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Land Auction of 3,915 Total Acres - 2,700 Acres Productive Farmland

Elizabeth City, North Carolina - Pasquotank County

Owner: James H. Winslow & Billie R. Winslow, Debtors in Possession. United States Bankruptcy Court. Eastern District of North Carolina. Case No. 10-06745-8-JRL Tue, Mar 22, 2011

AUCTION IS OVER

• 2,700± Acres Productive Tillable Farmland • 200+ Bushel Corn/Acre Potential • Excellent Location - Development Potential • Prime Recreational / Hunting Land


OPEN HOUSE/INSPECTION DATES

Inspection Headquarters:

Fairfield Inn & Suites, 1640 City Center Blvd. Elizabeth City, NC 27909


Inspection Dates:

Wednesday, March 2 at 3-5PM

Thursday, March 3 at 10AM - Noon

Wednesday, March 9 at 3-5PM

Thursday, March 10 at 10AM - Noon

PROPERTY LOCATION

Directions to Tracts 1-19: Located near the intersection of US 17 Bypass and Halstead Road on the west side of Elizabeth City, NC

Directions to Tract 20: From Halstead Blvd., travel South on US 17 Bypass 3.25 miles to Okisko Road exit. Travel 2.1 miles east on Okisko Road (turns into Halls Creek Road) to Tract 20.

AUCTION LOCATION

Kermit E. White Center
Elizabeth City State University
1704 Weeksville Road
Elizabeth City, NC 27909

PROPERTY DESCRIPTION

Excellent location:


  • Close proximity and access to Rail, Shipping and Highways
  • Adjacent to Highway Interchange
  • Adjacent to Recent Commercial & Residential Development




Productive Farmland:

  • Well Maintained Interior Roads with Drainage
  • Network of Open Ditches Provides Excellent Drainage &
    Sub-Surface Irrigation During Growing Season
  • Excellent Double Crop Wheat & Soybean Yields
  • Large Contiguous Fields
  • Productive Soils
  • Suitable for Soybeans, Corn, Potatoes, Cotton, Wheat & Milo
  • Close Proximity to Grain Markets and End Users




Hunting/Recreation:

  • Approximately 1000 Acres of Wooded Land
  • Some Could Potentially Be Cleared for Farming




  • 200+ Bushel Corn/Acre Potential
  • 2 Prominent Soil Types are Roper Muck & Hyde Mucky Silt Loam




Key Distances:

  • Norfolk, VA & I-64 - 48 Miles
  • Rocky Mount, NC & I-95 - 109 Miles
  • Raleigh, NC & I-85/I-40 - 167 Miles
  • Baltimore, MD - 275 Miles
  • New York, NY - 400 Miles

TRACT DESCRIPTIONS

Tract 1: 272± ac

Tract 2: 264± ac

Tract 3: 216± ac

Tract 4: 218± ac

Tract 5: 167± ac

Tract 6: 164± ac

Tract 7: 182± ac

Tract 8: 184± ac

Tract 9: 21± ac

Tract 10: 51± ac

Tract 11: 232± ac

Tract 12: 247± ac

Tract 13: 267± ac

Tract 14: 80± ac

Tract 15: 270± ac

Tract 16: 144± ac

Tract 17: 143± ac

Tract 18: 331± ac

Tract 19: 378± ac

Tract 20: 84± ac


INTERACTIVE MAP

TRACT MAP(S)

PLAT MAP(S)

AREA MAP(S)

PROCEDURE: The property will be offered in 20 individual tracts, any combination of tracts, or as a whole property. The property will be sold in the manner resulting in the highest total sale price.

DOWN PAYMENT: A 10% non-refundable down payment of the total contract purchase price will be due immediately after being declared the buyer. The down payment may be paid in the form of personal check, business check, or cashier's check. The balance of the contract purchase price is due in cash at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING.

POSSESSION: Buyer(s) may enter the property prior to closing for the sole purpose of preparing for the 2011 crop by paying an additional non-refundable 10% down payment and signing an early possession agreement with Seller. Buyer(s) will also be required to provide proof of insurance in form and amount acceptable to Seller, prior to obtaining early possession. Buyer(s) may also enter into a lease with Seller prior to obtaining full possession upon terms agreed to by Buyer(s) and Seller. Full possession shall be given at closing.

ACCEPTANCE OF BID PRICES: All successful bidders will sign an Agreement to Purchase at the auction site immediately following the close of bidding. All final bid prices are subject to approval or rejection by Seller.

CLOSING: Anticipated closing date is on or before April 22, 2011.

TITLE: Seller agrees to provide and execute a proper deed conveying merchantable title to the real estate to the buyer(s) free and clear of liens, pursuant to an Order to be entered by the bankruptcy court

REAL ESTATE TAXES & ASSESSMENTS: The 2011 calendar year taxes shall be prorated to the date of closing. Seller will be responsible for all prior taxes and Buyer will be responsible for all subsequent taxes. Special assessments, if any, shall be paid by Buyer.

EASEMENTS & LEASES: Sale of said property is subject to any and all easements of record.

SURVEY: If Buyer(s) requires a new survey or if one is required by any governmental authority then Buyer(s) shall pay the cost of said survey.

MINERAL RIGHTS: Sale shall include 100% of the Mineral Rights owned by the Seller, if any.

AGENCY: Murray Wise Associates LLC and Schrader Real Estate and Auction Company, Inc. are exclusive agents of the Seller.

DISCLAIMER & ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and Auction Company 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.

NEW DATA, CORRECTIONS & CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.

OWNER: James H. Winslow & Billie R. Winslow, Debtors in Possession. United States Bankruptcy Court. Eastern District of North Carolina. Case No. 10-06745-8-JRL

NOTE: Videotaping, flash photography, and/or public announcements will be allowed on auction day ONLY with prior approval from Murray Wise Associates LLC.

None at this time