Iowa DOT Online Auction
Tract 1, 1.49 acre site with various Garage / Storage buildings in Plymouth Co
(Locally known as 78 South Street, Akron)
Thursday, November 17th, at 4:00 PM Central

**This is Tract 1 of a 9 tract auction being handled through Peoples Company's Online Auction Service. Properties are located in the Iowa cities of Akron (Plymouth Co), Rock Valley (Sioux Co), Soldier (Monona Co), Corning (Adams Co), Gowrie (Webster Co), Jefferson (Greene Co), Centerville (Appanoose Co), New Hampton (Chickasaw Co), and Sabula (Jackson Co).

Bidding for this auction is currently LIVE and will remain open until bidding ends at 4:00 PM Central Time on Thursday, November 17th, 2016.  A bid placed within 5 minutes of the scheduled close of the auction will extend bidding by 5 minutes until all bidding is completed.  If you plan to bid, please register 24 hours prior to close of auction.  Under no circumstances shall Bidder have any kind of claim against Peoples Company or its affiliates if the Internet service fails to work correctly before or during the auction.

**Please contact agent prior to entering the property.  Interested parties can view the property at an open house or by appointment: Tuesday, October 4th from 2:00 to 4:00 P.M.**

ALL BIDS ARE TOTAL PRICE AND NOT PER ACRE.

Purchase Agreement and Earnest Money:
The Winning Bidder will receive an “Offer to Buy” document from the Iowa DOT shortly after the conclusion of the auction and will serve as the purchase agreement for the tract being purchased.  A non refundable 10% earnest money payment is required upon conclusion of the auction and must be received by Peoples Company within two (2) business days from the day of the auction.  Earnest money will need to be received prior to Seller receiving possession of the property (Possession given by signing the Mutual Benefit Lease).  The balance of the purchase price will be due on or before Friday, December 9^th, 2016.

Closing and Possession:
Possession will be granted through a “Mutual Benefit Lease” to be signed upon conclusion of the auction by the Winning Bidder for each tract and the Seller.  Once the Mutual Benefit Lease is signed and earnest money is deposited, possession of the property will be granted to the winning bidder.  This lease will terminate once the State Land Patent is received by the Winning Bidder.  Balance of purchase price due and payable on or before the closing date of Friday, December 9^th, 2016.  If the balance is not paid on or before closing, the Buyer risks forfeiting the 10% earnest money and cancellation of the Mutual Benefit Lease.

Building Lease:
There are not any current leases or tenants in these buildings or on these sites.  Possession will be given once the Mutual Benefit Lease is signed by Winning Bidder and Seller and 10% earnest money has been deposited with Peoples Company Trust Account.

Surveys:
Property has been surveyed and has been recorded with the Plymouth County Recorder’s office.  The State Land Patent will be recorded within 60-90 days from the date of closing.

Title Information:
Title will be granted when the State of Iowa issues a Land Patent Deed approximately 60 - 90 days after the conclusion of the auction.  Buyer will not receive an abstract of title.  Should a Buyer want an abstract of title and / or a title search completed, it shall be at their sole discretion, responsibility, and expense.  Once all monies are received, Buyer should allow for 60-90 days for issuance of the State Land Patent.

Access to the Property:
Access to this property is located on the north side of property along South Street.  Access from IA Hwy 12 will be prohibited.

Other Auction Terms:
This sale is subject to all easements, covenants, leases, and restrictions of record.

All property is sold on an “As is – Where is” basis with no warranties or guarantees, expressed or implied, made by the Auctioneer or Seller.

Seller reserves the right to accept or reject any and all bids.

Peoples Company and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction.