Decatur County Land Auction
207.5 Acres M/L
Offered in 3 tracts:  Tract 1: 40 Acres M/L Tract 2: 37.5 Acres M/L Tract 3: 130 Acres M/L
Friday, July 29th, 2022  10:00 AM

Sellers:
Oliver Russell Manchester Estate
Barbara L Borrowman, Executor of the Estate

Attorney for the Estate:
Verle W. Norris

Auction Location:
Davis City Community Center
209 North Bridge Street
Davis City, IA 50065

Auction Method:  Tracts one and two and three will be sold on a per acre basis and will be offered through the "Buyer's Choice Auction Method", whereas the winning bidder may elect to take, in any order, any or all tracts for their high bid. The "Buyer's Choice Auction Method" auctioning will continue until all three tracts have been purchased. Tracts will not be offered in their entirety or combined at the conclusion of the auction. 

Tract 1: 40 Acres M/L
Tract 2: 37.5 Acres M/L
Tract 3  130 Acres M/L

Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at the auction. Online and phone bidders must register with the Auctioneer at least 24 hours prior to the start of the auction. Peoples Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge they are representing themselves in completing the auction sales transaction.

Farm Program Information: Farm Program Information is provided by the Decatur County Farm Service Agencies. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the farm is reconstituted by the Decatur County FSA and NRCS offices.

Earnest Money Payment: A 10% earnest money payment is required on the day of the auction. The earnest money payment may be paid in the form of cash or good check. All funds will be held in the Verle W. Norris Trust Account.

Closing: Closing will occur on or around Thursday, August 31st, 2022. The closing attorney will be Verle Norris in Leon, Iowa. The balance of the purchase price will be payable at closing in the form of certified check or wire transfer. With respect to the timing of the Seller and successful Buyer(s) in fulfilling the obligations set forth in the Real Estate Sale and Purchase Agreement, time is of the essence.

Farm Lease: Tracts 1 and 2 have open leases.  Tract 3 is rented for cattle pasture until the end of September 2022. 

Possession:   Full possession of Tracts 1 and 2 will be given at closing.  The buyer is buying Tract 3 subject to tenant’s rights.

Contract & Title: Immediately upon the conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with The Law Office of Verle W. Norris the required earnest money payment. The Seller will provide a current abstract at their expense. The sale is not contingent upon Buyer obtaining financing after the auction is over. All financial arrangements are to have been made prior to bidding at the auction. Transfer will be made by Court Officer Deed. Auction is subject to final court approval.

Fences: Existing fences, if any, are in as-is condition and will not be updated or replaced by the Sellers. Not all tract and boundary lines are fenced and if needed, will be the responsibility of the Buyer at closing. Existing fence lines may not fall directly on the legal boundary.

Other: 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, expressed or implied, made by the Auctioneer, Peoples Company, or Seller. All bids will be on a per acre basis. Peoples Company and its representatives are agents of the Seller. The winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. If in the future a site clean-up is required on any of the tracts, it shall be at the expense of the Buyer(s) of each tract. Any announcements made on auction day by the Auctioneer or Listing Agents will take precedence over all previous marketing material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.

Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall tract acres, tillable acres, etc. may vary from the figures stated within the marketing material. The buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from the Abstract.