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FARMLAND AUCTION 211+/- ACRES OFFERED IN 2 TRACTS OR AS A WHOLE IN HENRY COUNTY, IL

Kewanee, IL - Henry County, IL

Owner: Virtue Farms LLC Mon, Jun 6, 6:00 PM CENTRAL

Auction Starts at 6pm CST - (7pm EST) • Productive Tillable Farmland • Great Road Frontage on IL-Hwy 78 • 6 Miles South of Annawan • 5 Miles North of Kewanee • 202+/- FSA Crop Land Acres • 2021 Corn Yield - 244 Bu/Acre Average

This farm is leased for the 2022 & 2023 crop years. The buyer will receive half of the 2022 cash rent payment ($200/farmable acre) that is due October 15th, 2022, & the full payment of $400/farmable acre for the 2023 crop year, that will be available in 2023. The buyer will also receive a credit from the tenant in the year 2023 for fertilizer that has been prepaid by the seller in the amount of $2,645. For a copy of the existing lease please contact a Schrader Agent. Bid with confidence!


Auction Info Book


OPEN HOUSE/INSPECTION DATES

Wed, May 18 from 4 - 6pm
Thur, May 19 from 9 - 11am
Meet a Schrader Rep at Tract 1 off of N 1200th Ave.

PROPERTY LOCATION

IL-Hwy 78 & N 1200th Ave, Kewanee, IL - From US I-80 W Exit 33 & IL-Hwy 78 (Annawan Exit), travel south on IL-Hwy 78 for 6 miles.

AUCTION LOCATION

Best Western Annawan Banquet Center
315 N Canal St, Annawan, IL 61234

TRACT DESCRIPTIONS

Tract 1: 104± ac Predominant Soil Types: Greenbush silt loam, series; Fayette silt loam, glaciated, series Average PI: 121.7 2021 Average Corn Yields: 244 Bu/Acre

Tract 2: 107± ac Predominant Soil Types: Greenbush silt loam, series; Sylvan silty clay loam, series Average PI: 123.9 2021 Average Corn Yields: 244 Bu/Acre

TRACT MAP(S)

AREA MAP(S)

PROCEDURE: Tracts 1 and 2 will be offered in individual tracts, and as a total 211+/- acre unit. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneer. Bids on individual tracts and the total property may compete. The property will be sold in the manner resulting in the highest total sale price.

BUYERS PREMIUM: The contract purchase price will include a Buyers Premium equal to 2% of the bid amount.

DOWN PAYMENT: 10% of the total contract purchase price will be due as a down payment on the day of auction, w/ the balance due in cash at closing. 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 successful bidders will be required to sign purchase agreements at the auction site immediately following the close of the auction. All final bid prices are subject to the Sellers acceptance or rejection.

DEED: Seller will furnish a Warranty deed at the time of closing.

EVIDENCE OF TITLE, TITLE INSURANCE: Seller shall provide a preliminary title insurance commitment for review prior to auction. Seller shall furnish at Sellers expense an updated title insurance commitment disclosing marketable title to the real estate in the name of the Seller as of a date after the Auction and prior to closing, subject to all standard requirements, conditions and exceptions and subject to the Permitted Exceptions. At closing, Seller shall pay for the cost of issuing a standard coverage owners title insurance policy in accordance w/ the updated commitment. Any lenders title insurance policy shall be at Buyers sole expense.

CLOSING: The balance of the purchase price is due at closing. The targeted closing deadline is approximately 45 days after the auction or as soon thereafter upon completion of surveys, if applicable, the final title commitment and Sellers closing documents. The closing agents fee for administering closing shall be shared 50:50 between Buyer(s) and Seller. All lender costs shall be paid by the Buyer(s).

POSSESSION: Possession shall be after the removal of the 2023 crop.

REAL ESTATE TAXES: 2022 Real Estate taxes due in 2023 and all taxes due thereafter are the responsibility of the buyer.

MINERALS: The sale of the Purchased Tracts will include the minerals currently owned by Seller (if any).

ACREAGE and TRACTS: All tract acreages, dimensions and proposed boundaries are approximate and have been estimated based on county tax parcel data, county GIS and/or aerial mapping. Any corrections, additions, or deletions will be made known prior to the auction.

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 but if and only if the difference exceeds one acre.

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 w/ 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. Further, prospective Buyers are informed that Buyer shall carefully inspect the Property and any improvements, components, fixtures, equipment or appliances in or on the Property and, if desired, to have inspected by an expert of Buyers choosing and that Buyer is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. It shall be a requirement that Buyer shall indemnify, defend and hold Owner harmless from any and all loss, cost, expense, damage, liability, mechanics or materialmens lien or claim of lien, action or cause of action, including without limitation reasonable attorneys fees, arising from or relating to any and all inspections, studies, investigations or entries upon the Property by Buyer or its agents or representatives. Such indemnity shall expressly survive closing or any termination of a purchase contract if no Closing occurs and the purchase contract is terminated.

EASEMENTS: Subject to any and all existing easements.

AGENCY: Schrader Real Estate and 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.