Mitchell County, Iowa 252.74 +/- Acres Farmland Auction | 3 Tracts

PROPERTY DESCRIPTION

Iowa Land Company is honored to represent the Patterson Family Farm in Mitchell County, IA located 1 miles North of Toeterville Iowa and 10 miles Northeast of St Ansgar, Iowa. Northern Country Coop is located 1 mile away from the farm in the town of Toeterville. The farm will be offered at public auction on May 31^st, at the St. Ansgar American Legion Post @1pm. This is a great opportunity to buy extremely well taken care of dirt in an area where farmland doesn’t often come available. The farm is rented for the 2019 growing season however, the buyer(s) will receive all of 2019 cash rent income. The rent income breakdown is below. The CRP income will be prorated to day of closing. Call Land Broker Cody Skinner at 515-443-6343 or Nick Skinner at 515-650-0974 for more information.

PLC Yield 

Tract 1 – 92.23+/- Acres  (Breakdown of acres are below for this tract)

90.23 +/- Cropland Acres  |  86.08 +/- Tillable Acres  |  4.15+/- CRP Acres  |  CSR2 75.7

• Buyer will receive all of 2019 cash rent at closing. CRP income will be prorated
  • Cash rent $230 x 86.08+/- = $19,798.40
  • CRP income annually 4.15+/- x $317.33 = $1,316.91 (contract expires 9/30/2029)

Tract 2 – 140.51+/- Acres (Breakdown of acres are below for this tract)

137.45  Cropland Acres  |  125.7+/- Tillable Acres  |  11.75+/- CRP Acres  |  CSR2 81.6

• Buyer will receive all of 2019 cash rent at closing. CRP income will be prorated
  • Cash rent $230 x 125.7+/- = $28,911
  • CRP income annually 11.75+/- x $317.33 = $3,728.62 (contract expires 9/30/2029)

Tract 3 – 20+/- Acres  (Breakdown of acres are below for this tract)

19.75+/- Cropland Acres  |  19.75+/- Tillable Acres  |   CSR2 81.7

• Buyer will receive all of 2019 cash rent at closing. CRP income will be prorated
  • Cash rent $230 x 19.75+/- = $4,542.5

PLC Yield (Entire Farm)

• Corn 146
• Soybeans 45

Auction Date: May 31st

Auction Time: 1 PM

Auction Location: ST. Ansgar American Legion Post

Auction Address: 137 W 4^th St, St Ansgar, IA

Sale Method: The tracts will be offered for sale via live public auction sold using “Bidders Choice”method.

Survey: Tract 1 and tract 2 will be surveyed at the seller’s expense if there are two different buyers. If the same buyer buys both tract 1 and tract 2 the tracts will not be surveyed.

Purchase Agreement: Immediately upon conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with the seller’s attorney the required earnest money payment. The Seller will provide a current abstract at their expense. Sale is not contingent upon Buyer obtaining financing.

Earnest Money: 10% earnest money payment is required on the day of the auction. All funds will be held in the seller’s attorney trust account. Remaining balance will be due at closing.

Farm Possession: The farm is rented for the 2019 farming season. Buyer(s) will receive full cash rent income credit at closing. CRP income will be prorated to day of closing. 2020 farming season will be open for the buyer(s)

Farm Closing: July 11th

FSA Information: Call Land Broker Cody Skinner or Nick Skinner for any FSA information questions prior to auction. Note all FSA information is estimated to the best knowledge of both seller and Iowa Land Company. All information is subject to change.

Mineral Rights: All mineral rights will convey to the buyer.

Bidder Registration: All active bidders must be registered prior to bidding on the farm. All bidders must have a bid card to bid on the farm. Call Land Broker Cody Skinner or Nick Skinner prior to the sale if you are unable to attend the sale but have interest in the farm.

Terms and Conditions: This sale is subject to all easements, covenants, restrictions of record, and leases. Each Bidder is responsible for conducting, at their own risk, their own inspections, inquiries, and due diligence concerning the property. All property is sold “AS IS-WHERE IS” basis with no warranties or guarantees, either expressed or implied by the Seller or Iowa Land Company.

Announcements: Information provided herein was obtained from sources deemed reliable, but neither Iowa Land Company nor the Seller makes any guarantees or warranties as to its accuracy. All potential bidders are urged to inspect the property, it’s condition, and to rely on their own conclusion. All sketches, dimensions, and acreage figures are approximate or “more or less”. Any announcements made auction day by Iowa Land Company will take precedence over any previously printed materials or oral statements. Iowa Land Company and Seller reserve the right to preclude any person from bidding if there are any questions as to the person’s credentials or fitness to bid.