Olds, IA
Tract 1 is located east of Olds on East School Ave.
Tract 2 is located 5 miles south of Olds on Highway 218, then 2 miles east on 170^th St., then ½ mile south on Lexington Ave.

Bidding Opens: Thursday, February 15^th
Bidding Closes: Thursday, February 22, 2024 at 1PM

200± Acres – Sells in 2 Tracts

86.4 CSR2!

100% Cash Rent to Buyer for 2024!

Auctioneer’s Note:  Take advantage of this opportunity to add two tracts of land to your farming operation or investment portfolio!  Excellent CSR2 ratings of 86.4 and 81.7.  Selling with tenant in place for the 2024 farming season.

Tract 1 - 80± Deeded Acres

•        FSA indicates: 80.71 cropland acres.
•        Corn Suitability Rating 2 is 86.4 on the cropland acres.
•        Land has tile work completed. 
•        Located in Section 15, Wayne Township, Henry County, Iowa.
•        View Tract 1 - Tile Map
•        View Tract 1 - FSA Field Map
•        View FSA 156 EZ Form
•        View Tract 1 - Soil Map 
•        View Tract 1 - Real Estate Contract

Tract 2 - 120± Deeded Acres

•        FSA indicates: 118.46 cropland acres.
•        Corn Suitability Rating 2 is 81.7 on the cropland acres.
•        Land has tile work completed.
•        Located in Section 11, Marion Township, Henry County, Iowa.
•        View Tract 2 - Tile Map
•        View Tract 2 - FSA Field Map
•        View FSA 156 EZ Form
•        View Tract 2 - Soil Map 
•        View Tract 2 - Real Estate Contract

Terms: 10% down payment on February 22, 2024. Balance due at final settlement/closing with a projected date of April 5, 2024, upon delivery of merchantable abstract and deed and all objections having been met.
Landlord’s Possession: Projected date of April 5, 2024 (Subject to tenant’s rights).
Real Estate Taxes: To be prorated to date of possession on the basis of the last available tax statement. The seller shall pay any unpaid real estate taxes payable in prior years.

Tract 1: Parcels 030021520000600, 030021520000300 = $3,192.00 
Tract 2: Parcels 100051140000100, 100051140000200 = $4,294.00

Special Provisions:

•        This online auction will have a $1,000 buyer’s premium per Tract. This means a buyer’s premium in the amount of $1,000 shall be charged to the Buyer and added to the bid amount to arrive at the total contract purchase price.
•        Tracts will be linked together with the bidding set to close simultaneously. If a bid is placed with less than 4 minutes left, the time on the auction will extend another 4 minutes. This will continue until no bids are placed within the last 4 minutes. Each Tract will stay in bidding extension until there are no more bids placed on any of the Tracts that are linked together.
•        Down payment is due on the day the bidding closes and signing of the contracts will take place through email and electronic document signatures. In the event the auction bidding closes after 3:00pm, the earnest money will be due the following business day.
•        The land is rented on a cash rent basis for the 2024 farming season.  The current lease is $300 X 196.9 tillable acres = $59,070.00, with the first half due March 1, 2024 and the second half due September 1, 2024.  The Buyer will receive 100% of the rent as follows:  Tract 1 = $23,551.21, Tract 2 = $35,518.79.  The March payment will be credited to the Buyer at final settlement/closing.  The September payment will be paid by the tenant to the Buyer.
•        It shall be the obligation of the Buyer(s) to serve termination to the tenant, prior to September 1, 2024, if so desired.
•        It shall be the obligation of the Buyer(s) to report to the Henry County FSA office and show filed deed in order to receive the following if applicable: A. Allotted base acres. B. Any future government programs. 
•        Tracts will be sold by the acre with deeded acres being the multiplier used to determine the total bid amount.
•        Seller shall not be obligated to furnish a survey.
•        Tract 1 has a recorded access easement for ingress and egress over the North 32 feet of the NW ¼ Section 15-73N-6W.
•        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).
•        This auction sale is not contingent upon the Buyer’s financing or any other Buyer contingencies.
•        If a Buyer is unable to close due to insufficient funds or otherwise, Buyer will be in default and the deposit money will be forfeited.
•        The Buyer shall be responsible for any fencing in accordance with state law.
•        The Buyer 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.
•        All mineral rights, if any, held by Seller will be transferred upon closing.
•        This real estate is selling subject to any and all covenants, restrictions, encroachments and easements, as well as all applicable zoning laws.
•        All lines, drawings, boundaries, dimensions, and descriptions are approximations only based upon the best information available and are subject to possible variation. Sketches may not be drawn to scale and photographs may not depict the current condition of the property. Bidders should inspect the property and review all the pertinent documents and information available, as each bidder is responsible for evaluation of the property and shall not rely upon the Seller, Broker or Auctioneer, their Employees or Agents.
•        The Buyer acknowledges that they have carefully and thoroughly inspected the real estate and are familiar with the premises. The Buyer is 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 on the day of sale take precedence over advertising.
  
  

Sellers: GDM, Inc.

Sara L. Haas of Aspelmeier, Fisch, Power, Engberg & Helling, P.L.C  - Attorney for Seller