Louisa County LAND AUCTION
Morning Sun, Iowa
Located 5 miles north of Morning Sun on Hwy X37 then west on 65th Street then mile north on Q Avenue.
THURSDAY, JUNE 21, 2012 AT 1:02 P.M.
Preview on Thursday, June 7th from 1-2 P.M.
The second of the cash rent will be paid to the new buyer!!
119 Acres, M/L Sells in One Tract (subject to final survey)
FSA Information: 99.6 acres tillable of which 17.5 acres are in CRP at $150.60 per acre and expires 9/30/16
CSR is 72.1 on entire farm and 73.8 CSR on tillable!
124 bushel corn yield and 54 acre corn base
33 bushel bean yield and 28 acre bean base
Located in Sections 4 & 33, Marshall Township, Louisa County, Iowa
TERMS: 20% down payment on June 21, 2012. Balance to be paid on or before July 20, 2012 upon delivery of merchantable abstract and deed.
POSSESSION: July 20, 2012 (Subject to the lease with the tenant)
REAL ESTATE TAXES: To be ...
REAL ESTATE TAXES: To be prorated to date of possession on the basis of the last available tax statement and all prior taxes. Seller shall pay any real estate taxes payable in prior years.
The following taxes are approximate and will be used at closing.
Gross - $2285.61
Ag. Cr. - $106.52
Net - $2180.00 (rounded)
Special Provisions:
The cabin on this property is reserved and will be removed by the sellers.
The farm is rented for the 2012 crop year.
The cash rent is as follows: 82 tillable acres x $175.00 per acre = $14,350.00 and the 2nd which is $7175.00 will be paid by the tenant to the new buyer on September 1, 2012.
It shall be the obligation of the buyer to serve termination to the tenant, prior to September 1, 2012, if so desired.
It shall be the obligation of the buyer to report to the Louisa County FSA office and show filed deed in order to receive the following if applicable:
A. Allotted base acres. B. Future government programs. C. Prorate of CRP.
CRP payment as follows:
17.5 acres x $150.60 per acre = $2636.00 and expires 9/30/16
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 agrees to indemnify and hold harmless the sellers/tenant 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 elect to take the ground out of CRP, the buyer will be responsible to the seller/tenant for any prorate of the CRP payment that the seller/tenant would have received.
The farm is being surveyed by a registered land surveyor.
This real estate is selling subject to any and all covenants, restrictions and easements of record, as well as all applicable zoning laws.
The buyer shall be responsible for installing his/her own entrances if needed or desired.
The buyer shall be responsible for any fencing in accordance with Iowa state law.
If in the future a site clean up is required it shall be at the expense of the buyer.
The buyer acknowledges that he/she has carefully and thoroughly inspected the real estate and is 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 same.
Owners: Jim D. Sheafor, Jan M. Stineman, Robert L. Stineman
Bill Matthews - Attorney
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