AUCTION DETAILS Major Marshall County, Iowa Land Auction 898.83 Acres M/L Offered in Ten Tracts Thursday, July 27th, 2023 10:00 AM Auction Location: City Hall Building 118 E Main Street State Center, IA 50247 Tract 1: 64.85 acres m/l Tract 2: 80 acres m/l Tract 3: 80 acres m/l Tract 4: 80 acres m/l Tract 5: 80 acres m/l Tract 6: 40 acres m/l Tract 7: 230 acres m/l, to be surveyed Tract 8: 80 acres m/l Tract 9: 87 acres m/l, to be surveyed Tract 10: 76.98 acres m/l Auction Method: The Farm will be offered in 10 individual tracts via the Multi-Parcel Auction Method where tracts will be able to be purchased individually or in any combination. All tracts will be offered in "whole dollar" amounts. Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at 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. Agency: 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 Marshall County Farm Service Agency. 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 Marshall 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 cash or check. All funds will be held in Belin McCormick Trust Account. Closing: Closing will occur on or before Thursday, September 7th, 2023. The balance of the purchase price will be payable at closing in the form of cash, guaranteed check, or wire transfer. Possession: Possession of the land will be given At Closing, Subject to Tenant's Rights. Farm Lease: The farm lease has been terminated and will be available for the 2024 crop season. CRP Contracts: Buyer will assume any and all contracts related to participation in the Conservation Reserve Program (CRP). 2023 CRP Income will be retained by the Seller. All 2024 income will be the new Buyer(s). Contact agent for details. Contract & Title: Immediately upon the conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with Belin McCormick the required earnest money payment. The Seller will provide a current abstract at their expense. The sale is not contingent upon Buyer financing. Financing: Purchaser’s obligation to purchase the Property is unconditional and is not contingent upon Purchaser obtaining financing. Any and all financial arrangements are to have been made prior to bidding at the auction. By the mere act of bidding, the bidder makes a representation and warrants that the bidder has the present ability to pay the bid price and fulfill the terms and conditions provided in the Contract. Fences: Existing fences, if any, are in as-is condition and will not be updated or replaced by the Sellers. Not all tract and boundary lines are fenced and if needed, will be the responsibility of the Buyer at closing. Existing fence lines may not fall directly on the legal boundary. Surveys: Surveys will be provided for Tracts 7&9. In addition, boundary lines will be established and staked for Tracts 2,3,4 & 5. No additional surveying or staking will be provided by the Seller. 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 "Whole Dollar" amount. 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. 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 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 Abstract.
Major Marshall County, Iowa Land Auction – Mark your calendar for Thursday, July 27th, 2023 at 10:00 AM! Peoples Company is pleased to represent 898.83 total acres m/l of prime Marshall County, Iowa farmland through 10 different tracts ranging in size from 40 acres m/l to 230 acres m/l. These tracts will be offered via the multi-parcel auction format where tracts can be purchased individually or in any combination. Of the total 898.83 acres m/l in this portfolio, the farmland includes 844.29 FSA cropland acres carrying an outstanding CSR2 value of 89.7. The remaining 14.97 FSA cropland acres are currently enrolled in the Conservation Reserve Program (CRP) with contracts expiring in 2025. Located in a strong farming community near several competing grain markets including both grain elevators and ethanol plants, these highly-tillable, contiguous tracts of farmland would make for a great add-on unit to an existing farm operation or investment-grade quality land purchase. This high-quality land portfolio has been proudly owned for many years with a long-term tenant that has taken excellent care of each tract. Farm-approved APH yields for corn range from 215 to 260 and soybeans range from 50 to 67. Tract 1: 64.85 acres m/l with an estimated 61.91 FSA cropland acres carrying a CSR2 value of 93.5. Tract 2: 80 acres m/l with an estimated 76.86 FSA cropland acres carrying a CSR2 value of 90.1. Tract 3: 80 acres m/l with an estimated 78.15 FSA cropland acres carrying a CSR2 value of 92.3. Tract 4: 80 acres m/l with an estimated 78.09 FSA cropland acres carrying a CSR2 value of 92.5. Tract 5: 80 acres m/l with an estimated 79.04 FSA cropland acres carrying a CSR2 value of 91. Tract 6: 40 acres m/l with 38.16 FSA cropland acres carrying a CSR2 value of 81.3. Of the 38.16 FSA cropland acres m/l, 2.83 acres are enrolled in CRP expiring in 2025 with an annual payment of $1,006 ($355.43 per acre). Tract 7: 230 acres m/l to be surveyed with an estimated 221.1 FSA cropland acres carrying a CSR2 value of 91. Of the 221.1 FSA cropland acres m/l, 7.8 acres are enrolled in CRP expiring in 2025 with an annual payment of $2,772 ($355.43 per acre). Tract 8: 80 acres m/l with 69.93 FSA cropland acres carrying a CSR2 value of 78.4. Of the 69.93 FSA cropland acres, 4.34 acres are enrolled in CRP expiring in 2025 with an annual payment of $1,543 ($355.43 per acre). Tract 9: 87 acres m/l to be surveyed with 81.63 FSA cropland acres carrying a CSR2 value of 90.8. Tract 10: 76.98 acres m/l with 73.96 FSA cropland acres carrying a CSR2 value of 85.8. The ten tracts will be offered via a Multi-Parcel Public Auction and will take place at 10:00 AM on July 27th at the City Hall Building, 118 E Main Street, State Center, IA 50247. Farm Details Farm program information is estimated and subject to change since it is currently combined with additional tracts. Base acres will be adjusted per the default method when the farm is reconstituted by the Marshall County FSA Office.