160 Acres Offered in 6 Tracts

Kosciusko County, IN

Owner: Oppenheim Trust, Tower Trust Co. - Trustee Wed, Aug 18, 2010 EASTERN

AUCTION IS OVER

• Tillable Land • Buildings • Potential Building Sites • Woods • Wildlife & Recreation • Separate Personal Property Auction

OPEN HOUSE/INSPECTION DATES

Sunday, July 18, 1-3PM FOR A PRIVATE INSPECTION, CALL THE SALE MANAGER

PROPERTY LOCATION

At SR 15 & CR 600 N south of Leesburg turn east on CR 600 N to Base Line Road. Turn North to Armstrong Road. Then turn east 2.8 miles to CR 300 E in Oswego. Turn north on CR 300 E, 2 miles to CR 750 N turn east (turns into Kalorama Road) 2.5 mi. to CR 500 E, then turn north 1-1/2 mile to property. Or from SR 13 in North Webster, turn west on Crystal Flash Road (650 N) 2.5 mi to CR 500 E, then turn north to property.

AUCTION LOCATION

North Webster Community Center on SR 13 in North Webster, Indiana. On SR 13 in North Webster just north of the stop light, parking in rear.

PROPERTY DESCRIPTION

TIMBER APPRAISAL
The appraisal of this timber at this time is difficult because we are in a period of improving prices as we recover of the recession. To appraise the timber value in this 21 acre woodland I used the fair market approach using 9 comparable sales, which were selected from over 100 sealed bid sales that I conducted for my clients in the northern Indiana marketing area from before the bottom of the recession. Tree species, quality, tree and woodland size, location, and logging accessibility and date sold were all factors considered when selecting comparable sales and values per board foot. I also used lumber marketing reports, and timber sales from 2010 to determine an appraised 2010 timber value.

Stumpage value means the value paid for the trees standing and unharvested in the woodland with the buyer assuming all the cost of harvesting. Merchantable timber means trees 12" DBH and larger.

Appraisal Summary - Based on these selected comparable timber sales, and my knowledge of timber markets and values, and my volume and quality estimates, I would appraise the August 2010 stumpage value in this 21 acre woodland to be as follows.
274,881 board feet at $.46 board foot = $126,445 or $6,021/acre
View Complete Appraisal

TRACT DESCRIPTIONS

Tract 1: 2± ac potential building site, with road frontage on CR 500E.

Tract 2: 55± ac nearly all tillable, productive farm ground with frontage on CR 500 E.

Tract 3: 14.5± ac excellent potential building site, or tillable land, with frontage on CR 500 E.

Tract 4: 7± ac potential building site or retreat with pond. 4 foot well, electric, 2 barns for 4-H, horses and storage. Heated and insulated office with restroom in large barn. 75 foot of frontage on CR 500 E.

Tract 5: 21.5± ac Swing Tract, add this tract to your combination for a secluded wildlife and recreational area. Mature hardwood trees. This tract may only be purchased in combination with any tract with road frontage or by an adjoining landowner. Includes 4 foot well, no electric.

Tract 6: 60± ac tillable, productive farm ground. Frontage on CR 500 E. Parcel ID

AREA MAP

TRACT MAP(S)

Tract map - 160 Acres Offered in 6 Tracts

AREA MAP(S)

Area map - 160 Acres Offered in 6 Tracts

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.

DOWN PAYMENT: 10% of the accepted bid as down payment on the day the auction with balance in cash at closing. The down payment may be 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.

APPROVAL 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 Sellers acceptance or rejection.

DEED: Seller shall provide a Trustees deed.

EVIDENCE OF TITLE: Seller shall provide title insurance in the amount of the purchase price.

CLOSING: Closing shall take place 15 days after proof of merchantable title.

POSSESSION: At closing.

REAL ESTATE TAXES: Seller pays 2010 taxes due in 2011. Buyer pays all taxes thereafter.

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: AT THE SELLER'S OPTION, 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 Seller's option and sufficient for providing title insurance. Closing prices shall be adjusted to reflect any difference between advertised and surveyed acres on tracts, there shall be no adjustment on tracts of 15 acres or less. If a new survey is determined to be necessary by the Seller. Tracts bid in combinations shall receive a perimeter survey only.

EASEMENTS: The sale of the property is subject to any and all easements of record.

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. ANNOUNCEMENTS MADE BY THE AUCTION COMPANY AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL, OR ANY OTHER ORAL STATEMENTS MADE. 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 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.