LAND AUCTION 205 Acres m/l, 2 Tracts, Page County, Iowa Thursday, July 31, 2008 10:00am Stanton Community Bldg, Stanton, IA ****************************************************************************************************************************************** FARM DESCRIPTION: This is an upland farm in a high state of fertility. The farm has always had excellent care with the use of grass and hay rotations to preserve the top soil. The farm fertility program is based on grid and the farm was limed in February of 2008. FARM LOCATION: Three miles north of Bethesda IA on the west side of O Ave (M-63). ****************************************************************************************************************************************** TRACT 1 (129 m/l estimated taxable acres) Farm Notes: Tract 1 is 94% tillable. Currently, there are 79.1 acres in row crop with an annual cash rent income of $8,701; 39.3 acres in CRP with an annual payment of $3982, expiring 9/30/2010; 4.1 acres in CRP w/ an annual payment of $390, expiring 9/30/2012. Current total annual income is $13,073. There is a paved road along the east side of the property. Rural water is available. Legal Description: E 60 acres of W ½ SE ¼ & E ½ SE ¼ (except 6A m/l in SE corner to be surveyed after land auction), Sec 4-T70N-R37W of 5th PM, Page County, IA. Buildings: none Taxable Acres: 129 Gross Taxes: $1332/yr estimated Rented: yes, see notes below. Crop Acres: 122.5 Conservation Plan: currently, no-till w/ CRP strips; no-till exclusively will satisfy FSA when CRP has expired CSR: 58.4 estimated Crop Rotation: corn/soybeans Fence: standard right hand rule TRACT 2 (76 taxable acres) Farm Notes: Tract 2 is 87% tillable. Currently, there are 37.4 acres in row crop with an annual cash rent income of $4,114; 21.9 acres in CRP w/ an annual payment of $2394, expiring 9/30/2010; 6.8 acres in CRP w/ an annual payment of $780, expiring 9/30/2012. Current total annual income is $7,288. There is a paved road along the east side of the property. Rural water is available. Legal Description: E ½ NE ¼, Sec. 9-T70N-R30W of 5th PM, Page County, IA. Buildings: none Bins: 10,000 bu, 30’ Stormor bin w/ stirator, dryer, fan, discharge auger, 1000 gal propane tank; 10,000 bu, 30’ Stormor bin w/ aeration floor, fan, discharge auger Well: good 30” crock well, sells “AS IS”. Taxable Acres: 76 Gross Taxes: $916/yr Rented: yes, see notes below Crop Acres: 66.1 Conservation Plan: currently, no-till w/ CRP strips; no-till exclusively will satisfy FSA when CRP has expired CSR: 59.26 Crop Rotation: corn/soybeans Fence: west fence/right hand rule; south fence/left hand rule Electricity: Buyer of Tract 2 will be required to have his own electrical service installed within thirty days of closing. ****************************************************************************************************************************************** FSA Information: FSA will apportion the corn and bean bases between Tract 1 and Tract 2. CRP Payment will be prorated between buyer and seller to date of closing. CRP income averages $104.66/acre. Commodity: Corn - Base Acres: 80.3 DPY/102 CCPY/102 Beans - Base Acres: 18.0 DPY/34 CCPY/34 Rental Information: Farm is rented for 2008, which is the last year of a 3 yr lease. Tenant has been terminated for 2009. Rent is $110/crop acre/yr and bin rent is $2185/yr. Seller will retain the first ½ cash rent and ½ of the bin rent. Buyer will receive second ½ cash rent and ½ of the bin rent. ****************************************************************************************************************************************** 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 & POSSESSION: Closing and possession will be on or before September 12, 2008. Buyer will receive landlord’s possession subject to 2008 tenant’s rights. Seller agrees to cooperate if buyer is doing an IRS 1031 Exchange. TITLE: Seller will provide updated abstract showing merchantable title. Sale 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. ****************************************************************************************************************************************** Robert & Linda Headlee, Owners CENTURY 21 Rubey Realty, Broker Clint Rubey, Auctioneer 1000 A Broadway, Red Oak IA 51566
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