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LAND AUCTION - 462+/- ACRES OFFERED IN 7 TRACTS IN GRANT COUNTY, IN

Grant County, Indiana

Owner: Proventus III LLC Tue, Mar 22, 2016

SOLD FOR $2,970,240

• 462+/- Acres offered in 7 Tracts • 445+/- Productive Tillable Acres • 1031 Exchange Opportunity • County Drainage Outlets • Extensive Private Tile • 15 Miles from Marion • 40 Miles from Fort Wayne • Online Bidding Available


OPEN HOUSE/INSPECTION DATES

Saturday, February 27 & March 12 from 9am-12Noon

PROPERTY LOCATION

From I-69/S.R. 18 Go East on S.R. 18 for 2-1/2 miles, Turn left (North) onto S.R. 5 and travel 4 miles to CR 400 N. Turn right (East) and go 1 mile to Tracts 1-5. Tracts 6 & 7 are only 1/2 mile North on CR 450 N.

AUCTION LOCATION

Knight-Bergman Center, 132 Nancy St, Warren, IN 46792. From I-69, exit 278 (Warren), travel South on S.R. 5 for 2.5 miles to 2nd St. Then turn left (East) onto Nancy St.

TRACT DESCRIPTIONS

Tract 1: 47± ac of productive, all tillable cropland with frontage on both CR 400 N. and 1000 E. Predominate soil types are Pewamo Silty Clay Loam and Blount Silt Loam. This tract also has an excellent drainage outlet as well as field tile.

Tract 2: 90.5± ac of all tillable productive cropland with frontage on both CR 400 N. and 1000 E. Predominate soil types are Pewamo Silty Clay Loam and Blount Silt Loam. This tract also has an excellent drainage outlet via an 18 in. county culvert, private mains and laterals.

Tract 3: 61.1± ac of productive, mostly tillable cropland with frontage on CR 1000 E. Predominate soil types are Blount Silt Loam and Pewamo Silty Clay Loam. This tract has a good drainage outlet via a 15 in. County Main as well as extensive private tile. Call auction managers for a detailed tile map.

Tract 4: 63.5± ac of mostly tillable productive cropland with frontage on CR 1100 E. Excellent drainage outlet via the Lee open ditch. The field East of the ditch has been systematically tiled, call auction managers for a map. The main soil types are Pewamo Silty Clay Loam and Blount Silt Loam.

Tract 5: 88.5± ac of mostly tillable productive cropland with frontage on both CR 400 N. and 1000 E. This tract features Pewamo Silty Clay Loam soil. This tract has an excellent drainage outlet via the Lee open ditch. This tract also has a CRP (filter strip) payment. Call auction managers for more details.

Tract 6: 39± ac of all tillable productive cropland with frontage on CR 450 N. Predominate soil types are Blount Silt Loam and Glynwood Clay Loam.

Tract 7: 72.4± ac of all tillable productive cropland with frontage on CR 500 N., CR 450 N. and 1100 E. Predominate soil types are Blount Silt Loam and Glynwood Clay Loam.


INTERACTIVE MAP

TRACT MAP(S)

SOIL INFORMATION

AREA MAP(S)

PROCEDURE: The Properties will be offered in 7 individual tracts, any combination of tracts and as a total 462+/- acres. 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 special warranty deed conveying the real estate to Buyer. 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 preliminary title insurance schedules to review prior to auction and to be updated prior to closing. Seller agrees to furnish at Sellers expense a standard owners title insurance policy at 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 will be delivered at closing subject to the terms of the Purchase Agreement.

REAL ESTATE TAXES: Buyer shall assume 2016 calendar year taxes due in 2017.

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 of more than 1 acre between advertised and surveyed acres.

PLANNING APPROVAL: The sale of all tracts is subject to obtaining county approval of the tract divisions, if applicable. Buyer agrees to acquire the property notwithstanding any other approvals or permits that Buyer may require. The real estate is being offered for agricultural purposes. 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. Any inspection shall be conducted without causing any alteration or disturbance of the property. A person inspecting the property is responsible for any physical damage caused by their inspection.

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 exclusively the 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.

OWNER: Proventus III LLC