LARGE LOUISA COUNTY, IOWA LAND AUCTION

Tracts #1,2,7,8 & 9 are generally located north of Fredonia, IA, along G40. 
Tracts #3,4,5 & 6 are located 2 miles east of Columbus Junction on Highway 92, then ¼ mile south on 140th Street.  

Auction to be held at the Youth Learning Center at the Louisa County Fairgrounds, Columbus Junction, Iowa.

SOLD
TRACT #1 – 102.41 Taxable Acres X $6,000 = $614,460
TRACT #2 – 59.04 Taxable Acres X $6,000 = $354,240
TRACT #3 – 43.28 Surveyed Acres X $7,100 = $307,288
TRACT #4 – 95.94 Surveyed Acres X $5,400 = $518,076
TRACT #5 – 23.89 Surveyed Acres X $5,400 = $129,006
TRACT #6 – 4 BEDROOM HOME ON 5.54 Surveyed Acres = $109,000
TRACT #7 – 130.62 Taxable Acres X $900 = $117,558
TRACT #8 – 51.19 Taxable Acres x $675 = $34,553.25
TRACT #9 – 7.53 Taxable Acres = $42,500 

Total = 2,226,681.25

519.44 Acres M/L – SELLS IN 9 TRACTS

Open House on Wednesday, January 4th, 1-2 PM 

“Selling Choice with the Privilege” 
Tracts #1 & 2 will be sold price per acre and will be sold Choice with the Privilege, whereas the high bidder may take Tract #1, Tract #2 or both tracts for their high bid.  This will continue until both tracts are sold.  

Then Tracts #3, 4 & 5 will be sold price per acre and will be sold Choice with the Privilege, whereas the high bidder may take Tract #3, Tract #4, or Tract #5 or all tracts or any combination of tracts, in any order, for their high bid.  This will continue until all three tracts are sold.  

Then Tract #6 will be sold lump sum price.  

Then Tracts #7 & 8 will be sold price per acre and will be selling Choice with the Privilege, whereas the high bidder may take Tract #7, Tract #8 or both tracts for their high bid.  This will continue until both tracts are sold.  

Then Tract #9 will be sold lump sum price.  
Tracts will not be recombined.

Auctioneer’s Note:  The farms are selling Free and Clear for the 2017 farming season.

TRACT #1 – 102.41 Taxable Acres M/L with Irrigation System, Home, Buildings & Grain Bins
Farm & home are located at 1098 Iowa Street, Fredonia, IA.
 
FSA information: 103.08 acres tillable of which 22.54 acres are in the CRP as follows: 22.54 acres at $224.91 = $5,069.00 and expires on 9-30-2026.
Corn Suitability Rating 2 of 52.5 (CSR 1 of 57) on the entire farm.
Located in Sections 20 & 21, Concord Township, Louisa County, Iowa.

This tract includes a Reinke Electrogator Model 665 1250' pivot irrigation system with end gun and drop sprinklers with 6,547 hours, approx.. 10,000 bu. grain bin w/ fan & walkup stairway, approx.. 7,000 bu. grain bin w/ walkup stairway, (2) 3,000 bu. grain bins, Open faced machine shed, Metal sided building and (2) small storage sheds.

The home on this property is a 1,680 sq.ft., four bedroom home with 3 bedrooms upstairs and 1 bedroom on the main level.  Also on the main level are the living room, kitchen, bath and enclosed back porch.  The home features a metal roof, city sewer, electric heat and a well.

Real Estate Taxes on Tract #1
Gross                          $2,870.72
Ag. Credit                     ($100.77)
Family Farm Credit      ($71.03)
Net                              $2,700.00(Rounded) 

Closing & Possession of tillable ground & outbuildings: Projected date of March 1, 2017. In conjunction with the conveyance of Tract #1, Sellers shall issue a Quit Claim Deed without abstract of title to the following described parcel:
All that portion of Iowa Street as platted located East of the West boundary of 3rd Avenue and South of the South boundary of the Northwest Quarter of the Northeast Quarter of Section 20 Township 75 North Range 4 West of the 5th P. M. in Louisa County, Iowa.
Possession of grain bins: August 1, 2017.
Possession of home: July 1, 2017. 

Included: Reinke irrigation system, Items in open faced machine shed & 2 small outbuildings.
Not Included: Grain in grain bins are reserved until August 1, 2017.  Personal property items of house tenant in home & garages.

TRACT #2 – 59.04 Taxable Acres M/L with GPS Irrigation System
Farm is located 1 ½ miles north of Fredonia on G40, then ¼ mile west on 170th Street.

FSA information: 57.72 acres tillable of which 7.42 acres are in the CRP as follows: 7.42 acres at $285.32 = $2,117.00 and expires on 9-30-2023.
Corn Suitability Rating 2 of 44.6 (CSR 1 of 46.3) on the entire farm.
Located in Section 8, Concord Township, Louisa County, Iowa.

This tract includes a Reinke Electrogator II, Model 2665 RPM Advanced 1000' pivot irrigation system with end gun and drop sprinklers, GPS Equipped with 720 hours. 

Real Estate Taxes on Tract #2
Gross                            $847.26 
Ag. Credit                     ($31.55)
Family Farm Credit    ($22.24)
Net                                $794.00 (Rounded) 

Closing & Possession of tillable ground: Projected date of March 1, 2017.
Included: Reinke irrigation system.


TRACT #3 – 43.28 Surveyed Acres
FSA information: 38.77 acres tillable of which 13.2 acres are in the CRP as follows: 8.8 acres at $218.53 = $1,923.06 and expires on 9-30-2025
4.4 acres at $275.42 = $1,211.84 and expires on 9-30-2023
Corn Suitability Rating 2 of 48 (CSR 1 of 43.5) on the entire farm.
Located in Section 28, Concord Township, Louisa County, Iowa.

This tract includes (2) approx. 10,000 bu. grain bins with walkup stairway, (1) approx.. 8,000 bu. grain bin with electric dryer and walkup stairway, and an older shed.

Real Estate Taxes on Tract #3
Gross                         $1,221.75
Ag. Credit                      ($52.26)
Family Farm Credit     ($36.82)
Net                             $1,132.67 (Approx.) 

Closing & Possession of tillable ground & outbuildings: Projected date of March 2, 2017.
Possession of grain bins: August 1, 2017.
Included: Items in shed.
Not Included: Grain in grain bins are reserved until August 1, 2017.


TRACT #4 – 95.94 Surveyed Acres
FSA information: approx.. 91.81 acres tillable of which approx.. 35.55 acres are in the CRP as follows: 
17.06 acres at $125.60 = $2,143.00 and expires on 9-30-2022
3.21 acres at $237.60 = $763.00 and expires on 9-30-2022
8.88 acres at $234.06 = $2,078.45 and expires on 9-30-2024
6.4 acres at $275.42 = $1,762.68 and expires on 9-30-2023
Corn Suitability Rating 2 of 45.5 (CSR 1 of 50.1) on the entire farm.
Located in Section 28, Concord Township, Louisa County, Iowa.

Real Estate Taxes on Tract #4
Gross                           $2,119.65
Ag. Credit                       ($90.86)
Family Farm Credit      ($64.04)
Net                              $1,964.75 (Approx.) 

Closing & Possession of tillable ground: Projected date of March 2, 2017.


TRACT #5 – 23.89 Surveyed Acres
FSA information: approx.. 26 acres tillable. of which approx.. 12.5 acres are in the CRP as follows: 
5.66 acres at $218.53 = $1,236.87 and expires on 9-30-2025
5.94 acres at $234.06 = $1,390.31 and expires on 9-30-2024
0.9 acres at $275.42 = $247.87 and expires on 9-30-2023
Corn Suitability Rating 2 of 46.6 (CSR 1 of 54.4) on the entire farm.
Located in Section 28, Concord Township, Louisa County, Iowa.

Real Estate Taxes on Tract #5
Gross                            $617.13
Ag. Credit                     ($26.46)
Family Farm Credit    ($18.60)
Net                               $572.07 (Approx.) 

Closing & Possession of tillable ground: Projected date of March 2, 2017.


TRACT #6 – 4 BEDROOM HOME ON 5.54 Surveyed ACRES
Home is located at 20489 140th Street, Columbus Junction.

The two story home has 1,632 sq. ft. of total living space.  The kitchen has an electric stove, washer, dryer & dishwasher.  The main level has a living room, dining room & parlor room with pocket doors, bedroom & a full bath.  The upstairs has three bedrooms.  Original woodwork throughout the home.

Partial basement with FHP geothermal heating & air conditioning unit, electric water heater & 225 amp breaker box.  Home has a well.

Outbuildings include a detached 30’x40’ 3 car garage with openers & 100 amp breaker box, 40’x120’ machine shed with electric, & portable shed. All situated on 5 acres M/L, subject to final survey.

FSA information: 2.4 acres tillable. of which 2.21 acres are in the CRP as follows: 
2.21 acres at $225.64 = $499.00 and expires on 9-30-2025.
Corn Suitability Rating 2 of 52.8 (CSR 1 of 54.2) on the tillable.
Located in Section 28, Concord Township, Louisa County, Iowa.

Real Estate Taxes on Tract #6
Gross                         $1,311.50
Ag. Credit                        ($6.85)
Family Farm Credit       ($4.88)
Homestead                ($148.50)
Net                              $1,151.27 (Approx.) 

Closing & Possession of tillable ground & outbuildings: Projected date of March 2, 2017.

Included: Electric stove, Washer, Dryer, Dishwasher, Portable shed, Items in outbuildings.


TRACT #7 – 130.62 Taxable Acres M/L
This tract is in the Wetlands Reserve Program, except 2.11 acres where a cabin is located.  The tract is right on the banks of the Cedar River with the land planted in native grasses providing excellent cover for wildlife.  The 2.11 acres is leased to the cabin owner for 12 years.  At which time, the new owner can decide whether to enter into a new lease with the owner of the cabin.   Land is located in Section 8, Concord Township, Louisa County, Iowa.

Real Estate Taxes on Tract #7
Gross                           $1,166.52
Ag. Credit                        ($43.34)
Family Farm Credit        ($30.54)
Net                                $1,092.00 Rounded 

Closing & Possession of ground: Projected date of March 3, 2017.(Subject to WRP easement & cabin lease)
Not Included: Cabin


TRACT #8 – 51.19 Taxable Acres M/L
This tract is also in the Wetlands Reserve Program, with the exception of an area along the Cedar River, perfect for a cabin along the river.  The tract is right on the banks of the Cedar River with the land planted in native grasses providing excellent cover for wildlife.  Land is located in Section 8 & 17, Concord Township, Louisa County, Iowa.

Real Estate Taxes on Tract #8
Gross                          $849.23
Ag. Credit                      (36.00)
Family Farm Credit      (25.36)
Net                               $788.00 Rounded 

Closing & Possession of ground: Projected date of March 3, 2017.(Subject to WRP easement)


TRACT #9 – 7.53 Taxable Acres M/L
This land presents a unique opportunity to purchase a small tract of land on the banks of the Cedar River with surrounding Wetland Reserve Program land.  There are currently 6 cabin owners that are leasing the land the cabins are on and will be leased through December 31, 2017.  At which time, the new owner can decide whether to enter into new leases with the owners of the 6 cabins or to make the land their own hideaway on the Cedar River.  Land is located in Section 17, Concord Township, Louisa County, Iowa.

Real Estate Taxes on Tract #9
Gross                         $75.35
Ag. Credit                     (2.81)
Family Farm Credit     (1.98)
Net                              $70.00 Rounded 

Closing & Possession of ground: Projected date of March 3, 2017.(Subject to Cabin owner’s lease rights)
Not Included: (6) Cabins

TERMS ON ALL TRACTS
Terms: 20% down payment on January 18, 2017. Balance due at closing, upon delivery of merchantable abstract and deed and all objections have been met.
Possession: See Individual Tracts for Projected Dates.
Real Estate Taxes:  To be prorated to date of possession on the basis of the last available tax statement.  Seller shall pay any unpaid real estate taxes payable in prior years.

Special Provisions: 
• All farms are being sold free and clear for the 2017 farming season.
• This auction is selling subject to court approval.
• It shall be the obligation of the buyer(s) to report to the Louisa County FSA office and show filed deed(s) in order to receive the following if applicable:   A. Allotted base acres.  B. Any future government programs.  C. CRP prorate.  Please note CRP and tillable acres are approximates, as the farms are being split.  Final tillable acres and CRP acres will be determined by the Louisa County FSA office.
• Buyer agrees to follow all requirements of conservation plans and practices required by the FSA to maintain eligibility in the Conservation Reserve Program. Buyer agrees to accept responsibility and liability for any actions by the buyer which would endanger eligibility for the CRP or actions that would require repayment of the CRP payment or payments. Buyer further agree to indemnify and hold harmless the sellers for any recovery sought by the FSA due to actions of buyer, which would violate the requirements of the CRP. In the event the buyer elects to take the ground out of CRP, the buyer will be responsible to the seller for any prorate of the CRP payment that the seller would have received.
• Tracts #3,4 & 5 will be surveyed by a registered land surveyor and surveyed acres will be the multiplier for said tracts.  Seller shall not be obligated to furnish a survey on any other tracts.  Taxable Acres will be the multipliers for Tracts #1,2,7 & 8.  Tracts #6 & #9 will be sold lump sum price.
• Tract #6, 7 & 9 are exempt from the Time of Transfer Inspection of the septic, due to this being an estate, Iowa Code 455B.172(11).  Any future inspections, upgrades, repairs, maintenance or other matters to the septic systems will be at the buyer's expense in accordance with Louisa County & Iowa Laws & regulations.
• This auction sale is not contingent upon Buyer’s financing or any other Buyer contingencies.
• The buyer(s) shall be responsible for any fencing in accordance with Iowa state law.
• If one buyer purchases more than one tract, the seller shall only be obligated to furnish one abstract and deed. (husband & wife constitute one buyer) and may combine descriptions to avoid sub division requirements.
• The buyer(s) shall be responsible for installing his/her own entrances if needed or desired.
• If in the future a site clean-up is required it shall be at the expense of the buyer(s).
• This real estate is selling subject to any and all covenants, restrictions, encroachments and easements, as well as all applicable zoning laws.
• The buyer(s) acknowledge that they have carefully and thoroughly inspected the real estate and are familiar with the premises. The buyer(s) are buying this real estate in its "as is" condition and there are no expressed or implied warranties pertaining to the same.
• Any announcements made the day of sale take precedence over advertising.

Vernon Jack Swain Estate
Sharon Blom & Lewis David Wilson – Co-Executors
Steven A. Sents – Attorney for Estate

For more information contact Steffes Group at 319.385.2000