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MAJOR LAND AUCTION - 962+/- ACRES OFFERED IN 6 TRACTS IN CASS & WHITE COUNTIES, INDIANA

Cass & White Counties, Indiana

Owner: Midwest Farms, LLC Fri, Oct 30, 10:00 AM

• 962+/- Acres offered in 6 Tracts from 3+/- to 312+/- Acres • Attention Operators & Investors! • Large Tracts • Productive Cropland • Irrigated Tracts • 132,500+/- Bushels of Grain Storage • Some Pattern Tile • 47+/- Acre Wooded Tract • Pre-Closing Hunting Privileges Available • Cass & White Counties, Indiana • 15+/- Miles Northwest of Logansport • ONLINE BIDDING AVAILABLE You may bid online during the auction at www.schraderauction.com. You must be registered One Week in Advance of the Auction to bid online. For online bidding information, call Schrader Auction Company at 800-451-2709. • 2% Buyers Premium


Auction Info Book


OPEN HOUSE/INSPECTION DATES

Tuesday, September 29 from 3-5pm Eastern
Wednesday, October 14 from 3-5 pm Eastern

Meet a Schrader Representative at Tract 4 off 1000 N (Cass/Pulaski County line)

PROPERTY LOCATION

From Royal Center at the intersection of U.S. 35 and State Road 16, go west on St. Rd. 16 for 2.25 miles to County Road 900 W. Go north on 900 W approximately 1 mile to Tract 1 on the west side of the road. Tract 2 is on the north side of Tract 1. From Tract 2 continue north on 900 W approximately 1.5 miles to 1000 N. Turn west on 1000 N and go 1 mile to 1000 W. Tract 3 is at the southwest corner of 1000 N and 1000 W. From there go south approximately .6 mile to Tract 6, or from 1000 N and 1000 W continue west on 1000 N to Tracts 4 & 5. County Road 1000 N turns into 1100 N in White County.

From Buffalo at the intersection of St. Rd. 39 and St. Rd. 16 go east on St. Rd. 16 4.5 miles to the east junction of St. Rds. 16 and 119. Follow curve to the north on St. Rd. 119 and go 2 miles to County Road 1100 N. Go East on 1100 N approximately 3.25 miles and Tract 5 starts on the south side of the road. Continue east to Tracts 3 & 4. County Road 1100 N turns into 1000 N in Cass County. At the corner of 1000 N and 1000 W go south on 1000 W approximately .6 miles to Tract 6, or to reach Tracts 1 and 2, continue east on 1000 N for 1 mile to 900 W. Go south on 900 W approximately 1.5 miles to Tracts 1 and 2 on the west side of the road.

AUCTION LOCATION

Rogers Event Center, 109 W. North St. Royal Center, IN. On U.S. 35, at Community State Bank, go west one block on North St. to 109 W. North St.

TRACT DESCRIPTIONS

Tract 1: 252± ac Productive cropland with a high percent being Rensselaer loam. 210.95 tillable acres in one field. Also 29.5+/- acres in CRP along the outside ditch banks. The CRP payment is $295.18 per acre and the CRP contract expires 9/30/2026. This tract has frontage on County Road 900 W.

Tract 2: 113± ac Productive cropland with a high percent of Rensselaer loam. 92.54 tillable acres in one field. Also 17.4 acres of CRP along ditch banks on the south and west sides. The CRP payment is $295.18 per acre and the CRP contract expires 9/30/2026. This tract has frontage on County Road 900 W.

Tract 3: 312± ac Nearly all tillable productive cropland with a 9 tower center pivot and a 3 tower center pivot. The 9 tower center pivot currently crosses a 10+/- acre neighboring property which is not part of this auction. The buyer of Tract 3 would need to install stops for the pivot, if arrangements can not be worked out to cross the neighboring property. Most of the south half and northwest part of this tract has been pattern tiled. Tract 3 has frontage on County Roads 1000 W and 1000 N (Cass/Pulaski County line).

Tract 4: 3± ac 132,500+/- BUSHELS OF GRAIN STORAGE.
(5) 10 ring X 36 ft. D (Est. 23,500 bushels each) storage bins with aerated floors, fans and top vents. (1) 6 ring X 36 ft. D (Est. 15,000 bushels) bin with a dryer system. There is a 2,000+/- bushel overhead hopper bin for loadout. Also a Bruneumatic pneumatic system. The southeast storage bin has a dent at the two top rings. This tract has frontage on County Road 1000 N.

Tract 5: 235± ac Mostly all tillable productive cropland with two 5 tower center pivots. There are 3.9+/- acres of CRP in the southwest corner of this tract. The CRP payment is $1,132 per year ($290.25 per acre) and the CRP contract expires 9/30/2025. This tract has frontage on County Road 1100 N (White/Pulaski County line). The pumps for the irrigation system on Tract 5, as well as Tract 3, are located on Tract 5. Water for the pivots is pulled from Indian Creek on the north side of County Road 1100 N. The two pumps on this Tract are; a 30 hp (for the two 5 tower pivots) and a 50 hp (for the 9 and 3 tower pivots), both electric motors. There is one meter at the 3 phase pole.

Tract 6: 47± ac Mostly all wooded. Excellent opportunity for a secluded deer and turkey hunting retreat. There are also 3.7+/- acres of CRP along a portion of the northern and eastern part of the property. The CRP payment is $894.00 per year ($241.62 per acre) and the CRP contract expires 9/30/23. This tract will have 50 ft.+/- of road frontage along 1000 W. There is a foot bridge across the ditch to access the woods.
If auction tracts 3 and 6 do not sell together, the buyer of Tract 3 will have an easement across Tract 6 for drainage to the ditch near the northern boundary on Tract 6. Pre-closing hunting privileges available. Contact auction managers for details.

TAXES: Tracts 1 & 2:
2019 Real estate taxes payable 2020
(2 Tax Parcel #s) - $10,165.68
Drainage assessments - $1,556.11
Tracts 3, 4 & 6:
2019 Real estate taxes payable 2020
(8 Tax parcel #s) - $8,849.48
Drainage assessments - $616.64
Tract 5:
2019 Real estate taxes payable 2020
(2 Tax Parcel #s) - $3,660.08
Drainage assessments - $494.28

FSA Information:
DCP Cropland 894.36 Acres
Effective DCP Cropland 839.86 acres
CRP Acres 54.5 acres
Corn Base Acres 638.73 PLC Yield 158
Soybeans Base Acres 183.47 PLC Yield 48

NOTE - IRRIGATION INFORMATION: If auction Tracts 3 and 5 are not sold in the same combination, the buyer of Tract 3 will have an easement over Tract 5 for irrigation equipment in the location of the existing irrigation equipment including pump, water lines & electric lines. If auction Tracts 3 and 5 are not sold in combination, it will be the responsibility and expense of the buyer of Tract 3 to install a new meter to separate the two pumps.
Also, if auction Tracts 3 and 4 are not sold in the same combination, the buyer of Tract 3 will have an easement over Tract 4 to allow the overhang of the 9 tower center pivot to cross and spray over the southeast corner of Tract 4.

TRACT MAP(S)

Tracts 1 & 2

Tracts 3-6

SOIL INFORMATION

AREA MAP(S)

PROCEDURE: The property will be offered in 6 individual tracts, any combination of tracts and as a total 962+/- acre 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.

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

DOWN PAYMENT: 10% down payment on the day of auction for individual tracts or combinations of tracts. 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 final bid prices are subject to the Sellers acceptance or rejection. All successful Bidders will be required to sign Purchase Agreements at the auction site immediately following the close of the auction.

DEED: Seller shall provide a Special Warranty Deed sufficient to convey insurable title to the real estate. Real estate is sold subject to all rights of way, legal highways, leases, easements of public record, and all other matters of public record.

EVIDENCE OF TITLE: Seller shall provide a preliminary title insurance commitment for review prior to auction. Seller agrees to furnish Buyer(s), at Sellers expense, an updated title commitment prior to closing. The cost of providing an Owners Title Policy shall be paid for by Seller at closing.

CLOSING: The balance of the purchase price is due at closing. The targeted closing date is December 15, 2020. Costs for an administered closing shall be shared 50:50 between Buyer(s) and Seller. All lender costs shall be paid by the Buyer(s).

POSSESSION: Possession is at closing subject to tenant rights for the 2020 crop. The lease expires December 31, 2020.

REAL ESTATE TAXES: Seller shall pay all 2020 real estate taxes due and payable in 2021. Buyer shall assume any taxes thereafter. Buyer will pay all other assessments including drainage assessments, if any, that are last payable without a penalty after the date of closing.

ACREAGE: All tract acreages, dimensions, and proposed boundaries are approximate and have been estimated based on county GIS and/or aerial mapping.

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(s) 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 acres and surveyed acres, except with respect to Tract 4 or any combination that includes Tract 4.

CONSERVATION RESERVE PROGRAM (CRP): Tracts 1, 2, 5 & 6 are subject to existing CRP contracts. The respective Buyer(s) of these tracts shall assume the obligations of the participant under the CRP contracts (to the extent such obligations pertain to the purchased tract/s) and shall timely sign all documents required by the FSA office in connection with such assumption. Any penalty, repayment and/or interest assessed due to termination, non-compliance and/or owner-ineligibility after closing shall be the responsibility of the Buyer. Buyer shall receive the CRP payments due in 2021 and thereafter. Any allocation of the annual contract payment between split parcels shall be determined by the FSA office.

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. 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.

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 MADE.