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Contact for Price   •   552.44 Acres
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AUCTION DETAILS #16367 Wayne County Auction Terms & Conditions Sellers: The Estate of Wayne E. Thomas & The Thomas Family The executor of the Estate of Wayne E. Thomas: Gary W. Thomas Attorneys for the Estate of Wayne E. Thomas: Jenna K. Lain, Attorney at Law Raymond C. Meyer, Attorney at Law Meyer & Lain Corydon, Iowa 50060 Attorney for the Thomas Family: Alan M. Wilson, Attorney at Law Miles Law Firm Corydon, Iowa 50060 Auction Location: Wayne County Fair Event Center 800 2nd Avenue Corydon, Iowa 50060 Auction Method: Tracts 1, 2, 3, 4, 5, 6, 7, and 8 will be sold on a price per acre basis and will be offered through the marketing method of “Buyer’s Choice”, where the high bidder can take, in any order, any or all tracts for their high bid. “Buyer’s Choice” auctioning will continue until all tracts have been purchased. Tract 9 will be offered individually and will sell on a “Whole Dollar” amount basis. These tracts will not be offered in their entirety at the conclusion of the auction. Tract 1: 40 Acres M/L Tract 2: 40 Acres M/L Tract 3: 30.80 Acres M/L Tract 4: 188.7 Acres M/L Tract 5: 44.17 Acres M/L Tract 6: 45.59 Acres M/L Tract 7: 78.90 Acres M/L Tract 8: 54.94 Acres M/L Tract 9: 29.34 Acres M/L Farm Program Information: Farm Program Information is provided by the Wayne County Farm Service Agencies. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the farms are reconstituted by the Wayne County FSA and NRCS offices. Earnest Money Payment: A 10% earnest money payment is required on the day of the auction. The earnest money payment may be paid in the form of a good check or wire transfer. All funds will be held in the Meyer & Lain Trust Account. Closing: Closing will occur on or around Thursday, December 1, 2022. The balance of the purchase price will be payable at closing in the form of certified check or wire transfer. With respect to the timing of the Seller and successful Buyer(s) in fulfilling the obligations set forth in the Real Estate Sale and Purchase Agreement, time is of the essence. Possession: Possession of the farm will be given at closing, subject to the current tenant’s rights. Farm Lease: Tracts 2 and 3 are rented for pasture for the 2022 grazing season. These leases expire at the end of the 2022 grazing season. Tracts 1 and 4 are being custom farmed by the Sellers. The Sellers will retain full possession until all harvesting of the crops has been completed. When harvest is completed, the Buyer(s) will have full possession of Tracts 1 and 4. Tracts 5,6,7,8,9 have open leases. CRP Payments: The CRP payments will be prorated to the date of closing on Tracts 4 and 7. Survey Information: Tracts 3,5,6,7,8, and 9 have been surveyed to determine the property boundaries and actual gross acres to be sold. If any of the tracts sell to different Buyers, then Sellers will pay for the surveyor to put minimal stakes in the tract splits to identify new boundaries. Any additional staking will be at the expense of the Buyer(s) of each tract. Tracts 1,2, and 4 will be sold based on current legal descriptions in the abstracts. Contract & Title: Immediately upon conclusion of the auction, the high bidder(s) will enter into a real estate sales contract and deposit with Meyer & Lain the required earnest money payment. The Seller will provide a current abstract at their expense. Sale is not contingent upon Buyer obtaining financing after the auction is over. All financial arrangements are to have been made prior to bidding at the auction. Transfer of title on the Estate owned land will be made by Court Officer Deed. The Estate Auction is subject to final court approval. Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at the auction. Online and phone bidders must register with the Auctioneer at least 24 hours prior to the start of the auction. Driveway Entrances: Each tract currently has its own separate driveway entrance off of the gravel roads. If the new owner(s) of any tract elect to install a new driveway entrance or widen any current driveway entrance then that owner will be responsible for installing them per the Wayne County Engineer’s Office plans and specifications. Any and all costs associated with the installation of new driveway entrances or widening of entrances, if needed, will be at the sole expense of the new Buyer(s) of each tract. The Sellers will not install any new driveway entrances or widen any of the existing driveway entrances. Fences: Existing fences, if any, are in as-is condition and will not be updated. Not all property lines have fences installed. No new fences to divide any of the tracts will be installed by the Sellers. All current and any future fences and fence lines shall be governed by the Wayne County and State of Iowa fence line rules and regulations. Existing fence lines may not be located on the true boundary lines. House & Septic System: The property and house located on Tract 9 will be sold on an “as is, where is” basis with no warranties or guarantees, expressed or implied, made by the auctioneer, seller, or Peoples Company. Since the property is owned by an Estate, the Seller is exempt from the Time of Transfer requirements. Should a Buyer want to repair, perform maintenance, or replace the septic system, it will be at their sole expense and responsibility. Site Cleanup: If a site clean-up is required on any of the tracts, it will be the new Buyer’s responsibility and at Buyer’s expense. Other: This sale is subject to all easements, covenants, leases, and restrictions of record. All property is sold on an “As is – Where is” basis with no warranties, expressed or implied, made by the Auctioneer, Peoples Company, or Seller. All bids will be on a per acre basis. Peoples Company and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made auction day by the Auctioneer or Listing Agents will take precedence over all previous marketing material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final. Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. Buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from abstracts.

Peoples Company is honored to be representing The Estate of Wayne E. Thomas & The Thomas Family in this ‘No-Reserve’ Auction of 552.44 acres m/l of the family farm located near Cambria, Iowa. The late Roy & Lela Thomas began to assemble much of this farmland back in the 1930’s and 1940’s. Along with their two sons, Doyle and Wayne, and their families, the Thomas Family began a family farming operation that has spanned well over 80 years. Nine tracts ranging in size from 29.34 acres m/l to 188.7 acres m/l will be offered presenting a unique opportunity for you to assemble high quality farmland and pasture land located in a tightly held area of Wayne County, Iowa that has not been available to the public in many years. The way this farm is subdivided offers something for everyone, including the smaller, medium, and large tract buyers. Create the best combination of tracts that offers the optimum purchase for your operation. This is a rare opportunity to assemble good quality tillable ground, hay ground, and building site locations that best fit your needs and at your price. These tracts will be offered via a live Public Auction that will take place at 10:00 AM on Friday, October 14, 2022, at the Wayne County Fair Event Center located at 800 2nd Avenue in Corydon, Iowa. The land will be sold as nine individual tracts with Tracts 1, 2, 3, 4, 5, 6, 7 and 8 using the "Buyer’s Choice" auction method on a price per acre basis and the high bidder can take, in any order, any or all tracts for their high bid. "Buyer's Choice" auctioning will continue until all tracts have been purchased and removed from the auction. Tract 9 will be sold individually and on a “whole dollar amount” basis. Tracts will not be offered in their entirety at the conclusion of the auction. This auction can also be viewed through the Peoples Company mobile bidding app and online bidding will be available. Tract 1: 40 Acres M/L Tract 2: 40 Acres M/L Tract 3: 30.80 Acres M/L Tract 4: 188.7 Acres M/L Tract 5: 44.17 Acres M/L Tract 6: 45.59 Acres M/L Tract 7: 78.90 Acres M/L Tract 8: 54.94 Acres M/L Tract 9: 29.34 Acres M/L - Includes House

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Construction Status: - None -
Mike Nelson
Mike Nelson

Mobile: 641.223.2300
Office: 515.222.1347