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SOLD

LAND AUCTION - 209.2+/- ACRES OFFERED IN 4 TRACTS IN NEWTON COUNTY, INDIANA

Newton County, Indiana - South of Morocco

Owner: Richard R. Potts Trust - Ricky Ray Potts, Trustee Thu, Aug 31, 2017

SOLD FOR $1,320,000

• 209.2+/- Acres offered in 4 Tracts • Productive Farmland • Nearly All Tillable • Investigate Home Site Potential • Online Bidding Available • 5 PM CENTRAL TIME


OPEN HOUSE/INSPECTION DATES

Wednesday, August 9, 3-5 PM central.
Meet a Schrader Representative at the west side of Tract 3 on CR 500 S.

PROPERTY LOCATION

From east of Morocco at the junction of U.S. 41 and St. Rd. 114, go west on E. Michigan St. (CR 400 S) approximately 3/4 mile to CR 300 W. Turn south (left) on CR 300 W and go 1 mile to CR 500 S. Turn west (right) onto CR 500 S and go 3/8 mile to the property on the north side of the road.

AUCTION LOCATION

Beaver Township Community Center, 409 South Polk St., Morocco, IN 47963. From east of Morocco at the junction of U.S. 41 & St. Rd. 114, go west on E. Michigan St. (CR 400 S) approximately 3/4 mile to Polk St. Turn north (right) on Polk St. and travel 1/8 mile to auction site on your right. The Beaver Township Community Center adjoins the Fire Station.

TRACT DESCRIPTIONS

Tract 1: 47.6± ac : Productive soils and nearly all tillable. See NOTE below regarding 3.03+/- acre parcel out of the southwest corner. Frontage on CR 500 S.

Tract 2: 61± ac : Productive soils and nearly all tillable. Frontage on CR 500 S.

Tract 3: 50.3± ac : Productive soils and nearly all tillable. Frontage on CR 500 S.

Tract 4: 50.3± ac : Productive soils and nearly all tillable. Frontage on CR 500 S.
Investigate possible home sites on all of the tracts.
REAL ESTATE TAXES: 2016 payable 2017: (1 Tax ID #) $7,932.00 Drainage assessments: $828.70

NOTE: Auction Company has been advised by the owner of the 3.03+/- acre parcel out of the southwest corner of Tract 1, that he is agreeable to sell the 3.03+/- acre parcel to the buyer of Auction Tract 1 at the same per-acre price that the buyer pays for Tract 1, or the per- acre price of a combination that includes Tract 1. The sale and closing of the adjoining auction tract/s shall in no way be contingent upon the Buyers acquisition of the 3.03+/- acre parcel or the execution or closing of any agreement with respect to the 3.03+/- acre parcel.

FSA INFORMATION FARM #5
TRACT #419* - Farmland 213.82 Acres - Cropland 213.82 Acres
Farm #5
TRACT #419*
Farmland 213.82 Acres
Cropland 213.2 Acres
Crop - Corn - Base 153.2 acres - 149 PLC Yield
Crop - Soybean - Base 54 acres - 43 PLC Yield
*Includes land in southwest corner not part of auction property Contact Jim or Matt for additional FSA Information

TRACT MAP(S)

SOIL INFORMATION

AREA MAP(S)

PROCEDURE: The property will be offered in 4 individual tracts, any combination of tracts and as a total 209.2+/- 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 Trustees 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, subject to the rights of the tenant for the remainder of the 2017 crop year.

RENT: Seller shall retain all rights with respect to the 2017 rent with no credit to Buyer.

REAL ESTATE TAXES: Seller shall pay all 2017 real estate taxes due and payable in 2018. Buyer shall assume any taxes thereafter. Buyer shall assume any ditch and drainage assessments beginning with the payments due May of 2018 and thereafter.

ACREAGE: All tract acreages, dimensions, and proposed boundaries are approximate and have been estimated based on county tax parcel data, county GIS, existing legal descriptions 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 and surveyed acres.

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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