LAND AND WIND RIGHTS AUCTION - 337+/- ACRES IN 4 TRACTS IN BUREAU COUNTY, ILLINOIS
Wed, Oct 2, 1:00 PM
Bureau County, Illinois
Owner: Proventus III, LLC
• 337+/- Acres offered in 4 Tracts • Land and Wind Lease • Excellent Productive Farmland • Investment Potential • Income Producing Wind Lease **IMPORTANT UPDATE: The wind lease income will no longer be offered as a separate tract. Tracts 1-3 will be offered and the wind lease income based on the turbines (per tract) will go with the land. ** • This property benefits from an agreement to spread manure, contact auction company for details • Bid on a single tract, combination of tracts, or the whole property in the Schrader Method of Auction. • 10+/- Miles Southwest of Princeton • 20+/- Miles East of Kewanee • 45+/- Miles North of Peoria • ONLINE BIDDING AVAILABLE You may bid online during the auction at www.schraderauction.com. You must be registered One Week in Advance of the Auction to bid online. For online bidding information, call Schrader Auction Company at 800-451-2709.
OPEN HOUSE/INSPECTION DATES
Meet a Schrader representative at The Cedar Mill at A Hundred Acre Orchard, Princeton, IL for additional information on:
Wednesday, September 4th, 9-11am
Tuesday, September 17th, 1-3pm
From Princeton travel west 6.6 miles on US-6 W/US-34 to Wyanet Walnut Rd.. Turn left (south) and travel 5 miles on Wyanet Walnut Rd. (County Hwy 8) to 1000 North Ave., then turn right (west) and proceed to the farm ahead on the right (north) side of road.
The Cider Mill at A Hundred Acres Orchard, 14180 1800 East Street Princeton, IL 61356. From Intersection of S Main St. and Peru St/ US-6 in central Princeton, take W Peru St/ Illinois River Road/US-6/US-34W 2.5 miles west to 1800 East St. and turn left (south). Go 0.7 mile and arrive on the left (east) at auction location.
Tract 1: 135± ac mostly all tillable with frontage on 1000 North Ave. The soils are mostly Osco silt loam and Parkway silt loam. Excellent investment opportunity.
Tract 2: 122± ac mostly all tillable, with frontage on 1000 North Ave. The soils are mostly Greenbush silt loam, Osco silt loam and Saybrook silt loam.
Tract 3: 80± ac mostly all tillable, with frontage on 1000 North Ave. The soils are mostly Osco silt loam, , Birkbeck silt loam, and Parkway silt loam. Includes 5.15 acres of CRP paying $1,355 per year through 9-30-19.
Tract 4: 337± ac
Absolute Assignment of Rents on active lease through 2043 (plus possible extension). UPDATE: Tract 4 will no longer be offered as a separate wind income tract. The wind rights and lease payments will go with the land under the turbines. Tract 1 has 1 turbine. Tract 2 has 1 turbine. Tract 3 has 2 turbines. Payments available upon request and signing of NDA. Contact Auction Company for more details.
Contact Auction Company for a detailed information booklet including FSA Summaries, Soil Maps, Tax Info, Yield History, Wind Lease Info, Soil Tests, CRP Contract, Tile Map and other information.
AUCTION TERMS AND PROCEDURES
PROCEDURE: The Properties will be offered in 4 individual tracts, any combination of tracts and as a total 337+/- acres. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneer. Bids on tracts, tract combinations and the total property may compete.
BUYERS PREMIUM: A Buyers Premium of 2% will be charged to the Buyer. The Buyers Premium shall be added to the high bids to obtain the Total Contract Purchase Price.
DOWN PAYMENT: 10% down payment on the day of auction for individual tracts or combinations of tracts. The down payment may be made in the form of cashiers check, personal check, or corporate check. Immediate possession for agriculture purposes will be available for an additional 10% down payment. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.
ACCEPTANCE OF BID PRICES: All final bid prices are subject to the Sellers acceptance or rejection. All successful bidders will be required to sign Purchase Agreements at the auction site immediately following the close of the auction.
DEED: Seller shall provide a deed sufficient to convey insurance title to the real estate. Real estate is sold subject to all rights of way, legal highways, leases, easements of public record, and all other matters of public record.
EVIDENCE OF TITLE: Seller will provide a preliminary title insurance commitment to review prior to auction. Seller agrees to furnish Buyer(s) at Sellers expense an updated Owners Policy of Title Insurance prior to closing.
CLOSING: The balance of the purchase price is due at closing, which will take place 30 days after the auction, or as soon thereafter as applicable closing documents are prepared by the Seller. In no event shall the closing occur later than December 31, 2019. Costs for an administered closing shall be shared 50:50 between Buyer(s) and Seller. All lender costs relative to the Buyer securing a mortgage shall be paid by the Buyer(s).
POSSESSION: Possession is at closing subject to the farm tenantÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬ÃƒÂ¢Ã¢â‚¬Å¾Ã‚Â¢s rights.
REAL ESTATE TAXES: Buyer shall assume 2020 calendar year taxes due in 2021.
ACREAGE: All tract acreages, dimensions, and proposed boundaries are approximate and have been estimated based on current legal descriptions and/or aerial photos.
SURVEY: The Seller shall provide a new survey where there is no existing legal description or where new boundaries are created by the tract divisions in this auction or where Seller otherwise determines a survey is appropriate. Any need for a new survey shall be determined solely by the Seller. Seller and successful bidder shall each pay half (50:50) of the cost of the survey. Combination purchases will receive a perimeter survey only. Final sales price shall be adjusted to reflect any difference between advertised and surveyed acres.
PLANNING APPROVAL: The sale of all tracts is subject to any necessary county planning approval or other necessary county approval. The real estate is being offered for agricultural purposes, and any construction on the property may require county approval.
PROPERTY INSPECTION: Each potential Bidder is responsible for conducting, at their own risk, their own independent inspections, investigations, inquiries and due diligence concerning the property. Inspection dates have been scheduled and will be staffed with auction personnel. Further, Seller disclaims any and all responsibility for Bidders safety during any physical inspection of the property. No party shall be deemed an invitee of the property by virtue of the offering of the property for sale.
WIND LEASE: Owner will assign all rights under the Wind Energy Lease and Easement Agreement to Buyer(s)
EASEMENTS: Subject to any and all existing easements.
AGENCY: Schrader Real Estate & Auction Company, Inc. and its representatives are exclusive agents of the Seller.
CRP: 5.15 Acres of 4 tracts are in CRP until 9-30-2026 paying $1,355 annually. Contact Auction Company for more details. Buyer to assume at closing.
DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an AS IS, WHERE IS basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. All decisions of the Auctioneer are final. ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.
Seller: Proventus III, LLC