage, 3 older, small grain bins Fence Agreement: right hand rule Rented: not rented for 2009 ****************************************************************************************************************************************** GENERAL USDA FSA INFORMATION: Currently, the two tracts are one farming unit on FSA records. After the auction, the FSA will split the bases and re-measure the crop acres for the new owners. Commodity CORN Base Acres: 216.5 DPY: 102 CCPY: 102 BEANS Base Acres: 194.8 DPY: 34 CCPY: 34 Wheat Base Acres: .8 DPY: 37 CCPY: 37 ****************************************************************************************************************************************** TERMS: 10% down sale day, to be held in Broker’s Trust Account with balance due by cashier’s check at closing. If sale fails to close for buyer-related reason, buyer forfeits down payment to seller. CLOSING: Closing and possession will be on or before January 8, 2009. Buyer will receive landlord’s possession subject to 2008 tenant’s rights. Tenant has been notified for 2009 crop year. Seller agrees to cooperate if buyer is doing an IRS 1031 Exchange. Taxes will be prorated to date of closing. Seller will retain all of 2008 income. TITLE: Seller will provide an updated abstract showing merchantable title. Sale of property is subject to all easements of record. INSPECTION: Buyers should inspect property prior to the auction. Please call auctioneers for information. AGENCY: CENTURY 21 Rubey Realty and its representatives are seller’s agents. ATTENTION BIDDERS: Information in this bill was collected from sources deemed reliable. Auctioneers and sellers assume no responsibility for its accuracy. Bidders are advised to do whatever research they feel is necessary before the auction. Announcements on sale day take precedence over all other advertising. Margaret J. Lantz Trust J. Gerard Correa, Attorney at Law, Trustee CENTURY 21 Rubey Realty, Broker Clint Rubey, Auctioneer 1000 A Broadway, Red Oak IA 51566
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