SECURED LENDER - HUMBOLDT COUNTY LAND AUCTION

HUMBOLDT, IOWA

Land is located 7 miles west of Humboldt on Highway 3, then 2 miles north on Elm Avenue.  1990 Elm Avenue, Bradgate, IA

Auction to be held at the Rustix Restaurant Banquet Room, 716 Sumner Avenue, Humboldt, IA

262.92 Surveyed Acres – SELLS IN 2 TRACTS

LAND SOLD FOR: 

$1,443,000.00

Tract #1 – 120 Surveyed Acres

Approx. 117 acres tillable of which 1.9 acres are in the CRP program as follows:

1.9 acres at $152.44 = $289.63 and expires on 9-30-2022.

Corn Suitability Rating 2 of 83.1 on the entire tract.

Located in Section 23, Avery Township, Humboldt County, IA

Not included: 2019 crop, Irrigation pivot

Real Estate Taxes on Tract #1

Gross                             $3,199.27

Ag. Credit                         ($55.94)

Net                               $3,139.00 (Approx.)

Tract #2 – 142.92 Surveyed Acres

Approx. 126 acres tillable of which 1.1 acres are in the CRP program as follows:

1.1 acres at $152.44 = $167.68 and expires on 9-30-2022.

Corn Suitability Rating 2 of 66.5 on the tillable acres.

Buildings on this tract include an uninhabitable home, a 40’x60’ shop with two overhead doors, a 2,920 bu. grain bin and a 8’x10’ lawn shed.

Located in Section 23, Avery Township, Humboldt County, IA

Not Included: 2019 crop, Fuel Tank, Farm Equipment.

Real Estate Taxes on Tract #2

Gross                             $3,174.72

Ag. Credit                        ($54.16)

Net                               $3,123.00 (Approx.)

TERMS ON ALL TRACTS

Terms: 10% down payment on June 26, 2019.  Balance due at closing with a projected date of August 9, 2019, upon delivery of merchantable abstract and deed and all objections have been met.

Possession: Projected date of August 9, 2019. (Subject to tenant’s rights on the tillable land)

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:

• The land is selling subject to tenant’s rights and is rented for the 2019 crop year.  The current cash rent lease is based on 226 acres at $200 per acre with a total annual rent of $45,200.  The buyer(s) will receive the second half cash rent payment, which will be paid by the seller to the buyer(s), at closing as follows:
•       • Tract #1 - $11,300.00 • Tract #2 - $11,300.00
• Termination has been served to the tenant by the seller.  The land is selling free and clear for the 2020 farming season.
• It shall be the obligation of the buyer(s) to report to the Humboldt  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 that the final tillable acres will be determined by the FSA office.
• Buyer(s) 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 agrees to indemnify and hold harmless the seller 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.
• The land will be surveyed by a licensed surveyor and surveyed acres will be the multiplier for said tracts.  If the recorded survey is different than the announced surveyed acres, adjustments to the final contract price will be made accordingly at closing. 
• It shall be the buyer’s responsibility and expense to inspect, repair and/or update the septic system and acquire the DNR Time of Transfer certificate for the septic system.  Unless, the buyer intends to demolish or raze the building, then a legally binding document verifying that the building will be demolished shall be attached to the form.  All septic paperwork and inspections shall be done prior to closing, at buyer’s expense.
• This auction sale is not contingent upon buyer’s financing or any other buyer contingencies.
• Purchasers who are unable to close due to insufficient funds or otherwise, will be in default and the deposit money will be forfeited.
• 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)
• 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 real estate.
• Steffes Group, Inc. is representing the seller.
• Any announcements made the day of sale take precedence over advertising.

Secured Lender
Collin M. Davison – Attorney for the Seller

For details contact auction manager, Nate Larson of Steffes Group, 319.385.2000 or Nate’s cell - 319.931.3944

Downloads:
Survey Overlay
Survey Plat