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506 Acres Offered in 10 Tracts - 486 Tillable Acres

Frankfort, IN

Owner: The Walter & Jack Jarrell Revocable Trust
Trustee: The Farmers Bank, Frankfort, IN. Nancy Harshbarger, Trust Officer
Wed, Dec 9, 2009

AUCTION IS OVER

• 486 Tillable Acres • Prime Indiana Farmland • Beautiful 3 Bedroom Country Home • Well-Maintained Farmstead


OPEN HOUSE/INSPECTION DATES

Sat., October 24 from 10am -12 Noon
Sat., November 21 from 10am - 12 Noon
Wed., December 9 (Sale Day) from 3 - 5 pm
Meet a Schrader representative at the farmstead on Tract 3

PROPERTY LOCATION

3 miles west of Frankfort on SR28 to Jefferson, then South on CR450W 4.5 miles to the T at CR500S, then east 1 mile to the northwest corner of the farm - Or - South of Frankfort on SR39 to CR650S (Reagan Blacktop), then west 2.9 miles to CR200W, then north 1/2 mile to CR600S, then west 1 mile to the south end of the farm

AUCTION LOCATION

Clinton County Fairgrounds at the South edge of Frankfort, IN at the 4-H Community Building, 1701 S. Jackson Street.

PROPERTY DESCRIPTION

Clinton County: 506+/-acres, with 486 tillable consisting of prime soils that include Drummer, Ragsdale, Miami-Crosby and Fincastle soils.
Well maintained farmstead with a beautiful country home.

TRACT DESCRIPTIONS

Tract 1: 118± ac 117.2+/- tillable acres. Excellent Drummer, Raub and Dana soils with extensive road frontage on CR300W.

Tract 2: 45.9± ac 35.8+/- tillable acres. Drummer, Fincastle, and Miami-Crosby soils. This tract is has road frontage on CR500S and CR300W and a beautiful 9 acre woods.

Tract 3: 3.3± ac 3.3+/- acres - This well maintained farmstead on CR500S includes: a 3-bedroom, stucco-sided home with a basement and a gas fireplace in the living room; a 1 car detached garage with a 19'x 27' shop attached; a 19' x 30' 2 1/2 car detached garage; a 30'x 80'cement block shop building; a 38'x64' pole barn with 4-16' doors and a 15' door; and a post and beam barn that is approximately 60'x 72'and has water hydrants. All of the outbuildings have concrete floors and electricity. There are also 2 small grain bins.

Tract 4: 49.4± ac 47.3+/- tillable acres with road frontage on CR350W and CR500S. Drummer, Sable, and Raub soils with excellent drainage access to open ditches.

Tract 5: 41.4± ac 40.6+/- tillable acres predominantly Drummer and Fincastle soils with road frontage on CR300W.

Tract 6: 36± ac 36.22+/- tillable acres per FSA records. Excellent road frontage on CR300W and predominantly Drummer and Fincastle soils.

Tract 7: 44.5± ac 43.6+/- tillable acres. Predominantly Drummer and Xenia soils. Excellent road frontage on both CR300W and CR350W with open ditch drainage on the west side of the tract.

Tract 8: 30± ac 29.6+/- tillable acres. Mostly Ragsdale and Fincastle soils with road frontage on CR600S and CR300W.

Tract 9: 78.3± ac 77.1+/- acres are tillable. Predominantly Ragsdale, Fincastle and Miami-Crosby soils with excellent open ditch drainage access on the west side. Extensive road frontage on CR600S.

Tract 10: 60± ac 58.7+/- tillable acres. Ragsdale and Miami-Crosby soils. There is a 42'x 68' pole barn and a 30'x 50' post and beam barn with metal siding. Both barns have concrete floors and electricity. A small unoccupied dwelling is also part of this farmstead. This tract offers an excellent opportunity to build a country home or add grain bins to complete a great farmstead. Combine this tract with Tract 9 to have 136+/- tillable acres.

EQUIPMENT & PERSONAL PROPERTY


INTERACTIVE MAP

TRACT MAP(S)

SOIL INFORMATION


Soil Map


Soil Information Table

PLAT MAP(S)

AREA MAP(S)

PROCEDURE: This property will be offered in 10 individual tracts, any combination of tracts or as a whole 506+/- acre property. The property will be sold in the manner resulting in the highest total sale price.

ACCEPTANCE OF BID PRICES: All successful bidders will be required to enter into purchase agreements at the auction site immediately following the close of the auction. All final bid prices are subject to the Sellers' acceptance or rejection.

DOWN PAYMENT: 10% down payment on the day of auction with the balance in cash at closing. The down payment may be made in the form of cash, cashier's check, personal check, or corporate check. YOUR BIDDING IS NOT CONDIDIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING.

CLOSING: The balance of the purchase price is due at closing, which shall take place within 10 days from delivery of marketable title. Closing mid to late January 2010 is anticipated depending on survey requirements. Closing costs for an administered closing shall be shared 50:50 between Buyer(s) and Seller.

EVIDENCE OF TITLE: Seller shall provide an owner's title insurance policy in the amount of the purchase price.

POSSESSION: Possession of the improvements shall be at closing. Possession of the land shall be at closing subject to tenant's rights to harvest the 2009 crop.

REAL ESTATE TAXES: Buyer shall assume the 2010 real estate taxes due in 2011. Buyer shall assume any Ditch Assessments due in 2010 and thereafter.

ACREAGE: All tract acreages, dimensions and proposed boundaries are approximate and have been estimated based on aerial photos and the current legal description.

FSA INFORMATION: The farm is enrolled at the Clinton County FSA office in Frankfort, IN., which shall make all acreage determinations and eligibility for farming programs.

EASEMENTS: Sale of the property is subject to any and all easements of record.

MINERAL RIGHTS: The sale shall include 100% of the mineral rights owned by the Seller, if any.

SURVEY: AT THE SELLER'S OPTION, the Sellers shall provide a new survey where there is no existing legal description or where new boundaries are created by the tract divisions in the auction. Any need for a new survey will be determined solely by the Sellers, cost of the survey will be split 50:50 between Buyer(s) and Sellers. The type of survey performed shall be at the Seller's option sufficient for providing title insurance. Closing prices shall be adjusted to reflect any difference between advertised and surveyed acres, if a new survey is determined to be necessary by the Sellers. The adjustments will be made only on tracts or combination of tracts that do not contain improvements. Tracts bid in combinations shall receive a perimeter survey only.

AGENCY: Schrader Real Estate and Auction Company, Inc. and its representatives are exclusive agents of the Seller.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an 'AS IS, WHERE IS' basis, and no warranty or representation either expressed or implied, concerning the property is made by the Sellers or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conduction his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by Sellers or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Sellers and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the person's credentials, fitness, etc. All decisions of the Auctioneer are final. ANNOUNCEMENTS MADE BY THE AUCTION COMPANY AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL, OR ANY OTHER ORAL STATEMENTS MADE.

None at this time