FRANKLIN COUNTY: 314 ACRES M/L
FRIDAY, OCTOBER 18, 2024 at 10:00 AM
DOWS COMMUNITY CENTER
119 E ELLSWORTH ST
DOWS, IOWA
LISTING AGENTS:
LISTING # 24125
DESCRIPTION: 314 acres m/l to be offered in three individual tracts at auction on Friday, October 18th, 2024, at 10:00 A.M. Tract # 1 consists of 130 acres m/l with 129.26 taxable acres m/l and 128.56 cropland acres m/l. Tract # 2 consists of 142 acres m/l with 140 taxable acres m/l and 140 cropland acres m/l. Tract # 3 consists of 42 acres m/l with 40 taxable acres m/l and 40.75 cropland acres m/l. Tract # 1 has an average CSR2 of 80.8, Tract # 2 has an average CSR2 of 85.8, and Tract # 3 has an average CSR2 of 86.6, with the county average CSR2 being 79.4.
DIRECTIONS: Tract # 1 From Dows, Iowa, go north on Wright Avenue for 3 miles. This tract is located on the east side of the road. Tract # 2 From Dows, Iowa, go southeast out of town on Apricot Avenue 1 mile to 85th Street, then go east on 85th Street for approximately 1/2 mile. This tract is located on the south side of the road. Tract #3 From Tract # 2, go east over the I-35 bridge. This tract is located on the south side of the road just immediately east of the interstate. Please watch for real estate signs.
TRACT # 1
LEGAL DESCRIPTION: (130 Acres M/L) South One-Half of the Southwest Fractional Quarter (S1/2 SW Frl.1/4); Northwest Quarter of the Southwest Fractional Quarter (NW1/4 SW Frl.1/4), all in Section Seven (7), Township Ninety-one (91) North, Range Twenty-two (22), West of the 5th P.M., Franklin County, Iowa. Please refer to abstract for the exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 128.56 acres
Corn Base: 125.10 acres PLC Yield: 176 bu.
Bean Base: 3.40 acres PLC Yield: 44 bu.
This farm is classified as NHEL. No Wetlands Determination is complete at this time.
PROPERTY TAXES: $4,278/year. Property taxes will be prorated to date of closing.
IMPROVEMENTS: This property is unimproved except for field drainage tile and perimeter fence.
FARM LEASE: Tracts # 1, # 2, & # 3 are leased for the 2024 crop year. Sellers are to retain all of the cash rent and CRP proceeds from the 2024 crop year. The lease for 2025 has been terminated.
TRACT # 2
LEGAL DESCRIPTION: (142 Acres M/L) Southeast Quarter of the Southeast Quarter (SE1/4 SE1/4); East 10 acres of the Northeast Quarter of the Southeast Quarter (E.10A NE1/4 SE1/4), all in Section Thirty-one (31); Northwest Quarter of the Southwest Quarter (NW1/4 SW1/4); Northeast Quarter of the Southwest Quarter (NE1/4 SW1/4) laying west of I-35; Southwest Quarter of the Southwest Quarter( SW1/4 SW1/4) laying west of I-35; all in Section Thirty-two (32), Township Ninety-one (91) North, Range Twenty-two (22), West of the 5th P.M., Franklin County, Iowa. Please refer to abstract for the exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 140 acres (Est)
Corn Base: 82.57 acres (Est) PLC Yield: 176 bu.
Bean Base: 66.69 acres (Est) PLC Yield: 44 bu.
This farm is classified as NHEL. No Wetlands Determination is complete at this time.
PROPERTY TAXES: $4,200/year (Est). Property taxes will be prorated to date of closing.
IMPROVEMENTS: This property is unimproved except for field drainage tile and perimeter fence.
TRACT # 3
LEGAL DESCRIPTION: (42 Acres M/L) East One-Half of the Southwest Quarter (E1/2 SW1/4), east of I-35; Southwest of the Southwest (SW1/4 SW1/4), east of I-35, all in Section Thirty-two (32), Township Ninety-one (91) North, Range Twenty-two (22), West of the 5th P.M., Franklin County, Iowa. Please refer to abstract for the exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 40.75 acres (Est)
Corn Base: 24.03 acres (Est) PLC Yield: 176 bu.
Bean Base: 19.41 acres (Est) PLC Yield: 44 bu.
This farm is classified as NHEL. No Wetlands Determination is complete at this time.
Of the 40.75 tillable acres m/l, there are presently 0.65 acres in CRP bid in at $300 per acre until 2027.
PROPERTY TAXES: $1,200/year (Est). Property taxes will be prorated to date of closing.
IMPROVEMENTS: This property is unimproved except for field drainage tile and perimeter fence.
TERMS AND CONDITIONS
SALE METHOD: Tracts # 1, # 2 & # 3 will be offered as three individual tracts and will not be combined. Tract # 1 will be sold as 130 acres m/l, Tract # 2 will be sold as 142 acres m/l, and Tract # 3 will be sold as 42 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 December 1, 2024, for Tract # 1 and January 10, 2025, for Tracts # 2 and # 3, subject to the current cash rent lease and current tenant’s rights for the 2024 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 December 1, 2024, for Tract # 1 and January 10, 2025, for Tracts # 2 and # 3. 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: Andrew Johnston
SELLERS: Stonehill LLC
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 to 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.
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