Ihlen, MN 56140(Pipestone County)

Land Auction Date: January 16, 2023 To Be Sold At 10:30 A.M.

Auctioneers Note: Our company is honored to represent Raak Farms Inc in offering this land for sale at auction! As Raak Farms has purchased land near their home operation near Hawarden, IA they have decided to offer for sale at auction this land in order to complete their 1031 exchange! This is a great opportunity to purchase a contiguous tract of farmland!

Abbreviated Legal Description of Tract #1: The North 1/2 of the SW1/4 of Section 11, TWP 105N, Range 46W, Pipestone County, MN. Subject to all easements and roadways of record.

General description of Tract #1: According to the county assessor, this property contains 80+/- gross acres of farmland. According to FSA this property contains approx. 79+/- tillable acres with the remainder in road and ditch. Exact tillable acres to be determined by the survey. This farm has a corn and soybean base combined with the adjoining farmland with a PLC yield of 151bu. on corn and a PLC yield of 44bu. on soybeans. The tillable farmland is classified as NHEL. The predominant soil types include: J90B-Kranzburg-Brookings, J71A-Brookings, J93A-Hidewood-Badger, J86B-Vienna. According to Agri-Data this farm has a productivity index rating of 93.7 and a estimated average county CER rating of 69.41! This is a very attractive farm which is very conducive to farm with large equipment! This farm has 1/2 mile rows and is nearly 100% tillable! Make plans today to attend this auction! This farm has had some drainage tile line installed. Call today for a full informational brochure on this property! This farm will be sold based on the gross surveyed acres. This farm is leased for the 2023 crop year and the buyer shall receive the full rent for 2023 at closing and will also receive an attractive rent subsidy from the seller in addition to the rent. Contact an Agent for details!

Abbreviated Legal Description of Tract 2: The South 1/2 of the SW1/4 of Section 11, TWP 105N, Range 46W, Pipestone County, MN. Subject to all easements and roadways of record.

General description of Tract #2: According to the county assessor, this property contains 80+/- gross acres of farmland. According to FSA, this property contains approx. 75.30+/- tillable acres with the remainder in road and ditch. This farm has a corn and soybean base combined with the adjoining farmland with a PLC yield of 151bu. on corn and a PLC yield of 44bu. on soybeans. The tillable farmland is classified as NHEL. The predominant soil types include: J90B-Kranzburg-Brookings, J71A-Brookings, J93A-Hidewood-Badger, J86B-Vienna. According to Agri-Data this farm has a productivity index rating of 94.6 and a estimated average county CER rating of 67.97! This is a very attractive farm! Make plans today to attend this auction! This farm has had some drainage tile line installed! This farm would make a great addition to your operation or investment portfolio and if purchased in conjunction with Tract 1 would make a excellent contiguous parcel of land! Call today for a full informational brochure on this property! This farm will be sold based on the gross surveyed acres. This farm is leased for the 2023 crop year and the buyer shall receive the full rent for 2023 at closing and will also receive an attractive rent subsidy from the seller in addition to the rent. Contact an Agent for details!

Method of sale: Farms will be sold with the final bid x the final gross surveyed acres. Farms will be surveyed and will be sold based on the final gross surveyed acres. Auction for all of the tracts will be held at the Pipestone Livestock Auction Market parking lot (1500 Seventh St SE, Pipestone, MN 56164). Tracts will be offered in the choice method and the first successful bidder will be permitted to select 1 tract or both of the tracts. If both tracts are selected then the auction will be over. If only 1 tract is selected then whichever tract is remaining will then be sold.

Taxes: The current net Real Estate Taxes according to the Pipestone County Treasurer are approx. $3,284.00 per year on Tract 1 and approx. $3,094.00 per year on Tract 2. Seller will pay the 2022 RE taxes when due and payable. Taxes are estimated and will be reassessed by the county due to recent surveys.

Possession: These farms are leased for the 2023 crop year and the buyer shall receive the full rent for 2023 at closing and will also receive an attractive rent subsidy from the seller in addition to the rent. Contact an Agent for details!

Terms: Purchaser (s) will be required to pay a non-refundable 15% of the purchase price as earnest money deposit which will be payable to Winter Abstract & Title, and also agree to enter into a purchase agreement with the remaining balance due and payable on closing day on or before February 17, 2023 when the seller will provide marketable title to the property. Owners title insurance policy and closing fees will be split 50/50 between the buyer and seller. Abstracts will not be provided. Closing will be conducted by Winter Abstract & Title. These farms are being sold as is as a cash sale with no finance contingencies and as is with any/all defects and encroachments if any. While every effort has been made to ensure the accuracy of the information herein, all prospective buyers are encouraged to inspect the property and verify all data provided. No warranties are expressed or implied. Any lines on maps and pictures are for informational purposes only and are not guaranteed to be actual boundary lines of the property. Sellers do not warranty or guarantee that existing fences lie on the true boundary and any new fencing if any will be the responsibility of the purchaser pursuant to MN statutes. If buyer delays closing penalties will apply. All buyers are encouraged to do buyers due diligence. Any announcements made day of the auction will supersede any advertisements. Aerial maps, soil maps and auction booklets are available upon request. This Property is being sold subject to the confirmation of the sellers. Auctioneer and Real Estate broker is representing the sellers. Buyer agrees to accommodate the sellers with a 1031 exchange. If any additional information is requested, please contact auction manager listed below. Jeff JohnsonAttorney For Sellers

Raak Farms Inc- Owners