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LAND AUCTION - 91+/- ACRES OFFERED IN 2 TRACTS IN IROQUOIS COUNTY, ILLINOIS

Iroquois County, Illinois

Owner: Markland Family Limited Partnership Thu, Mar 23, 2017

SOLD FOR $570,000

• 91+/- Acres offered in 2 Tracts: 27+/- & 64+/- Acres • Productive Soils • Mostly Tillable • 9.4 Ares in CRP along drainage ditch • Hunting Opportunities • Immediate Possession Available • Online Bidding Available • 4-1/2+/- Miles Northeast of Donovan


OPEN HOUSE/INSPECTION DATES

Thursday, March 9, 2-4 PM central
Meet a Schrader representative at Tract 2 on Co. Hwy. 19 (2900 E.)

PROPERTY LOCATION

From Donovan on U.S. 52 near the center of town, go east on North St. (Donovan Jr./Sr. High School is on North St.) which turns into 2550 N. for approximately 2 miles to 2900 E. Turn north (left) onto 2900 E. and travel approximately 2-3/4 miles to the property on the east side of the road (County Highway 19 at the property).

AUCTION LOCATION

St. Marys Catholic Church Parish Hall - 306 St. Charles St., Beaverville, IL 60912 St. Charles is the main north-south street in Beaverville.

TRACT DESCRIPTIONS

Tract 1: 27± ac Productive soils (substantial amount of Selma loam & Andres silt loam) with 26.39 acres of cropland per FSA. 3.41 acres of the cropland is in CRP. Payment for CRP acreage is $233.46/acre and the contract expires 9/30/2022. There is 175 ft. +/- of frontage on County Highway 19. The ditch on the south and east side of the property provides an outlet for drainage.

Tract 2: 64± ac Productive soils with 62.21 acres of cropland per FSA. 6.01 acres of cropland is in CRP. Payment for CRP acreage is $233.46/acre and the contract expires 9/30/2022. The ditch bordering this property also provides an outlet for drainage. Consider the hunting opportunities of this tract given the CRP along with the heavily wooded fencerows on the northeast part of this tract. This tract also has frontage on County Highway 19.

REAL ESTATE TAXES: 2015 payable 2016: TR 1 & 2 (1 Tax ID #): $1,465.68
(Includes Drainage Assessments of $118.06). Please note that County Tax Parcel Number 13-11-300-006 shows 90.81 acres and an existing survey shows 90.81 +/- acres as well.


INTERACTIVE MAP

TRACT MAP(S)

SOIL INFORMATION

PLAT MAP(S)

AREA MAP(S)

PROCEDURE: The property will be offered in 2 individual tracts and as a total 91+/- acre unit. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneer. Bids on tracts 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, 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 is at closing or immediate possession for farming activities with an additional 10% down payment.

REAL ESTATE TAXES: Seller shall pay all 2016 real estate taxes due and payable in 2017. Buyer shall assume any taxes thereafter. Buyer shall pay drainage assessments and/or other special assessments, if any, that are last payable without a penalty after the date of closing.

ACREAGE: All tract acreages, dimensions, and proposed boundaries are approximate and have been estimated based on county tax parcel data, existing survey, county GIS, and/or aerial mapping.

CONSERVATION RESERVE PROGRAM: Buyer(s) 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 owner-ineligibility after closing shall be the responsibility of the Buyer. All allocations of the annual contract payments shall be prorated by the FSA office in accordance with its usual practices.

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 and surveyed acres.

ZONING: The property is zoned A1. Auction Company has been informed that if the property is sold in two tracts, it will not meet the minimum acreage requirement of 75 acres to build a residence in an A1 zone. Therefore, if the property is sold in two tracts and a buyer wishes to build a residence, the property would need to be rezoned. This property is being offered for agricultural purposes and the sale is NOT contingent upon rezoning or any other local governmental approvals that may be required for construction.

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. An inspection date has 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.

Auction Brochure

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