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LAND AUCTION - 359+/- ACRES IN 2 FARMS IN EAST ALLEN CO., INDIANA & PAULDING CO., OHIO

East Allen County, Indiana & Paulding County, Ohio

Owner: Indiana Farm: Lenard Wilson, Trustee of the Marcella C. Jackson Trust; Ohio Farm: Rex Wilson Thu, Nov 30, 6:00 PM

• 359+/- Acres • Mostly Tillable with Quality Soils • 2 Farms • INDIANA FARM - 279+/- Acres offered in 6 Tracts or Combinations • OHIO FARM - Offered as a Total 80 Acres and Cannot Be Combined With Indiana Farm • Online Bidding Available


Auction Info Book


OPEN HOUSE/INSPECTION DATES

Monday, November 6 from 4 - 6PM
Thursday, November 16 from 4 - 6PM


PROPERTY LOCATION

Indiana Farm Location: 7800 Block of Morgan Road in Jackson Township. Farm is located between Baldin and Rosswurm Roads, Just one mile North of U.S. Highway 30 and 1/2 mile West of the Ohio State Line.

Ohio Farm Location: Rd. 48, Paulding Ohio. Farm is located at the Southeast Corner of State Line Road and Road 48 in Benton Township. This Farm is approximately 1.5 miles North of the Indiana Farm.

AUCTION LOCATION

Monroeville Park Pavilion, 421 Monroe Street, Monroeville, Indiana

TRACT DESCRIPTIONS

Tract 1: 40.4± ac
INDIANA FARM OFFERED IN 6 TRACTS OR COMBINATIONS
TRACT 1: 40.43+/- ACRES
This tract is all tillable. It has over 1300 feet of road frontage along Morgan Road and also along Baldwin Road. The soils are Hoytville silty clay. There is an AEP tower line with a 130 ft. easement going west to east through this tract. The easement begins 432 ft. from Baldwin Road. The J. Leininger Tile comes to a point near the center of this tract on the west boundary line.

Tract 2: 40.4± ac This tract is all tillable. It has over 1300 feet of road frontage along Baldwin Road. The soils are Hoytville silty clay. The AEP tower line also runs west to east across the same dimensions as Tract 1. The J. Leininger Tile runs north to south on this tract near the west boundary.

Tract 3: 50.4± ac This tract is mostly tillable and runs south to the Sorgen drain. It has over 1300 feet of road frontage along Baldwin Road. The soils are all Hoytville silty clay. Drainage installed in 2014; 42 strings of 4 in. tile on 40 ft. centers and run to a new outlet tile. The outlet tile starts as 6 in. on the north at Baldwin Road and extends south to 8 in. then south to 10 in. to the Sorgen drain. The outlet tile is on Tract 3 and is approximately 70 ft. west of Tract 4.

Tract 4: 53.9± ac This tract is mostly tillable and also runs south to the Sorgen drain. Then, the Sorgen drain also runs along most of the eastern border of this tract. There is over 1300 feet of road frontage along Baldwin Road. The soils are mostly Hoytville silty clay with some Nappanee and some Lenawee silty clay loam. Drainage installed in 2010; 47 strings of 4 in. tile on 40 ft. centers and run to the 10 in. outlet tile to the east and into the Sorgen drain. The outlet tile on the east runs from the Baldwin road to the south approximately 740 feet to the outlet in the ditch and also runs from the south to the north approximately 570 ft. to the outlet in the ditch.

Tract 5: 27.1± ac This tract is mostly tillable. It has over 1300 feet of road frontage along Rossworm Road. It ft.s north border is the Sorgen drain, and the west border is the H.O. White drain. The soils on this tract are mostly Lenawee silty clay loam with a few acres of Hoytville. This tract offers an excellent potential for a small mini farm or estate site!

Tract 6: 67.2± ac This tract is mostly tillable with some grassy areas along the Sorgen Drain to the northwest. The northern border of this tract is the Sorgen drain. The easter border is the H.O. White drain.

Tract 7: 80± ac
OHIO FARM OFFERED AS A TOTAL OF 80 ACRES AND CANNOT BE COMBINED WITH INDIANA FARM
TRACT 7: 80+/- ACRES
Paulding County, Benton Township, 80+/- acres located at the Southeast corner of State Line Road and Road 48. This tract is mostly tillable except for approximately 9.8+/- acres of wooded ditch area. There is approximately 59+/- acres tillable north of the ditch and 10.13+/- acres tillable on the south of the ditch.

Terms for Ohio Farm: 10% down on day of sale, balance of purchase price subject to seller financing in the form of a note and mortgage in favor of seller, with payment terms of 15% in December, 2017, with three equal payments of the remaining principal made to Seller in each of the next 3 Decembers, annually, together with interest on the remaining principal balance at the fixed rate of 4% until paid in full, with note and mortgage terms to include such additional customary terms as would be typical of a farm financing transaction.

TRACT MAP(S)

INDIANA FARM

OHIO FARM

SOIL INFORMATION


INDIANA FARM


OHIO FARM

AREA MAP(S)

PROCEDURE: Tracts 1-6 will be offered in individual tracts, and in any combination of these tracts, or as a total unit. There will be open bidding on all tracts and combinations during the auction as determined by the auctioneer. The property will be bid in the manner resulting in the highest total sale price.

Tract 7 will be offered only as an individual bid and cannot be combined with Tracts 1-6.

DOWN PAYMENT: Tracts 1-6: 10% Cash down payment at close of auction. Cash or cashiers check or a personal or corporate check immediately negotiable is satisfactory for the down payment. TRACT 7: 10% Cash down payment at the close of the auction. An additional 15% by the end of 2017 and 3 equal payments to the Seller in the next three years w/ fixed rate of 4%. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING.

APPROVAL OF BID PRICES: At the close of the auction, Buyer(s) will be required to execute an Agreement to Purchase Real Estate and Addendum. The terms of this agreement and addendum are non-negotiable.

DEED AND EVIDENCE OF TITLE: Indiana Tracts: Seller shall provide a warranty deed and Owners Title Insurance Policy in the amount of the purchase price. The Buyer of the Ohio 80 acres will receive an Attorneys Certificate of Title and it shall the Buyers option to purchase Title Insurance.

CLOSING: Tracts 1-6: Balance of purchase price is due in cash at closing, which will take place on or before December 29th, 2017. The cost for an insured closing will be shared 50/50 between Buyer and Seller.

Tract 7: A contract will be entered into between Buyer and Seller on or before December 29 pertaining to the 3 year equal payments.

POSSESSION: Possession is at closing.

REAL ESTATE TAXES: The Seller to pay all 2017 Real Estate taxes due in 2018. The Buyer(s) to pay all thereafter.

TRACT 7 CAUV: If usage of property is changed, the Buyer is responsible for CAUV recoupment. Sellers have heretofore used property for agricultural purposes and its real estate taxes have been levied and paid upon a reduced Current Agricultural Use Valuation (CAUV). The Buyers inability or failure to qualify with the local County Auditor for the CAUV valuation for the future will result in a CAUV recoupment of the past real estate tax savings. Buyer shall be wholly responsible for and pay any CAUV recoupment to become due by Buyers conversion of the property to a non-agricultural or non-qualifying use (within the definition of Current Agricultural Use Property).

DITCH ASSESSMENTS: Buyer shall pay all ditch assessments due after closing.

ACREAGE: All acreage is approximate and has 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 the auction. Any need for a new survey will be determined solely by the Seller, cost of the survey will be split 50/50 between Buyer and Seller. The type of survey performed shall be at the Sellers option and sufficient for providing title insurance. Closing prices shall be adjusted to reflect any difference between advertised and surveyed acres. In the event that the entire property sells to one buyer there shall be no survey.

EASEMENTS: All real estate is being sold subject to any existing recorded easements. Existing recorded leases, if any will be assigned to the Buyer.

FAIR HOUSING: It is illegal, pursuant to the Ohio Fair Housing Law, Division (H) of Section 4112.02 of the Revised Code and the Federal Fair Housing Law 42 U.S.C.A. 3601, to refuse to sell, transfer, assign, rent, lease, sublease, or finance housing accommodations, refuse to negotiate for the sale or rental of housing accommodations, because of race, color, religion, sex, familial status, as defined in Section 4112.01 of the Revised Code, ancestry, military status as defined in that section, disability as defined in that section, or national origin or to so discriminate in advertising the sale or rental of housing, in the financing of housing, or in the provision of real estate brokerage services.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials is subject to the Terms and Conditions outlined in the Purchase Agreement. Your bids are to be based solely upon your inspection. All real estate is sold as is without physical warranty. Seller and agent are not assuming any responsibility for warranty of any specific zoning classifications, location of utilities, assurance of building permits, driveway permits or water and septic permits. Tract acreage has been estimated based on aerial photographs. The property is being sold on an AS IS, WHERE IS basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller or the Auction Company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquires, 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. All sketches and dimensions in this brochure are approximate. Except for any express warranties set forth in the sale documents, purchaser(s) assumes all risks thereof and acknowledges that in consideration of the other provisions contained in the sale documents, Seller and the Auction Company make no warranty or representation, express or implied or arising by operation of law, including an warranty of merchantability or fitness for a particular purpose of the property, or any part thereof, and in no event shall Seller or the Auction Company be liable for any consequential damages. Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and Auction Company 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.