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SOLD

ARKANSAS LAND AUCTION, 1,741 ACRES OFFERED IN 4 TRACTS

Arkansas, Lee & Monroe Counties, Brinkley, AR

Owner: In Cooperation with: Sold ASAP.com, Tasabah & Associates, LLC, John Malone, Auctioneer (#1440) Thu, Nov 14, 2013

SOLD FOR $6,410,000

• ARKANSAS LAND AUCTION • 1,741 ACRES OFFERED IN 4 TRACTS • Large Contiguous Farm • 1,530+/- Acres of Farmland • 1,491 Acres Irrigated • 15 Wells & 1 Irrigation River • 60,000 Bushel Grain Storage • 5 Miles South of Wheatley, Arkansas • 20 Miles Southwest of Forrest City, Arkansas •


OPEN HOUSE/INSPECTION DATES

Thursday, October 24th, 9AM-11AM
Meet a Schrader Representative at the Grain Bin Site on Tract #3 for more information.

PROPERTY LOCATION

From Brinkley: take exit 216 off Interstate 40 and go south on Hwy 49 for approx. 2.3 miles and take left on Hwy 238/W Sycamore. Follow Hwy 238 for 1.0 mile and turn right at the stop sign, follow for 1.0 mile and turn left on 238 East. Continue on Hwy 238 East for approx. 7.1 miles, turn left on Pleasant Valley Rd and you are located at the southeast corner of the property.

From Wheatley: take exit 221 off Interstate 40 and go south on Hwy 78, through one stop sign, for approx. 4.2 miles. Turn right on County Rd 926 then take an immediate left onto County Rd 925, follow south for 1.0 mile and turn right on County Rd 922. Follow 922 for 1.0 mile and turn left on County Rd 947 follow for approx. 1.2 miles and you will enter property straight ahead with grain bins located on your left.

AUCTION LOCATION

1501 Weatherby Dr., Brinkley, AR 72021
Take exit 216 off Interstate 40 and go south on Hwy 49 approx. 0.3 mile passing through one stop light, take a right onto 6th Street. Follow 6th Street through one stop sign and continue for approx. 0.3 mile and take a right on N Weatherby Dr, Brinkley Convention Center will be on your left.

TRACT DESCRIPTIONS

Tract 1: 730± ac with 658+/- acres of productive tillable farm land. This tract features 7 wells of which 4 wells have Diesel power source and 3 with electric motors. The predominate soil texture of this tract is a silt loam of which almost all of this tract is irrigated.

Tract 2: 381± ac with 280+/- acres of productive tillable farm land. This tract includes 3 irrigation wells and one relift pump. Two of the 3 irrigation wells have electric motors and one diesel power source.

Tract 3: 130± ac with 122+/- acres of tillable farmland. This tract of land is without an irrigation well. Water for irrigation is supplied from Tract #1 or Tract #2. The buyer of Tract #3 would need to drill a new irrigation well or purchase Tract #3 in combination with Tract #1 or Tract #2. This tract includes 60,000 bushels of grain storage with recently updated electrical panel and wiring. Home is not included.

Tract 4: 500± ac with 470+/- acres of productive, tillable farmland. This tract includes (5) irrigation wells with (4) electric motors and (1) diesel power source, (1) 9-tower Valley center pivot (200+/- acres) and (1) relift.

Tenant owns all diesel power units. Pump tests available on wells.


INTERACTIVE MAP

TRACT MAP(S)

AREA MAP(S)

PROCEDURE: The property will be offered in 4 individual tracts, any combination of tracts or as a total 1741 +/- acre unit. There will be open bidding on all tracts and combinations during the auction. Bids on individual tracts, tract combinations and the total property may compete.

DOWN PAYMENT: 10% down payment on the day of the auction with the balance in cash at closing. The down payment may be made in the form of cash, cashiers check, personal check or corporate check. 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: Successful bidder(s) will be required to enter into a purchase agreement at the auction site immediately following the close of the auction. All final bid prices are subject to the Sellers acceptance or rejection.

DEED AND TITLE INSURANCE. Seller shall furnish at Sellers expense and shall execute and deliver at closing a Warranty Deed conveying the Property to Buyer, subject to the Permitted Exceptions. Seller shall also furnish at Sellers expense an owners title insurance policy, in the amount of the purchase price, insuring marketable title to the Property, subject to all standard exceptions, conditions and requirements and subject to the Permitted Exceptions. Prior to closing, Buyer shall be entitled to receive a commitment for the issuance of such title insurance policy dated after the date of this Agreement (the Final Title Commitment).

CLOSING: Closing shall be held on or before 30 days after auction (or as soon as possible thereafter upon completion of the Final Title Commitment and Sellers closing documents). The closing will be held at and/or administered by the office of the Title Company, or as otherwise mutually agreed. If Seller, acting in good faith, is unable for any reason to convey the Property at closing in conformance with the requirements (including title requirements) of this Agreement, Buyer may terminate this Agreement and receive the Earnest Money as Buyers sole remedy, but only after providing to Seller written notice of, and a reasonable opportunity to cure, such non-conformance.

COSTS OF CLOSING: If a closing fee is charged by the closing agent, the closing fee shall be shared equally (50:50) between Buyer and Seller. Deed transfer taxes shall be split between Seller and Buyer 50:50. Except as otherwise provided in this Agreement, Buyer shall be responsible for all other expenses associated with closing, including any expense associated with obtaining financing and/or recording expenses.

POSSESSION & RENT: Possession shall be delivered at closing, but subject to the rights of the existing tenant for the remainder of the 2013 crop year, including the tenants right to harvest the existing crops. Seller shall collect and/or retain all farm rent for the 2013 crop year.

TAXES: Seller shall be responsible for the real estate taxes assessed for the calendar year 2013 (due in 2014) and all prior taxes. Buyer to pay all subsequent taxes.

BOUNDARIES AND ACRES: All boundaries and acres depicted in the marketing materials are approximations only. More information will be available upon completion of the preliminary survey.

SURVEY: A new perimeter survey of the entire auction property will be provided at Sellers expense. The cost of any additional surveys required by tract divisions will be shared 50:50 between Buyer and Seller.

FSA INFORMATION: See Agent.

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.

AGENCY: Schrader Real Estate and Auction Company, Inc., Tasabah & Associates, LLC and their respective agents and representatives are exclusively the 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 set forth in the Purchase Agreement. The property is being sold on AS IS, WHERE IS basis, and no warranty or representation, either express or implied, concerning the property is made by Seller/Agents. 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 Seller/Agents. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. Seller/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 MARKETING MATERIAL OR ANY OTHER ORAL STATEMENTS MADE BY SELLER/AGENTS. Seller/Agents refers to and includes Seller, Schrader Real Estate & Auction Company, Inc., Tasabah & Associates, LLC and their respective agents, employees and representatives.