Wednesday, December 05,2007 04:00 PM  thru  06:00 PM

North of SR 6, east side of Kendallville, travel north on Riley Road approx. 1 1/2 miles to Appleman Road (800N), then east 1/4 mile to property. Location of Tracts 3-5: Travel north on Riley Road to Lakeside Drive, then east to Lake Bluff Drive, then left to Edgewood Drive. Tracts are located at end of cul-de-sac.

At the log cabin building at the Noble Co. Fairgrounds on the east side of Kendallville on St. Rd. 6. Entrance is south of St. Rd. 6 on Fair St.

TRACT 1: 5 ACRE potential building site. Approximately 400 ft. of frontage on 800 N. This tract is level with elevation overlooking the field behind it.

TRACT 2: 5 ACRE potential building site similar to Tract 1. This tract has nearly 400 ft. of road frontage on 800 N. This tract also has a higher elevation overlooking the field in the back. Combining with Tracts 1 and/or 2 would add access off of 800 N. Great development potential for these tracts!!

TRACT 3: 30 ACRES. This tract has access off of the Cul-de-sac in Brookside Estates. It lays behind Tracts 1 & 2 and Brooksides Estates.

TRACT 4: 16 ACRES. This tract has access off of 800 N and runs south to the tracts adjacent to Brookside Estates.

Tract 5: 12 Acres. This tract also has access off of the Cul-de-sac in Brookside Estates. Tracts 1-5 are zoned residential. Purchase these tracts in combination for great investment and development potential!

TRACT 6: 31 ACRES. This tract has over 300 ft. of road frontage along 800N and runs back over 2000 ft. in depth. This tract adjoins Tract 9, which is a mostly wooded "Swing" Tract.

TRACT 7: 1.7 ACRES. This tract is an existing farm operation. There is a large barn and smaller out buildings for livestock. There are also grain storage and drying bins. These will be offered separately or in combination with Tract 7. This is not a buildable site, but combine with Tracts 6 & 8 for an awesome 67 acre farm.

TRACT 8: 34 ACRES. This tract has over 400 ft. of road frontage on 800 N. and runs back over 2000 ft. in depth. This Tract also can be combined with Tract 9, the wooded tract behind it.

TRACT 9: 10 ACRE SWING TRACT - This tract is mostly wooded and can be purchased only in combination with another Tract or by an adjacent land owner. This is a beautiful piece of woods for hunting and recreational uses.

TRACTS 10, 11, AND 12: 5 ACRE potential building sites along 800 N. These have approximately 350 ft. of road frontage. Each has higher elevations overlooking the farm land surrounding them.

TRACT 13: 21.8 ACRES. This tract has 320 ft. of road frontage and offers a large estate size potential building site.

TRACT 14: 29 ACRES. This tract has 200 ft. of road frontage and is all tillable.

TRACTS 15 & 16: 5 ACRES. Each of these tracts has over 400 ft. of road frontage. Each offers excellent building potential on a road convenient to shopping and highways.

TRACT 17: 14 ACRES. This tract offers one of the prettiest potential building sites on the farm. It backs into the woods on the west and contains approximately 2.3 acres of woods. It has approximately 400 ft. of road frontage and runs back over 1500 ft. in depth. Tracts 6-17 contain a total of approximately 167 acres of land with approximately 152 being tillable. This is good productive farm land. Combine these tracts to expand your farm operation.

Items 18, 19, 20, and 21:

Item 18: 27' 10,000 Bushel Brock Bin

Item 19: 27' 10,000 Bushel Brock Bin

Item 20: Farm Fan AB18B Dryer, LP Gas

ITEM 21: Brock 1800 Bushel wet holding bin Possession of grain bins after April 30, 2008. All items must be removed or bid in combination with Tract 7. Tracts 3, 4, 5, 6, 7, and 14, per Kendallville planning and zoning, would require to receive a variance to be buildable sites. Road frontage is less than 320' which is an exempt partition defined by City of Kendallville codes. Call Auction Co. on zoning questions, or Planning Director David Lange 260-347-2152.

PROCEDURE: The property will be offered in 17 individual tracts, any combination of tracts subject to the swing tract limitations, and as a total 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 with the balance in cash at closing. The down payment may be made in the form of cash, cashier's 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 enter into purchase agreements at the auction site immediately following the close of the auction. All final bid prices are subject to the Seller's acceptance or rejection

EVIDENCE OF TITLE: Seller shall provide an owner's title insurance policy in the amount of the purchase price.

DEED: Seller shall provide General Warranty Deed(s).

DEED RESTRICTIONS: All single family homes must be built to the Indiana 1 & 2 Family Dwelling Code. (This would exclude all mobile homes and typical doublewide modular homes.) The minimum square footage on single story, single family homes shall be 1,250 square feet. The minimum square footage on 1-1/2 story single family homes shall be 1,500 square feet. The minimum square footage on 2 story, single-family homes shall be 1,750 square feet.

CLOSING: The balance of the purchase price is due at closing, which will take place within 15 days of presentation of insurable title. Costs for an insured closing shall be shared 50:50 between Buyer(s) and Seller.

POSSESSION: Possession shall be at closing, immediately following the closing, except on grain bins which will be April 30th.

REAL ESTATE TAXES: The Seller shall pay the 2007 taxes due in 2008. Buyer(s) shall assume and pay all taxes thereafter.

ACREAGE: All tract acreage, 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 the tract divisions in this auction create new boundaries. Solely the Seller shall determine any need for a new survey. 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 Seller's option and sufficient for providing title insurance. Closing prices shall be adjusted to reflect any difference between advertised and surveyed acres, if a new survey is determined to be necessary by the Seller, on all tracts and tract combinations advertised as greater than 15 acres. Combination purchases will receive a perimeter survey only.

DRAINAGE EASEMENT: If tracts 1 - 5 and Tract 6 - 17 do not sell as entire properties respectively, easement access will be provided over tracts in this property for perimeter drain tile outlets if perimeter drain tile outlets beyond each individual tract are required by the Noble County Board of Health.

AGENCY: Schrader Real Estate & Auction Co. 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 "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. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conduct of his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the brochure is subject to verifications by all parties relying on it. The Seller or the Auction Company assumes no liability for its accuracy, errors, or omissions. Conduct of the auction and increments of bidding are at the 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 person's 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.