Jewel Avenue & Jewel Drive, Mount Pleasant, IA 52641 - Henry County

HENRY COUNTY LAND AUCTION

MT. PLEASANT, IOWA

Located mile north of Mt. Pleasant on Grand Avenue then 1 miles east on Jewel Avenue. Auction to be held on site.

THURSDAY, FEBRUARY 16, 2012 at 1:02 PM

Land Preview on Thursday, February 2nd from 1-2 pm

104 ACRES M/L SELLS IN THREE TRACTS (Subject to Final Survey)

Subject to Court Approval

2012 Farming Rights

Selling Choice with the Privilege. High bidder may take Tracts #1, #2, #3 or any combination of tracts.

Tract #1- 30 Acres M/L (Subject to final survey)

FSA information: 22.84 acres tillable of which 4.7 acres are in CRP at $144.00 per acre, expires 9-30-2012 and 6.8 acres are in CRP at $96.00 per acre, expires 9-30-2014.

Corn suitability rating is 71.4

Tract #2- 40 Acres M/L (Subject to final survey)

FSA information: Approximately 33.69 acres tillable of which approx. 4.42 acres are in CRP at $143.00 per acre, expires 9-30-2012.

Corn suitability rating is 73.4

Tract #3- 34 Acres M/L (Subject to final survey)

FSA information: Approximately 19.88 acres tillable of which approx. 2.34 acres are in CRP at $143.00 per acre, expires 9-30-2012.

Corn suitability rating is 67.1

Information on Entire Farm:

110 bushel corn yield and 60.3 acre corn base

Located in Section 27, Marion Township, Henry County, Iowa

TERMS: 20% down payment on February 16, 2012. Balance to be paid on or before March 16, 2012 upon delivery of merchantable abstract and deed.

POSSESSION: March 16, 2012.

REAL ESTATE TAXES: To be prorated to date of possession on the basis of the last available tax statement. Seller shall pay any unpaid real estate taxes payable in prior years.

The following taxes are approximate & will be used to prorate at closing.

Tract #1

Gross: $359.48

Ag. Land: $10.35

Net Taxes: $350.00 (rounded)

Tract #2

Gross: $703.57

Ag. Land: $20.26

Net Taxes: $684.00 (rounded)

Tract #3

Gross: $718.78

Ag. Land: $20.70

Net Taxes: $698.00 (rounded)

Special Provisions:

Termination has been served to the tenant on the tillable land. Buyer will have 2012 farming rights.

It shall be the obligation of the buyer(s) to report to the Henry County FSA office and show filed deeds in order to receive the following if applicable:

A. Allotted base acres. B. Future government programs. C. Prorate of CRP

CRP will be prorated based on the following- (Final CRP and base acres to be determined and split by Henry County FSA)

Tract #1: 4.7 acres x $144.00 per acre = $677.00 per year, expires 9-30-

2012.

Tract #1: 6.8 acres x $96.00 per acre = $653.00 per year, expires 9-30-

2014.

Tract #2: 4.42 acres x $143.00 per acre = $632.00 per year, expires 9-30-

2012.

Tract #3: 2.34 acres x $143.00 per acre = $335.00 per year, expires 9-30-

2012.

Buyer(s) agree to follow all requirements of conservation plans and practices required by the FSA to maintain eligibility in the Conservation Reserve Program. Buyer(s) agree to accept responsibility and liability for any actions by the buyer which would endanger eligibility for the CRP or actions that would require repayment of the CRP payment or payments. Buyer(s) further agree to indemnify and hold harmless the sellers/tenant for any recovery sought by the FSA due to actions of buyer, which would violate the requirements of the CRP. In the event the buyer(s) elect to take the ground out of CRP, the buyer(s) will be responsible to the seller/tenant for any prorate of the CRP payment that the seller/tenant would have received.

The buyer(s) shall be responsible for any fencing in accordance with Iowa state law.

The buyer(s) shall be responsible for installing his/her own entrances if needed or desired.

If one buyer purchases more than one tract the seller shall only be obligated to furnish one abstract and deed. (husband & wife constitute one buyer)

If in the future a site clean up is required it shall be at the expense of the buyer.

This real estate is selling subject to any and all covenants, restrictions and easements of record, as well as all applicable zoning laws.

All tracts will be surveyed by a registered land surveyor.

If in the future a site clean up is required it shall be at the expense of the buyer(s).

The buyer(s) acknowledge that they have carefully and thoroughly inspected the real estate and are familiar with the premises. The buyer(s) are buying this real estate in its as is condition and there are no expressed or implied warranties pertaining to the same.

Mary Richenberger Estate

Denise McCormick & Bev Kennedy, Co- Executors

Seleta A. Bainter - Attorney