7209 CR X37, Morning Sun, IA 52640 - Iowa County

LOUISA COUNTY LAND AUCTION

MORNING SUN, IOWA

Land is located 5 miles north of Morning Sun on County Road X37. (7209 CR X37)

Auction will be held at the Morning Sun Community Center, North Main Street.

TUESDAY, APRIL 7, 2015 at 10:00 A.M.

122.64 Taxable Acres Sells in One Tract

Tillable Ground Pasture Ground

122.64 Taxable Acres Sells in One Tract

FSA information: 104.24 acres tillable of which 11.56 acres are in CRP as follows:

11.56 acres at $271.77 = $3,142 and expires on 9-30-2024.

Approximately 17 acres of fenced pasture ground.

Three older outbuildings.

Property does have a well (condition unknown)

Corn Suitability Rating 2 on the entire farm of 71.6 (CSR 1 of 65.2).

Located in Sections 34 & 35, Marshall Township, Louisa County, and Iowa.

***Farm is selling free & clear for the 2015 Farming Season!!

Not included: LP tanks, Farm machinery, Vehicles & Personal Property in building.

TERMS & CONDITIONS

TERMS: 20% down payment on April 7, 2015. Balance at closing with projected date of May 7, 2015 upon delivery of merchantable abstract and deed and all objections have been met.

POSSESSION: Projected date of May 7, 2015.

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

Gross: $3,527.73

Ag Credit: ($156.85)

Net: $3,370.00 (rounded)

Special Provisions:

~ Farm is being sold free and clear for the 2015 farming season.

~ Immediate tillage rights will be granted.

~ It shall be the obligation of the buyer to report to the Louisa County FSA office and show filed deed in order to receive the following if applicable: A. Allotted base acres. B. Any future government programs. C. Prorate of CRP

~ 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) elects 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 shall be responsible for any fencing in accordance with Iowa state law.

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

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

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

~ The buyer(s) acknowledges that he/she has carefully and thoroughly inspected the real estate and is familiar with the premises. The buyer(s) is buying this real estate in its "as is" condition and there are no expressed or implied warranties pertaining to the same.

~ Any announcements made the day of sale take precedence over advertising.

Owner: Backwater Farms LLC

William R. Jahn, Jr. Attorney for Seller