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SOLD

REAL ESTATE AUCTION - 379+/- ACRES OFFERED IN 6 TRACTS IN JASPER COUNTY

Jasper County, Indiana

Owner: Joloma Farms LLC Mon, Nov 9, 2015

SOLD FOR $2,810,000

5:00 CENTRAL TIME • 379+/- Acres offered in 6 Tracts • Productive Farmland • Mostly Tillable • Farmstead with 2 Story Home, Machine Shed & Grain Storage • Potential Home Site with Existing Grain Bins & Outbuildings • Iroquois River Frontage • Hunting & Recreational Opportunities


OPEN HOUSE/INSPECTION DATES

Tuesday, October 13 3-5 PM Central
Tuesday, October 27 3-5 PM Central

Meet a Schrader representative at Tract 6.

PROPERTY LOCATION

To Tracts 1, 2 and 3: Take US 231 south out of Rensselaer for approximately 3 miles to State Road 16. Turn west (right) onto State Road 16 and go approximately 4 miles to County Road 980 W. Turn south (left) on CR 980 W and go approximately .3 mile to the property on both sides of the road.
To Tracts 4, 5 and 6: From the intersection of US 231 and State Road 16, south of Rensselaer, travel west approximately 5 miles on State Road 16 to County Road 1080 W. Turn north (right) on CR 1080 W and go 1.5 miles to the property on the north side of CR 850 S.
Part of Sections 7, 8, 20 & 21, T28N, R7W, Jordan Township. Part of Section 5, T28N, R7W, Newton Township.

AUCTION LOCATION

Knights of Columbus, 325 E. Vine St., Rensselaer, IN 47978.
From downtown Rensselaer at the Jasper County Courthouse head northeast for 2 blocks on US 231 (Washington St.). Turn left on US 231 (N. McKinley Ave.) and go approximately .4 miles to E. Vine St. (E. Vine St. is the first street south of the railroad tracks). Turn east (right) on E. Vine St. and go 1 block to auction site.

TRACT DESCRIPTIONS

Tract 1: 40± ac All tillable except for roads. Approximately 1/4 mile of road frontage on both County Roads 980 W and 1080 S. Nice square 40+/- acre parcel with productive soils and a lot of road frontage.

Tract 2: 79± ac All tillable except for the road. Soil types consist of Rensselaer loam, Montgomery silty clay loam, Watseka loamy fine sand, Simonin loamy sand and Sparta sand. Road frontage on County Road 980 W.

Tract 3: 55± ac FSA considers 49.22 acres as cropland, of which 2.4 acres are in the Conservation Reserve Program (CRP). The CRP contract terminates on September 30, 2020. The annual payment is $612 or $255.15 per acre. This parcel is improved with a 24 ft. diameter dryer bin with 2 auger stirator, burner and fan. Seller reports 8,500 bushel storage capacity to the bottom of stirator. The LP tank is not being sold with the property. There is also a 22 ft. bin with 6,500 bushels of storage capacity to the peak. It has a full aeriation floor and fan. There is also another bin with 4,000 bushels of storage capacity with a full dryer floor and fan with no heater. This bin has a single auger stirator. There is also an old unique 26 ft. x 84 ft., farrowing barn that still has the wood farrowing pens. The remaining building is a 42 ft. x 28 ft. barn. It has a 12 ft. driveway on the tall side, all concrete floor and 2 - 8 ft. x 28 ft. x 10 ft. high raised bins. There is a well with 5 in. casing as well as a septic tank and leach bed on the building lot.

Tract 4: 77± ac This tract is mostly tillable and has 3.8 acres, along the ditch on the east side of the property in CRP. The CRP contract expires on September 30, 2020. The annual payment is $829 or $218.24 per acre. This tract has Iroquois River frontage and road frontage on County Road 850 S.

Tract 5: 123± ac FSA considers 102.07 acres as cropland, of which 6.13 acres are in CRP. One CRP contract is on 2.6 acres (FSA Aerial shows 2.63 acres) and it expires September 30, 2019. The annual payment is $590 or $227.00 per acre. The other CRP contract is on 3.5 acres and it expires September 30, 2022. The annual payment is $702 or $200.63 per acre. With the abundance of Iroquois River frontage, wooded area in the northwest part of the farm and CRP acreage, be sure to consider the hunting and recreational opportunities on this parcel. There is an old barn and one sided crib located on this tract near the river. There is a well with 4 in. casing and hand pump located near these buildings. There is also a flowing well located in the trees near the tillable field line in the northwest part of this tract. Seller will provide access to this Tract by way of a 50 ft. wide ingress/egress easement over part of the southern portion of Tract 6 from County Roads 850 S and 1080 W. In the event Tract 5 is bought in a combination which includes Tracts 4 or 6, the Seller will not be providing an ingress/egress easement.

Tract 6: 5± ac This tract is improved with an older two-story home, detached 2 car garage, 40 ft. X 60 ft. machine shed with approximately 1/3 of the floor being concrete and 27 ft. diameter bin with approximately 9,000 bushels of storage capacity to the bottom of the stirator. The bin has a 2 auger-wall hugger stirator, dryer floor, fan and burner. The LP tank at the bin is not being sold with the property. There is also a 30 ft. X 40 ft. crib with 5 overhead bins. This tract has a well with 4 in. casing.

Information for home at 10692 W. 850 S. Brook, IN 47922
Main Level:
Kitchen: 15 ft. x 10 ft.
Dining Room: 11 ft. x 13 ft.
Living Room: 13 ft. x 15 ft.
Bedroom - current use: 13 ft. x 11 ft. (no closet and has door to front porch)
Entry/Porch: 9 ft. x 6 ft.
Laundry/furnace/entry area: 12 ft. x 10 ft.
Bathroom (toilet only): 5 ft. 9 in. x 5 ft. 8 in.
There is also a cedar lined closet, off the living room, just outside the bedroom.

Second Level:
Bedroom: 10 ft. x 11 ft. - room has dormer; 3 ft.9 in. x 7 ft.3 in. cedar lined closet. This room has no heat or air conditioner duct to it. Beyond the closet is a 9 ft. x 7 ft. attic with dormer
Bedroom: 15 ft. x 9 ft. (no closet)
Bedroom: 13 ft. x 11 ft. (no closet)
Full Bath: 9 ft. x 5 ft.
Cedar lined closet at top of stairs: 7 ft. x 2 ft.6 in.
Closet: 5 ft. x 5 ft.
The home has a small cellar with water pressure tank and electrical box.
Forced air - updraft furnace (LP)
Central air conditioning
Vinyl siding
New roof shingles installed approximately 2 years ago.
All measurements are approximate. Information deemed reliable but not guaranteed.

REAL ESTATE TAXES: 2014 payable 2015 (Tracts 1 & 2) $1,764.18, Iroquois Conservancy assessment of $11.10; (Tract 3) $838.20, Iroquois Conservancy assessment of $5.27; (Tracts 4, 5 & 6 - 3 Tax ID numbers) $3,469.74, Iroquois Conservancy assessments of $21.82, additional ditch assessment of $15.88 (Louis B. Nagel Tile).


INTERACTIVE MAP

TRACT MAP(S)

SOIL INFORMATION

AREA MAP(S)

PROCEDURE: The property will be offered in 6 individual tracts, any combination of tracts, and as a total 379+/- 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 Warranty Deed, with corporation provisions as applicable, 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 shall be at closing, subject to the rights of the tenant for the 2015 crop. Possession of the home and garage on Tract 6 shall be 30 days after closing. Possession of the grain bins and all other outbuildings shall be on March 1, 2016.

REAL ESTATE TAXES: Seller shall pay all 2015 real estate taxes due and payable in 2016. Buyer shall assume any taxes thereafter. Buyer shall assume any ditch and drainage assessments due after closing.

ACREAGE: All tract acreages, dimensions, and proposed boundaries are approximate and have been estimated based on property tax information and/or aerial mapping.

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 performed shall be at the Sellers option and sufficient for providing title insurance. If Seller determines a survey is needed, combined purchases will receive a perimeter survey only. Final sales price shall be adjusted to reflect any difference between advertised acres and surveyed acres, except with respect to Tract 6 or any combination which includes Tract 6.

CONSERVATION RESERVE PROGRAM: With respect to Auction Tracts 3, 4 & 5, the Buyer shall assume the existing Conservation Reserve Program (CRP) contract(s) obligations and shall timely sign all documents required by the FSA office in connection therewith. Any penalty, repayment and/or interest assessed due to termination, non-compliance and/or owner-ineligibility after closing shall be the responsibility of the Buyer. All allocations of the annual contract payments shall be determined by the FSA office.

PLANNING APPROVAL: The sale of all tracts is subject to any governmental planning approval or other necessary governmental approval. The real estate is being offered for agricultural purposes, and any construction on the property may require governmental 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. ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.