1290 Merrimac Road, Wayland, IA 52654 - Henry County

Henry County LAND AUCTION

TRENTON, IOWA

Located 1 mile west of Trenton on Merrimac Road. Auction held onsite.

TUESDAY, FEBRUARY 21, 2012 at 1:02 P.M.

(Snow date Wednesday, February 22nd)

96.38 Acres M/L Sells in Three Tracts

Subject to court approval

Buyer Will Receive 2012 Cash Rent

TRACT #1 66.59 Acres M/L

FSA Information: 55.9 acres tillable

The following are combined with Tract #2:

110 bushel corn yield and 55.1 acre corn base.

36 bushel bean yield and 14.8 acre bean base.

Corn suitability rating is 71.2

Located in Section 4, Trenton Township, Henry County, Iowa

TRACT#2 17.15 Acres M/L

FSA Information: 14.39 acres tillable

The following are combined with Tract #1:

110 bushel corn yield and 55.1 acre corn base.

36 bushel bean yield and 14.8 acre bean base.

Corn suitability rating is 70.2

Located in Section 4, Trenton Township, Henry County, Iowa

TRACT #3 12.64 Acres M/L

All timber ground with potential building site! This tract has frontage on Merrimac Road and Clayton Avenue. It features timber and draws offering perfect cover for wildlife! Make this your recreational piece in the country.

TERMS: 20% down payment on February 21, 2012. Balance to be paid on or before March 21, 2012 upon delivery of merchantable abstract and deed.

POSSESSION: March 21, 2012 (Subject to tenants lease on Tract #1 & #2. Buyer will receive entire 2012 cash rent.)

REAL ESTATE TAXES: Seller will be responsible for all real estate taxes through December 31, 2011. Buyer will be responsible for all real estate taxes thereafter.

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

Tract #1

Gross - $1,048.36

Ag. Land - $30.07

Net $1,018.00 (Rounded)

Tract #2

Gross - $249.81

Ag Land - $7.17

Net - $ 242.00 (Rounded)

Tract #3

Land is in Forest Reserve, therefore there are no taxes on this property.

SPECIAL PROVISIONS

The tillable land is rented for the 2012 crop year.

The lease is based on 70 acres x $175/ acre = $12,250 and will be split as follows:

Tract #1 annual cash rent will be $9,742.14.

Tract #2 annual cash rent will be $2,507.86.

The first half will be paid by the seller to the new buyer at closing and the second half will be paid by the tenant to the new buyer on September 1, 2012.

It will be the buyer(s) responsibility to serve termination to the tenant prior to September 1, 2012 if so desired.

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

The land has been surveyed by a registered land surveyor.

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)

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

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.

The buyer acknowledges 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.

Owner: Lula Davies Swanson Estate

Deana Dickerson & Nancy Wendt Co Executors

Pat Ford & Tim Grady Attorneys