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Major Illinois Farmland Auction - 1,322+/- Acres Offered in 9 Tracts
Wed, Mar 21, 2012
Near Erie, Illinois, Whiteside County - 10 Miles West of Prophetstown, 25 Miles N.E. of Quad Cities and 130 Miles West of Downtown Chicago

Owner: Proventus, LLC and Proventus II, LLC



AUCTION IS OVER

POSSESSION FOR THE 2012 CROP YEAR! • 1,279+/- Cropland Acres • Productive Soils • Frontage on I-88 • Investment Potential • Large Contiguous Tracts • Tracts from 25 to 385 Acres • Online Bidding Available


OPEN HOUSE/INSPECTION DATES
Tuesday, February 28, 2-4PM
Thursday, March 8, 10AM-Noon

INSPECTION LOCATION
Meet a Schrader Representative at the Erie United Methodist Church Hall. 811 8th Ave Erie, IL. From I-88 Exit 18, 20 miles west of Rock Falls, travel south on Hwy 13/Albany Road 2.6 miles to downtown Erie. Jog straight onto 8th Ave and continue one block to 8th Street. Turn left on 8th Street and continue past the church on your left to the hall building immediately adjacent.

PROPERTY LOCATION
From I-88 Exit 18, 20 miles west of Rock Falls, travel south on Hwy 13/Albany Road 2.4 miles to 12th Street. Turn right on 12th Street and travel 0.2 miles to 7th Ave. Turn right on 7th Ave and continue 0.5 miles to Cordova Rd. Continue straight onto Cordova Rd and drive 2.6 miles to the property (Tract 1) on the left side of the road.

AUCTION LOCATION
The Erie High School Commons. 435 6th Ave., Erie, IL. From I-88 Exit 18, 20 miles west of Rock Falls, travel south on Hwy 13/Albany Road 2.6 miles to downtown Erie. Turn right on Main Street and travel 0.2 miles to 5th Ave/Albany Road. Turn left on 5th Ave and travel 0.3 miles to 5th Street (across from Caseys). Turn left on 5th Street and travel one block to 6th Ave. Turn right on 6th Ave and enter the parking lot on your left.

ONLINE BIDDING
You may bid online during the auction at www.schraderauction.com. You must register by March 14th to bid online. For information on registering for online bidding, call Schrader Auction Company at 800-451-2709.

PROPERTY DESCRIPTION
All tracts in this auction have access from Cordova Road/County Highway 25. Approximate tillable acreage data provided by Agridata, Inc. and based on FSA field boundaries.

Consider combing Tracts 6 - 9 for 595+/- contiguous acres!

Bid your price on the tract or combination of tracts that fit your needs!
Contact Auction Company for a detailed information booklet including FSA Summaries, Soil Maps, Assessments, Tax Info and other information.

TRACT DESCRIPTIONS
Tract 1: 149.1± ac of highly productive farmland along I-88. Primarily Titus and Beaucoup soils. Approximately 144 acres tillable.
Tract 2: 39.2± ac mostly tillable farmland composed of Titus and Beaucoup soils. A great investment with small acreage and high productivity!
Tract 3: 179± ac of productive land along I-88. Mostly Ambraw and Beaucoup soils. Nice, flat field.
Tract 4: 184± ac of prime, flat Illinois farmland. Primarily Beaucoup and Titus soils. Buy to farm or as an excellent investment! Open drainage ditch along the west side between Tract 4 and Tract 5.
Tract 5: 189.5± ac of productive tillable land. Mostly Ambraw, Beaucoup and Titus soils. Open drainage ditch along the east side.
Tract 6: 30± ac with approximately 27 acres tillable. Mostly Ambraw and Zumbro soils.
Tract 7: 25± ac including the 50 ft.x120 ft. machine shed, (2) bins w/43,000 bu total storage, and hay field.
Tract 8: 155.9± ac productive land with approximately 130 acres tillable. 19.9 acres in CRP paying $2,863 annually through 2019. Mostly Ambraw and Riley soils.
Tract 9: 386± ac productive land with approximately 354 tillable acres. There are 24.8 acres in CRP paying $3,349 annually through 2019. Property shall be accessed via a 66 ft. wide owned right-of-way down to the County Road. Mostly Beaucoup and Riley soils.


SOIL INFORMATION


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INTERACTIVE MAP
TRACT MAP(S)



AREA MAP(S)



PROCEDURE: The Properties will be offered in 9 individual tracts, any combination of tracts and as a total 1322+/- acres. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneer. Bids on tracts, tract combinations and the total property may compete.

DOWN PAYMENT: 10% down payment on the day of auction for individual tracts or combinations of tracts. The down payment may be made in the form of cashiers check, personal check, or corporate check. Immediate possession for agriculture purposes will be available for an additional 10% down payment. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.

ACCEPTANCE OF BID PRICES: All final bid prices are subject to the Sellers acceptance or rejection. All successful bidders will be required to sign Purchase Agreements at the auction site immediately following the close of the auction.

DEED: Seller shall provide a deed sufficient to convey insurance title to the real estate. Real estate is sold subject to all rights of way, legal highways, leases, easements of public record, and all other matters of public record.

EVIDENCE OF TITLE: Seller will provide a preliminary title insurance commitment to review prior to auction. Seller agrees to furnish Buyer(s) at Sellers expense an updated Owners Policy of Title Insurance prior to closing.

CLOSING: The balance of the purchase price is due at closing, which will take place 30 days after the auction, or as soon thereafter as applicable closing documents are prepared by the Seller. Costs for an administered closing shall be shared 50:50 between Buyer(s) and Seller. All lender costs relative to the Buyer securing a mortgage shall be paid by the Buyer(s).

POSSESSION: Possession is at closing, subject to former tenants right to occupy and possess the grain bins until July 1, 2012. Immediate possession for farming operation purposes with an additional 10% earnest money deposit (total of 20%) and inclusion of Seller as an additional insured on insurance policy reasonably acceptable to Seller.

REAL ESTATE TAXES: Buyer shall assume 2012 calendar year taxes due in 2013.

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

SURVEY: The Seller shall provide a new survey where there is no existing legal description or where new boundaries are created by the tract divisions in this auction or where Seller otherwise determines a survey is appropriate. Any need for a new survey shall be determined solely by the Seller. Seller and successful bidder shall each pay half (50:50) of the cost of the survey. Combination purchases will receive a perimeter survey only. Final sales price shall be adjusted to reflect any difference between advertised and surveyed acres.

PLANNING APPROVAL: The sale of all tracts is subject to any necessary county planning approval or other necessary county approval. The real estate is being offered for agricultural purposes, and any construction on the property may require county approval.

CRP: There are CRP contracts pertaining to Tracts 8 and 9. Buyers shall assume these CRP contracts and assume all responsibility and benefits.

PROPERTY INSPECTION: Each potential Bidder is responsible for conducting, at their own risk, their own independent inspections, investigations, inquiries and due diligence concerning the property. Inspection dates have been scheduled and will be staffed with auction personnel. Further, Seller disclaims any and all responsibility for Bidders safety during any physical inspection of the property. No party shall be deemed an invitee of the property by virtue of the offering of the property for sale.

EASEMENTS: Subject to any and all existing easements.

BUYERS PREMIUM: A Buyers Premium of 2% will be charged to the Buyer. The Buyers Premium shall be added to the high bids to obtain the Total Contract Purchase Price.

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

STOCK PHOTOGRAPHY: Some brochure crop photos are for illustrative purposes only and were not taken on the property.

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 Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. 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 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. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. All decisions of the Auctioneer are final.

ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.

OWNER: Proventus, LLC and Proventus II, LLC