FRANKLIN COUNTY: 149 ACRES M/L
TRACT #1: $11,800/ACRE
TRACT #2: $11,900/ACRE
FRIDAY, OCTOBER 1, 2021, at 2:00 PM
LATIMER COMMUNITY CENTER
104 N AKIR
LATIMER, IOWA
LISTING AGENT:
LISTING #21129
AERIAL MAP - TRACT #1
DESCRIPTION: 149 acres m/l to be offered in two individual tracts at auction on Friday, October 1st, 2021, at 2:00 P.M. Tract #1 consists of 80 acres m/l, of which there are 78 taxable acres m/l and 75.25 cropland acres m/l. Tract #2 consists of 69 acres m/l, of which there are 68.16 taxable acres m/l and 68.16 cropland acres m/l. Tract #1 has an average CSR2 of 80, and Tract #2 has an average CSR2 of 85.5, with the county average CSR2 being 80.7.
DIRECTIONS: Tract #1-From Alexander, Iowa, go east on County Highway C-25 approximately 3.25 miles. Tract #1 is located on the south side of C-25. From Latimer, Iowa, go north on S-25 to County Blacktop C-25, then west on C-25 1.5 miles. The property is located on the south side of C-25. Please follow auction signs.
Tract #2-From Alexander, Iowa, go east on County Highway C-25 to Eagle Avenue, or from Latimer, Iowa, go north on County Blacktop S-25 to County Blacktop C-25, then go west on C-25 1.5 miles. Subject property is located in the NW corner of the intersection of C-25 and Eagle Avenue. Please follow auction signs.
TRACT #1
LEGAL DESCRIPTION: (80 Acres M/L) The East One-Half of the Northwest Quarter (E1/2 NW1/4) of Section Eleven (11), Township Ninety-two (92) 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: 75.25 acres
Corn Base: 62.14 acres PLC Yield: 152 bu.
Bean Base: 13.1 acres PLC Yield: 50 bu.
This farm is classified as Non-Highly Erodible Land. No Wetlands Determination is complete at this time.
PROPERTY TAXES: $2,418/year.
Property taxes will be prorated to date of closing.
IMPROVEMENTS: This property is unimproved except for field drainage tile and perimeter fence.
TRACTS #1 & #2-FARM LEASE: Sellers are to retain all of the 2021 cash rent due or the crop income for 2021. Contact the auctioneer for details. The lease for 2022 has been terminated.
TRACT #2
LEGAL DESCRIPTION: (69 Acres M/L) The South One-Half of Southeast Quarter (S1/2 SE1/4) of Section Three (3), Township Ninety-two (92) North, Range Twenty-two (22), West of the 5th P.M., Franklin County, Iowa, Except the South 461.4’ of the East 903.2’ in the SE1/4 SE1/4. Please refer to the abstract for exact legal description
FARM PROGRAM INFORMATION:
Cropland: 68.16 acres
Corn Base: 56.29 acres PLC Yield: 152 bu.
Bean Base: 11.87 acres PLC Yield: 50 bu.
This farm is classified as Non-Highly Erodible Land. No Wetlands Determination is complete at this time.
PROPERTY TAXES: $2,256/year.
Property taxes will be prorated to date of closing.
IMPROVEMENTS: This property is unimproved except for field drainage tile and perimeter fence.
LISTING #21129 TERMS AND CONDITIONS
SALE METHOD: Tracts #1 & #2 will be offered as individual tracts and will not be combined. Tract #1 will be sold as 80 acres m/l and Tract #2 will be sold as 69 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 November 15, 2021, subject to the current cash rent lease and current tenant’s rights for the 2021 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 November 15, 2021. 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.
ONLINE BIDDING: Please visit our website to register for online bidding. Mid Iowa Real Estate, Auctions, & Appraisals can not be held liable for any technical difficulties relating to the server, software, internet, or other online auction-related technologies. Bidders shall have no claims against the auction company or Sellers if their bids are not accepted.
ATTORNEY: Art Cady
SELLERS: Brenton & Garland Koch & K-4 Farms, Inc
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.
