Property Description
FARMLAND AUCTION
+/- 340.33 Acres, 3 Tracts, Iroquois County, IL.
10 AM, March 25th
Auction will be held at Town and Country Event Center
35 E Jones St, Milford, IL 60953
10:00 AM March 25th
Part of section 1, Stockland TWP. Iroquois County, IL.
Excellent Farmland Investment Opportunity.
Open Farm Lease for 2022
ONLINE BIDDING AVAILABLE! Online pre-bidding begins Friday, March 18th, 2022, at 8:00 AM. Bidding will end Friday, March 25th, 2022, at the close of the live event.
Farm is located 6.5 miles south of Sheldon, IL.
Road frontage on County Road 3100 E and County Road 1160 N.
GPS coordinates: 40.680725, -87.546393. No Address associated with this farm.
Legal Description: +/- 340.33 Surveyed Acres: Lots 5, 6, 7 and the S of Lot 8 of the NE quarter, and the E half of Lot 5 of the NW quarter of section 1, Stockland Township, T25N - R11W Iroquois County, IL.
Iroquois County Assessor PIN: 34-01-200-002; +/- 340.33 surveyed acres.
Taxes, 2020 payable 2021: $10,713.14 ($31.48/ac)
New 18 inch main drainage tile installed across T2 and T3 shown as a yellow dashed line in the tract aerial.
150 lbs/acre of Anhydrous Ammonia applied to T2 and the south part of T3. Approximately +/- 146.25 acres treated.
9.6 acres enrolled in CRP paying $300.00/ac ($2,880.00 annually). Expiring fall of 2027.
Buyer receives 100% of the CRP payment issued September of 2022 and beyond.
Bidders Choice and Privilege
T1: +/- 46 acres in total,
+/- 41.96 cropland acres consisting of +/- 36.16 tillable acres and +/- 5.8 CRP acres. 126.4 PI.
The southern boundary of T1 is the centerline of Coon Creek.
T2: +/- 119 acres in total,
+/- 117 cropland acres consisting of +/- 115.5 tillable acres and +/- 2.3 CRP acres. 121.2 PI.
150 lbs/acre of Anhydrous Ammonia applied to +/- 115.5 tillable acres on T2.
The northern boundary of T2 is the centerline of Coon Creek.
T3: +/- 175.33 acres in total,
+/- 165.79 cropland acres consisting of +/- 163.49 tillable acres and +/- 5.3 CRP acres. 120.4 PI.
150/lbs per acre of Anhydrous Ammonia applied to +/- 30.76 acres located
south of the T3 waterway. The northern boundary of T3 is the centerline of Coon Creek.
Managing Broker, Stephanie Spiros
217.304.0404
Auctioneer, Travis Selby
IL Lic.# 441001485
217-304-1686
Auction terms and conditions:
Procedure: Auction method shall be Buyers Choice and Privilege. Bids will be taken on a per acre basis. The winning bidder can take one, two or all three tracts at the winning price per acre. Tracts not taken by the winning bidder are offered with another round of bidding.
BIDDING IS NOT CONDITIONAL UPON FINANCING.
This sale is subject to Owners confirmation. Owner reserves the right to accept or reject any and all bids.
Sale is subject to the current CRP contracts.
Acceptance of Bid Prices/Contracts: All successful bidders will sign a sale contract at the auction site immediately following the close of the bidding. Copies of such contracts are available for review at the office of the auctioneer.
Down Payment: A 10% earnest money deposit of the total contract purchase price will be due immediately after being declared the buyer. The down payment may be paid in the form of a personal check, business check, or cashiers check. The balance of the contract purchase price is due at closing.
Closing: Closing shall take place 32 days after auction day, or as soon thereafter as applicable closing documents are completed. Anticipated closing date is on or before April 26th, 2022.
Possession: Possession will be given to buyer upon the deposit of the 10% down payment allowing the operator the right to perform costmary tillage / fertilizer application / planting.
Survey: A new survey shall be provided where there is no existing legal description. Any need for a new survey shall be determined solely by the seller. The cost of a new survey will be split equally between buyer and seller. The type of survey performed shall be at the sellers option and sufficient for providing title insurance. The final sale price will be the high bid amount times the surveyed acres.
Title: Sellers shall provide an Owners Policy of Title Insurance in the amount of the purchase price and shall execute a warranty deed conveying to the buyer(s). Sellers shall pay the premium for the Title Insurance Policy and the sellers search charges. Commitments for Title Insurance will be available for review at the office of the auctioneer and at the auction site. Bidders shall be deemed to have reviewed and approved the Title Commitments by submitting bids.
Real Estate Taxes and Assessments: 2020 real estate tax payable 2021: $10,713.14 ($31.48/ac).
Seller will credit buyer for the 2021 real estate property taxes payable in 2022 using the 2020 figures.
Buyer will pay 100% of the 2022 real estate tax due and payable in 2023.
Mineral Rights: The sale of the property shall include all mineral rights owned by the seller, if any.
Agency: Ag Exchange Inc. and its representatives are Exclusive Agents of the Seller.
Disclaimer and Absence of Warranties: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the sales contract.
ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.
The property is being sold on an as is basis, and no warranty or representation either expressed or implied, concerning the condition of the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning this property. The information contained in this brochure is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the sellers or the auction company. All sketches and dimensions in this brochure are approximate. Photographs are used for illustrative purposes only. Conduct at the auction and increments of the bidding are at the discretion of the auctioneer. The sellers and the auction company reserve the right to preclude any person from bidding and to remove any person from the auction if there is any question as to the persons credentials, fitness, conduct, etc. All decisions of the auctioneer are final. Seller: Double J Farms, LLC
