County Road J55, Redding, IA 50860 - Ringgold County

LOCATION

Auction Held at Frontier Hall, 402 Central St, Redding Iowa

SUMMARY

82.43 taxable acres m/l located in Section 15, Clinton Township, Ringgold County, Iowa.

81.56 cropland acres

52 CSR2

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DESCRIPTION

ONLINE BIDDERS: Parties interested in online bidding shall register for the auction and submit a bank letter of creditworthiness to Spencer Groups office by contacting 712-644-2151.

Directions to the Farm: Farm is located 3/4 miles west of Redding Iowa on County Highway J55.

Brief Legal: The NW 1/4 NE 1/4; The WEst 32 acres of the SW 1/4 NE 1/4 and the West 480' NE 1/4 NE 1/4, all in Section 15, Township 67 (Clinton) Range 31, Ringgold County, Iowa.

Taxable Acres: 82.43

Cropland Acres: 81.56 per FSA

CSR2: 52 per Surety Maps

Taxes: $1336 for the 2022 tax year.

Possession: Farm is selling subject to a cash rent lease for the 2024 crop year for $400 per cropland acre, for a total of $32,624. New buyer will assume the cash rent lease and receive 100% of the 2024 cash rent payment directly from the tenant, with 1st half ($16,312) being paid April 1st, 2024 and the 2nd half ($16,312) being paid September 1st, 2024. Buyer will be responsible for terminating the tenant on or before September 1st, 2024 if new buyer does not wish to continue with the lease and have full possession for the 2025 crop year.

Method of Auction: Farm will sell 82.43 acres times the bid. Farm is offered in its "as-is, where-is" condition. Seller has the right to accept or reject the final bid. Upon acceptance, the buyer will sign a purchase agreement and place a 10% non-refundable earnest deposit in Blair Title, where it will be held until closing. Seller will provide an updated abstract. Buyer to have a title opinion rendered by the attorney of the buyers choice at the buyers expense. Sellers and Buyers will pay normal closing costs associated with closing a real estate transaction, which will include a closing fee to the title company.

Closing: Closing shall be on or before March 25th, 2024.

ALABAMA TRUST, OWNER

Ed Spencer, Broker/Auctioneer 402-510-3276

Spencer Groups, INC 322 E.7th St, Logan, IA 51546

Office 712-644-2151

Agency: Spencer Groups, INC/Farms America/Ed Spencer Real Estate is agents for, and represent the sellers in this transaction. All bidders shall be considered customers, not clients.

Disclaimer: Announcements made by the auctioneer at the time of the sale or emailed to registered bidders will take precedence over any and all previously printed materials, or any oral statements made. All information in this brochure and related materials are subject to the terms and conditions outlined in the agreement to purchase. The property is being sold on an "as-is, where-is" basis, no warranty or representation, either expressed or implied concerning the property is being made by the sellers or the auction company. Each potential bidder is responsible for conducting his/her own due diligence, inspections, investigations and inquiries regarding the farm. The information on this brochure is believed to be accurate, but is subject to the verification of all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the seller or the auction company. All sketches and dimensions in this brochure are approximate based upon GIS, aerial photographs and information provided by the assessor and the FSA. Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer.