Palo & Central City, IA

Bidding Opens: Wednesday March 15^th  
Bidding Closes: Wednesday, March 22, 2023 at 4PM

Open House on Wednesday, March 8^th, from 4-5PM

126± Acres – Sells in 2 Tracts 

Auctioneer’s Note:  Due to the untimely passing of Karen A. Laughlin, her legacy will continue as the proceeds from her estate will benefit the University of Iowa and Iowa State University. Join us in celebrating her legacy, as the land will be sold on this Steffes Group timed online auction event. Tract 1 has development potential with tillable row crop land and a country acreage on a hard surface road.  Tract 2 has recreational land along the Wapsipinicon River with several cabin lot rental incomes! 

Tract 1 – 68.77± Acres with 5 Bedroom Home
Located at 1842 Covington Road, Palo, IA

- This two story home has a very unique floor plan with separate living quarters.  The home was built in 1985 with 1,536 sq. ft. on the main level.
- Main living quarters offers a living room, dining room, kitchen, pantry closet & ½ bath on the main level.
- Upstairs has a main bedroom w/ ensuite ¾ bath, two additional bedrooms and a full bathroom.
- The separate living quarters is partially finished with a separate entrance to the main level living areas. The upstairs offers two bedrooms and an unfinished bathroom.
- Full walkout basement has a large L shaped rec room, full bathroom, washer, Weil-McLain boiler heat and the property has a well.
- There are other older dilapidated barns & buildings on this property.
- Property is currently zoned Agricultural (AG).

FSA indicates: 53.33 acres tillable.
Corn Suitability Rating 2 is 54.8 on the tillable acres.
Located in Section 15, Clinton Township, Linn County, Iowa.
View - Tract 1 - FSA 156 EZ form
View - Tract 1 - FSA Field Map
View - Tract 1 - Soil Map
View - Tract 1 - Real Estate Contract

Included: Refrigerator, Stove, Dishwasher, Washer, Any item present on the day of final settlement/closing.
Not included: LP tank, Tenant’s Farm Equipment.

Tract 2 – 57.23± Acres with Cabin Lot Rental Income
Located at 2583 Eva Mae Page Lane, Central City, IA

This property is ready for a new owner to take on the responsibility of landlord of the recreational ground with cabin rental spots along the Wapsipinicon River.  Cabins spots include river frontage & bluff views. The property is known as Eagle Cove and Eagle Point and is located along North Alburnett Road. The land is currently zoned Seasonal Cabin and Recreation-Critical Natural Resources (REC-CNR).

There are approximately 19 cabin rental spots. The 2021 Schedule E 1040 tax return indicates $24,750 gross income from the cabin spot rentals & cash rent of the tillable land.  It shall be the Buyer’s responsibility to do their due diligence, as this will be a work in progress, as the Buyer will be responsible for honoring current leases in place, as well as working through reestablishing former leases and taking action on unpaid tenants. Seller will retain 100% of the 2023 lease payments already received for the cabin rental spots. Buyer will receive 100% of the 2023 cash rent for the tillable land.  Please note: cabins & campers are not owned by the Seller.  Cabins & campers are owned by the tenants.

FSA indicates: 12.26 acres tillable.
Corn Suitability Rating 2 is 39.6 on the tillable acres.
Located in Sections 13 & 24, Spring Grove Township, Linn County, Iowa.
View - Tract 2 - FSA 156 EZ form
View - Tract 2 - FSA Field Map
View - Tract 2 - Soil Map
View - Tract 2 - Real Estate Contract

Included: Any item present on the day of final settlement/closing.
Not included: Tenant’s cabins, campers & personal property items.

Terms: 10% down payment on March 22, 2023. Balance due at final settlement with a projected date of May 5, 2023, upon delivery of merchantable abstract and deed and all objections have been met.
Landlord’s Possession: Projected date of May 5, 2023 (Subject to tenant’s rights on tillable land and cabin lot rentals).
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.
Tract 1 – Parcels 131545100100000, 131547700100000, 131547700200000 = Net $4,236.00
Tract 2 – Parcels 31335200100000, 32422600100000 = Net $1,336.00

Special Provisions:

• This online auction will have a 5% buyer’s premium. This means the buyer’s premium in the amount of five percent (5%) of the bid amount shall be charged to the Buyer and added to the bid amount to arrive at the total contract purchase price.
• Tracts will be tied 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 tied 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.
• Tract 1, the tillable land is rented for the 2023 farming season. The cash rent is $135 x 52 acres = $7,020.00. The first half payment of $3,510.00 which is due May 1, 2023 will be paid to the Seller and credited to the Buyer at final settlement/closing. The tenant will pay the second half payment of $3,510.00 to the Buyer, due November 1, 2023.
• Tract 2, the tillable land is rented for the 2023 farming season. The cash rent is $850 and will be paid by the tenant to the Buyer at final settlement/closing.
• Seller will retain 100% of the 2023 lease payments already received for the cabin rental spots.
• It shall be the responsibility of the Buyer(s) to serve tenant of the tillable land notice prior to September 1, 2023, if so desired.
• It shall be the obligation of the Buyer(s) to report to the Linn County FSA office and show filed deed in order to receive the following if applicable: A. Allotted base acres. B. Any future government programs.
• Tract 1 will be sold by the acre with the Assessor acres of 68.77 acres being the multiplier for said tract. The Seller shall not be obligated to furnish a survey on Tract 1. 
• Tract 2 will be sold by the acre with the Assessor acres of 57.23 acres being the multiplier for said tract. The Seller shall not be obligated to furnish a survey on Tract 2. 
• Tract 1 it shall be the Buyer’s responsibility to have the home inspected as required by Linn County. Any repairs or updates required from the Linn County inspection shall be the responsibility and expense of the Buyer of Tract 1.
• Due to this being an Estate, the Seller will be exempt from Time of Transfer Inspection of the septic, according to Iowa Code 455B.172(11). Any future inspections, upgrades, repairs, maintenance or other matters to the septic system will be at the Buyer's expense in accordance with Linn County & Iowa Laws & regulations.
• 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 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 the day of sale take precedence over advertising.

Seller: Karen A. Laughlin Estate
BankIowa – Executor
Wesley J. Hilleshiem, Senior Trust Officer
Nicolas AbouAssaly of Simmons Perrine Moyer Bergman P.L.C. - Closing Attorney for Seller