Absolute Auction - 813 Acres in 22 Tracts. Productive Cotton, Corn & Soybean Farmland, Development Potential

Cowan, Tennessee - Franklin County

Owner: Owens Farms, LP Thu, Oct 6, 2011 EASTERN

AUCTION IS OVER

• Tracts Ranging from 6 to 144 Acres • 610+/- Productive Tillable Acres • Adjacent to South Middle School • Excellent Location Between Cowan & Winchester - 2,820ft of Hwy. Frontage • Investigate the Development Potential - 7,700ft of Railroad Frontage • Prime Hunting/Recreational Tracts


OPEN HOUSE/INSPECTION DATES

Thursday, September 8, 4-6pm

Saturday, September 24, 9-11am


Meet a McLemore & Schrader Auction Representative at Cowan Center for the Arts Theater, 301 Montgomery St., Cowan, TN  37318 for Further Information about the Property and the Auction Process.

PROPERTY LOCATION

From Winchester, TN - 6 Miles Proceed East on US-41 Alt S (S. College St) toward Cowan for approximately five miles. Turn left onto Henderson Ln. Property information is located on the right, across from South Middle School.

From Nashville, TN - 100 Miles Proceed East on I-24. Take exit 127 and turn right onto TN-50 W (Veterans Memorial Dr E). Continue for 14.8 miles. Take the ramp to TN-15 E / US-41 Alt S / US-64 E. Turn left onto TN-15 E / US-41 Alt S / US-64 E and proceed 2.3 miles. Turn left onto Henderson Ln. Property information is located on the right, across from South Middle School.

From Chattanooga, TN - 60 Miles Proceed West on I-24. Take exit 134 and turn left onto TN-15 W / US-41 Alt N / US-64. Proceed 12.9 miles. Turn right onto Henderson Ln. Property information is located on the right, across from South Middle School.

AUCTION LOCATION

Monterey Station 104 Monterey Street, Cowan, TN 37318

PROPERTY DESCRIPTION

ATTENTION FARMERS:

Combine Tracts 9-13, 15 & 20-22 Totalling 609+/- Acres with 522+/- Acres of
Productive, Contiguous, Tillable, Farmland.

TRACT DESCRIPTIONS

Tract 1: 6± ac Excellent location with development potential

Tract 2: 6± ac Excellent location with development potential

Tract 3: 6± ac Excellent location with development potential

Tract 4: 14± ac Potential building site, adjacent to school

Tract 5: 13± ac Partially wooded, potential building sites

Tract 6: 16± ac Partially wooded, potential building sites

Tract 7: 11± ac Partially wooded, potential building sites

Tract 8: 17± ac Possible development property near rail siding, across from Front St.

Tract 9: 120± ac Mostly tillable, access from Henderson Ln., railroad access to the North

Tract 10: 142± ac Mostly tillable, access from Henderson Ln., railroad access to the Northeast

Tract 11: 40± ac Mostly tillable, access from Henderson Ln.

Tract 12: 80± ac Mostly tillable, swing tract

Tract 13: 50± ac Mostly tillable, swing tract

Tract 14: 47± ac Mixed hardwood trees, excellent hunting tract

Tract 15: 114± ac Mostly tillable, access from Henderson Ln.

Tract 16: 11± ac Potential wooded home sites with mixed hardwood trees

Tract 17: 8± ac Potential wooded home sites with mixed hardwood trees

Tract 18: 14± ac Potential wooded home sites with mixed hardwood trees

Tract 19: 23± ac Potential wooded home sites with mixed hardwood trees

Tract 20: 27± ac Mostly tillable, access from Henderson Ln.

Tract 21: 26± ac Mostly tillable, swing tract

Tract 22: 22± ac Possible development property with highway frontage.


AREA MAP

TRACT MAP(S)

PLAT MAP(S)

AREA MAP(S)

PROCEDURE: The Property will be offered in 22 individual tracts, any combination of tracts and as a total unit at the dates and times as noted in this brochure. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneers. Bids on tracts, tract combinations, and the total property may compete.

ABSOLUTE AUCTION: The property will sell to the highest bidder, regardless of price.

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, 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. DEED: Seller shall provide a Warranty Deed. EVIDENCE OF TITLE: The Seller agrees to furnish Bidders a preliminary title insurance commitment to review prior to Auction. The Seller will furnish an owners title insurance policy. Seller agrees to provide merchantable title to the property subject to matters of record, general conditions of title, and similar or related matters. All tracts sold AS IS. REAL ESTATE TAXES: Real estate taxes and assessments shall be pro-rated to the date of closing.

CLOSING: Closing will be within 30 days after auction or within 15 days of completion of applicable closing documents, whichever is later.

AGREEMENT OF PURCHASE & SALE: The purchaser(s) shall execute an agreement of purchase and sale, in the form provided by the auctioneer, without modification, immediately after being declared the high bidder.

POSSESSION: Possession of the land at closing, subject to tenants rights to harvest the 2011 crops on tillable land or Buyer(s) may have immediate possession after the auction for hunting privileges by signing a hunting lease which will expire at closing.

ACREAGE: All tract acreages, 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 new boundaries are created by the tract divisions in this auction. Any need for a new survey shall be determined solely by the Seller. The type of survey performed shall be at the Sellers option and sufficient for the issuance of an owners title insurance policy. Combination purchases will receive a perimeter survey only. Closing prices shall be adjusted to reflect any difference between advertised and surveyed acres on all tracts and tract combinations. Buyer(s) and Seller will share survey expenses 50:50.

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 with auction personnel. Bidder shall be liable for any Property damage caused by Bidders inspection and investigation, if any.

MINERAL RIGHTS: The sale shall include 100% of the mineral rights owned by the Seller.

FSA INFORMATION: See auction manager for details.

AGENCY: McLemore Auction Company, LLC and Schrader Real Estate and Auction and their representatives are the Auctioneers and exclusive agents of the Seller regarding the sale of the Property.

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. ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is sold AS IS, WHERE IS. No warranty or representation, either express or implied, or arising by operation of law concerning the Property is made by the Seller or Auctioneers, and are hereby expressly disclaimed. In no event shall Seller or the Auctioneers be liable for any consequential damages. The information contained in this brochure is believed to be accurate but subject to verification by all parties relying on it. Seller and the Auctioneers assume no liability for its accuracy, errors or omissions. All sketches and dimensions in this brochure are approximate. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneers. Seller and the Auctioneers reserve the right to preclude any person from bidding if there is any question, in the sole judgment of Seller or the Auctioneers, as to such persons creditworthiness, ability or willingness to close on the purchase of the Property, credentials, fitness, etc. All decisions of the Auctioneers are final.

NEW DATA, CORRECTIONS AND CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections, or additions to the Property information.

SELLER: Owens Farms, LP