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MAJOR LAND AUCTION, 533+/- Acres offered in 7 Tracts

Dewitt, County, Illinois

Owner: Proventus III LLC Tue, Mar 11, 2014

SOLD FOR $7,089,000

533+/- Acres offered in 7 Tracts
• Dewitt County, Illinois Land Auction

• Class A Soils
• Investment Potential
• Immediate Possession Available
• 20 miles North of Decatur
• 10 miles South of Clinton
• 50 miles West of Champaign
• 45 miles Northeast of Springfield
Contact Auction Company for a detailed information booklet including FSA Summaries, Soil Maps, Assessments, Tax Info. and other information.


OPEN HOUSE/INSPECTION DATES

Meet a Schrader representative at the Elks Lodge, Clinton, IL on
Monday, February 17, 1-3pm
Wednesday, March 5, 1-3pm

PROPERTY LOCATION

Tracts 1-3 - From Decatur Intersection of I-72 and St. Rd. 51 travel north 11.6 miles to Rowell Rd. 1500 N (CR 11). Turn left (west) and travel 2.5 miles to Bearsdale Rd. (7000E), then turn right (north) and go .5 miles to farm.
Tracts 4-7 - From Tract 1, go back south to Rowell Rd. then turn right (west) and go 2 miles to Turnbridge Hill Rd. (4750E). Turn right (north) and travel 2 miles to 3500 E, then turn left (west) and go .8 miles to the farm.

AUCTION LOCATION

Elks Lodge, 1520 E South St., Clinton, IL 61727-2343.
From Intersection of St. Rd. 50 and Business 50 on the south side of Clinton, take Business 50 1.4 miles to St. Rte. 54 (Van Buren St.) and turn right (east). Go 1 mile and veer right on South St. to auction location.

TRACT DESCRIPTIONS

Tract 1: 80± ac mostly all tillable with frontage on Bearsdale Rd. and Grove Rd. The soils are mostly Sable silty clay loam, Ipava silt loam, and Osco silt loam.

Tract 2: 95.7± ac mostly all tillable, with frontage on Grove Rd. The soils are mostly Ipava silt loam, Buckhart silt loam, Peotone silty clay loam, and Sable silty clay loam.

Tract 3: 80± ac mostly all tillable, frontage on Grove Rd. The soils are Buckhart silt loam, Ipava silt loam, Peotone silty clay loam, and Plano silt loam.

Tract 4: 81.1± ac with 75+/- tillable per FSA. Frontage on 3500 E. The soils consist mostly of Plano silt loam, Elbum silt loam, and Sawmill silty clay loam. This tract has a stoned farm lane with ditch crossing for access.

Tract 5: 81.5± ac Swing Tract mostly all tillable. The soils are Elburn silt loam, Sable silty clay loam, and Plano silt loam. This tract may be bid on by an adjoining land owner or in combination with Tract 4.

Tract 6: 92.8± ac Swing Tract mostly all tillable. The soils are mostly Edgington silt loam, Ipava silt loam, Catlin silt loam, and Plano silt loam. This tract may be bid on by an adjoining land owner or in combination with Tracts 4 & 5.

Tract 7: 30± ac Swing Tract mostly all tillable. This tract has a ditch crossing for access from tract 6. The soils are Sawmill silty clay loam and Sable silty clay loam. This tract may be bid on by an adjoining land owner or in combination with Tracts 4, 5, & 6.


INTERACTIVE MAP

TRACT MAP(S)

Tracts 1-7

Tracts 1-3

Tracts 4-7

SOIL INFORMATION


Tracts 1-7


Tracts 1-3


Tracts 4-7

AREA MAP(S)

PROCEDURE: The Properties will be offered in 7 individual tracts, any combination of tracts and as a total 533+/- acres, subject to swing tract limitations. 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. Immediate possession is available, if Buyer so elects, for limited farming activities prior to closing, including spring planting. If Buyer elects to take possession prior to closing, Buyer will assume all responsibility and risks in connection with such activities. If Buyer elects to take possession prior to closing, Buyer must sign an addendum for pre-closing possession at the time of signing the purchase contract, which will require general liability insurance coverage in the amount of at least $1,000,000 combined single limit.

REAL ESTATE TAXES: Buyer shall assume 2014 calendar year taxes due in 2015.

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.

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 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.