AUCTION DETAILS Lucas County Land Auction 775.3 Acres m/l Offered in 4 tracts Tuesday, September 20th, 2022, 10:00 AM Seller: Brad & Cathy Reece Auction Location: Carpenters Hall 1215 Court Ave Chariton, IA 50049 Auction Method: Tract 1, Tract 2, Tract 3, and Tract 4 will be offered separately and will not be combined at any point during the auction. All 4 tracts will be sold on a price per acre basis. Tracts will not be offered in their entirety or combined at the conclusion of the auction. Tract 1: 142.43 Acres M/L Tract 2: 114.56 Acres M/L Tract 3: 391.5 Acres M/L Tract 4: 126.81 Acres M/L 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. Peoples Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge they are representing themselves in completing the auction sales transaction. Farm Program Information: Farm Program Information is provided by the Lucas 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 farm is reconstituted by the Lucas 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 certified funds or a good check. All funds will be held in the Settle Up Trust Account. Closing: Closing will occur on or around Friday, November 15th, 2022. The closing attorney will be Goldsmith Law. The balance of the purchase price will be payable at closing in the form of a 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. Hunting Lease: There are no hunting leases in place. Farm Lease: The current farm lease has been terminated and will be "open" for the 2023 crop year. Possession: Possession of the farms will be given at closing, subject to the current tenant’s rights. Possession of the grain bin located on Tract 3 will be given on or before 7/1/23. Current owner will continue to pay electricity until possession is given. Survey Information: A survey will be completed on Tract 4 prior to closing. Contract & Title: Immediately upon the conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with Settle Up the required earnest money payment. The Seller will provide a current abstract at their expense. The 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 will be made by General Warranty Deed. Fences: Existing fences, if any, are in as-is condition and will not be updated nor replaced by the Sellers. 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 Lucas County and State of Iowa fence line rules and regulations. Existing fence lines may not be located on the true boundary lines. 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. The winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. If in the future a site clean-up is required on any of the tracts, it shall be at the expense of the Buyer(s) of each tract. Any announcements made on 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 the figures stated within the marketing material. The 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 Abstract.
Lucas County, Iowa Land Auction – Peoples Company is pleased to represent Brad & Cathy Reece in the sale of 775.30 acres m/l of exceptional tillable farmland. This is an outstanding opportunity to purchase some of the most productive farmland Lucas County has to offer. Each of the tracts has been owner operated for the past two decades. Tracts 1, 2, and 3 offer high quality Lucas County soils while tract 4 offers a great combination of recreation and pasture. The farms have had numerous improvements, top notch care, and production history well above county averages. Improvements include terraces, tile, ponds, and a bin site. These tracts will be offered via a Live Public Auction that will take place at 10:00 AM on Tuesday, September 20, 2022, at Carpenter’s Hall located at 1215 Court Ave. Chariton, Iowa 50049. The land will be sold as four individual tracts on a price per acre 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: 142.43 acres m/l with 140.84 FSA tillable acres carrying a CSR2 soil rating of 62 Tract 2: 114.56 acres m/l with 104.43 FSA tillable acres carrying a CSR2 soil rating of 53.7 Tract 3: 391.5 acres m/l with 370.5 FSA tillable acres carrying a CSR2 soil rating of 57.7 Tract 4: 126.81 acres m/l carrying a CSR2 soil rating of 47.1