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SOLD

ARKANSAS LAND AUCTION, 1274+/- Acres offered in 2 Tracts

Chicot County, Arkansas

Owner: Proventus, LLC and Proventus Wed, Oct 22, 2014

SOLD FOR $4,559,400

• Productive Cropland
• Mostly Irrigated
• Predominately Precision Leveled
• Live Online Bidding Available


OPEN HOUSE/INSPECTION DATES

Wed., September 17th 10am - Noon
Wed., October 8th 10am - Noon

Meet a Schrader Representative at the Washington Co. Convention Center. 1040 S. Raceway Rd., Greenville, MS 38703.

PROPERTY LOCATION

TRACT 8 Location: From the intersection of US 65 and US 82 in Lake Village, AR travel west on US 82 for 4.8 miles to Bill Young Rd. Turn south on Bill Young Rd. and travel 1.2 miles and the farm will begin on your left.
TRACT 9 Location: From the intersection of US 65 and US 82 in Lake Village, AR, travel west on US 82 for 6.8 miles to Montgomery Rd. Turn south on Montgomery Rd. and travel 2.4 miles. The farm entrance will be on your right, beside grain bins.

AUCTION LOCATION

Washington County Convention Center. 1040 S. Raceway Rd., Greenville, MS 38703.
Directions:
From the junction of Hwy. 82 and S. Raceway Rd. on the east side of Greenville, MS, go south .8 mile on S. Raceway Rd. to the Inspection Headquarters/Auction Site on the left.

SATELLITE BIDDING LOCATION AND LOUISIANA INSPECTION HEADQUARTERS:
Natchez Grand Hotel. 111 Broadway Street, Natchez, MS 39120.
Directions:
Located on the bluff overlooking the Mississippi River in downtown Natchez.

TRACT DESCRIPTIONS

Tract 8: 634± ac This farm is located approximately 5 miles southwest of Lake Village, Arkansas in Chicot County. The farm consists of 634+/- acres with 606+/- cropland acres (FSA) and includes a pole shelter. Primary soil type on the farm is Perry Clay. Most of the farm has been precision leveled, with a surface relift pump pulling water from the Boeuf River and one irrigation well and underground pipe improvements delivering water to much of the farm. Additionally, a 33+/- acre reservoir is centrally located on the farm and used for added irrigation water. Recent crops grown on the farm include soybeans and corn.

Tract 9: 640± ac This farm is located approximately 8 miles southwest of Lake Village, Arkansas in Chicot County. The farm consists of 640+/- acres with 598+/- cropland acres (FSA). Primary soil type on the farm (96.8%) is Perry Clay. Most of the farm has been either precision leveled or precision leveled with two centrally located irrigation wells and two surface relift pumps pulling water from Big Bayou on the west side of the farm for flood irrigation. Other improvements include 40,000 bushels of grain storage, a storage shed and a 784+/- square foot home. Recent crops grown on the farm include soybeans and rice.

ONLINE BIDDING AVAILABLE: You may bid online during the auction at www.schraderauction.com. You must register by Monday, October 13 to bid online. For online bidding information, call Schrader Auction Company at 800-451-2709.


INTERACTIVE MAP

TRACT MAP(S)

Tract 8

Tract 9

SOIL INFORMATION


Tract 8


Tract 9

AREA MAP(S)

BIDDING PROCEDURE: All tracts will be offered individually, in any combination or as a whole unit. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneer. Bidding on individual tracts, tract combinations and the entire property will compete. SELLER'S ACCEPTANCE: The auction is with reserve; the final bids are subject to the Seller's acceptance or rejection.

PURCHASE CONTRACT: Each successful bidder will be required to sign a purchase contract, in the form provided in the bidder packets, at the auction site immediately following the close of the auction. All information contained in this sale brochure and other marketing materials is subject to the terms and conditions contained in the written purchase contract. Seller shall not be bound by any statement, promise or inducement that is not contained or incorporated in the written purchase contract.

BUYERS PREMIUM: The total contract purchase price will be the accepted bid amount plus a 2% buyers premium.

PAYMENT TERMS: 10% of the purchase price will be due as a down payment on the day of auction, with the balance due in cash at closing. The down payment may be made in the form of a 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.

CLOSING: Closing will be 30 days after the auction or as soon as possible thereafter upon completion of the survey, if applicable, the final title commitment and Sellers closing documents. Costs for an administered closing shall be shared 50:50 between Buyer and Seller. Buyer shall pay all lender fees and other costs related to any loan obtained by Buyer.

POSSESSION: Possession will be delivered subject to the rights of the current farm tenant for the remainder of the 2014 crop year.

RENT: All 2014 farm rent will be retained by Seller.

REAL ESTATE TAXES: Buyer will assume the real estate taxes assessed for the calendar year 2015 and all subsequent years. EVIDENCE OF TITLE: Preliminary title insurance schedules will be available for review prior to the auction. At closing, Seller will pay for the issuance of a standard owners title insurance policy in the amount of the purchase price.

DELIVERY OF TITLE: The property will be conveyed by special warranty deed, free and clear of liens but otherwise subject to all easements and other matters of record and other permitted exceptions described in the purchase contract. The conveyance will include any minerals and mineral rights owned by Seller, but without any warranty or representation as to the existence, nature or extent thereof.

SURVEY: If any tract or combination is sold which cannot be conveyed using existing legal descriptions (as determined by Seller), one or more new surveys will be provided as required to record the conveyance. Otherwise, a new survey will be provided only as deemed necessary or appropriate in Sellers sole discretion. If a new survey is provided, the survey costs will be shared equally (50:50) by Seller and Buyer and the purchase price will be adjusted to reflect any difference, in excess of one (1) acre, between advertised and surveyed acres. Any survey of adjacent tracts purchased in combination will be for the perimeter only.

TRACT MAPS; ACRES: All advertised tract maps, acres, dimensions and boundaries are approximations based on county parcel data, current legal descriptions, existing surveys and/or aerial mapping. The marketing materials are not provided as survey products.

CRP CONTRACTS: Existing CRP contracts will be assigned to and assumed by the Buyer(s) of the affected Tracts.

PLANNING APPROVAL: The auction property is offered as crop production land. Buyer assumes all responsibility after closing for obtaining any necessary county planning approvals and satisfying all local requirements in connection with any future construction or development.

PROPERTY INSPECTION: Inspection dates have been scheduled and will be staffed with auction personnel. Owner, Broker and Auction Company disclaim any and all responsibility for the safety of prospective bidders and other persons during any physical inspection of the property. No person shall be deemed an invitee with respect to the property by virtue of its being offered for sale. DISCLAIMER AND ABSENCE OF WARRANTIES: THIS PROPERTY IS OFFERED AS IS, WHERE IS. NO WARRANTY OR REPRESENTATION, STATED OR IMPLIED, IS MADE BY SELLER, BROKER OR AUCTION COMPANY CONCERNING THE PROPERTY. Prospective bidders are responsible for having completed, prior to the auction, their own independent inspections, investigations, inquiries and due diligence concerning the property. The information contained in this brochure and other marketing materials is subject to verification by all parties relying on it. Seller, Broker and Auction Company assume no liability for any inaccuracies, errors or omissions in such materials. All sketches and dimensions are approximate.

AGENCY: Schrader Real Estate and Auction Company, Inc. and John F. Lund (and their respective agents and representatives) are exclusively the agents of the Seller. CONDUCT OF AUCTION: The conduct of the auction and increments of bidding will be at the direction and discretion of the auctioneer. Seller and Sellers agents reserve the right to preclude any person from bidding if there is any question as to the persons identity, credentials, fitness, etc. All decisions of the auctioneer at the auction are final. CHANGES: Please arrive prior to scheduled auction time to inspect any changes or additions to the property information. OFFICIAL ANNOUNCEMENTS MADE FROM THE AUCTION PODIUM ON AUCTION DAY WILL TAKE PRECEDENCE OVER PRINTED MATERIALS AND ANY OTHER ORAL STATEMENTS MADE.

OWNER: Proventus, LLC and Proventus