Osceola, IA 50213(Clarke County)

The highly tillable land containing 219.75 acres of FSA cropland of which 55.84 acres is in the Conservation Reserve Program and 163.37 acres of effective cropland. The CRP contract pays $174.43/acre through 2027. The mid contract management has been completed. There is one large pond and three smaller ones. The land has a permanent manure easement with Cactus Family Farms that allows them to spread manure from the units across the road to the south. The manure easement is available online at the listing site or we can e-mail or mail it to potential buyers. Manure was applied last fall with a good amount of N-P-K with the analysis available.These applications have done a good job of addressing the tillable acres needs for P & K. The manure cannot be spread on the CRP land. The fences are reported to be in good condition but Buyers need to verify that if needed.

Immediate Possession. See terms and conditions related to the possession.

FSA Info, Soil tests and previous yield information is available upon request.

Gross: 281 Acres m/l

FSA Cropland: 282.23 Acres

163.37 A Tillable m/l

55.84 A m/l of CRP

61.79 A m/l of Non-Tillable & Pond

CSR2: 54.9

STR: 21-71N-25W

Taxes: $4,253 m/l due to split

No Rural Water

Legal Description: NW 1/4 & W 1/2 of NE 1/4 (West of Pasture) of Sect 21 & E 1/2 NE 1/4 of Section 20 all in 21-71-25 of Clarke Co., IA

SEALED BID AUCTION TERMS

Thomas Murrane 1999 Trust & the Janelle Murrane Family Trust

Sealed Big Auction 279.88 acres m/l in Sections 20 & 21

(Previously Advertised at 281 Acres)

Auction Sales Method: The real estate will be offered as 1 tract of land.

Sealed Bids: Written bids will be received at the office of Gannon Real Estate & Consulting, on or before April 30th 1:00 PM CST and all bidders will be notified within 48 hours. The trustees have the right to go back to the top five bidders and ask for another bid. The bids may be hand delivered or sent by certified mail to the Gannon Real Estate & Consulting office at 122 Main Street Ames IA 50010. All bids will need to be submitted on the sealed bid form. Seal bid forms can be found on the listing page of the property. No online bids.

Possession: There are no leases so the Buyer can have immediate possession after bid acceptance. The buyer is expected to plant corn or soybean crop as soon as prudent and with a plan approved by Gannon Real Estate & Consulting. If the Buyer defaults on the purchase contract, then the Buyer will forfeit the earnest funds plus crop planted and any inputs applied.

Closing: Closing will be on or before June 14, 2024, but we could accommodate a delayed closing for 1031 exchanges or other reasons if they are approved ahead of April 28, 2024.

Earnest Money: A 10% earnest money payment is required on the day of the auction. Payments are to be made to the Belin Law Firm Trust Account. The earnest money must be paid in the form of a cashiers check, cash or wire transfer.

Farm Lease: The farm lease is open for the 2024 cropping season.

Contract and Title: Immediately upon the final conclusion of the auction, the highest bidder will enter into a real estate sales contract and deposit with Belin Law Firm Trust Account the required earnest money payment. The seller will provide an updated abstract at their expense. The sale is not contingent upon the Buyers financing.

Mineral Rights: All mineral rights will be conveyed to the buyer (if any).

Taxes: Real Estate taxes will be prorated to closing.

Survey: No survey will be performed.

Fences: The fences are assumed to be the right hand rule but this is not guaranteed nor the adequacy of the fences.

Manure Easement: There is a manure easement to Cactus Family Farms that runs permanently with the land. Manure is normally applied in the fall and has provided the bulk of the P and K needed for most of the crop fields. The manure is not guaranteed but has been consistently applied for many years. Cactus Family Farms has been good to work with in coordinating manure applications and has been a significant asset to the property. Application reports are available upon request.

Other: The sale is subject to all easements, covenants and restrictions of record. The property is sold as is - where is basis with no warranties expressed or implied by the Sellers or Gannon Real Estate & Consulting. Bidding increments are at the sole discretion of Gannon Real Estate & Consulting. There is approximately 110 acres of pasture to the east side also owned by the Murrane trusts that is not part of this offering but may potentially be available for sale in some manner in the summer of 2024.

Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Sellers and Gannon Real Estate & Consulting. Overall tract acres, tillable acres, etc. may vary from figures stated within marketing material. Buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal description in the marketing material should not be used in legal documents. Full legal descriptions will be taken from the abstract. Please do not drive on the property in wet conditions. Feel free to walk the land at any time but no fishing or hunting is allowed. No one has been given permission to hunt for many years.