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SOLD

637+/- Acres offered in 5 Tracts, MAJOR LAND AUCTION

Newton County, Indiana

Owner: Newberry Farms, LLC Tue, Feb 18, 2014

SOLD FOR $6,020,000

• 637+/- Acres offered in 5 Tracts
• MAJOR LAND AUCTION
• Mostly Productive Cropland Acres
• Excellent Soils
• 2 Homes, Tool Sheds, Grain Bins
• 6+/- Miles Northeast of Brook, Indiana

ONLINE BIDDING AVAILABLE
• You may bid online during the auction at www.schraderauction.com. You must be registered One Week in Advance of the Auction to bid online. For online bidding information, call Kevin Jordan at Schrader Auction Co. - 800-451-2709.


OPEN HOUSE/INSPECTION DATES

Sat., Jan. 18th from 9AM-12Noon Central
Tues., Jan. 28th from 3PM-5PM Central

Meet Jim or Matt at Tract #3 Or for a private showing call Jim or Matt.

PROPERTY LOCATION

From Brook, IN take SR 16 3 miles east to SR 55, then go 3 miles north on SR 55 to CR 600 S, then go 1/2 mile west on CR 600 S to Tracts 1, 2 & 3. For Tracts 4 & 5 go back east to SR 55 and follow SR 55 east about 1/2 mile and then for 1 mile north to CR 500 S, then go 1-1/2 miles west on CR 500 S to Tracts 4 & 5.

AUCTION LOCATION

South Newton Elementary School Gymnasium, 13188 S. 50 E. Kentland, IN 47951.
From U.S. 41 and U.S. 24 in Kentland, travel east on U.S. 24 for approximately 3 miles to County Road 50 E. Turn left (north) on 50 E. and travel approximately 2-3/4 miles to auction site on the left.

PROPERTY DESCRIPTION

Combine Tracts 1 & 2 for an excellent opportunity to purchase 501+/- acres of tillable land in one location with excellent soils.

TRACT DESCRIPTIONS

Tract 1: 219± ac tract of land with 215.43 acres tillable per FSA office. This tract offers excellent quality soils, good outlet to Batteday Ditch and frontage on CR 600 S.

Tract 2: 292± ac tract of land with 285.73 acres tillable per FSA office. This tract offers an excellent opportunity to purchase quality soils, good outlet to Batteday Ditch and frontage on CR 600 S.

Tract 3: 6± ac parcel of land with frontage on CR 600 S with the following improvements:
Main House - A 2 story farm house with approx. 1805 +/- sq. ft. concrete built home with 1 bedroom down and 4 bedrooms up. It has a large kitchen, dining and family room with a fireplace and 2-1/2 bathrooms. Also, it has a full basement, LP gas and hot water heat.
Garage - 20 ft.x24 ft. concrete walled garage with electric overhead door.
Second House - 1392 +/- sq. ft. home with 3 bedrooms, 2 baths, living/dining room and kitchen.
Carport - A 14 ft.x24 ft. carport, includes a 3 ft.x14 ft. storage area and concrete floor.
Tool Shed-34 ft.x70 ft. concrete block building with concrete floor and (2) 14 ft.x12 ft. sliding doors.
Grain Bins - 56,000 +/- bu. grain bin with dryer and 21,700 +/- bu. grain bin with dryer.
Tool Shed L-shaped - 3 sided tool shed being 30 ft.x72 ft. and 24 ft.x78 ft. with concrete floor.
Double Corn Crib - 30 ft.x70 ft. wooden frame structure with concrete driveway.
Shop/Tool Shed - 26 ft.x64 ft. wood frame structure with partial concrete floor and 2 entrance doors.
Old Barn - 30 ft.x30 ft. wood frame building with partial concrete floor.

Tract 4: 80± ac parcel of land, mostly tillable. It has quality soils and frontage on CR 500 S.

Tract 5: 40± ac Swing Tract of land with 34.22 acres of tillable land and quality soils. Also there are some woods on this tract. The swing tract must be bid with Tract 4 or by an adjacent land owner.

The Owner has applied fall fertilizer on Tracts 1, 2, 4 & 5 and the Buyers will pay the Owners for fertilizer. The Owner has done fall tillage and the Buyer will pay that cost. Fall Fertilizer on Tracts 1, 2, 4 & 5: $45,780/616 Tillable Acres = $74.32/Tillable Acre. Fall Tillage Tracts 1 & 2: Disc $14/Acre & Chisel $17.50/Acre = $31.50/Tillable Acre. Tracts 4 & 5 Chisel = $17.50/Tillable Acre. Tracts 1 & 2 Fertilizer/Tillage $74.32 + $31.50 = $105.82/Tillable Acre. Tracts 4 & 5 Fertilizer/Tillage $74.32 + $17.50 = $91.82/Tillable Acre. There are city water lines on the north side of both CR 500 S & CR 600 S. - Tracts 1, 3 & 4. Tracts 1 & 2 have had an extensive amount of tile installed over the past years. Please contact Jim or Matt for the tile map.

Per the County Assessors Card, Tracts 1, 2 & 3 have 517.18 Acres & Tracts 4 & 5 have 120 Acres.


INTERACTIVE MAP

TRACT MAP(S)

SOIL INFORMATION


Tract 4-5 Info on Soil


Tract 1-2 Info on Soil

PLAT MAP(S)

PROCEDURE: The property will be offered in 5 individual tracts, any combination of tracts and as a total 637+/- acre unit. 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. 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 Corporate Deed sufficient to convey insurable 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 shall provide a preliminary title insurance commitment for review prior to auction. Seller agrees to furnish Buyer(s), at Sellers expense, an updated title commitment prior to closing. The cost of providing an Owners Title Policy shall be paid for by Seller at closing.

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

POSSESSION: Possession of the farmland is at closing. Possession of the houses and improvements shall be 45 days after closing. Grain bin possession shall be on or before July 1, 2014.

REAL ESTATE TAXES: For Tracts 1, 2, 4 & 5, Seller shall pay all 2013 pay 2014 taxes. Buyer shall assume any taxes thereafter. Buyer shall assume any ditch and drainage assessments due after closing. For Tract #3 the real estate taxes shall be pro-rated to the date of closing.

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. The type of survey preformed shall be at the Sellers option and sufficient for providing title insurance. If Seller determines a survey is needed, 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.

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.

AGENCY: Schrader Real Estate & 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 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.

STOCK PHOTOGRAPHY: Background imagery of corn is for illustrative purposes only.

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